secwatch.observer — SEC 8-K summary
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Issuer:     Bank of Marin Bancorp (BMRC)
CIK:        0001403475
Form:       8-K
Filed at:   2026-02-24T23:59:59+00:00
Accession:  0001403475-26-000011
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Bank of Marin restates financials due to deposit misclassification; net income unchanged
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- Board concluded previously issued financials for FY2023, FY2024, and Q1-Q3 2025 should not be relied upon.
- Errors reclassified reciprocal deposits: for FY2025 year-end, $237.8M moved from non-interest to interest-bearing deposits.
- Net income and EPS unchanged for all affected periods; adjustments affect NIM, cost of deposits, efficiency ratio.
- Preliminary adjustments show FY2025 net interest margin (reported) drops 12bps to 2.92%; cost of deposits rises 13bps to 1.39%.
- Management is evaluating internal control over financial reporting for potential material weakness as of Dec 31, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1403475/000140347526000011/0001403475-26-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1403475/000140347526000011/bmrc-20260223.htm
  HTML page:      https://secwatch.observer/filing/0001403475-26-000011

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