SAN FRANCISCO - Bank of Marin Bancorp (NASDAQ:BMRC) reported first quarter 2025 earnings that fell short of analyst expectations, with the stock dipping 1.5% following the release.
The California-based bank holding company posted net income of $4.9 million, or $0.30 per diluted share, for Q1 2025. This missed the analyst consensus estimate of $0.31 per share. Revenue came in at $27.82 million, also below the $27.99 million analysts had projected.
Despite the earnings miss, Bank of Marin saw improvement in some key metrics compared to the previous year. Net income increased 69% YoY from $2.9 million in Q1 2024. The company’s tax-equivalent net interest margin expanded to 2.86%, up 36 basis points from 2.50% in the year-ago quarter.
"Deposit growth was strong during the first quarter even as we made thoughtful reductions in deposit rates, which we believe is evidence of our acclaimed relationship banking model," said Tim Myers, President and CEO of Bank of Marin Bancorp.
Total deposits grew to $3.302 billion as of March 31, 2025, an increase of $82 million from the end of 2024. Non-interest bearing deposits made up 43.2% of total deposits.
The bank’s loan portfolio contracted slightly to $2.074 billion, down $9.7 million from the previous quarter. However, commercial loan originations in Q1 were more than five times higher than the same period last year.
Bank of Marin maintained strong capital ratios, with a total risk-based capital ratio of 16.69% at the holding company level as of March 31, 2025.
The Board of Directors declared a quarterly cash dividend of $0.25 per share, payable on May 15, 2025 to shareholders of record as of May 8, 2025.
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