Bank of Marin reports Q1 EPS 18c, consensus 26c

Reports Q1 total cash, cash equivalents and restricted cash were $36.3 M at March 31,M, an increase of $5.9 M compared to $30.5M at December 31….”We produced improved results for the first quarter, selectively identifying attractive lending opportunities at higher yields and helping to offset payoffs and continued increases in our cost of funds amid the higher for longer interest rate environment,” said Tim Myers, President and Chief Executive Officer. “Importantly, we maintained our non-interest bearing deposit levels, and we have put in place important building blocks for growth and stronger profitability ahead, including a restructured balance sheet and new banking talent who are bolstering our loan pipeline. “Additionally, building on our successful securities sale in 2023, we will continue to prioritize balance sheet optimization and expense efficiencies. We notably reduced our borrowings to zero during the first quarter, another key step toward increased profitability on behalf of our shareholders.”