Bank of Marin reports Q2 EPS 28c, consensus 43c

Reports Q2 revenue $26.8, consensus $26.30M.”Total cash, cash equivalents and restricted cash were $39.7 million at June 30, 2023, compared to $38.0 million at March 31, 2023. The $1.7 million increase was due primarily to normal course of business transactions. Our relationship banking model enabled our teams to meaningfully increase deposits in the second quarter and thereafter through existing customer growth and new customer acquisitions. We have robust liquidity and capital levels, and maintain a strong credit risk profile,” said Tim Myers, President and Chief Executive Officer. “While the economic environment presents elevated uncertainty, and higher interest rates and market disruptions have impacted both our funding costs and lending activity, we are well-positioned to navigate current market conditions and further position the Bank for improved, sustainable profitability.” The decline in earnings stemmed from the cost of interest bearing deposits catching up to market interest rates and higher average balances on borrowings. Diluted earnings per share were 28c for the second quarter, compared to 59c for the prior quarter. Earnings for the first six months of 2023 totaled $14M, compared to $21.5 million for the same period last year. Diluted earnings per share were 87c and $1.35 for the first six months of 2023 and 2022, respectively