Bank of Marin Bancorp reported second-quarter net income of $9.2 million, or $0.58 per share, up from $8.5 million in the first quarter. Tax-equivalent net interest margin expanded 14 basis points to 3.38%, driven by higher loan yields and lower deposit costs. Funded loan production increased 23% year over year to $63 million, though elevated payoffs reduced period-end loans to $2.1 billion. Nonaccrual loans fell to 0.40% of total loans, the bank recorded a $320,000 provision reversal, and tangible common equity rose to 8.52%. Management is prioritizing capital rebuilding and potential acquisitions over near-term share repurchases.
Bank of Marin BancorpNet income rose to $9.2M, net interest margin expanded, and credit quality improved.
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