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Mar 31, 2022
Bank of Marin Q1 2022 Earnings Report
Reported earnings of $10.5 million, driven by new loan production and disciplined expense management, with the successful completion of the American River Bankshares system conversion.
Key Takeaways
Bank of Marin Bancorp reported first quarter earnings of $10.5 million, with diluted earnings per share of $0.66. The quarter was marked by the successful completion of the American River Bankshares system conversion and a net decrease in loans, offset by an increase in traditional commercial loans. Deposits grew, and credit quality remained strong.
Successfully completed the system conversion of American River Bankshares with minimal customer disruption.
Merger-related one-time and conversion costs reduced net income by $385 thousand, or $0.02 per share.
Loan balances included an increase in traditional commercial loans and a decrease in SBA PPP loans.
Deposits grew by $52.8 million, with non-interest bearing deposits making up 51% of total deposits.
Forward Guidance
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp's earnings in future periods.
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Avg. Return Before/After Earnings
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