Bank of Marin Bancorp reported a net income of $5.3 million for Q3 2023, an increase from $4.6 million in the previous quarter. The bank experienced growth in total deposits and a slight increase in the net interest margin. The loan portfolio continues to perform well, with classified loans at 1.90% of total loans.
Net income was $5.3 million, up from $4.6 million in the prior quarter.
Diluted earnings per share were $0.33 for the third quarter, compared to $0.28 for the prior quarter.
Total deposits increased by $118.5 million to $3.444 billion as of September 30, 2023.
Tax-equivalent net interest margin increased 3 basis points to 2.48%.
Management expressed optimism about fourth quarter loan production and a robust loan pipeline, while acknowledging macroeconomic uncertainty. They remain focused on balance sheet strength, capital levels, and prudent investments.
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