Bank of Marin reports Q3 EPS 28c, consensus 26c

Reports Q3 Net interest income totaled $24.3M for the third quarter of 2024, a $1.8M increase from the prior quarter related to the favorable reallocation of earning assets from lower yielding investments to higher yielding cash, loans and investments. “The strategic, proactive steps we took to reposition our balance sheet and reduce operating expenses in the first half of the year delivered the net interest margin expansion and improved profitability that we expected in our third quarter results,” said Tim Myers, President and Chief Executive Officer. “We also continued to invest in talent, and our banking teams generated a steady volume of attractive lending opportunities while maintaining our strong underwriting criteria and overall credit quality. We added higher yielding assets in the third quarter and positioned the bank for ongoing growth we believe will further support our margin in coming quarters. “We also grew our deposits in the quarter, primarily with non-interest bearing accounts,” Myers added. “Our proven relationship banking model enables us to attract new customers and deepen ties with existing ones via high-touch service on deposits. We expect these positive trends on both sides of our balance sheet to continue, driving additional momentum and ongoing improvement in our financial performance on behalf of our shareholders…Comments taken from Q earnings conference call.