Bank Of Marin Bancorp Q1 Profit Tops Estimates

(RTTNews) - Bank of Marin Bancorp (BMRC), parent company of Bank of Marin, reported Monday its net income for the first quarter of fiscal 2022 was $10.47 million or $0.66 per share, compared to $8.95 million or $0.66 per share in the prior-year quarter. Comparable earnings for the quarter were $0.68 per share.

Net interest income for the quarter was $29.90 million, up from $22.03 million in the year-ago quarter.

Total noninterest income also grew to $2.87 million from $1.83 million last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share on revenues of $30.48 million for the quarter. Analysts' estimates typically exclude special items.

The Company's Board of Directors declared a cash dividend of $0.24 per share on April 22, 2022, payable on May 13, 2022, to shareholders of record at the close of business on May 6, 2022.