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Bank of Marin Bancorp (BMRC-0.20%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income for the third quarter of 2024 at $4.6 million, compared to a net loss of $21.9 million in the previous quarter. This translates to a diluted earnings per share of $0.28, up from a loss per share of $(1.36) in the prior quarter.
Total assets at the end of the quarter were $3.793 billion, a slight decrease from $3.804 billion as of December 31, 2023. The company's total deposits increased to $3.309 billion, up from $3.290 billion at the end of 2023.
Net interest income for the third quarter was $24.3 million, an increase from $22.5 million in the second quarter. The tax-equivalent net interest margin rose to 2.70% from 2.52% in the previous quarter.
Non-interest income for the quarter was $2.9 million, a significant improvement from a loss of $29.8 million in the prior quarter, largely due to the absence of a $32.5 million pre-tax net loss from securities sales recorded in the previous quarter.
Non-interest expense decreased to $20.4 million from $21.9 million in the second quarter, attributed to lower salaries and related benefits, and a reduction in charitable contributions.
Total loans increased to $2.090 billion, up from $2.074 billion at the end of 2023, with loan originations and purchases totaling $140.4 million for the first nine months of 2024.
The allowance for credit losses on loans was 1.47% of total loans, up from 1.21% at the end of 2023, with a provision for credit losses totaling $5.6 million for the first nine months of 2024.
Non-accrual loans increased to $39.9 million, representing 1.91% of total loans, compared to $8.0 million or 0.39% at the end of 2023, primarily due to three significant loan relationships.
The company's total risk-based capital ratio was 16.40% at the end of the quarter, down from 16.89% at the end of 2023. The tangible common equity to tangible assets ratio was 9.72%, with a net ratio of 8.16% after accounting for unrealized losses on held-to-maturity securities.
The report also notes that Bank of Marin Bancorp's Board of Directors approved a cash dividend of $0.25 per share, payable on November 14, 2024, to shareholders of record as of November 7, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bank of Marin Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.