Bank of Marin Bancorp reported a net income of $4.9 million for the first quarter of 2025, a decrease from $6.0 million in the previous quarter but an increase from $2.9 million in the same quarter last year. The diluted earnings per share were $0.30, down from $0.38 in the fourth quarter of 2024 and up from $0.18 a year ago. The tax-equivalent net interest margin improved to 2.86%, compared to 2.80% in the prior quarter and 2.50% a year earlier, primarily due to reductions in deposit interest rates and strategic repositioning of the securities portfolio.
Total assets increased to $3.784 billion as of March 31, 2025, up from $3.701 billion at the end of 2024. Total deposits rose by $82 million to $3.302 billion, with non-interest bearing deposits comprising 43.2% of total deposits. The average cost of total deposits decreased to 1.29%, reflecting effective management of deposit interest rates. Loan balances slightly decreased to $2.074 billion, with a provision for credit losses of $75,000 recorded during the quarter, compared to no provision in the previous quarter.
Operationally, the bank added approximately 1,000 new accounts during the first quarter, contributing to the increase in deposits. Non-accrual loans decreased to $32.9 million, or 1.59% of total loans, from $33.9 million, indicating improved credit quality. The allowance for credit losses on loans stood at 1.44% of total loans, a slight decrease from 1.47% at the end of 2024. The efficiency ratio rose to 76.44%, primarily due to increased salary and benefit expenses.
Looking ahead, Bank of Marin Bancorp remains focused on maintaining its capital ratios above regulatory requirements, with total risk-based capital ratios of 16.69% for the Bancorp and 16.45% for the Bank as of March 31, 2025. The bank's management anticipates continued stability in its capital position and plans to manage liquidity effectively to support operational needs. The Board of Directors has also approved a cash dividend of $0.25 per share, reflecting the bank's commitment to returning value to shareholders.
About Bank of Marin Bancorp
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