Bank of Marin Bancorp (BMRC), the parent company of Bank of Marin, announced its financial results for the third quarter on Monday, revealing a net income of $4.6 million. This marks a significant turnaround from the net loss of $21.9 million recorded in the second quarter.
For the third quarter, the company reported earnings per share of $0.28, contrasting with a net loss per share of $1.36 in the previous quarter. Total interest income amounted to $36.32 million, up from $34.33 million in the prior quarter. Additionally, the net interest income rose to $24.27 million, compared to $22.47 million in the June quarter.
Furthermore, the Board of Directors has declared a cash dividend of $0.25 per share, announced on October 24. This dividend is set to be distributed on November 14 to shareholders recorded by the close of business on November 7.
