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President’s Corner

Banking philosophy rooted in disciplined fundamentals yields third consecutive record earnings quarter

The momentum from last quarter continues. Thanks to Bank of Marin’s unwavering commitment to disciplined fundamentals, we have once again produced record earnings in the third quarter.

Our prudent, measured approach to relationship banking supported solid loan originations, excellent credit quality, stable deposit costs, and improved efficiency. We also continued to generate ongoing earnings accretion from last year’s acquisition of American River Bank.

Given the strength and consistency of our results, our Board of Directors declared a quarterly cash dividend of $0.25 per share. This marked our 70th consecutive quarterly cash dividend.

During the third quarter, we saw tempered loan demand in certain business segments due to rising interest rates, higher borrowing costs, and economic uncertainty. We are mindful of recessionary concerns, are cautiously optimistic about the economic health of our markets, and are highly confident in our proven credit culture. We have an exceptionally strong base of core deposits that allow us to grow efficiently while delivering consistent performance in all rate environments. As always, we are focused on building long-term customer relationships based on great service and local market expertise, not strictly on pricing; as a result our funding costs remain low.

Looking ahead, we are committed to efforts that continuously engage and deepen relationships with long-standing clients and expand our commercial lending to new clients across our Northern California footprint. We are well positioned to build upon our long track record of delivering strong, consistent performance, and attractive returns to our shareholders.

We appreciate the support of our shareholders and the loyalty of our customers and employees.