Record setting second quarter possible thanks to talented, hardworking team
Once again, Bank of Marin produced strong results last quarter. We reported record second‐quarter net income of $11.1 million, up from $10.5 million from the prior quarter. Based on the strength and reliability of our earnings, our Board of Directors declared a one-cent increase in the quarterly cash dividend; this represented our 69th consecutive quarterly cash dividend.
Our banking teams have been hard at work resulting in strong loan origination activity across our Northern California footprint. Through disciplined client outreach and enhanced business development efforts, our loan production totaled $102 million—a record $152 million year-to-date– and marked an all-time second quarter high for Bank of Marin.
As we grow, we remain diligent with our underwriting and selective with our lending.
We are mindful of inflation and increased market concerns about a potential recession. That noted, we continue to see healthy economic activity across our footprint, and we are recruiting and developing talent to help us continue to drive new business and position the bank for long-term growth.
We also have an outstanding low-cost deposit base and our strong balance sheet, liquidity, and capital enable us to drive profits across interest rate and economic cycles. We expect to continue delivering favorable returns for our shareholders as we have throughout our more than 30-year history.
As always, we appreciate the support of our shareholders, and the loyalty of our customers and employees.