Bank of Marin Bancorp (BMRC), parent company of Bank of Marin, reported Monday its net income for the first quarter of fiscal 2024 was $2.92 million or $0.18 per share, compared to $9.44 million or $0.59 per share in the prior-year quarter.
Net interest income for the quarter was $22.69 million, down from $29.72 million in the year-ago quarter.
Total noninterest income also declined to $2.75 million from $2.94 million last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share on revenues of $24.85 million for the quarter. Analysts' estimates typically exclude special items.
The Company's Board of Directors declared a cash dividend of $0.25 per share on April 25, 2024, payable on May 16, 2024, to shareholders of record at the close of business on May 9, 2024.
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