Bank of Marin Bancorp, the parent company of Bank of Marin, announced its first-quarter net income for fiscal 2024 on Monday. Its earnings were reported at $2.92 million or $0.18 per share, a decrease from the previous year, where it earned $9.44 million or $0.59 per share.
The quarter's net interest income also saw a downturn from the year prior. It was reported as $22.69 million, down from $29.72 million of the same quarter a year ago. Additionally, the total noninterest income saw a decline, falling from $2.94 million the previous year to $2.75 million this year.
Before the announcement, six analysts surveyed by Thomson Reuters had projected the company's earnings to be $0.26 per share on revenues of $24.85 million for the quarter. However, such estimates usually don't consider special items.
The Board of Directors of the Company has also proposed a cash dividend of $0.25 per share. This dividend, dated April 25, 2024, will be payable on May 16, 2024, to shareholders who are registered at the close of business on May 9, 2024.