Bank of Marin Bancorp (BMRC)

Price$27.75Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkBMRC trades at approximately 1.47 times tangible book value and 11.2 times annualized third-quarter earnings. Its improving profitability supports the premium to tangible equity, but the valuation does not offer an obvious margin of safety.

A directly timestamped October 26, 2026 delayed quote shows $27.66 at 2:25 p.m. EDT. The company's third-quarter earnings announcement reports September 30 tangible book value per share of $18.81, GAAP book value per share of $23.37 and diluted quarterly EPS of $0.62. Calculated price-to-tangible-book is 1.47x, price-to-GAAP-book is 1.18x and annualized quarterly P/E is 11.15x. Annualized earnings of $2.48 per share are an analytical run rate, not management guidance. The $1.00 annualized dividend implies a 3.62% yield and approximately 40% payout of annualized third-quarter earnings. Tangible book excludes goodwill and other intangibles and is especially useful for comparing banks, but must be considered alongside sustainable returns on tangible equity. A 12.26% reported quarterly return on average tangible common equity supports some premium to tangible book. As an inference, the valuation looks reasonable rather than deeply discounted. A verified contemporaneous peer-multiple dataset was not established, so no numerical peer discount or premium is asserted. Appropriate comparisons would include similarly sized California community banks, adjusted for credit exposure, deposit franchise quality, profitability and capital.

Big pictureThird-quarter results show a meaningful earnings recovery driven by higher asset yields, lower deposit costs and improved operating efficiency.

Reported third-quarter 2026 net income was $9.934 million, compared with $9.246 million in the second quarter and $7.526 million a year earlier. Diluted EPS increased to $0.62 from $0.58 sequentially and $0.47 year over year. Tax-equivalent net interest margin expanded to 3.48%, versus 3.38% in the second quarter and 2.97% a year earlier. Net interest margin measures net interest income relative to average interest-earning assets; the tax-equivalent version adjusts certain tax-advantaged income for comparability. Deposit costs fell to 1.24%, from 1.28% sequentially and 1.41% a year earlier. Management attributed the improvement to higher loan yields, better deposit mix and active balance-sheet management. The efficiency ratio improved to 58.65% from 63.62% sequentially; a lower ratio generally indicates that less operating expense is required to generate revenue. Inference: improving spread income and cost control increase normalized earnings power, although the sustainability of these gains depends on interest rates, deposit competition and loan repricing.

Business strengthCapital ratios, low loan-to-deposit utilization and improving deposit economics are favorable, while credit concentrations and tangible-equity sensitivity remain important risks.

At September 30, 2026, reported deposits were approximately $3.395 billion, compared with $3.370 billion at June 30. The company reported growth in noninterest-bearing deposits, which generally provide cheaper funding than interest-bearing deposits. The loan-to-deposit ratio was 63.16%, indicating relatively modest lending utilization of the deposit base; it is not itself a measure of immediately available liquidity. The Bancorp's total risk-based capital ratio was 15.59% and Tier 1 leverage ratio was 9.04%, supporting management's statement that capital remained above applicable well-capitalized thresholds. Tangible common equity to tangible assets declined to 8.05% from 8.52% because rising market interest rates negatively affected accumulated other comprehensive income. Tangible book value per share fell from $19.92 to $18.81. Third-quarter net charge-offs were only $21,000, but the nine-month total was $7.326 million, making year-to-date credit losses more significant than the latest quarter alone suggests. Allowance coverage of nonaccrual loans was 2.37x. For a community bank, commercial real estate exposure, borrower and geographic concentrations, office-property sensitivity, criticized loans, uninsured deposits, securities unrealized losses and available borrowing capacity deserve particular scrutiny. The retrieved evidence did not establish current numerical concentration, uninsured-deposit or contingent-liquidity figures, so these are identified as due-diligence priorities rather than asserted findings. No verified buyback execution figure was established. The declared quarterly dividend is $0.25 per share.

What could change the storySustained margin expansion and clean credit performance could justify a higher valuation, while commercial real estate losses, deposit repricing or further tangible-book erosion could undermine it.

The bullish scenario is continued organic loan growth at attractive yields, increasing noninterest-bearing deposits, deposit costs remaining contained and quarterly earnings sustaining or exceeding the third-quarter $0.62 per-share run rate. A stable tangible-equity base and consistently strong returns on tangible common equity would strengthen the case for a premium to tangible book. The bearish scenario involves renewed deposit competition, narrowing net interest margin, additional credit provisions or charge-offs, and further unrealized securities losses reducing tangible equity. The 8.05% holding-company tangible common equity ratio makes balance-sheet sensitivity worth monitoring even with regulatory capital above minimum requirements. The October 22 dividend declaration supports income continuity, but future distributions and repurchases depend on earnings, capital needs and regulatory constraints. Investors should compare subsequent credit disclosures, deposit composition, liquidity capacity and tangible book value with the September 30 baseline. These are forward-looking scenarios, not reported forecasts.

AI: News

Third-quarter earnings show stronger profitability and margin expansionOn October 26, 2026, Bank of Marin Bancorp reported third-quarter net income of $9.9 million, EPS of $0.62 and a 3.48% tax-equivalent net interest margin.

The earnings release reported net income growth of approximately 32% year over year, a 10-basis-point sequential improvement in tax-equivalent net interest margin, lower deposit costs and stronger operating efficiency. Management also reported loan growth supported by organic originations and a purchased loan pool. The board declared a $0.25 quarterly dividend on October 22, payable November 12 to shareholders of record November 5. This was described as the company's 86th consecutive quarterly dividend declaration. The results are positive for earnings momentum, although tangible book value declined because of interest-rate-related accumulated other comprehensive income effects. Source: company earnings announcement reproduced with the October 26 SEC filing coverage; the underlying numerical disclosures are company-reported.

Retail banking executive departure disclosed in SEC filingAn October 16, 2026 Form 8-K disclosed the mutually agreed termination of Bank of Marin's executive vice president and head of retail banking, Brandi Campbell.

The SEC filing states that the bank and executive mutually agreed to terminate employment effective October 16. The separation agreement provides three months of pay and nine months of COBRA premium reimbursement, subject to the stated conditions. The filing does not establish a connection between the departure and financial performance, misconduct or regulatory issues. The potential relevance to valuation is execution risk in retail banking and deposit gathering, particularly while the bank is improving its deposit mix. Any operational consequences remain inference, not established fact.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$29.4M	$70.2M	$105.3M	$138.4M	$115.1M	$105.2M	$104.8M	$101.7M	$83.1M	$82.3M	$76.4M	$79.5M	$66.8M	$70.3M	$70.1M	$60.4M	$57.7M
Operating expenses	$81.3M	$78.7M	$77.1M	$75.3M	$72.6M	$58.5M	$57.8M	$58.3M	$53.8M	$47.7M	$46.9M	$47.3M	$44.1M	$38.7M	$38.3M	$33.4M	$31.7M
Net income	−$35.7M	−$8.4M	$19.9M	$46.6M	$33.2M	$30.2M	$34.2M	$32.6M	$16.0M	$23.1M	$18.4M	$19.8M	$14.3M	$17.8M	$15.6M	$13.6M	$12.8M
Net profit margin	−121.40%	−11.97%	18.89%	33.66%	28.87%	28.74%	32.68%	32.08%	19.22%	28.10%	24.14%	24.87%	21.35%	25.34%	22.21%	22.43%	22.10%
Basic EPSper basic share	-$2.24	-$0.52	$1.24	$2.93	$2.32	$2.24	$2.51	$2.35	$1.29	$1.91	$1.55	$1.68	$1.31	$1.67	$1.47	$1.30	$1.11
Diluted EPSper diluted share	-$2.24	-$0.52	$1.24	$2.92	$2.30	$2.22	$2.48	$2.33	$1.27	$1.89	$1.52	$1.65	$1.29	$1.64	$1.45	$1.28	$1.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Sep 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BMRC
Holder	Shares held
Sklar Joel	126.42K
FITE CHARLES D	116.33K
Colombo Russell A	60.65K
Gotelli Robert	56.12K
McDevitt Jr William H	41.63K
Sobel Brian M	34.7K
Kennedy Kevin R	30.05K
Campbell Brandi	26.67K
Bloom David A	22.36K
Sathis Arasadi	20.72K
HALE JAMES C III	18.85K
Bonaccorso David	17.49K
Anderson Nicolas C	13.79K
Watson Secil Tabli	11.01K
Sanghvi Sanjiv Siddharth	6.5K
Gencer Cigdem	5.67K
Ramirez Susana	449.55
Myers Timothy D	—
Girton Tani	—
Merck David A	—

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys2$10.2K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jul 30, 2026Form 4	Anderson Nicolas CDirector	BuyCommon Stock	175	$28.88	$5.1K	13.8K
Apr 30, 2026Form 4	Anderson Nicolas CDirector	BuyCommon Stock	200	$25.68	$5.1K	12.8K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat7 days ago
Bank of Marin earnings grow 32% as margins widen, with credit migration in focus
Bank of Marin ($BMRC) reported third-quarter 2026 net income of $9.9 million, compared with $7.5 million a year earlier. Diluted earnings rose 32% to $0.62 per share. Higher loan yields, lower deposit costs and expense control supported the ...
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Bank of Marin Bancorp (BMRC)

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Bank of Marin earnings grow 32% as margins widen, with credit migration in focus