While net interest income has accelerated to $31.2M in the latest quarter, the bank's net interest margin remains structurally locked at a low 0.8%, and core profitability is strained by volatile non-interest income that swung from -$16.7M to $37.5M in recent periods.
Bank of Marin Bancorp (BMRC) annual income statement — 26-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 121.51M | 110.23M | 94.66M | 102.76M | 127.49M | 104.95M | 96.66M | 95.68M | 91.54M | 74.85M | 73.16M | 67.19M | 70.44M | 58.77M | 63.19M | 63.82M | 54.91M | 52.57M | 48.36M | 42.74M | 41.73M | 39.44M | 32.24M | 27.66M | 25.52M | 21.46M | 19.27M |
| NII Growth % | 84.21% | 16.45% | -7.88% | -19.4% | 21.48% | 8.58% | 1.02% | 4.52% | 22.3% | 2.31% | 8.89% | -4.62% | 19.85% | -6.99% | -0.99% | 16.23% | 4.46% | 8.7% | 13.14% | 2.42% | 5.81% | 22.35% | 16.56% | 8.36% | 18.95% | 11.34% | - |
| Net Interest Margin % | 3.15% | 2.82% | 2.56% | 2.7% | 3.07% | 2.43% | 3.32% | 3.53% | 3.63% | 3.03% | 3.62% | 3.31% | 3.94% | 3.26% | 4.4% | 4.58% | 4.54% | 4.69% | 4.61% | 4.58% | 4.76% | 4.69% | 4.37% | 4.3% | 4.73% | 4.71% | 5.08% |
| Interest Income | 167.09M | 152.43M | 141.27M | 139.49M | 130.04M | 108.35M | 99.64M | 100.44M | 95.08M | 76.6M | 75.43M | 69.44M | 72.79M | 60.56M | 65.77M | 69.11M | 61.36M | 59.73M | 59.18M | 61.84M | 58.31M | 49.48M | 37.59M | 32.82M | 31.75M | 30.44M | 28.21M |
| Interest Expense | 45.58M | 42.2M | 46.61M | 36.73M | 2.55M | 3.4M | 2.98M | 4.76M | 3.54M | 1.74M | 2.27M | 2.25M | 2.35M | 1.78M | 2.58M | 5.29M | 6.45M | 7.17M | 10.82M | 19.1M | 16.58M | 10.04M | 5.35M | 5.17M | 6.23M | 8.98M | 8.94M |
| Loan Loss Provision | -11.56M | 75K | 5.32M | 2.23M | -381K | -2.44M | 6.16M | 900K | 0 | 500K | -1.85M | 500K | 750K | 540K | 2.9M | 7.05M | 5.35M | 5.51M | 5.01M | 685K | 1.27M | 1.54M | 934K | 685.49K | 577.16K | 700K | 1M |
| Non-Interest Income | 33.75M | 24.3M | -24.89M | 2.21M | 10.65M | 10.11M | 8.55M | 9.08M | 10.14M | 8.27M | 9.16M | 9.19M | 9.04M | 8.07M | 7.11M | 6.27M | 5.52M | 5.18M | 5.36M | 5.72M | 3.97M | 3.71M | 3.64M | 2.96M | 2.32M | 1.87M | -16.63M |
| Non-Interest Income % | 21.74% | 18.07% | -35.67% | 2.1% | 7.71% | 8.78% | 8.13% | 8.67% | 9.97% | 9.95% | 11.13% | 12.04% | 11.37% | 12.07% | 10.12% | 8.94% | 9.14% | 8.97% | 9.97% | 11.8% | 8.69% | 8.59% | 10.15% | 9.67% | 8.33% | 8.03% | -630.42% |
| Total Net Revenue | 155.26M | 134.54M | 69.77M | 104.97M | 138.14M | 115.06M | 105.21M | 104.76M | 101.68M | 83.12M | 82.32M | 76.38M | 79.48M | 66.84M | 70.3M | 70.09M | 60.43M | 57.75M | 53.72M | 48.46M | 45.7M | 43.15M | 35.88M | 30.62M | 27.84M | 23.33M | 2.64M |
| Revenue Growth % | 73.47% | 92.82% | -33.53% | -24.01% | 20.06% | 9.36% | 0.42% | 3.03% | 22.33% | 0.97% | 7.78% | -3.9% | 18.91% | -4.92% | 0.31% | 15.98% | 4.64% | 7.51% | 10.84% | 6.03% | 5.92% | 20.26% | 17.19% | 9.97% | 19.34% | 784.24% | - |
| Non-Interest Expense | 86.21M | 82.85M | 78.29M | 76.7M | 75.01M | 72.61M | 58.46M | 57.97M | 58.27M | 53.78M | 47.69M | 46.95M | 47.26M | 44.09M | 38.69M | 38.28M | 33.36M | 31.7M | 28.68M | 27.67M | 25.89M | 22.5M | 19.62M | 17.82M | 17.12M | 14.35M | -5.61M |
| Efficiency Ratio | 55.53% | 61.58% | 112.21% | 73.07% | 54.3% | 63.11% | 55.56% | 55.33% | 57.3% | 64.7% | 57.93% | 61.47% | 59.46% | 65.97% | 55.04% | 54.62% | 55.2% | 54.89% | 53.39% | 57.1% | 56.65% | 52.14% | 54.68% | 58.2% | 61.51% | 61.5% | -212.61% |
| Operating Income | 80.6M | 51.62M | -13.84M | 26.04M | 63.51M | 44.89M | 40.59M | 45.89M | 43.42M | 28.84M | 36.48M | 28.93M | 31.47M | 22.21M | 28.71M | 24.75M | 21.72M | 20.54M | 20.03M | 20.1M | 18.55M | 19.11M | 15.33M | 12.11M | 10.14M | 8.28M | 7.25M |
| Operating Margin % | 51.92% | 38.37% | -19.83% | 24.8% | 45.97% | 39.01% | 38.58% | 43.81% | 42.7% | 34.69% | 44.31% | 37.88% | 39.59% | 33.23% | 40.84% | 35.32% | 35.95% | 35.57% | 37.29% | 41.48% | 40.58% | 44.29% | 42.71% | 39.56% | 36.42% | 35.5% | 274.71% |
| Operating Income Growth % | - | 473.08% | -153.14% | -59% | 41.49% | 10.59% | -11.56% | 5.71% | 50.55% | -20.95% | 26.09% | -8.07% | 41.69% | -22.64% | 15.97% | 13.96% | 5.74% | 2.57% | -0.37% | 8.38% | -2.95% | 24.7% | 26.52% | 19.47% | 22.43% | 14.26% | - |
| Pretax Income | 91.25M | 62.27M | -13.84M | 26.04M | 63.51M | 44.89M | 40.59M | 45.89M | 43.42M | 28.84M | 36.48M | 28.93M | 31.47M | 22.21M | 28.71M | 24.75M | 21.72M | 20.54M | 20.03M | 20.1M | 18.55M | 19.11M | 15.33M | 12.11M | 10.14M | 8.28M | 7.25M |
| Pretax Margin % | 58.78% | 46.28% | -19.83% | 24.8% | 45.97% | 39.01% | 38.58% | 43.81% | 42.7% | 34.69% | 44.31% | 37.88% | 39.59% | 33.23% | 40.84% | 35.32% | 35.95% | 35.57% | 37.29% | 41.48% | 40.58% | 44.29% | 42.71% | 39.56% | 36.42% | 35.5% | 274.71% |
| Income Tax | 26.43M | 18.86M | -5.43M | 6.14M | 16.92M | 11.66M | 10.35M | 11.65M | 10.79M | 12.86M | 13.35M | 10.49M | 11.7M | 7.94M | 10.89M | 9.19M | 8.17M | 7.78M | 7.88M | 7.78M | 6.67M | 7.37M | 5.81M | 4.64M | 3.9M | 3.13M | 2.73M |
| Effective Tax Rate % | 28.96% | 30.29% | 39.22% | 23.59% | 26.65% | 25.97% | 25.49% | 25.39% | 24.86% | 44.6% | 36.58% | 36.26% | 37.17% | 35.75% | 37.94% | 37.13% | 37.61% | 37.86% | 39.33% | 38.69% | 35.93% | 38.59% | 37.9% | 38.31% | 38.44% | 37.83% | 37.6% |
| Net Income | 64.82M | 43.41M | -8.41M | 19.89M | 46.59M | 33.23M | 30.24M | 34.24M | 32.62M | 15.98M | 23.13M | 18.44M | 19.77M | 14.27M | 17.82M | 15.56M | 13.55M | 12.77M | 12.15M | 12.32M | 11.88M | 11.74M | 9.52M | 7.47M | 6.24M | 5.15M | 4.52M |
| Net Margin % | 41.75% | 32.26% | -12.05% | 18.95% | 33.72% | 28.88% | 28.74% | 32.68% | 32.08% | 19.22% | 28.1% | 24.14% | 24.87% | 21.35% | 25.34% | 22.21% | 22.43% | 22.1% | 22.62% | 25.43% | 26% | 27.2% | 26.53% | 24.41% | 22.42% | 22.07% | 171.42% |
| Net Income Growth % | 837.97% | 616.2% | -142.27% | -57.29% | 40.2% | 9.87% | -11.68% | 4.96% | 104.19% | -30.94% | 25.45% | -6.73% | 38.55% | -19.91% | 14.48% | 14.85% | 6.17% | 5.06% | -1.41% | 3.71% | 1.24% | 23.31% | 27.36% | 19.72% | 21.25% | 13.83% | - |
| Net Income (Continuing) | 64.82M | 43.41M | -8.41M | 19.89M | 46.59M | 33.23M | 30.24M | 34.24M | 32.62M | 15.98M | 23.13M | 18.44M | 19.77M | 14.27M | 17.82M | 15.56M | 13.55M | 12.77M | 12.15M | 12.32M | 11.88M | 11.74M | 9.52M | 7.47M | 6.24M | 5.15M | 4.52M |
| EPS (Diluted) | 4.05 | 2.73 | -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 | 1.27 | 1.10 | 1.16 | 1.16 | 1.06 | 1.01 | 0.84 | 0.72 | 0.59 | 0.30 | 0.45 |
| EPS Growth % | 846.51% | 625% | -141.94% | -57.53% | 26.96% | 3.6% | -10.48% | 6.44% | 83.46% | -32.8% | 24.34% | -7.88% | 27.91% | -21.34% | 13.1% | 14.17% | 15.45% | -5.17% | 0% | 9.43% | 4.95% | 20.24% | 16.67% | 22.03% | 96.67% | -33.33% | - |
| EPS (Basic) | - | 2.74 | -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 | 1.17 | 1.19 | 1.11 | 1.09 | 0.90 | 0.77 | 0.62 | 0.54 | 0.46 |
| Diluted Shares Outstanding | 15.99M | 15.9M | 16.04M | 16.03M | 15.97M | 14.42M | 13.62M | 13.79M | 14.03M | 12.55M | 12.23M | 12.13M | 12.01M | 11.12M | 10.88M | 10.77M | 10.63M | 10.48M | 10.43M | 10.66M | 11.28M | 11.63M | 11.34M | 10.39M | 10.52M | 17.24M | 9.95M |
Quick answers to the most common questions about buying BMRC stock.
For fiscal year 2025, Bank of Marin Bancorp (BMRC) reported total revenue of $134.5M. This represents a 4999.4% increase compared to $2.6M in 2000.
Bank of Marin Bancorp (BMRC) is profitable, generating $43.4M in net income for the fiscal year ending 2025 with a net profit margin of 24.6%.
Bank of Marin Bancorp (BMRC) reported an operating income of $51.6M, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Bank of Marin Bancorp (BMRC) generated $134.5M in gross profit for the year, representing a gross profit margin of 76.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated credit costs and negative fee volatility
Metrics are mathematically derived from official filings.
NII Acceleration Driven by Volume, Not Rate
Net interest income has shown consistent sequential growth, rising from $22.7M in 2024Q1 to $31.2M in 2026Q1, representing a 37% increase. This expansion appears driven primarily by loan volume growth rather than net interest margin improvement.
The 24.9% year-over-year NII growth in 2026Q1 suggests the bank successfully expanded its earning asset base. However, NIM remained flat at 0.8% across the last five quarters, indicating the volume growth has not yet translated into margin expansion, likely due to a competitive deposit market and the bank's low-yield asset mix. Investors should monitor whether further asset growth can eventually overcome this structural margin headwind.
Structurally Compressed Net Interest Margin
Bank of Marin's net interest margin has been stuck at approximately 0.8% for the last five quarters, significantly below peer levels like Westamerica Bancorp's 42.7% net margin. This indicates a fundamental challenge in its funding cost structure or asset yield generation.
The persistently low NIM suggests the bank may be funding assets with relatively expensive deposits or is heavily weighted into low-yielding securities. The 0.8% margin is insufficient to generate robust pre-provision earnings, making the bank's profitability highly sensitive to any increase in credit costs or non-interest expenses. A shift in the rate cycle could provide some relief, but the current spread compression appears structural.
Erratic Non-Interest Income Undermines Earnings
Non-interest income has been wildly volatile, ranging from -$30.7M in 2024Q2 to $37.5M in 2025Q4, as reported in financial statements. This erratic pattern suggests heavy reliance on one-time items like securities gains or losses, which severely obscures core earnings power.
The swing from a $16.7M loss in 2025Q2 to a $37.5M gain in 2025Q4 likely reflects realized gains/losses on the investment portfolio, not sustainable fee revenue. The underlying recurring fee income appears minimal, as indicated by the typical single-digit fee percentage in stable quarters. This dependency creates significant earnings unpredictability and suggests the bank's core operating model generates limited persistent fee-based revenue.
Provision Volatility Signals Credit Uncertainty
Provision expense has swung dramatically from a $5.2M charge in 2024Q2 to zero provisioning in several recent quarters. This inconsistency suggests management is grappling with an unclear credit cycle, making it difficult to assess the true underlying asset quality trend.
The lumpy provisioning pattern, including the $11.6M charge in 2026Q2 following a clean quarter, indicates potential catch-up adjustments or specific problem loan resolutions rather than a steady, forward-looking loss reserve build. The absence of a consistent provision methodology makes it challenging to forecast future earnings, as a single quarter of elevated provisioning can easily erase the profit from multiple good quarters.
2025Q4: A Distortionary Quarter of Clarity
The fourth quarter of 2025 stands out as a major inflection point, with total revenue surging to $79.3M due to a $37.5M non-interest income windfall. This event likely provided a one-time capital or earnings boost but does not reflect the bank's sustainable operational trajectory.
This quarter's results are almost entirely driven by a large non-recurring item, as net interest income was only $31.2M and operating income was $46.7M. The subsequent quarters (2026Q1, 2026Q2) with normalized revenues of ~$34-47M show the bank's core earning power. Analysts must strip out this anomaly to understand the true underlying business performance and trend in net interest income.
The Persistent Margin Headwind and Earnings Quality Challenge
The strongest challenge to BMRC's earnings quality is the combination of a structurally sub-1% net interest margin and an inability to generate consistent, meaningful non-interest income outside of one-time gains.
Even as NII grows, the 0.8% NIM provides an exceptionally thin spread to cover operating costs, credit losses, and generate a return on equity. The efficiency ratio, while volatile, often sits above 50% in normalized quarters, consuming a large portion of this thin spread. This model appears vulnerable to even minor increases in credit costs or funding expenses, as seen in the 2024Q2 loss. Without a material improvement in NIM or a sustainable fee income stream, the bank's profitability remains structurally constrained.