Revenue performance remains highly unstable, with the efficiency ratio fluctuating from a low of 27.6% in 2025Q4 to over 100% in 2025Q2, reflecting significant operational sensitivity to non-interest income swings.
| 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 | 85.29M | 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 % | -44.91% | 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 % | 2.18% | 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 | 117.19M | 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 | 44.4M | 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 | -12.49M | 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 | 65.16M | 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 % | 35.73% | 13.75% | -21.38% | 1.56% | 7.57% | 8.53% | 7.9% | 8.29% | 9.64% | 9.74% | 10.83% | 11.69% | 11.05% | 11.75% | 9.76% | 8.32% | 8.26% | 7.98% | 8.3% | 8.46% | 6.38% | 6.97% | 8.84% | 8.27% | 6.8% | 5.79% | -143.69% |
| Total Revenue | 182.35M | 176.73M | 116.39M | 141.7M | 140.69M | 118.46M | 108.19M | 109.52M | 105.22M | 84.86M | 84.59M | 78.63M | 81.83M | 68.63M | 72.88M | 75.38M | 66.88M | 64.92M | 64.53M | 67.56M | 62.28M | 53.19M | 41.23M | 35.78M | 34.07M | 32.31M | 11.58M |
| Revenue Growth % | 563.55% | 51.85% | -17.86% | 0.72% | 18.77% | 9.49% | -1.22% | 4.09% | 23.99% | 0.32% | 7.58% | -3.91% | 19.24% | -5.83% | -3.32% | 12.72% | 3.02% | 0.6% | -4.48% | 8.47% | 17.09% | 29.01% | 15.22% | 5.04% | 5.43% | 179.16% | - |
| Non-Interest Expense | 62.51M | 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 | 34.28% | 46.88% | 67.27% | 54.13% | 53.32% | 61.3% | 54.03% | 52.93% | 55.38% | 63.37% | 56.38% | 59.71% | 57.76% | 64.25% | 53.09% | 50.78% | 49.88% | 48.83% | 44.44% | 40.96% | 41.57% | 42.3% | 47.58% | 49.79% | 50.26% | 44.4% | -48.46% |
| Operating Income | 45.13M | 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 % | 24.75% | 29.21% | -11.89% | 18.37% | 45.14% | 37.89% | 37.52% | 41.9% | 41.26% | 33.98% | 43.13% | 36.79% | 38.46% | 32.36% | 39.39% | 32.84% | 32.48% | 31.65% | 31.04% | 29.75% | 29.78% | 35.93% | 37.17% | 33.85% | 29.76% | 25.63% | 62.61% |
| 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 | 67.38M | 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 % | 36.95% | 35.23% | -11.89% | 18.37% | 45.14% | 37.89% | 37.52% | 41.9% | 41.26% | 33.98% | 43.13% | 36.79% | 38.46% | 32.36% | 39.39% | 32.84% | 32.48% | 31.65% | 31.04% | 29.75% | 29.78% | 35.93% | 37.17% | 33.85% | 29.76% | 25.63% | 62.61% |
| Income Tax | 20.34M | 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 % | 30.19% | 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 | 47.04M | 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 % | 25.8% | 24.56% | -7.23% | 14.04% | 33.11% | 28.05% | 27.95% | 31.26% | 31% | 18.83% | 27.35% | 23.45% | 24.16% | 20.79% | 24.45% | 20.65% | 20.26% | 19.66% | 18.83% | 18.24% | 19.08% | 22.06% | 23.08% | 20.88% | 18.32% | 15.93% | 39.07% |
| Net Income Growth % | 828.75% | 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) | 47.04M | 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) | 2.95 | 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 % | 840% | 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 | 15.97M | 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 |
CRE Concentration and Volatility
As reported in recent financial statements, BMRC's net interest income reached $31.2 million in 2025Q4, reflecting a 23.6% quarterly growth rate, yet the trajectory remains inconsistent when compared to the $22.7 million recorded in 2024Q1, suggesting significant sensitivity to funding cost fluctuations and regional loan demand.
The volatility in NII suggests that the bank's reliance on core deposits is being tested by the current interest rate environment. Investors should monitor whether the recent uptick in NII is sustainable or merely a temporary byproduct of repricing assets against a sticky, yet increasingly expensive, deposit base.
Based on the provided data, BMRC's net interest margin has remained largely stagnant at 0.7% to 0.8% throughout 2025, indicating that the bank is struggling to expand its spread despite the broader interest rate cycle, which warrants further investigation into its asset-liability management strategy.
The narrow NIM profile suggests that the bank's cost of funds is rising in lockstep with asset yields, limiting the potential for margin expansion. This compression may imply that the bank's high-touch, relationship-based model is becoming increasingly expensive to maintain in a competitive rate environment.
According to the bank's quarterly filings, the efficiency ratio fluctuated wildly from 27.6% in 2025Q4 to over 100% in 2025Q2, highlighting an unstable operating leverage profile that appears highly sensitive to non-interest income swings and the high fixed costs inherent in its professional service model.
The extreme variance in the efficiency ratio suggests that the bank's operating structure is not yet optimized for scale. Analysts should consider whether the current overhead is a necessary investment for long-term relationship retention or a structural drag on profitability that may require future rationalization.
Based on reported figures, the bank's provision for loan losses reached a significant $12.5 million in 2026Q1, a sharp departure from the zero-provision quarters seen throughout 2025, which may indicate an emerging deterioration in the underlying credit quality of the commercial real estate portfolio.
The sudden shift to a substantial provision expense suggests that management is proactively addressing potential losses, likely tied to regional CRE exposure. This development warrants close monitoring, as it may signal that the bank's previous conservative credit stance is being challenged by broader market headwinds.
As indicated by the financial data, non-interest income has shown extreme volatility, including a negative $30.7 million in 2024Q2 and a positive $37.5 million in 2025Q4, suggesting that fee-based revenue is currently an unreliable component of the bank's overall earnings stability.
The erratic nature of non-interest income implies that the wealth management and trust segments may be subject to significant non-cash adjustments or market-driven volatility. Investors should be cautious about relying on these figures as a consistent buffer against interest rate-driven margin compression.
Quick answers to the most common questions about buying BMRC stock.
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.