Bank of Marin: Q4 Earnings Snapshot
NOVATO, Calif. (AP) — NOVATO, Calif. (AP) — Bank of Marin Bancorp (BMRC) on Monday reported a fourth-quarter loss of $39.5 million, after reporting a profit in the same period a year earlier.
The bank, based in Novato, California, said it had a loss of $2.49 per share. Earnings, adjusted for non-recurring costs, came to 59 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The bank holding company posted revenue of $44.7 million in the period. Its revenue net of interest expense was $34.2 million, also exceeding Street forecasts.
For the year, the company reported that its loss widened to $35.7 million, or $2.24 per share. Revenue was reported as $122.5 million.
Bank of Marin shares have risen nearly 2% since the beginning of the year. The stock has climbed 10% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BMRC at https://www.zacks.com/ap/BMRC