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Bank of Marin Bancorp (NASDAQ:BMRC), a regional bank with a market capitalization of $358 million and showing a notable 55% return over the past year, announced a change in its independent registered public accounting firm following a merger involving its previous auditor. According to InvestingPro data, the bank has maintained consistent dividend payments for 22 consecutive years, demonstrating long-term stability despite recent market challenges. On Tuesday, the company was informed that Moss Adams LLP, its former auditor, merged with Baker Tilly US, LLP. As a result of this merger, Moss Adams resigned as the auditor for Bank of Marin Bancorp, and the company’s Audit Committee approved the appointment of Baker Tilly as its new independent registered public accounting firm.
The audit reports from Moss Adams on Bank of Marin Bancorp’s consolidated financial statements for the fiscal years ending December 31, 2024, and 2023, did not contain any adverse opinions or disclaimers. There were no disagreements between the company and Moss Adams regarding accounting principles, financial statement disclosures, or audit procedures during the years mentioned or the interim period up to the merger date. While current financial metrics show temporary pressure on profitability, InvestingPro analysis indicates net income is expected to grow this year, with analysts projecting a return to profitability.
Bank of Marin Bancorp did not consult with Baker Tilly on any accounting matters or audit opinions prior to this change. Additionally, there were no reportable events requiring disclosure under Regulation S-K during the period when Moss Adams served as the auditor.
Moss Adams has provided a letter to the Securities and Exchange Commission (SEC) confirming its agreement with the statements made by Bank of Marin Bancorp regarding the change in auditors. This letter was filed as an exhibit in the company’s Form 8-K submission to the SEC.
This information is based on a press release statement from Bank of Marin Bancorp’s recent SEC filing. For investors seeking deeper insights, InvestingPro offers comprehensive analysis through its Pro Research Report, available for BMRC along with 1,400+ other US stocks, providing detailed metrics and expert analysis for informed investment decisions.
In other recent news, Bank of Marin Bancorp reported its financial results for the first quarter of 2025, showcasing a mixed performance. The company’s earnings per share (EPS) were $0.30, falling slightly short of the anticipated $0.31. Revenue also missed expectations, totaling $27.82 million compared to the forecasted $27.99 million. Despite these minor shortfalls, Bank of Marin’s net income rose significantly by 67% year-over-year, reaching $4.9 million. This growth was attributed to an increase in the net interest margin, which improved by 36 basis points over the previous year. Total (EPA:TTEF) deposits also saw an increase, rising by $82 million from the prior quarter to $3.3 billion. The company remains optimistic about future growth, with expectations for positive trends in net interest margin and revenue. Bank of Marin is focusing on strategic hiring and loan growth, supported by a loan pipeline that is 50% higher than the previous year.
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