Bank of Marin announces $25 million stock repurchase program

NOVATO, Calif. - Bank of Marin Bancorp (NASDAQ:BMRC), a $382 million market cap regional bank, announced Monday that its board of directors has authorized a new stock repurchase program of up to $25 million through July 31, 2027. According to InvestingPro data, the bank currently trades near its Fair Value, offering a notable 4.21% dividend yield.

The new program replaces an existing one approved in 2023 that expires at the end of July, under which the company repurchased $6.4 million worth of shares.

"With the strength of our capital, we have authorized a new stock repurchase program so that we can maintain our balanced approach to capital allocation," said Tim Myers, president and chief executive officer of Bank of Marin.

Under the program, the company may purchase shares through various means including open market transactions and privately negotiated transactions. The timing, manner, price, and amount of repurchases will be determined at the company’s discretion based on factors including stock price, trading volume, market conditions, and business conditions.

As part of the program, the company may enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares.

Bank of Marin Bancorp, headquartered in Novato, California, is the parent company of Bank of Marin. The bank has assets of $3.7 billion and operates 27 branches and eight commercial banking offices across Northern California.

This information is based on a company press release statement.

In other recent news, Bank of Marin Bancorp reported its financial results for the first quarter of 2025, showing a mixed performance. The company’s earnings per share (EPS) were $0.30, slightly below the forecasted $0.31, while revenue reached $27.82 million, missing the anticipated $27.99 million. Despite these shortfalls, Bank of Marin’s net income saw a significant year-over-year increase. The bank also announced the sale of $186 million in available-for-sale securities, which were reinvested at a higher average yield of 5.00% compared to the previous 1.96%. This strategic move is part of a balance sheet repositioning initiative aimed at boosting future earnings. Following this announcement, Piper Sandler raised its price target for Bank of Marin to $25, maintaining a Neutral rating, while Keefe, Bruyette & Woods increased their target to $27 with an Outperform rating. Additionally, Bank of Marin Bancorp changed its independent auditor to Baker Tilly US, LLP after a merger involving its previous auditor, Moss Adams LLP. There were no disagreements reported between the company and Moss Adams regarding financial matters.

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