Bank of Marin Bancorp Reports First Quarter Financial Results
Improved Net Interest Margin, Loan Originations, and Deposit Flows
Concurrent with this release, Bancorp issued presentation slides providing supplemental information, some of which will be discussed during the first quarter 2025 earnings call. The earnings release and presentation slides are intended to be reviewed together and can be found online on Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.”
“Deposit growth was strong during the first quarter even as we made thoughtful reductions in deposit rates, which we believe is evidence of our acclaimed relationship banking model,” said Tim Myers, President and Chief Executive Officer. “Our commercial lending teams continue to gain traction and their originations were approximately five times higher than they were in the first quarter of 2024. These improved origination trends, which accelerated in March, have continued into April and we believe position us well for further margin expansion in the coming quarters.”
Bancorp also provided the following highlights for the first quarter of 2025:
-
The first quarter tax-equivalent net interest margin improved 6 basis points over the preceding quarter to
2.86% from2.80% , largely due to reductions in deposit rates. It improved 36 basis points over the first quarter of the prior year due to securities repositioning, the payoff of borrowings and the reduction of deposit costs.
-
Return on average assets ("ROA") was
0.53% for the first quarter of 2025, and return on average equity ("ROE") was4.52% , compared to0.63% and5.48% in the prior quarter, respectively. The efficiency ratio for the first quarter of 2025 increased to76.44% from65.53% last quarter, respectively due to the increase in non-interest expense, mainly in salaries and related benefits and charitable contributions, as discussed in greater detail below.
-
The average cost of total deposits and of interest-bearing deposits decreased by 7 and 17 basis points, respectively, to
1.29% and2.27% , in the first quarter of 2025, compared to the prior quarter. The decrease in cost of interest-bearing deposits due to strategic pricing adjustments contributed 7 basis points to the tax-equivalent net interest margin. limited rate-related outflows, and overall deposit growth demonstrating the Bank's successful relationship banking model. Non-interest bearing deposits continued to make up a strong portion of total deposits at43.2% as of March 31, 2025, compared to43.5% last quarter.
-
There was a
$75 thousand 1.44% of total loans at March 31, 2025 compared to1.47% at December 31, 2024.
-
Classified loans were
2.77% of total loans compared to2.17% last quarter largely due to downgrades in one commercial relationship and one commercial real estate relationship during the quarter totaling$13.5 million
-
Non-accrual loans were
1.59% of total loans at quarter-end, down from1.63% at December 31, 2024. The reduction in non-accrual balances included a$2.1 million $809 thousand
-
Total deposits of
$3.30 2 billion$82.0 million $3.22 0 billion
-
Capital was above well-capitalized regulatory thresholds with total risk-based capital ratios of
16.69% and16.45% as of March 31, 2025 for Bancorp and the Bank, respectively, compared to16.54% and16.13% as of December 31, 2024. Bancorp's tangible common equity to tangible assets ("TCE ratio") was9.82% as of March 31, 2025, and the Bank's TCE ratio was9.66% . The Bancorp's TCE ratio net of after-tax unrealized losses on held-to-maturity securities as if the losses were realized1 was8.08% as of March 31, 2025.
-
The Board of Directors declared a cash dividend of
$0.25
“The first quarter performance was negatively impacted by the proactive non-accrual note sale of a rapidly deteriorating acquired loan as well an increase in contributions expense from our annual grant program, the bulk of which has shifted from the second quarter into the first quarter,” said Dave Bonaccorso, Executive Vice President and Chief Financial Officer. "Salaries and related benefits expense increased from the prior quarter due to fourth quarter incentive compensation accrual adjustments and reductions and customary first quarter increases for items including payroll taxes and 401k matching. Excluding charitable contributions and salaries and related benefits, our first quarter non-interest expense declined almost
Loans and Credit Quality
Despite improved originations, loans decreased by
Loan payoffs were
Accruing loans past due 30 to 89 days totaled
Non-accrual loans totaled
| __________________________ |
| 1 Refer to the discussion and reconciliation of this non-GAAP financial measure in the section below entitled Statement Regarding Use of Non-GAAP Financial Measures. |
The Bank continues to uphold its conservative underwriting standards. In response to current market conditions, we continue to closely monitor our portfolio for signs of potential weakness to ensure proactive risk management and actively work towards a resolution on our classified loans. Classified loans increased by
Loans designated special mention, which are not considered adversely classified, decreased by
There were
There was a
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash were
Investments
The investment securities portfolio totaled
Deposits
Deposits increased
Borrowings and Liquidity
At March 31, 2025, the Bank had no outstanding borrowings, consistent with December 31, 2024. While available as a liquidity source, we have not utilized brokered deposits. Net available funding sources, including unrestricted cash, unencumbered available-for-sale securities and total available borrowing capacity totaled
The following table details the components of our contingent liquidity sources as of March 31, 2025.
(in millions) |
Total Available |
Amount Used |
Net Availability |
|||||
Internal Sources |
|
|
|
|||||
Unrestricted cash 1 |
$ |
231.4 |
$ |
— |
$ |
231.4 |
||
Unencumbered securities at market value |
|
310.6 |
|
— |
|
310.6 |
||
External Sources |
|
|
|
|||||
FHLB line of credit |
|
925.3 |
|
— |
|
925.3 |
||
FRB line of credit |
|
325.1 |
|
— |
|
325.1 |
||
Lines of credit at correspondent banks |
|
125.0 |
|
— |
|
125.0 |
||
Total Liquidity |
$ |
1,917.4 |
$ |
— |
$ |
1,917.4 |
||
1 Excludes cash items in transit as of March 31, 2025. |
||||||||
Note: Brokered deposits available through third-party networks are not included above. |
||||||||
Capital Resources
The total risk-based capital ratio for Bancorp was
Bancorp's tangible common equity to tangible assets ("TCE ratio") was
Earnings
Net Interest Income
Net interest income totaled
The tax-equivalent net interest margin was
Non-Interest Income
Non-interest income was
Non-Interest Expense
Non-interest expense totaled
Statement Regarding use of Non-GAAP Financial Measures
Financial results are presented in accordance with GAAP and with reference to certain non-GAAP financial measures. Management believes that, given industry turmoil that largely began in the first quarter of 2023, the presentation of Bancorp's non-GAAP TCE ratio reflecting the after tax impact of unrealized losses on held-to-maturity securities provides useful supplemental information to investors because it reflects the level of capital remaining after a hypothetical liquidation of the entire securities portfolio. In addition, management believes that providing selected financial measures excluding the loss on sale of securities discussed above is useful to investors as the strategic short-term loss taken for long-term profitability makes the operational performance difficult to compare to other periods. Because there are limits to the usefulness of this or any other non-GAAP measure to investors, Bancorp encourages readers to consider its annual and quarterly consolidated financial statements and notes related thereto for their entirety, as filed with the Securities and Exchange Commission, and not to rely on any single financial measure. A reconciliation of the GAAP financial measures to comparable non-GAAP financial measures is presented below.
Reconciliation of GAAP and Non-GAAP Financial Measures
(in thousands, except per share amounts; unaudited) |
|
March 31, 2025 |
December 31, 2024 |
||||||
Tangible Common Equity - Bancorp |
|
|
|
||||||
Total stockholders' equity |
|
$ |
439,566 |
|
$ |
435,407 |
|
||
Goodwill and core deposit intangible |
|
|
(75,319 |
) |
|
(75,546 |
) |
||
Total TCE |
a |
|
364,247 |
|
|
359,861 |
|
||
Unrealized losses on HTM securities, net of tax1 |
|
|
(77,768 |
) |
|
(89,171 |
) |
||
Unrealized losses on HTM securities included in AOCI, net of tax 2 |
|
|
7,462 |
|
|
7,701 |
|
||
TCE, net of unrealized losses on HTM securities (non-GAAP) |
b |
$ |
293,941 |
|
$ |
278,391 |
|
||
Total assets |
|
$ |
3,784,243 |
|
$ |
3,701,335 |
|
||
Goodwill and core deposit intangible |
|
|
(75,319 |
) |
|
(75,546 |
) |
||
Total tangible assets |
c |
|
3,708,924 |
|
|
3,625,789 |
|
||
Unrealized losses on HTM securities, net of tax1 |
|
|
(77,768 |
) |
|
(89,171 |
) |
||
Unrealized losses on HTM securities included in AOCI, net of tax |
|
|
7,462 |
|
|
7,701 |
|
||
Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) |
d |
$ |
3,638,618 |
|
$ |
3,544,319 |
|
||
Bancorp TCE ratio |
a / c |
|
9.8 |
% |
|
9.9 |
% |
||
Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) |
b / d |
|
8.1 |
% |
|
7.9 |
% |
||
Tangible Book Value Per Share |
|
|
|
||||||
Common shares outstanding |
e |
|
16,203 |
|
|
16,089 |
|
||
Book value per share |
|
$ |
27.13 |
|
$ |
27.06 |
|
||
Tangible book value per share |
a / e |
$ |
22.48 |
|
$ |
22.37 |
|
||
1 Unrealized losses on held-to-maturity securities as of March 31, 2025 and December 31, 2024 of |
|||||||||
2 The remaining unrealized losses that resulted from the transfer of securities from AFS to HTM, as of March 31, 2025 and December 31, 2024, net of an estimated |
|||||||||
Share Repurchase Program
On July 21, 2023, the Board of Directors approved the adoption of Bancorp's share repurchase program for up to
Earnings Call and Webcast Information
Bank of Marin Bancorp (Nasdaq: BMRC) will present its first quarter financial results call via webcast on Monday, April 28, 2025 at 8:30 a.m. PT/11:30 a.m. ET. Investors can listen to the webcast online through Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.” To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at the same website location shortly after the call. Closed captioning will be available during the live webcast, as well as on the webcast replay.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in
Forward-Looking Statements
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions and the economic uncertainty in
BANK OF |
|||||||||||
|
Three months ended |
||||||||||
(in thousands, except per share amounts; unaudited) |
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
||||||||
Selected operating data and performance ratios: |
|
|
|
||||||||
Net income (loss) |
$ |
4,876 |
|
$ |
6,001 |
|
$ |
2,922 |
|
||
Diluted earnings (loss) per common share |
$ |
0.30 |
|
$ |
0.38 |
|
$ |
0.18 |
|
||
Return on average assets |
|
0.53 |
% |
|
0.63 |
% |
|
0.31 |
% |
||
Return on average equity |
|
4.52 |
% |
|
5.48 |
% |
|
2.70 |
% |
||
Efficiency ratio |
|
76.44 |
% |
|
65.53 |
% |
|
83.18 |
% |
||
Tax-equivalent net interest margin |
|
2.86 |
% |
|
2.80 |
% |
|
2.50 |
% |
||
Cost of deposits |
|
1.29 |
% |
|
1.36 |
% |
|
1.38 |
% |
||
Cost of funds |
|
1.29 |
% |
|
1.36 |
% |
|
1.38 |
% |
||
Net charge-offs (recoveries) |
$ |
825 |
|
$ |
19 |
|
$ |
21 |
|
||
Net charge-offs to average loans |
|
0.04 |
% |
|
NM |
|
|
NM |
|
||
(in thousands; unaudited) |
March 31, 2025 |
December 31, 2024 |
|||||
Selected financial condition data: |
|
|
|||||
Total assets |
$ |
3,784,243 |
|
$ |
3,701,335 |
|
|
Loans: |
|
|
|||||
Commercial and industrial |
$ |
147,291 |
|
$ |
152,263 |
|
|
Real estate: |
|
|
|||||
Commercial owner-occupied |
|
319,112 |
|
|
321,962 |
|
|
Commercial non-owner occupied |
|
1,292,281 |
|
|
1,273,596 |
|
|
Construction |
|
25,745 |
|
|
36,970 |
|
|
Home equity |
|
89,240 |
|
|
88,325 |
|
|
Other residential |
|
133,960 |
|
|
143,207 |
|
|
Installment and other consumer loans |
|
65,919 |
|
|
66,933 |
|
|
Total loans |
$ |
2,073,548 |
|
$ |
2,083,256 |
|
|
Non-accrual loans: 1 |
|
|
|||||
Commercial and industrial |
$ |
2,845 |
|
$ |
2,845 |
|
|
Real estate: |
|
|
|||||
Commercial owner-occupied |
|
1,493 |
|
$ |
1,537 |
|
|
Commercial non-owner occupied |
|
26,826 |
|
|
28,525 |
|
|
Home equity |
|
1,353 |
|
|
752 |
|
|
Other residential |
|
206 |
|
|
— |
|
|
Installment and other consumer loans |
|
198 |
|
|
222 |
|
|
Total non-accrual loans |
$ |
32,921 |
|
$ |
33,881 |
|
|
Non-accrual loans to total loans |
|
1.59 |
% |
|
1.63 |
% |
|
Classified loans (graded substandard and doubtful) |
$ |
57,435 |
|
$ |
45,104 |
|
|
Classified loans as a percentage of total loans |
|
2.77 |
% |
|
2.17 |
% |
|
Total accruing loans 30-89 days past due |
$ |
5,965 |
|
$ |
2,231 |
|
|
Total accruing loans 90+ days past due 1 |
$ |
— |
|
$ |
— |
|
|
Allowance for credit losses to total loans |
|
1.44 |
% |
|
1.47 |
% |
|
Allowance for credit losses to non-accrual loans |
0.91x |
0.90x |
|||||
Total deposits |
$ |
3,301,971 |
|
$ |
3,220,015 |
|
|
Loan-to-deposit ratio |
|
62.80 |
% |
|
64.70 |
% |
|
Stockholders' equity |
$ |
439,566 |
|
$ |
435,407 |
|
|
Book value per share |
$ |
27.13 |
|
$ |
27.06 |
|
|
Tangible book value per share |
$ |
22.48 |
|
$ |
22.37 |
|
|
Tangible common equity to tangible assets - Bank |
|
9.66 |
% |
|
9.64 |
% |
|
Tangible common equity to tangible assets - Bancorp |
|
9.82 |
% |
|
9.93 |
% |
|
Total risk-based capital ratio - Bank |
|
16.45 |
% |
|
16.13 |
% |
|
Total risk-based capital ratio - Bancorp |
|
16.69 |
% |
|
16.54 |
% |
|
Full-time equivalent employees |
|
291 |
|
|
285 |
|
|
1 There were no non-performing loans over 90 days past due and accruing interest as of March 31, 2025 and December 31, 2024. |
|||||||
NM - Not meaningful |
|||||||
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
(in thousands, except share data; unaudited) |
March 31, 2025 |
December 31, 2024 |
|||||
Assets |
|
|
|||||
Cash, cash equivalents and restricted cash |
$ |
259,924 |
|
$ |
137,304 |
|
|
Investment securities: |
|
|
|||||
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2025 and December 31, 2024) |
|
834,640 |
|
|
879,199 |
|
|
Available-for-sale (at fair value; amortized cost of |
|
406,009 |
|
|
387,534 |
|
|
Total investment securities |
|
1,240,649 |
|
|
1,266,733 |
|
|
Loans, at amortized cost |
|
2,073,548 |
|
|
2,083,256 |
|
|
Allowance for credit losses on loans |
|
(29,906 |
) |
|
(30,656 |
) |
|
Loans, net of allowance for credit losses on loans |
|
2,043,642 |
|
|
2,052,600 |
|
|
Goodwill |
|
72,754 |
|
|
72,754 |
|
|
Bank-owned life insurance |
|
71,066 |
|
|
71,026 |
|
|
Operating lease right-of-use assets |
|
19,076 |
|
|
19,025 |
|
|
Bank premises and equipment, net |
|
6,824 |
|
|
6,832 |
|
|
Core deposit intangible, net |
|
2,565 |
|
|
2,792 |
|
|
Interest receivable and other assets |
|
67,743 |
|
|
72,269 |
|
|
Total assets |
$ |
3,784,243 |
|
$ |
3,701,335 |
|
|
|
|
|
|||||
Liabilities and Stockholders' Equity |
|
|
|||||
Liabilities |
|
|
|||||
Deposits: |
|
|
|||||
Non-interest bearing |
$ |
1,426,446 |
|
$ |
1,399,900 |
|
|
Interest bearing: |
|
|
|||||
Transaction accounts |
|
184,322 |
|
|
198,301 |
|
|
Savings accounts |
|
228,038 |
|
|
225,691 |
|
|
Money market accounts |
|
1,246,739 |
|
|
1,153,746 |
|
|
Time accounts |
|
216,426 |
|
|
242,377 |
|
|
Total deposits |
|
3,301,971 |
|
|
3,220,015 |
|
|
Borrowings and other obligations |
|
116 |
|
|
154 |
|
|
Operating lease liabilities |
|
21,497 |
|
|
21,509 |
|
|
Interest payable and other liabilities |
|
21,093 |
|
|
24,250 |
|
|
Total liabilities |
|
3,344,677 |
|
|
3,265,928 |
|
|
Stockholders' Equity |
|
|
|||||
Preferred stock, no par value, Authorized - 5,000,000 shares, none issued |
|
— |
|
|
— |
|
|
Common stock, no par value, Authorized - 30,000,000 shares; issued and outstanding - 16,202,869 and 16,089,454 at March 31, 2025 and December 31, 2024, respectively |
|
216,263 |
|
|
215,511 |
|
|
Retained earnings |
|
250,815 |
|
|
249,964 |
|
|
Accumulated other comprehensive loss, net of taxes |
|
(27,512 |
) |
|
(30,068 |
) |
|
Total stockholders' equity |
|
439,566 |
|
|
435,407 |
|
|
Total liabilities and stockholders' equity |
$ |
3,784,243 |
|
$ |
3,701,335 |
|
|
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
Three months ended |
|||||||||
(in thousands, except per share amounts; unaudited) |
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||||||
Interest income |
|
|
|
|||||||
Interest and fees on loans |
$ |
25,183 |
$ |
25,872 |
|
$ |
25,020 |
|
||
Interest on investment securities |
|
8,261 |
|
8,377 |
|
|
8,805 |
|
||
Interest on federal funds sold and due from banks |
|
1,795 |
|
2,227 |
|
|
321 |
|
||
Total interest income |
|
35,239 |
|
36,476 |
|
|
34,146 |
|
||
Interest expense |
|
|
|
|||||||
Interest on interest-bearing transaction accounts |
|
343 |
|
327 |
|
|
261 |
|
||
Interest on savings accounts |
|
533 |
|
556 |
|
|
371 |
|
||
Interest on money market accounts |
|
7,626 |
|
8,110 |
|
|
8,449 |
|
||
Interest on time accounts |
|
1,790 |
|
2,252 |
|
|
2,280 |
|
||
Interest on borrowings and other obligations |
|
1 |
|
1 |
|
|
91 |
|
||
Total interest expense |
|
10,293 |
|
11,246 |
|
|
11,452 |
|
||
Net interest income |
|
24,946 |
|
25,230 |
|
|
22,694 |
|
||
Provision for credit losses on loans |
|
75 |
|
— |
|
|
350 |
|
||
Net interest income after provision for credit losses |
|
24,871 |
|
25,230 |
|
|
22,344 |
|
||
Non-interest income |
|
|
|
|||||||
Wealth management and trust services |
|
563 |
|
576 |
|
|
553 |
|
||
Service charges on deposit accounts |
|
548 |
|
551 |
|
|
529 |
|
||
Earnings on bank-owned life insurance, net |
|
544 |
|
432 |
|
|
435 |
|
||
Debit card interchange fees, net |
|
396 |
|
426 |
|
|
408 |
|
||
Dividends on Federal Home Loan Bank stock |
|
375 |
|
370 |
|
|
377 |
|
||
Merchant interchange fees, net |
|
96 |
|
80 |
|
|
167 |
|
||
Other income |
|
352 |
|
318 |
|
|
285 |
|
||
Total non-interest income |
|
2,874 |
|
2,753 |
|
|
2,754 |
|
||
Non-interest expense |
|
|
|
|||||||
Salaries and related benefits |
|
12,050 |
|
9,413 |
|
|
12,084 |
|
||
Occupancy and equipment |
|
2,106 |
|
2,127 |
|
|
1,969 |
|
||
Data processing |
|
1,136 |
|
1,096 |
|
|
1,070 |
|
||
Professional services |
|
937 |
|
1,129 |
|
|
1,078 |
|
||
Deposit network fees |
|
932 |
|
838 |
|
|
845 |
|
||
Information technology |
|
413 |
|
432 |
|
|
402 |
|
||
Charitable contributions |
|
403 |
|
30 |
|
|
12 |
|
||
Federal Deposit Insurance Corporation insurance |
|
388 |
|
420 |
|
|
435 |
|
||
Depreciation and amortization |
|
322 |
|
341 |
|
|
388 |
|
||
Directors' expense |
|
304 |
|
297 |
|
|
317 |
|
||
Amortization of core deposit intangible |
|
226 |
|
237 |
|
|
251 |
|
||
Other expense |
|
2,047 |
|
1,978 |
|
|
2,318 |
|
||
Total non-interest expense |
|
21,264 |
|
18,338 |
|
|
21,169 |
|
||
Income before provision for income taxes |
|
6,481 |
|
9,645 |
|
|
3,929 |
|
||
Provision for income taxes |
|
1,605 |
|
3,644 |
|
|
1,007 |
|
||
Net income |
$ |
4,876 |
$ |
6,001 |
|
$ |
2,922 |
|
||
Net income per common share |
|
|
|
|||||||
Basic |
$ |
0.31 |
$ |
0.38 |
|
$ |
0.18 |
|
||
Diluted |
$ |
0.30 |
$ |
0.38 |
|
$ |
0.18 |
|
||
Weighted average shares: |
|
|
|
|||||||
Basic |
|
15,977 |
|
15,941 |
|
|
16,081 |
|
||
Diluted |
|
16,002 |
|
15,967 |
|
|
16,092 |
|
||
Comprehensive income: |
|
|
|
|||||||
Net income |
$ |
4,876 |
$ |
6,001 |
|
$ |
2,922 |
|
||
Other comprehensive (loss) income: |
|
|
|
|||||||
Change in net unrealized gains or losses on available-for-sale securities |
|
3,289 |
|
(6,880 |
) |
|
(4,568 |
) |
||
Reclassification adjustment for gains or losses on fair value hedges |
|
— |
|
1,444 |
|
|
1,217 |
|
||
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity |
|
340 |
|
355 |
|
|
361 |
|
||
Other comprehensive income (loss), before tax |
|
3,629 |
|
(5,081 |
) |
|
(2,990 |
) |
||
Deferred tax expense (benefit) |
|
1,073 |
|
(1,501 |
) |
|
(884 |
) |
||
Other comprehensive income (loss), net of tax |
|
2,556 |
|
(3,580 |
) |
|
(2,106 |
) |
||
Total comprehensive income |
$ |
7,432 |
$ |
2,421 |
|
$ |
816 |
|
||
BANK OF MARIN BANCORP |
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
|
Three months ended |
Three months ended |
Three months ended |
|||||||||||||||||||||||
|
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||||||||||||||||||||||
|
|
Interest |
|
|
Interest |
|
|
Interest |
|
|||||||||||||||||
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
|||||||||||||||||
(in thousands) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
|||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Interest-earning deposits with banks 1 |
$ |
163,446 |
$ |
1,795 |
4.39 |
% |
$ |
183,597 |
$ |
2,227 |
4.75 |
% |
$ |
23,439 |
$ |
321 |
5.42 |
% |
||||||||
Investment securities 2, 3 |
|
1,273,422 |
|
8,331 |
2.62 |
% |
|
1,281,545 |
|
8,443 |
2.64 |
% |
|
1,529,985 |
|
8,880 |
2.32 |
% |
||||||||
Loans 1, 3, 4, 5 |
|
2,073,739 |
|
25,289 |
4.88 |
% |
|
2,081,781 |
|
25,979 |
4.88 |
% |
|
2,067,431 |
|
25,130 |
4.81 |
% |
||||||||
Total interest-earning assets 1 |
|
3,510,607 |
|
35,415 |
4.04 |
% |
|
3,546,923 |
|
36,649 |
4.04 |
% |
|
3,620,855 |
|
34,331 |
3.75 |
% |
||||||||
Cash and non-interest-bearing due from banks |
|
37,493 |
|
|
|
36,762 |
|
|
|
35,302 |
|
|
||||||||||||||
Bank premises and equipment, net |
|
6,831 |
|
|
|
6,936 |
|
|
|
7,708 |
|
|
||||||||||||||
Interest receivable and other assets, net |
|
173,135 |
|
|
|
178,978 |
|
|
|
147,405 |
|
|
||||||||||||||
Total assets |
$ |
3,728,066 |
|
|
$ |
3,769,599 |
|
|
$ |
3,811,270 |
|
|
||||||||||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Interest-bearing transaction accounts |
$ |
191,089 |
$ |
343 |
0.73 |
% |
$ |
183,640 |
$ |
327 |
0.71 |
% |
$ |
215,001 |
$ |
261 |
0.49 |
% |
||||||||
Savings accounts |
|
227,098 |
|
533 |
0.95 |
% |
|
223,978 |
|
556 |
0.99 |
% |
|
230,133 |
|
371 |
0.65 |
% |
||||||||
Money market accounts |
|
1,192,956 |
|
7,626 |
2.59 |
% |
|
1,167,242 |
|
8,110 |
2.76 |
% |
|
1,150,637 |
|
8,449 |
2.95 |
% |
||||||||
Time accounts including CDARS |
|
228,018 |
|
1,790 |
3.18 |
% |
|
257,096 |
|
2,252 |
3.49 |
% |
|
264,594 |
|
2,280 |
3.47 |
% |
||||||||
Borrowings and other obligations 1 |
|
130 |
|
1 |
2.86 |
% |
|
168 |
|
1 |
2.52 |
% |
|
7,323 |
|
91 |
4.93 |
% |
||||||||
Total interest-bearing liabilities |
|
1,839,291 |
|
10,293 |
2.27 |
% |
|
1,832,124 |
|
11,246 |
2.44 |
% |
|
1,867,688 |
|
11,452 |
2.47 |
% |
||||||||
Demand accounts |
|
1,406,648 |
|
|
|
1,452,966 |
|
|
|
1,458,686 |
|
|
||||||||||||||
Interest payable and other liabilities |
|
44,951 |
|
|
|
48,547 |
|
|
|
48,923 |
|
|
||||||||||||||
Stockholders' equity |
|
437,176 |
|
|
|
435,962 |
|
|
|
435,973 |
|
|
||||||||||||||
Total liabilities & stockholders' equity |
$ |
3,728,066 |
|
|
$ |
3,769,599 |
|
|
$ |
3,811,270 |
|
|
||||||||||||||
Tax-equivalent net interest income/margin 1 |
|
$ |
25,122 |
2.86 |
% |
|
$ |
25,403 |
2.80 |
% |
|
$ |
22,879 |
2.50 |
% |
|||||||||||
Reported net interest income/margin 1 |
|
$ |
24,946 |
2.84 |
% |
|
$ |
25,230 |
2.78 |
% |
|
$ |
22,694 |
2.48 |
% |
|||||||||||
Tax-equivalent net interest rate spread |
|
|
1.77 |
% |
|
|
1.60 |
% |
|
|
1.28 |
% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
1 Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable. |
||||||||||||||||||||||||||
2 Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a component of stockholders' equity. Investment security interest is earned on 30/360 day basis monthly. |
||||||||||||||||||||||||||
3 Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 21 percent. |
||||||||||||||||||||||||||
4 Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield. |
||||||||||||||||||||||||||
5 Net loan origination costs in interest income totaled |
||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250428059839/en/
MEDIA CONTACT:
Yahaira Garcia-Perea
Marketing & Corporate Communications Manager
916-823-7214 | YahairaGarcia-Perea@bankofmarin.com
Source: Bank of Marin Bancorp
