Bank of Marin Bancorp Reports Fourth Quarter and Full Year 2024 Earnings
Bank of Marin Bancorp (BMRC) reported Q4 2024 earnings of $6.0 million, up from $4.6 million in Q3 2024. Diluted earnings per share increased 35.71% to $0.38 from $0.28 in the previous quarter.
Key Q4 highlights include: tax-equivalent net interest margin improved to 2.80% from 2.70%; ROA increased to 0.63%; efficiency ratio improved to 65.53% from 75.18%; non-interest bearing deposits remained strong at 43.5% of total deposits; and classified loans decreased to 2.17% of total loans.
The bank's total loans were $2.083 billion, with organic originations of $47.1 million in Q4. Non-accrual loans decreased to 1.63% of the loan portfolio. The Board declared a cash dividend of $0.25 per share, marking the 79th consecutive quarterly dividend.
For full-year 2024, the bank reported a net loss of $8.4 million due to balance sheet restructuring efforts.
Bank of Marin Bancorp (BMRC) ha riportato guadagni del Q4 2024 pari a 6,0 milioni di dollari, in aumento rispetto ai 4,6 milioni di dollari del Q3 2024. L'utile per azione diluito è aumentato del 35,71% a 0,38 dollari rispetto a 0,28 dollari del trimestre precedente.
I principali punti salienti del Q4 includono: margine di interesse netto equivalente fiscale migliorato al 2,80% rispetto al 2,70%; ROA aumentato allo 0,63%; il rapporto di efficienza migliorato al 65,53% rispetto al 75,18%; i depositi non onerosi sono rimasti solidi al 43,5% dei depositi totali; e i prestiti classificati sono diminuiti al 2,17% dei prestiti totali.
I prestiti totali della banca ammontavano a 2,083 miliardi di dollari, con originazioni organiche di 47,1 milioni di dollari nel Q4. I prestiti non in scadenza sono diminuiti all'1,63% del portafoglio prestiti. Il Consiglio ha dichiarato un dividendo in contanti di 0,25 dollari per azione, segnando il 79° dividendo trimestrale consecutivo.
Per l'intero anno 2024, la banca ha riportato una perdita netta di 8,4 milioni di dollari a causa degli sforzi di ristrutturazione del bilancio.
Bank of Marin Bancorp (BMRC) reportó ganancias de Q4 2024 de 6.0 millones de dólares, un aumento desde 4.6 millones de dólares en Q3 2024. Las ganancias por acción diluidas aumentaron un 35.71% a 0.38 dólares desde 0.28 dólares en el trimestre anterior.
Los aspectos destacados clave de Q4 incluyen: el margen de interés neto equivalente fiscal mejorado al 2.80% desde 2.70%; ROA incrementado al 0.63%; el ratio de eficiencia mejorado al 65.53% desde 75.18%; los depósitos no generadores de interés se mantuvieron fuertes en 43.5% de los depósitos totales; y los préstamos clasificados disminuyeron al 2.17% de los préstamos totales.
Los préstamos totales del banco fueron de 2.083 millones de dólares, con orígenes orgánicos de 47.1 millones de dólares en Q4. Los préstamos en mora disminuyeron al 1.63% de la cartera de préstamos. La Junta declaró un dividendo en efectivo de 0.25 dólares por acción, marcando el 79º dividendo trimestral consecutivo.
Para el año completo 2024, el banco reportó una pérdida neta de 8.4 millones de dólares debido a los esfuerzos de reestructuración del balance.
Marin 은행 지주회사 (BMRC)는 2024년 4분기 수익이 600만 달러로 증가했으며, 이는 2024년 3분기의 460만 달러에서 증가한 것입니다. 희석 주당 순이익은 0.28달러에서 0.38달러로 35.71% 증가했습니다.
4분기의 주요 하이라이트는 다음과 같습니다: 세금 등가 순이자 마진이 2.70%에서 2.80%로 개선되었고; 자산 대비 수익률(ROA)은 0.63%로 증가했으며; 효율성 비율은 75.18%에서 65.53%로 개선되었습니다; 이자 비부과 예치금은 전체 예치금의 43.5%로 강세를 보였고; 분류된 대출은 전체 대출의 2.17%로 감소했습니다.
은행의 총 대출은 20억 8300만 달러였으며, 4분기 동안 유기적으로 4710만 달러의 대출을 발생시켰습니다. 연체 대출은 대출 포트폴리오의 1.63%로 감소했습니다. 이사회는 주당 0.25달러의 현금 배당금을 선언하였으며, 이는 79번째 연속 분기 배당금을 의미합니다.
2024년 전체 연도에 대해 은행은 재무 구조 조정 노력으로 인해 840만 달러의 순손실을 보고했습니다.
Bank of Marin Bancorp (BMRC) a déclaré des bénéfices de 6,0 millions de dollars pour le Q4 2024, en hausse par rapport à 4,6 millions de dollars au Q3 2024. Le bénéfice dilué par action a augmenté de 35,71 % pour atteindre 0,38 dollar contre 0,28 dollar au trimestre précédent.
Les points clés du Q4 incluent : la marge d'intérêt nette équivalente fiscale s'est améliorée à 2,80 % contre 2,70 % ; le ROA a augmenté à 0,63 % ; le ratio d'efficacité s'est amélioré à 65,53 % contre 75,18 % ; les dépôts non rémunérateurs sont restés solides à 43,5 % des dépôts totaux ; et les prêts classés ont diminué à 2,17 % des prêts totaux.
Les prêts totaux de la banque s'élevaient à 2,083 milliards de dollars, avec des origines organiques de 47,1 millions de dollars au Q4. Les prêts non produits d'intérêt ont diminué à 1,63 % du portefeuille de prêts. Le Conseil a déclaré un dividende en espèces de 0,25 dollar par action, marquant le 79ème dividende trimestriel consécutif.
Pour l'ensemble de l'année 2024, la banque a rapporté une perte nette de 8,4 millions de dollars en raison des efforts de restructuration de bilan.
Bank of Marin Bancorp (BMRC) meldete für Q4 2024 einen Gewinn von 6,0 Millionen Dollar, ein Anstieg von 4,6 Millionen Dollar im Q3 2024. Der verwässerte Gewinn pro Aktie stieg um 35,71 % auf 0,38 Dollar von 0,28 Dollar im vorherigen Quartal.
Wichtige Highlights aus Q4 sind: die steuerlich äquivalente Nettozinsspanne verbesserte sich auf 2,80 % von 2,70 %; die ROA stieg auf 0,63 %; die Effizienzzahl verbesserte sich auf 65,53 % von 75,18 %; nicht-zinsbringende Einlagen blieben stark bei 43,5 % der Gesamteinlagen; und die klassifizierten Kredite sanken auf 2,17 % der Gesamtkredite.
Die Gesamtkredite der Bank betrugen 2,083 Milliarden Dollar, mit organischen Neugeschäften von 47,1 Millionen Dollar im Q4. Die notleidenden Kredite sanken auf 1,63 % des Kreditportfolios. Der Vorstand erklärte eine Bardividende von 0,25 Dollar pro Aktie und markierte damit die 79. aufeinanderfolgende Quartalsdividende.
Für das gesamte Jahr 2024 berichtete die Bank von einem Nettoverlust von 8,4 Millionen Dollar aufgrund von Umstrukturierungsmaßnahmen in der Bilanz.
- Q4 earnings increased 30.4% to $6.0M from $4.6M in Q3
- Diluted EPS grew 35.71% to $0.38 from $0.28 QoQ
- Net interest margin improved 10 basis points to 2.80%
- Efficiency ratio improved to 65.53% from 75.18%
- Classified loans decreased to 2.17% from 2.51% of total loans
- Non-accrual loans reduced to 1.63% from 1.91%
- Full-year 2024 resulted in $8.4M net loss
- Loans decreased by $6.8M in Q4
- Total deposits declined from $3.309B to $3.220B
- Non-interest bearing deposits decreased to 43.5% from 44.5%
Insights
The Q4 2024 results demonstrate Bank of Marin's successful execution of its strategic initiatives, particularly in three critical areas: margin management, expense control and credit quality.
The 10 basis point expansion in net interest margin to 2.80% is especially noteworthy given the challenging rate environment. This improvement was achieved through strategic deposit pricing adjustments that reduced deposit costs by
Credit quality metrics show remarkable resilience:
- Classified loans decreased
14.0% to$45.1 million - Non-accrual loans improved to
1.63% of total loans - No provision for credit losses was required, indicating stable portfolio health
The efficiency ratio improvement to
However, the
The full-year 2024 loss of
Strategic Actions Drive Further Improvements in Financial Performance
“As expected, our strategic balance sheet repositioning and actions to reduce costs in 2024 positively impacted our fourth quarter results,” said Tim Myers, President and Chief Executive Officer. “We increased our net income and earnings per share, with both being bolstered by net interest margin expansion and decreased operating expenses. Our strong financial performance and prudent balance sheet management resulted in further increases in our capital ratios during the fourth quarter.
“Our lending teams are more consistently generating attractive opportunities that meet our disciplined underwriting and pricing criteria,” Myers added. “And while an elevated level of loan payoffs in the quarter impacted our total loan growth, they generated a higher level of originations and further built our pipeline of business and commercial real estate loans, generating significant momentum as we entered 2025. New loans are coming into our portfolio at higher rates than those being paid off, a trend we expect will further support our margin this year. Given the strength of our balance sheet, the higher level of productivity that we are seeing from our banking teams, and the positive trends in our net interest margin and operating leverage, we believe that we are well positioned to drive further improvement in our financial performance in the year ahead.”
Concurrent with this release, Bancorp issued presentation slides providing supplemental information, some of which will be discussed during the fourth quarter 2024 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.”
Bancorp also provided the following highlights for the fourth quarter ended December 31, 2024:
-
The fourth quarter tax-equivalent net interest margin improved 10 basis points over the preceding quarter to
2.80% from2.70% largely due to reductions in deposit rates. Loan yields increased 9 basis points during the quarter but were offset by a 57 basis point decline in the yield on cash, resulting in an unchanged yield on earning assets of4.04% despite a 50 basis point decline in short term market interest rates. -
Return on average assets ("ROA") increased to
0.63% for the fourth quarter of 2024, and return on average equity ("ROE") to5.48% , compared to0.48% and4.17% , respectively. The efficiency ratio for the fourth quarter of 2024 improved to65.53% from75.18% last quarter. -
The average cost of deposits and of interest-bearing deposits decreased by 10 and 19 basis points, respectively, during the fourth quarter, contributing 10 basis points to the tax-equivalent net interest margin, due to strategic pricing adjustments with limited rate-related outflows, demonstrating the Bank's successful relationship banking model. Non-interest bearing deposits continued to make up a strong portion of total deposits at
43.5% as of December 31, 2024, compared to44.5% last quarter. -
The loan portfolio continues to perform well, with classified loans at
2.17% of total loans, down from2.51% last quarter. The Bank continues to proactively identify and manage credit risk within the loan portfolio. -
Non-accrual loans were
1.63% of total loans at quarter-end, down from1.91% at September 30, 2024. The reduction in non-accrual balances included the substantial$4.7 million -
There was no provision for credit losses on loans in the fourth quarter or in the third quarter. The allowance for credit losses remained at
1.47% of total loans compared to prior quarter. -
Capital was above well-capitalized regulatory thresholds with total risk-based capital ratios of
16.54% and16.13% as of December 31, 2024 for Bancorp and the Bank, respectively, compared to16.40% and15.82% as of September 30, 2024. Bancorp's tangible common equity to tangible assets ("TCE ratio") was9.93% at December 31, 2024, and the Bank's TCE ratio was9.64% . The Bancorp's TCE ratio, net of after-tax unrealized losses on held-to-maturity securities as if the losses were realized1, was7.85% as of December 31, 2024. -
The Board of Directors declared a cash dividend of
$0.25
“As we have throughout our history, Bank of
"For 2024, we experienced a net loss of
Loans and Credit Quality
Loans decreased by
Loan payoffs remain elevated at
Non-accrual loans totaled
__________________________
|
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 decreased by
Accruing loans past due 30 to 89 days totaled
Loans designated special mention, which are not considered adversely classified, increased by
Net charge-offs for the fourth quarter of 2024 totaled
There was no provision for credit losses on loans in either the fourth or the third quarter of 2024. In the fourth quarter, individual reserves were reduced due to payoffs and paydowns, growth in multifamily, owner-occupied, and non-owner occupied commercial real estate was offset by declines in residential real estate, non-owner occupied commercial real estate office, and commercial loans, and prepayment and curtailment rates decreased modestly across major segments. These reductions were offset by a marginal deterioration in unemployment and GDP overall forecast, resulting in no provision for the quarter. In the prior quarter, minor qualitative risk factor adjustments and loan growth in several segments with lower reserve rates were offset by balance declines in other segments with higher reserve rates, as well as a slight improvement in the economic forecast. There was no provision for credit losses on unfunded loan commitments in the fourth quarter of 2024 compared to a reversal of
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash were
Investments
The investment securities portfolio totaled
Deposits
Deposits totaled
Borrowing and Liquidity
At December 31, 2024, the Bank had no outstanding borrowings, consistent with September 30, 2024. Net available funding sources, including unrestricted cash, unencumbered available-for-sale securities, and total available borrowing capacity, were
The following table details the components of our contingent liquidity sources as of December 31, 2024.
(in millions) |
Total Available |
Amount Used |
Net Availability |
||||||
Internal Sources |
|
|
|
||||||
Unrestricted cash 1 |
$ |
111.1 |
|
N/A |
$ |
111.1 |
|||
Unencumbered securities at market value |
|
306.8 |
|
N/A |
|
306.8 |
|||
External Sources |
|
|
|
||||||
FHLB line of credit |
|
948.1 |
$ |
— |
|
948.1 |
|||
FRB line of credit |
|
358.0 |
|
— |
|
358.0 |
|||
Lines of credit at correspondent banks |
|
125.0 |
|
— |
|
125.0 |
|||
Total Liquidity |
$ |
1,849.0 |
$ |
— |
$ |
1,849.0 |
|||
1 Excludes cash items in transit as of December 31, 2024. 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 was
Earnings
Net Interest Income
Net interest income totaled
Net interest income totaled
The tax-equivalent net interest margin was
The tax-equivalent net interest margin was
Non-Interest Income
Non-interest income was
Non-interest income showed a loss of
Non-Interest Expense
Non-interest expenses totaled
Non-interest expenses increased
-
Professional services expenses increased by
$1.5 million $615 thousand $354 thousand -
Salaries and employee benefits increased by
$1.2 million -
Deposit network fees increased by
$743 thousand -
Depreciation and amortization expenses decreased by
$632 thousand -
Amortization of the core deposit intangible decreased by
$375 thousand
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, unaudited) |
|
December 31,
|
September 30,
|
December 31,
|
||||||
Tangible Common Equity - Bancorp |
|
|
|
|
||||||
Total stockholders' equity |
|
$ |
435,407 |
|
$ |
436,960 |
|
$ |
439,062 |
|
Goodwill and core deposit intangible |
|
|
(75,546 |
) |
|
(75,782 |
) |
|
(76,520 |
) |
Total TCE |
a |
|
359,861 |
|
|
361,178 |
|
|
362,542 |
|
Unrealized losses on HTM securities, net of tax1 |
|
|
(89,171 |
) |
|
(70,837 |
) |
|
(86,500 |
) |
Unrealized losses on HTM securities included in AOCI, net of tax2 |
|
|
7,701 |
|
|
7,951 |
|
|
8,761 |
|
TCE, net of unrealized losses on HTM securities (non-GAAP) |
b |
$ |
278,391 |
|
$ |
298,292 |
|
$ |
284,803 |
|
Total assets |
|
$ |
3,701,335 |
|
$ |
3,792,833 |
|
$ |
3,803,903 |
|
Goodwill and core deposit intangible |
|
|
(75,546 |
) |
|
(75,782 |
) |
|
(76,520 |
) |
Total tangible assets |
c |
|
3,625,789 |
|
|
3,717,051 |
|
|
3,727,383 |
|
Unrealized losses on HTM securities, net of tax1 |
|
|
(89,171 |
) |
|
(70,837 |
) |
|
(86,500 |
) |
Unrealized losses on HTM securities included in AOCI, net of tax2 |
|
|
7,701 |
|
|
7,951 |
|
|
8,761 |
|
Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) |
d |
$ |
3,544,319 |
|
$ |
3,654,165 |
|
$ |
3,649,644 |
|
Bancorp TCE ratio |
a / c |
|
9.9 |
% |
|
9.7 |
% |
|
9.7 |
% |
Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) |
b / d |
|
7.9 |
% |
|
8.2 |
% |
|
7.8 |
% |
Tangible Book Value Per Share |
|
|
|
|
||||||
Common shares outstanding |
e |
|
16,089 |
|
|
16,083 |
|
|
16,158 |
|
Book value per share |
|
$ |
27.06 |
|
$ |
27.17 |
|
$ |
27.17 |
|
Tangible book value per share |
a / e |
$ |
22.37 |
|
$ |
22.46 |
|
$ |
22.44 |
|
1 Unrealized losses on held-to-maturity securities as of December 31, 2024, September 30, 2024, and December 31, 2023 of
2 The remaining unrealized losses that resulted from the transfer of securities from AFS to HTM, net of an estimated |
||||||||||
(in thousands, except per share amounts; unaudited) |
|
Years ended |
|||||
Net (loss) income |
|
December 31,
|
December 31,
|
||||
Net (loss) income (GAAP) |
|
$ |
(8,409 |
) |
$ |
19,895 |
|
Adjustments: |
|
|
|
||||
Losses on sale of investment securities from portfolio repositioning |
|
|
32,542 |
|
|
5,893 |
|
Related income tax benefit |
|
|
(9,619 |
) |
|
(1,742 |
) |
Adjustments, net of taxes |
|
|
22,923 |
|
|
4,151 |
|
Comparable net income (non-GAAP) |
|
$ |
14,514 |
|
$ |
24,046 |
|
Diluted (loss) earnings per share |
|
|
|
||||
Weighted average diluted shares |
|
|
16,042 |
|
|
16,026 |
|
Diluted (loss) earnings per share (GAAP) |
|
$ |
(0.52 |
) |
$ |
1.24 |
|
Comparable diluted earnings per share (non-GAAP) |
|
$ |
0.90 |
|
$ |
1.50 |
|
Return on average assets |
|
|
|
||||
Average assets |
|
$ |
3,773,882 |
|
$ |
4,077,707 |
|
Return on average assets (GAAP) |
|
|
(0.22 |
)% |
|
0.49 |
% |
Comparable return on average assets (non-GAAP) |
|
|
0.38 |
% |
|
0.59 |
% |
Return on average equity |
|
|
|
||||
Average stockholders' equity |
|
$ |
435,070 |
|
$ |
423,784 |
|
Return on average equity (GAAP) |
|
|
(1.93 |
)% |
|
4.69 |
% |
Comparable return on average equity (non-GAAP) |
|
|
3.34 |
% |
|
5.67 |
% |
Efficiency ratio |
|
|
|
||||
Non-interest expense |
|
$ |
81,818 |
|
$ |
79,481 |
|
Net interest income |
|
$ |
94,660 |
|
$ |
102,761 |
|
Non-interest income (GAAP) |
|
$ |
(21,360 |
) |
$ |
4,989 |
|
Losses on sale of investment securities from portfolio repositioning |
|
|
32,542 |
|
|
5,893 |
|
Non-interest income (non-GAAP) |
|
$ |
11,182 |
|
$ |
10,882 |
|
Efficiency ratio (GAAP) |
|
|
111.62 |
% |
|
73.76 |
% |
Comparable efficiency ratio (non-GAAP) |
|
|
77.30 |
% |
|
69.94 |
% |
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 fourth quarter and year-end 2024 earnings call on Monday, January 27, 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
(BMRC-ER)
BANK OF |
|||||||||||||
|
Three months ended |
|
Years ended |
||||||||||
(in thousands, except per share amounts; unaudited) |
December 31,
|
September 30,
|
|
December 31,
|
December 31,
|
||||||||
Selected operating data and performance ratios: |
|
|
|
|
|
||||||||
Net income (loss) |
$ |
6,001 |
|
$ |
4,570 |
|
|
$ |
(8,409 |
) |
$ |
19,895 |
|
Diluted earnings (loss) per common share |
$ |
0.38 |
|
$ |
0.28 |
|
|
$ |
(0.52 |
) |
$ |
1.24 |
|
Return on average assets |
|
0.63 |
% |
|
0.48 |
% |
|
|
(0.22 |
)% |
|
0.49 |
% |
Return on average equity |
|
5.48 |
% |
|
4.17 |
% |
|
|
(1.93 |
)% |
|
4.69 |
% |
Efficiency ratio |
|
65.53 |
% |
|
75.18 |
% |
|
|
111.62 |
% |
|
73.76 |
% |
Tax-equivalent net interest margin |
|
2.80 |
% |
|
2.70 |
% |
|
|
2.63 |
% |
|
2.63 |
% |
Cost of deposits |
|
1.36 |
% |
|
1.46 |
% |
|
|
1.41 |
% |
|
0.74 |
% |
Cost of funds |
|
1.36 |
% |
|
1.46 |
% |
|
|
1.42 |
% |
|
1.02 |
% |
Net charge-offs |
$ |
19 |
|
$ |
— |
|
|
$ |
66 |
|
$ |
386 |
|
Net charge-offs to average loans |
|
NM |
|
|
NM |
|
|
|
NM |
|
|
0.02 |
% |
|
|
|
|
|
|
||||||||
(in thousands; unaudited) |
|
December 31,
|
|
September 30,
|
December 31,
|
||||||||
Selected financial condition data: |
|
|
|
|
|
||||||||
Total assets |
|
$ |
3,701,335 |
|
|
$ |
3,792,833 |
|
$ |
3,803,903 |
|
||
Loans: |
|
|
|
|
|
||||||||
Commercial and industrial |
|
$ |
152,263 |
|
|
$ |
160,390 |
|
$ |
153,750 |
|
||
Real estate: |
|
|
|
|
|
||||||||
Commercial owner-occupied |
|
|
321,962 |
|
|
|
318,712 |
|
|
333,181 |
|
||
Commercial non--owner occupied |
|
|
1,273,596 |
|
|
|
1,266,377 |
|
|
1,219,385 |
|
||
Construction |
|
|
36,970 |
|
|
|
39,326 |
|
|
99,164 |
|
||
Home equity |
|
|
88,325 |
|
|
|
86,479 |
|
|
82,087 |
|
||
Other residential |
|
|
143,207 |
|
|
|
150,573 |
|
|
118,508 |
|
||
Installment and other consumer loans |
|
|
66,933 |
|
|
|
68,234 |
|
|
67,645 |
|
||
Total loans |
|
$ |
2,083,256 |
|
|
$ |
2,090,091 |
|
$ |
2,073,720 |
|
||
Non-accrual loans: 1 |
|
|
|
|
|
||||||||
Commercial and industrial |
|
$ |
2,845 |
|
|
$ |
7,483 |
|
$ |
4,008 |
|
||
Real estate: |
|
|
|
|
|
||||||||
Commercial owner-occupied |
|
|
1,537 |
|
|
|
1,578 |
|
|
434 |
|
||
Commercial non-owner occupied |
|
|
28,525 |
|
|
|
29,229 |
|
|
3,081 |
|
||
Home equity |
|
|
752 |
|
|
|
1,161 |
|
|
469 |
|
||
Installment and other consumer loans |
|
|
222 |
|
|
|
432 |
|
|
— |
|
||
Total non-accrual loans |
|
$ |
33,881 |
|
|
$ |
39,883 |
|
$ |
7,992 |
|
||
Classified loans (graded substandard and doubtful) |
|
$ |
45,104 |
|
|
$ |
52,430 |
|
$ |
32,324 |
|
||
Classified loans as a percentage of total loans |
|
|
2.17 |
% |
|
|
2.51 |
% |
|
1.56 |
% |
||
Total accruing loans 30-89 days past due |
|
$ |
2,231 |
|
|
$ |
6,886 |
|
$ |
1,017 |
|
||
Total loans 90 days or more past due and accruing interest 1 |
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
||
Allowance for credit losses to total loans |
|
|
1.47 |
% |
|
|
1.47 |
% |
|
1.21 |
% |
||
Allowance for credit losses to non-accrual loans |
|
0.90x |
|
0.77x |
3.15x |
||||||||
Non-accrual loans to total loans |
|
|
1.63 |
% |
|
|
1.91 |
% |
|
0.39 |
% |
||
Total deposits |
|
$ |
3,220,015 |
|
|
$ |
3,309,249 |
|
$ |
3,290,075 |
|
||
Loan-to-deposit ratio |
|
|
64.70 |
% |
|
|
63.16 |
% |
|
63.03 |
% |
||
Stockholders' equity |
|
$ |
435,407 |
|
|
$ |
436,960 |
|
$ |
439,062 |
|
||
Book value per share |
|
$ |
27.06 |
|
|
$ |
27.17 |
|
$ |
27.17 |
|
||
Tangible book value per share |
|
$ |
22.37 |
|
|
$ |
22.46 |
|
$ |
22.44 |
|
||
Tangible common equity to tangible assets- Bank |
|
|
9.64 |
% |
|
|
9.32 |
% |
|
9.53 |
% |
||
Tangible common equity to tangible assets- Bancorp |
|
|
9.93 |
% |
|
|
9.72 |
% |
|
9.73 |
% |
||
Total risk-based capital ratio - Bank |
|
|
16.13 |
% |
|
|
15.82 |
% |
|
16.62 |
% |
||
Total risk-based capital ratio - Bancorp |
|
|
16.54 |
% |
|
|
16.40 |
% |
|
16.89 |
% |
||
Full-time equivalent employees |
|
|
285 |
|
|
|
288 |
|
|
329 |
|
||
1 There were no non-performing loans over 90 days past due and accruing interest as of December 31, 2024 September 30, 2024 and December 31, 2023. NM - Not meaningful. |
|||||||||||||
| BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION As of December 31, 2024, September 30, 2024 and December 31, 2023 |
|||||||||
(in thousands, except share data; unaudited) |
December 31,
|
September 30,
|
December 31,
|
||||||
Assets |
|
|
|
||||||
Cash, cash equivalents and restricted cash |
$ |
137,304 |
|
$ |
229,172 |
|
$ |
30,453 |
|
Investment securities: |
|
|
|
||||||
Held-to-maturity (at amortized cost, net of zero allowance for credit losses at December 31, 2024, September 30, 2024, and December 31, 2023 ) |
|
879,199 |
|
|
888,804 |
|
|
925,198 |
|
Available-for-sale (at fair value; amortized cost of |
|
387,534 |
|
|
368,188 |
|
|
552,028 |
|
Total investment securities |
|
1,266,733 |
|
|
1,256,992 |
|
|
1,477,226 |
|
Loans, at amortized cost |
|
2,083,256 |
|
|
2,090,091 |
|
|
2,073,720 |
|
Allowance for credit losses on loans |
|
(30,656 |
) |
|
(30,675 |
) |
|
(25,172 |
) |
Loans, net of allowance for credit losses on loans |
|
2,052,600 |
|
|
2,059,416 |
|
|
2,048,548 |
|
Goodwill |
|
72,754 |
|
|
72,754 |
|
|
72,754 |
|
Bank-owned life insurance |
|
71,026 |
|
|
70,595 |
|
|
68,102 |
|
Operating lease right-of-use assets |
|
19,025 |
|
|
19,745 |
|
|
20,316 |
|
Bank premises and equipment, net |
|
6,832 |
|
|
7,010 |
|
|
7,792 |
|
Core deposit intangible, net |
|
2,792 |
|
|
3,028 |
|
|
3,766 |
|
Interest receivable and other assets |
|
72,269 |
|
|
74,121 |
|
|
74,946 |
|
Total assets |
$ |
3,701,335 |
|
$ |
3,792,833 |
|
$ |
3,803,903 |
|
Liabilities and Stockholders' Equity |
|
|
|
||||||
Liabilities |
|
|
|
||||||
Deposits: |
|
|
|
||||||
Non-interest bearing |
$ |
1,399,900 |
|
$ |
1,473,379 |
|
$ |
1,441,987 |
|
Interest bearing: |
|
|
|
||||||
Transaction accounts |
|
198,301 |
|
|
181,001 |
|
|
225,040 |
|
Savings accounts |
|
225,691 |
|
|
222,588 |
|
|
233,298 |
|
Money market accounts |
|
1,153,746 |
|
|
1,156,483 |
|
|
1,138,433 |
|
Time accounts |
|
242,377 |
|
|
275,798 |
|
|
251,317 |
|
Total deposits |
|
3,220,015 |
|
|
3,309,249 |
|
|
3,290,075 |
|
Borrowings and other obligations |
|
154 |
|
|
193 |
|
|
26,298 |
|
Operating lease liabilities |
|
21,509 |
|
|
22,278 |
|
|
22,906 |
|
Interest payable and other liabilities |
|
24,250 |
|
|
24,153 |
|
|
25,562 |
|
Total liabilities |
|
3,265,928 |
|
|
3,355,873 |
|
|
3,364,841 |
|
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 - 16,089,454, 16,082,881 and 16,158,413 at December 31, 2024, September 30, 2024 and December 31, 2023, respectively |
|
215,511 |
|
|
215,465 |
|
|
217,498 |
|
Retained earnings |
|
249,964 |
|
|
247,983 |
|
|
274,570 |
|
Accumulated other comprehensive loss, net of tax |
|
(30,068 |
) |
|
(26,488 |
) |
|
(53,006 |
) |
Total stockholders' equity |
|
435,407 |
|
|
436,960 |
|
|
439,062 |
|
Total liabilities and stockholders' equity |
$ |
3,701,335 |
|
$ |
3,792,833 |
|
$ |
3,803,903 |
|
| BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
|
Three months ended |
|
Years ended |
|||||||||||||
(in thousands, except per share amounts; unaudited) |
December 31,
|
September 30,
|
December 31,
|
|
December 31,
|
December 31,
|
||||||||||
Interest income |
|
|
|
|
|
|
||||||||||
Interest and fees on loans |
$ |
25,872 |
|
$ |
25,483 |
|
$ |
24,964 |
|
|
$ |
101,484 |
|
$ |
98,505 |
|
Interest on investment securities |
|
8,377 |
|
|
7,594 |
|
|
9,289 |
|
|
|
33,075 |
|
|
38,660 |
|
Interest on federal funds sold and due from banks |
|
2,227 |
|
|
3,242 |
|
|
1,170 |
|
|
|
6,714 |
|
|
2,329 |
|
Total interest income |
|
36,476 |
|
|
36,319 |
|
|
35,423 |
|
|
|
141,273 |
|
|
139,494 |
|
Interest expense |
|
|
|
|
|
|
||||||||||
Interest on interest-bearing transaction accounts |
|
327 |
|
|
339 |
|
|
278 |
|
|
|
1,201 |
|
|
1,036 |
|
Interest on savings accounts |
|
556 |
|
|
565 |
|
|
322 |
|
|
|
2,003 |
|
|
867 |
|
Interest on money market accounts |
|
8,110 |
|
|
8,714 |
|
|
7,188 |
|
|
|
33,914 |
|
|
18,553 |
|
Interest on time accounts |
|
2,252 |
|
|
2,431 |
|
|
1,991 |
|
|
|
9,254 |
|
|
4,715 |
|
Interest on borrowings and other obligations |
|
1 |
|
|
1 |
|
|
1,380 |
|
|
|
241 |
|
|
11,562 |
|
Total interest expense |
|
11,246 |
|
|
12,050 |
|
|
11,159 |
|
|
|
46,613 |
|
|
36,733 |
|
Net interest income |
|
25,230 |
|
|
24,269 |
|
|
24,264 |
|
|
|
94,660 |
|
|
102,761 |
|
Provision for (reversal of) credit losses on loans |
|
— |
|
|
— |
|
|
1,300 |
|
|
|
5,550 |
|
|
2,575 |
|
Reversal of credit losses on unfunded loan commitments |
|
— |
|
|
(233 |
) |
|
— |
|
|
|
(233 |
) |
|
(342 |
) |
Net interest income after provision for (reversal of) credit losses |
|
25,230 |
|
|
24,502 |
|
|
22,964 |
|
|
|
89,343 |
|
|
100,528 |
|
Non-interest income |
|
|
|
|
|
|
||||||||||
Wealth management and trust services |
|
576 |
|
|
706 |
|
|
560 |
|
|
|
2,420 |
|
|
2,145 |
|
Service charges on deposit accounts |
|
551 |
|
|
543 |
|
|
522 |
|
|
|
2,164 |
|
|
2,083 |
|
Earnings on bank-owned life insurance, net |
|
432 |
|
|
426 |
|
|
364 |
|
|
|
1,714 |
|
|
1,802 |
|
Debit card interchange fees, net |
|
426 |
|
|
423 |
|
|
373 |
|
|
|
1,701 |
|
|
1,831 |
|
Dividends on Federal Home Loan Bank stock |
|
370 |
|
|
365 |
|
|
349 |
|
|
|
1,478 |
|
|
1,265 |
|
Merchant interchange fees, net |
|
80 |
|
|
67 |
|
|
119 |
|
|
|
324 |
|
|
496 |
|
(Losses) gains on investment securities, net |
|
— |
|
|
1 |
|
|
(5,907 |
) |
|
|
(32,541 |
) |
|
(5,893 |
) |
Other income |
|
318 |
|
|
357 |
|
|
337 |
|
|
|
1,380 |
|
|
1,260 |
|
Total non-interest income |
|
2,753 |
|
|
2,888 |
|
|
(3,283 |
) |
|
|
(21,360 |
) |
|
4,989 |
|
Non-interest expense |
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
|
9,413 |
|
|
10,822 |
|
|
10,361 |
|
|
|
44,683 |
|
|
43,448 |
|
Occupancy and equipment |
|
2,127 |
|
|
2,097 |
|
|
1,939 |
|
|
|
8,242 |
|
|
8,306 |
|
Professional services |
|
1,129 |
|
|
1,879 |
|
|
921 |
|
|
|
5,129 |
|
|
3,598 |
|
Data processing |
|
1,096 |
|
|
1,051 |
|
|
1,081 |
|
|
|
4,222 |
|
|
4,057 |
|
Deposit network fees |
|
838 |
|
|
927 |
|
|
940 |
|
|
|
3,526 |
|
|
2,783 |
|
Federal Deposit Insurance Corporation insurance |
|
420 |
|
|
582 |
|
|
454 |
|
|
|
1,863 |
|
|
1,878 |
|
Information technology |
|
432 |
|
|
404 |
|
|
431 |
|
|
|
1,686 |
|
|
1,569 |
|
Depreciation and amortization |
|
341 |
|
|
358 |
|
|
393 |
|
|
|
1,466 |
|
|
2,098 |
|
Directors' expense |
|
297 |
|
|
293 |
|
|
319 |
|
|
|
1,213 |
|
|
1,212 |
|
Amortization of core deposit intangible |
|
237 |
|
|
241 |
|
|
330 |
|
|
|
975 |
|
|
1,350 |
|
Charitable contributions |
|
30 |
|
|
30 |
|
|
10 |
|
|
|
677 |
|
|
717 |
|
Other real estate owned |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
48 |
|
Other expense |
|
1,978 |
|
|
1,733 |
|
|
2,110 |
|
|
|
8,136 |
|
|
8,417 |
|
Total non-interest expense |
|
18,338 |
|
|
20,417 |
|
|
19,289 |
|
|
|
81,818 |
|
|
79,481 |
|
Income (loss) before provision for income taxes |
|
9,645 |
|
|
6,973 |
|
|
392 |
|
|
|
(13,835 |
) |
|
26,036 |
|
Provision for income taxes |
|
3,644 |
|
|
2,403 |
|
|
(218 |
) |
|
|
(5,426 |
) |
|
6,141 |
|
Net income (loss) |
$ |
6,001 |
|
$ |
4,570 |
|
$ |
610 |
|
|
$ |
(8,409 |
) |
$ |
19,895 |
|
Net income (loss) per common share: |
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.38 |
|
$ |
0.28 |
|
$ |
0.04 |
|
|
$ |
(0.52 |
) |
$ |
1.24 |
|
Diluted |
$ |
0.38 |
|
$ |
0.28 |
|
$ |
0.04 |
|
|
$ |
(0.52 |
) |
$ |
1.24 |
|
Weighted average common shares: |
|
|
|
|
|
|
||||||||||
Basic |
|
15,941 |
|
|
16,038 |
|
|
16,040 |
|
|
|
16,042 |
|
|
16,012 |
|
Diluted |
|
15,967 |
|
|
16,066 |
|
|
16,052 |
|
|
|
16,042 |
|
|
16,026 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
6,001 |
|
$ |
4,570 |
|
$ |
610 |
|
|
$ |
(8,409 |
) |
$ |
19,895 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
||||||||||
Change in net unrealized gains or losses on available-for-sale securities |
|
(6,880 |
) |
|
8,041 |
|
|
28,865 |
|
|
|
(2,848 |
) |
|
20,358 |
|
Reclassification adjustment for losses (gains) on available-for-sale securities included in net income |
|
— |
|
|
(1 |
) |
|
5,907 |
|
|
|
32,541 |
|
|
8,700 |
|
Reclassification adjustment for gains or losses for fair value hedges |
|
1,444 |
|
|
(1,584 |
) |
|
(1,726 |
) |
|
|
1,359 |
|
|
(1,359 |
) |
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity |
|
355 |
|
|
385 |
|
|
418 |
|
|
|
1,504 |
|
|
1,743 |
|
Other comprehensive income (loss), before tax |
|
(5,081 |
) |
|
6,841 |
|
|
33,464 |
|
|
|
32,556 |
|
|
29,442 |
|
Deferred tax expense (benefit) |
|
(1,501 |
) |
|
2,022 |
|
|
9,890 |
|
|
|
9,618 |
|
|
8,702 |
|
Other comprehensive income (loss), net of tax |
|
(3,580 |
) |
|
4,819 |
|
|
23,574 |
|
|
|
22,938 |
|
|
20,740 |
|
Total comprehensive income (loss) |
$ |
2,421 |
|
$ |
9,389 |
|
$ |
24,184 |
|
|
$ |
14,529 |
|
$ |
40,635 |
|
| BANK OF MARIN BANCORP
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
||||||||||||||||||
|
Three months ended |
Three months ended |
Three months ended |
|||||||||||||||
|
December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
|||||||||||||||
|
|
Interest |
|
|
Interest |
|
|
Interest |
|
|||||||||
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
|||||||||
(dollars in thousands; unaudited) |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
|||||||||
Assets |
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks 1 |
$ |
183,597 |
$ |
2,227 |
4.75 |
% |
|
238,378 |
$ |
3,242 |
5.32 |
% |
$ |
84,864 |
$ |
1,170 |
5.40 |
% |
Investment securities 2, 3 |
|
1,281,545 |
|
8,443 |
2.64 |
% |
|
1,207,545 |
|
7,661 |
2.54 |
% |
|
1,625,084 |
|
9,368 |
2.31 |
% |
Loans 1, 3, 4, 5 |
|
2,081,781 |
|
25,979 |
4.88 |
% |
|
2,091,146 |
|
25,588 |
4.79 |
% |
|
2,072,654 |
|
25,081 |
4.73 |
% |
Total interest-earning assets 1 |
|
3,546,923 |
|
36,649 |
4.04 |
% |
|
3,537,069 |
|
36,491 |
4.04 |
% |
|
3,782,602 |
|
35,619 |
3.68 |
% |
Cash and non-interest-bearing due from banks |
|
36,762 |
|
|
|
37,448 |
|
|
|
35,572 |
|
|
||||||
Bank premises and equipment, net |
|
6,936 |
|
|
|
7,181 |
|
|
|
8,027 |
|
|
||||||
Interest receivable and other assets, net |
|
178,978 |
|
|
|
181,962 |
|
|
|
128,587 |
|
|
||||||
Total assets |
$ |
3,769,599 |
|
|
$ |
3,763,660 |
|
|
$ |
3,954,788 |
|
|
||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing transaction accounts |
$ |
183,640 |
$ |
327 |
0.71 |
% |
$ |
177,929 |
$ |
339 |
0.76 |
% |
$ |
228,168 |
$ |
278 |
0.48 |
% |
Savings accounts |
|
223,978 |
|
556 |
0.99 |
% |
|
227,179 |
|
565 |
0.99 |
% |
|
245,712 |
|
322 |
0.52 |
% |
Money market accounts |
|
1,167,242 |
|
8,110 |
2.76 |
% |
|
1,147,786 |
|
8,714 |
3.02 |
% |
|
1,105,286 |
|
7,188 |
2.58 |
% |
Time accounts, including CDARS |
|
257,096 |
|
2,252 |
3.49 |
% |
|
267,637 |
|
2,431 |
3.61 |
% |
|
244,661 |
|
1,991 |
3.23 |
% |
Borrowings and other obligations 1 |
|
168 |
|
1 |
2.52 |
% |
|
206 |
|
1 |
2.32 |
% |
|
104,855 |
|
1,380 |
5.15 |
% |
Total interest-bearing liabilities |
|
1,832,124 |
|
11,246 |
2.44 |
% |
|
1,820,737 |
|
12,050 |
2.63 |
% |
|
1,928,682 |
|
11,159 |
2.30 |
% |
Demand accounts |
|
1,452,966 |
|
|
|
1,460,011 |
|
|
|
1,556,437 |
|
|
||||||
Interest payable and other liabilities |
|
48,547 |
|
|
|
47,267 |
|
|
|
48,322 |
|
|
||||||
Stockholders' equity |
|
435,962 |
|
|
|
435,645 |
|
|
|
421,347 |
|
|
||||||
Total liabilities & stockholders' equity |
$ |
3,769,599 |
|
|
$ |
3,763,660 |
|
|
$ |
3,954,788 |
|
|
||||||
Tax-equivalent net interest income/margin 1,3 |
|
$ |
25,403 |
2.80 |
% |
|
$ |
24,441 |
2.70 |
% |
|
$ |
24,460 |
2.53 |
% |
|||
Reported net interest income/margin 1 |
|
$ |
25,229 |
2.78 |
% |
|
$ |
24,269 |
2.68 |
% |
|
$ |
24,264 |
2.51 |
% |
|||
Tax-equivalent net interest rate spread |
|
|
1.60 |
% |
|
|
1.41 |
% |
|
|
1.38 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Year ended |
Year ended |
|||||||||||||||
|
|
December 31, 2024 |
December 31, 2023 |
|||||||||||||||
|
|
|
|
|
Interest |
|
|
Interest |
|
|||||||||
|
|
|
|
Average |
Income/ |
Yield/ |
Average |
Income/ |
Yield/ |
|||||||||
(dollars in thousands; unaudited) |
|
|
|
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
|||||||||
Assets |
|
|
|
|
|
|
|
|
|
|||||||||
Interest-earning deposits with banks 1 |
|
|
|
$ |
128,752 |
$ |
6,714 |
5.13 |
% |
$ |
42,864 |
$ |
2,329 |
5.36 |
% |
|||
Investment securities 2, 3 |
|
|
|
|
1,361,859 |
|
33,349 |
2.45 |
% |
|
1,753,708 |
|
39,100 |
2.23 |
% |
|||
Loans 1, 3, 4, 5 |
|
|
|
|
2,074,971 |
|
101,912 |
4.83 |
% |
|
2,099,719 |
|
99,018 |
4.65 |
% |
|||
Total interest-earning assets 1 |
|
|
|
|
3,565,582 |
|
141,975 |
3.92 |
% |
|
3,896,291 |
|
140,447 |
3.56 |
% |
|||
Cash and non-interest-bearing due from banks |
|
|
|
|
36,692 |
|
|
|
37,868 |
|
|
|||||||
Bank premises and equipment, net |
|
|
|
|
7,310 |
|
|
|
8,348 |
|
|
|||||||
Interest receivable and other assets, net |
|
|
|
|
164,298 |
|
|
|
135,200 |
|
|
|||||||
Total assets |
|
|
|
$ |
3,773,882 |
|
|
$ |
4,077,707 |
|
|
|||||||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing transaction accounts |
|
|
|
$ |
193,456 |
$ |
1,201 |
0.62 |
% |
$ |
240,524 |
$ |
1,036 |
0.43 |
% |
|||
Savings accounts |
|
|
|
|
227,061 |
|
2,003 |
0.88 |
% |
|
281,611 |
|
867 |
0.31 |
% |
|||
Money market accounts |
|
|
|
|
1,155,016 |
|
33,914 |
2.94 |
% |
|
1,013,620 |
|
18,553 |
1.83 |
% |
|||
Time accounts, including CDARS |
|
|
|
|
262,482 |
|
9,254 |
3.53 |
% |
|
191,056 |
|
4,715 |
2.47 |
% |
|||
Borrowings and other obligations 1 |
|
|
|
|
4,628 |
|
241 |
5.13 |
% |
|
221,623 |
|
11,562 |
5.15 |
% |
|||
Total interest-bearing liabilities |
|
|
|
|
1,842,643 |
|
46,613 |
2.53 |
% |
|
1,948,434 |
|
36,733 |
1.89 |
% |
|||
Demand accounts |
|
|
|
|
1,448,346 |
|
|
|
1,656,047 |
|
|
|||||||
Interest payable and other liabilities |
|
|
|
|
47,823 |
|
|
|
49,442 |
|
|
|||||||
Stockholders' equity |
|
|
|
|
435,070 |
|
|
|
423,784 |
|
|
|||||||
Total liabilities & stockholders' equity |
|
|
|
$ |
3,773,882 |
|
|
$ |
4,077,707 |
|
|
|||||||
Tax-equivalent net interest income/margin 1,3 |
|
|
|
|
$ |
95,362 |
2.63 |
% |
|
$ |
103,714 |
2.63 |
% |
|||||
Reported net interest income/margin 1 |
|
|
|
|
$ |
94,660 |
2.61 |
% |
|
$ |
102,761 |
2.60 |
% |
|||||
Tax-equivalent net interest rate spread |
|
|
|
|
|
1.39 |
% |
|
|
1.67 |
% |
|||||||
|
|
|
|
|||||||||||||||
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 in 2024 and 2023. 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) fees included in interest income totaled |
||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127369762/en/
MEDIA CONTACT:
Yahaira Garcia-Perea
Marketing & Corporate Communications Manager
916-823-7214 | YahairaGarcia-Perea@bankofmarin.com
Source: Bank of Marin Bancorp
FAQ
What was Bank of Marin's (BMRC) earnings per share in Q4 2024?
How much was BMRC's net interest margin in Q4 2024?
What was BMRC's total loan portfolio value as of December 31, 2024?
What dividend did BMRC declare for Q4 2024?
What was BMRC's efficiency ratio in Q4 2024?
