Bank of Marin Bancorp

For the period ended Mar 31, 2024. Filed May 9, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

BMRC$28.65-0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Comprehensive Income

BANK OF MARIN BANCORPCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
	Three months ended
(in thousands, except per share amounts; unaudited)	March 31, 2024	December 31, 2023	March 31, 2023
Interest income
Interest and fees on loans	$25,020	$24,964	$24,258
Interest on investment securities	8,805	9,289	10,033
Interest on federal funds sold and due from banks	321	1,170	56
Total interest income	34,146	35,423	34,347
Interest expense
Interest on interest-bearing transaction accounts	261	278	254
Interest on savings accounts	371	322	170
Interest on money market accounts	8,449	7,188	1,085
Interest on time accounts	2,280	1,991	223
Interest on borrowings and other obligations	91	1,380	2,716
Total interest expense	11,452	11,159	4,448
Net interest income	22,694	24,264	29,899
Provision for credit losses on loans	350	1,300	350
Reversal of credit losses on unfunded loan commitments	—	—	(174)
Net interest income after provision for (reversal of) credit losses	22,344	22,964	29,723
Non-interest income
Wealth management and trust services	553	560	511
Service charges on deposit accounts	529	522	533
Earnings on bank-owned life insurance, net	435	364	705
Debit card interchange fees, net	408	373	447
Dividends on Federal Home Loan Bank stock	377	349	302
Merchant interchange fees, net	167	119	133
Losses on sale of investment securities, net of gains	—	(5,907)	—
Other income	285	337	304
Total non-interest income	2,754	(3,283)	2,935
Non-interest expense
Salaries and related benefits	12,084	10,361	10,930
Occupancy and equipment	1,969	1,939	2,414
Professional services	1,078	921	1,123
Data processing	1,070	1,081	1,045
Deposit network fees	845	940	96
Federal Deposit Insurance Corporation insurance	435	454	289
Information technology	402	431	370
Depreciation and amortization	388	393	882
Directors' expense	317	319	321
Amortization of core deposit intangible	251	330	345
Other real estate owned	—	—	4
Other expense	2,330	2,120	1,961
Total non-interest expense	21,169	19,289	19,780
Income before provision for income taxes	3,929	392	12,878
Provision for income taxes	1,007	(218)	3,438
Net income	$2,922	$610	$9,440
Net income per common share:
Basic	$0.18	$0.04	$0.59
Diluted	$0.18	$0.04	$0.59
Weighted average shares:
Basic	16,081	16,040	15,970
Diluted	16,092	16,052	15,999
Comprehensive income:
Net income	$2,922	$610	$9,440
Other comprehensive (loss) income:
Change in net unrealized gains or losses on available-for-sale securities	(4,568)	28,865	16,213
Reclassification adjustment for realized losses on available-for-sale securities in net income	—	5,907	—
Reclassification adjustment for gains or losses on fair value hedges	1,217	(1,726)	—
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity	361	418	463
Other comprehensive (loss) income, before tax	(2,990)	33,464	16,676
Deferred tax (benefit) expense	(884)	9,890	4,930
Other comprehensive (loss) income, net of tax	(2,106)	23,574	11,746
Total comprehensive income	$816	$24,184	$21,186

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