Bank of Marin Bancorp

For the period ended Sep 30, 2024. Filed Nov 8, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 8, 2024

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

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Contents

Consolidated Statements of Comprehensive Income (Loss)

BANK OF MARIN BANCORPCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended · Nine months ended
(in thousands, except per share amounts; unaudited)	September 30, 2024	June 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Interest income
Interest and fees on loans	$25,483	$25,109	$24,704	$75,612	$73,541
Interest on investment securities	7,594	8,299	9,345	24,698	29,371
Interest on federal funds sold and due from banks	3,242	924	1,055	4,487	1,159
Total interest income	36,319	34,332	35,104	104,797	104,071
Interest expense
Interest on interest-bearing transaction accounts	339	274	270	874	758
Interest on savings accounts	565	511	229	1,447	545
Interest on money market accounts	8,714	8,641	5,988	25,804	11,365
Interest on time accounts	2,431	2,291	1,555	7,002	2,724
Interest on borrowings and other obligations	1	148	2,593	240	10,182
Total interest expense	12,050	11,865	10,635	35,367	25,574
Net interest income	24,269	22,467	24,469	69,430	78,497
Provision for credit losses on loans	—	5,200	425	5,550	1,275
Reversal of credit losses on unfunded loan commitments	(233)	—	—	(233)	(342)
Net interest income after provision for (reversal of) credit losses	24,502	17,267	24,044	64,113	77,564
Non-interest income
Wealth management and trust services	706	585	515	1,844	1,585
Service charges on deposit accounts	543	541	508	1,613	1,561
Earnings on bank-owned life insurance, net	426	421	371	1,282	1,438
Debit card interchange fees, net	423	444	456	1,275	1,458
Dividends on Federal Home Loan Bank stock	365	366	324	1,108	916
Merchant interchange fees, net	67	10	117	244	377
Gains (losses) on sale of investment securities	1	(32,542)	14	(32,541)	14
Other income	357	420	293	1,062	923
Total non-interest income	2,888	(29,755)	2,598	(24,113)	8,272
Non-interest expense
Salaries and related benefits	10,822	12,364	10,741	35,270	33,087
Occupancy and equipment	2,097	2,049	1,973	6,115	6,367
Professional services	1,879	1,043	757	4,000	2,677
Data processing	1,051	1,005	1,009	3,126	2,976
Deposit network fees	927	916	1,227	2,688	1,843
Federal Deposit Insurance Corporation insurance	582	426	469	1,443	1,424
Information technology	404	448	411	1,254	1,138
Depreciation and amortization	358	379	423	1,125	1,705
Directors' expense	293	306	272	916	893
Amortization of core deposit intangible	241	246	335	738	1,020
Charitable contributions	30	604	20	647	707
Other real estate owned	—	—	—	—	48
Other expense	1,733	2,108	2,110	6,158	6,307
Total non-interest expense	20,417	21,894	19,747	63,480	60,192
Income (loss) before provision for (benefit from) income taxes	6,973	(34,382)	6,895	(23,480)	25,644
Provision for (benefit from) income taxes	2,403	(12,480)	1,600	(9,070)	6,359
Net income (loss)	$4,570	$(21,902)	$5,295	$(14,410)	$19,285
Net income (loss) per common share
Basic	$0.28	$(1.36)	$0.33	$(0.90)	$1.21
Diluted	$0.28	$(1.36)	$0.33	$(0.90)	$1.20
Weighted average shares:
Basic	16,038	16,108	16,028	16,076	16,002
Diluted	16,066	16,108	16,036	16,076	16,017
Comprehensive income (loss):
Net income (loss)	$4,570	$(21,902)	$5,295	$(14,410)	$19,285
Other comprehensive income (loss):
Change in net unrealized gains or losses on available-for-sale securities	8,041	559	(13,792)	4,032	(8,507)
Reclassification adjustment for realized (gains) losses on available-for-sale securities in net income	(1)	32,542	2,793	32,541	2,793
Reclassification adjustment for gains or losses on fair value hedges	(1,584)	282	367	(85)	367
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity	385	403	411	1,149	1,325
Other comprehensive income (loss), before tax	6,841	33,786	(10,221)	37,637	(4,022)
Deferred tax expense (benefit)	2,022	9,981	(3,021)	11,119	(1,188)
Other comprehensive income (loss), net of tax	4,819	23,805	(7,200)	26,518	(2,834)
Total comprehensive income (loss)	$9,389	$1,903	$(1,905)	$12,108	$16,451

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