Bank of Marin Bancorp

NASDAQ:BMRCUnited States

Oct 28, 2024

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• --Bank of Marin Bancorp Keeps Quarterly Dividend at $0.25 a Share, Payable Nov. 14 to Shareholders of Record Nov. 7, from 12:12PM ET on Monday Oct 28, 2024 by MT Newswires

  12:12PM ET on Monday Oct 28, 2024 by MT Newswires
  Companies Mentioned: BMRC
  12:12 PM EDT, 10/28/2024 (MT Newswires) -- Price: 22.63, Change: +0.83, Percent Change: +3.81 ...

• -- Earnings Flash (BMRC) BANK OF MARIN BANCORP Posts Q3 EPS $0.28, from 8:31AM ET on Monday Oct 28, 2024 by MT Newswires

  8:31AM ET on Monday Oct 28, 2024 by MT Newswires
  Companies Mentioned: BMRC
  08:31 AM EDT, 10/28/2024 (MT Newswires) -- ...

• Press Release: Bank of Marin Bancorp Reports Third Quarter Financial Results, from 8:30AM ET on Monday Oct 28, 2024 by Dow Jones

  8:30AM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: BMRC

• Bank of Marin Bancorp Reports Third Quarter Financial Results, from 8:30AM ET on Monday Oct 28, 2024 by Dow Jones

  8:30AM ET on Monday Oct 28, 2024 by Dow Jones
  Companies Mentioned: BMRC
  securities transferred from available-for-sale to held-to-maturity 385 403 1,149 1,325 -------------------------- ------ ------- ------- ------- Other comprehensive income (loss), before tax 6,841 33,786 37,637 (4,022) Deferred tax expense (benefit) 2,022 9,981 11,119 (1,188) -------------------------- ------ ------- ------- ------- Other comprehensive income (loss), net of tax 4,819 23,805 26,518 (2,834) -------------------------- ------ ------- ------- ------- Total comprehensive income $ 9,389 $ 1,903 $ 12,108 $ 16,451 ========================== ====== ======= ======= ======= BANK OF MARIN BANCORP AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME ---------------------------------------------------------------------------------------- Three months ended Three months ended September 30, 2024 June 30, 2024 ------------------------------ ------------------------------ Interest Interest Average Income/ Yield/ Average Income/ Yield/ (in thousands) Balance Expense Rate Balance Expense Rate ------------------------ ---------- -------- -------- ---------- -------- -------- Assets Interest-earning deposits with banks (1) $ 238,378 $ 3,242 5.32% $ 67,786 $ 924 5.39% Investment securities (2, 3) 1,207,545 7,661 2.54% 1,430,939 8,367 2.34% Loans (1, 3, 4, 5) 2,091,146 25,588 4.79% 2,059,273 25,215 4.84% ------------------------ --------- ------- ---- --------- ------- ---- Total interest-earning assets (1) 3,537,069 36,491 4.04% 3,557,998 34,506 3.84% Cash and non-interest-bearing due from banks 37,448 37,248 Bank premises and equipment, net 7,181 7,420 Interest receivable and other assets, net 181,962 148,493 ------------------------ --------- -------- -------- --------- -------- -------- Total assets $3,763,660 $3,751,159 ------------------------ --------- -------- -------- --------- -------- -------- Liabilities and Stockholders' Equity Interest-bearing transaction accounts $ 177,929 $ 339 0.76% $ 197,535 $ 274 0.56% Savings accounts 227,179 565 0.99% 226,985 511 0.90% Money market accounts 1,147,786 8,714 3.02% 1,154,346 8,641 3.01% Time accounts including CDARS 267,637 2,431 3.61% 260,602 2,291 3.54% Borrowings and other obligations (1) 206 1 2.32% 10,909 148 5.35% ------------------------ --------- ------- ---- --------- ------- ---- Total interest-bearing liabilities 1,820,737 12,050 2.63% 1,850,377 11,865 2.58% Demand accounts 1,460,011 1,421,543 Interest payable and other liabilities 47,267 46,547 Stockholders' equity 435,645 432,692 ------------------------ --------- -------- -------- --------- -------- -------- Total liabilities & stockholders' equity $3,763,660 $3,751,159 ------------------------ --------- -------- -------- --------- -------- -------- Tax-equivalent net interest income/margin (1) $ 24,441 2.70% $ 22,641 2.52% ------------------------ ---------- ------- ---- ---------- ------- ---- Reported net interest income/margin (1) $ 24,269 2.68% $ 22,467 2.50% ------------------------ ---------- ------- ---- ---------- ------- ---- Tax-equivalent net interest rate spread 1.41% 1.26% ------------------------ ---------- -------- ---- ---------- -------- ---- Nine months ended Nine months ended September 30, 2024 September 30, 2023 ------------------------------ ------------------------------ Interest Interest Average Income/ Yield/ Average Income/ Yield/ (in thousands) Balance Expense Rate Balance Expense Rate ------------------------ ---------- -------- -------- ---------- -------- -------- Assets Interest-earning deposits with banks (1) $ 110,337 $ 4,487 5.34% $ 28,710 $ 1,159 5.32% Investment securities (2, 3) 1,388,825 24,907 2.39% 1,797,054 29,731 2.21% Loans (1, 3, 4, 5) 2,072,684 75,934 4.81% 2,108,840 73,938 4.62% ------------------------ --------- ------- ---- --------- ------- ---- Total interest-earning assets (1) 3,571,846 105,328 3.87% 3,934,604 104,828 3.51% Cash and non-interest-bearing due from banks 36,669 38,641 Bank premises and equipment, net 7,436 8,457 Interest receivable and other assets, net 159,369 137,428 ------------------------ --------- -------- -------- --------- -------- -------- Total assets $3,775,320 $4,119,130 ------------------------ --------- -------- -------- --------- -------- -------- Liabilities and Stockholders' Equity Interest-bearing transaction accounts $ 196,752 $ 874 0.59% $ 244,688 $ 758 0.41% Savings accounts 228,096 1,447 0.85% 293,709 545 0.25% Money market accounts 1,150,911 25,804 2.99% 982,729 11,365 1.55% Time accounts including CDARS 264,290 7,002 3.54% 172,991 2,724 2.11% Borrowings and other obligations (1) 6,125 240 5.15% 260,973 10,182 5.14% ------------------------ --------- ------- ---- --------- ------- ---- Total interest-bearing liabilities 1,846,174 35,367 2.56% 1,955,090 25,574 1.75% Demand accounts 1,446,795 1,689,615 Interest payable and other liabilities 47,578 49,819 Stockholders' equity 434,773 424,606 ------------------------ --------- -------- -------- --------- -------- -------- Total liabilities & stockholders' equity $3,775,320 $4,119,130 ------------------------ --------- -------- -------- --------- -------- -------- Tax-equivalent net interest income/margin (1) $ 69,961 2.57% $ 79,254 2.66% ------------------------ ---------- ------- ---- ---------- ------- ---- Reported net interest income/margin (1) $ 69,430 2.55% $ 78,497 2.63% ------------------------ ---------- ------- ---- ---------- ------- ---- Tax-equivalent net interest rate spread 1.31% 1.76% ------------------------ ---------- -------- ---- ---------- -------- ---- (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 $436 thousand for both the three months ended September 30, 2024 and June 30, 2024, and totaled $1.2 million and $927 thousand for the nine months ended September 30, 2024 and 2023, respectively.