0001403475FALSEQ2202400014034752024-07-252024-07-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 25, 2024
Bank of Marin Bancorp
(Exact name of Registrant as specified in its charter)
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California | 001-33572 | 20-8859754 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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504 Redwood Blvd., Suite 100, Novato, CA | 94947 |
| (Address of principal executive office) | (Zip Code) |
Registrant’s telephone number, including area code: (415) 763-4520
Not Applicable
(Former name or former address, if changes since last report)
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| Check the appropriate box below if the Form 8-K filing is to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
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| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c)) |
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| Securities registered pursuant to 12(b) of the Act: |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common stock, no par value | BMRC | The Nasdaq Stock Market |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
On July 29, 2024, Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, released its financial results for the quarter ended June 30, 2024. A copy of the press release is included as Exhibit 99.1 and the related Second Quarter 2024 Earnings Presentation is included as Exhibit 99.2.
The press release and presentation will be available on Bank of Marin's website at http://www.bankofmarin.com under “Investor Relations/News & Market Data/Press Releases" and "Presentations” on July 29, 2024.
Section 8 - Other Events
Item 8.01 Other Events
In the press release, Bancorp announced that on July 25, 2024, its Board of Directors approved a quarterly cash dividend of $0.25 per share. The cash dividend is payable on August 15, 2024, to shareholders of record at the close of business on August 8, 2024.
A copy of the press release is attached to this report as Exhibit 99.1.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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| Exhibit No. | Description | Page Number |
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| 99.1 | | 1-13 |
| 99.2 | | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Date: | July 29, 2024 | | BANK OF MARIN BANCORP |
| | | By: | /s/ Tani Girton |
| | | | Tani Girton |
| | | | Executive Vice President |
| | | | and Chief Financial Officer |
EXHIBIT 99.1
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| FOR IMMEDIATE RELEASE | MEDIA CONTACT: |
| Yahaira Garcia-Perea |
| Marketing & Corporate Communications Manager |
| 916-823-7214 | YahairaGarcia-Perea@bankofmarin.com |
BANK OF MARIN BANCORP REPORTS SECOND QUARTER FINANCIAL RESULTS
STRONG CAPITAL SUPPORTS REPOSITIONING FOR PROFITABILITY
NOVATO, CA, July 29, 2024 - Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced a net loss of $21.9 million for the second quarter of 2024, compared to net income of $2.9 million for the first quarter of 2024. Diluted loss per share was $(1.36) for the second quarter, compared to earnings per share of $0.18 for the prior quarter. Net loss for the first six months of 2024 totaled $19.0 million, compared to net income of $14.0 million for the same period last year. Diluted (loss) earnings per share were $(1.18) and $0.87 for the first six months of 2024 and 2023, respectively. Both the second quarter and six months of 2024 results reflected a $32.5 million pretax loss from the previously announced balance sheet restructuring and a $5.2 million pre-tax provision for credit losses on loans.
Concurrent with this release, Bancorp issued presentation slides providing supplemental information, some of which will be discussed during the second 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.”
“During the second quarter, we executed on our strategic priorities, which included realizing the benefits from the more robust loan origination engine we have built, increasing our net interest margin, and carefully managing our expenses,” said Tim Myers, President and Chief Executive Officer. “We also took advantage of the strength in our balance sheet and capital position to take substantial, proactive steps designed to bolster our profitability and position the Bank for accelerated earnings momentum. We executed a strategic balance sheet repositioning and sold $325 million of low-yielding investment securities. This resulted in the second quarter loss, but we have already used some of the proceeds from these sales to pay off wholesale borrowings and invest in higher yielding loans and securities. We are confident that we will successfully reinvest the remaining proceeds into higher yielding assets, including loans that meet our disciplined pricing and underwriting criteria, which we believe will be accretive to both our net interest margin and earnings going forward.
“We are starting the second half of 2024 with positive trends in loan growth, core deposit gathering, and expense management, while seeing continued strong asset quality within the bulk of our loan portfolio. We are also seeing the initial benefits from our balance sheet repositioning on our net interest margin and we expect to realize more expansion in our margin as we continue reinvesting the proceeds from the securities sales. We believe all of these trends should result in a higher level of profitability in the second half of the year and position us well to continue generating profitable growth in the years ahead,” said Mr. Myers.
Bancorp also provided the following highlights for the second quarter of 2024:
•As previously announced, the Bank sold 56% of its available-for-sale securities ("AFS") portfolio at an after-tax loss of $22.9 million. Redeployment of the $292.6 million net proceeds is expected to provide a 30 basis point increase in annualized net interest margin and $0.46 per share estimated annualized earnings accretion beginning in the third quarter, assuming an average reinvestment yield of 5.75%. The sale is part of our strategy to improve future earnings and increase return on equity. Excluding the loss on security sales, net income and diluted earnings per share for the second quarter would have been $1.0 million and $0.06, all other factors unchanged. See Non-GAAP Reconciliation below.
•A $5.2 million provision for credit losses on loans in the second quarter, compared to a provision of $350 thousand for the previous quarter, brought the allowance for credit losses to 1.47% of total loans, compared to 1.24% as of March 31, 2024. The provision was largely due to an increased individual reserve for one non-owner occupied commercial real estate loan totaling $16.7 million that, although current, has experienced a deteriorating financial condition and a material increase in its loan-to-value ratio associated with a recent valuation of the underlying collateral. See Loans and Credit Quality section below for more details.
•Non-accrual loans were also significantly impacted by the loan discussed above and increased to 1.62% of total loans at quarter end from 0.31% at March 31, 2024. Net charge-offs were minimal. Approximately 60% of non-accrual loans were paying as agreed as of June 30, 2024. Subsequent to quarter end, one commercial loan on non-accrual totaling $1.8 million paid off in full.
•Classified loans were relatively stable and down to 2.63% of total loans compared to 2.67% last quarter. Some consumer loan downgrades during the quarter were more than offset by two upgrades on one commercial real estate and one consumer loan, as well as paydowns on other classified loans.
•Strong originations of $64.1 million in the quarter led to $27.4 million in loan growth resulting in a balance of $2.082 billion as of June 30, 2024, compared to $2.055 billion as of March 31, 2024. Payoffs totaled $31.2 million. Loan amortization from scheduled repayments and an increase in utilization of credit lines netted $5.5 million during the quarter.
•Total deposits of $3.214 billion as of June 30, 2024 were down $70.3 million compared to $3.284 billion as of March 31, 2024, mostly due to timing of month-end payments. Non-interest bearing deposits remain a large component at 44.1% of total deposits as of June 30, 2024, compared to 44.0% as of March 31, 2024. Shortly after quarter-end balances began to climb again.
•All intra-quarter borrowings were paid down with securities sales proceeds leaving a balance of zero at June 30, 2024. Net available funding sources of $1.797 billion provided 202% coverage of an estimated $889.8 million in uninsured deposits, representing 28% of total deposits at June 30, 2024.
•The tax-equivalent net interest margin increased to 2.52% from 2.50% in the first quarter as loans funded or renewed in the second quarter continue to carry higher yields while deposit cost increases have decelerated. In fact, 69% of the quarter's loan fundings occurred in the month of June, leaving room for expanded net interest income in the coming quarters. The average cost of deposits increased only 7 basis points to 1.45% in the second quarter compared to a 23 basis point increase in the prior quarter.
•During the quarter the Bank did a review of its expense structure and eliminated some positions not viewed as critical to achieving its strategic objectives within the current operating environment. The Bank recorded severance costs in the second quarter of $243 thousand with an additional amount expected in the third quarter related to the executive officer departure reported on July 25, 2024. The pre-tax cost save for the remainder of 2024 is $876 thousand and the annualized cost save is approximately $2.7 million.
•Return on average assets ("ROA") was (2.35)% for the second quarter of 2024, compared to 0.31% for the first quarter of 2024, and return on average equity ("ROE") was (20.36)%, compared to 2.70% for the prior quarter. The efficiency ratio for the second quarter of 2024 was (300.37)%, compared to 83.18% for the prior quarter. Excluding the loss on security sales, ROA, ROE and the efficiency ratio for the second quarter would have been 0.11%, 0.95% and 86.70%, all other factors unchanged. See Non-GAAP Reconciliation below.
•Capital was above well-capitalized regulatory requirements with total risk-based capital ratios of 16.46% and 15.54% as of June 30, 2024 for Bancorp and the Bank, respectively. Bancorp's tangible common equity to tangible assets ("TCE ratio") increased to 9.92% as of June 30, 2024, and the Bank's TCE ratio was 9.27%. As an additional indicator of capital adequacy, we look to the TCE ratio net of after-tax unrealized losses on held-to-maturity securities as if the losses were realized. That ratio was 7.53% as of June 30, 2024, compared to 7.45% as of March 31, 2024 (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).
•Bancorp's share repurchase program continues to be available for up to $25.0 million, expiring on July 31, 2025. There have been no repurchases to date in 2024 or in 2023, however the Bank will continue to assess opportunities to utilize the program.
•The Board of Directors declared a cash dividend of $0.25 per share on July 25, 2024, which represents the 77th consecutive quarterly dividend paid by Bancorp. The dividend is payable on August 15, 2024, to shareholders of record at the close of business on August 8, 2024.
“Bank of Marin continues to maintain robust capital and liquidity levels, while diligently managing expenses and credit,” said Tani Girton, Executive Vice President and Chief Financial Officer. “Overall credit quality remains solid, and we are not seeing anything beyond idiosyncratic issues in our loan portfolio.
“On the expense front, we made strategic staffing adjustments throughout the company which enable us to offset investments in revenue-driving talent as well as technology, creating efficiencies we believe will help manage costs while continuing to drive growth through the year and well into the future.”
Loans and Credit Quality
Loans increased by $27.4 million for the second quarter of 2024 and totaled $2.082 billion as of June 30, 2024, compared to $2.055 billion as of March 31, 2024. Loan originations for the second quarter were $64.1 million, largely in non-owner occupied commercial real estate loans, compared to $12.4 million for the first quarter of 2024 and $22.8 million for the second quarter of 2023. Total loan commitments originated in the quarter were $94.5 million, compared to $25.3 million for the first quarter of 2024 and $34.1 million for the second quarter of 2023. Loans increased $8.7 million during the six months ended June 30, 2024, compared to $10.3 million during the six months ended June 30, 2023. Loan originations were $76.5 million for the six months ended June 30, 2024, compared to $67.7 million for the six months ended June 30, 2023.
Loan payoffs were $31.2 million for the second quarter, compared to $21.8 million for the first quarter of 2024 and $24.6 million for the second quarter of 2023. The largest portion was the result of asset sales by customers, and there was no dominant trend noted in the quarter. Payoffs were $53.0 million in the six months ended June 30, 2024, compared to $46.8 million for the same period in 2023.
During the second quarter, we moved a $16.7 million non-owner occupied commercial real estate loan to non-accrual status, which was the primary contributor to the provision. The underlying collateral property is a multi-story office building located in San Francisco that was materially impacted by the pandemic and subsequent remote work and vacancy issues. We downgraded the credit to substandard in the fourth quarter of 2021, and have continued to evaluate the occupancy, operating income, and underlying valuation. The loan is guaranteed, and payments have always been current with enough pledged cash held at the Bank to cover payments to maturity in 2026. Nonetheless, a recent appraisal indicated that the refinance loan amount for which the property would qualify at maturity would likely be less than the payoff amount based on current rents, occupancy, and sponsorship wherewithal. Based on this consideration we chose to provision for that shortfall.
Non-accrual loans totaled $33.7 million, or 1.62% of the loan portfolio, at June 30, 2024, compared to $6.3 million, or 0.31% at March 31, 2024. The $27.4 million increase resulted from the movement of 7 relationships totaling $27.8 million to non-accrual status in the second quarter, $16.7 million of which was the non-owner occupied commercial real estate loan discussed above. Another $8.8 million relationship consisting of two commercial loans, one commercial real estate loan and one home equity loan is anticipated to pay off all related loans in full through the sale of assets in the near future. Of the total non-accrual loans as of June 30, 2024, approximately 60% were paying as agreed, 71% were real estate secured, and all are being closely monitored for payments or payoff.
Bank of Marin has continued its steadfast conservative underwriting practices and, in light of current market conditions, our portfolio management and credit teams are exercising heightened vigilance for potential credit quality weakening. Classified loans remained stable totaling $54.7 million as of June 30, 2024, compared to $54.8 million as of March 31, 2024. Home equity loans totaling $737 thousand and auto loans totaling $302 thousand were downgraded to substandard, offset by a $150 thousand home equity loan and a $341 thousand non-owner occupied commercial real estate loan upgraded to pass, charge-offs of two commercial loans associated with one relationship totaling $29 thousand, and paydowns on other loans.
Accruing loans past due 30 to 89 days totaled $2.2 million as of June 30, 2024, compared to $1.9 million as of March 31, 2024. We had one accruing non-owner-occupied commercial real estate loan over 90 days past due as of June 30, 2024 that has been in extended renewal negotiations, but it is secured and expected to be restored to a current payment status in the near future.
Loans designated special mention, which are not considered adversely classified, decreased by $1.9 million to $99.0 million as of June 30, 2024, from $100.9 million as of March 31, 2024. The decrease was largely due to $15.0 million in upgrades to pass risk ratings and payoffs of $1.3 million, partially offset by $15.2 million in downgrades from pass and the balance from contractual paydowns. Of the loans designated special mention, 99% were real estate secured. All but two of the loans, outside of not-for-profits, are guaranteed by owners or sponsors. One of the two loans had a zero balance at June 30, 2024.
Net charge-offs for the second quarter of 2024 totaled $26 thousand, compared to net charge-offs of $21 thousand for the first quarter of 2024.
The provision for credit losses on loans in the second quarter was $5.2 million, compared to $350 thousand in the prior quarter. The provision was due primarily to an increase to the individual reserve for one non-owner occupied commercial real estate loan totaling $16.7 million placed on non accrual during the quarter as discussed above. The ratio of allowance for credit losses to total loans increased to 1.47% at June 30, 2024, compared to 1.24% at March 31, 2024, largely due to this provision.
There was no provision for credit losses on unfunded loan commitments in the second quarter of 2024 or in the prior quarter.
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash were $231.4 million at June 30, 2024, an increase of $195.1 million compared to $36.3 million at March 31, 2024 largely due to proceeds of $292.6 million from the sale of available-for-sale securities, discussed below, partially offset by the payoff of $58.5 million in mid-quarter borrowings, loan fundings, and securities purchases. Reinvestment of securities sale proceeds have continued during the third quarter of 2024 and include the funding of loans that were in the pipeline during the second quarter of 2024, as well as additional securities purchases.
Investments
The investment securities portfolio totaled $1.158 billion at June 30, 2024, a decrease of $293.9 million from March 31, 2024. The decrease was primarily the result of the sale of $325.2 million available-for-sale securities, resulting in a pre-tax loss on sale of $32.5 million. The sold securities had an average book yield of 1.94% with the proceeds allocated to interim borrowing payoffs, loan fundings, securities purchases, and cash available for future use. Assuming a 5.75% average yield on reinvestment, the securities repositioning is expected to have an approximate 3-year capital earn back and contribute approximately 30 basis points to annualized net interest margin beginning third quarter, resulting in $0.46 estimated earnings per share accretion over the next four quarters. These estimates consider the securities repositioning in isolation and do not include other activities that could impact net interest margin or earnings per share. In addition, there were principal repayments and maturities totaling $20.1 million, purchases of $19.0 million, and $757 thousand in net amortization. Both the available-for-sale and held-to-maturity portfolios are eligible for pledging to FHLB or the Federal Reserve as collateral for borrowing. The portfolios are comprised of high credit quality investments with average effective durations of 5.02 on available-for-sale securities and 5.52 on held-to-maturity securities. Both portfolios generate cash flows monthly from interest, principal amortization and payoffs, which supports the Bank's liquidity. Those cash flows totaled $28.6 million and $31.3 million in the second and first quarters of 2024, respectively.
Deposits
Deposits totaled $3.214 billion at June 30, 2024, compared to $3.284 billion at March 31, 2024. Non-interest bearing deposits made up 44.1% of total deposits at June 30, 2024, compared to 44.0% at March 31, 2024. The Bank's competitive and balanced approach to relationship management and focused outreach to customers seeking alternative options for banking solutions generated over 1,300 new accounts during the second quarter, 56% of which were new relationships (excluding new reciprocal accounts).
Borrowings and Liquidity
At June 30, 2024, the Bank had zero outstanding borrowings, consistent with March 31, 2024, although there were intermittent borrowings averaging $10.7 million in the second quarter. 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 $1.797 billion, or 56% of total deposits and 202% of estimated uninsured and/or uncollateralized deposits as of June 30, 2024.
The following table details the components of our contingent liquidity sources as of June 30, 2024.
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(in millions) | Total Available | Amount Used | Net Availability |
| Internal Sources | | | |
Unrestricted cash 1 | $ | 201.8 | | $ | — | | $ | 201.8 | |
| Unencumbered securities at market value | 193.5 | | — | | 193.5 | |
| External Sources | | | |
| FHLB line of credit | 941.7 | | — | | 941.7 | |
| FRB line of credit | 335.4 | | — | | 335.4 | |
| Lines of credit at correspondent banks | 125.0 | | — | | 125.0 | |
| Total Liquidity | $ | 1,797.4 | | $ | — | | $ | 1,797.4 | |
1 Excludes cash items in transit as of June 30, 2024.
Note: Brokered deposits available through third-party networks are not included above.
Capital Resources
The total risk-based capital ratio for Bancorp was 16.46% at June 30, 2024, compared to 17.05% at March 31, 2024. The total risk-based capital ratio for the Bank was 15.54% at June 30, 2024, compared to 16.71% at March 31, 2024. Reductions in risk-based capital ratios were related to losses realized on securities sales.
Bancorp's tangible common equity to tangible assets ("TCE ratio") was 9.92% at June 30, 2024, compared to 9.76% at March 31, 2024. The TCE ratio increased slightly quarter over quarter due mainly to the decrease in tangible risk weighted assets. The capital plan and point-in-time capital stress tests indicate that Bank of Marin and Bancorp capital ratios will remain above regulatory well-capitalized and internal policy minimums throughout a five-year forecast horizon and across stress scenarios such as additional unrealized losses on the investment portfolio, additional deposit growth or decline, loan credit quality deterioration, and potential share repurchases.
Earnings
Net Interest Income
Net interest income totaled $22.5 million for the second quarter of 2024, compared to $22.7 million for the prior quarter. The $227 thousand decrease from the prior quarter was primarily related to an increase of $356 thousand in interest expense on deposits, partially offset by a $186 thousand increase in interest income from loans and the reallocation of proceeds from investment security sales into interest-bearing cash accounts. Quarter-over-quarter, the cost of interest-bearing deposits increased by 10 basis points to 2.56%, decelerating significantly from the 33 basis point increase in the first quarter. The average cost of deposits increased only 7 basis points to 1.45% in the second quarter compared to a 23 basis point increase in the prior quarter.
Net interest income totaled $45.2 million for the six months ended June 30, 2024, compared to $54.0 million for the same period in the prior year. The $8.9 million decrease from the prior year was primarily due to higher costing deposits and lower average balances on investments, partially offset by a lower average balance on borrowings and higher yields on loans.
The tax-equivalent net interest margin was 2.52% for the second quarter of 2024, compared to 2.50% for the prior quarter. Higher loan yields contributed 6 basis points while a higher cost of deposits reduced margin by 5 basis points. The combination of lower average investment security balances and higher average cash and borrowing balances contributed 1 basis point.
The tax-equivalent net interest margin was 2.51% for the six months ended June 30, 2024, compared to 2.74% for the same period in the prior year. The decrease was primarily attributed to higher deposit costs which reduced the margin by 90 basis points, partially offset by lower borrowing balances which positively affected the margin by 38 basis points and higher loan yields contributed 30 basis points.
Non-Interest Income
Non-interest income was $(29.8) million for the second quarter of 2024, compared to income of $2.8 million for the prior quarter. The decrease from the prior quarter was primarily attributed to a $32.5 million net loss on sale of available-for-sale investment securities in the second quarter, as discussed above. Excluding the loss on sale, non-interest income was $2.8 million for the second quarter, consistent with prior quarter. See the non-GAAP disclosure below.
Non-interest income was $(27.0) million for the six months ended June 30, 2024, compared to income of $5.7 million for the same period of the prior year. The $32.7 million decrease from the prior year period was primarily attributed to a $32.5 million pre-tax net loss on sale of available-for-sale investment securities in the second quarter, as discussed above. Additionally, 2023 included higher bank owned life insurance income due to death benefits.
Non-Interest Expense
Non-interest expense totaled $21.9 million for the second quarter of 2024, compared to $21.2 million for the prior quarter, an increase of $725 thousand. The increase included $591 thousand in charitable contributions related to our annual grant program, and $280 thousand in salaries and related benefits, which included both annual merit increases and $243 thousand severance payments related to the recent staff reduction discussed above. Last quarter, there were lower deferred loan origination costs, higher 401(k) contribution matching associated with the usual reset and bonus payments at the beginning of the year, and higher talent acquisition costs, but also higher net incentive adjustments. Other expenses decreased by small amounts in various categories including operating expenses due to some efficiencies identified and implemented.
Non-interest expense totaled $43.1 million for the six months ended June 30, 2024, compared to $40.4 million for the same period of prior year, an increase of $2.6 million. The most significant increase was $2.1 million in salaries and related benefits, which included an increase of 15 full-time equivalents ("FTE") on average, annual merit increases and $243 thousand severance payments related to the recent staff reduction discussed above. Stock-based compensation expenses increased due to the accelerated vesting of an officer's awards due to retirement eligibility. An additional $1.1 million in expenses and fees were associated with an increase in our customers' participation in reciprocal deposit networks to bolster their FDIC insured balances. Increases were partially offset by the combined decrease of $891 thousand in depreciation/amortization and occupancy/equipment expenses related
to the 2023 acceleration of expenses related to the closure of two branches and other minor decreases in expenses.
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 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
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| (in thousands, unaudited) | | June 30, 2024 | March 31, 2024 | December 31, 2023 |
| Tangible Common Equity - Bancorp | | | | |
| Total stockholders' equity | | $ | 434,943 | | $ | 436,680 | | $ | 439,062 | |
| Goodwill and core deposit intangible | | (76,023) | | (76,269) | | (76,520) | |
| Total TCE | a | 358,920 | | 360,411 | | 362,542 | |
Unrealized losses on HTM securities, net of tax1, 2 | | (93,600) | | (92,438) | | (86,500) | |
| TCE, net of unrealized losses on HTM securities (non-GAAP) | b | $ | 265,320 | | $ | 267,973 | | $ | 276,042 | |
| Total assets | | $ | 3,694,728 | | $ | 3,767,176 | | $ | 3,803,903 | |
| Goodwill and core deposit intangible | | (76,023) | | (76,269) | | (76,520) | |
| Total tangible assets | c | 3,618,705 | | 3,690,907 | | 3,727,383 | |
| Unrealized losses on HTM securities, net of tax | | (93,600) | | (92,438) | | (86,500) | |
| Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) | d | $ | 3,525,105 | | $ | 3,598,469 | | $ | 3,640,883 | |
| Bancorp TCE ratio | a / c | 9.9 | % | 9.8 | % | 9.7 | % |
| Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) | b / d | 7.5 | % | 7.4 | % | 7.6 | % |
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1 Net unrealized losses on held-to-maturity securities as of June 30, 2024, March 31, 2024 and December 31, 2023 of $121.2 million, $119.2 million, and $110.4 million, respectively, net of an estimated $35.8 million, $35.2 million, and $32.6 million, respectively, in deferred tax benefits based on a blended state and federal statutory tax rate of 29.56%. 2 Includes the remaining unrealized pre-tax losses of $11.7 million, $12.1 million and $12.4 million as of June 30, 2024, March 31, 2024 and December 31, 2023, respectively, that resulted from the transfer of securities from AFS to HTM. |
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| (in thousand, unaudited) | Three months ended | | Six months ended | | |
Net (loss) income | June 30, 2024 | March 31, 2024 | | June 30, 2024 | June 30, 2023 | | |
Net (loss) income (GAAP) | $ | (21,902) | | $ | 2,922 | | | $ | (18,980) | | $ | 13,991 | | | |
| Adjustments: | | | | | | | |
Losses on sale of investment securities | 32,542 | | — | | | 32,542 | | — | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Income tax benefit | (9,620) | | — | | | (9,620) | | — | | | |
| Adjustments, net of taxes | 22,922 | | — | | | 22,922 | | — | | | |
| Comparable net income (non-GAAP) | $ | 1,020 | | $ | 2,922 | | | $ | 3,942 | | $ | 13,991 | | | |
Diluted (loss) earnings per share | | | | | | | |
| Weighted average diluted shares | 16,108 | | 16,092 | | | 16,095 | | 16,008 | | | |
Diluted (loss) earnings per share (GAAP) | $ | (1.36) | | $ | 0.18 | | | $ | (1.18) | | $ | 0.87 | | | |
| Comparable diluted earnings per share (non-GAAP) | $ | 0.06 | | $ | 0.18 | | | $ | 0.24 | | $ | 0.87 | | | |
| Return on average assets | | | | | | | |
| Average assets | $ | 3,751,159 | | $ | 3,811,270 | | | $ | 3,781,214 | | $ | 4,141,284 | | | |
| Return on average assets (GAAP) | (2.35) | % | 0.31 | % | | (1.01) | % | 0.68 | % | | |
| Comparable return on average assets (non-GAAP) | 0.11 | % | 0.31 | % | | 0.21 | % | 0.68 | % | | |
| Return on average equity | | | | | | | |
| Average stockholders' equity | $ | 432,692 | | $ | 435,973 | | | $ | 434,332 | | $ | 424,386 | | | |
| Return on average equity (GAAP) | (20.36) | % | 2.70 | % | | (8.79) | % | 6.65 | % | | |
| Comparable return on average equity (non-GAAP) | 0.95 | % | 2.70 | % | | 1.83 | % | 6.65 | % | | |
| Efficiency ratio | | | | | | | |
| Non-interest expense | $ | 21,894 | | $ | 21,169 | | | $ | 43,063 | | $ | 40,445 | | | |
| | | | | | | |
| | | | | | | |
| Net interest income | $ | 22,467 | | $ | 22,694 | | | $ | 45,161 | | $ | 54,029 | | | |
| Non-interest income (GAAP) | $ | (29,755) | | $ | 2,754 | | | $ | (27,001) | | $ | 5,674 | | | |
Losses on sale of investment securities | 32,542 | | — | | | 32,542 | | — | | | |
| Non-interest income (non-GAAP) | $ | 2,787 | | $ | 2,754 | | | $ | 5,541 | | $ | 5,674 | | | |
| Efficiency ratio (GAAP) | (300.37) | % | 83.18 | % | | 237.13 | % | 67.74 | % | | |
| Comparable efficiency ratio (non-GAAP) | 86.70 | % | 83.18 | % | | 84.93 | % | 67.74 | % | | |
| | | | | | | |
Share Repurchase Program
On July 21, 2023, the Board of Directors approved the adoption of Bancorp's share repurchase program for up to $25.0 million and expiring on July 31, 2025. There have been no repurchases to date in 2024 or in 2023, however the Bank will continue to assess opportunities to utilize the program.
Earnings Call and Webcast Information
Bank of Marin Bancorp (Nasdaq: BMRC) will present its second quarter earnings call via webcast on Monday, July 29, 2024 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 Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank with assets of $3.7 billion, Bank of Marin provides commercial and personal banking, specialty lending and wealth management and trust services throughout its network of 27 branches and 8 commercial banking offices providing services across 10 Northern California counties. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the “Top Corporate Philanthropists" by the San Francisco Business Times since 2003, was inducted into NorthBay Biz's "Best of" Hall of Fame in 2024, and ranked top 10 in Sacramento Business Journal's Corporate Direct Giving List for philanthropic efforts in 2023. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to www.bankofmarin.com.
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 the United States and abroad, including economic or other disruptions to financial markets caused by acts of terrorism, war or other conflicts, impacts from inflation, supply chain disruptions, changes in interest rates (including the actions taken by the Federal Reserve to control inflation), California's unemployment rate, deposit flows, real estate values, and expected future cash flows on loans and securities; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks; costs or effects of acquisitions; competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; natural disasters (such as wildfires and earthquakes in our area); adverse weather conditions; interruptions of utility service in our markets for sustained periods; and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting our operations, pricing, products and services; and successful integration of acquisitions. These and other important factors are detailed in various securities law filings made periodically by Bancorp, copies of which are available from Bancorp without charge. Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
| | | | | | | | | | | | | | | | | | | | |
| BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS |
| Three months ended | | Six months ended |
| (in thousands, except per share amounts; unaudited) | June 30, 2024 | March 31, 2024 | June 30, 2023 | | June 30, 2024 | June 30, 2023 |
| Selected operating data and performance ratios: | | | | | | |
Net (loss) income | $ | (21,902) | | $ | 2,922 | | $ | 4,551 | | | $ | (18,980) | | $ | 13,991 | |
Diluted (loss) earnings per common share | $ | (1.36) | | $ | 0.18 | | $ | 0.28 | | | $ | (1.18) | | $ | 0.87 | |
| Return on average assets | (2.35) | % | 0.31 | % | 0.44 | % | | (1.01) | % | 0.68 | % |
| Return on average equity | (20.36) | % | 2.70 | % | 4.25 | % | | (8.79) | % | 6.65 | % |
| Efficiency ratio | (300.37) | % | 83.18 | % | 76.91 | % | | 237.13 | % | 67.74 | % |
Tax-equivalent net interest margin | 2.52 | % | 2.50 | % | 2.45 | % | | 2.51 | % | 2.74 | % |
| Cost of deposits | 1.45 | % | 1.38 | % | 0.69 | % | | 1.41 | % | 0.44 | % |
Cost of funds | 1.46 | % | 1.38 | % | 0.11 | % | | 1.42 | % | 0.82 | % |
Net charge-offs | $ | 26 | | $ | 21 | | $ | (2) | | | $ | 47 | | $ | 1 | |
Net charge-offs to average loans | NM | NM | NM | | NM | NM |
| | | | | | | | | | | |
| (in thousands; unaudited) | June 30, 2024 | March 31, 2024 | December 31, 2023 |
| Selected financial condition data: | | | |
| Total assets | $ | 3,694,728 | | $ | 3,767,176 | | $ | 3,803,903 | |
| Loans: | | | |
| Commercial and industrial | $ | 169,247 | | $ | 150,896 | | $ | 153,750 | |
| Real estate: | | | |
| Commercial owner-occupied | 325,091 | | 328,560 | | 333,181 | |
| Commercial non-owner occupied | 1,267,841 | | 1,236,633 | | 1,219,385 | |
| Construction | 51,239 | | 71,494 | | 99,164 | |
| Home equity | 88,045 | | 86,794 | | 82,087 | |
| Other residential | 114,054 | | 113,479 | | 118,508 | |
| Installment and other consumer loans | 66,882 | | 67,107 | | 67,645 | |
| Total loans | $ | 2,082,399 | | $ | 2,054,963 | | $ | 2,073,720 | |
Non-accrual loans: 1 | | | |
| Commercial and industrial | $ | 9,280 | | $ | 2,220 | | $ | 4,008 | |
| Real estate: | | | |
| Commercial owner-occupied | 1,306 | | 416 | | $ | 434 | |
| Commercial non-owner occupied | 21,458 | | 3,046 | | 3,081 | |
| Home equity | 1,197 | | 473 | | 469 | |
| Installment and other consumer loans | 438 | | 141 | | — | |
| Total non-accrual loans | $ | 33,679 | | $ | 6,296 | | $ | 7,992 | |
| Classified loans (graded substandard and doubtful) | $ | 54,684 | | $ | 54,800 | | $ | 32,324 | |
| Classified loans as a percentage of total loans | 2.63 | % | 2.67 | % | 1.56 | % |
| Total accruing loans 30-89 days past due | $ | 2,176 | | $ | 1,924 | | $ | 1,017 | |
Total accruing loans 90+ days past due 1 | $ | 8,118 | | $ | 8,118 | | $ | — | |
| Allowance for credit losses to total loans | 1.47 | % | 1.24 | % | 1.21 | % |
| Allowance for credit losses to non-accrual loans | 0.91x | 4.05x | 3.15x |
| Non-accrual loans to total loans | 1.62 | % | 0.31 | % | 0.39 | % |
| Total deposits | $ | 3,213,777 | | $ | 3,284,102 | | $ | 3,290,075 | |
| Loan-to-deposit ratio | 64.80 | % | 62.60 | % | 63.03 | % |
| Stockholders' equity | $ | 434,943 | | $ | 436,680 | | $ | 439,062 | |
| Book value per share | $ | 26.72 | | $ | 26.81 | | $ | 27.17 | |
Tangible common equity to tangible assets - Bank | 9.27 | % | 9.53 | % | 9.53 | % |
Tangible common equity to tangible assets - Bancorp | 9.92 | % | 9.76 | % | 9.73 | % |
| Total risk-based capital ratio - Bank | 15.54 | % | 16.71 | % | 16.62 | % |
| Total risk-based capital ratio - Bancorp | 16.46 | % | 17.05 | % | 16.89 | % |
| Full-time equivalent employees | 321 | | 330 | | 329 | |
1 There was one non-owner occupied commercial real estate loan 90 days past due and accruing interest as of June 30, 2024 and as of March 31, 2024 that has been in extended renewal negotiations, but it is well-secured and expected to be restored to a current payment status in the near future. There were no non-performing loans over 90 days past due and accruing interest as of December 31, 2023. |
NM - Not meaningful |
| | |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
| | | | | | | | | | | | |
| (in thousands, except share data; unaudited) | June 30, 2024 | March 31, 2024 | December 31, 2023 | |
| Assets | | | | |
| Cash, cash equivalents and restricted cash | $ | 231,408 | | $ | 36,308 | | $ | 30,453 | | |
| | | | |
| | | | |
| Investment securities: | | | | |
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at June 30, 2024, March 31, 2024 and December 31, 2023) | 904,610 | | 915,068 | | 925,198 | | |
Available-for-sale (at fair value; amortized cost of $285,835, $602,384 and $613,479 at June 30, 2024, March 31, 2024 and December 31, 2023, respectively; net of zero allowance for credit losses at June 30, 2024, March 31, 2024 and December 31, 2023) | 252,917 | | 536,365 | | 552,028 | | |
| Total investment securities | 1,157,527 | | 1,451,433 | | 1,477,226 | | |
| Loans, at amortized cost | 2,082,399 | | 2,054,963 | | 2,073,720 | | |
| Allowance for credit losses on loans | (30,675) | | (25,501) | | (25,172) | | |
| Loans, net of allowance for credit losses on loans | 2,051,724 | | 2,029,462 | | 2,048,548 | | |
| Goodwill | 72,754 | | 72,754 | | 72,754 | | |
| Bank-owned life insurance | 70,168 | | 69,747 | | 68,102 | | |
| Operating lease right-of-use assets | 20,460 | | 21,553 | | 20,316 | | |
| Bank premises and equipment, net | 7,263 | | 7,546 | | 7,792 | | |
| Core deposit intangible, net | 3,269 | | 3,515 | | 3,766 | | |
| | | | |
| Interest receivable and other assets | 80,155 | | 74,858 | | 74,946 | | |
| Total assets | $ | 3,694,728 | | $ | 3,767,176 | | $ | 3,803,903 | | |
| | | | |
| Liabilities and Stockholders' Equity | | | | |
| Liabilities | | | | |
| Deposits: | | | | |
| Non-interest bearing | $ | 1,417,661 | | $ | 1,444,435 | | $ | 1,441,987 | | |
| Interest bearing: | | | | |
| Transaction accounts | 178,712 | | 211,274 | | 225,040 | | |
| Savings accounts | 228,946 | | 224,262 | | 233,298 | | |
| Money market accounts | 1,121,336 | | 1,136,595 | | 1,138,433 | | |
| Time accounts | 267,122 | | 267,536 | | 251,317 | | |
| Total deposits | 3,213,777 | | 3,284,102 | | 3,290,075 | | |
| Borrowings and other obligations | 231 | | 260 | | 26,298 | | |
| | | | |
| Operating lease liabilities | 23,016 | | 24,150 | | 22,906 | | |
| Interest payable and other liabilities | 22,761 | | 21,984 | | 25,562 | | |
| Total liabilities | 3,259,785 | | 3,330,496 | | 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 - 16,278,260, 16,285,786 and 16,158,413 at June 30, 2024, March 31, 2024 and December 31 2023, respectively | 218,773 | | 218,342 | | 217,498 | | |
| Retained earnings | 247,477 | | 273,450 | | 274,570 | | |
| Accumulated other comprehensive loss, net of taxes | (31,307) | | (55,112) | | (53,006) | | |
| Total stockholders' equity | 434,943 | | 436,680 | | 439,062 | | |
| Total liabilities and stockholders' equity | $ | 3,694,728 | | $ | 3,767,176 | | $ | 3,803,903 | | |
|
| | |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
| | | | | | | | | | | | | | | | | | |
| Three months ended | | | Six months ended |
| (in thousands, except per share amounts; unaudited) | June 30, 2024 | March 31, 2024 | | | June 30, 2024 | June 30, 2023 |
| Interest income | | | | | | |
| Interest and fees on loans | $ | 25,109 | | $ | 25,020 | | | | $ | 50,129 | | $ | 48,837 | |
| Interest on investment securities | 8,299 | | 8,805 | | | | 17,104 | | 20,027 | |
| Interest on federal funds sold and due from banks | 924 | | 321 | | | | 1,245 | | 104 | |
| Total interest income | 34,332 | | 34,146 | | | | 68,478 | | 68,968 | |
| Interest expense | | | | | | |
| Interest on interest-bearing transaction accounts | 274 | | 261 | | | | 535 | | 488 | |
| Interest on savings accounts | 511 | | 371 | | | | 882 | | 316 | |
| Interest on money market accounts | 8,641 | | 8,449 | | | | 17,090 | | 5,377 | |
| Interest on time accounts | 2,291 | | 2,280 | | | | 4,571 | | 1,169 | |
| Interest on borrowings and other obligations | 148 | | 91 | | | | 239 | | 7,589 | |
| | | | | | |
| Total interest expense | 11,865 | | 11,452 | | | | 23,317 | | 14,939 | |
| Net interest income | 22,467 | | 22,694 | | | | 45,161 | | 54,029 | |
| Provision for credit losses on loans | 5,200 | | 350 | | | | 5,550 | | 850 | |
| Reversal of credit losses on unfunded loan commitments | — | | — | | | | — | | (342) | |
| Net interest income after provision for (reversal of) credit losses | 17,267 | | 22,344 | | | | 39,611 | | 53,521 | |
| Non-interest income | | | | | | |
| Wealth management and trust services | 585 | | 553 | | | | 1,138 | | 1,070 | |
| Service charges on deposit accounts | 541 | | 529 | | | | 1,070 | | 1,053 | |
| Earnings on bank-owned life insurance, net | 421 | | 435 | | | | 856 | | 1,067 | |
| Debit card interchange fees, net | 444 | | 408 | | | | 852 | | 1,002 | |
| Dividends on Federal Home Loan Bank stock | 366 | | 377 | | | | 743 | | 592 | |
| Merchant interchange fees, net | 10 | | 167 | | | | 177 | | 260 | |
| Losses on sale of investment securities | (32,542) | | — | | | | (32,542) | | — | |
| Other income | 420 | | 285 | | | | 705 | | 630 | |
| Total non-interest income | (29,755) | | 2,754 | | | | (27,001) | | 5,674 | |
| Non-interest expense | | | | | | |
| Salaries and related benefits | 12,364 | | 12,084 | | | | 24,448 | | 22,346 | |
| Occupancy and equipment | 2,049 | | 1,969 | | | | 4,018 | | 4,394 | |
| Professional services | 1,043 | | 1,078 | | | | 2,121 | | 1,920 | |
| Data processing | 1,005 | | 1,070 | | | | 2,075 | | 1,967 | |
| Deposit network fees | 916 | | 845 | | | | 1,761 | | 616 | |
| Federal Deposit Insurance Corporation insurance | 426 | | 435 | | | | 861 | | 955 | |
| Information technology | 448 | | 402 | | | | 850 | | 727 | |
| Depreciation and amortization | 379 | | 388 | | | | 767 | | 1,282 | |
| Directors' expense | 306 | | 317 | | | | 623 | | 621 | |
| Charitable contributions | 604 | | 13 | | | | 617 | | 687 | |
| Amortization of core deposit intangible | 246 | | 251 | | | | 497 | | 685 | |
| Other real estate owned | — | | — | | | | — | | 48 | |
| Other expense | 2,108 | | 2,317 | | | | 4,425 | | 4,197 | |
| Total non-interest expense | 21,894 | | 21,169 | | | | 43,063 | | 40,445 | |
| (Loss) income before (benefit from) provision for income taxes | (34,382) | | 3,929 | | | | (30,453) | | 18,750 | |
| (Benefit from) provision for income taxes | (12,480) | | 1,007 | | | | (11,473) | | 4,759 | |
| Net (loss) income | $ | (21,902) | | $ | 2,922 | | | | $ | (18,980) | | $ | 13,991 | |
| Net (loss) income per common share: | | | | | | |
| Basic | $ | (1.36) | | $ | 0.18 | | | | $ | (1.18) | | $ | 0.88 | |
| Diluted | $ | (1.36) | | $ | 0.18 | | | | $ | (1.18) | | $ | 0.87 | |
| Weighted average shares: | | | | | | |
| Basic | 16,108 | | 16,081 | | | | 16,095 | | 15,990 | |
| Diluted | 16,108 | | 16,092 | | | | 16,095 | | 16,008 | |
| Comprehensive income: | | | | | | |
| Net (loss) income | $ | (21,902) | | $ | 2,922 | | | | $ | (18,980) | | $ | 13,991 | |
| Other comprehensive income (loss): | | | | | | |
| Change in net unrealized gains or losses on available-for-sale securities | 559 | | (4,568) | | | | (4,009) | | 5,285 | |
| Reclassification adjustment for realized losses on available-for-sale securities in net income | 32,542 | | — | | | | 32,542 | | — | |
| Reclassification adjustment for gains or losses on fair value hedges | 282 | | 1,217 | | | | 1,499 | | — | |
| | | | | | |
| Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | 403 | | 361 | | | | 764 | | 914 | |
| Other comprehensive income (loss), before tax | 33,786 | | (2,990) | | | | 30,796 | | 6,199 | |
| Deferred tax expense (benefit) | 9,981 | | (884) | | | | 9,097 | | 1,833 | |
| Other comprehensive income (loss), net of tax | 23,805 | | (2,106) | | | | 21,699 | | 4,366 | |
| Total comprehensive income | $ | 1,903 | | $ | 816 | | | | $ | 2,719 | | $ | 18,357 | |
| | |
| BANK OF MARIN BANCORP |
| AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | Three months ended | | |
| | June 30, 2024 | March 31, 2024 | | |
| | | Interest | | | Interest | | | | | | | |
| | Average | Income/ | Yield/ | Average | Income/ | Yield/ | | | | | | |
| (in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | | | | | | |
| Assets | | | | | | | | | | | | |
| Interest-earning deposits with banks 1 | $ | 67,786 | | $ | 924 | | 5.39 | % | $ | 23,439 | | $ | 321 | | 5.42 | % | | | | | | |
| Investment securities 2, 3 | 1,430,939 | | 8,367 | | 2.34 | % | 1,529,985 | | 8,880 | | 2.32 | % | | | | | | |
| Loans 1, 3, 4, 5 | 2,059,273 | | 25,215 | | 4.84 | % | 2,067,431 | | 25,130 | | 4.81 | % | | | | | | |
| Total interest-earning assets 1 | 3,557,998 | | 34,506 | | 3.84 | % | 3,620,855 | | 34,331 | | 3.75 | % | | | | | | |
| Cash and non-interest-bearing due from banks | 37,248 | | | | 35,302 | | | | | | | | | |
| Bank premises and equipment, net | 7,420 | | | | 7,708 | | | | | | | | | |
| Interest receivable and other assets, net | 148,493 | | | | 147,405 | | | | | | | | | |
| Total assets | $ | 3,751,159 | | | | $ | 3,811,270 | | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | | | | | |
| Interest-bearing transaction accounts | $ | 197,535 | | $ | 274 | | 0.56 | % | $ | 215,001 | | $ | 261 | | 0.49 | % | | | | | | |
| Savings accounts | 226,985 | | 511 | | 0.90 | % | 230,133 | | 371 | | 0.65 | % | | | | | | |
| Money market accounts | 1,154,346 | | 8,641 | | 3.01 | % | 1,150,637 | | 8,449 | | 2.95 | % | | | | | | |
| Time accounts including CDARS | 260,602 | | 2,291 | | 3.54 | % | 264,594 | | 2,280 | | 3.47 | % | | | | | | |
| Borrowings and other obligations 1 | 10,909 | | 148 | | 5.35 | % | 7,323 | | 91 | | 4.93 | % | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Total interest-bearing liabilities | 1,850,377 | | 11,865 | | 2.58 | % | 1,867,688 | | 11,452 | | 2.47 | % | | | | | | |
| Demand accounts | 1,421,543 | | | | 1,458,686 | | | | | | | | | |
| Interest payable and other liabilities | 46,547 | | | | 48,923 | | | | | | | | | |
| Stockholders' equity | 432,692 | | | | 435,973 | | | | | | | | | |
| Total liabilities & stockholders' equity | $ | 3,751,159 | | | | $ | 3,811,270 | | | | | | | | | |
Tax-equivalent net interest income/margin 1 | | $ | 22,641 | | 2.52 | % | | $ | 22,879 | | 2.50 | % | | | | | | |
Reported net interest income/margin 1 | | $ | 22,467 | | 2.50 | % | | $ | 22,694 | | 2.48 | % | | | | | | |
| Tax-equivalent net interest rate spread | | | 1.26 | % | | | 1.28 | % | | | | | | |
| | | | | | | | | | | | | |
| | Six months ended | Six months ended | | | | | | |
| | June 30, 2024 | June 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 | $ | 45,613 | | $ | 1,245 | | 5.40 | % | $ | 4,217 | | $ | 104 | | 4.91 | % | | | | | | |
| Investment securities 2, 3 | 1,480,462 | | 17,247 | | 2.33 | % | 1,835,525 | | 20,297 | | 2.21 | % | | | | | | |
| Loans 1, 3, 4 | 2,063,351 | | 50,346 | | 4.83 | % | 2,114,952 | | 49,115 | | 4.62 | % | | | | | | |
| Total interest-earning assets 1 | 3,589,426 | | 68,838 | | 3.79 | % | 3,954,694 | | 69,516 | | 3.50 | % | | | | | | |
| Cash and non-interest-bearing due from banks | 36,275 | | | | 38,985 | | | | | | | | | |
| Bank premises and equipment, net | 7,564 | | | | 8,471 | | | | | | | | | |
| Interest receivable and other assets, net | 147,949 | | | | 139,134 | | | | | | | | | |
| Total assets | $ | 3,781,214 | | | | $ | 4,141,284 | | | | | | | | | |
| Liabilities and Stockholders' Equity | | | | | | | | | | | | |
| Interest-bearing transaction accounts | $ | 206,268 | | $ | 535 | | 0.52 | % | $ | 252,110 | | $ | 488 | | 0.39 | % | | | | | | |
| Savings accounts | 228,559 | | 882 | | 0.78 | % | 307,402 | | 316 | | 0.21 | % | | | | | | |
| Money market accounts | 1,152,492 | | 17,090 | | 2.98 | % | 950,564 | | 5,377 | | 1.14 | % | | | | | | |
| Time accounts including CDARS | 262,598 | | 4,571 | | 3.50 | % | 150,384 | | 1,169 | | 1.57 | % | | | | | | |
| Borrowings and other obligations 1 | 9,116 | | 239 | | 5.18 | % | 297,853 | | 7,589 | | 5.07 | % | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Total interest-bearing liabilities | 1,859,033 | | 23,317 | | 2.52 | % | 1,958,313 | | 14,939 | | 1.54 | % | | | | | | |
| Demand accounts | 1,440,114 | | | | 1,709,907 | | | | | | | | | |
| Interest payable and other liabilities | 47,735 | | | | 48,678 | | | | | | | | | |
| Stockholders' equity | 434,332 | | | | 424,386 | | | | | | | | | |
| Total liabilities & stockholders' equity | $ | 3,781,214 | | | | $ | 4,141,284 | | | | | | | | | |
Tax-equivalent net interest income/margin 1 | | $ | 45,521 | | 2.51 | % | | $ | 54,577 | | 2.74 | % | | | | | | |
Reported net interest income/margin 1 | | $ | 45,161 | | 2.49 | % | | $ | 54,029 | | 2.72 | % | | | | | | |
| Tax-equivalent net interest rate spread | | | 1.27 | % | | | 1.96 | % | | | | | | |
| | | | | | | | | | | | | |
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, $375 thousand, and $362 thousand for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, totaled $811 thousand and $552 thousand for the six months ended June 30, 2024 and 2023, respectively. |
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Second Quarter 2024 Earnings Presentation J u l y 2 9 , 2 0 2 4
2 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Forward-Looking Statements This discussion of financial results includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "1933 Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "1934 Act"). Those sections of the 1933 Act and 1934 Act provide a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about their financial performance so long as they provide meaningful, cautionary statements identifying important factors that could cause actual results to differ significantly from projected results. Our forward-looking statements include descriptions of plans or objectives of management for future operations, products or services, and forecasts of revenues, earnings or other measures of economic performance. 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 preceded by "will," "would," "should," "could" or "may." Forward-looking statements are based on management's current expectations regarding economic, legislative, and regulatory issues that may affect our earnings in future periods. 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 the United States and abroad, including economic or other disruptions to financial markets caused by acts of terrorism, war, impacts from inflation, supply chain disruptions, changes in interest rates (including the actions taken by the Federal Reserve to control inflation), California's unemployment rate, deposit flows, real estate values, and expected future cash flows on loans and securities; the impact of adverse developments at other banks, including bank failures, that impact general sentiment regarding the stability and liquidity of banks; costs or effects of acquisitions; competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; natural disasters (such as wildfires and earthquakes in our area); adverse weather conditions; interruptions of utility service in our markets for sustained periods; and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting our operations, pricing, products and services; and successful integration of acquisitions. These and other important factors detailed in various securities law filings made periodically by Bancorp, copies of which are available from us at no charge. Forward-looking statements speak only as of the date they are made. Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events. GAAP to Non-GAAP Financial Measures This presentation includes some non-GAAP financial measures as shown in the Appendix of this presentation. Please refer to the reconciliation of GAAP to Non-GAAP financial measures included in our Form 8-K under Item 9 - Financial Statements and Exhibit 99.1 filed with the SEC on July 29, 2024.
3 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Bank of Marin Bancorp Novato, CA Headquarters BMRC NASDAQ $263.5 Million Market Cap $3.7 Billion Total Assets 6.18% Dividend Yield 16.46% Total RBC BMRC AT A GLANCE O P T I O N 2 Data as of June 30, 2024 Relationship Banking Build strong, long-term customer relationships based on trust, integrity and expertise, inspiring loyalty though exceptional service. Disciplined Fundamentals Apply a disciplined business approach with sound banking practices, high quality products, and consistent fundamentals ensuring continued strong results. Community Commitment Give back to the communities that we serve through active employee volunteerism, nonprofit board leadership and financial contributions. 27 Branch Locations 8 Commercial Banking Offices
4 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Second Quarter 2024 Highlights (1) See Reconciliation of Non-GAAP Financial Measures in the Appendix Loan Growth & Balance Sheet Repositioning • Total portfolio loan balances increased 1.3% • New commitments of $94 million, $64 million of which funded • Sold $325 million (56% of AFS portfolio) securities yielding 1.94% • Redeployment of the $293 million proceeds is expected to contribute to a 30 bps lift in annualized NIM beginning in Q3, assuming an average reinvestment yield of 5.75% • Reduced borrowings by $58.5 million costing 5.50% • Purchased $19.0 million in higher yielding AFS securities with average yield of 5.23% • Remaining cash at Federal Reserve with average yield of 5.40% Capital • Bancorp total risk-based capital remained strong at 16.5% • Bancorp TCE / TA of 9.9%, 7.5% when adjusted for HTM securities 1 Key Operating Trends • Tax-equivalent yield on interest-earning assets of 3.84%, up 9 bps • Tax-equivalent net interest margin increased to 2.52% from 2.50% • Cost of deposits up slightly 7 bps Deposits and Liquidity • Non-interest bearing deposits stay strong at 44% of total deposits • Total cost of deposits was 1.45% (interest-bearing 2.56%) for Q2 and 1.46% (interest-bearing 2.60%) for the month of June • Total deposits decreased 2.1% • Uninsured deposits estimated to represent 28% of total deposits • Net available funding $1.8 billion • Strong liquidity provides 202% coverage of estimated uninsured deposits Credit Quality • Non-accrual loans of 1.62% (from 0.31% last quarter) of total loans, due largely to 2 relationships totaling $27.2 million moved to non-accrual status in Q2 • Classified loans stable and down to 2.63% (from 2.67% last quarter) of total loans • $5.2 million provision for credit losses, primarily due to an increased individual reserve on one loan placed on non-accrual
5 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Robust Capital Ratios As of June 30, 2024 • We maintained high capital levels and are in a position of strength • Total risk-based capital decreased 59 bps in 2Q24 to 16.5% • Tangible common equity ratio improved 16 bps in 2Q24 to 9.9% • No stock repurchases in 2Q24 * See Reconciliation of Non-GAAP Financial Measures in the Appendix. 6.5% 8.0% 10.0% 5.0% 15.2% 15.2% 16.5% 10.4% 9.9% 7.5% Well Capitalized Threshold Bank of Marin Bancorp Bancorp TCE adj. for HTM securities* Common Equity Tier- One Risk-Based Capital Total Tier-One Risk- Based Capital Total Risk-Based Capital Tier-One Leverage Tangible Common Equity
6 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Strategic Balance Sheet Repositioning During The Second Quarter • Bank generated $293 million in proceeds from AFS security sales with an average yield of 1.94% • Proceeds paid down borrowings and were reinvested into higher yielding assets • Anticipated benefits to: earnings per share, net interest margin, return on assets, and other metrics • POST REPOSITIONING, AVERAGE BOOK YIELD OF SECURITIES PORTFOLIO INCREASED 3 BPS AND EFFECTIVE DURATION INCREASED 0.2 (in thousands) Market Value AFS & HTM Securities T/E Book Yield Effective Duration Pre-Tax Unrealized Gains (Losses) Pre-Tax Realized Losses After-Tax Realized Losses1 AFS % of Total Investments Securities Portfolio as of 3/31/2024 $1,332,274 2.31% 5.2 $(185,178) N/A N/A 37% Q2 Securities Sales $(292,627) 1.94% 3.4 $(32,542) $32,542 $(22,922) Q2 Change in Pre-Tax Unrealized Losses N/A N/A N/A $63,589 N/A N/A Securities Portfolio as of 6/30/2024 $1,036,314 2.46% 5.4 $(154,131) N/A N/A 22% 1 Applied a blended state and federal statutory rate of 29.56%
7 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 1 Taxable equivalent 2 See Reconciliation of Non-GAAP Financial Measures in the Appendix High-Quality Securities Portfolio Generates Cash Flow Data as of 6/30/24 AFS Securities Portfolio Agency MBS/CMO 57% GSEs 3% Municipal Bonds 34% Corporate Bonds & Other 2% USTs 4% ($ in millions at Fair Value) $252.9MM HTM Securities Portfolio Agency MBS/CMO 74% GSEs 16% Municipal Bonds 7% Corporate Bonds 3% $904.6MM ($ in millions at Cost) Average Yield1 — 2.41% Approx. Effective Duration — 5.02 Unrealized Losses (after tax) — $23.2 million TCE Bancorp — 9.9% Average Yield — 2.47% Approx. Effective Duration — 5.52 Unrealized Losses (after tax) — $93.6 million TCE Bancorp w/ HTM — 7.5% 2
8 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Strong Liquidity: $1.8 Billion in Net Availability • Immediately available contingent funding represented 202% of 6/30/24 estimated uninsured deposits • The Bank has long-established minimum liquidity requirements regularly monitored using metrics and tools similar to larger banks, such as the liquidity coverage ratio and multi-scenario, long-horizon stress tests • Deposit outflow assumptions for liquidity monitoring and stress testing are conservative relative to actual experience Liquidity & Uninsured Deposits ($ in millions) 2.0x Coverage Ratio At June 30, 2024 ($ in millions) Total Available Amount Used Net Availability Internal Sources Unrestricted Cash 1 $ 201.8 N/A $ 201.8 Unencumbered Securities 193.5 N/A 193.5 External Sources FHLB line of credit 941.7 $ — 941.7 FRB line of credit 335.4 — 335.4 Lines of credit at correspondent banks 125.0 — 125.0 Total Liquidity $ 1,797.4 $ — $ 1,797.4 1 Excludes cash items in transit Note: Access to brokered deposit purchases through networks such as Intrafi and Reich & Tang and brokered CD sales not included above $1,797.4 $889.8 Liquidity Est. Uninsured Deposits
9 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 ($ in millions at Fair Value) History of Strong Asset Quality • Allowance for credit losses to total loans of 1.47%, up from 1.24% last quarter • Non-accrual balances increased largely due to one $16.7 million NOO CRE loan which moved to non-accrual as management believes there is substantial doubt as to the collection or refinance of the principal amount of the loan at maturity based on the current collateral value and borrower creditworthiness. We expect payments to remain current through maturity from cash collateral. Individual reserve was increased as well, largely causing the $5.2 million provision. • Consistent, robust credit culture and underwriting principles support strong asset quality • Net charge-offs have consistently been negligible for the last five years due to strong underwriting fundamentals, except that in 4Q23 charge-offs included $406 thousand charged to the allowance due to the sale of an acquired loan. Non-accrual Loans / Total Loans $9,233 $8,376 $2,432 $7,992 $33,679 0.44% 0.37% 0.12% 0.39% 1.62% Non-accrual Non-accrual/Total loans 2020 2021 2022 2023 2Q24 Non-accrual Loans / Total Loans Quarterly Progression 0.10% 0.27% 0.39% 0.31% 1.62% 2Q23 3Q23 4Q23 1Q24 2Q24
10 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Strong Deposit Franchise • Deposit mix continues to favor a high percentage of non-interest bearing deposits • Total cost of deposits was 1.45% (interest-bearing 2.56%) for Q2 and 1.46% (interest-bearing 2.60%) for the month of June • Our time deposits are not derived from brokered CD markets or advertised CD specials Total Deposit Mix at 2Q24Total Deposits ($ in millions) $2,337 $2,504 $3,808 $3,574 $3,290 $3,214 $1,271 $1,538 $2,201 $2,127 $1,667 $1,597 $968 $869 $1,457 $1,328 $1,372 $1,350$98 $97 $150 $119 $251 $267 Transaction Savings & MMDA Time 2019 2020 2021 2022 2023 2Q24 Non-Interest Bearing 44.1% IB DDA 5.6% Savings 7.1% Money Market 34.9% Time 8.3% $3.21B
11 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 • 56% of new accounts consisted of new relationships to the Bank • 42% of new accounts were interest- bearing by count • 74% of new accounts were interest- bearing in dollars at a weighted average rate of 3.18% • Reciprocal deposit network program (expanded FDIC insurance products) utilization decreased notionally by $18.3 million New Accounts Mix (by count) 2Q24Granular Deposit Account Composition Existing Relationships - New $ 17% Account Migration 27% New Relationships 56% 1,336 (in thousands; except for # of Accounts) Interest Bearing Non-Interest Bearing Total Consumer Account Balances $ 987,528 $ 325,735 $ 1,313,263 # of Accounts 15,793 17,542 33,335 Avg Balance Per Account $ 63 $ 19 $ 39 Business Account Balances $ 807,216 $ 1,085,265 $ 1,892,481 # of Accounts 3,989 11,436 15,425 Avg Balance Per Account $ 202 $ 95 $ 123 *Excludes internal operating accounts such as holding company cash and deposit settlement accounts totaling $8.0 million Deposit Accounts Mix - Consumer vs Business 2Q24
12 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 • Loan originations were at yields higher than those on paid off loans • Notable pipeline growth and diversification from key hires and enhanced compensation and calling programs • Sound underwriting produces a high- quality loan portfolio with low credit costs and stable earnings through cycles • Extending credit and serving the needs of existing clients while ensuring new opportunities present the appropriate levels of risk and return Prudent, Sustainable Model for Loan Growth $1.843 $2.089 $2.256 $2.093 $2.074 $2.082 4.73% 4.15% 4.23% 4.29% 4.65% 4.84% Non-PPP Loans SBA PPP Loans Average Annual Yield on Loans 2019 2020 2021 2022 2023 2Q2024 Five-year compound annual loan growth rate: 3.4%1 Total Loans ($ in billions) 1 Compounded annual growth rate from June 30, 2019 to June 30, 2024 2 Includes ARB loans acquired in 3Q21 2
13 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Well-diversified Loan Portfolio As of 6/30/24 - No material changes from 1Q24 • Loan portfolio is well-diversified across borrowers, industries, loan and property types within our geographic footprint — 86% of all loans and 93% of loans excluding nonprofit organizations are guaranteed by owners of the borrowing entities • Non-owner occupied commercial real estate is well-diversified by property type with 88% of loans (90% of loans excluding nonprofit organizations) being guaranteed by owners of the borrowing entities • Since 2001, net charge-offs for all NOO CRE and OO CRE totals $1.6 million • Construction loans represent a small portion of the overall portfolio OO-CRE 16% C&I 8% Consumer 13% Construction 2% NOO-CRE 61% 2Q24 Total Loans $2.1B Office 29% Mixed Use 8% Retail 20% Warehouse & Industrial 11% Multi-Family 15% Other 17% 2Q24 Total NOO-CRE Loans $1.3B
14 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 * Calculated for loans exceeding $1 million, based on the most recent annual review process Note: Sacramento includes surrounding regional counties NOO CRE Portfolio Diversified Across Property Type & County As of 6/30/24 - No material changes from 1Q24 Average Balance: $1.7MM Largest Balance: $13.9MM Total # of Loans: 141 Wtd. Avg. LTV*: 60% Average Balance: $1.9MM Largest Balance: $14.7MM Total # of Loans: 74 Wtd. Avg. LTV*: 55% Average Balance: $1.7MM Largest Balance: $21.7MM Total # of Loans: 116 Wtd. Avg. LTV*: 59% San Francisco 3% Alameda 5% Sacramento 19% Napa 17% Other Bay Area 15% Other 9% Marin 17% Sonoma 15% San Francisco 11% Alameda 18% Sacramento 18% Napa 3% Other Bay Area 4% Other 8% Marin 11% Sonoma 27% San Francisco 30% Alameda 22% Sacramento 3% Napa 6% Other Bay Area 4% Other 11% Marin 11% Sonoma 13% Retail 2Q24 Warehouse & Industrial 2Q24 Multifamily 2Q24 $246MM $140MM $193MM
15 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 • $369 million in credit exposure spread across our lending footprint comprised of 150 loans • $2.5 million average loan balance – largest loan at $16.7 million • 63% weighted average loan-to-value and 1.55x weighted average debt-service coverage ratio* • City of San Francisco NOO CRE office exposure is 3% of total loan portfolio and 6% of total NOO CRE loans NOO CRE Office Portfolio by County * Calculated for loans exceeding $1 million, based on the most recent annual review process, and net of individual reserves Non-owner Occupied Office Exposure As of 6/30/24 - No material changes from 1Q24 San Francisco 19% Alameda 6% Sacramento 7% Napa 10% Other Bay Area 13% Other 4% Marin 24% Sonoma 17% $369MM City of S.F. NOO CRE Office Portfolio Total Balance: $70.2 million Average Loan Bal: $5.4 million Number of Loans: 13 loans Wtd. Average LTV*: 72% Wtd. Average DCR: 0.96x Average Occupancy: 77% 12 of the 13 loans are secured by low rise buildings and one loan is secured by a 10 story building
16 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 ($ in millions at Fair Value) * Loan-to-value largely based on appraised values at origination, or updated appraisals for certain classified loans, and balances as of 6/30/24 Owner-Occupied CRE Portfolio As of 6/30/24 - No material changes from 1Q24 Retail 8% School 15% Wine 11% Church 6% Gas/Auto 8% Health Club 3% Mixed Use 3% Other 4% Office 18% Industrial 24% Napa 17% Sacramento 19% Sonoma 10% Other 19% Alameda 14% Marin 21% OO CRE by County 2Q24 Average Balance: $1.1MM Largest Loan: $15.3MM Wtd. Avg. LTV*: 45% Total Balance: $326.1MM Total Loans: 300 OO CRE by Type 2Q24 $326MM $326MM
17 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 ($ in millions at Fair Value) * Loan-to-value largely based on appraised values at origination, or updated appraisals for certain high dollar loans and, balances as of 6/30/24 Construction Portfolio Concentrations As of 6/30/24 Construction by Type 2Q24 Construction by County 2Q24 Multi-Family 61% 1-4 Residential 37% Land & Ag. 2% San Francisco 77% Napa 2% Other Bay Area 6% Marin 13% Sonoma 2% Average Balance: $3.6MM Largest Loan: $12.8MM Wtd. Avg. LTV*: 72% Total Balance: $50.2MM Unfunded Commitments: $13.0MM Total Loans: 14 $50MM • Construction loans decreased by a net $20.3 million since 1Q24 from one large project completion • The payoff was in a county other than San Francisco, increasing the allocation to 77% from 62%, but no additional dollar exposure in San Francisco $50MM
18 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Low Refinance Risk in NOO CRE Portfolio through 2025 • We conducted a DEEP DIVE on loans maturing or repricing before year-end 2025 * • PORTFOLIO IS WELL-POSITIONED TO ABSORB HIGHER RATE ENVIRONMENT AT MATURITY OR REPRICING DATE • Wtd. Avg. DSC Assumptions for Maturing Loans: Current market interest rate + spread of 3.00%, fully drawn commercial real estate lines of credit, 25-year amortization • Wtd. Avg. DSC Assumptions for Repricing Loans: Current market interest rate + contractual spread, fully drawn commercial real estate lines of credit, remaining amortization on each loan Maturing Loan Commitments > $1.0MM # of loans Commitment Outstanding Balance Wtd. Avg. Rate Wtd. Avg. DSC 2024 7 $21.4MM $19.4MM 5.15% 1.82x 2025 26 $84.9MM $79.7MM 5.04% 1.37x TOTAL 33 $106.3MM $99.1MM Repricing Loan Commitments > $1.0MM # of loans Commitment Outstanding Balance Wtd. Avg. Rate Wtd. Avg. DSC 2024 8 $19.3MM $19.3MM 4.16% 1.40x 2025 17 $34.7MM $34.7MM 4.47% 1.45x TOTAL 25 $54.0MM $54.0MM *Commitments, outstanding balances and weighted average rates as of June 30, 2024
19 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 • Linked-quarter NIM increased 2 bps due primarily to higher rates on loans and higher interest-bearing cash balances, partially offset by higher deposit rates and reduction in average earning asset balances • Linked-month NIM increased 21 bps from May to June, which does not include full effects of balance sheet repositioning or loan fundings which were heavily skewed toward late June • The increase in cost of deposits decelerated in the quarter, increasing by 7 bps compared to 23 bps last quarter • Interest rate risk position is well-balanced with some liability sensitivity that should provide benefits in a falling rate environment • Our practice is to use conservative modeled beta assumptions relative to actuals for both rising and falling environments, and we make adjustments as needed to reflect repricing expectations Net Interest Margin Drivers 2.50% 0.06% (0.04)% 0.06% (0.05)% (0.01)% 2.52% 1Q24 Loans Securities Cash Deposits Borrowings 2Q24 Net Interest Margin Linked-Quarter Change 1.71% 1.81% 1.91% 2.03% 2.11% 2.24% 2.39% 2.47% 2.50% 2.51% 2.58% 2.60% 5.12% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% 5.33% IB Deposits Fed Funds 7/23 8/23 9/23 10/23 11/23 12/23 1/24 2/24 3/24 4/24 5/24 6/24 Average Monthly Cost of IB Deposits vs. Fed Funds
20 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Loans & Securities — Repricing & Maturity $ in millions, unless otherwise indicated Total Loans1 * at June 30, 2024 Repricing Term Rate Structure 3 mo or less 3-12 mos 1-3 years 3-5 years 5-15 years Over 15 years Total Floating Rate Variable Rate Variable Rate at Floor or Ceiling Fixed Rate C&I $ 90.6 $ 5.5 $ 12.2 $ 34.5 $ 23.8 $ 2.6 $ 169.2 $ 70.4 $ 18.7 $ 6.6 $ 73.5 Real estate: Owner-occupied CRE 3.7 9.4 38.9 64.1 201.9 7.1 325.1 0.1 35.0 103.0 187.0 Non-owner occupied CRE 54.6 41.5 232.1 273.7 652.8 13.2 1,267.9 7.7 103.7 336.8 819.7 Construction 42.0 5.0 4.2 — — — 51.2 1.5 — 15.0 34.7 Home equity 87.3 — — — 0.7 — 88.0 87.3 — — 0.7 Other residential 0.3 7.1 — 0.6 1.5 104.6 114.1 — 7.7 105.1 1.3 Installment & other consumer 1.6 2.4 7.9 3.3 51.7 — 66.9 0.6 8.8 7.5 50.0 Total $ 280.1 $ 70.9 $ 295.3 $ 376.2 $ 932.4 $ 127.5 $ 2,082.4 $ 167.6 $ 173.9 $ 574.0 $ 1,166.9 % of Total 14 % 3 % 14 % 18 % 45 % 6 % 100 % 8 % 8 % 28 % 56 % Weighted Average Rate 7.80 % 5.44 % 4.77 % 5.13 % 4.25 % 3.93 % 4.99 % 1 Amounts represent amortized cost. Based on maturity date for fixed rate loans and variable rate loans at their floors and ceilings and next repricing date for all other variable rate loans. Does not included prepayment assumptions. Investment Securities2 * at June 30, 2024 2 Includes both available-for-sale and held-to-maturity investment securities with prepayment assumptions applied Maturity & Projected Cash Flow Distribution 3 mo or less 3-12 mos 1-3 years 3-5 years 5-10 years Over 10 years Total Principal (par) & interest $ 27.5 $ 93.3 $ 260.9 $ 209.1 $ 512.2 $ 291.8 $ 1,394.8 % of Total 2 % 7 % 19 % 15 % 36 % 21 % 100 %
Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Appendix
22 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, unaudited) June 30, 2024 Tangible Common Equity - Bancorp Total stockholders' equity $ 434,943 Goodwill and core deposit intangible (76,023) Total TCE a 358,920 Unrealized losses on HTM securities, net of tax 1 (93,600) TCE, net of unrealized losses on HTM securities (non-GAAP) b $ 265,320 Total assets $ 3,694,728 Goodwill and core deposit intangible (76,023) Total tangible assets c 3,618,705 Unrealized losses on HTM securities, net of tax (93,600) Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) d $ 3,525,105 Bancorp TCE ratio a / c 9.9 % Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) b / d 7.5 % For further discussion about this non-GAAP financial measure, refer to our Form 8-K under Item 9 - Financial Statements and Exhibit 99.1 filed with the SEC on January 29, 2024. 1 Includes the remaining unrealized pre-tax losses of $11.7 million as of June 30, 2024 that resulted from the transfer of securities from AFS to HTM.
23 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Reconciliation of GAAP to Non-GAAP Financial Measures (Excluding Loss on Sale of Securities) (in thousand, unaudited) Three months ended Six months ended Net (loss) income June 30, 2024 March 31, 2024 June 30, 2024 June 30, 2023 Net (loss) income (GAAP) $ (21,902) $ 2,922 $ (18,980) $ 13,991 Adjustments: Losses on sale of investment securities 32,542 — 32,542 — Income tax benefit (9,620) — (9,620) — Adjustments, net of taxes 22,922 — 22,922 — Comparable net income (non-GAAP) $ 1,020 $ 2,922 $ 3,942 $ 13,991 Diluted (loss) earnings per share Weighted average diluted shares 16,114 16,092 16,103 16,008 Diluted (loss) earnings per share (GAAP) $ (1.36) $ 0.18 $ (1.18) $ 0.87 Comparable diluted earnings per share (non-GAAP) $ 0.06 $ 0.18 $ 0.24 $ 0.87 Return on average assets Average assets $ 3,751,159 $ 3,811,270 $ 3,781,214 $ 4,141,284 Return on average assets (GAAP) (2.35) % 0.31 % (1.01) % 0.68 % Comparable return on average assets (non-GAAP) 0.11 % 0.31 % 0.21 % 0.68 % Return on average equity Average stockholders' equity $ 432,692 $ 435,973 $ 434,332 $ 424,386 Return on average equity (GAAP) (20.36) % 2.70 % (8.79) % 6.65 % Comparable return on average equity (non-GAAP) 0.95 % 2.70 % 1.83 % 6.65 % Efficiency ratio Non-interest expense $ 21,894 $ 21,169 $ 43,063 $ 40,445 Net interest income 22,467 22,694 45,161 54,029 Non-interest income (GAAP) (29,755) 2,754 (27,001) 5,674 Losses on sale of investment securities 32,542 — 32,542 — Non-interest income (non-GAAP) $ 2,787 $ 2,754 $ 5,541 $ 5,674 Efficiency ratio (GAAP) (300.37) % 83.18 % 237.13 % 67.74 % Comparable efficiency ratio (non-GAAP) 86.70 % 83.18 % 84.93 % 67.74 %
24 Text 95,96,96 Light Gray 232, 232, 232 Black 0, 0, 0 White 255, 255, 255 Accent 1 7,89,52 Accent 2 248,153,40 Accent 3 254,217,129 Accent 4 52,153,70 Accent 5 5,39,67 Accent 6 171,184,195 Contact Us Tim Myers President and Chief Executive Officer (415) 763-4970 timmyers@bankofmarin.com Tani Girton EVP, Chief Financial Officer (415) 884-7781 tanigirton@bankofmarin.com Media Requests: Yahaira Garcia-Perea Marketing & Corporate Communications Manager (916) 231-6703 yahairagarcia-perea@bankofmarin.com
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Bank of Marin Bancorp (NASDAQ:BMRC)
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De Jun 2024 a Jul 2024
Bank of Marin Bancorp (NASDAQ:BMRC)
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De Jul 2023 a Jul 2024
