Bank of Marin Bancorp
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
BMRC$28.65-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Comprehensive (Loss) Income
| BANK OF MARIN BANCORPCONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | |||||
|---|---|---|---|---|---|
| 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 |
| Interest income | |||||
| Interest and fees on loans | $25,109 | $25,020 | $24,579 | $50,129 | $48,837 |
| Interest on investment securities | 8,299 | 8,805 | 9,994 | 17,104 | 20,027 |
| Interest on federal funds sold and due from banks | 924 | 321 | 48 | 1,245 | 104 |
| Total interest income | 34,332 | 34,146 | 34,621 | 68,478 | 68,968 |
| Interest expense | |||||
| Interest on interest-bearing transaction accounts | 274 | 261 | 234 | 535 | 488 |
| Interest on savings accounts | 511 | 371 | 146 | 882 | 316 |
| Interest on money market accounts | 8,641 | 8,449 | 4,292 | 17,090 | 5,377 |
| Interest on time accounts | 2,291 | 2,280 | 946 | 4,571 | 1,169 |
| Interest on borrowings and other obligations | 148 | 91 | 4,873 | 239 | 7,589 |
| Total interest expense | 11,865 | 11,452 | 10,491 | 23,317 | 14,939 |
| Net interest income | 22,467 | 22,694 | 24,130 | 45,161 | 54,029 |
| Provision for credit losses on loans | 5,200 | 350 | 500 | 5,550 | 850 |
| Reversal of credit losses on unfunded loan commitments | — | — | (168) | — | (342) |
| Net interest income after provision for (reversal of) credit losses | 17,267 | 22,344 | 23,798 | 39,611 | 53,521 |
| Non-interest income | |||||
| Wealth management and trust services | 585 | 553 | 559 | 1,138 | 1,070 |
| Service charges on deposit accounts | 541 | 529 | 520 | 1,070 | 1,053 |
| Earnings on bank-owned life insurance, net | 421 | 435 | 362 | 856 | 1,067 |
| Debit card interchange fees, net | 444 | 408 | 555 | 852 | 1,002 |
| Dividends on Federal Home Loan Bank stock | 366 | 377 | 290 | 743 | 592 |
| Merchant interchange fees, net | 10 | 167 | 127 | 177 | 260 |
| Losses on sale of investment securities | (32,542) | — | — | (32,542) | — |
| Other income | 420 | 285 | 326 | 705 | 630 |
| Total non-interest income | (29,755) | 2,754 | 2,739 | (27,001) | 5,674 |
| Non-interest expense | |||||
| Salaries and related benefits | 12,364 | 12,084 | 11,416 | 24,448 | 22,346 |
| Occupancy and equipment | 2,049 | 1,969 | 1,980 | 4,018 | 4,394 |
| Professional services | 1,043 | 1,078 | 797 | 2,121 | 1,920 |
| Data processing | 1,005 | 1,070 | 922 | 2,075 | 1,967 |
| Deposit network fees | 916 | 845 | 521 | 1,761 | 616 |
| Federal Deposit Insurance Corporation insurance | 426 | 435 | 666 | 861 | 955 |
| Information technology | 448 | 402 | 357 | 850 | 727 |
| Depreciation and amortization | 379 | 388 | 400 | 767 | 1,282 |
| Directors' expense | 306 | 317 | 300 | 623 | 621 |
| Charitable contributions | 604 | 13 | 638 | 617 | 687 |
| Amortization of core deposit intangible | 246 | 251 | 340 | 497 | 685 |
| Other real estate owned | — | — | 44 | — | 48 |
| Other expense | 2,108 | 2,317 | 2,284 | 4,425 | 4,197 |
| Total non-interest expense | 21,894 | 21,169 | 20,665 | 43,063 | 40,445 |
| (Loss) income before (benefit from) provision for income taxes | (34,382) | 3,929 | 5,872 | (30,453) | 18,750 |
| (Benefit from) provision for income taxes | (12,480) | 1,007 | 1,321 | (11,473) | 4,759 |
| Net (loss) income | $(21,902) | $2,922 | $4,551 | $(18,980) | $13,991 |
| Net (loss) income per common share: | |||||
| Basic | $(1.36) | $0.18 | $0.28 | $(1.18) | $0.88 |
| Diluted | $(1.36) | $0.18 | $0.28 | $(1.18) | $0.87 |
| Weighted average shares: | |||||
| Basic | 16,108 | 16,081 | 16,009 | 16,095 | 15,990 |
| Diluted | 16,108 | 16,092 | 16,016 | 16,095 | 16,008 |
| Comprehensive income: | |||||
| Net (loss) income | $(21,902) | $2,922 | $4,551 | $(18,980) | $13,991 |
| Other comprehensive income (loss): | |||||
| Change in net unrealized gains or losses on available-for-sale securities | 559 | (4,568) | (10,928) | (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 | 451 | 764 | 914 |
| Other comprehensive income (loss), before tax | 33,786 | (2,990) | (10,477) | 30,796 | 6,199 |
| Deferred tax expense (benefit) | 9,981 | (884) | (3,097) | 9,097 | 1,833 |
| Other comprehensive income (loss), net of tax | 23,805 | (2,106) | (7,380) | 21,699 | 4,366 |
| Total comprehensive income (loss) | $1,903 | $816 | $(2,829) | $2,719 | $18,357 |
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