Bank of Marin Bancorp
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 8, 2024
BMRC$28.65-0.3%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
BANK OF MARIN BANCORPCONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2024 and 2023
| (in thousands; unaudited) | 2024 | 2023 |
|---|---|---|
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(14,410) | $19,285 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Provision for credit losses on loans | 5,550 | 1,275 |
| Reversal of credit losses on unfunded loan commitments | (233) | (342) |
| Noncash contribution expense to employee stock ownership plan | 986 | 967 |
| Noncash director compensation expense | 513 | 398 |
| Stock-based compensation expense | 736 | 584 |
| Amortization of core deposit intangible | 738 | 1,020 |
| Amortization of investment security premiums, net of accretion of discounts | 3,050 | 5,529 |
| Accretion of discounts on acquired loans, net | (228) | (461) |
| Net change in deferred loan origination costs/fees | 109 | (800) |
| Write-down of other real estate owned | — | 40 |
| Loss (gain) on sale of investment securities | 32,541 | (14) |
| Depreciation and amortization | 1,125 | 1,705 |
| Earnings on bank-owned life insurance policies | (1,282) | (1,438) |
| Net changes in interest receivable and other assets | (10,199) | 196 |
| Net changes in interest payable and other liabilities | (1,345) | 6,928 |
| Total adjustments | 32,061 | 15,587 |
| Net cash provided by operating activities | 17,651 | 34,872 |
| Cash Flows from Investing Activities: | ||
| Purchase of available-for-sale securities | (133,485) | — |
| Proceeds from sale of available-for-sale securities | 292,621 | 79,840 |
| Proceeds from paydowns/maturities of held-to-maturity securities | 36,820 | 37,046 |
| Proceeds from paydowns/maturities of available-for-sale securities | 26,409 | 50,749 |
| Proceeds from sale of Visa Inc. Class B restricted common stock | — | 2,807 |
| Decrease in loans receivable, net | 19,508 | 6,634 |
| Purchase of loans | (35,874) | — |
| Purchase of bank-owned life insurance policies | (1,211) | — |
| Proceeds from bank-owned life insurance policies | — | 766 |
| Purchase of premises and equipment | (356) | (1,737) |
| Proceeds from sale of premises and equipment | 21 | — |
| Proceeds from sale of other real estate owned | — | 420 |
| Cash paid for low income housing tax credit investment | (1) | (39) |
| Net cash provided by investing activities | 204,452 | 176,486 |
| Cash Flows from Financing Activities: | ||
| Net increase (decrease) in deposits | 19,174 | (129,664) |
| (Repayment of) proceeds from short-term borrowings, net | (26,000) | 8,000 |
| Repayment of finance lease obligations | (113) | (112) |
| Proceeds from stock options exercised | — | 230 |
| Restricted stock surrendered for tax withholdings upon vesting | (64) | (70) |
| Cash dividends paid on common stock | (12,177) | (12,070) |
| Stock repurchased | (4,234) | — |
| Proceeds from stock issued under employee and director stock purchase plans | 30 | 36 |
| Net cash used in financing activities | (23,384) | (133,650) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 198,719 | 77,708 |
| Cash, cash equivalents and restricted cash at beginning of period | 30,453 | 45,424 |
| Cash, cash equivalents and restricted cash at end of period | $229,172 | $123,132 |
| Supplemental disclosure of cash flow information: | ||
| Interest paid on deposits and borrowings | $35,417 | $23,036 |
| Income taxes paid, net of refunds | $2,100 | $— |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Change in net unrealized gains or losses on available-for-sale securities | $4,032 | $(8,507) |
| Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity | $1,149 | $1,325 |
| Stock issued to employee stock ownership plan | $986 | $967 |
| Restricted cash1 | $— | $— |
1 Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. The Federal Reserve reduced the reserve requirement ratios to zero percent effective March 26, 2020.
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