California
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20-8859754
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(State or other jurisdiction of incorporation)
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(IRS Employer Identification No.)
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504 Redwood Blvd., Suite 100, Novato, CA
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94947
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(Address of principal executive office)
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(Zip Code)
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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:
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o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
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o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o 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:
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||
Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common stock, no par value
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BMRC
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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.
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Emerging growth company o
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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. o
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Item 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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Item 8.01
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Other Events
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Share Repurchase Program
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Item 9.01
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FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit No.
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Description
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Page Number
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99.1
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1-9
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Dated: January 27, 2020
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BANK OF MARIN BANCORP
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by:
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/s/ Tani Girton_____
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Tani Girton
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Executive Vice President and
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Chief Financial Officer
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FOR IMMEDIATE RELEASE
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MEDIA CONTACT:
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Beth Drummey
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Marketing & Community Relations Manager
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415-763-4529 | bethdrummey@bankofmarin.com
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•
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The Bank achieved loan growth of $79.4 million in 2019, or 4.5%, to $1,843.3 million at December 31, 2019, from $1,763.9 million at December 31, 2018. Loans increased $44.6 million in the fourth quarter from $1,798.7 million at September 30, 2019.
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•
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Strong credit quality remains a cornerstone of the Bank’s consistent performance. Non-accrual loans represented 0.01% of the Bank's loan portfolio as of December 31, 2019. There was a $500 thousand provision for loan losses recorded in the fourth quarter of 2019, reflecting loan growth.
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•
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Deposits grew $161.7 million, or 7.4%, to $2,336.5 million at December 31, 2019, compared to $2,174.8 million at December 31, 2018. Non-interest bearing deposits grew by $62.8 million in 2019 and made up 48.3% of total deposits at year end. Cost of deposits remained low at 0.20% for the full year of 2019, up only 0.10% from 2018.
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•
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For the full year 2019, return on assets ("ROA") and return on equity ("ROE") were 1.34% and 10.49%, respectively, compared to 1.31% and 10.73% in the prior year. For the quarter ended December 31, 2019, ROA was 1.37% and ROE was 10.75%, compared to 1.49% and 11.34%, respectively, in the prior quarter.
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•
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All capital ratios were above regulatory requirements for a well-capitalized institution. The total risk-based capital ratio for Bancorp was 15.1% at December 31, 2019 and 14.9% at December 31, 2018.
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•
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The Board of Directors declared a cash dividend of $0.23 per share on January 24, 2020, a $0.02 increase from the prior quarter. This is the 59th consecutive quarterly dividend paid by Bank of Marin Bancorp. The cash dividend is payable on February 14, 2020 to shareholders of record at the close of business on February 7, 2020.
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•
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With the current Share Repurchase Plan nearing expiration, on January 24, 2020, the Bancorp Board of Directors approved a new Share Repurchase Program under which Bancorp may repurchase up to $25.0 million of its outstanding common stock through February 28, 2022.
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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
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at December 31, 2019, September 30, 2019 and December 31, 2018
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(in thousands, except share data; unaudited)
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December 31, 2019
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September 30, 2019
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December 31, 2018
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||||||
Assets
|
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|||||
Cash, cash equivalents and restricted cash
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$
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183,388
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$
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182,486
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$
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34,221
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Investment securities
|
|
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||||
Held-to-maturity, at amortized cost
|
137,413
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142,213
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|
157,206
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|||
Available-for-sale (at fair value; amortized cost of $423,923, $348,369 and $465,910 at December 31, 2019, September 30, 2019 and December 31, 2018, respectively)
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432,260
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358,724
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462,464
|
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|||
Total investment securities
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569,673
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500,937
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619,670
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|||
Loans, net of allowance for loan losses of $16,677, $16,240 and $15,821 at December 31, 2019, September 30, 2019 and December 31, 2018, respectively
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1,826,609
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1,782,450
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1,748,043
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|||
Bank premises and equipment, net
|
6,070
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6,474
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7,376
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|||
Goodwill
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30,140
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30,140
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30,140
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|||
Core deposit intangible
|
4,684
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4,906
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5,571
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Operating lease right-of-use assets
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11,002
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11,934
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—
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|||
Interest receivable and other assets
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75,714
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72,744
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75,871
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|||
Total assets
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$
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2,707,280
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$
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2,592,071
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$
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2,520,892
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Liabilities and Stockholders' Equity
|
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||||
Liabilities
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||||
Deposits
|
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|||||
Non-interest bearing
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$
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1,128,823
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$
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1,101,288
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$
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1,066,051
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Interest bearing
|
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|||||
Transaction accounts
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142,329
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162,015
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133,403
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|||
Savings accounts
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162,817
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170,007
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178,429
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|||
Money market accounts
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804,710
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693,137
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679,775
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|||
Time accounts
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97,810
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98,077
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117,182
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|||
Total deposits
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2,336,489
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2,224,524
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2,174,840
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|||
Borrowings and other obligations
|
212
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|
255
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|
7,000
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|||
Subordinated debentures
|
2,708
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2,691
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2,640
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|||
Operating lease liabilities
|
12,615
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13,665
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—
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|||
Interest payable and other liabilities
|
18,468
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17,871
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|
20,005
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|||
Total liabilities
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2,370,492
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2,259,006
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2,204,485
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|||
Stockholders' Equity
|
|
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||||
Preferred stock, no par value,
Authorized - 5,000,000 shares, none issued |
—
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—
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—
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|||
Common stock, no par value,
Authorized - 30,000,000 shares; Issued and outstanding- 13,577,008, 13,608,525 and 13,844,353 at December 31, 2019, September 30, 2019 and December 31, 2018, respectively |
129,058
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|
130,220
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|
140,565
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|||
Retained earnings
|
203,227
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|
196,999
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|
179,944
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|||
Accumulated other comprehensive income (loss), net of taxes
|
4,503
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5,846
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|
(4,102
|
)
|
|||
Total stockholders' equity
|
336,788
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|
333,065
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|
316,407
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|
|||
Total liabilities and stockholders' equity
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$
|
2,707,280
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$
|
2,592,071
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$
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2,520,892
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|
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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|
Three months ended
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Years ended
|
|||||||||||||
(in thousands, except per share amounts; unaudited)
|
December 31, 2019
|
September 30, 2019
|
December 31, 2018
|
|
December 31, 2019
|
December 31, 2018
|
||||||||||
Interest income
|
|
|
|
|
|
|
||||||||||
Interest and fees on loans
|
$
|
21,123
|
|
$
|
21,525
|
|
$
|
20,732
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|
|
$
|
84,331
|
|
$
|
79,527
|
|
Interest on investment securities
|
3,543
|
|
3,382
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|
3,912
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|
|
14,785
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|
14,092
|
|
|||||
Interest on federal funds sold and due from banks
|
567
|
|
425
|
|
373
|
|
|
1,321
|
|
1,461
|
|
|||||
Total interest income
|
25,233
|
|
25,332
|
|
25,017
|
|
|
100,437
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95,080
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest on interest-bearing transaction accounts
|
78
|
|
101
|
|
68
|
|
|
347
|
|
226
|
|
|||||
Interest on savings accounts
|
18
|
|
17
|
|
18
|
|
|
70
|
|
72
|
|
|||||
Interest on money market accounts
|
1,033
|
|
855
|
|
566
|
|
|
3,439
|
|
1,355
|
|
|||||
Interest on time accounts
|
154
|
|
147
|
|
116
|
|
|
595
|
|
542
|
|
|||||
Interest on borrowings and other obligations
|
2
|
|
4
|
|
—
|
|
|
77
|
|
2
|
|
|||||
Interest on subordinated debentures
|
54
|
|
57
|
|
977
|
|
|
229
|
|
1,339
|
|
|||||
Total interest expense
|
1,339
|
|
1,181
|
|
1,745
|
|
|
4,757
|
|
3,536
|
|
|||||
Net interest income
|
23,894
|
|
24,151
|
|
23,272
|
|
|
95,680
|
|
91,544
|
|
|||||
Provision for loan losses
|
500
|
|
400
|
|
—
|
|
|
900
|
|
—
|
|
|||||
Net interest income after provision for loan losses
|
23,394
|
|
23,751
|
|
23,272
|
|
|
94,780
|
|
91,544
|
|
|||||
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service charges on deposit accounts
|
462
|
|
439
|
|
484
|
|
|
1,865
|
|
1,891
|
|
|||||
Wealth Management and Trust Services
|
501
|
|
495
|
|
426
|
|
|
1,907
|
|
1,919
|
|
|||||
Debit card interchange fees, net
|
386
|
|
406
|
|
403
|
|
|
1,586
|
|
1,561
|
|
|||||
Merchant interchange fees, net
|
78
|
|
79
|
|
81
|
|
|
331
|
|
378
|
|
|||||
Earnings on bank-owned life Insurance, net
|
226
|
|
795
|
|
227
|
|
|
1,196
|
|
913
|
|
|||||
Dividends on FHLB stock
|
208
|
|
202
|
|
377
|
|
|
799
|
|
959
|
|
|||||
Gains on investment securities, net
|
—
|
|
—
|
|
956
|
|
|
55
|
|
876
|
|
|||||
Other income
|
457
|
|
305
|
|
469
|
|
|
1,345
|
|
1,642
|
|
|||||
Total non-interest income
|
2,318
|
|
2,721
|
|
3,423
|
|
|
9,084
|
|
10,139
|
|
|||||
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Salaries and related benefits
|
7,827
|
|
8,412
|
|
7,933
|
|
|
34,253
|
|
33,335
|
|
|||||
Occupancy and equipment
|
1,527
|
|
1,507
|
|
1,514
|
|
|
6,143
|
|
5,976
|
|
|||||
Depreciation and amortization
|
527
|
|
573
|
|
518
|
|
|
2,228
|
|
2,143
|
|
|||||
Federal Deposit Insurance Corporation insurance
|
7
|
|
1
|
|
188
|
|
|
361
|
|
756
|
|
|||||
Data processing
|
775
|
|
923
|
|
1,004
|
|
|
3,717
|
|
4,358
|
|
|||||
Professional services
|
431
|
|
580
|
|
481
|
|
|
2,132
|
|
3,317
|
|
|||||
Directors' expense
|
180
|
|
189
|
|
170
|
|
|
735
|
|
700
|
|
|||||
Information technology
|
243
|
|
279
|
|
228
|
|
|
1,065
|
|
1,023
|
|
|||||
Amortization of core deposit intangible
|
222
|
|
222
|
|
230
|
|
|
887
|
|
921
|
|
|||||
Provision for losses on off-balance sheet commitments
|
—
|
|
—
|
|
—
|
|
|
129
|
|
—
|
|
|||||
Other expense
|
1,587
|
|
1,514
|
|
1,439
|
|
|
6,320
|
|
5,737
|
|
|||||
Total non-interest expense
|
13,326
|
|
14,200
|
|
13,705
|
|
|
57,970
|
|
58,266
|
|
|||||
Income before provision for income taxes
|
12,386
|
|
12,272
|
|
12,990
|
|
|
45,894
|
|
43,417
|
|
|||||
Provision for income taxes
|
3,307
|
|
2,824
|
|
3,328
|
|
|
11,653
|
|
10,795
|
|
|||||
Net income
|
$
|
9,079
|
|
$
|
9,448
|
|
$
|
9,662
|
|
|
$
|
34,241
|
|
$
|
32,622
|
|
Net income per common share:1
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
0.67
|
|
$
|
0.70
|
|
$
|
0.70
|
|
|
$
|
2.51
|
|
$
|
2.35
|
|
Diluted
|
$
|
0.66
|
|
$
|
0.69
|
|
$
|
0.69
|
|
|
$
|
2.48
|
|
$
|
2.33
|
|
Weighted average shares:1
|
|
|
|
|
|
|
|
|||||||||
Basic
|
13,521
|
|
13,571
|
|
13,841
|
|
|
13,620
|
|
13,864
|
|
|||||
Diluted
|
13,703
|
|
13,735
|
|
14,033
|
|
|
13,794
|
|
14,029
|
|
|||||
Comprehensive income:
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
9,079
|
|
$
|
9,448
|
|
$
|
9,662
|
|
|
$
|
34,241
|
|
$
|
32,622
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
||||||||||
Change in net unrealized gains or losses on available-for-sale securities
|
(2,018
|
)
|
936
|
|
7,714
|
|
|
11,839
|
|
(1,707
|
)
|
|||||
Reclassification adjustment for gains or losses on available-for-sale securities in net income
|
—
|
|
—
|
|
—
|
|
|
(55
|
)
|
79
|
|
|||||
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(278
|
)
|
|||||
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity
|
117
|
|
123
|
|
120
|
|
|
445
|
|
516
|
|
|||||
Subtotal
|
(1,901
|
)
|
1,059
|
|
7,834
|
|
|
12,229
|
|
(1,390
|
)
|
|||||
Deferred tax (benefit) expense
|
(558
|
)
|
313
|
|
2,318
|
|
|
3,624
|
|
(412
|
)
|
|||||
Other comprehensive (loss) income, net of tax
|
(1,343
|
)
|
746
|
|
5,516
|
|
|
8,605
|
|
(978
|
)
|
|||||
Comprehensive income
|
$
|
7,736
|
|
$
|
10,194
|
|
$
|
15,178
|
|
|
$
|
42,846
|
|
$
|
31,644
|
|
BANK OF MARIN BANCORP
|
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Three months ended
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||
|
|
December 31, 2019
|
September 30, 2019
|
December 31, 2018
|
|||||||||||||||||||||
|
|
|
Interest
|
|
|
Interest
|
|
|
Interest
|
|
|||||||||||||||
|
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|||||||||||||||
(dollars in thousands; unaudited)
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing due from banks 1
|
$
|
136,320
|
|
$
|
566
|
|
1.63
|
%
|
$
|
77,467
|
|
$
|
425
|
|
2.15
|
%
|
$
|
65,961
|
|
$
|
373
|
|
2.21
|
%
|
|
Investment securities 2, 3
|
530,596
|
|
3,625
|
|
2.73
|
%
|
506,023
|
|
3,443
|
|
2.72
|
%
|
600,914
|
|
4,000
|
|
2.66
|
%
|
||||||
|
Loans 1, 3, 4
|
1,804,667
|
|
21,276
|
|
4.61
|
%
|
1,780,325
|
|
21,719
|
|
4.77
|
%
|
1,726,045
|
|
20,933
|
|
4.75
|
%
|
||||||
|
Total interest-earning assets 1
|
2,471,583
|
|
25,467
|
|
4.03
|
%
|
2,363,815
|
|
25,587
|
|
4.24
|
%
|
2,392,920
|
|
25,306
|
|
4.14
|
%
|
||||||
|
Cash and non-interest-bearing due from banks
|
39,882
|
|
|
|
38,434
|
|
|
|
38,943
|
|
|
|
||||||||||||
|
Bank premises and equipment, net
|
6,326
|
|
|
|
6,713
|
|
|
|
7,529
|
|
|
|
||||||||||||
|
Interest receivable and other assets, net
|
112,895
|
|
|
|
114,537
|
|
|
|
84,651
|
|
|
|
||||||||||||
Total assets
|
$
|
2,630,686
|
|
|
|
$
|
2,523,499
|
|
|
|
$
|
2,524,043
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing transaction accounts
|
$
|
145,237
|
|
$
|
79
|
|
0.22
|
%
|
$
|
137,861
|
|
$
|
101
|
|
0.29
|
%
|
$
|
130,546
|
|
$
|
68
|
|
0.21
|
%
|
|
Savings accounts
|
164,664
|
|
17
|
|
0.04
|
%
|
170,166
|
|
17
|
|
0.04
|
%
|
177,018
|
|
18
|
|
0.04
|
%
|
||||||
|
Money market accounts
|
725,192
|
|
1,033
|
|
0.57
|
%
|
661,131
|
|
855
|
|
0.51
|
%
|
643,459
|
|
566
|
|
0.35
|
%
|
||||||
|
Time accounts, including CDARS
|
97,302
|
|
154
|
|
0.63
|
%
|
101,404
|
|
147
|
|
0.57
|
%
|
121,838
|
|
116
|
|
0.38
|
%
|
||||||
|
Borrowings and other obligations 1
|
226
|
|
2
|
|
2.80
|
%
|
599
|
|
4
|
|
2.69
|
%
|
76
|
|
—
|
|
2.52
|
%
|
||||||
|
Subordinate debentures 1
|
2,698
|
|
54
|
|
7.79
|
%
|
2,682
|
|
57
|
|
8.27
|
%
|
2,770
|
|
977
|
|
138.09
|
%
|
||||||
|
Total interest-bearing liabilities
|
1,135,319
|
|
1,339
|
|
0.47
|
%
|
1,073,843
|
|
1,181
|
|
0.44
|
%
|
1,075,707
|
|
1,745
|
|
0.64
|
%
|
||||||
|
Demand accounts
|
1,129,068
|
|
|
|
1,088,903
|
|
|
|
1,118,785
|
|
|
|
||||||||||||
|
Interest payable and other liabilities
|
31,270
|
|
|
|
30,268
|
|
|
|
19,662
|
|
|
|
||||||||||||
|
Stockholders' equity
|
335,029
|
|
|
|
330,485
|
|
|
|
309,889
|
|
|
|
||||||||||||
Total liabilities & stockholders' equity
|
$
|
2,630,686
|
|
|
|
$
|
2,523,499
|
|
|
|
$
|
2,524,043
|
|
|
|
||||||||||
Tax-equivalent net interest income/margin 1
|
|
$
|
24,128
|
|
3.82
|
%
|
|
$
|
24,406
|
|
4.04
|
%
|
|
$
|
23,561
|
|
3.85
|
%
|
|||||||
Reported net interest income/margin 1
|
|
$
|
23,894
|
|
3.78
|
%
|
|
$
|
24,151
|
|
4.00
|
%
|
|
$
|
23,272
|
|
3.81
|
%
|
|||||||
Tax-equivalent net interest rate spread
|
|
|
3.56
|
%
|
|
|
3.80
|
%
|
|
|
3.49
|
%
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Year ended
|
Year ended
|
|
|||||||||||||||||||||
|
|
December 31, 2019
|
December 31, 2018
|
|
|||||||||||||||||||||
|
|
|
Interest
|
|
|
Interest
|
|
|
|
|
|||||||||||||||
|
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
|
|
|
|||||||||||||||
(dollars in thousands; unaudited)
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
|
|
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing due from banks 1
|
$
|
67,192
|
|
$
|
1,321
|
|
1.94
|
%
|
$
|
78,185
|
|
$
|
1,461
|
|
1.84
|
%
|
|
|
|
|||||
|
Investment securities 2, 3
|
555,618
|
|
15,102
|
|
2.72
|
%
|
566,883
|
|
14,512
|
|
2.56
|
%
|
|
|
|
|||||||||
|
Loans 1, 3, 4
|
1,775,193
|
|
85,062
|
|
4.73
|
%
|
1,704,390
|
|
80,406
|
|
4.65
|
%
|
|
|
|
|||||||||
|
Total interest-earning assets 1
|
2,398,003
|
|
101,485
|
|
4.17
|
%
|
2,349,458
|
|
96,379
|
|
4.05
|
%
|
|
|
|
|||||||||
|
Cash and non-interest-bearing due from banks
|
35,956
|
|
|
|
41,595
|
|
|
|
|
|
|
|||||||||||||
|
Bank premises and equipment, net
|
6,911
|
|
|
|
8,021
|
|
|
|
|
|
|
|||||||||||||
|
Interest receivable and other assets, net
|
109,837
|
|
|
|
86,709
|
|
|
|
|
|
|
|||||||||||||
Total assets
|
$
|
2,550,707
|
|
|
|
$
|
2,485,783
|
|
|
|
|
|
|
||||||||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-bearing transaction accounts
|
$
|
133,922
|
|
$
|
347
|
|
0.26
|
%
|
$
|
143,706
|
|
$
|
226
|
|
0.16
|
%
|
|
|
|
|||||
|
Savings accounts
|
172,273
|
|
70
|
|
0.04
|
%
|
178,907
|
|
72
|
|
0.04
|
%
|
|
|
|
|||||||||
|
Money market accounts
|
680,296
|
|
3,439
|
|
0.51
|
%
|
612,372
|
|
1,355
|
|
0.22
|
%
|
|
|
|
|||||||||
|
Time accounts, including CDARS
|
106,783
|
|
595
|
|
0.56
|
%
|
137,339
|
|
542
|
|
0.39
|
%
|
|
|
|
|||||||||
|
Borrowings and other obligations 1
|
2,935
|
|
77
|
|
2.57
|
%
|
105
|
|
2
|
|
2.03
|
%
|
|
|
|
|||||||||
|
Subordinated debentures 1
|
2,673
|
|
229
|
|
8.44
|
%
|
5,025
|
|
1,339
|
|
26.29
|
%
|
|
|
|
|||||||||
|
Total interest-bearing liabilities
|
1,098,882
|
|
4,757
|
|
0.43
|
%
|
1,077,454
|
|
3,536
|
|
0.33
|
%
|
|
|
|
|||||||||
|
Demand accounts
|
1,094,806
|
|
|
|
1,085,870
|
|
|
|
|
|
|
|||||||||||||
|
Interest payable and other liabilities
|
30,578
|
|
|
|
18,514
|
|
|
|
|
|
|
|||||||||||||
|
Stockholders' equity
|
326,441
|
|
|
|
303,945
|
|
|
|
|
|
|
|||||||||||||
Total liabilities & stockholders' equity
|
$
|
2,550,707
|
|
|
|
$
|
2,485,783
|
|
|
|
|
|
|
||||||||||||
Tax-equivalent net interest income/margin 1
|
|
$
|
96,728
|
|
3.98
|
%
|
|
$
|
92,843
|
|
3.90
|
%
|
|
|
|
||||||||||
Reported net interest income/margin 1
|
|
$
|
95,680
|
|
3.94
|
%
|
|
$
|
91,544
|
|
3.84
|
%
|
|
|
|
||||||||||
Tax-equivalent net interest rate spread
|
|
|
3.74
|
%
|
|
|
3.72
|
%
|
|
|
|
||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
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 in 2019 and 2018.
|
|||||||||||||||||||||||||
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.
|