Bank of Marin Bancorp Reports Record Second Quarter Earnings of $5.0 Million and Increases Quarterly Cash Dividend to Shareholders

Bank of Marin Bancorp, "Bancorp" (NASDAQ:BMRC), parent company of Bank of Marin, announced second quarter 2012 earnings of $5.0 million, up 0.2%, from $4.9 million in the first quarter of 2012, and up 44.0% from $3.4 million in the second quarter of 2011. Diluted earnings per share totaled $0.91 in the second quarter, consistent with the prior quarter, and increased $0.27 from $0.64 in the same quarter a year ago. Earnings for the six-month period ended June 30, 2012 totaled $9.9 million, up 24.4% from $7.9 million in the same period a year ago. Diluted earnings per share for the six-month period ended June 30, 2012 totaled $1.82, up $0.34, or 23.0%, from $1.48 in the same period a year ago.

“Our solid earnings are driven by our excellent credit quality, strong relationships with customers, and commitment to the community,” said Russell A. Colombo, President and CEO of Bank of Marin. “We have positioned ourselves to expand our wine industry lending by adding another experienced commercial loan officer in Sonoma County, and the appointment of a new board member from Napa, Michaela Rodeno, former CEO of St. Supery Winery."

Bancorp also provided the following highlights on its operating and financial performance for the second quarter of 2012:

  • Credit quality remains solid with net charge-offs in the second quarter of 2012 totaling $187 thousand, down $930 thousand from the prior quarter and down $2.0 million from the same quarter a year ago.
  • Deposits totaled $1.2 billion at June 30, 2012 and March 31, 2012 and totaled $1.1 billion at June 30, 2011. Non-interest bearing deposits totaled 32.5% of total deposits at June 30, 2012.
  • In a conscious effort to deploy excess liquidity, Bancorp grew the investment portfolio by $36.6 million (primarily government-guaranteed mortgage-backed and collateralized mortgage obligation securities, as well as corporate bonds) in the second quarter of 2012.
  • Total risk-based capital ratio for Bancorp grew to 13.9%, up from 13.6% at March 31, 2012 and 13.0% at June 30, 2011, and continues to be well above industry requirements for a well-capitalized institution.
  • Loans in Napa increased $4.7 million, or 8.1%, in the second quarter of 2012, excluding $1.9 million in problem loan payoffs.
  • Michaela Rodeno was appointed as Bancorp's new board member on July 2, 2012. Rodeno, former CEO of St. Supery Winery and former board member of Silicon Valley Bank, brings 40 years of business and wine industry knowledge to the board.
  • On July 19, 2012, the Board of Directors declared a quarterly cash dividend of $0.18 per share, a $0.01 increase from the prior quarter. The cash dividend is payable to shareholders of record at the close of business on August 2, 2012 and will be payable on August 10, 2012.

Loans and Credit Quality

Gross loans totaled $1.0 billion at June 30, 2012 and March 31, 2012 and totaled $986.6 million at June 30, 2011. Non-performing loans totaled $14.3 million, or 1.40%, of Bancorp's loan portfolio at June 30, 2012, relatively unchanged from $14.4 million, or 1.40%, at March 31, 2012 and up from $8.7 million, or 0.88%, a year ago. Accruing loans past due 30 to 89 days totaled $9.8 million at June 30, 2012, compared to $1.8 million at March 31, 2012 and $763 thousand a year ago. The increase in past due loans in the second quarter of 2012 primarily relates to two loans which are adequately collateralized, and no significant loss exposure is expected.

The provision for loan losses totaled $100 thousand in the second quarter of 2012, an increase of $100 thousand from the prior quarter, and a decrease of $2.9 million from the same quarter a year ago. Bancorp's loan loss provision totaled $100 thousand and $4.1 million in the first half of 2012 and 2011, respectively. The decreases in the second quarter and first half of 2012 compared to the same periods a year ago are due to a limited number of newly identified problem loans that have credit loss exposure. The allowance for loan losses totaled 1.31% of loans at June 30, 2012 and March 31, 2012, compared to 1.41% at June 30, 2011. Net charge-offs in the second quarter of 2012 totaled $187 thousand, compared to $1.1 million in the prior quarter and $2.1 million in the second quarter of 2011. Net charge-offs in the first half of 2012 and 2011 totaled $1.3 million and $2.5 million, respectively.

Deposits

Deposits totaled $1.2 billion at June 30, 2012 and March 31, 2012, and grew $91.8 million, or 8.1%, over a year ago. Non-interest bearing deposits comprised 32.5% of total deposits at June 30, 2012, compared to 32.9% at March 31, 2012 and 30.4% a year ago. Second quarter activity reflects a $25 million decline related to one customer who relies on funding from the Federal Government and experienced a modification in their payment and reimbursement process.

Earnings

Net interest income totaled $16.3 million in the second quarter of 2012 and remained relatively unchanged from the prior quarter, and decreased $722 thousand, or 4.2%, from the same quarter last year. Net interest income for the first half of 2012 totaled $32.5 million, representing a decrease of $399 thousand, or 1.2%, from the same period a year ago. The tax-equivalent net interest margin was 4.94% in the second quarter of 2012, compared to 4.97% in the prior quarter and 5.51% in the same quarter a year ago. The tax-equivalent net interest margin was 4.96% in the first half of 2012 compared to 5.48% in the first half of 2011. The decreases in the second quarter and first half of 2012 compared to the same periods a year ago primarily relate to a lower level of gains on pay-offs of purchased credit-impaired ("PCI") loans and a lower level of accretion on purchased non-credit impaired loans. The decreases are partially offset by a reduction in the cost of interest-bearing liabilities due to the low interest rate environment and the pay-off of two higher costing borrowings.

"Our continued high level of financial performance and the confidence our management has in the Bank drove our decision to increase our cash dividend to shareholders this quarter," said Chris Cook, Chief Financial Officer. "We also proactively deployed some of our excess liquidity through the purchase of investment securities."

Accretion and gains on pay-offs of purchased loans recorded to interest income were as follows:

Three months ended Six months ended
(dollars in thousands; unaudited) 6/30/20123/31/20126/30/20116/30/20126/30/2011
Accretion on PCI loans $478 $510 $291 $988 $367
Accretion on non-PCI loans $311 $203 $887 $514 $2,211
Gains on pay-offs of PCI loans $69 $522 $1,222 $591 $1,222

Accretion on PCI loans fluctuates based on changes in cash flows expected to be collected. For acquired loans not considered credit-impaired, the level of accretion varies due to maturities and early pay-offs of these loans. Gains on pay-offs of PCI loans are recorded when the pay-off amounts exceed the recorded investment.

Non-interest income in the second quarter of 2012 totaled $1.8 million, compared to $1.7 million in the prior quarter and $1.6 million from the same quarter a year ago. Non-interest income totaled $3.5 million for the first half of 2012, an increase of $315 thousand, or 9.9% from the first half of 2011. The increase primarily relates to higher service charges on deposit accounts, merchant interchange income and debit card interchange fees.

Non-interest expense totaled $9.7 million in the second quarter of 2012, and remained relatively consistent with the prior quarter. Non-interest expense decreased $313 thousand, or 3.1%, from the same quarter a year ago, primarily relating to lower acquisition-related data processing and professional service costs. Non-interest expense totaled $19.5 million and $19.1 million in the first half of 2012 and 2011, respectively, representing a 2.0% increase. The increase primarily reflects higher personnel costs associated with merit increases.

About Bank of Marin Bancorp

Bank of Marin, as the sole subsidiary of Bank of Marin Bancorp (NASDAQ: BMRC), is the premier community and business bank in Marin County with 17 offices in Marin, San Francisco, Napa and Sonoma counties. Bank of Marin offers business and personal banking, private banking and wealth management services, with a strong focus on supporting local businesses in the community. Incorporated in 1989, Bank of Marin has received the highest five star rating from Bauer Financial for more than twelve years (www.bauerfinancial.com) and has been recognized for several years as one of the "Best Places to Work in the Bay Area" and one of the "Top Corporate Philanthropists" by the San Francisco Business Times. With assets exceeding $1.4 billion, Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and has been recognized as a Top 200 Community Bank for the past five years by US Banker Magazine. For more information, visit 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, the economic downturn in the United States and abroad, changes in interest rates, deposit flows, real estate values, expected future cash flows on acquired loans, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting Bancorp's operations, pricing, products and services. 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
Year To Year Comparison
June 30, 2012
(dollars in thousands, except per share data; unaudited)

SECOND QUARTER

QTD 2012

QTD 2011

CHANGE

% CHANGE

NET INCOME $ 4,951 $ 3,439 $ 1,512 44.0 %
DILUTED EARNINGS PER COMMON SHARE $ 0.91 $ 0.64 $ 0.27 42.2 %
RETURN ON AVERAGE ASSETS (ROA) 1.39 % 1.04 % 0.35 % 33.7 %
RETURN ON AVERAGE EQUITY (ROE) 14.01 % 10.78 % 3.23 % 30.0 %
EFFICIENCY RATIO 53.56 % 53.80 % (0.24 ) % (0.4 ) %
TAX-EQUIVALENT NET INTEREST MARGIN1 4.94 % 5.51 % (0.57 ) % (10.3 ) %
NET CHARGE-OFFS $ 187 $ 2,149 $ (1,962 ) (91.3 ) %
NET CHARGE-OFFS TO AVERAGE LOANS 0.02 % 0.22 % (0.20 ) % (90.9 ) %

YEAR-TO-DATE

YTD 2012

YTD 2011

CHANGE

% CHANGE

NET INCOME $ 9,891 $ 7,948 $ 1,943 24.4 %
DILUTED EARNINGS PER COMMON SHARE $ 1.82 $ 1.48 $ 0.34 23.0 %
RETURN ON AVERAGE ASSETS (ROA) 1.40 % 1.23 % 0.17 % 13.8 %
RETURN ON AVERAGE EQUITY (ROE) 14.20 % 12.72 % 1.48 % 11.6 %
EFFICIENCY RATIO 54.26 % 53.04 % 1.22 % 2.3 %
TAX-EQUIVALENT NET INTEREST MARGIN1 4.96 % 5.48 % (0.52 ) % (9.5 ) %
NET CHARGE-OFFS $ 1,304 $ 2,522 $ (1,218 ) (48.3 ) %
NET CHARGE-OFFS TO AVERAGE LOANS 0.13 % 0.26 % (0.13 ) % (50.0 ) %

AT PERIOD END

June 30, 2012

June 30, 2011

CHANGE

% CHANGE

TOTAL ASSETS $ 1,407,000 $ 1,337,393 $ 69,607 5.2 %
LOANS:
COMMERCIAL AND INDUSTRIAL $ 176,002 $ 177,255 $ (1,253 ) (0.7 ) %
REAL ESTATE
COMMERCIAL OWNER-OCCUPIED $ 172,757 $ 164,990 $ 7,767 4.7 %
COMMERCIAL INVESTOR-OWNED $ 453,456 $ 390,549 $ 62,907 16.1 %
CONSTRUCTION $ 47,948 $ 66,504 $ (18,556 ) (27.9 ) %
HOME EQUITY $ 98,565 $ 95,212 $ 3,353 3.5 %
OTHER RESIDENTIAL $ 55,316 $ 66,886 $ (11,570 ) (17.3 ) %
INSTALLMENT AND OTHER CONSUMER LOANS $ 21,150 $ 25,238 $ (4,088 ) (16.2 ) %
TOTAL LOANS $ 1,025,194 $ 986,634 $ 38,560 3.9 %
NON-PERFORMING LOANS2:
COMMERCIAL AND INDUSTRIAL $ 1,751 $ 3,669 $ (1,918 ) (52.3 ) %
REAL ESTATE
COMMERCIAL OWNER-OCCUPIED $ 1,403 $ 293 $ 1,110 378.8 %
COMMERCIAL INVESTOR-OWNED $ 5,961 $ $ 5,961 NM
CONSTRUCTION $ 2,821 $ 3,263 $ (442 ) (13.5 ) %
HOME EQUITY $ 981 $ 710 $ 271 38.2 %
OTHER RESIDENTIAL $ 740 $ 138 $ 602 436.2 %
INSTALLMENT AND OTHER CONSUMER LOANS $ 690 $ 621 $ 69 11.1 %
TOTAL NON-PERFORMING LOANS $ 14,347 $ 8,694 $ 5,653 65.0 %
TOTAL ACCRUING LOANS 30-89 DAYS PAST DUE $ 9,837 $ 763 $ 9,074 1,189.3 %
LOAN LOSS RESERVE TO LOANS 1.31 % 1.41 % (0.10 ) % (7.1 ) %
LOAN LOSS RESERVE TO NON-PERFORMING LOANS 0.94 x 1.60 x (0.66 ) x (41.3 ) %
NON-PERFORMING LOANS TO TOTAL LOANS 1.40 % 0.88 % 0.52 % 59.1 %
TEXAS RATIO3 9.14 % 6.11 % 3.03 % 49.6 %
TOTAL DEPOSITS $ 1,230,717 $ 1,138,906 $ 91,811 8.1 %
LOAN TO DEPOSIT RATIO 83.3 % 86.6 % (3.3 ) % (3.8 ) %
STOCKHOLDERS' EQUITY $ 144,326 $ 129,058 $ 15,268 11.8 %
BOOK VALUE PER SHARE $ 26.92 $ 24.25 $ 2.67 11.0 %
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS4 10.26 % 9.60 % 0.66 % 6.9 %
TOTAL RISK BASED CAPITAL RATIO-BANK5 13.6 % 12.6 % 1.0 % 7.9 %
TOTAL RISK BASED CAPITAL RATIO-BANCORP5 13.9 % 13.0 % 0.9 % 6.9 %
1 Net interest income is annualized by dividing actual number of days in the period times 360 days.
2 Excludes accruing troubled-debt restructured loans of $25.2 million and $1.5 million at June 30, 2012 and 2011, respectively. Excludes purchased credit-impaired (PCI) loans with carrying values of $3.1 million and $7.2 million that were accreting interest at June 30, 2012 and 2011, respectively. These amounts are excluded as PCI loan accretable yield interest recognition is independent from the underlying contractual loan delinquency status. Total PCI loans were $4.7 million and $7.9 million at June 30, 2012 and 2011, respectively.
3 (Non-performing assets + 90 day delinquent loans)/(tangible common equity + allowance for loan losses).
4 Tangible common equity includes common stock, retained earnings and unrealized gain on available for sale securities, net of tax, less intangible assets. Tangible assets exclude core deposit intangibles totaling zero at June 30, 2012 and $707 thousand at June 30, 2011.
5 Current period estimated.

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF CONDITION

at June 30, 2012, March 31, 2012 and June 30, 2011

(in thousands, except share data; unaudited) June 30, 2012 March 31, 2012 June 30, 2011
Assets
Cash and due from banks $ 98,321 $ 139,827 $ 88,043
Short-term investments 2,012 22,116
Cash and cash equivalents 98,321 141,839 110,159
Investment securities
Held to maturity, at amortized cost 83,134 73,912 35,514
Available for sale (at fair market value; amortized cost $159,024, $131,621 and $164,731 at June 30, 2012, March 31, 2012 and June 30, 2011, respectively 161,803 134,443 167,406
Total investment securities 244,937 208,355 202,920
Loans, net of allowance for loan losses of $13,435, $13,522 and $13,920 at June 30, 2012, March 31, 2012 and June 30, 2011, respectively 1,011,759 1,018,685 972,714
Bank premises and equipment, net 9,074 9,183 9,280
Interest receivable and other assets 42,909 43,222 42,320
Total assets$1,407,000$1,421,284$1,337,393
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing $ 399,835 $ 409,409 $ 346,317
Interest bearing
Transaction accounts 149,822 153,244 133,429
Savings accounts 86,590 82,151 72,458
Money market accounts 423,682 426,175 403,782
CDARS® time accounts 27,297 31,562 31,674
Other time accounts 143,491 143,100 151,246
Total deposits 1,230,717 1,245,641 1,138,906
Federal Home Loan Bank borrowings 15,000 15,000 55,000
Subordinated debenture 5,000 5,000 5,000
Interest payable and other liabilities 11,957 15,622 9,429
Total liabilities 1,262,674 1,281,263 1,208,335
Stockholders' Equity

Preferred stock, no par value, Authorized - 5,000,000 shares, none issued

--- --- ---

Common stock, no par value, Authorized - 15,000,000 shares issued and outstanding - 5,362,222, 5,348,659 and 5,321,227 at June 30, 2012, March 31, 2012 and June 30, 2011, respectively

57,543 57,254 56,265
Retained earnings 85,171 81,130 71,241
Accumulated other comprehensive income, net 1,612 1,637 1,552
Total stockholders' equity 144,326 140,021 129,058
Total liabilities and stockholders' equity$1,407,000$1,421,284$1,337,393

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three months ended Six months ended
(in thousands, except per share amounts; unaudited) June 30, 2012 March 31, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Interest income
Interest and fees on loans $ 15,324 $ 15,328 $ 16,862 $ 30,652 $ 32,762
Interest on investment securities
Securities of U.S. Government agencies 817 967 745 1,784 1,478
Obligations of state and political subdivisions 455 387 303 842 605
Corporate debt securities and other 285 201 171 486 282
Interest on Federal funds sold and short-term investments 56 50 56 106 96
Total interest income 16,937 16,933 18,137 33,870 35,223
Interest expense
Interest on interest bearing transaction accounts 45 44 48 89 86
Interest on savings accounts 24 22 25 46 54
Interest on money market accounts 180 183 341 363 678
Interest on CDARS® time accounts 21 32 48 53 142
Interest on other time accounts 269 304 315 573 673
Interest on borrowed funds 117 147 357 264 709
Total interest expense 656 732 1,134 1,388 2,342
Net interest income 16,281 16,201 17,003 32,482 32,881
Provision for loan losses 100 3,000 100 4,050
Net interest income after provision for loan losses 16,181 16,201 14,003 32,382 28,831
Non-interest income
Service charges on deposit accounts 549 524 468 1,073 911
Wealth Management and Trust Services 488 456 469 944 903
Debit card interchange fees 259 234 203 493 391
Merchant interchange fees 186 193 159 379 265
Earnings on Bank-owned life Insurance 192 188 193 380 362
Other income 126 100 89 226 348
Total non-interest income 1,800 1,695 1,581 3,495 3,180
Non-interest expense
Salaries and related benefits 5,314 5,604 5,220 10,918 10,149
Occupancy and equipment 1,056 987 1,093 2,043 2,000
Depreciation and amortization 341 341 314 682 622
Federal Deposit Insurance Corporation insurance 218 233 214 451 601
Data processing 660 606 909 1,266 1,491
Professional services 516 585 740 1,101 1,473
Other expense 1,580 1,479 1,508 3,059 2,792
Total non-interest expense 9,685 9,835 9,998 19,520 19,128
Income before provision for income taxes 8,296 8,061 5,586 16,357 12,883
Provision for income taxes 3,345 3,121 2,147 6,466 4,935
Net income$4,951$4,940$3,439$9,891$7,948
Net income per common share:
Basic $ 0.93 $ 0.93 $ 0.65 $ 1.86 $ 1.50
Diluted $ 0.91 $ 0.91 $ 0.64 $ 1.82 $ 1.48
Weighted average shares used to compute net income per common share:
Basic 5,337 5,326 5,300 5,331 5,292
Diluted 5,419 5,425 5,385 5,422 5,376
Dividends declared per common share $ 0.17 $ 0.17 $ 0.16 $ 0.34 $ 0.32
Comprehensive income
Net income $ 4,951 $ 4,940 $ 3,439 $ 9,891 $ 7,948
Other comprehensive (loss) income
Change in net unrealized gain on available for sale securities (39 ) 28 1,068 (11 ) 10
Reclassification adjustment for (gain) losses included in net income (4 ) 38 34
Net change in unrealized gain on available for sale securities, before tax (43 ) 66 1,068 23 10
Deferred tax (benefit) expense (18 ) 28 449 10 4
Other comprehensive (loss) income, net of tax (25 ) 38 619 13 6
Comprehensive income $ 4,926 $ 4,978 $ 4,058 $ 9,904 $ 7,954

BANK OF MARIN BANCORP

AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME

Three months ended
June 30, 2012
Three months ended
March 31, 2012
Three months ended
June 30, 2011
(Dollars in thousands; unaudited) Average
Balance
Interest
Income/
Expense
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Assets
Interest-bearing due from banks 1 $ 70,003 $ 56 0.32 % $ 87,101 $ 50 0.23 % $ 89,952 $ 56 0.25 %
Investment Securities 2, 3 230,609 1,750 3.04 % 198,243 1,722 3.47 % 168,444 1,376 3.27 %
Loans and banker's acceptances 1, 3, 4 1,028,761 15,466 5.95 % 1,028,573 15,473 5.95 % 979,550 16,955 6.85 %
Total interest-earning assets 1 1,329,373 17,272 5.14 % 1,313,917 17,245 5.19 % 1,237,946 18,387 5.88 %
Cash and non-interest-bearing due from banks 53,269 52,011 45,133
Bank premises and equipment, net 9,136 9,383 8,971
Interest receivable and other assets, net 35,813 34,808 38,391
Total assets$1,427,591$1,410,119$1,330,441
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts $ 147,463 $ 45 0.12 % $ 143,159 $ 44 0.12 % $ 127,544 $ 48 0.15 %
Savings accounts 85,118 24 0.11 % 78,831 22 0.11 % 69,357 25 0.14 %
Money market accounts 431,625 180 0.17 % 436,333 183 0.17 % 395,159 341 0.35 %
CDARS® time accounts 28,045 21 0.30 % 40,091 32 0.32 % 31,879 48 0.60 %
Other time accounts 142,189 269 0.76 % 149,228 304 0.82 % 156,008 315 0.81 %
FHLB fixed-rate advances 1 15,000 78 2.07 % 19,835 107 2.13 % 55,000 320 2.33 %
Subordinated debenture 1 5,000 39 3.09 % 5,000 40 3.16 % 5,000 37 2.93 %
Total interest-bearing liabilities 854,440 656 0.31 % 872,477 732 0.34 % 839,947 1,134 0.54 %
Demand accounts 417,354 384,774 346,469
Interest payable and other liabilities 13,646 14,814 16,062
Stockholders' equity 142,151 138,054 127,963
Total liabilities & stockholders' equity$1,427,591$1,410,119$1,330,441
Tax-equivalent net interest income/margin 1 $ 16,616 4.94 % $ 16,513 4.97 % $ 17,253 5.51 %
Reported net interest income/margin 1 $ 16,281 4.85 % $ 16,201 4.88 % $ 17,003 5.43 %
Tax-equivalent net interest rate spread 4.83 % 4.85 % 5.34 %
Six months ended
June 30, 2012
Six months ended
June 30, 2011
(Dollars in thousands; unaudited) Average
Balance
Interest
Income/
Expense
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Assets
Interest-bearing due from banks 1 $ 78,552 $ 106 0.27 % $ 76,240 $ 96 0.25 %
Investment Securities 2, 3 214,426 3,472 3.24 % 155,764 2,681 3.44 %
Loans and banker's acceptances 1, 3, 4 1,028,667 30,939 5.95 % 979,611 32,943 6.69 %
Total interest-earning assets 1 1,321,645 34,517 5.17 % 1,211,615 35,720 5.86 %
Cash and non-interest-bearing due from banks 52,640 43,763
Bank premises and equipment, net 9,260 8,721
Interest receivable and other assets, net 35,310 34,915
Total assets$1,418,855$1,299,014
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts $ 145,311 $ 89 0.12 % $ 121,340 $ 86 0.14 %
Savings accounts 81,974 46 0.11 % 65,984 54 0.17 %
Money market accounts 433,979 363 0.17 % 389,011 678 0.35 %
CDARS® time accounts 34,068 53 0.31 % 43,093 142 0.66 %
Other time accounts 145,709 573 0.79 % 156,815 673 0.87 %
FHLB fixed-rate advances 1 17,418 185 2.10 % 56,956 636 2.25 %
Subordinated debenture 1 5,000 79 3.13 % 5,000 73 2.90 %
Total interest-bearing liabilities 863,459 1,388 0.32 % 838,199 2,342 0.56 %
Demand accounts 401,063 322,406
Interest payable and other liabilities 14,230 12,369
Stockholders' equity 140,103 126,040
Total liabilities & stockholders' equity$1,418,855$1,299,014
Tax-equivalent net interest income/margin 1 $ 33,129 4.96 % $ 33,378 5.48 %
Reported net interest income/margin 1 $ 32,482 4.86 % $ 32,881 5.40 %
Tax-equivalent net interest rate spread 4.85 % 5.30 %
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 35 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.

Contacts:

for Bank of Marin Bancorp
Sandy Pfaff, 415-819-7447
sandy@pfaffpr.com
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