Bank of Marin Bancorp Reports Earnings of $13.1 Million Year-to-Date

Bank of Marin Bancorp, "Bancorp" (NASDAQ:BMRC), parent company of Bank of Marin, announced earnings for the nine-month period ended September 30, 2012 of $13.1 million, up 7.7%, from $12.2 million in the same period a year ago. Diluted earnings per share for the nine-month period ended September 30, 2012 totaled $2.41, up $0.15, or 6.6%, from $2.26 in the same period a year ago. Earnings for the quarter ended September 30, 2012 totaled $3.2 million, compared to $5.0 million in the second quarter of 2012, and $4.2 million in the third quarter of 2011. Diluted earnings per share totaled $0.59 in the third quarter, compared to $0.91 in the prior quarter, and $0.79 in the same quarter a year ago. Third quarter earnings reflect a $2.1 million provision for loan loss that is primarily related to one borrowing relationship.

“Bank of Marin's underlying business fundamentals are very strong, including the quality of the credit portfolio and continued deposit growth," said Russell A. Colombo, President and CEO of Bank of Marin. “We continue to focus on growing our loan totals, with funded deals increasing this quarter.”

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

  • Loan fundings were $31.8 million in the third quarter, offset by payoffs of $36.1 million, which included the prepayment of five performing real estate loans totaling $20.1 million due to the sale of properties. Loans in Napa increased $13.5 million, or 22.2%, in the third quarter of 2012.
  • Deposits totaled $1.3 billion at September 30, 2012, increasing 2.3% from $1.2 billion at June 30, 2012 and increasing 7.0% from September 30, 2011. Non-interest bearing deposits totaled 32.5% of total deposits at September 30, 2012.
  • In a conscious effort to deploy excess liquidity and reduce the cost of funds, Bancorp redeemed a $5.0 million subordinated debenture at one-month LIBOR plus 2.48% in the third quarter of 2012.
  • The total risk-based capital ratio for Bancorp grew to 14.0%, up from 13.9% at June 30, 2012 and 13.3% at September 30, 2011. The risk-based capital ratio continues to be well above industry requirements for a well-capitalized institution.
  • On October 18, 2012, the Board of Directors declared a quarterly cash dividend of $0.18 per share. The cash dividend is payable to shareholders of record at the close of business on November 1, 2012 and will be payable on November 9, 2012.

Loans and Credit Quality

Gross loans totaled $1.0 billion at both September 30, 2012 and June 30, 2012, and totaled $992.6 million at September 30, 2011. The third quarter loan activity reflected the payoff of five performing real estate loans totaling $20.1 million, due to the sale of properties.

"We are encouraged by our strong loan pipeline, especially in San Francisco," said Chris Cook, Chief Financial Officer. "We are well-positioned with highly experienced lenders in all of our markets and are confident in our ability to build business relationships."

Non-performing loans totaled $19.2 million, or 1.90%, of Bancorp's loan portfolio at September 30, 2012, compared to $14.3 million, or 1.40%, at June 30, 2012 and $10.7 million, or 1.08%, a year ago. The increase in non-performing loans from the prior quarter primarily relates to a construction loan of $3.0 million that is expected to be paid off before year end and a commercial loan of $4.2 million that is expected to be paid down gradually as the borrower liquidates the collateral in an orderly fashion. Accruing loans past due 30 to 89 days totaled $2.1 million at September 30, 2012, down from $9.8 million at June 30, 2012 and $5.0 million a year ago.

Bancorp's loan loss provision totaled $2.2 million and $4.6 million for the nine-month periods ended September 30, 2012 and 2011, respectively. The provision for loan losses totaled $2.1 million in the third quarter of 2012, compared to $100 thousand in the prior quarter and $500 thousand from the same quarter a year ago. The $2.1 million provision for loan losses in the third quarter of 2012 is primarily related to one commercial real estate borrowing relationship, based on an appraisal received in the third quarter. Foreclosure is in process for the property securing the loan.

The allowance for loan losses totaled 1.30% of loans at September 30, 2012, compared to 1.31% at June 30, 2012 and 1.33% at September 30, 2011. Net charge-offs in the first nine-months of 2012 and 2011 both totaled $3.7 million. Net charge-offs in the third quarter of 2012 totaled $2.4 million, primarily reflecting the partial charge-off of one commercial real estate borrowing relationship discussed above, compared to $187 thousand in the prior quarter and $1.2 million in the third quarter of 2011.

Deposits

Deposits totaled $1.3 billion at September 30, 2012, compared to $1.2 billion at June 30, 2012 and September 30, 2011. Non-interest bearing deposits comprised 32.5% of total deposits at September 30, 2012 and June 30, 2012, and comprised 31.8% at September 30, 2011.

Earnings

Net interest income for the first nine months of 2012 totaled $47.4 million compared to $48.1 million in the same period a year ago. The tax-equivalent net interest margin was 4.78% in the first nine months of 2012 compared to 5.25% in the same period a year ago. The decreases in the first nine months compared to the same period a year ago primarily relate to a lower level of accretion on purchased non-credit impaired loans and a lower level of gains on pay-offs of purchased credit-impaired ("PCI") loans. In addition, rate concessions and downward repricing on existing loans, as well as new loans boarded at lower rates continue to negatively impact the loan yield. The decreases are partially offset by a reduction in the cost of interest-bearing liabilities, as the prior year reflects a $924 thousand pre-payment penalty on a Federal Home Loan Bank ("FHLB") advance in September 2011. Furthermore, the current year reflects the maturity of another FHLB advance in January 2012 and the downward repricing on deposits.

Net interest income totaled $14.9 million in the third quarter of 2012 compared to $15.2 million in the same quarter last year, and the tax-equivalent net interest margin was 4.44% compared to 4.76% for those respective periods. The decreases in the third quarter of 2012 compared to the same quarter a year ago primarily reflect the same reasons mentioned above.

Net interest income totaled $14.9 million in the third quarter of 2012 compared to $16.3 million in the prior quarter, and the tax-equivalent net interest margin was 4.44% compared to 4.94% for those respective periods. The decreases in the third quarter of 2012 compared to the prior quarter primarily relate to rate concessions, the downward repricing on both existing and new loans and a lower level of accretion on purchased loans.

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

Three months ended Nine months ended
(dollars in thousands; unaudited)

9/30/2012

6/30/2012

9/30/2011

9/30/2012

9/30/2011

Accretion on PCI loans $231 $478 $412 $1,219 $779
Accretion on non-PCI loans $232 $311 $405 $746 $2,616
Gains on pay-offs of PCI loans $101 $69 $448 $692 $1,670

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 as interest income when the pay-off amounts exceed the recorded investment.

Non-interest income totaled $5.3 million for the first nine months of 2012, an increase of $551 thousand, or 11.6% from the same period a year ago. Non-interest income in the third quarter of 2012 totaled $1.8 million and remained relatively consistent with the prior quarter and increased $236 thousand, or 15.1%, from the same quarter a year ago. The increase in the first nine months and third quarter of 2012 compared to the same periods a year ago primarily relate to higher merchant interchange income, debit card interchange fees and service charges on deposit accounts.

Non-interest expense totaled $29.1 million and $28.5 million in the first nine months of 2012 and 2011, respectively. The increase primarily reflects higher personnel costs associated with merit increases, and to a lesser extent, new hires in the lending and deposit services areas. Non-interest expense totaled $9.6 million in the third quarter of 2012, compared to $9.7 million in the prior quarter and $9.4 million in the same quarter a year ago.

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 thirteen years (www.bauerfinancial.com) and has been recognized for several years as one of the "Best Places to Work in the North Bay" by the North Bay Business Journal 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.

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
September 30, 2012
(dollars in thousands, except per share data; unaudited)

QUARTER-TO-DATE

September 30, 2012

June 30, 2012

September 30, 2011

NET INCOME $ 3,224 $ 4,951 $ 4,233
DILUTED EARNINGS PER COMMON SHARE $ 0.59 $ 0.91 $ 0.79
RETURN ON AVERAGE ASSETS (ROA) 0.89 % 1.39 % 1.23 %
RETURN ON AVERAGE EQUITY (ROE) 8.76 % 14.01 % 12.78 %
EFFICIENCY RATIO 57.38 % 53.56 % 56.13 %
TAX-EQUIVALENT NET INTEREST MARGIN1 4.44 % 4.94 % 4.76 %
NET CHARGE-OFFS $ 2,396 $ 187 $ 1,196
NET CHARGE-OFFS TO AVERAGE LOANS 0.24 % 0.02 % 0.12 %

YEAR-TO-DATE

NET INCOME $ 13,115 $ 9,891 $ 12,181
DILUTED EARNINGS PER COMMON SHARE $ 2.41 $ 1.82 $ 2.26
RETURN ON AVERAGE ASSETS (ROA) 1.23 % 1.40 % 1.24 %
RETURN ON AVERAGE EQUITY (ROE) 12.32 % 14.20 % 12.74 %
EFFICIENCY RATIO 55.25 % 54.26 % 54.02 %
TAX-EQUIVALENT NET INTEREST MARGIN1 4.78 % 4.96 % 5.25 %
NET CHARGE-OFFS $ 3,700 $ 1,304 $ 3,718
NET CHARGE-OFFS TO AVERAGE LOANS 0.36 % 0.13 % 0.38 %

AT PERIOD END

TOTAL ASSETS $ 1,435,114 $ 1,407,000 $ 1,362,717
LOANS:
COMMERCIAL AND INDUSTRIAL $ 171,662 $ 176,002 $ 172,389
REAL ESTATE
COMMERCIAL OWNER-OCCUPIED $ 191,397 $ 172,757 $ 160,558
COMMERCIAL INVESTOR-OWNED $ 438,685 $ 453,456 $ 420,427
CONSTRUCTION $ 42,857 $ 47,948 $ 54,806
HOME EQUITY $ 94,939 $ 98,565 $ 97,323
OTHER RESIDENTIAL $ 53,590 $ 55,316 $ 63,850
INSTALLMENT AND OTHER CONSUMER LOANS $ 20,580 $ 21,150 $ 23,290
TOTAL LOANS $ 1,013,710 $ 1,025,194 $ 992,643
NON-PERFORMING LOANS2:
COMMERCIAL AND INDUSTRIAL $ 6,048 $ 1,751 $ 3,147
REAL ESTATE
COMMERCIAL OWNER-OCCUPIED $ 1,403 $ 1,403 $ 2,169
COMMERCIAL INVESTOR-OWNED $ 3,725 $ 5,961 $
CONSTRUCTION $ 5,787 $ 2,821 $ 3,028
HOME EQUITY $ 881 $ 981 $ 583
OTHER RESIDENTIAL $ 736 $ 740 $ 1,400
INSTALLMENT AND OTHER CONSUMER LOANS $ 652 $ 690 $ 413
TOTAL NON-PERFORMING LOANS $ 19,232 $ 14,347 $ 10,740
TOTAL ACCRUING LOANS 30-89 DAYS PAST DUE $ 2,055 $ 9,837 $ 4,967
LOAN LOSS RESERVE TO LOANS 1.30 % 1.31 % 1.33 %
LOAN LOSS RESERVE TO NON-PERFORMING LOANS 0.68 x 0.94 x 1.23 x
NON-PERFORMING LOANS TO TOTAL LOANS 1.90 % 1.40 % 1.08 %
TEXAS RATIO3 12.01 % 9.14 % 7.52 %
TOTAL DEPOSITS $ 1,258,873 $ 1,230,717 $ 1,176,525
LOAN TO DEPOSIT RATIO 80.5 % 83.3 % 84.4 %
STOCKHOLDERS' EQUITY $ 147,336 $ 144,326 $ 133,001
BOOK VALUE PER SHARE $ 27.45 $ 26.92 $ 24.95
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS4 10.27 % 10.26 % 9.71 %
TOTAL RISK BASED CAPITAL RATIO-BANK5 13.8 % 13.6 % 13.0 %
TOTAL RISK BASED CAPITAL RATIO-BANCORP5 14.0 % 13.9 % 13.3 %
FULL TIME EQUIVALENT EMPLOYEES 234 232 227
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 $15.7 million, $25.2 million and $5.4 million at September 30, 2012, June 30, 2012 and September 30, 2011, respectively. Excludes purchased credit-impaired (PCI) loans with carrying values of $3.1 million, $3.1 million and $3.9 million that were accreting interest at September 30, 2012, June 30, 2012 and September 30, 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 at September 30, 2012 and June 30, 2012 and $6.5 million at September 30, 2011.
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 September 30, 2012 and June 30, 2012 and $695 thousand at September 30, 2011.
5 Current period estimated.

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF CONDITION

at September 30, 2012, June 30, 2012 and September 30, 2011

(in thousands, except share data; unaudited)

September 30,
2012

June 30,
2012

September 30,
2011

Assets
Cash and due from banks $ 141,438 $ 98,321 $ 130,675
Short-term investments 2,111
Cash and cash equivalents 141,438 98,321 132,786
Investment securities
Held to maturity, at amortized cost 94,571 83,134 39,077
Available for sale (at fair value; amortized cost $143,263, $159,024 and $156,531 at September 30, 2012, June 30, 2012 and September 30, 2011, respectively) 146,789 161,803 159,478
Total investment securities 241,360 244,937 198,555
Loans, net of allowance for loan losses of $13,139, $13,435 and $13,224 at September 30, 2012, June 30, 2012 and September 30, 2011, respectively 1,000,571 1,011,759 979,419
Bank premises and equipment, net 8,989 9,074 9,624
Interest receivable and other assets 42,756 42,909 42,333
Total assets$1,435,114$1,407,000$1,362,717
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing $ 408,565 $ 399,835 $ 373,844
Interest bearing
Transaction accounts 158,957 149,822 128,916
Savings accounts 91,506 86,590 74,392
Money market accounts 422,874 423,682 417,505
CDARS® time accounts 33,699 27,297 32,592
Other time accounts 143,272 143,491 149,276
Total deposits 1,258,873 1,230,717 1,176,525
Federal Home Loan Bank borrowings 15,000 15,000 35,000
Subordinated debenture

5,000 5,000
Interest payable and other liabilities 13,905 11,957 13,191
Total liabilities 1,287,778 1,262,674 1,229,716
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 - 5,368,386, 5,362,222 and 5,331,368 at September 30, 2012, June 30, 2012 and September 30, 2011, respectively

57,862 57,543 56,670
Retained Earnings 87,429 85,171 74,622
Accumulated other comprehensive income, net 2,045 1,612 1,709
Total stockholders' equity 147,336 144,326 133,001
Total liabilities and stockholders' equity$1,435,114$1,407,000$1,362,717

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three months ended Nine months ended
(in thousands, except per share amounts; unaudited) September 30, 2012 June 30,

2012

September 30, 2011 September 30, 2012 September 30, 2011
Interest income
Interest and fees on loans $ 14,117 $ 15,324 $ 15,567 $ 44,769 $ 48,329
Interest on investment securities
Securities of U.S. Government agencies 731 817 1,153 2,515 2,631
Obligations of state and political subdivisions 382 455 298 1,224 903
Corporate debt securities and other 326 285 151 812 433
Interest on Federal funds sold and short-term investments 42 56 56 148 152
Total interest income 15,598 16,937 17,225 49,468 52,448
Interest expense
Interest on interest bearing transaction accounts 48 45 35 137 121
Interest on savings accounts 26 24 21 72 75
Interest on money market accounts 181 180 326 544 1,004
Interest on CDARS® time accounts 19 21 50 72 192
Interest on other time accounts 254 269 305 827 978
Interest on borrowed funds 153 117 1,268 417 1,977
Total interest expense 681 656 2,005 2,069 4,347
Net interest income 14,917 16,281 15,220 47,399 48,101
Provision for loan losses 2,100 100 500 2,200 4,550
Net interest income after provision for loan losses 12,817 16,181 14,720 45,199 43,551
Non-interest income
Service charges on deposit accounts 528 549 478 1,601 1,389
Wealth Management and Trust Services 507 488 486 1,451 1,389
Debit card interchange fees 261 259 221 754 612
Merchant interchange fees 183 186 58 562 323
Earnings on Bank-owned life Insurance 192 192 194 572 556
Other income 130 126 128 356 476
Total non-interest income 1,801 1,800 1,565 5,296 4,745
Non-interest expense
Salaries and related benefits 5,211 5,314 5,320 16,129 15,469
Occupancy and equipment 1,089 1,056 1,021 3,132 3,021
Depreciation and amortization 339 341 329 1,021 951
Federal Deposit Insurance Corporation insurance 221 218 189 672 790
Data processing 596 660 642 1,862 2,133
Professional services 519 516 465 1,620 1,938
Other expense 1,617 1,580 1,455 4,676 4,247
Total non-interest expense 9,592 9,685 9,421 29,112 28,549
Income before provision for income taxes 5,026 8,296 6,864 21,383 19,747
Provision for income taxes 1,802 3,345 2,631 8,268 7,566
Net income$3,224$4,951$4,233$13,115$12,181
Net income per common share:
Basic $ 0.60 $ 0.93 $ 0.80 $ 2.46 $ 2.30
Diluted $ 0.59 $ 0.91 $ 0.79 $ 2.41 $ 2.26
Weighted average shares used to compute net income per common share:
Basic 5,344 5,337 5,310 5,335 5,298
Diluted 5,455 5,419 5,390 5,433 5,381
Dividends declared per common share $ 0.18 $ 0.17 $ 0.16 $ 0.52 $ 0.48
Comprehensive income
Net income $ 3,224 $ 4,951 $ 4,233 $ 13,115 $ 12,181
Other comprehensive income (loss)
Change in net unrealized gain on available for sale securities 747 (39 ) 271 736 281
Reclassification adjustment for (gain) losses on sale of securities included in net income (4 ) 34
Net change in unrealized gain on available for sale securities, before tax 747 (43 ) 271 770 281
Deferred tax expense (benefit) 314 (18 ) 114 324 118
Other comprehensive income (loss), net of tax 433 (25 ) 157 446 163
Comprehensive income $ 3,657 $ 4,926 $ 4,390 $ 13,561 $ 12,344

BANK OF MARIN BANCORP
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME

Three months ended
September 30, 2012
Three months ended
June 30, 2012
Three months ended
September 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 $ 84,539 $ 42 0.19 % $ 70,003 $ 56 0.32 % $ 94,153 $ 56 0.23 %
Investment securities 2, 3 241,461 1,578 2.61 % 230,609 1,750 3.04 % 195,576 1,753 3.59 %
Loans 1, 3, 4 1,014,708 14,265 5.50 % 1,028,761 15,466 5.95 % 982,165 15,676 6.25 %
Total interest-earning assets 1 1,340,708 15,885 4.64 % 1,329,373 17,272 5.14 % 1,271,894 17,485 5.38 %
Cash and non-interest-bearing due from banks 55,727 53,269 46,799
Bank premises and equipment, net 9,042 9,136 9,484
Interest receivable and other assets, net 36,474 35,813 32,825
Total assets$1,441,951$1,427,591$1,361,002
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts $ 159,721 $ 48 0.12 % $ 147,463 $ 45 0.12 % $ 129,862 $ 35 0.11 %
Savings accounts 91,020 26 0.11 % 85,118 24 0.11 % 72,288 21 0.12 %

Money market accounts

435,110 181 0.17 % 431,625 180 0.17 % 413,186 326 0.31 %
CDARS® time accounts 29,519 19 0.25 % 28,045 21 0.30 % 32,139 50 0.62 %
Other time accounts 143,668 254 0.70 % 142,189 269 0.76 % 150,199 305 0.81 %
FHLB fixed-rate advances 1 15,000 79 2.07 % 15,000 78 2.07 % 52,391 1,232 9.33 %
Subordinated debenture 1 4,239 74 6.83 % 5,000 39 3.09 % 5,000 36 2.82 %
Total interest-bearing liabilities 878,277 681 0.31 % 854,440 656 0.31 % 855,065 2,005 0.93 %
Demand accounts 404,677 417,354 364,502
Interest payable and other liabilities 12,548 13,646 10,035
Stockholders' equity 146,449 142,151 131,400
Total liabilities & stockholders' equity$1,441,951$1,427,591$1,361,002
Tax-equivalent net interest income/margin 1 $ 15,204 4.44 % $ 16,616 4.94 % $ 15,480 4.76 %
Reported net interest income/margin 1 $ 14,917 4.35 % $ 16,281 4.85 % $ 15,220 4.68 %
Tax-equivalent net interest rate spread 4.33 % 4.83 % 4.45 %
Nine months ended
September 30, 2012
Nine months ended
September 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 $ 80,562 $ 148 0.24 % $ 81,609 $ 152 0.25 %
Federal funds sold % 86 0.01 %
Investment securities 2, 3 223,503 5,050 3.01 % 169,180 4,434 3.49 %
Loans 1, 3, 4 1,023,980 45,203 5.80 % 975,548 48,621 6.57 %
Total interest-earning assets 1 1,328,045 50,401 4.99 % 1,226,423 53,207 5.72 %
Cash and non-interest-bearing due from banks 53,676 44,684
Bank premises and equipment, net 9,187 8,977
Interest receivable and other assets, net 35,701 34,136
Total assets$1,426,609$1,314,220
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts $ 150,150 $ 137 0.12 % $ 123,436 $ 121 0.13 %
Savings accounts 85,011 72 0.11 % 67,963 75 0.15 %
Money market accounts 434,359 544 0.17 % 396,626 1,004 0.34 %
CDARS® time accounts 32,541 72 0.29 % 39,402 192 0.65 %
Other time accounts 145,023 827 0.76 % 151,612 978 0.86 %
FHLB fixed-rate advances 1 16,606 265 2.10 % 54,683 1,868 4.57 %
Subordinated debenture 1 4,745 152 4.21 % 5,000 109 2.87 %
Total interest-bearing liabilities 868,435 2,069 0.32 % 838,722 4,347 0.69 %
Demand accounts 402,276 334,747
Interest payable and other liabilities 13,665 12,904
Stockholders' equity 142,233 127,847
Total liabilities & stockholders' equity$1,426,609$1,314,220
Tax-equivalent net interest income/margin 1 $ 48,332 4.78 % $ 48,860 5.25 %
Reported net interest income/margin 1 $ 47,399 4.69 % $ 48,101 5.17 %
Tax-equivalent net interest rate spread 4.67 % 5.03 %
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:

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