0001403475FALSEQ2202300014034752023-07-212023-07-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 21, 2023
Bank of Marin Bancorp
(Exact name of Registrant as specified in its charter)
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California | 001-33572 | 20-8859754 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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504 Redwood Blvd., Suite 100, Novato, CA | 94947 |
(Address of principal executive office) | (Zip Code) |
Registrant’s telephone number, including area code: (415) 763-4520
Not Applicable
(Former name or former address, if changes since last report)
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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: |
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
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| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ 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: |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common stock, no par value | BMRC | 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 (§240.12b-2 of this chapter). |
| Emerging growth company ☐ |
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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. ☐ |
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
On July 24, 2023, Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, released its financial results for the quarter ended June 30, 2023. A copy of the press release is included as Exhibit 99.1 and the related Second Quarter 2023 Earnings Presentation is included as Exhibit 99.2.
The press release and presentation will be available on Bank of Marin's website at http://www.bankofmarin.com under “Investor Relations/News & Market Data/Press Releases" and "Presentations” on July 24, 2023.
Section 8 - Other Events
Item 8.01 Other Events
In the press release, Bancorp announced that on July 21, 2023, its Board of Directors approved a quarterly cash dividend of $0.25 per share. The cash dividend is payable on August 11, 2023, to shareholders of record at the close of business on August 4, 2023.
Bancorp also announced that on July 21, 2023, its Board of Directors approved the repurchase of up to $25.0 million of Bancorp's common stock through July 31, 2025. This plan will replace the existing share repurchase program expiring on July 31, 2023.
Under the Repurchase Program, Bancorp may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at Bancorp’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with Bancorp’s general business conditions. The program may be suspended or discontinued at any time and does not obligate Bancorp to acquire any specific number of shares of its common stock.
A copy of the press release is attached to this report as Exhibit 99.1.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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Exhibit No. | Description | Page Number |
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99.1 | | 1-12 |
99.2 | | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: | July 24, 2023 | | BANK OF MARIN BANCORP |
| | | By: | /s/ Tani Girton |
| | | | Tani Girton |
| | | | Executive Vice President |
| | | | and Chief Financial Officer |
EXHIBIT 99.1
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FOR IMMEDIATE RELEASE | MEDIA CONTACT: |
| Yahaira Garcia-Perea |
| Marketing & Corporate Communications Manager |
| 916-823-7214 | YahairaGarcia-Perea@bankofmarin.com |
BANK OF MARIN BANCORP REPORTS SECOND QUARTER EARNINGS OF $4.6 MILLION
STRONG DEPOSIT GROWTH BOLSTERS BALANCE SHEET
NOVATO, CA, July 24, 2023 - Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $4.6 million for the second quarter of 2023, compared to $9.4 million for the first quarter of 2023. The decline in earnings stemmed from the cost of interest bearing deposits catching up to market interest rates and higher average balances on borrowings. Diluted earnings per share were $0.28 for the second quarter, compared to $0.59 for the prior quarter. Earnings for the first six months of 2023 totaled $14.0 million, compared to $21.5 million for the same period last year. Diluted earnings per share were $0.87 and $1.35 for the first six months of 2023 and 2022, respectively. Periods of earnings presented from 2022 were impacted by the costs associated with our most recent acquisition, the details of which were discussed in previous filings.
Concurrent with this release, Bancorp issued presentation slides providing supplemental information, some of which will be discussed during the second quarter 2023 earnings call. The earnings release and presentation slides are intended to be reviewed together and can be found online through Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.”
“Our relationship banking model enabled our teams to meaningfully increase deposits in the second quarter and thereafter through existing customer growth and new customer acquisitions. We have robust liquidity and capital levels, and maintain a strong credit risk profile,” said Tim Myers, President and Chief Executive Officer. “While the economic environment presents elevated uncertainty, and higher interest rates and market disruptions have impacted both our funding costs and lending activity, we are well-positioned to navigate current market conditions and further position the Bank for improved, sustainable profitability.”
Bancorp also provided the following highlights from the second quarter of 2023:
•Our deposit franchise has exhibited good growth in new and existing relationships consistent with characteristic customer activity and supplemented with results of proactive customer and prospect outreach, increasing total deposits $74.6 million to $3.325 billion on June 30, 2023 from $3.251 billion at March 31, 2023. Non-interest bearing deposits made up 47.8% of total deposits at June 30, 2023, compared to 50.3% at March 31, 2023, and the average cost of interest-bearing deposits increased 95 basis points over the last quarter due to targeted relationship-based pricing adjustments bringing rates more into line with the market. The overall cost of deposits increased to 0.69% from 0.20% quarter over quarter. Customer participation in the reciprocal deposit network program grew $200.6 million to $421.0 million, bringing estimated FDIC insured deposits up to 71% of total deposits as of June 30, 2023.
•Federal Home Loan Bank borrowings declined $113.2 million to $292.2 million over the second quarter and another $125.6 million between June 30, 2023 and July 18, 2023 as a result of deposit growth and cash flows from investments and loans.
•Contingent liquidity provided 209% coverage of estimated uninsured deposits at June 30, 2023. The Bank has long followed sound liquidity management practices similar to large banks with robust liquidity requirements and regular liquidity stress testing that have been enhanced subsequent to events of the first quarter.
•Our loan portfolio continues to perform well with classified loans at only 1.81% of total loans and manageable delinquencies with no meaningful surprises during the quarter. Non-owner occupied commercial real estate loans made up 64% of total classified loans as of June 30, 2023, compared to 73% at March 31, 2023, and all are currently paying in accordance with loan terms. We continue to maintain diversity among property types and within our geographic footprint. In particular, our office commercial real estate portfolio in the City of San Francisco represents just 3% of our total loan portfolio and 6% of our total non-owner occupied commercial real estate portfolio. As of the last measurement period (generally December 2022), the average loan-to-value and debt-service coverage for the entire non-owner occupied office portfolio were 55% and 1.67x, respectively. Non-owner occupied office commercial real estate loans maturing in 2023 and 2024 are $10.7 million and $17.7 million with average interest rates of 5.21% and 4.37%, as of June 30, 2023. For the eleven non-owner occupied office loans in the City of San Francisco, the average loan-to-value and debt-service coverage ratios were 63% and 1.20x, respectively.
•Non-accrual loans were 0.10% of total loans as of June 30, 2023, unchanged from March 31, 2023. We recorded a $500 thousand provision for credit losses on loans for the second quarter, compared to a provision of $350 thousand for the previous quarter. The provision for the second quarter of 2023 was due primarily to qualitative risk factor adjustments as discussed further below.
•Loan balances of $2.103 billion at June 30, 2023, decreased $9.5 million from $2.112 billion at March 31, 2023 reflecting originations of $22.8 million and payoffs of $24.6 million. Net increase in utilization of credit lines was $11.5 million, offset by loan amortization from scheduled repayments of $20.4 million during the quarter. While the second quarter produced unusually modest loan production, payoffs were also lower than normal. In addition, several loan commitments originally projected to book in the second quarter were pushed into the third quarter.
•Recent market disruptions have increased the availability of proven talent in the industry, presenting real opportunities for the Bank to add senior lenders that will boost lending activity.
•The second quarter tax-equivalent net interest margin decreased 59 basis points to 2.45% from 3.04% for the previous quarter due primarily to increased deposit costs and average borrowing balances, partially offset by higher loan yields.
•Return on average assets ("ROA") was 0.44% for the second quarter of 2023, compared to 0.92% for the first quarter of 2023. Return on average equity ("ROE") was 4.25%, compared to 9.12% for the prior quarter. The efficiency ratio for the second quarter of 2023 was 76.91%, compared to 60.24% for the prior quarter. The sequential declines in ROA and ROE and increase in the efficiency ratio were due primarily to the $6.0 million increase in interest expense.
•All capital ratios were above well-capitalized regulatory requirements. The total risk-based capital ratios at June 30, 2023 for Bancorp and the Bank were 16.4% and 16.0%, respectively. Bancorp's tangible common equity to tangible assets ("TCE ratio") was 8.6% at June 30, 2023, and the Bank's TCE ratio was 8.4%. As of June 30, 2023, Bancorp's TCE ratio, net of after tax unrealized losses on held-to-maturity securities, was 6.7% (refer to pages 6 and 7 for a discussion and reconciliation of this non-GAAP financial measures).
•On July 12, 2023, the Bank completed the sale of its only other real estate owned property, which was obtained in the 2021 merger with American River Bankshares. After previously recorded write-downs totaling $385 thousand, including $40 thousand for the second quarter of 2023, the Bank realized a negligible gain after sales costs.
•On July 7, 2023, the Bank entered into various interest rate swap agreements totaling $101.8 million to hedge balance sheet interest rate sensitivity and protect selected securities in its available-for-sale portfolio against changes in fair value related to changes in the benchmark interest rate.
•In July 2023, prior to this release, the Bank sold $82.7 million of available-for-sale securities at a net loss of $2.8 million. Upon settlement, the proceeds from the transactions will be held in cash as part of our liquidity strategy. The loss was offset by a $2.8 million gain from the July 2023 sale of our remaining investment in Visa Inc. Class B restricted common stock, which had a zero carrying value.
•The Board of Directors declared a cash dividend of $0.25 per share on July 21, 2023, which represents the 73rd consecutive quarterly dividend paid by Bancorp. The dividend is payable on August 11, 2023, to shareholders of record at the close of business on August 4, 2023.
•On July 21, 2023, the Board of Directors approved the adoption of Bancorp's new share repurchase program, which replaces the existing program expiring on July 31, 2023, for up to $25.0 million and expiring on July 31, 2025.
“Our ability to nimbly adapt to the industry disruption in March and quickly stabilize our deposits empowered us to focus on customer growth and balance sheet strength in the second quarter, consistent with our proven model and success over three decades,” said Tani Girton, Executive Vice President and Chief Financial Officer. “We believe the strength of our deposit franchise, diligent expense control and prudent risk management positions us to invest in strategic initiatives and drive shareholder returns over the long term.”
Loans and Credit Quality
Loans decreased by $9.5 million for the second quarter of 2023 and totaled $2.103 billion at June 30, 2023, compared to $2.112 billion at March 31, 2023. Loan originations for the second quarter of 2023 were $22.8 million, compared to $44.9 million for the first quarter of 2023. Loan payoffs were $24.6 million for the second quarter, compared to $22.2 million for the first quarter of 2023. Bank of Marin has continued its usual steadfast conservative underwriting practices, and has not programmatically changed its credit standards or policies specifically in reaction to the current market conditions. The Bank continues to be focused on achieving risk adjusted returns.
Loans increased $10.3 million during the six months ended June 30, 2023, compared to a $93.0 million decrease in total loans during the six months ended June 30, 2022. Loan originations were $67.7 million for the six months ended June 30, 2023, compared to $152.0 million for the six months ended June 30, 2022. In 2023, utilization and amortization netted a decrease of $10.2 million. Excluding PPP loans, payoffs were $45.0 million in the six months ended June 30, 2023, compared to $159.1 million for the same period in 2022. PPP loan payoffs during the six months ended June 30, 2023 and 2022 were $1.8 million and $94.2 million, respectively.
Non-accrual loans totaled $2.1 million, or 0.10%, of the loan portfolio at June 30, 2023, compared to $2.0 million, or 0.10% at March 31, 2023. Non-accrual loans at June 30, 2023 included the addition of two loans totaling $395 thousand for the second quarter, offset by decreases due to payoffs and paydowns of $309 thousand. All of the non-accrual loans are collateralized by real estate with no expected credit loss as of June 30, 2023.
Classified loans totaled $38.1 million at June 30, 2023, compared to $31.0 million at March 31, 2023, increasing primarily due to a $2.2 million increase in the usage of a revolving line of credit that was previously downgraded and the addition of five loans to four borrowers totaling $6.1 million. Approximately 90% of the additions were comprised of one commercial loan and one non-owner occupied commercial real estate loan. In addition, there were $664 thousand in payoffs and paydowns and $585 thousand in upgrades to pass risk rating. Accruing loans past due 30 to 89 days totaled $983 thousand at June 30, 2023, compared to $1.2 million at March 31, 2023.
Net recoveries for the second quarter of 2023 totaled $2 thousand, compared to net charge-offs of $3 thousand for the first quarter of 2023. The ratio of allowance for credit losses to total loans was 1.13% at June 30, 2023, compared to 1.10% at March 31, 2023.
The $500 thousand provision for credit losses on loans in the second quarter was due primarily to increases in qualitative factors related to our multi-family real estate and non-owner occupied commercial real estate office portfolios that have been impacted by continued negative trends in adversely graded loans and collateral values. These increases were partially offset by the impact of the decrease in loan balances.
The $350 thousand provision for credit losses on loans in the first quarter was due primarily to increases in qualitative risk factors to account for continued uncertainty about inflation and recession risks. Management believed that these risk factors were not adequately captured in the modeled quantitative portion of the allowance and took the more prudent approach to account for loan and collateral concentration risks, mainly in our construction and commercial real estate portfolios, and the need for heightened portfolio management in light of economic conditions at the time. In addition, the $19.8 million increase in loans contributed modestly to the
provision in the first quarter. These increases were partially offset by the quantitative impact of an improvement in Moody's Analytics' baseline California unemployment rate forecasts over the next four quarters at the time.
The $168 thousand reversal of the provision for credit losses on unfunded loan commitments in the second quarter of 2023 was due primarily to a $39.9 million decrease in total unfunded commitments. This compares to $174 thousand reversal of the provision in the prior quarter, due mainly to a $37.4 million decrease in total unfunded commitments.
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash were $39.7 million at June 30, 2023, compared to $38.0 million at March 31, 2023. The $1.7 million increase was due primarily to normal course of business transactions.
Investments
The investment securities portfolio totaled $1.718 billion at June 30, 2023, a decrease of $38.3 million from March 31, 2023. The decrease was primarily the result of principal repayments and maturities totaling $26.0 million and a $10.9 million increase in pre-tax unrealized losses on available-for-sale investment securities, along with $1.4 million in net amortization in the quarter. Both the AFS and HTM portfolios are eligible for pledging to FHLB or the Federal Reserve as collateral for borrowing. The portfolios are comprised of high credit quality investments with average effective durations of 3.8 on available-for-sale securities and 5.8 on held-to-maturity securities. Both portfolios generate cash inflows monthly from interest, principal amortization and payoffs, which supports the Bank's liquidity. Those cash inflows totaled $36.7 million and $46.2 million in the second and first quarters of 2023, respectively. Subsequent to quarter end, the Bank sold $82.7 million of available-for-sale securities and recognized a $2.8 million net loss. The net loss was offset with the $2.8 million gain from the sale of its remaining investment in Visa Inc. Class B restricted common stock, which had a zero carrying value.
Deposits
Deposits totaled $3.325 billion at June 30, 2023, an increase of $74.6 million compared to $3.251 billion at March 31, 2023 and a decrease of $248.1 million from $3.573 billion at December 31, 2022. There was a small shift in deposit composition in the second quarter, dropping non-interest bearing deposits from 50.3% of total deposits to 47.8%, raising money markets from 28.0% to 30.9% and time deposits from 4.4% to 6.1%. While there was some runoff in the first quarter attributed to industry disruptions and bank deposits moving to money market funds, we have seen growth in deposit balances and new account activity. We are closing the gap on the deposit outflows experienced in the first quarter of 2023. The Bank's competitive and balanced approach to relationship management and focused outreach supported the growth, with the addition of over 1,400 new accounts during the second quarter, 41% of which were new relationships to the Bank. As of June 30, 2023, the largest depositor represented 1.3% of total deposits and the combined four largest depositors represented 3.9% of total deposits. Our liquidity policies require that compensating cash or investment security balances be held against concentrations over a certain level.
Borrowings and Liquidity
At June 30, 2023, the Bank had $292.2 million outstanding in borrowings from the Federal Home Loan Bank, compared to $405.4 million at March 31, 2023, a reduction of $113.2 million. This strategic reduction was made possible through deposit growth and investment cash flows. While 100% of June 30, 2023 borrowings were overnight, the Bank actively manages borrowings and liquidity by balancing costs and risks over the short- and long-term. Total immediate contingent funding sources, including unrestricted cash, unencumbered available-for-sale securities, and remaining borrowing capacity was $1.992 billion, or 60% of total deposits and 209% of estimated uninsured deposits as of June 30, 2023. The Federal Reserve Bank Term Funding Program ("BTFP") facility offers borrowing capacity based on par values of securities pledged and attractive borrowing rates. While the Bank has pledged securities and tested the facility, it has not been utilized for funding. The following table details the components of liquidity as of quarter-end.
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(in millions) | Total Available | Amount Used | Net Availability |
Internal Sources | | | |
Unrestricted cash 1 | $ | 16.7 | | $ | — | | $ | 16.7 | |
Unencumbered securities at market value | 761.5 | | — | | 761.5 | |
External Sources | | | |
FHLB line of credit | 1,033.8 | | (292.2) | | 741.6 | |
FRB line of credit and BTFP facility | 337.0 | | — | | 337.0 | |
Lines of credit at correspondent banks | 135.0 | | — | | 135.0 | |
Total Liquidity | $ | 2,284.0 | | $ | (292.2) | | $ | 1,991.8 | |
1 Excludes cash items in transit as of June 30, 2023.
Note: Brokered deposits available through third-party networks are not included above.
Capital Resources
The total risk-based capital ratio for Bancorp was 16.4% at June 30, 2023, compared to 16.2% at March 31, 2023. The total risk-based capital ratio for the Bank was 16.0% at June 30, 2023, compared to 15.6% at March 31, 2023.
Bancorp's tangible common equity to tangible assets ("TCE ratio") was 8.6% at June 30, 2023, compared to 8.7% at March 31, 2023. The pro forma TCE ratio if held-to-maturity securities were treated the same as available-for-sale securities at June 30, 2023 would have been 6.7% (refer to pages 6 and 7 for a discussion and reconciliation of this non-GAAP financial measures). Management believes these non-GAAP measures are important because they reflect the level of capital available to withstand drastic changes in market conditions. Contingent funding sources, such as the Federal Home Loan Bank and the Federal Reserve BTFP facility, provide funding diversification and ensure that banks have immediate access to liquidity when market values on securities change.
Earnings
Net Interest Income
Net interest income totaled $24.1 million for the second quarter of 2023, compared to $29.9 million for the prior quarter. The $5.8 million decrease from the prior quarter was primarily related to an increase in the cost of deposits and higher average borrowing balances.
Net interest income totaled $54.0 million for the six months ended June 30, 2023, compared to $61.1 million for the same period in the prior year. The $7.1 million decrease from prior year was primarily due to higher costing deposits resulting in an incremental $6.2 million in interest expense and borrowing costs of $7.6 million, partially offset by higher average balances and yields on investments generating incremental income of $5.1 million and higher yields on loans adding $1.8 million.
The tax-equivalent net interest margin was 2.45% for the second quarter of 2023, compared to 3.04% for the prior quarter. The decline from prior quarter was primarily due to higher deposit and borrowing costs slightly offset by higher interest rates on loans. Average interest-bearing deposit balances decreased by $39.2 million while the cost increased by 95 basis points. Average borrowing balances increased by $149.7 million and the cost of borrowings increased by 30 basis points. Average loan balances decreased by $13.5 million while the average yield increased by 3 basis points.
The tax-equivalent net interest margin was 2.74% for the six months ended June 30, 2023, compared to 3.01% for the same period in the prior year. The decrease was primarily attributed to higher borrowing and deposit costs partially offset by higher interest rates on investments and loans. Average interest-bearing deposits balances decreased by $226.1 million while the cost increased by 77 basis points, mainly for money market and time deposit account types. Average borrowings increased by $297.5 million at a cost of 4.45%. Average loan balances decreased by $96.1 million while the average yield increased by 36 basis points.
Non-Interest Income
Non-interest income totaled $2.7 million for the second quarter of 2023, compared to $2.9 million for the prior quarter. The $196 thousand decrease from the prior quarter was primarily related to the recognition of a death
benefit on bank-owned life insurance in the prior quarter, partially offset by increases in ATM and debit card interchange fees.
Non-interest income totaled $5.7 million for the six months ended June 30, 2023, compared to $5.6 million for the same period of the prior year. The $79 thousand increase from the prior year period was mostly attributable to the higher death benefits and balances on bank-owned life insurance, partially offset by decreases in wealth management and trust services income and other income including one-way deposit and cash management fees.
Non-Interest Expense
Non-interest expense totaled $20.7 million for the second quarter of 2023, compared to $19.8 million for the prior quarter. The $885 thousand increase from the prior quarter included $589 thousand in charitable contributions as part of our annual grant program, $486 thousand in salaries and related benefits, which included annual merit increases, and $393 thousand in expenses and fees associated with an increase our customers' participation in reciprocal deposit networks to bolster their FDIC insured balances, as mentioned on page 1. In addition, our FDIC insurance expense increased by $377 thousand as the statutory rates increased uniformly by 2 basis points for all depository institutions effective January 1, 2023 in order to strengthen the FDIC's Deposit Insurance Fund. These and other lesser increases were partially offset by a $482 thousand reduction in depreciation and amortization expense and $434 thousand decrease in occupancy and equipment expense, primarily due to the acceleration of lease-related costs for branches closed in the first quarter. These branch closures also reduced maintenance, janitorial and utilities expenses for the quarter. In addition, professional services decreased by $326 thousand, mainly due to the timing of audit work performed.
Non-interest expense totaled $40.4 million for the six months ended June 30, 2023, compared to $38.3 million for the same period of prior year, an increase of $2.2 million. The most significant increases over prior year came from occupancy and equipment and depreciation and amortization expenses, which rose $596 thousand and $437 thousand, respectively, from branch closures in the first quarter of 2023. In addition, expenses associated with reciprocal deposits placed into deposit networks included in other expenses increased $497 thousand due to higher average balances and fees. Salaries and related benefits increased by $457 thousand primarily due to regularly scheduled annual merit and other increases and lower deferred origination costs, which were partially offset by an adjustment to our incentive bonus accrual. The FDIC insurance assessment and professional services also increased by $369 thousand and $342 thousand, respectively, for the same reasons mentioned above. These increases were partially offset by a $509 thousand decrease in data processing expenses due to our core system contract renegotiation for the current period and because the prior year included data processing expenses largely eliminated after the systems conversion associated with the American River Bankshares merger. In addition, the pre-tax savings in 2023 from the branch closures, net of accelerated costs, are expected to be approximately $470 thousand, and future annual pre-tax savings are expected to be approximately $1.4 million.
Statement Regarding use of Non-GAAP Financial Measures
Our second quarter and first half of 2022 were impacted by costs associated with our acquisition of American River Bank ("ARB"), which we considered immaterial to discuss in this release. For additional information regarding the impact of non-GAAP adjustments to our second quarter 2022 performance measures, refer to Form 10-Q filed on August 8, 2022.
In this press release, financial results are presented in accordance with GAAP and with reference to certain non-GAAP financial measures. Management believes that, given recent industry turmoil, the presentation of Bancorp's non-GAAP TCE ratio reflecting the after tax impact of unrealized losses on HTM securities provides useful supplemental information to investors. Because there are limits to the usefulness of this measure to investors, Bancorp encourages readers to consider its annual and quarterly consolidated financial statements and notes related thereto for their entirety, as filed with the Securities and Exchange Commission, and not to rely on any single financial measure. A reconciliation of the non-GAAP TCE ratio is presented below.
Reconciliation of GAAP and Non-GAAP Financial Measures
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(in thousands, unaudited) | | June 30, 2023 | |
Tangible Common Equity - Bancorp | | | |
Total stockholders' equity | | $ | 423,941 | | |
Goodwill and core deposit intangible | | (77,185) | | |
Total TCE | a | 346,756 | | |
Unrealized losses on HTM securities, net of tax | | (85,046) | | |
TCE, net of unrealized losses on HTM securities (non-GAAP) | b | $ | 261,710 | | |
Total assets | | $ | 4,092,133 | | |
Goodwill and core deposit intangible | | (77,185) | | |
Total tangible assets | d | 4,014,948 | | |
Unrealized losses on HTM securities, net of tax | | (85,046) | | |
Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) | e | $ | 3,929,902 | | |
Bancorp TCE ratio | a / d | 8.6 | % | |
Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) | b / e | 6.7 | % | |
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Share Repurchase Program
Bancorp's share repurchase program had $34.7 million available for repurchase as of June 30, 2023. There have been no repurchases in 2023. On July 21, 2023, the Board of Directors approved the adoption of Bancorp's new share repurchase program, which replaces the existing program expiring on July 31, 2023, for up to $25.0 million and expiring on July 31, 2025.
Earnings Call and Webcast Information
Bank of Marin Bancorp (Nasdaq: BMRC) will present its second quarter earnings call via webcast on Monday, July 24, 2023, at 8:30 a.m. PT/11:30 a.m. ET. Investors can listen to the webcast online through Bank of Marin’s website at www.bankofmarin.com. under “Investor Relations.” To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at the same website location shortly after the call. Closed captioning will be available during the live webcast, as well as on the webcast replay.
About Bank of Marin Bancorp
Founded in 1990 and headquartered in Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank in Northern California, with assets of $4.1 billion, Bank of Marin has 27 retail branches and 8 commercial banking offices located across 10 counties. Bank of Marin provides commercial banking, personal banking, and wealth management and trust services. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the “Top Corporate Philanthropists" by the San Francisco Business Times and one of the “Best Places to Work” by the North Bay Business Journal. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to 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 and the economic uncertainty in the United States and abroad, including economic or other disruptions to financial markets caused by acts of terrorism, war or other conflicts such as Russia's military action in Ukraine, impacts from inflation, supply change disruptions, changes in interest rates (including the actions taken by the Federal Reserve to control inflation), California's unemployment rate, deposit flows, real estate values, and expected future cash flows on loans and securities; costs or effects of acquisitions; competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; natural disasters (such as wildfires and earthquakes in our area);
adverse weather conditions; interruptions of utility service in our markets for sustained periods; and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting our operations, pricing, products and services; and successful integration of acquisitions. 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.
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BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS |
| Three months ended | | Six months ended |
(in thousands, except per share amounts; unaudited) | June 30, 2023 | March 31, 2023 | June 30, 2022 | | June 30, 2023 | June 30, 2022 |
Selected operating data and performance ratios: | | | | | | |
Net income | $ | 4,551 | | $ | 9,440 | | $ | 11,066 | | | $ | 13,991 | | $ | 21,531 | |
Diluted earnings per common share | $ | 0.28 | | $ | 0.59 | | $ | 0.69 | | | $ | 0.87 | | $ | 1.35 | |
Return on average assets | 0.44 | % | 0.92 | % | 1.03 | % | | 0.68 | % | 1.00 | % |
Return on average equity | 4.25 | % | 9.12 | % | 10.74 | % | | 6.65 | % | 10.16 | % |
Efficiency ratio | 76.91 | % | 60.24 | % | 55.73 | % | | 67.74 | % | 57.40 | % |
Tax-equivalent net interest margin 1 | 2.45 | % | 3.04 | % | 3.05 | % | | 2.74 | % | 3.01 | % |
Cost of deposits | 0.69 | % | 0.20 | % | 0.06 | % | | 0.44 | % | 0.06 | % |
Net (recoveries) charge-offs | $ | (2) | | $ | 3 | | $ | 8 | | | $ | 1 | | $ | (1) | |
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(in thousands; unaudited) | June 30, 2023 | March 31, 2023 | December 31, 2022 |
Selected financial condition data: | | | |
Total assets | $ | 4,092,133 | | $ | 4,135,279 | | $ | 4,147,464 | |
Loans: | | | |
Commercial and industrial | $ | 183,157 | | $ | 195,964 | | $ | 173,547 | |
Real estate: | | | |
Commercial owner-occupied | 344,951 | | 352,529 | | 354,877 | |
Commercial non-owner occupied | 1,196,158 | | 1,189,962 | | 1,191,889 | |
Construction | 108,986 | | 110,386 | | 114,373 | |
Home equity | 85,587 | | 86,572 | | 88,748 | |
Other residential | 118,646 | | 116,447 | | 112,123 | |
Installment and other consumer loans | 65,311 | | 60,468 | | 56,989 | |
Total loans | $ | 2,102,796 | | $ | 2,112,328 | | $ | 2,092,546 | |
Non-accrual loans: 1 | | | |
| | | |
Real estate: | | | |
Commercial owner-occupied | $ | 457 | | $ | 331 | | $ | 1,563 | |
Commercial non-owner occupied | 906 | | 924 | | — | |
Home equity | 749 | | 768 | | 778 | |
Installment and other consumer loans | — | | 3 | | 91 | |
Total non-accrual loans | $ | 2,112 | | $ | 2,026 | | $ | 2,432 | |
Classified loans (graded substandard and doubtful) | $ | 38,061 | | $ | 31,014 | | $ | 28,109 | |
Total accruing loans 30-89 days past due | $ | 983 | | $ | 1,223 | | $ | 664 | |
Allowance for credit losses to total loans | 1.13 | % | 1.10 | % | 1.10 | % |
| | | |
Allowance for credit losses to non-accrual loans | 11.28x | 11.52x | 9.45x |
Non-accrual loans to total loans | 0.10 | % | 0.10 | % | 0.12 | % |
Total deposits | $ | 3,325,212 | | $ | 3,250,574 | | $ | 3,573,348 | |
Loan-to-deposit ratio | 63.2 | % | 65.0 | % | 58.6 | % |
Stockholders' equity | $ | 423,941 | | $ | 430,174 | | $ | 412,092 | |
Book value per share | $ | 26.32 | | $ | 26.71 | | $ | 25.71 | |
Tangible common equity to tangible assets - Bank | 8.4 | % | 8.3 | % | 8.1 | % |
Tangible common equity to tangible assets - Bancorp | 8.6 | % | 8.7 | % | 8.2 | % |
Total risk-based capital ratio - Bank | 16.0 | % | 15.6 | % | 15.7 | % |
Total risk-based capital ratio - Bancorp | 16.4 | % | 16.2 | % | 15.9 | % |
Full-time equivalent employees | 317 | | 311 | | 313 | |
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1 There were no non-performing loans over 90 days past due and accruing interest as of June 30, 2023, March 31, 2023 and December 31, 2022. |
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BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION |
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(in thousands, except share data; unaudited) | June 30, 2023 | March 31, 2023 | December 31, 2022 | |
Assets | | | | |
Cash, cash equivalents and restricted cash | $ | 39,657 | | $ | 37,993 | | $ | 45,424 | | |
| | | | |
| | | | |
Investment securities: | | | | |
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at June 30, 2023, March 31, 2023 and December 31, 2022) | 946,808 | | 958,560 | | 972,207 | | |
Available-for-sale (at fair value; amortized cost of $856,166, $871,829 and $892,605 at June 30, 2023, March 31, 2023 and December 31, 2022, respectively; net of zero allowance for credit losses at June 30, 2023, March 31, 2023 and December 31, 2022) | 770,942 | | 797,533 | | 802,096 | | |
Total investment securities | 1,717,750 | | 1,756,093 | | 1,774,303 | | |
Loans, at amortized cost | 2,102,796 | | 2,112,328 | | 2,092,546 | | |
Allowance for credit losses on loans | (23,832) | | (23,330) | | (22,983) | | |
Loans, net of allowance for credit losses on loans | 2,078,964 | | 2,088,998 | | 2,069,563 | | |
Goodwill | 72,754 | | 72,754 | | 72,754 | | |
Bank-owned life insurance | 67,367 | | 67,006 | | 67,066 | | |
Operating lease right-of-use assets | 22,739 | | 22,854 | | 24,821 | | |
Bank premises and equipment, net | 8,683 | | 8,690 | | 8,134 | | |
Core deposit intangible, net | 4,431 | | 4,771 | | 5,116 | | |
Other real estate owned | 415 | | 455 | | 455 | | |
Interest receivable and other assets | 79,373 | | 75,665 | | 79,828 | | |
Total assets | $ | 4,092,133 | | $ | 4,135,279 | | $ | 4,147,464 | | |
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Liabilities and Stockholders' Equity | | | | |
Liabilities | | | | |
Deposits: | | | | |
Non-interest bearing | $ | 1,588,723 | | $ | 1,636,651 | | $ | 1,839,114 | | |
Interest bearing | | | | |
Transaction accounts | 229,434 | | 251,716 | | 287,651 | | |
Savings accounts | 274,510 | | 306,951 | | 338,163 | | |
Money market accounts | 1,029,082 | | 911,189 | | 989,390 | | |
Time accounts | 203,463 | | 144,067 | | 119,030 | | |
Total deposits | 3,325,212 | | 3,250,574 | | 3,573,348 | | |
Short-term borrowings and other obligations | 292,572 | | 405,802 | | 112,439 | | |
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Operating lease liabilities | 25,220 | | 25,433 | | 26,639 | | |
Interest payable and other liabilities | 25,188 | | 23,296 | | 22,946 | | |
Total liabilities | 3,668,192 | | 3,705,105 | | 3,735,372 | | |
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Stockholders' Equity | | | | |
Preferred stock, no par value, Authorized - 5,000,000 shares, none issued | — | | — | | — | | |
Common stock, no par value, Authorized - 30,000,000 shares; issued and outstanding - 16,107,192, 16,107,210 and 16,029,138 at June 30, 2023, March 31, 2023 and December 31, 2022, respectively | 216,589 | | 215,965 | | 215,057 | | |
Retained earnings | 276,732 | | 276,209 | | 270,781 | | |
Accumulated other comprehensive loss, net of taxes | (69,380) | | (62,000) | | (73,746) | | |
Total stockholders' equity | 423,941 | | 430,174 | | 412,092 | | |
Total liabilities and stockholders' equity | $ | 4,092,133 | | $ | 4,135,279 | | $ | 4,147,464 | | |
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BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME |
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| Three months ended | | | Six months ended |
(in thousands, except per share amounts; unaudited) | June 30, 2023 | March 31, 2023 | | | June 30, 2023 | June 30, 2022 |
Interest income | | | | | | |
Interest and fees on loans | $ | 24,579 | | $ | 24,258 | | | | $ | 48,837 | | $ | 47,011 | |
Interest on investment securities | 9,994 | | 10,033 | | | | 20,027 | | 14,966 | |
Interest on federal funds sold and due from banks | 48 | | 56 | | | | 104 | | 286 | |
Total interest income | 34,621 | | 34,347 | | | | 68,968 | | 62,263 | |
Interest expense | | | | | | |
Interest on interest-bearing transaction accounts | 234 | | 254 | | | | 488 | | 109 | |
Interest on savings accounts | 146 | | 170 | | | | 316 | | 61 | |
Interest on money market accounts | 4,292 | | 1,085 | | | | 5,377 | | 916 | |
Interest on time accounts | 946 | | 223 | | | | 1,169 | | 81 | |
Interest on borrowings and other obligations | 4,873 | | 2,716 | | | | 7,589 | | 1 | |
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Total interest expense | 10,491 | | 4,448 | | | | 14,939 | | 1,168 | |
Net interest income | 24,130 | | 29,899 | | | | 54,029 | | 61,095 | |
Provision for (reversal of) credit losses on loans | 500 | | 350 | | | | 850 | | (485) | |
Reversal of credit losses on unfunded loan commitments | (168) | | (174) | | | | (342) | | (318) | |
Net interest income after provision for (reversal of) credit losses | 23,798 | | 29,723 | | | | 53,521 | | 61,898 | |
Non-interest income | | | | | | |
Wealth Management and Trust Services | 559 | | 511 | | | | 1,070 | | 1,230 | |
Earnings on bank-owned life insurance, net | 362 | | 705 | | | | 1,067 | | 711 | |
Service charges on deposit accounts | 520 | | 533 | | | | 1,053 | | 953 | |
Debit card interchange fees, net | 555 | | 447 | | | | 1,002 | | 1,036 | |
Dividends on Federal Home Loan Bank stock | 290 | | 302 | | | | 592 | | 508 | |
Merchant interchange fees, net | 127 | | 133 | | | | 260 | | 289 | |
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Other income | 326 | | 304 | | | | 630 | | 868 | |
Total non-interest income | 2,739 | | 2,935 | | | | 5,674 | | 5,595 | |
Non-interest expense | | | | | | |
Salaries and related benefits | 11,416 | | 10,930 | | | | 22,346 | | 21,889 | |
Occupancy and equipment | 1,980 | | 2,414 | | | | 4,394 | | 3,798 | |
Data processing | 922 | | 1,045 | | | | 1,967 | | 2,476 | |
Professional services | 797 | | 1,123 | | | | 1,920 | | 1,578 | |
Depreciation and amortization | 400 | | 882 | | | | 1,282 | | 845 | |
Federal Deposit Insurance Corporation insurance | 666 | | 289 | | | | 955 | | 586 | |
Information technology | 357 | | 370 | | | | 727 | | 946 | |
Charitable contributions | 638 | | 49 | | | | 687 | | 556 | |
Amortization of core deposit intangible | 340 | | 345 | | | | 685 | | 754 | |
Directors' expense | 300 | | 321 | | | | 621 | | 605 | |
Other real estate owned | 44 | | 4 | | | | 48 | | 5 | |
Other expense | 2,805 | | 2,008 | | | | 4,813 | | 4,243 | |
Total non-interest expense | 20,665 | | 19,780 | | | | 40,445 | | 38,281 | |
Income before provision for income taxes | 5,872 | | 12,878 | | | | 18,750 | | 29,212 | |
Provision for income taxes | 1,321 | | 3,438 | | | | 4,759 | | 7,681 | |
Net income | $ | 4,551 | | $ | 9,440 | | | | $ | 13,991 | | $ | 21,531 | |
Net income per common share: | | | | | | |
Basic | $ | 0.28 | | $ | 0.59 | | | | $ | 0.88 | | $ | 1.35 | |
Diluted | $ | 0.28 | | $ | 0.59 | | | | $ | 0.87 | | $ | 1.35 | |
Weighted average shares: | | | | | | |
Basic | 16,009 | | 15,970 | | | | 15,990 | | 15,898 | |
Diluted | 16,016 | | 15,999 | | | | 16,008 | | 15,950 | |
Comprehensive (loss) income: | | | | | | |
Net income | $ | 4,551 | | $ | 9,440 | | | | $ | 13,991 | | $ | 21,531 | |
Other comprehensive (loss) income: | | | | | | |
Change in net unrealized gains or losses on available-for-sale securities | (10,928) | | 16,213 | | | | 5,285 | | (65,278) | |
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Net unrealized losses on securities transferred from available-for-sale to held-to-maturity | — | | — | | | | — | | (14,847) | |
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | 451 | | 463 | | | | 914 | | 616 | |
Other comprehensive (loss) income, before tax | (10,477) | | 16,676 | | | | 6,199 | | (79,509) | |
Deferred tax (benefit) expense | (3,097) | | 4,930 | | | | 1,833 | | (23,505) | |
Other comprehensive (loss) income, net of tax | (7,380) | | 11,746 | | | | 4,366 | | (56,004) | |
Total comprehensive (loss) income | $ | (2,829) | | $ | 21,186 | | | | $ | 18,357 | | $ | (34,473) | |
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BANK OF MARIN BANCORP |
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
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| | Three months ended | Three months ended | | |
| | June 30, 2023 | March 31, 2023 | | |
| | | Interest | | | Interest | | | | | | | |
| | Average | Income/ | Yield/ | Average | Income/ | Yield/ | | | | | | |
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | | | | | | |
Assets | | | | | | | | | | | | |
| Interest-earning deposits with banks 1 | $ | 3,578 | | $ | 48 | | 5.35 | % | $ | 4,863 | | $ | 56 | | 4.58 | % | | | | | | |
| Investment securities 2, 3 | 1,819,486 | | 10,103 | | 2.22 | % | 1,851,743 | | 10,194 | | 2.20 | % | | | | | | |
| Loans 1, 3, 4 | 2,108,260 | | 24,700 | | 4.63 | % | 2,121,718 | | 24,415 | | 4.60 | % | | | | | | |
| Total interest-earning assets 1 | 3,931,324 | | 34,851 | | 3.51 | % | 3,978,324 | | 34,665 | | 3.49 | % | | | | | | |
| Cash and non-interest-bearing due from banks | 38,154 | | | | 39,826 | | | | | | | | | |
| Bank premises and equipment, net | 8,546 | | | | 8,396 | | | | | | | | | |
| Interest receivable and other assets, net | 141,130 | | | | 137,114 | | | | | | | | | |
Total assets | $ | 4,119,154 | | | | $ | 4,163,660 | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | |
| Interest-bearing transaction accounts | $ | 232,090 | | $ | 234 | | 0.41 | % | $ | 272,353 | | $ | 254 | | 0.38 | % | | | | | | |
| Savings accounts | 285,745 | | 146 | | 0.20 | % | 329,299 | | 170 | | 0.21 | % | | | | | | |
| Money market accounts | 948,670 | | 4,292 | | 1.81 | % | 952,479 | | 1,085 | | 0.46 | % | | | | | | |
| Time accounts including CDARS | 174,471 | | 946 | | 2.18 | % | 126,030 | | 223 | | 0.72 | % | | | | | | |
| Short-term borrowings and other obligations 1 | 372,308 | | 4,873 | | 5.18 | % | 222,571 | | 2,716 | | 4.88 | % | | | | | | |
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| Total interest-bearing liabilities | 2,013,284 | | 10,491 | | 2.09 | % | 1,902,732 | | 4,448 | | 0.95 | % | | | | | | |
| Demand accounts | 1,627,730 | | | | 1,792,998 | | | | | | | | | |
| Interest payable and other liabilities | 49,116 | | | | 48,233 | | | | | | | | | |
| Stockholders' equity | 429,024 | | | | 419,697 | | | | | | | | | |
Total liabilities & stockholders' equity | $ | 4,119,154 | | | | $ | 4,163,660 | | | | | | | | | |
Tax-equivalent net interest income/margin 1 | | $ | 24,360 | | 2.45 | % | | $ | 30,217 | | 3.04 | % | | | | | | |
Reported net interest income/margin 1 | | $ | 24,130 | | 2.43 | % | | $ | 29,899 | | 3.01 | % | | | | | | |
Tax-equivalent net interest rate spread | | | 1.42 | % | | | 2.54 | % | | | | | | |
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| | Six months ended | Six months ended | | | | | | |
| | June 30, 2023 | June 30, 2022 | | | | | | |
| | | Interest | | | Interest | | | | | | | |
| | Average | Income/ | Yield/ | Average | Income/ | Yield/ | | | | | | |
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | | | | | | |
Assets | | | | | | | | | | | | |
| Interest-earning deposits with banks 1 | $ | 4,217 | | $ | 104 | | 4.91 | % | $ | 163,064 | | $ | 286 | | 0.35 | % | | | | | | |
| Investment securities 2, 3 | 1,835,525 | | 20,297 | | 2.21 | % | 1,717,624 | | 15,340 | | 1.79 | % | | | | | | |
| Loans 1, 3, 4 | 2,114,952 | | 49,115 | | 4.62 | % | 2,211,062 | | 47,403 | | 4.26 | % | | | | | | |
| Total interest-earning assets 1 | 3,954,694 | | 69,516 | | 3.50 | % | 4,091,750 | | 63,029 | | 3.06 | % | | | | | | |
| Cash and non-interest-bearing due from banks | 38,985 | | | | 62,679 | | | | | | | | | |
| Bank premises and equipment, net | 8,471 | | | | 7,305 | | | | | | | | | |
| Interest receivable and other assets, net | 139,134 | | | | 167,265 | | | | | | | | | |
Total assets | $ | 4,141,284 | | | | $ | 4,328,999 | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | |
| Interest-bearing transaction accounts | $ | 252,110 | | $ | 488 | | 0.39 | % | $ | 297,734 | | $ | 109 | | 0.07 | % | | | | | | |
| Savings accounts | 307,402 | | 316 | | 0.21 | % | 343,333 | | 61 | | 0.04 | % | | | | | | |
| Money market accounts | 950,564 | | 5,377 | | 1.14 | % | 1,099,439 | | 916 | | 0.17 | % | | | | | | |
| Time accounts including CDARS | 150,384 | | 1,169 | | 1.57 | % | 146,061 | | 81 | | 0.11 | % | | | | | | |
| Short-term borrowings and other obligations 1 | 297,853 | | 7,589 | | 5.07 | % | 384 | | 1 | | 0.62 | % | | | | | | |
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| Total interest-bearing liabilities | 1,958,313 | | 14,939 | | 1.54 | % | 1,886,951 | | 1,168 | | 0.12 | % | | | | | | |
| Demand accounts | 1,709,907 | | | | 1,963,832 | | | | | | | | | |
| Interest payable and other liabilities | 48,678 | | | | 50,846 | | | | | | | | | |
| Stockholders' equity | 424,386 | | | | 427,370 | | | | | | | | | |
Total liabilities & stockholders' equity | $ | 4,141,284 | | | | $ | 4,328,999 | | | | | | | | | |
Tax-equivalent net interest income/margin 1 | | $ | 54,577 | | 2.74 | % | | $ | 61,861 | | 3.01 | % | | | | | | |
Reported net interest income/margin 1 | | $ | 54,029 | | 2.72 | % | | $ | 61,095 | | 2.97 | % | | | | | | |
Tax-equivalent net interest rate spread | | | 1.96 | % | | | 2.94 | % | | | | | | |
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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 2023 and 2022. |
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. |
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Second Quarter 2023 Earnings Presentation July 24, 2023
2 Nasdaq: BMRC Forward-Looking Statements This discussion of financial results includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "1933 Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "1934 Act"). Those sections of the 1933 Act and 1934 Act provide a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about their financial performance so long as they provide meaningful, cautionary statements identifying important factors that could cause actual results to differ significantly from projected results. Our forward-looking statements include descriptions of plans or objectives of management for future operations, products or services, and forecasts of revenues, earnings or other measures of economic performance. 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 preceded by "will," "would," "should," "could" or "may." Forward-looking statements are based on management's current expectations regarding economic, legislative, and regulatory issues that may affect our earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions and the economic uncertainty in the United States and abroad, including economic or other disruptions to financial markets caused by acts of terrorism, war or other conflicts such as Russia's military action in Ukraine, impacts from inflation, supply change disruptions, changes in interest rates (including the actions taken by the Federal Reserve to control inflation), California's unemployment rate, deposit flows, real estate values, and expected future cash flows on loans and securities; costs or effects of acquisitions; competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; natural disasters (such as wildfires and earthquakes in our area); adverse weather conditions; interruptions of utility service in our markets for sustained periods; and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting our operations, pricing, products and services; and successful integration of acquisitions. Important factors that could cause results or performance to materially differ from those expressed in our prior forward-looking statements are detailed in ITEM 1A, Risk Factors section of our December 31, 2022 Form 10-K as filed with the SEC, copies of which are available from us at no charge. Forward-looking statements speak only as of the date they are made. 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. GAAP to Non-GAAP Financial Measures This presentation includes some non-GAAP financial measures as shown in the Appendix of this presentation. Please refer to the reconciliation of GAAP to Non-GAAP financial measures included on page 5 and 6 of our Form 8-K under Item 9 - Financial Statements and Exhibit 99.1 filed with the SEC on July 24, 2023.
Second Quarter 2023 Highlights 3 Nasdaq: BMRC Earnings and Profitability • Net Income of $4.6 million • Diluted EPS of $0.28 • Return on Average Assets of 0.44% • Return on Average Equity of 4.25% Key Operating Trends Loans and Credit Quality Deposits and Liquidity Capital • Tax-equivalent NIM of 2.45% • Tax-equivalent yield on interest-earning assets of 3.51%, up 2 bps from 1Q23 • Interest-bearing liabilities costs of 2.09%, up 114 bps from 1Q23 • Stable non-interest expense • Total portfolio loan balances decreased 0.4% from 1Q23 • Classified and non-accrual loans of only 1.81% and 0.10%, respectively • Reported NOO-CRE office portfolio average LTV and DCR were unchanged • Total deposits increased 2% from 1Q23, due to proactive prospect and customer outreach • Non-interest bearing deposits represent 48% of total deposits • Insured deposits estimated to represent 71% of total deposits • Strong liquidity provides 209% coverage of estimated uninsured deposits • Cash and unencumbered investment securities of $778.2 million • Other immediately available contingent funding of $1.2 billion • Bancorp total risk-based capital of 16.4% • Bancorp TCE / TA of 8.6%, 6.7% when adjusted for HTM securities 1 1See Reconciliation of Non-GAAP Financial Measures in the Appendix
Actions and Results Subsequent to Second Quarter through July 18th 4 Nasdaq: BMRC Deposits Borrowings and Liquidity Interest Rate Risk Investment Securities Loans and Credit Quality • Borrowings down another $126 million to $166 million • Cash increased $60 million to $100 million • Net improvement in liquidity of $186 million • Entered into $102 million receive floating interest rate swaps split between 2.5 and 3 year terms • Fair value hedge of AFS securities increases asset sensitivity and reduces market value risk • Sold $83 million AFS securities and offset losses of $2.8 million with a $2.8 million gain on the sale of VISA Class B shares • Settlement proceeds will be retained on balance sheet • Improves net interest margin and capital and liquidity ratios • Reduces market value/tangible capital sensitivity to interest rate increases • Increased AFS portfolio duration from 3.8 to 4.0 • Sold only other real estate owned property at a slight gain 1See Reconciliation of Non-GAAP Financial Measures in the Appendix • Deposits up $116 million and less than $50 million below balance immediately preceding 1st quarter bank failures and resulting industry disruption • Non-interest bearing deposits of 50% are above the 48% pre-pandemic level at 12/31/19 • Cost of deposits 3rd quarter to date was 0.89%
Strong Deposit Franchise 5 Nasdaq: BMRC • Total deposits increased $74.6 million, or 2.3%, compared to March 31, 2023 • Deposit mix continues to favor a high percentage of non-interest bearing deposits • Total cost of deposits of 0.69% (interest-bearing 1.37%) for the quarter and 0.82% (interest-bearing 1.60%) for the month of June • Time deposit balances grew $59MM in Q2 with the total time deposit portfolio average maturity of approximately 11 months and an average rate of 2.18% NIB DDA 47.8% Money Markets 30.9% Savings 8.3% IB DDA 6.9% Time Deposits 6.1% Total Deposit Mix ($3.33B) at 2Q23 NIB DDA 50.3% Money Markets 28.0% Savings 9.5% IB DDA 7.8% Time Deposits 4.4% Total Deposit Mix ($3.25B) at 1Q23 Total Deposit Mix ($3.44B) at July 18, 2023 NIB DDA 49.5% Money Markets 29.9% Savings 8.0% IB DDA 6.6% Time Deposits 6.0%
6 • Proactive outreach and relationship management continues to make us the Bank of choice with 1432 new accounts opened in the quarter (excludes new reciprocal accounts), bringing the YTD total to over 2400 new accounts. The Q2 portion is comprised 87% of interest-bearing accounts at a weighted average interest rate of 3.29%, and 13%, or $22MM, of non-interest-bearing deposits, for a combined rate of 2.84%. • Customer behaviors center around rate and/or FDIC insurance. Second quarter cost of deposits at 0.69%, reflected the first full quarter of higher deposit pricing. Our reciprocal deposit network program (expanded FDIC insurance products) utilization grew by $200.6MM in Q2. • Deposit pricing is stringently managed in the context of each relationship. We expect our cost of deposits to normalize moving forward. New Account Activity New Relationships 41% Existing Relationships - New $ 24% Existing Relationships - Internal $ Movement 35% 1,432 New Accounts Mix (by count) 2Q23
Strong Liquidity: $2.0 Billion in Net Availability 7 Nasdaq: BMRC At June 30, 2023 ($ in millions) Total Available Amount Used Net Availability Internal Sources Unrestricted Cash $ 16.7 $ — $ 16.7 Unencumbered Securities 761.5 — 761.5 External Sources FHLB 1,033.8 (292.2) 741.6 FRB 337.0 — 337.0 Contingent Lines at Correspondents 135.0 — 135.0 Total Liquidity $ 2,284.0 $ (292.2) $ 1,991.8 • The Bank has long-established minimum liquidity and diversification requirements using tools similar to large banks such as the Liquidity Coverage Ratio and multi-scenario, long-horizon stress testing • Deposit outflow assumptions for liquidity monitoring and stress testing are conservative relative to actual experience and have been reevaluated and updated subsequent to events of the first quarter • Markets and internal activity monitored daily for signs of systemic and idiosyncratic risk • Immediately available contingent funding represented 209% of 6/30/23 estimated uninsured deposits Note: Access to brokered deposit purchases through networks such as Intrafi and Reich & Tang and brokered CD sales not included above.
HTM Securities Portfolio Agency MBS/CMO 75% GSEs 15% Municipal Bonds 7% Corporate Bonds 3% AFS Securities Portfolio Agency MBS/CMO 59%GSEs 18% Municipal Bonds 13% SBA 5% Corporate Bonds & Other 4% USTs 1% High-Quality Securities Portfolio Generates Cash Flow Data as of 6/30/23 8 Nasdaq: BMRC $770.9MM $946.8MM Average Yield — 2.14% Approx. Duration — 3.8 Unrealized Losses (after tax) — $60.0 million TCE Bancorp — 8.6% Average Yield — 2.49% Approx. Duration — 5.8 Unrealized Losses (after tax) — $85.0 million TCE Bancorp w/ HTM — 6.7% 1 ($ in millions at Fair Value) ($ in millions at Cost) 1 See Reconciliation of Non-GAAP Financial Measures in the Appendix.
Well-diversified Loan Portfolio As of 6/30/23 - No material changes to Q1 2023 9 Nasdaq: BMRC • The loan portfolio is well-diversified across borrowers, industries, loan and property types within our geographic footprint — 93% of loans are guaranteed by borrower guarantors • Non-owner occupied commercial real estate ("NOO-CRE") is well-diversified by property type with 89% of loans being guaranteed by borrower guarantors • Since 2001, net charge-offs for all NOO-CRE total $1.2 million. • Construction loans represent a small portion of the overall portfolio OO-CRE 16% C&I 9% Consumer 13% Construction 5% NOO-CRE 57% Office 31% Mixed Use 7% Retail 20% Warehouse & Industrial 12% Multi-Family 13% Other, 17% 2Q23 Total Loans 2Q23 Total NOO-CRE Loans $2.1B $1.2B
Non-owner Occupied Office Exposure As of 6/30/23 - No material changes to Q1 2023 10 Nasdaq: BMRC • $366 million in exposure spread across our 10-county footprint comprised of 142 loans • $2.6 million average loan balance – largest loan at $17.1 million • 55% average loan-to-value and 1.67x average debt-service coverage ratio* • City of San Francisco NOO-CRE office exposure is 3% of total loan portfolio and 6% of total NOO-CRE loans Marin, 26% Sonoma, 14% San Francisco, 19% Alameda, 7% Sacramento, 6% Napa, 10% Other Bay Area, 14% Other, 4% NOO-CRE Office Portfolio by County City of S.F. NOO-CRE Office Portfolio Total Balance: $71.4 million Average Loan Bal: $6.5 million Number of Loans: 11 loans Average LTV*: 63% Average DCR: 1.20x Average Occupancy: 85% 10 of the 11 properties are low rise buildings, the other is 10 stories. $366MM *Based on the most recent annual review process
NOO-CRE Portfolio Diversified Across Property Types & Geographies As of 6/30/23 - No material changes to Q1 2023 11 Nasdaq: BMRC Retail as of 2Q23 Warehouse & Industrial as of 2Q23 Multi-Family as of 2Q23 Marin, 18% Sonoma, 16% San Francisco, 3% Alameda, 8% Sacramento, 14% Napa, 18% Other Bay Area, 13% Other, 10% Marin, 15% Sonoma, 15% San Francisco, 25% Alameda, 15% Sacramento, 4% Napa, 6% Other Bay Area, 4% Other, 16% Marin, 11% Sonoma, 27% San Francisco, 11% Alameda, 18% Sacramento, 17% Napa, 3% Other Bay Area, 4% Other, 9% $235MM $152MM $144MM Avg. Loan Bal: $2.1MM Largest Bal: $15.1MM # of Loans: 70 Avg. LTV*: 43% Avg. Loan Bal: $1.5MM Largest Bal: $12.1MM # of Loans: 104 Avg. LTV*: 49% Avg. Loan Bal: $1.8MM Largest Bal: $14.3MM # of Loans: 132 Avg. LTV*: 44% *Loan-to-value at origination.
Construction Portfolio Concentrated in Lower-Risk Property Segments As of 6/30/23 - No material changes to Q1 2023 12 Nasdaq: BMRC Marin, 8% Sonoma, 1% San Francisco, 49% Alameda, 27% Other Bay Area, 15% Construction by Type as of 1Q23 Construction Portfolio by County as of 1Q23 Multi-family, 66% Self Storage, 10% 1-4 Residential, 23% Land & Ag, 1% Total Balance: $109.0MM Unfunded Commitments: $22.7MM # of Loans: 18 Avg. Loan Bal: $6.1MM Largest Loan Bal: $17.2MM Avg. LTV*: 55% *Loan-to-value at origination. $109MM $109MM
History of Excellent Asset Quality 13 Nasdaq: BMRC • Consistent, robust credit culture and underwriting principles have supported excellent asset quality • Non-accrual loans continue to remain at historically low levels • Net charge-offs have consistently been negligible for the last five years. • Adequate reserves with allowance for credit losses to total loans of 1.13% Non-accrual Loans / Total Loans 0.01% 0.44% 0.37% 0.12% 0.10% 2019 2020 2021 2022 2Q23 Non-accrual Loans / Total Loans Quarterly Progression 0.49% 0.12% 0.10% 0.10% 3Q22 4Q22 1Q23 2Q23
Robust Capital Ratios as of 6/30/23 14 Nasdaq: BMRC 6.5% 8.0% 10.0% 5.0% 15.5% 15.5% 16.4% 10.1% 8.6% 6.7% Well Capitalized Threshold Bank of Marin Bancorp Bancorp TCE adj. for HTM securities* Common Equity Tier-One Risk-Based Capital Total Tier-One Risk-Based Capital Total Risk-Based Capital Tier-One Leverage Tangible Common Equity *See Reconciliation of Non-GAAP Financial Measures in the Appendix.
Net Interest Margin Drivers 15 Nasdaq: BMRC • Linked-quarter NIM decreased 59 bps, due primarily to higher deposit costs and borrowing balances, partially offset by higher loan yields. • The cost of deposits increased to 82 basis points in the month of June compared to 40 basis points in March 2023. • Our increase in deposit rates has lagged the general market, which benefited our NIM by approximately 40 bps in the first quarter. • The current cycle beta of 27% on non-maturity, interest-bearing deposits compares to our interest rate risk modeling assumption of 35%, which is doubled for stress testing. 0.14% 0.08% 0.14% 0.17% 0.16% 0.17% 0.20% 0.23% 0.83% 1.15% 1.36% 1.60%1.68% 2.33% 2.56% 3.08% 3.78% 4.10% 4.33% 4.57% 4.65% 4.83% 5.05% 5.08% IB Deposits Fed Funds 7-22 8-22 9-22 10-22 11-22 12-22 1-23 2-23 3-23 4-23 5-23 6-23 3.04% 0.03% —% (0.01)% (0.40)% (0.21)% 2.45% 1Q23 Loans Securities Cash Deposits Borrowings 2Q23 Net Interest Margin Linked-Quarter Change Average Monthly Cost of IB Deposits vs. Fed Funds
Appendix
Reconciliation of GAAP to Non-GAAP Financial Measures 17 Nasdaq: BMRC (in thousands, unaudited) June 30, 2023 Tangible Common Equity - Bancorp Total stockholders' equity $ 423,941 Goodwill and core deposit intangible (77,185) Total TCE a 346,756 Unrealized losses on HTM securities, net of tax (85,046) TCE, net of unrealized losses on HTM securities (non-GAAP) b $ 261,710 Total assets $ 4,092,133 Goodwill and core deposit intangible (77,185) Total tangible assets d 4,014,948 Unrealized losses on HTM securities, net of tax (85,046) Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) e $ 3,929,902 Bancorp TCE ratio a / d 8.6 % Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) b / e 6.7 % For further discussion about our non-GAAP financial measures, refer to page 5 and 6 of our Form 8-K under Item 9 - Financial Statements and Exhibit 99.1 filed with the SEC on July 24, 2023.
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