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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of Marin Bancorp | NASDAQ:BMRC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.19 | 14.32 | 19.20 | 0 | 12:00:00 |
Announces $0.23 Dividend
Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $8.9 million in the first quarter of 2021, compared to $8.1 million in the fourth quarter of 2020 and $7.2 million in the first quarter of 2020. Diluted earnings per share were $0.66 in the first quarter, $0.60 in the prior quarter, and $0.53 in the same quarter last year.
“Bank of Marin delivered steady, reliable results throughout 2020, reflecting our sound underwriting and commitment to relationship banking,” said Russell A. Colombo, President and Chief Executive Officer. “Our first quarter results in 2021 reinforced that consistency. Our credit quality is strong, and we are poised to grow as the economy reopens and our markets gain momentum.”
First quarter 2021 earnings included a $2.9 million reversal of the allowance for credit losses on loans and $590 thousand reversal of allowance for credit losses on unfunded loan commitments. Additionally, the early redemption of our last subordinated debenture generated $1.3 million in accelerated discount accretion in interest expense.
Bancorp provided the following highlights from the first quarter of 2021:
Loans and Credit Quality
Loans increased by $33.2 million in the first quarter and totaled $2.122 billion at March 31, 2021, which was comprised of a $73.4 million net increase in PPP loans, and a $40.2 million decrease in non-PPP loans. Non-PPP-related loan originations were $25.3 million for the first quarter of 2021, compared to $29.8 million for the first quarter of 2020. Loan payoffs were $34.6 million in the first quarter of 2021, compared to $51.7 million for the first quarter of 2020. Loan payoffs in the first quarter consisted largely of consumer loans and loans whereby underlying assets were sold (including completed construction projects). Other negative variances included loans refinanced with other banks and decreased commitment line utilization.
As of March 31, 2021, there were 2,513 PPP loans outstanding totaling $365.0 million (net of $8.0 million in unrecognized fees and costs), which included 841 loans totaling $119.5 million funded during the first quarter of 2021 under the second round of the PPP stimulus plan. Of the total PPP loans funded as of March 31, 2021, 144 loans amounting to $55.9 million were forgiven and paid off by the SBA. We expect the forgiveness of the first round of PPP loans to accelerate during the second quarter of 2021. Of the loans remaining, 77% (1,940 loans) totaling $89.6 million are less than or equal to $150 thousand and have access to streamlined forgiveness processing.
As of April 15, 2021, 11 borrowing relationships with 17 loans totaling $59.2 million were benefiting from payment relief. We monitor the financial situation of these clients closely and expect the majority to resume payments as the economy reopens. The following table summarizes these loans by industry or collateral type.
Industry/Collateral Type (dollars in thousands)
Outstanding Loan Balance
Weighted Average LTV
Education
$
17,076
26
%
Health Clubs
16,427
45
%
Office and Mixed Use
13,794
42
%
Hospitality
7,135
48
%
Retail Related CRE
4,760
58
%
Payment Relief Totals
$
59,192
40
%
Non-accrual loans totaled $9.2 million, or 0.43% of the loan portfolio, at March 31, 2021, $9.2 million, or 0.44% at December 31, 2020, and $1.6 million, or 0.09% a year ago. Classified loans totaled $26.4 million at March 31, 2021, compared to $25.8 million at December 31, 2020 and $12.1 million at March 31, 2020. There were no loans classified doubtful at March 31, 2021, December 31, 2020, or March 31, 2020. Accruing loans past due 30 to 89 days totaled $1.0 million at March 31, 2021, compared to $1.8 million at December 31, 2020 and $1.3 million a year ago.
In the first quarter of 2021, we recorded a reversal of the provision for credit losses on loans of $2.9 million, compared to a reversal of $856 thousand in the prior quarter and an increase of $2.2 million in the first quarter of 2020. Both the current and previous quarters' allowances were calculated under the current expected credit loss methodology. The reversal of the provision in the first quarter of 2021 was primarily due to improvements in the forecasted California unemployment rates over the next four quarters and a $40.2 million decrease in non-PPP loans. The first quarter of 2020 included a $2.2 million provision for credit losses on loans, as determined under the incurred loss methodology, due to economic uncertainties of the COVID-19 pandemic. Net recoveries were $13 thousand in the first quarter of 2021 and fourth quarter of 2020, compared to $7 thousand in the first quarter a year ago. The ratio of allowance for credit losses to total loans was 0.94% at March 31, 2021, 1.10% at December 31, 2020, and 1.02% at March 31, 2020. Excluding acquired and SBA PPP loans, the allowance for credit losses represented 1.14% of total loans as of March 31, 2021, compared to 1.27% and 1.08% as of December 31, 2020 and March 31, 2020, respectively (refer to footnote 4 on page 6 for a definition of this non-GAAP financial measure).
Cash, Cash Equivalents and Restricted Cash
Total cash, cash equivalents and restricted cash were $142.8 million at March 31, 2021, compared to $200.3 million at December 31, 2020. The reduction was primarily due to growth in SBA PPP loans and investment securities, partially offset by increased deposits.
Investments
The investment securities portfolio increased to $670.5 million at March 31, 2021 from $501.4 million at December 31, 2020. The increase was primarily attributed to purchases of $203.4 million to deploy excess cash in a more favorable interest rate environment, partially offset by paydowns, calls and maturities of $24.7 million. The fair value of available-for-sale investment securities decreased $9.1 million, primarily due to the rise in interest rates in the first quarter of 2021.
Deposits
Total deposits were $2.656 billion at March 31, 2021, compared to $2.504 billion at December 31, 2020. PPP borrower-related deposits and normal fluctuations in some of our large business accounts drove the increase. Additionally, the bank maintained $180.8 million in off-balance sheet deposits with deposit networks at March 31, 2021. The average cost of deposits held steady at 0.07% in the first quarter of 2021.
On March 30, 2020, we implemented temporary fee waivers for all ATM fees, overdraft fees and early withdrawal penalties for time deposits to help ease the financial burden customers began experiencing due to the pandemic. After honoring the fee waivers for one year, we announced at the beginning of April those fees would no longer be automatically waived as of May 3, 2021, allowing our customers 30 days to adjust.
Earnings
“We continued our established tradition of carefully managing expenses in the first quarter, while taking advantage of market opportunities to invest excess cash and reduce high-cost debt,” said Tani Girton, EVP and Chief Financial Officer. “With consistent profitability, excellent asset quality and low-cost funding, we are confident in our ability to grow alongside our clients and continue to develop value for our shareholders.”
Net interest income totaled $22.0 million in the first quarter of 2021, compared to $23.6 million in the prior quarter and $24.1 million a year ago. The $1.6 million decrease from the prior quarter was mostly attributable to $1.3 million in accelerated discount accretion from the early redemption of a subordinated debenture. Additionally, interest income declined due to two fewer days in the quarter.
The $2.1 million decrease in net interest income from the comparative quarter a year ago was primarily caused by lower yields across interest-earning assets stemming from the low interest rate environment, early redemption of the subordinated debenture as mentioned above, and lower average commercial and home equity loan balances. These negative variances were partially offset by interest and fees on PPP loans and lower rates on interest-bearing liabilities.
The tax-equivalent net interest margin was 3.19% in the first quarter, 3.40% in the prior quarter, and 3.88% in the first quarter of 2020. The early redemption of our last subordinated debenture reduced first quarter 2021 tax-equivalent net interest margin by approximately 18 basis points, but will improve net interest margin going forward. The decrease from the same quarter a year ago was primarily attributed to the lower interest rate environment.
Non-interest income totaled $1.8 million in the first quarter of 2021 and the fourth quarter of 2020, compared to $3.1 million in the first quarter a year ago. The $1.3 million decrease from the first quarter of 2020 was mostly attributed to the absence of gains on sales of investment securities, lower service charges on deposit accounts, and lower fee income from one-way deposit sales to third-party deposit networks.
Non-interest expense decreased $358 thousand to $14.8 million in the first quarter of 2021 from $15.2 million in the prior quarter. The decrease was primarily due to a $590 thousand reversal of the allowance for credit losses on unfunded loan commitments versus a $960 thousand provision for credit losses on unfunded loan commitments in the prior quarter. This favorable variance was partially offset by $794 thousand in higher salaries and related benefits expenses, which included January resets of 401K matching, accelerated stock-based compensation for participants meeting retirement eligibility criteria. Professional services also increased due to some pandemic related delays in 2020 activities.
First quarter non-interest expense decreased $647 thousand from $15.5 million in the first quarter of 2020. The decrease was primarily attributed to the $590 thousand reversal of allowance for credit losses on unfunded loan commitments versus a $102 thousand provision a year ago. In addition, salaries and related benefits decreased $269 thousand (mostly attributed to $421 thousand additional deferred loan origination costs from funding the second round of SBA PPP loans) and charitable contributions $136 thousand. Increases included professional services as mentioned above and the discontinuation of Federal Deposit Insurance Corporation ("FDIC") insurance credits received in 2020.
The efficiency ratio was 62.13% in the first quarter of 2021, up from 59.70% in the prior quarter and 56.79% in the comparative period a year ago. Without the $1.3 million accelerated discount accretion from the early redemption of the subordinated debenture our efficiency ratio would have been 58.92%.
Share Repurchase Program
Bancorp repurchased 224,013 shares totaling $8.5 million in the first quarter of 2021 for a cumulative total of 393,584 shares amounting to $14.3 million under the $25.0 million share repurchase program that was approved by the Board of Directors on January 24, 2020, expiring February 28, 2022.
Earnings Call and Webcast Information
Bank of Marin Bancorp will present its first quarter earnings call via webcast on Monday, April 19, 2021 at 8:30 a.m. PT/11:30 a.m. ET. Investors will have the opportunity to listen to the webcast online through Bank of Marin’s website at https://www.bankofmarin.com under “Investor Relations.” To listen to the webcast live, 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.
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 the San Francisco Bay Area, with assets of $3.1 billion as of March 31, 2021, Bank of Marin has 21 branches and 7 commercial banking offices located across 7 Bay Area counties. Bank of Marin provides commercial banking, personal banking, specialty lending 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, natural disasters (such as wildfires and earthquakes), our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation (including the Tax Cuts & Jobs Act of 2017 and the Coronavirus Aid, Relief and Economic Security Act of 2020, as amended), 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 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.
(BMRC-ER)
BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data; unaudited)
March 31, 2021
December 31, 2020
March 31, 2020
Quarter-to-Date
Net income
$
8,947
$
8,117
$
7,228
Diluted earnings per common share
$
0.66
$
0.60
$
0.53
Return on average assets
1.21
%
1.09
%
1.09
%
Return on average equity
10.22
%
8.98
%
8.54
%
Efficiency ratio
62.13
%
59.70
%
56.79
%
Tax-equivalent net interest margin 1
3.19
%
3.40
%
3.88
%
Cost of deposits
0.07
%
0.07
%
0.21
%
Net recoveries
$
(13
)
$
(13
)
$
(7
)
At Period End
Total assets
$
3,058,133
$
2,911,926
$
2,697,738
Loans:
Commercial and industrial 2
$
545,069
$
498,408
$
264,405
Real estate:
Commercial owner-occupied
308,266
304,963
306,371
Commercial investor-owned
955,021
961,208
930,479
Construction
71,066
73,046
63,425
Home equity
96,575
104,813
116,968
Other residential
124,383
123,395
135,929
Installment and other consumer loans
21,392
22,723
26,283
Total loans
$
2,121,772
$
2,088,556
$
1,843,860
Non-performing loans: 3
Real estate:
Commercial owner-occupied
$
7,147
$
7,147
$
—
Commercial investor-owned
1,603
$
1,610
$
942
Home equity
455
459
633
Installment and other consumer loans
—
17
57
Total non-accrual loans
$
9,205
$
9,233
$
1,632
Classified loans (graded substandard and doubtful)
$
26,423
$
25,829
$
12,056
Total accruing loans 30-89 days past due
$
1,047
$
1,827
$
1,315
Allowance for credit losses to total loans
0.94
%
1.10
%
1.02
%
Allowance for credit losses to total loans, excluding acquired and SBA PPP loans 4
1.14
%
1.27
%
1.08
%
Allowance for credit losses to non-performing loans
2.17x
2.48x
11.57x
Non-accrual loans to total loans
0.43
%
0.44
%
0.09
%
Total deposits
$
2,656,199
$
2,504,249
$
2,307,110
Loan-to-deposit ratio
79.9
%
83.4
%
79.9
%
Stockholders' equity
$
350,292
$
358,253
$
345,940
Book value per share
$
26.29
$
26.54
$
25.50
Tangible common equity to tangible assets 5
10.5
%
11.3
%
11.7
%
Total risk-based capital ratio - Bank
14.8
%
15.8
%
14.4
%
Total risk-based capital ratio - Bancorp
15.7
%
16.0
%
15.3
%
Full-time equivalent employees
282
289
296
1 Net interest income is annualized by dividing actual number of days in the period times 360 days.
2 Includes SBA PPP loans of $365.0 million and $291.6 million at March 31, 2021 and December 31, 2020, respectively. There were no SBA PPP loans as of March 31, 2020.
3 Excludes accruing troubled-debt restructured loans of $3.4 million, $5.1 million and $11.1 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively.
4 The allowance for credit losses to total loans, excluding non-impaired acquired loans and guaranteed SBA PPP loans, is considered a meaningful non-GAAP financial measure, as it represents only those loans that were considered in the calculation of the allowance for credit losses. Due to the adoption of CECL on December 31, 2020, all loans previously considered "acquired" are now included in the calculation of the allowance for credit losses. Acquired loans that were not impaired at March 31, 2020 totaled $100.4 million. Refer to footnote 2 above for SBA PPP loan totals.
5 Tangible common equity to tangible assets is considered to be a meaningful non-GAAP financial measure of capital adequacy and is useful for investors to assess Bancorp's ability to absorb potential losses. Tangible common equity includes common stock, retained earnings and unrealized gain on available for sale securities, net of tax, less goodwill and intangible assets of $33.8 million, $34.0 million and $34.6 million at March 31, 2021, December 31, 2020, and March 31, 2020, respectively. Tangible assets exclude goodwill and intangible assets.
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
At March 31, 2021, December 31, 2020 and March 31, 2020
(in thousands, except share data; unaudited)
March 31, 2021
December 31, 2020
March 31, 2020
Assets
Cash, cash equivalents and restricted cash
$
142,819
$
200,320
$
156,274
Investment securities:
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2021 and December 31, 2020 1)
151,970
109,036
131,140
Available-for-sale (at fair value; amortized cost $508,337, $373,038, and $431,519 at March 31, 2021, December 31, 2021, March 31, 2020, respectively; net of zero allowance for credit losses at March 31, 2021 and December 31, 20201)
518,568
392,351
448,868
Total investment securities
670,538
501,387
580,008
Loans, at amortized cost
2,121,772
2,088,556
1,843,860
Allowance for credit losses 1
(19,958
)
(22,874
)
(18,884
)
Loans, net of allowance for credit losses
2,101,814
2,065,682
1,824,976
Bank premises and equipment, net
4,604
4,919
5,708
Goodwill
30,140
30,140
30,140
Core deposit intangible
3,627
3,831
4,471
Operating lease right-of-use assets
24,559
25,612
22,225
Interest receivable and other assets
80,032
80,035
73,936
Total assets
$
3,058,133
$
2,911,926
$
2,697,738
Liabilities and Stockholders' Equity
Liabilities
Deposits
Non-interest bearing
$
1,445,282
$
1,354,650
$
1,130,460
Interest bearing
Transaction accounts
176,390
183,552
137,802
Savings accounts
224,748
201,507
167,210
Money market accounts
714,824
667,107
776,271
Time accounts
94,955
97,433
95,367
Total deposits
2,656,199
2,504,249
2,307,110
Borrowings and other obligations
30
58
185
Subordinated debenture
—
2,777
2,725
Operating lease liabilities
25,993
27,062
23,726
Interest payable and other liabilities
25,619
19,527
18,052
Total liabilities
2,707,841
2,553,673
2,351,798
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 - 13,326,509, 13,500,453 and 13,565,969 at March 31, 2021, December 31, 2020, and March 31, 2020, respectively
118,386
125,905
127,684
Retained earnings
225,600
219,747
207,328
Accumulated other comprehensive income, net of taxes
6,306
12,601
10,928
Total stockholders' equity
350,292
358,253
345,940
Total liabilities and stockholders' equity
$
3,058,133
$
2,911,926
$
2,697,738
1 The March 31, 2021 and December 31, 2020 allowances were under current expected credit loss methodology. Whereas, the March 31, 2020 allowance was under incurred loss methodology. Refer to Note 1, Summary of Accounting Policies, in our 2020 Form 10-K for further information on the adoption of ASU 2016-13.
BANK OF MARIN BANCORPCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended
(in thousands, except per share amounts; unaudited)
March 31, 2021
December 31, 2020
March 31, 2020
Interest income
Interest and fees on loans
$
20,661
$
20,794
$
20,887
Interest on investment securities
3,129
3,254
4,165
Interest on federal funds sold and due from banks
42
40
332
Total interest income
23,832
24,088
25,384
Interest expense
Interest on interest-bearing transaction accounts
39
40
66
Interest on savings accounts
19
18
16
Interest on money market accounts
286
278
971
Interest on time accounts
96
118
161
Interest on borrowings and other obligations
—
1
2
Interest on subordinated debenture
1,361
34
49
Total interest expense
1,801
489
1,265
Net interest income
22,031
23,599
24,119
(Reversal of) provision for credit losses on loans
(2,929
)
(856
)
2,200
Net interest income after (reversal of) provision for credit losses
24,960
24,455
21,919
Non-interest income
Wealth Management and Trust Services
488
476
504
Debit card interchange fees
366
387
360
Service charges on deposit accounts
281
286
451
Earnings on bank-owned life insurance, net
257
232
275
Dividends on Federal Home Loan Bank stock
149
151
208
Merchant interchange fees
57
56
73
Gains on sale of investment securities, net
—
—
800
Other income
228
239
449
Total non-interest income
1,826
1,827
3,120
Non-interest expense
Salaries and related benefits
9,208
8,414
9,477
Occupancy and equipment
1,751
1,843
1,663
Professional services
863
432
544
Data processing
819
747
786
Depreciation and amortization
459
558
526
Information technology
313
292
250
Amortization of core deposit intangible
204
214
213
Federal Deposit Insurance Corporation insurance
179
175
2
Directors' expense
175
180
174
Charitable contributions
31
113
167
(Reversal of) provision for credit losses on unfunded loan commitments
(590
)
960
102
Other expense
1,410
1,252
1,565
Total non-interest expense
14,822
15,180
15,469
Income before provision for income taxes
11,964
11,102
9,570
Provision for income taxes
3,017
2,985
2,342
Net income
$
8,947
$
8,117
$
7,228
Net income per common share:
Basic
$
0.67
$
0.60
$
0.53
Diluted
$
0.66
$
0.60
$
0.53
Weighted average shares:
Basic
13,363
13,523
13,525
Diluted
13,469
13,615
13,656
Comprehensive income (loss):
Net income
$
8,947
$
8,117
$
7,228
Other comprehensive (loss) income:
Change in net unrealized gains on available-for-sale securities
(9,082
)
286
9,812
Reclassification adjustment for (gains) on available-for-sale securities included in net income
—
—
(800
)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity
143
129
110
Other comprehensive (loss) income, before tax
(8,939
)
415
9,122
Deferred tax (benefit) expense
(2,644
)
124
2,697
Other comprehensive (loss) income, net of tax
(6,295
)
291
6,425
Total comprehensive income
$
2,652
$
8,408
$
13,653
BANK OF MARIN BANCORP
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME
Three months ended
Three months ended
Three months ended
March 31, 2021
December 31, 2020
March 31, 2020
Interest
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
(in thousands; unaudited)
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-earning deposits with banks 1
$
165,788
$
42
0.10
%
$
157,389
$
40
0.10
%
$
99,362
$
332
1.32
%
Investment securities 2, 3
540,970
3,282
2.43
%
498,730
3,395
2.72
%
556,897
4,266
3.06
%
Loans 1, 3, 4
2,099,847
20,836
3.97
%
2,096,908
20,975
3.91
%
1,833,180
21,066
4.55
%
Total interest-earning assets 1
2,806,605
24,160
3.44
%
2,753,027
24,410
3.47
%
2,489,439
25,664
4.08
%
Cash and non-interest-bearing due from banks
50,931
64,600
40,844
Bank premises and equipment, net
4,777
5,213
5,939
Interest receivable and other assets, net
133,693
135,520
118,909
Total assets
$
2,996,006
$
2,958,360
$
2,655,131
Liabilities and Stockholders' Equity
Interest-bearing transaction accounts
$
174,135
$
39
0.09
%
$
160,827
$
41
0.10
%
$
138,395
$
66
0.19
%
Savings accounts
214,049
19
0.04
%
198,616
18
0.04
%
163,439
16
0.04
%
Money market accounts
703,577
286
0.16
%
697,203
279
0.16
%
760,616
971
0.51
%
Time accounts including CDARS
96,349
96
0.40
%
97,512
118
0.48
%
96,157
161
0.67
%
Borrowings and other obligations 1
36
—
1.99
%
72
—
2.37
%
358
2
1.81
%
Subordinated debenture 1, 5
2,164
1,361
251.54
%
2,768
34
4.85
%
2,715
49
7.19
%
Total interest-bearing liabilities
1,190,310
1,801
0.61
%
1,156,998
490
0.17
%
1,161,680
1,265
0.44
%
Demand accounts
1,406,123
1,397,349
1,119,975
Interest payable and other liabilities
44,551
44,532
33,045
Stockholders' equity
355,022
359,481
340,431
Total liabilities & stockholders' equity
$
2,996,006
$
2,958,360
$
2,655,131
Tax-equivalent net interest income/margin 1
$
22,359
3.19
%
$
23,920
3.40
%
$
24,399
3.88
%
Reported net interest income/margin 1
$
22,031
3.14
%
$
23,599
3.35
%
$
24,119
3.83
%
Tax-equivalent net interest rate spread
2.83
%
3.30
%
3.64
%
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 2021 and 2020.
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.
5 First quarter 2021 interest expense includes $1.3 million accelerated discount accretion from the early redemption of our last subordinated debenture on March 15, 2021.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005184/en/
Beth Drummey Marketing & Corporate Communications Manager 415-763-4529 | bethdrummey@bankofmarin.com
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