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20201026090249

ACCESSION NUMBER:0001403475-20-000037

CONFORMED SUBMISSION TYPE:8-K

PUBLIC DOCUMENT COUNT:16

CONFORMED PERIOD OF REPORT:20201023

ITEM INFORMATION:Results of Operations and Financial Condition

ITEM INFORMATION:Other Events

ITEM INFORMATION:Financial Statements and Exhibits

FILED AS OF DATE:20201026

DATE AS OF CHANGE:20201026

FILER:

COMPANY DATA:

COMPANY CONFORMED NAME:Bank of Marin Bancorp

CENTRAL INDEX KEY:0001403475

STANDARD INDUSTRIAL CLASSIFICATION:STATE COMMERCIAL BANKS [6022]

IRS NUMBER:208859754

STATE OF INCORPORATION:CA

FISCAL YEAR END:1231

FILING VALUES:

FORM TYPE:8-K

SEC ACT:1934 Act

SEC FILE NUMBER:001-33572

FILM NUMBER:201259223

BUSINESS ADDRESS:

STREET 1:504 REDWOOD BOULEVARD, SUITE 100

CITY:NOVATO

STATE:CA

ZIP:94947

BUSINESS PHONE:415-763-7781

MAIL ADDRESS:

STREET 1:504 REDWOOD BOULEVARD, SUITE 100

CITY:NOVATO

STATE:CA

ZIP:94947

8-K

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brmc-20201023.htm

8-K

brmc-20201023

0001403475FALSEQ3202000014034752020-10-232020-10-23

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)October 23, 2020

Commission File Number001-33572

Bank of Marin Bancorp

(Exact name of Registrant as specified in its charter)

California20-8859754

(State or other jurisdiction of incorporation)(IRS Employer Identification No.)

504 Redwood Blvd., Suite 100, Novato, CA94947

(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)

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)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered

Common stock, no par value and attached Share Purchase RightsBMRCThe Nasdaq Stock Market

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☐

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 2.02Results of Operations and Financial Condition

On October 26, 2020, Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, released its financial results for the quarter ended September 30, 2020. A copy of the press release is included as Exhibit 99.1.

Section 8 - Other Events

Item 8.01Other Events

In the press release, Bancorp announced that on October 23, 2020, its Board of Directors approved a quarterly cash dividend of $0.23 per share. The cash dividend is payable on November 13, 2020, to shareholders of record at the close of business on November 6, 2020.

On March 20, 2020, the Board of Directors suspended the $25.0 million share repurchase program approved on January 24, 2020. As of March 20, 2020, Bancorp had repurchased 58,526 shares totaling $1.8 million under this program. On October 23, 2020, the Board reactivated this share repurchase program.

A copy of the press release is attached to this report as Exhibit 99.1.

Section 9 - Financial Statements and Exhibits

Item 9.01Financial Statements and Exhibits

(d)Exhibits.

Exhibit No.DescriptionPage Number

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.

Date:October 26, 2020BANK OF MARIN BANCORP

By:/s/ Tani Girton

Tani Girton

Executive Vice President

and Chief Financial Officer

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EXHIBIT 99.1

FOR IMMEDIATE RELEASEMEDIA CONTACT:

Beth Drummey

Marketing & Corporate Communications Manager

415-763-4529 | bethdrummey@bankofmarin.com

BANK OF MARIN BANCORP REPORTS THIRD QUARTER EARNINGS OF $7.5 MILLION

CREDIT QUALITY REMAINS STRONG DESPITE PANDEMIC

REACTIVATES SHARE REPURCHASE PROGRAM

NOVATO, CA, October 26, 2020 - Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $7.5 million in the third quarter of 2020, compared to $7.4 million in the second quarter of 2020 and $9.4 million in the third quarter of 2019. Diluted earnings per share were $0.55 in both the third and second quarters of 2020 compared to $0.69 in the third quarter last year. Earnings for the first nine months of 2020 totaled $22.1 million compared to $25.2 million in the same period last year. Diluted earnings per share were $1.62 and $1.82 in the first nine months of 2020 and 2019, respectively.

Our net income for the first nine months of 2020 was $3.1 million lower than 2019, primarily due to the economic impact of the pandemic, resulting in a $5.1 million year-over-year increase in the provision for loan losses and an historic low interest rate environment. However, our credit quality remained strong with non-accrual loans representing only 0.07% of total loans and non-interest expenses remained relatively flat with an efficiency ratio of 56.21%.

"While this has been a difficult year for everyone, Bank of Marin’s disciplined approach to risk management and credit underwriting has enabled us to produce consistently strong financial performance during times of adversity,” said Russell A. Colombo, President and Chief Executive Officer. “We continue to work with customers who need assistance due to the pandemic, but we are confident that we will emerge from this pandemic, along with our customers, well positioned for growth. The benefit of our disciplined approach serves not only the Bank, but also our customers, by keeping leverage low during this trying time."

The Bank has responded to the COVID-19 pandemic in a number of ways, including third quarter contributions of $360 thousand to ensure equitable access to remote learning resources for underserved students in Marin, Napa and Sonoma counties and the City of Alameda. In addition, to assist our employees during the pandemic, we paid $1,200 to each employee totaling $360 thousand in the third quarter, with executive management directing their payments to non-profit organizations of their choice. Since the onset of the pandemic, Bank of Marin has made Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans to over 1,800 small businesses, reaching nearly 28,000 employees in our markets. We also accommodated loan payment relief requests for borrowers, lowered interest rate floors on commercial Prime Rate loans, waived ATM and overdraft fees, and cancelled early withdrawal penalties for certificates of deposit when allowed by law.

Bancorp provided the following highlights from the third quarter of 2020:

•Loan balances of $2,108.0 million at September 30, 2020 held steady compared to $2,110.2 million at June 30, 2020. SBA PPP loans totaled $301.7 million at September 30, 2020 and $298.9 million at June 30, 2020, representing 14% of total loans for both periods.

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•Bank of Marin is awaiting further guidance from the SBA and the Department of Treasury regarding the PPP loan forgiveness process. We are prepared to open our secure portal for customers to submit forgiveness applications online once the final guidance is released. Of the total PPP loans, 48% (870 loans) totaling $18.4 million are less than or equal to $50,000.

•While California’s wildfire season has once again been challenging for many communities in Northern California, fortunately, Bank of Marin and our clients have been minimally impacted. The fires had a negligible impact on our third quarter results.

•Since granting $388.5 million in payment relief for 264 loans at the onset of the pandemic, 236 loans totaling $336.3 million have resumed or are scheduled to resume normal payments and eight loans totaling $5.0 million paid off.

•Credit quality remains strong, with non-accrual loans representing 0.07% of total loans at September 30, 2020, compared to 0.08% of total loans at June 30, 2020. Classified loans decreased $2.5 million from June 30, 2020. Despite these low non-accrual totals, we considered the potential impact of the COVID-19 pandemic on our borrowers and the economy in general and recorded a $1.25 million provision for loan losses and $248 thousand provision for losses on off-balance sheet commitments in the third quarter of 2020. That compares to $2.0 million and $260 thousand, respectively, in the prior quarter. SBA PPP loans are fully guaranteed by the SBA and did not contribute to the provisions.

•Total deposits decreased $210.6 million in the third quarter to $2,569.3 million, primarily due to normal fluctuations in some of our large business accounts and $146.6 million in temporary one-way sale transfers of deposits to third-party deposit networks as part of our liquidity management. Non-interest bearing deposits represented 54% of total deposits in the third quarter compared to 52% in the prior quarter. The cost of average deposits was 0.09% in the second and third quarters, compared to 0.21% in the third quarter of 2019.

•All capital ratios were above well-capitalized regulatory requirements. The total risk-based capital ratio for Bancorp was 16.1% at September 30, 2020, compared to 15.8% at June 30, 2020. Tangible common equity to tangible assets was 11.0% at September 30, 2020, compared to 10.1% at June 30, 2020 (refer to footnote 5 on page 7 for a definition of this non-GAAP financial measure).

•The Board of Directors declared a cash dividend of $0.23 per share on October 23, 2020. This represents the 62nd consecutive quarterly dividend paid by Bank of Marin Bancorp. The dividend is payable on November 13, 2020, to shareholders of record at the close of business on November 6, 2020.

•On October 23, 2020, the Board of Directors approved reactivation of the $25.0 million share repurchase program that was suspended on March 20, 2020 as part of our proactive pandemic response.

Loans and Credit Quality

Loans decreased by $2.2 million in the third quarter and totaled $2,108.0 million at September 30, 2020. SBA PPP loans make up approximately $301.7 million at September 30, 2020. Non-PPP-related loan originations were $50.8 million and $122.4 million for the third quarter and first nine months of 2020, compared to $77.3 million and $156.1 million for the same periods in 2019. Rates on new loans originated in the third quarter were similar to year-to-date origination rates, and 2020 year-to-date interest rates on originations are roughly 50 basis points lower than the full year 2019. Loan payoffs totaled $41.3 million in the third quarter and $124.7 million in the first nine months of 2020, compared to $38.5 million and $107.8 million in the respective 2019 periods. Additionally, commercial line utilization decreased $7.7

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million and $24.5 million during the three months and nine months ended September 30, 2020, respectively. Over half of the loan payoffs in the third quarter consisted of consumer loans, mostly tenant in common and HELOCs, with the remainder consisting largely of loans where the underlying assets were sold, including completed construction projects, and payoffs from borrower liquidity.

As of October 19, 2020, twenty loans totaling $47.2 million (balances as of September 30, 2020) had either requested additional payment relief or the relief period had not expired. We know each of these clients very well and anticipate that the vast majority will work through this and resume payments. The following table summarizes these loans by industry:

Payment Relief by Type

IndustryOutstanding Loan Balance

(in thousands)Weighted Average LTV

Education$17,48126%

Hospitality10,43149%

Retail Related CRE6,29548%

Health Clubs6,20160%

Office and Mixed Use5,37155%

Non-CRE Related1,459N/A

Payment Relief Totals$47,23842%

Non-accrual loans totaled $1.4 million, or 0.07% of the loan portfolio, at September 30, 2020, compared to $1.6 million, or 0.08% at June 30, 2020, and $422 thousand, or 0.02% a year ago. Classified loans totaled $11.0 million at September 30, 2020, compared to $13.5 million at June 30, 2020 and $9.9 million at September 30, 2019. The $2.5 million decrease in classified loans from the prior quarter primarily resulted from an upgrade in the risk rating for a commercial real estate loan to Special Mention due to an improvement in the borrower’s financial condition and low loan-to-value ratio. There were no loans classified doubtful at September 30, 2020, June 30, 2020, or June 30, 2019. Accruing loans past due 30 to 89 days totaled $318 thousand at September 30, 2020, compared to $83 thousand at June 30, 2020 and $574 thousand a year ago.

We recorded loan loss provisions totaling $1.25 million and $2.0 million in the third and second quarters of 2020, respectively, compared to a $400 thousand loan loss provision in the third quarter a year ago. A $5.45 million loan loss provision was recorded in the first nine months of 2020, compared to $400 thousand in the first nine months of 2019. Loan loss provisions in 2020 were primarily due to adjustments to qualitative factors impacted by the COVID-19 pandemic. Net charge-offs were $4 thousand in the third quarter of 2020, compared to $16 thousand for the prior quarter and net recoveries of $6 thousand in the third quarter a year ago. The ratio of allowance for loan losses to total loans was 1.05% at September 30, 2020, 0.99% at June 30, 2020, and 0.90% at September 30, 2019. Excluding non-PCI and SBA PPP loans, the allowance for loan losses represented 1.29% of total loans as of September 30, 2020 (refer to footnote 4 on page 7 for a definition of this non-GAAP financial measure).

In accordance with the accounting relief provisions of the Coronavirus Aid, Relief and Economic Security ("CARES") Act passed in March 2020, the Bank postponed the adoption of the current expected credit loss ("CECL") accounting standard. The Bank has continued to run the CECL model in parallel with the incurred loss model and will adopt the CECL standard as of December 31, 2020. Upon adoption of the CECL standard, we will record a cumulative adjustment to retained earnings in our financial statements, net of taxes, based on economic forecasts and other assumptions as of January 1, 2020. That adjustment will result in an increase to our allowance for credit losses of approximately $1.6 million and an increase to the allowance for off-balance sheet commitments of approximately $122 thousand. These adjustments do not include the subsequent COVID-19 pandemic-related impact. Upon adoption on December 31, 2020, we will recognize the difference between the allowance for credit losses calculated under the CECL model as of December 31, 2020 and the allowance for credit losses calculated under the incurred loss model as of September 30, 2020 as a provision for credit losses and a provision for credit

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losses on off-balance sheet commitments, as applicable. Based on information available at this time, we do not expect the fourth quarter provision for credit losses to exceed 10% of the September 30, 2020 allowance for credit losses. However, the exact amount will depend on certain forecasts, such as the California unemployment rate, and other assumptions available as of December 31, 2020, which could be significantly different from present levels.

Cash, Cash Equivalents and Restricted Cash

Total cash, cash equivalents and restricted cash were $213.6 million at September 30, 2020, compared to $397.7 million at June 30, 2020. The $184.1 million decrease was primarily due to $146.6 million in temporary transfers of deposits to third-party deposit networks as part of our liquidity management. Effective March 26, 2020, the Federal Reserve reduced the reserve requirement ratios to zero percent in response to the COVID-19 pandemic resulting in no restricted cash requirements as of September 30, 2020 and June 30, 2020.

Investments

The investment securities portfolio decreased from $555.6 million at June 30, 2020 to $530.8 million at September 30, 2020. The decrease was primarily attributed to paydowns, maturities and calls of $39.5 million, partially offset by purchases of $14.8 million.

Deposits

Total deposits were $2,569.3 million at September 30, 2020, compared to $2,779.9 million at June 30, 2020. The $210.6 million decrease during the third quarter was primarily due to $146.6 million in temporary transfers of deposits to third-party deposit networks and normal fluctuations in some of our large business accounts, as mentioned above. The average cost of deposits in the second and third quarter of 2020 was 0.09%.

Earnings

"We continue to work closely with our customers, drawing on our strong capital and liquidity positions as well as our more than 30-year history of steady performance to help them navigate this challenging economic environment,” said Tani Girton, EVP and Chief Financial Officer. “We have done this while maintaining strong credit quality, a low-cost deposit base, and solid profits for our shareholders."

Net interest income totaled $24.6 million in the third quarter of 2020, compared to $24.4 million in the prior quarter and $24.2 million a year ago. The $191 thousand increase from the prior quarter was primarily related to a $731 thousand increase in interest income due to higher average balances on SBA PPP loans as well as an additional day of interest income in the quarter, partially offset by the effect of lower balances and yields on non-PPP loans and investment securities. Yields on non-PPP loans have fallen over the course of 2020 due to loans originated prior to 2020 repricing downward with declining interest rates as well as the reduction in commercial Prime Rate loan floors.

The $415 thousand increase from the comparative quarter a year ago was primarily attributed to $2.4 million from SBA PPP loans, higher non-PPP loan balances and lower interest expense on deposits. These positive variances were partially offset by the impact of lower interest rates on non-PPP loans, cash and investments.

Net interest income totaled $73.1 million in the first nine months of 2020, compared to $71.8 million for the same period in 2019. The $1.3 million increase was primarily due to SBA PPP loan income, higher commercial loan balances, higher yields on investments and lower rates on deposits partially offset by lower yields on loans.

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The tax-equivalent net interest margin was 3.44% in the third quarter, 3.53% in the prior quarter, and 4.04% in the third quarter of 2019. The tax-equivalent net interest margin was 3.59% in the first nine months of 2020, compared to 4.03% for the same period in 2019. The decreases in tax-equivalent net interest margin were attributable to both the lower interest rate environment and SBA PPP loans. SBA PPP loans lowered the 2020 net interest margin by 4 basis points in the third quarter, and 3 basis points in the first nine months.

Non-interest income totaled $1.8 million in the second and third quarter of 2020, and $2.7 million in the third quarter a year ago. The slight decrease from the prior quarter was mostly attributed to the absence of gains on sales of investment securities. The $1.0 million decrease from the same quarter a year ago was primarily due to a $562 thousand benefit collected on bank-owned life insurance ("BOLI") policies in the third quarter of 2019. Additionally fewer ATM fees and service charges on deposit accounts, lower dividends on Federal Home Loan Bank ("FHLB") stock, and lower fee income from one-way deposit sales to third-party deposit networks in the third quarter of 2020 all contributed to the decrease.

Non-interest income totaled $6.7 million in the first nine months of 2020, compared to $6.8 million in the first nine months of 2019. The small decline was driven by decreases across most non-interest income categories, partially offset by higher gains on sales of investment securities in the first nine months of 2020.

Non-interest expense increased $1.1 million to $15.2 million in the third quarter of 2020 from $14.1 million in the prior quarter. The increase was primarily due to higher salaries and benefits as the second quarter included $890 thousand in SBA PPP-related deferred loan origination costs. Additionally, the third quarter included $206 thousand more in charitable contributions to non-profit organizations.

Non-interest expense increased $1.0 million to $15.2 in the third quarter of 2020 from $14.2 million in the third quarter of 2019. The increase was primarily due to $370 thousand more in charitable contributions, $248 thousand provision for losses on off-balance sheet commitments, and higher salaries and benefits driven by annual merit increases. Additionally, the third quarter included higher Federal Deposit Insurance Corporation ("FDIC") insurance expense due to fewer FDIC assessment credits, and higher occupancy expense associated with the renewal of leases for our existing headquarters offices and a new lease for a loan production office in San Mateo.

Non-interest expense increased $204 thousand to $44.8 million in the first nine months of 2020 from $44.6 million in the first nine months of 2019. The increase was primarily due to $544 thousand higher charitable contributions, $484 thousand higher occupancy expense associated with new and renewed leases mentioned above, and $481 thousand higher provision for losses on off-balance sheet commitments. These increases were partially offset by decreases in salaries and related benefits primarily due to $915 thousand SBA PPP-related deferred loan origination costs and fewer data processing costs from our digital platform conversion.

Share Repurchase Program

On March 20, 2020, the Board of Directors suspended the $25.0 million share repurchase program approved on January 24, 2020. As of March 20, 2020, Bancorp had repurchased 58,526 shares totaling $1.8 million under this program. On October 23, 2020, the Board reactivated this share repurchase program.

Earnings Call and Webcast Information

Bank of Marin Bancorp will present its third quarter earnings call via webcast on Monday, October 26, 2020 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

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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 1989 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 $3.0 billion, Bank of Marin has 22 branches, 5 commercial banking offices and 2 loan production offices located across 7 Bay Area 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 towww.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.

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BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data; unaudited)September 30, 2020June 30, 2020September 30, 2019

Quarter-to-Date

Net income$7,491$7,406$9,448

Diluted earnings per common share$0.55$0.55$0.69

Return on average assets0.98%1.01%1.49%

Return on average equity8.37%8.52%11.34%

Efficiency ratio57.82%54.00%52.84%

Tax-equivalent net interest margin13.44%3.53%4.04%

Cost of deposits0.09%0.09%0.21%

Net charge-offs (recoveries)$4$16$(6)

Year-to-Date

Net income$22,125$25,162

Diluted earnings per common share$1.62$1.82

Return on average assets1.03%1.33%

Return on average equity8.47%10.40%

Efficiency ratio56.21%56.83%

Tax-equivalent net interest margin13.59%4.03%

Cost of deposits0.13%0.20%

Net charge-offs (recoveries)$13$(19)

At Period End

Total assets$2,975,225$3,181,540$2,592,071

Loans:

Commercial and industrial2$512,973$525,117$260,828

Real estate:

Commercial owner-occupied299,754296,163310,486

Commercial investor-owned966,517946,389896,066

Construction66,66366,36850,254

Home equity107,364112,911121,814

Other residential130,915136,859130,781

Installment and other consumer loans23,80526,39428,461

Total loans$2,107,991$2,110,201$1,798,690

Non-performing loans:3

Commercial and industrial$—$—$195

Real estate:

Commercial investor-owned886$907—

Home equity532625167

Installment and other consumer loans245560

Total non-accrual loans$1,442$1,587$422

Classified loans (graded substandard and doubtful)$10,999$13,545$9,935

Total accruing loans 30-89 days past due$318$83$574

Allowance for loan losses to total loans1.05%0.99%0.90%

Allowance for loan losses to total loans, excluding non-PCI and SBA PPP loans41.29%1.22%0.96%

Allowance for loan losses to non-performing loans15.34x13.15x38.45x

Non-accrual loans to total loans0.07%0.08%0.02%

Total deposits$2,569,289$2,779,866$2,224,524

Loan-to-deposit ratio82.0%75.9%80.9%

Stockholders' equity$357,570$352,240$333,065

Book value per share$26.28$25.92$24.47

Tangible common equity to tangible assets511.0%10.1%11.7%

Total risk-based capital ratio - Bank15.5%15.0%14.6%

Total risk-based capital ratio - Bancorp16.1%15.8%15.3%

Full-time equivalent employees291295291

1Net interest income is annualized by dividing actual number of days in the period times 360 days.

2Includes SBA PPP loans of $301.7 million and $298.9 million at September 30, 2020 and June 30, 2020, respectively.

3Excludes accruing troubled-debt restructured loans of $12.3 million, $10.3 million and $11.9 million at September 30, 2020, June 30, 2020 and September 30, 2019, respectively.

4The allowance for loan losses to total loans, excluding non-impaired non-PCI 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 loan losses. Non-PCI loans that were not impaired at September 30, June 30, 2020 and December 31, 2019 totaled $90.4 million, $95.6 million and $106.8 million, respectively. SBA PPP loans totaled $301.7 million and $298.9 million at September 30, 2020 and June 30, 2020, respectively. There were no SBA PPP loans as of September 30, 2019.

5Tangible 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 $34.2 million, $34.4 million and $35.0 million at September 30, 2020, June 30, 2020, and September 30, 2019, respectively. Tangible assets exclude goodwill and intangible assets.

7

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF CONDITION

At September 30, 2020, June 30, 2020 and September 30, 2019

(in thousands, except share data; unaudited)September 30, 2020June 30, 2020September 30, 2019

Assets

Cash, cash equivalents and restricted cash$213,584$397,699$182,486

Investment securities

Held-to-maturity, at amortized cost117,350125,781142,213

Available-for-sale (at fair value; amortized cost $394,437, $411,047, and $348,369 at September 30, 2020, June 30, 2020, September 30, 2019, respectively)413,464429,775358,724

Total investment securities530,814555,556500,937

Loans, net of allowance for loan losses of $22,113, $20,868 and $16,240 at September, 30, 2020, June 30, 2020, and September 30, 2019, respectively2,085,8782,089,3331,782,450

Bank premises and equipment, net5,2665,2786,474

Goodwill30,14030,14030,140

Core deposit intangible4,0454,2584,906

Operating lease right-of-use assets26,04123,09011,934

Interest receivable and other assets79,45776,18672,744

Total assets$2,975,225$3,181,540$2,592,071

Liabilities and Stockholders' Equity

Liabilities

Deposits

Non-interest bearing$1,383,719$1,442,849$1,101,288

Interest bearing

Transaction accounts156,061146,811162,015

Savings accounts192,764190,561170,007

Money market accounts738,661904,163693,137

Time accounts98,08495,48298,077

Total deposits2,569,2892,779,8662,224,524

Borrowings and other obligations99140255

Subordinated debenture2,7602,7432,691

Operating lease liabilities27,52724,57413,665

Interest payable and other liabilities17,98021,97717,871

Total liabilities2,617,6552,829,3002,259,006

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 -

13,605,363, 13,591,835 and 13,608,525 at September 30, 2020, June 30, 2020, and September 30, 2019, respectively129,284128,633130,220

Retained earnings215,976211,613196,999

Accumulated other comprehensive income, net of taxes12,31011,9945,846

Total stockholders' equity357,570352,240333,065

Total liabilities and stockholders' equity$2,975,225$3,181,540$2,592,071

8

BANK OF MARIN BANCORP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months endedNine months ended

(in thousands, except per share amounts; unaudited)September 30, 2020June 30, 2020September 30, 2019September 30, 2020September 30, 2019

Interest income

Interest and fees on loans$21,776$21,217$21,525$63,880$63,208

Interest on investment securities3,3433,7413,38211,24911,242

Interest on federal funds sold and due from banks5039425421754

Total interest income25,16924,99725,33275,55075,204

Interest expense

Interest on interest-bearing transaction accounts4139101146269

Interest on savings accounts1717175052

Interest on money market accounts3773838551,7312,406

Interest on time accounts133142147436441

Interest on borrowings and other obligations—14375

Interest on subordinated debenture354057124175

Total interest expense6036221,1812,4903,418

Net interest income24,56624,37524,15173,06071,786

Provision for loan losses1,2502,0004005,450400

Net interest income after provision for loan losses23,31622,37523,75167,61071,386

Non-interest income

Service charges on deposit accounts2842934391,0281,403

Wealth Management and Trust Services4504214951,3751,406

Debit card interchange fees, net3833084061,0511,200

Merchant interchange fees, net634779183253

Earnings on bank-owned life insurance232234795741970

Dividends on Federal Home Loan Bank stock149146202503591

Gains on sale of investment securities, net—115—91555

Other income229249305927888

Total non-interest income1,7901,8132,7216,7236,766

Non-interest expense

Salaries and related benefits8,6387,8648,41225,97926,426

Occupancy and equipment1,7761,6611,5075,1004,616

Depreciation and amortization5395265731,5911,701

Federal Deposit Insurance Corporation insurance1811161299354

Data processing8228299232,4372,942

Professional services6555505801,7491,701

Directors' expense184175189533555

Information technology256252279758822

Amortization of core deposit intangible213213222639665

Provision for losses on off-balance sheet commitments248260—610129

Charitable contributions481273111921377

Other expense1,2451,4221,4034,2324,356

Total non-interest expense15,23814,14114,20044,84844,644

Income before provision for income taxes9,86810,04712,27229,48533,508

Provision for income taxes2,3772,6412,8247,3608,346

Net income$7,491$7,406$9,448$22,125$25,162

Net income per common share:

Basic$0.55$0.55$0.70$1.64$1.84

Diluted$0.55$0.55$0.69$1.62$1.82

Weighted average shares:

Basic13,53913,51413,57113,52613,654

Diluted13,61013,58513,73513,61713,825

Comprehensive income:

Net income$7,491$7,406$9,448$22,125$25,162

Other comprehensive income

Change in net unrealized gains or losses on available-for-sale securities2991,49493611,60513,857

Reclassification adjustment for gains on available-for-sale securities to net income—(115)—(915)(55)

Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity149135123394328

Other comprehensive income, before tax4481,5141,05911,08414,130

Deferred tax expense1324483133,2774,182

Other comprehensive income, net of tax3161,0667467,8079,948

Total comprehensive income$7,807$8,472$10,194$29,932$35,110

9

BANK OF MARIN BANCORP

AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME

Three months endedThree months endedThree months ended

September 30, 2020June 30, 2020September 30, 2019

InterestInterestInterest

AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/

(in thousands; unaudited)BalanceExpenseRateBalanceExpenseRateBalanceExpenseRate

Assets

Interest-earning deposits with banks1$184,883$500.11%$173,161$390.09%$77,467$4252.15%

Investment securities2, 3527,0773,4882.65%550,4833,8862.82%506,0233,4432.72%

Loans1, 3, 42,117,67921,9574.06%2,043,19721,3994.14%1,780,32521,7194.77%

Total interest-earning assets12,829,63925,4953.53%2,766,84125,3243.62%2,363,81525,5874.24%

Cash and non-interest-bearing due from banks55,35337,68038,434

Bank premises and equipment, net5,4125,5436,713

Interest receivable and other assets, net138,938133,639114,537

Total assets$3,029,342$2,943,703$2,523,499

Liabilities and Stockholders' Equity

Interest-bearing transaction accounts$153,089$410.11%$142,778$390.11%$137,861$1010.29%

Savings accounts191,915170.04%182,371170.04%170,166170.04%

Money market accounts802,5853770.19%794,6543830.19%661,1318550.51%

Time accounts including CDARS97,4651330.54%95,0761420.60%101,4041470.57%

Borrowings and other obligations1113—2.51%15612.62%59942.69%

Subordinated debenture12,751354.97%2,733405.73%2,682578.27%

Total interest-bearing liabilities1,247,9186030.19%1,217,7686220.21%1,073,8431,1810.44%

Demand accounts1,380,7081,332,9861,088,903

Interest payable and other liabilities44,48643,25530,268

Stockholders' equity356,230349,694330,485

Total liabilities & stockholders' equity$3,029,342$2,943,703$2,523,499

Tax-equivalent net interest income/margin1$24,8923.44%$24,7023.53%$24,4064.04%

Reported net interest income/margin1$24,5663.40%$24,3753.49%$24,1514.00%

Tax-equivalent net interest rate spread3.33%3.41%3.80%

Nine months endedNine months ended

September 30, 2020September 30, 2019

InterestInterest

AverageIncome/Yield/AverageIncome/Yield/

(in thousands; unaudited)BalanceExpenseRateBalanceExpenseRate

Assets

Interest-earning deposits with banks1$152,587$4210.36%$43,896$7542.27%

Investment securities2, 3544,75411,4942.81%564,05011,4772.71%

Loans1, 3, 41,998,45664,2404.22%1,765,26063,7864.76%

Total interest-earning assets12,695,79776,1553.71%2,373,20676,0174.22%

Cash and non-interest-bearing due from banks44,66534,634

Bank premises and equipment, net5,6317,108

Interest receivable and other assets, net130,525108,806

Total assets$2,876,618$2,523,754

Liabilities and Stockholders' Equity

Interest-bearing transaction accounts$144,784$1460.13%$130,109$2690.28%

Savings accounts179,288500.04%174,837520.04%

Money market accounts786,0121,7310.29%665,1672,4060.48%

Time accounts including CDARS96,2374360.61%109,9784410.54%

Borrowings and other obligations120832.14%3,848752.57%

Subordinated debenture12,7331245.96%2,6641758.66%

Total interest-bearing liabilities1,209,2622,4900.27%1,086,6033,4180.42%

Demand accounts1,278,2651,083,260

Interest payable and other liabilities40,27930,344

Stockholders' equity348,812323,547

Total liabilities & stockholders' equity$2,876,618$2,523,754

Tax-equivalent net interest income/margin1$73,6653.59%$72,5994.03%

Reported net interest income/margin1$73,0603.56%$71,7863.99%

Tax-equivalent net interest rate spread3.44%3.80%

1Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable.

2Yields 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.

3Yields 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 2020 and 2019.

4Average 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.

10

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8

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