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Bank of Marin Bancorp (BMRC-8.50%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $8.4 million for the year, compared to a net income of $19.9 million in the previous year. The loss is primarily attributed to a $32.5 million pre-tax loss from the sale of investment securities as part of a strategic balance sheet restructuring.
Total assets decreased to $3.7 billion from $3.8 billion the previous year, while total deposits decreased by $70.1 million to $3.22 billion.
The allowance for credit losses increased to 1.47% of total loans, up from 1.21% the previous year, due to adjustments for economic uncertainty and specific reserves for certain commercial real estate loans.
Net interest income decreased to $94.7 million from $102.8 million, with the net interest margin remaining stable at 2.63%.
Non-interest income showed a loss of $21.4 million, primarily due to the aforementioned securities sale loss.
Non-interest expenses increased slightly to $81.8 million, driven by higher professional services and deposit network fees.
The company reported a tax benefit of $5.4 million due to the net loss before taxes.
The filing also details the company's liquidity position, with total available funding sources of $1.849 billion, or 57% of total deposits.
Bank of Marin Bancorp's capital ratios remained above well-capitalized regulatory requirements, with a total risk-based capital ratio of 16.54%.
The company declared a cash dividend of $0.25 per share, marking the 79th consecutive quarterly dividend.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bank of Marin Bancorp annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.