Bank of Marin posts Q2 net loss of $21.9M on $32.5M restructuring charge; non-accrual loans jump to 1.62%

Bank of Marin Bancorp

2024-Q2 EPS reported -$1.18

Net loss $21.9M ($1.36 diluted loss) vs net income $2.9M in Q1; includes $32.5M pretax loss from securities sale restructuring.
Sold $325M of low-yield AFS securities (56% of portfolio); expects 30 bps NIM lift and $0.46 annualized EPS accretion from reinvestment at ~5.75%.
Provision for credit losses $5.2M (vs $350k prior); non-accrual loans rose to 1.62% of total loans from 0.31% due to one $16.7M CRE loan.
Loans grew $27.4M to $2.082B; deposits fell $70.3M to $3.214B. Dividend declared $0.25/share payable Aug 15.
Expense restructuring: eliminated positions, annualized cost savings ~$2.7M; severance costs $243k in Q2.

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