Bank of Marin sells $325M AFS securities; non-accrual loans surge to 1.62% in Q2 2024

Bank of Marin Bancorp

Sold $325M AFS securities (yield 1.94%); $293M proceeds expected to lift annualized NIM by 30 bps in Q3.
Non-accrual loans jumped to 1.62% of loans (from 0.31%) due to two relationships totaling $27.2M.
Provision for credit losses of $5.2M, primarily from increased individual reserve on one non-accrual loan.
Total risk-based capital at 16.5%, TCE ratio 9.9% (7.7% adjusted for HTM securities).
Total deposits down 2.1%, but non-interest bearing deposits at 44% and cost of deposits 1.45%.

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