Bank of Marin Q2 2024: sold $325M AFS securities, non-accrual loans rise to 1.62%

Bank of Marin Bancorp

Sold $325M (56% of AFS portfolio) securities yielding 1.94%; proceeds expected to lift NIM by ~30 bps in Q3.
Non-accrual loans jumped to 1.62% of total loans from 0.31% QoQ, driven by two relationships totaling $27.2M.
Total risk-based capital remained strong at 16.5%; TCE/TA 9.9% (7.7% adjusted for HTM).
Non-interest bearing deposits stayed at 44% of total deposits; cost of deposits was 1.45%.
Provision for credit losses $5.2M primarily due to increased reserve on one non-accrual loan.

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