Bank of Marin posts Q2 net loss of $8.5M; sells $185.8M securities with $18.7M loss

Bank of Marin Bancorp

Q2 net loss of $8.5M, diluted EPS loss $0.53; adjusted net income (non-GAAP) $4.7M and adjusted EPS $0.29.
Sold $185.8M AFS securities, pre-tax loss $18.7M; proceeds redeployed expecting 13bp NIM improvement and $0.20 EPS accretion over 4 quarters.
Originated $68.8M in new loans ($50.2M funded); total risk-based capital 16.25%, TCE/TA 10.0%.
Non-accrual loans decreased to 1.57% of total loans; classified loans increased to 2.95%.
Repurchased 100k shares at avg $21.72 for $2.2M; book value per share $27.21, tangible book $22.55.

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