Bank of Marin posts Q2 net loss $8.5M, adj EPS $0.29; NIM expands to 2.93%

Bank of Marin Bancorp

Net loss of $8.5M ($0.53 diluted EPS); adjusted EPS of $0.29 excluding $18.7M pre-tax loss on securities sale.
Tax-equivalent NIM rose to 2.93% from 2.86%; total deposits fell $56.9M with non-interest bearing at 42.5%.
Sold $185.8M AFS securities for $18.7M pre-tax loss; redeployment expected to add 13bp to NIM and $0.20 EPS over 4 quarters.
Total risk-based capital 16.25%, TCE/TA 10.0%; repurchased $2.2M in shares during Q2.
Non-accrual loans improved to 1.57% of loans; classified loans increased to 2.95% due to $3.9M CRE downgrades.

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