Bank of Marin Q4 new loans hit $106.5M, highest since 2015; NIM up 24 bps to 3.32%

Bank of Marin Bancorp

Newly funded loans $106.5M in Q4 (highest since Q4 2015); loans increased 5.84% annualized.
Completed repositioning: sold $593.2M HTM securities (pre-tax loss $69.5M); issued $45M sub debt at 6.75%.
Tax-equivalent NIM increased 24 bps to 3.32% from 3.08% driven by securities repositioning.
Deposits grew 3.90% annualized; cost of deposits fell 10 bps to 1.19%; non-interest bearing deposits 43.7%.
Non-accrual loans dropped to 1.27% of total loans from 1.51%; classified loans fell to 1.51% from 2.36%.

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