Condensed Bank of Marin Bancorp Parent Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Presented below is financial information for Bank of Marin Bancorp, parent holding company only.



CONDENSED UNCONSOLIDATED STATEMENTS OF CONDITION
December 31, 2019 and 2018
(in thousands)	2019		2018
Assets
Cash and due from Bank of Marin	$	9,539	$	19,144
Investment in bank subsidiary	330,053		299,953
Other assets	332		331
Total assets	$	339,924	$	319,428

Liabilities and Stockholders' Equity
Subordinated debentures	$	2,708	$	2,640
Accrued expenses payable	71		51
Other liabilities	357		330
Total liabilities	3,136		3,021
Stockholders' equity	336,788		316,407
Total liabilities and stockholders' equity	$	339,924	$	319,428

Schedule of Condensed Income Statement



CONDENSED UNCONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2019 and 2018
(in thousands)	2019		2018
Income
Dividends from bank subsidiary	$	17,600	$	36,700
Miscellaneous Income	5		9
Total income	17,605		36,709
Expense
Interest expense	229		1,339
Non-interest expense	1,399		1,275
Total expense	1,628		2,614
Income before income taxes and equity in undistributed net income of subsidiary	15,977		34,095
Income tax benefit	480		770
Income before equity in undistributed net income of subsidiary	16,457		34,865
Earnings of bank subsidiary greater (less) than dividends received from bank subsidiary	17,784		(2,243		)
Net income	$	34,241	$	32,622

Schedule of Condensed Cash Flow Statement



CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2019 and 2018
(in thousands)	2019			2018
Cash Flows from Operating Activities:
Net income	$	34,241		$	32,622
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Earnings of bank subsidiary (greater) less than dividends received from bank subsidiary	(17,784		)	2,243
Net change in operating assets and liabilities:
Accretion of discount on subordinated debentures	68			1,025
Other assets	—			36
Other liabilities	80			(86		)
Noncash director compensation expense - common stock	30			23
Net cash provided by operating activities	16,635			35,863
Cash Flows from Investing Activities:
Capital contribution to subsidiary	(747		)	(667		)
Net cash used in investing activities	(747		)	(667		)
Cash Flows from Financing Activities:
Proceeds from stock options exercised and stock issued under employee and director stock purchase plans and ESPP	747			667
Repayment of subordinate debenture including execution costs	—			(4,137		)
Payment of tax withholdings for stock options exercised	(220		)	(99		)
Dividends paid on common stock	(10,958		)	(8,860		)
Stock repurchased, net of commissions	(15,062		)	(6,869		)
Net cash used by financing activities	(25,493		)	(19,298		)
Net increase (decrease) in cash and cash equivalents	(9,605		)	15,898
Cash and cash equivalents at beginning of period	19,144			3,246
Cash and cash equivalents at end of period	$	9,539		$	19,144
Supplemental schedule of non-cash investing and financing activities:
Stock issued in payment of director fees	$	231		$	204
Repurchase of stock not yet settled	$	103		$	143
Stock issued to ESOP	$	1,245		$	1,173