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

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019
(in thousands)	2020		2019
Assets
Cash and due from Bank of Marin	$	5,329	$	9,539
Investment in bank subsidiary	356,172		330,053
Other assets	336		332
Total assets	$	361,837	$	339,924

Liabilities and Stockholders' Equity
Subordinated debenture	$	2,777	$	2,708
Accrued expenses payable	74		71
Other liabilities	733		357
Total liabilities	3,584		3,136
Stockholders' equity	358,253		336,788
Total liabilities and stockholders' equity	$	361,837	$	339,924

Schedule of Condensed Income Statement


CONDENSED UNCONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2020, 2019 and 2018
(in thousands)	2020		2019		2018
Income
Dividends from bank subsidiary	$	16,200	$	17,600	$	36,700
Miscellaneous Income	3		5		9
Total income	16,203		17,605		36,709
Expense
Interest expense	158		229		1,339
Non-interest expense	1,325		1,399		1,275
Total expense	1,483		1,628		2,614
Income before income taxes and equity in undistributed net income of subsidiary	14,720		15,977		34,095
Income tax benefit	437		480		770
Income before equity in undistributed net income of subsidiary	15,157		16,457		34,865
Earnings of bank subsidiary greater (less) than dividends received from bank subsidiary	15,085		17,784		(2,243)
Net income	$	30,242	$	34,241	$	32,622

Schedule of Condensed Cash Flow Statement


CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2020, 2019 and 2018
(in thousands)	2020		2019		2018
Cash Flows from Operating Activities:
Net income	$	30,242	$	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	(15,085)		(17,784)		2,243
Accretion of discount on subordinated debentures	69		68		1,025
Noncash director compensation expense	31		30		23
Net changes in:
Other assets	(4)		—		36
Other liabilities	59		80		(86)
Net cash provided by operating activities	15,312		16,635		35,863
Cash Flows from Investing Activities:
Capital contribution to bank subsidiary	(1,464)		(747)		(667)

Net cash used in investing activities	(1,464)		(747)		(667)
Cash Flows from Financing Activities:
Proceeds from stock options exercised and stock issued under employee and director stock purchase plans	1,419		747		613
Repayment of subordinated debenture including execution costs	—		—		(4,137)
Payment of tax withholdings for vesting of restricted stock	(73)		(220)		(45)
Dividends paid on common stock	(12,506)		(10,958)		(8,860)
Stock repurchased, net of commissions	(6,898)		(15,062)		(6,869)
Net cash used in financing activities	(18,058)		(25,493)		(19,298)
Net (decrease) increase in cash and cash equivalents	(4,210)		(9,605)		15,898
Cash and cash equivalents at beginning of year	9,539		19,144		3,246
Cash and cash equivalents at end of year	$	5,329	$	9,539	$	19,144
Supplemental schedule of non-cash investing and financing activities:
Stock issued in payment of director fees	$	217	$	231	$	204
Repurchase of stock not yet settled	$	413	$	103	$	143
Stock issued to ESOP	$	1,289	$	1,245	$	1,173