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

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022
(in thousands)	2023		2022
Assets
Cash and due from Bank of Marin	$	7,189	$	4,493
Investment in bank subsidiary	431,819		407,532
Other assets	156		255
Total assets	$	439,164	$	412,280

Liabilities and Stockholders' Equity

Accrued expenses payable	$	102	$	188
Other liabilities	—		—
Total liabilities	102		188
Stockholders' equity	439,062		412,092
Total liabilities and stockholders' equity	$	439,164	$	412,280

Schedule of Condensed Income Statement


CONDENSED UNCONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2023, 2022 and 2021
(in thousands)	2023		2022		2021
Income
Dividends from bank subsidiary	$	20,000	$	16,200	$	64,000
Miscellaneous income	—		—		—
Total income	20,000		16,200		64,000
Expense
Interest expense	—		—		1,361
Non-interest expense	1,705		1,793		4,025
Total expense	1,705		1,793		5,386
Income before income taxes and equity in undistributed net income of subsidiary	18,295		14,407		58,614
Income tax benefit	504		530		1,235
Income before equity in undistributed net income of subsidiary	18,799		14,937		59,849
Earnings of bank subsidiary greater (less) than dividends received from bank subsidiary	1,096		31,649		(26,621)
Net income	$	19,895	$	46,586	$	33,228

Schedule of Condensed Cash Flow Statement


CONDENSED UNCONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2023, 2022 and 2021
(in thousands)	2023		2022		2021
Cash Flows from Operating Activities:
Net income	$	19,895	$	46,586	$	33,228
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	(1,096)		(31,649)		26,621
Accretion of discount on subordinated debenture	—		—		1,347
Noncash director compensation expense	60		36		35
Net changes in:
Other assets	99		(12)		(1,655)
Other liabilities	(86)		(129)		(88)
Net cash provided by operating activities	18,872		14,832		59,488
Cash Flows from Investing Activities:
Capital contribution to bank subsidiary	(276)		(899)		(619)

Net cash used in investing activities	(276)		(899)		(619)
Cash Flows from Financing Activities:
Repayment of subordinated debenture including execution costs	—		—		(4,126)
Restricted stock surrendered for tax withholdings upon vesting	(70)		(40)		(166)
Cash dividends paid on common stock	(16,106)		(15,673)		(13,107)
Stock repurchased, including commissions	—		(1,250)		(40,762)
Proceeds from stock options exercised and stock issued under employee and director stock purchase plans	276		899		587
Net cash used in financing activities	(15,900)		(16,064)		(57,574)
Net increase (decrease) in cash and cash equivalents	2,696		(2,131)		1,295
Cash and cash equivalents at beginning of year	4,493		6,624		5,329
Cash and cash equivalents at end of year	$	7,189	$	4,493	$	6,624
Supplemental schedule of noncash investing and financing activities:
Stock issued in payment of director fees	$	398	$	355	$	217
Repurchase of stock not yet settled	$	—	$	—	$	373
Stock issued to ESOP	$	1,315	$	1,233	$	1,330