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NOVATO, Calif.--(BUSINESS WIRE)--Bank of Marin Bancorp, "Bancorp" (Nasdaq: BMRC), parent company of Bank of Marin, "Bank," announced earnings of $8.9 million in the first quarter of 2021, compared to $8.1 million in the fourth quarter of 2020 and $7.2 million in the first quarter of 2020. Diluted earnings per share were $0.66 in the first quarter, $0.60 in the prior quarter, and $0.53 in the same quarter last year. Bank of Marin delivered steady, reliable results throughout 2020, reflecting our sound underwriting and commitment to relationship banking, said Russell A. Colombo, President and Chief Executive Officer. Our first quarter results in 2021 reinforced that consistency. Our credit quality is strong, and we are poised to grow as the economy reopens and our markets gain momentum. First quarter 2021 earnings included a $2.9 million reversal of the allowance for credit losses on loans and $590 thousand reversal of allowance for credit losses on unfunded loan commitments. Additionally, the early redemption of our last subordinated debenture generated $1.3 million in accelerated discount accretion in interest expense. Bancorp provided the following highlights from the first quarter of 2021: Loans and Credit Quality Loans increased by $33.2 million in the first quarter and totaled $2.122 billion at March 31, 2021, which was comprised of a $73.4 million net increase in PPP loans, and a $40.2 million decrease in non-PPP loans. Non-PPP-related loan originations were $25.3 million for the first quarter of 2021, compared to $29.8 million for the first quarter of 2020. Loan payoffs were $34.6 million in the first quarter of 2021, compared to $51.7 million for the first quarter of 2020. Loan payoffs in the first quarter consisted largely of consumer loans and loans whereby underlying assets were sold (including completed construction projects). Other negative variances included loans refinanced with other banks and decreased commitment line utilization. As of March 31, 2021, there were 2,513 PPP loans outstanding totaling $365.0 million (net of $8.0 million in unrecognized fees and costs), which included 841 loans totaling $119.5 million funded during the first quarter of 2021 under the second round of the PPP stimulus plan. Of the total PPP loans funded as of March 31, 2021, 144 loans amounting to $55.9 million were forgiven and paid off by the SBA. We expect the forgiveness of the first round of PPP loans to accelerate during the second quarter of 2021. Of the loans remaining, 77% (1,940 loans) totaling $89.6 million are less than or equal to $150 thousand and have access to streamlined forgiveness processing. As of April 15, 2021, 11 borrowing relationships with 17 loans totaling $59.2 million were benefiting from payment relief. We monitor the financial situation of these clients closely and expect the majority to resume payments as the economy reopens. The following table summarizes these loans by industry or collateral type. Industry/Collateral Type (dollars in thousands) Outstanding Loan Balance Weighted Average LTV Education $ 17,076 26 % Health Clubs 16,427 45 % Office and Mixed Use 13,794 42 % Hospitality 7,135 48 % Retail Related CRE 4,760 58 % Payment Relief Totals $ 59,192 40 % Non-accrual loans totaled $9.2 million, or 0.43% of the loan portfolio, at March 31, 2021, $9.2 million, or 0.44% at December 31, 2020, and $1.6 million, or 0.09% a year ago. Classified loans totaled $26.4 million at March 31, 2021, compared to $25.8 million at December 31, 2020 and $12.1 million at March 31, 2020. There were no loans classified doubtful at March 31, 2021, December 31, 2020, or March 31, 2020. Accruing loans past due 30 to 89 days totaled $1.0 million at March 31, 2021, compared to $1.8 million at December 31, 2020 and $1.3 million a year ago. In the first quarter of 2021, we recorded a reversal of the provision for credit losses on loans of $2.9 million, compared to a reversal of $856 thousand in the prior quarter and an increase of $2.2 million in the first quarter of 2020. Both the current and previous quarters' allowances were calculated under the current expected credit loss methodology. The reversal of the provision in the first quarter of 2021 was primarily due to improvements in the forecasted California unemployment rates over the next four quarters and a $40.2 million decrease in non-PPP loans. The first quarter of 2020 included a $2.2 million provision for credit losses on loans, as determined under the incurred loss methodology, due to economic uncertainties of the COVID-19 pandemic. Net recoveries were $13 thousand in the first quarter of 2021 and fourth quarter of 2020, compared to $7 thousand in the first quarter a year ago. The ratio of allowance for credit losses to total loans was 0.94% at March 31, 2021, 1.10% at December 31, 2020, and 1.02% at March 31, 2020. Excluding acquired and SBA PPP loans, the allowance for credit losses represented 1.14% of total loans as of March 31, 2021, compared to 1.27% and 1.08% as of December 31, 2020 and March 31, 2020, respectively (refer to footnote 4 on page 6 for a definition of this non-GAAP financial measure). Cash, Cash Equivalents and Restricted Cash Total cash, cash equivalents and restricted cash were $142.8 million at March 31, 2021, compared to $200.3 million at December 31, 2020. The reduction was primarily due to growth in SBA PPP loans and investment securities, partially offset by increased deposits. Investments The investment securities portfolio increased to $670.5 million at March 31, 2021 from $501.4 million at December 31, 2020. The increase was primarily attributed to purchases of $203.4 million to deploy excess cash in a more favorable interest rate environment, partially offset by paydowns, calls and maturities of $24.7 million. The fair value of available-for-sale investment securities decreased $9.1 million, primarily due to the rise in interest rates in the first quarter of 2021. Deposits Total deposits were $2.656 billion at March 31, 2021, compared to $2.504 billion at December 31, 2020. PPP borrower-related deposits and normal fluctuations in some of our large business accounts drove the increase. Additionally, the bank maintained $180.8 million in off-balance sheet deposits with deposit networks at March 31, 2021. The average cost of deposits held steady at 0.07% in the first quarter of 2021. On March 30, 2020, we implemented temporary fee waivers for all ATM fees, overdraft fees and early withdrawal penalties for time deposits to help ease the financial burden customers began experiencing due to the pandemic. After honoring the fee waivers for one year, we announced at the beginning of April those fees would no longer be automatically waived as of May 3, 2021, allowing our customers 30 days to adjust. Earnings We continued our established tradition of carefully managing expenses in the first quarter, while taking advantage of market opportunities to invest excess cash and reduce high-cost debt, said Tani Girton, EVP and Chief Financial Officer. With consistent profitability, excellent asset quality and low-cost funding, we are confident in our ability to grow alongside our clients and continue to develop value for our shareholders. Net interest income totaled $22.0 million in the first quarter of 2021, compared to $23.6 million in the prior quarter and $24.1 million a year ago. The $1.6 million decrease from the prior quarter was mostly attributable to $1.3 million in accelerated discount accretion from the early redemption of a subordinated debenture. Additionally, interest income declined due to two fewer days in the quarter. The $2.1 million decrease in net interest income from the comparative quarter a year ago was primarily caused by lower yields across interest-earning assets stemming from the low interest rate environment, early redemption of the subordinated debenture as mentioned above, and lower average commercial and home equity loan balances. These negative variances were partially offset by interest and fees on PPP loans and lower rates on interest-bearing liabilities. The tax-equivalent net interest margin was 3.19% in the first quarter, 3.40% in the prior quarter, and 3.88% in the first quarter of 2020. The early redemption of our last subordinated debenture reduced first quarter 2021 tax-equivalent net interest margin by approximately 18 basis points, but will improve net interest margin going forward. The decrease from the same quarter a year ago was primarily attributed to the lower interest rate environment. Non-interest income totaled $1.8 million in the first quarter of 2021 and the fourth quarter of 2020, compared to $3.1 million in the first quarter a year ago. The $1.3 million decrease from the first quarter of 2020 was mostly attributed to the absence of gains on sales of investment securities, lower service charges on deposit accounts, and lower fee income from one-way deposit sales to third-party deposit networks. Non-interest expense decreased $358 thousand to $14.8 million in the first quarter of 2021 from $15.2 million in the prior quarter. The decrease was primarily due to a $590 thousand reversal of the allowance for credit losses on unfunded loan commitments versus a $960 thousand provision for credit losses on unfunded loan commitments in the prior quarter. This favorable variance was partially offset by $794 thousand in higher salaries and related benefits expenses, which included January resets of 401K matching, accelerated stock-based compensation for participants meeting retirement eligibility criteria. Professional services also increased due to some pandemic related delays in 2020 activities. First quarter non-interest expense decreased $647 thousand from $15.5 million in the first quarter of 2020. The decrease was primarily attributed to the $590 thousand reversal of allowance for credit losses on unfunded loan commitments versus a $102 thousand provision a year ago. In addition, salaries and related benefits decreased $269 thousand (mostly attributed to $421 thousand additional deferred loan origination costs from funding the second round of SBA PPP loans) and charitable contributions $136 thousand. Increases included professional services as mentioned above and the discontinuation of Federal Deposit Insurance Corporation ("FDIC") insurance credits received in 2020. The efficiency ratio was 62.13% in the first quarter of 2021, up from 59.70% in the prior quarter and 56.79% in the comparative period a year ago. Without the $1.3 million accelerated discount accretion from the early redemption of the subordinated debenture our efficiency ratio would have been 58.92%. Share Repurchase Program Bancorp repurchased 224,013 shares totaling $8.5 million in the first quarter of 2021 for a cumulative total of 393,584 shares amounting to $14.3 million under the $25.0 million share repurchase program that was approved by the Board of Directors on January 24, 2020, expiring February 28, 2022. Earnings Call and Webcast Information Bank of Marin Bancorp will present its first quarter earnings call via webcast on Monday, April 19, 2021 at 8:30 a.m. PT/11:30 a.m. ET. Investors will have the opportunity to listen to the webcast online through Bank of Marins website at https://www.bankofmarin.com under Investor Relations. To listen to the webcast live, please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at the same website location shortly after the call. About Bank of Marin Bancorp Founded in 1990 and headquartered in Novato, Bank of Marin is the wholly owned subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). A leading business and community bank in the San Francisco Bay Area, with assets of $3.1 billion as of March 31, 2021, Bank of Marin has 21 branches and 7 commercial banking offices located across 7 Bay Area counties. Bank of Marin provides commercial banking, personal banking, specialty lending and wealth management and trust services. Specializing in providing legendary service to its customers and investing in its local communities, Bank of Marin has consistently been ranked one of the Top Corporate Philanthropists" by the San Francisco Business Times and one of the Best Places to Work by the North Bay Business Journal. Bank of Marin Bancorp is included in the Russell 2000 Small-Cap Index and Nasdaq ABA Community Bank Index. For more information, go to www.bankofmarin.com. Forward-Looking Statements This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words believe, expect, intend, estimate or words of similar meaning, or future or conditional verbs such as will, would, should, could or may. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, natural disasters (such as wildfires and earthquakes), our borrowers actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, general economic conditions, economic uncertainty in the United States and abroad, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation (including the Tax Cuts & Jobs Act of 2017 and the Coronavirus Aid, Relief and Economic Security Act of 2020, as amended), interruptions of utility service in our markets for sustained periods, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting Bancorp's operations, pricing, products and services. These and other important factors are detailed in various securities law filings made periodically by Bancorp, copies of which are available from Bancorp without charge. Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. (BMRC-ER) BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data; unaudited) March 31, 2021 December 31, 2020 March 31, 2020 Quarter-to-Date Net income $ 8,947 $ 8,117 $ 7,228 Diluted earnings per common share $ 0.66 $ 0.60 $ 0.53 Return on average assets 1.21 % 1.09 % 1.09 % Return on average equity 10.22 % 8.98 % 8.54 % Efficiency ratio 62.13 % 59.70 % 56.79 % Tax-equivalent net interest margin 1 3.19 % 3.40 % 3.88 % Cost of deposits 0.07 % 0.07 % 0.21 % Net recoveries $ (13 ) $ (13 ) $ (7 ) At Period End Total assets $ 3,058,133 $ 2,911,926 $ 2,697,738 Loans: Commercial and industrial 2 $ 545,069 $ 498,408 $ 264,405 Real estate: Commercial owner-occupied 308,266 304,963 306,371 Commercial investor-owned 955,021 961,208 930,479 Construction 71,066 73,046 63,425 Home equity 96,575 104,813 116,968 Other residential 124,383 123,395 135,929 Installment and other consumer loans 21,392 22,723 26,283 Total loans $ 2,121,772 $ 2,088,556 $ 1,843,860 Non-performing loans: 3 Real estate: Commercial owner-occupied $ 7,147 $ 7,147 $ Commercial investor-owned 1,603 $ 1,610 $ 942 Home equity 455 459 633 Installment and other consumer loans 17 57 Total non-accrual loans $ 9,205 $ 9,233 $ 1,632 Classified loans (graded substandard and doubtful) $ 26,423 $ 25,829 $ 12,056 Total accruing loans 30-89 days past due $ 1,047 $ 1,827 $ 1,315 Allowance for credit losses to total loans 0.94 % 1.10 % 1.02 % Allowance for credit losses to total loans, excluding acquired and SBA PPP loans 4 1.14 % 1.27 % 1.08 % Allowance for credit losses to non-performing loans 2.17x 2.48x 11.57x Non-accrual loans to total loans 0.43 % 0.44 % 0.09 % Total deposits $ 2,656,199 $ 2,504,249 $ 2,307,110 Loan-to-deposit ratio 79.9 % 83.4 % 79.9 % Stockholders' equity $ 350,292 $ 358,253 $ 345,940 Book value per share $ 26.29 $ 26.54 $ 25.50 Tangible common equity to tangible assets 5 10.5 % 11.3 % 11.7 % Total risk-based capital ratio - Bank 14.8 % 15.8 % 14.4 % Total risk-based capital ratio - Bancorp 15.7 % 16.0 % 15.3 % Full-time equivalent employees 282 289 296 1 Net interest income is annualized by dividing actual number of days in the period times 360 days. 2 Includes SBA PPP loans of $365.0 million and $291.6 million at March 31, 2021 and December 31, 2020, respectively. There were no SBA PPP loans as of March 31, 2020. 3 Excludes accruing troubled-debt restructured loans of $3.4 million, $5.1 million and $11.1 million at March 31, 2021, December 31, 2020 and March 31, 2020, respectively. 4 The allowance for credit losses to total loans, excluding non-impaired acquired loans and guaranteed SBA PPP loans, is considered a meaningful non-GAAP financial measure, as it represents only those loans that were considered in the calculation of the allowance for credit losses. Due to the adoption of CECL on December 31, 2020, all loans previously considered "acquired" are now included in the calculation of the allowance for credit losses. Acquired loans that were not impaired at March 31, 2020 totaled $100.4 million. Refer to footnote 2 above for SBA PPP loan totals. 5 Tangible common equity to tangible assets is considered to be a meaningful non-GAAP financial measure of capital adequacy and is useful for investors to assess Bancorp's ability to absorb potential losses. Tangible common equity includes common stock, retained earnings and unrealized gain on available for sale securities, net of tax, less goodwill and intangible assets of $33.8 million, $34.0 million and $34.6 million at March 31, 2021, December 31, 2020, and March 31, 2020, respectively. Tangible assets exclude goodwill and intangible assets. BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION At March 31, 2021, December 31, 2020 and March 31, 2020 (in thousands, except share data; unaudited) March 31, 2021 December 31, 2020 March 31, 2020 Assets Cash, cash equivalents and restricted cash $ 142,819 $ 200,320 $ 156,274 Investment securities: Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2021 and December 31, 2020 1) 151,970 109,036 131,140 Available-for-sale (at fair value; amortized cost $508,337, $373,038, and $431,519 at March 31, 2021, December 31, 2021, March 31, 2020, respectively; net of zero allowance for credit losses at March 31, 2021 and December 31, 20201) 518,568 392,351 448,868 Total investment securities 670,538 501,387 580,008 Loans, at amortized cost 2,121,772 2,088,556 1,843,860 Allowance for credit losses 1 (19,958 ) (22,874 ) (18,884 ) Loans, net of allowance for credit losses 2,101,814 2,065,682 1,824,976 Bank premises and equipment, net 4,604 4,919 5,708 Goodwill 30,140 30,140 30,140 Core deposit intangible 3,627 3,831 4,471 Operating lease right-of-use assets 24,559 25,612 22,225 Interest receivable and other assets 80,032 80,035 73,936 Total assets $ 3,058,133 $ 2,911,926 $ 2,697,738 Liabilities and Stockholders' Equity Liabilities Deposits Non-interest bearing $ 1,445,282 $ 1,354,650 $ 1,130,460 Interest bearing Transaction accounts 176,390 183,552 137,802 Savings accounts 224,748 201,507 167,210 Money market accounts 714,824 667,107 776,271 Time accounts 94,955 97,433 95,367 Total deposits 2,656,199 2,504,249 2,307,110 Borrowings and other obligations 30 58 185 Subordinated debenture 2,777 2,725 Operating lease liabilities 25,993 27,062 23,726 Interest payable and other liabilities 25,619 19,527 18,052 Total liabilities 2,707,841 2,553,673 2,351,798 Stockholders' Equity Preferred stock, no par value, Authorized - 5,000,000 shares, none issued Common stock, no par value, Authorized - 30,000,000 shares; issued and outstanding - 13,326,509, 13,500,453 and 13,565,969 at March 31, 2021, December 31, 2020, and March 31, 2020, respectively 118,386 125,905 127,684 Retained earnings 225,600 219,747 207,328 Accumulated other comprehensive income, net of taxes 6,306 12,601 10,928 Total stockholders' equity 350,292 358,253 345,940 Total liabilities and stockholders' equity $ 3,058,133 $ 2,911,926 $ 2,697,738 1 The March 31, 2021 and December 31, 2020 allowances were under current expected credit loss methodology. Whereas, the March 31, 2020 allowance was under incurred loss methodology. Refer to Note 1, Summary of Accounting Policies, in our 2020 Form 10-K for further information on the adoption of ASU 2016-13. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended (in thousands, except per share amounts; unaudited) March 31, 2021 December 31, 2020 March 31, 2020 Interest income Interest and fees on loans $ 20,661 $ 20,794 $ 20,887 Interest on investment securities 3,129 3,254 4,165 Interest on federal funds sold and due from banks 42 40 332 Total interest income 23,832 24,088 25,384 Interest expense Interest on interest-bearing transaction accounts 39 40 66 Interest on savings accounts 19 18 16 Interest on money market accounts 286 278 971 Interest on time accounts 96 118 161 Interest on borrowings and other obligations 1 2 Interest on subordinated debenture 1,361 34 49 Total interest expense 1,801 489 1,265 Net interest income 22,031 23,599 24,119 (Reversal of) provision for credit losses on loans (2,929 ) (856 ) 2,200 Net interest income after (reversal of) provision for credit losses 24,960 24,455 21,919 Non-interest income Wealth Management and Trust Services 488 476 504 Debit card interchange fees 366 387 360 Service charges on deposit accounts 281 286 451 Earnings on bank-owned life insurance, net 257 232 275 Dividends on Federal Home Loan Bank stock 149 151 208 Merchant interchange fees 57 56 73 Gains on sale of investment securities, net 800 Other income 228 239 449 Total non-interest income 1,826 1,827 3,120 Non-interest expense Salaries and related benefits 9,208 8,414 9,477 Occupancy and equipment 1,751 1,843 1,663 Professional services 863 432 544 Data processing 819 747 786 Depreciation and amortization 459 558 526 Information technology 313 292 250 Amortization of core deposit intangible 204 214 213 Federal Deposit Insurance Corporation insurance 179 175 2 Directors' expense 175 180 174 Charitable contributions 31 113 167 (Reversal of) provision for credit losses on unfunded loan commitments (590 ) 960 102 Other expense 1,410 1,252 1,565 Total non-interest expense 14,822 15,180 15,469 Income before provision for income taxes 11,964 11,102 9,570 Provision for income taxes 3,017 2,985 2,342 Net income $ 8,947 $ 8,117 $ 7,228 Net income per common share: Basic $ 0.67 $ 0.60 $ 0.53 Diluted $ 0.66 $ 0.60 $ 0.53 Weighted average shares: Basic 13,363 13,523 13,525 Diluted 13,469 13,615 13,656 Comprehensive income (loss): Net income $ 8,947 $ 8,117 $ 7,228 Other comprehensive (loss) income: Change in net unrealized gains on available-for-sale securities (9,082 ) 286 9,812 Reclassification adjustment for (gains) on available-for-sale securities included in net income (800 ) Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 143 129 110 Other comprehensive (loss) income, before tax (8,939 ) 415 9,122 Deferred tax (benefit) expense (2,644 ) 124 2,697 Other comprehensive (loss) income, net of tax (6,295 ) 291 6,425 Total comprehensive income $ 2,652 $ 8,408 $ 13,653 BANK OF MARIN BANCORP AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME Three months ended Three months ended Three months ended March 31, 2021 December 31, 2020 March 31, 2020 Interest Interest Interest Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ (in thousands; unaudited) Balance Expense Rate Balance Expense Rate Balance Expense Rate Assets Interest-earning deposits with banks 1 $ 165,788 $ 42 0.10 % $ 157,389 $ 40 0.10 % $ 99,362 $ 332 1.32 % Investment securities 2, 3 540,970 3,282 2.43 % 498,730 3,395 2.72 % 556,897 4,266 3.06 % Loans 1, 3, 4 2,099,847 20,836 3.97 % 2,096,908 20,975 3.91 % 1,833,180 21,066 4.55 % Total interest-earning assets 1 2,806,605 24,160 3.44 % 2,753,027 24,410 3.47 % 2,489,439 25,664 4.08 % Cash and non-interest-bearing due from banks 50,931 64,600 40,844 Bank premises and equipment, net 4,777 5,213 5,939 Interest receivable and other assets, net 133,693 135,520 118,909 Total assets $ 2,996,006 $ 2,958,360 $ 2,655,131 Liabilities and Stockholders' Equity Interest-bearing transaction accounts $ 174,135 $ 39 0.09 % $ 160,827 $ 41 0.10 % $ 138,395 $ 66 0.19 % Savings accounts 214,049 19 0.04 % 198,616 18 0.04 % 163,439 16 0.04 % Money market accounts 703,577 286 0.16 % 697,203 279 0.16 % 760,616 971 0.51 % Time accounts including CDARS 96,349 96 0.40 % 97,512 118 0.48 % 96,157 161 0.67 % Borrowings and other obligations 1 36 1.99 % 72 2.37 % 358 2 1.81 % Subordinated debenture 1, 5 2,164 1,361 251.54 % 2,768 34 4.85 % 2,715 49 7.19 % Total interest-bearing liabilities 1,190,310 1,801 0.61 % 1,156,998 490 0.17 % 1,161,680 1,265 0.44 % Demand accounts 1,406,123 1,397,349 1,119,975 Interest payable and other liabilities 44,551 44,532 33,045 Stockholders' equity 355,022 359,481 340,431 Total liabilities & stockholders' equity $ 2,996,006 $ 2,958,360 $ 2,655,131 Tax-equivalent net interest income/margin 1 $ 22,359 3.19 % $ 23,920 3.40 % $ 24,399 3.88 % Reported net interest income/margin 1 $ 22,031 3.14 % $ 23,599 3.35 % $ 24,119 3.83 % Tax-equivalent net interest rate spread 2.83 % 3.30 % 3.64 % 1 Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable. 2 Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a component of stockholders' equity. Investment security interest is earned on 30/360 day basis monthly. 3 Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 21 percent in 2021 and 2020. 4 Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield. 5 First quarter 2021 interest expense includes $1.3 million accelerated discount accretion from the early redemption of our last subordinated debenture on March 15, 2021.

Answer: Bank of Marin Bancorp Reports First Quarter Earnings of $8.9 Million Announces $0.23 Dividend