Bank of Marin Bancorp reported a net loss of $8.4 million for the fiscal year ending December 31, 2024, a significant decline from the net income of $19.9 million recorded in 2023. This resulted in a diluted loss per share of $0.52, compared to earnings of $1.24 per share in the previous year. The company's financial performance was notably impacted by a strategic balance sheet repositioning, which included the sale of $325.2 million in low-yielding investment securities at a pre-tax loss of $32.5 million. Additionally, the bank's net interest income decreased to $94.7 million from $102.8 million in 2023, primarily due to increased deposit costs.
Total assets for Bank of Marin Bancorp decreased to $3.7 billion as of December 31, 2024, down from $3.8 billion in 2023. The bank's loan portfolio saw a slight increase, rising to $2.1 billion, while total deposits decreased by $70.1 million to $3.2 billion. The proportion of non-interest-bearing deposits remained stable, accounting for 43.5% of total deposits. The allowance for credit losses on loans increased to $30.7 million, representing 1.47% of total loans, up from 1.21% in the previous year, reflecting a proactive approach to managing credit risk amid economic uncertainties.
In terms of operational developments, Bank of Marin Bancorp maintained its focus on relationship banking, adding approximately 4,700 new accounts in 2024. The bank's employee headcount decreased to 285 full-time equivalent staff from 329 in the previous year, reflecting ongoing efforts to streamline operations. The bank's capital ratios remained above regulatory requirements, with a total risk-based capital ratio of 16.54% as of December 31, 2024, compared to 16.89% in 2023.
Looking ahead, Bank of Marin Bancorp expressed optimism regarding its financial performance, citing improvements in credit quality trends and a stronger balance sheet. The bank plans to continue focusing on higher-yielding loans and securities while managing its deposit pricing strategy to remain competitive. The board of directors declared a cash dividend of $0.25 per share, marking the 79th consecutive quarterly dividend, which reflects the bank's commitment to returning value to shareholders despite the recent financial challenges.
About Bank of Marin Bancorp
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