Bank Of Marin Bancorp · NASDAQ:BMRC
Bank Of Marin Bancorp — Debt Investor Presentation (November 2025)
44 slides from Bank Of Marin Bancorp's debt investor presentation, Nov 19, 2025
Slide 1: Fixed Income Investor Presentation November 2025
Fixed Income Investor Presentation November 2025
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This discussion of financial results includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "1933 Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "1934 Act"). Those sections of
Slide 3: Forward-Looking Statements
3 Forward-Looking Statements This presentation does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Neither the SEC nor any other regulatory body has approved or disapproved of the securities of the Company or passed upon th
Slide 4: Subordinated Debt Offering Summary
4 Subordinated Debt Offering Summary Issuer Bank of Marin Bancorp (Nasdaq: BMRC) Security Subordinated Notes due 2035 Amount $40 million Security Rating1 BBB- by Kroll Bond Rating Agency Issuance Type Reg D, Private Placement Offering Structure Fixed-to-Floating Rate (Fixed during First Five Years)
Slide 5: Management Introductions
5 Misako Stewart EVP, Chief Credit Officer • Joined Bank of Marin in 2013; promoted to Chief Credit Officer in 2021 • Previously served as Vice President in Commercial Banking at Union Bank and First Vice President in Commercial Banking & Credit Administration at Comerica Bank • Bachelor’s degree fr
Slide 6: Franchise Highlights
S E C T I O N Franchise Highl ights 01
Slide 7: BMRC at a Glance
7 Bank of Marin Bancorp Novato, CA Headquarters BMRC NASDAQ $390.8 Million Market Cap $3.9 Billion Total Assets 4.12% Dividend Yield 16.13% Total RBC BMRC AT A GLANCE Data as of 9/30/25 Relationship Banking Build strong, long-term customer relationships based on trust, integrity and expertise, inspi
Slide 8: A strategic and disciplined approach to delivering long-term value
8 A strategic and disciplined approach to delivering long-term value 0 1 0 2 0 3 0 4 Grow NON-INTEREST INCOME Scale through EFFICIENCY GAINS and ACQUISITIONS Invest in TALENT and TECHNOLOGY Drive high-quality LOAN GROWTH Long-Term
Slide 9: Focused on Building Long-Term Stakeholder Value
9 Focused on Building Long-Term Stakeholder Value Strong Core Deposit Franchise Largest community bank in Marin County with 11.4% market share 1 43.1% non-interest bearing deposits with a 1.29% cost of deposits in Q3 Improving Margin Outlook Improving asset yield due to: ▪ investment securities rest
Slide 10: Robust Capital Ratios
10 Robust Capital Ratios As of 9/30/25 • We maintained high capital levels and are in a position of strength • Total risk-based capital of 16.1% • Tangible common equity ratio of 9.7% • During 3Q'25 we repurchased 50,000 shares at an average price of $22.33 (below tangible book value), totaling $1.1
Slide 11: Third Quarter 2025 Overview
11 Third Quarter 2025 Overview Highlights • Tax-equivalent net interest margin increased to 3.08% from 2.93%, driven by the repositioning of securities in Q2 (13bp impact, as anticipated) and higher average interest-earning assets, strongly impacted by deposit growth • Net income and diluted EPS for
Slide 12: Funding, Liquidity and Capital
S E C T I O N Funding , L iquidity and Capita l 02
Slide 13: Strong Deposit Franchise
13 Strong Deposit Franchise • Bank of Marin ranked #1 on the west coast and #4 nationwide in 2025 by S&P Global Market Intelligence for best deposit franchise among banks with total assets between $3 billion and $10 billion • Deposit mix continues to favor a high percentage of non-interest bearing d
Slide 14: Deposit Accounts Mix and New Accounts
14 • 43% of new accounts consisted of new relationships to the Bank by count • 41% of new accounts were non-interest bearing by count • Average weighted cost for all new interest bearing accounts at 2.38% • Reciprocal deposit network program (expanded FDIC insurance products) utilization increased b
Slide 15: Strong Liquidity: $2.0 Billion in Net Availability
15 Strong Liquidity: $2.0 Billion in Net Availability • Immediately available contingent funding represented 202% of estimated uninsured and/or uncollateralized deposits at September 30, 2025 • The Bank has long-established minimum liquidity requirements regularly monitored using metrics and tools s
Slide 16: High-Quality Securities Portfolio Generates Cash Flow
16 1 Taxable equivalent 2 See Reconciliation of Non-GAAP Financial Measures in the Appendix 3 Related tax benefit calculated using blended statutory rate of 29.5636% 4 Includes unrealized losses resulting from securities transferred from AFS to HTM that are currently in AOCI High-Quality Securities
Slide 17: AOCI and Tangible Equity
AOCI and Tangible Equity $500.0 $400.0 $300.0 $2000 $1000 Mo. Weak 0 Wain Bancory $407.9 $4146 $ai6.2 $4184 gaas.s $415.5 $390.2 $387.7 $3900 $391.7 Sep 2022 Dec 2022 Mar 2023 Tangible Equity Jun 2023 Sep2023 Dec 2023 ‘Accumulated Other Comprehensive Loss Mar 2024 Jun 2024 Sep 2024 Me lnvestments/To
Slide 18: Focused on delivering Long-Term, Consistent Growth
18 Focused on delivering Long-Term, Consistent Growth ▪ Proven ability to grow both organically and through M&A ▪ Consistent cash dividend provides stable and reliable return for shareholders Note: Tangible book value per share (TBVPS) equals total shareholders’ equity, less intangible assets includ
Slide 19: Lending and Asset Quality
S E C T I O N Lending and Asset Qual i ty 03
Slide 20: Prudent, Sustainable Model for Loan Growth
20 • Loan originations peaked in Q3 with $69 million funded • Notable pipeline growth and diversification from key hires, compensation program enhancements, and calling programs • Sound underwriting produces a high- quality loan portfolio with low credit costs and stable earnings through cycles • Ex
Slide 21: Well-diversified Loan Portfolio
21 Well-diversified Loan Portfolio As of 9/30/25 - No material changes from 2Q'25 • Loan portfolio is well-diversified across borrowers, industries, loan and property types within our geographic footprint • 88% of all loans and 93% of loans excluding nonprofit organizations are guaranteed by owners
Slide 22: Low Refinance Risk in NOO CRE Portfolio through 2026
22 Low Refinance Risk in NOO CRE Portfolio through 2026 • We conducted a DEEP DIVE on loans maturing or repricing before year-end 2026 * • PORTFOLIO IS WELL-POSITIONED TO ABSORB HIGHER RATE ENVIRONMENT AT MATURITY OR REPRICING DATE • Wtd. Avg. DSC Assumptions for Maturing Loans: Current market inter
Slide 23: Non-owner Occupied Office Exposure
23 • $365 million in credit exposure spread across our lending footprint comprised of 149 loans • $2.4 million average loan balance – largest loan at $15.6 million • 67% weighted average loan-to-value and 1.63x weighted average debt-service coverage ratio* • City of San Francisco NOO CRE office expo
Slide 24: NOO CRE Portfolio Diversified Across Property Type & County
24 *Calculated for loans exceeding $1 million, based on the most recent annual review process Note: Sacramento includes surrounding regional counties NOO CRE Portfolio Diversified Across Property Type & County As of 9/30/25 - No material changes from 2Q'25 Average Balance: $1.8MM Largest Balance: $1
Slide 25: Owner-Occupied CRE Portfolio
25 * Loan-to-value largely based on appraised values at origination, or updated appraisals for certain classified loans, and balances as of 9/30/25 Owner-Occupied CRE Portfolio As of 9/30/25 - No material changes from 2Q'25 OO CRE by County 3Q'25 Average Balance: $1.1MM Largest Loan: $14.6MM Wtd. Av
Slide 26: Construction Portfolio Concentrations
26 * Loan-to-value largely based on appraised values at origination, or updated appraisals for certain high dollar loans and, balances as of 9/30/25 Construction Portfolio Concentrations As of 9/30/25 Construction by Type 3Q'25 Construction by County 3Q'25 Average Balance: $1.8MM Largest Loan: $3.0M
Slide 27: History of Strong Asset Quality
27 History of Strong Asset Quality • Allowance for credit losses to total loans of 1.43%, down slightly from the prior quarter • Consistent, robust credit culture and underwriting principles support strong asset quality • Net charge-offs have consistently been negligible for the last five years due
Slide 28: Historical Credit Quality
28 Historical Credit Quality 0.05% 0.01% 0.33% 0.53% 0.38% 0.49% 0.38% 0.00% (0.01%) 0.04% (0.16%) 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.06% 0.17% 0.96% 1.61% 2.10% 1.22% 0.84% 0.23% 0.09% 0.00% 0.03% 0.03% 0.06% 0.07% 0.02% (0.01%) 0.00% 0.02% 0.06% 0.03% 2006 2007 2008 2009 2010
Slide 29: Income Statement Highlights
S E C T I O N Income Statement Highl ights 04
Slide 30: Historical Performance
30 Historical Performance Net Interest Margin - Taxable EquivalentEfficiency Ratio Core Return on Average Assets1 Core Return on Average Tangible Common Equity1 55.6% 63.1% 54.4% 73.8% 111.6% 68.9% 2020 2021 2022 2023 2024 Q3 '25 3.55% 3.17% 3.11% 2.63% 2.63% 3.08% 2020 2021 2022 2023 2024 Q3'25 9.5
Slide 31: Net Interest Margin Drivers
31 • Linked-quarter NIM increased 15 bps due primarily to higher interest earning assets and higher securities yields, largely due to the effects of the 2Q'25 AFS securities restructuring, contributing 13bps to annualized NIM • Although loan yields rose, the average balance decrease resulted in a ne
Slide 32: Loans & Securities — Repricing & Maturity
32 Loans & Securities — Repricing & Maturity $ in millions, unless otherwise indicated Total Loans1 * at 9/30/2025 Repricing Term Rate Structure 3 months or less 3-12 months 1-3 years 3-5 years 5-15 years Over 15 years Total Floating Rate Variable Rate Floating & Variable Rate at Floor Floating & Va
Slide 33: Non-interest Income and Expense
33 Consistent and diverse sources of non-interest income bolster revenue through cycles Investment in our people, branches and technology provide a runway for future growth Non-interest Income1 ($ in millions) Non-interest Expense ($ in millions) 1See Reconciliation of GAAP to Non-GAAP Financial Mea
Slide 34: Potential Strategic Measures
S E C T I O N Potent ia l Strateg ic Measures 05
Slide 35: Potential Strategic Measures to Unlock and Optimize the Balance Sheet
35 Potential Strategic Measures to Unlock and Optimize the Balance Sheet • We are evaluating a potential repositioning of low-yielding held-to-maturity securities in combination with a capital raise • HTM reclassification and securities sales will be executed in parallel with the planned subordinate
Slide 36: Balance Sheet Repositioning Profitability Impact
36 8.2% 11.7% Standalone Pro Forma Balance Sheet Repositioning Profitability Impact 0.80% 0.99% Standalone Pro Forma 2026 Net Interest Margin 2026 Return on Average Assets 2026 Return on Average Tangible Common Equity 1 Pro forma estimate includes reclassification of ~$817mm (market value) of HTM Se
Slide 37: Balance Sheet Repositioning Capital Impact
37 9.7% 8.2% Q3'25 Pro Forma Balance Sheet Repositioning Capital Impact1 Tangible Common Equity / Tangible Assets NOO CRE / Total Risk Based Capital 323% 355% Q3'25 Pro Forma Total Risk Based Ratio 16.1% 14.7% Q3'25 Pro Forma Leverage Ratio 10.1% 8.2% Q3'25 Pro Forma 14.9% 11.9% Q3'25 Pro Forma Comm
Slide 38: Appendix
Th. Bank of Marin Bancorp Appendix
Slide 39: Ratings Profile
39 Ratings Profile Kroll Ratings (11/5/2025) Entity Type Rating Outlook Bank of Marin Bancorp Senior Unsecured Debt BBB Stable Subordinated Debt BBB- Stable Short-Term Debt K3 Bank of Marin Deposit BBB+ Stable Senior Unsecured Debt BBB+ Stable Subordinated Debt BBB Stable Short-Term Deposit K2 Short
Slide 40: Pro Forma Interest Coverage and Liquidity
40 Pro Forma Interest Coverage and Liquidity ($000) 2021Y 2022Y 2023Y 2024Y 2025 YTD Pro Forma Total Investment in subsidiaries 444,191$ 407,532$ 431,819$ 424,987$ 417,865$ 379,337$ Consolidated equity 450,368 412,092 439,062 435,407 443,818 385,290 Double leverage ratio 99% 99% 98% 98% 94% 98% Inte
Slide 41: Reconciliation of GAAP to Non-GAAP Financial Measures
41 Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share amounts; unaudited) September 30, 2025 Tangible Common Equity - Bancorp Total stockholders' equity $ 443,818 Goodwill and core deposit intangible (74,867) Total TCE a 368,951 Unrealized losses on HTM securities,
Slide 42: Reconciliation of GAAP to Non-GAAP Financial Measures (Excluding Loss on Sale of Securities)
42 Reconciliation of GAAP to Non-GAAP Financial Measures (Excluding Loss on Sale of Securities) (in thousands; unaudited) Three months ended Nine months ended Pre-tax, pre-provision net income September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024 Income (loss) before provision for (
Slide 43: Reconciliation of GAAP to Non-GAAP Financial Measures (Excluding Loss on Sale of Securities)
43 Reconciliation of GAAP to Non-GAAP Financial Measures (Excluding Loss on Sale of Securities) (in thousands, except per share amounts; unaudited) Three months ended Nine months ended Net income (loss) September 30, 2025 June 30, 2025 September 30, 2025 September 30, 2024 Net income (loss) (GAAP) $
Slide 44: Contact Us
44 Contact Us Tim Myers President and Chief Executive Officer (415) 763-4970 timmyers@bankofmarin.com Dave Bonaccorso EVP, Chief Financial Officer (415) 884-4758 davebonaccorso@bankofmarin.com Media Requests: Yahaira Garcia-Perea Marketing & Corporate Communications Manager (916) 231-6703 yahairagar
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