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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________
 
Commission File Number  001-33572
Bank of Marin Bancorp
(Exact name of Registrant as specified in its charter)
California 20-8859754
(State or other jurisdiction of incorporation or organization)   (IRS Employer Identification No.)
504 Redwood Blvd. Suite 100NovatoCA 94947
(Address of principal executive office) (Zip Code)
 
Registrant’s telephone number, including area code:  (415) 763-4520

Not Applicable
(Former name, former address and formal fiscal year, if changed since last report)
Securities registered pursuant to 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common stock, no par value and attached Share Purchase RightsBMRCThe Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒                  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒                  No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.   
Large accelerated filer ☐Accelerated filer☒
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   ☐    No  ☒ 

As of April 30, 2022, there were 15,997,180 shares of common stock outstanding.


TABLE OF CONTENTS
 
PART I
   
ITEM 1.
 
 
 
 
 
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
PART II
   
ITEM 1.
   
ITEM 1A.
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
ITEM 5.
   
ITEM 6.
   



Page-2
PART I       FINANCIAL INFORMATION
 
ITEM 1.  Financial Statements 
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION 
(in thousands, except share data; unaudited)March 31, 2022December 31, 2021
Assets  
Cash, cash equivalents and restricted cash$170,901 $347,641 
Investment securities 
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2022 and December 31, 2021)
790,264 342,222 
Available-for-sale, at fair value (net of zero allowance for credit losses at March 31, 2022 and December 31, 2021)
955,457 1,167,568 
Total investment securities1,745,721 1,509,790 
Loans, at amortized cost2,201,854 2,255,645 
Allowance for credit losses on loans(22,547)(23,023)
Loans, net of allowance for credit losses on loans
2,179,307 2,232,622 
Goodwill72,754 72,754 
Bank-owned life insurance61,536 61,473 
Operating lease right-of-use assets23,544 23,604 
Bank premises and equipment, net7,236 7,558 
Core deposit intangible, net6,225 6,605 
Other real estate owned800 800 
Interest receivable and other assets62,400 51,362 
Total assets$4,330,424 $4,314,209 
Liabilities and Stockholders' Equity  
Liabilities  
Deposits  
Non-interest bearing$1,960,684 $1,910,240 
Interest bearing 
Transaction accounts299,336 290,813 
Savings accounts347,335 340,959 
Money market accounts1,108,852 1,116,303 
Time accounts145,135 150,235 
Total deposits3,861,342 3,808,550 
Borrowings and other obligations388 419 
Operating lease liabilities25,351 25,429 
Interest payable and other liabilities22,935 29,443 
Total liabilities3,910,016 3,863,841 
Commitments and contingent liabilities (Note 8)
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 - 16,003,847 and 15,929,243 at March 31, 2022 and December 31, 2021, respectively
213,204 212,524 
Retained earnings246,511 239,868 
Accumulated other comprehensive loss, net of taxes(39,307)(2,024)
Total stockholders' equity420,408 450,368 
Total liabilities and stockholders' equity$4,330,424 $4,314,209 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
Page-3
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Three months ended
(in thousands, except per share amounts; unaudited)March 31, 2022December 31, 2021March 31, 2021
Interest income  
Interest and fees on loans$23,677 25,495 $20,661 
Interest on investment securities6,693 5,625 3,129 
Interest on federal funds sold and due from banks106 125 42 
Total interest income30,476 31,245 23,832 
Interest expense 
Interest on interest-bearing transaction accounts56 53 39 
Interest on savings accounts29 28 19 
Interest on money market accounts478 505 286 
Interest on time accounts14 25 96 
Interest on borrowings and other obligations1 1 — 
Interest on subordinated debenture— — 1,361 
Total interest expense578 612 1,801 
Net interest income29,898 30,633 22,031 
(Reversal of) provision for credit losses on loans(485)600 (2,929)
(Reversal of) provision for credit losses on unfunded loan commitments(318)210 (590)
Net interest income after (reversal of) provision for credit losses30,701 29,823 25,550 
Non-interest income 
Wealth Management and Trust Services600 607 488 
Debit card interchange fees, net505 544 366 
Service charges on deposit accounts488 531 281 
Earnings on bank-owned life insurance, net413 302 257 
Dividends on Federal Home Loan Bank stock259 255 149 
Merchant interchange fees, net140 175 57 
Losses on sale of investment securities, net— (17)— 
Other income462 322 228 
Total non-interest income2,867 2,719 1,826 
Non-interest expense 
Salaries and related benefits11,548 10,716 9,208 
Occupancy and equipment1,909 1,929 1,751 
Data processing1,277 1,887 819 
Professional services913 653 863 
Information technology478 445 313 
Depreciation and amortization452 461 459 
Amortization of core deposit intangible380 393 204 
Directors' expense311 297 175 
Federal Deposit Insurance Corporation insurance290 292 179 
Charitable contributions45 90 31 
Other expense1,772 1,821 1,410 
Total non-interest expense19,375 18,984 15,412 
Income before provision for income taxes14,193 13,558 11,964 
Provision for income taxes3,728 3,844 3,017 
Net income$10,465 $9,714 $8,947 
Net income per common share: 
Basic$0.66 $0.61 $0.67 
Diluted$0.66 $0.61 $0.66 
Weighted average shares: 
Basic15,876 15,948 13,363 
Diluted15,946 16,027 13,469 
Comprehensive income (loss):
Net income$10,465 $9,714 $8,947 
Other comprehensive income (loss):
Change in net unrealized (losses) gains on available-for-sale securities(38,228)(12,723)(9,082)
Reclassification adjustment for losses on available-for-sale securities included in net income— 17 — 
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity(14,847)— — 
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity144 108 143 
Other comprehensive loss, before tax(52,931)(12,598)(8,939)
Deferred tax benefit(15,648)(3,726)(2,644)
Other comprehensive loss, net of tax(37,283)(8,872)(6,295)
Total comprehensive (loss) income$(26,818)$842 $2,652 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
Page-4
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the three months ended March 31, 2022 and 2021
(in thousands, except share data; unaudited)Common StockRetained
Earnings		Accumulated Other
Comprehensive (Loss) Income,
Net of Taxes		 Total
SharesAmount
Three months ended March 31, 2022
Balance at January 1, 202215,929,243 $212,524 $239,868 $(2,024)$450,368 
Net income— — 10,465 — 10,465 
Other comprehensive loss— — — (37,283)(37,283)
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings35,543 739 — — 739 
Stock issued under employee stock ownership plan12,000 417 — — 417 
Restricted stock granted46,672 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(836)(29)— — (29)
Restricted stock forfeited / cancelled(649)— — — — 
Stock-based compensation - stock options— 86 — — 86 
Stock-based compensation - restricted stock— 151 — — 151 
Cash dividends paid on common stock ($0.24 per share)
— — (3,822)— (3,822)
Stock issued in payment of director fees5,149 193 — — 193 
Stock repurchased, including commissions(23,275)(877)— — (877)
Balance at March 31, 202216,003,847 $213,204 $246,511 $(39,307)$420,408 
Three months ended March 31, 2021
Balance at January 1, 202113,500,453 $125,905 $219,747 $12,601 $358,253 
Net income— — 8,947 — 8,947 
Other comprehensive loss— — — (6,295)(6,295)
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings17,180 38 — — 38 
Stock issued under employee stock purchase plan778 28 — — 28 
Stock issued under employee stock ownership plan9,000 332 — — 332 
Restricted stock granted27,054 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(3,961)(156)— — (156)
Restricted stock forfeited / cancelled(3,848)— — — — 
Stock-based compensation - stock options— 172 — — 172 
Stock-based compensation - restricted stock— 443 — — 443 
Cash dividends paid on common stock ($0.23 per share)
— — (3,094)— (3,094)
Stock purchased by directors under director stock plan519 18 — — 18 
Stock issued in payment of director fees3,347 117 — — 117 
Stock repurchased, including commissions(224,013)(8,511)— — (8,511)
Balance at March 31, 202113,326,509 $118,386 $225,600 $6,306 $350,292 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).

Page-5
BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2022 and 2021
(in thousands; unaudited)March 31, 2022March 31, 2021
Cash Flows from Operating Activities:  
Net income$10,465 $8,947 
Adjustments to reconcile net income to net cash provided by operating activities:  
(Reversal of) provision for credit losses on loans(485)(2,929)
(Reversal of) provision for credit losses on unfunded loan commitments(318)(590)
Noncash contribution expense to employee stock ownership plan417 332 
Noncash director compensation expense244 162 
Stock-based compensation expense237 615 
Amortization of core deposit intangible380 204 
Amortization of investment security premiums, net of accretion of discounts2,497 685 
Accretion of premiums (discounts) on acquired loans115 (33)
Accretion of discount on subordinated debenture— 1,347 
Net change in deferred loan origination costs/fees(1,591)2,658 
Depreciation and amortization452 459 
Earnings on bank-owned life insurance policies(413)(257)
Net changes in interest receivable and other assets4,648 2,901 
Net changes in interest payable and other liabilities(5,169)(2,065)
Total adjustments1,014 3,489 
Net cash provided by operating activities11,479 12,436 
Cash Flows from Investing Activities:  
Purchase of held-to-maturity securities(95,932)(41,607)
Purchase of available-for-sale securities(243,459)(151,828)
Proceeds from paydowns/maturities of held-to-maturity securities 5,067 8,600 
Proceeds from paydowns/maturities of available-for-sale securities 42,966 16,060 
Loan principal collected, net of originations54,524 (36,543)
Cash receipts from bank-owned life insurance policies350 — 
Purchase of premises and equipment(130)(144)
Cash paid for low income housing tax credit investment(4)(313)
Net cash used in investing activities(236,618)(205,775)
Cash Flows from Financing Activities:  
Net increase in deposits52,792 151,950 
Proceeds from stock options exercised739 38 
Restricted stock surrendered for tax withholdings upon vesting(29)(156)
Proceeds from stock issued under employee and director stock purchase plans— 46 
Stock repurchased, including commissions(1,250)(8,792)
Repayment of subordinated debenture including execution costs— (4,126)
Repayment of finance lease obligations(31)(28)
Cash dividends paid on common stock(3,822)(3,094)
Net cash provided by financing activities48,399 135,838 
Net decrease in cash, cash equivalents and restricted cash(176,740)(57,501)
Cash, cash equivalents and restricted cash at beginning of period347,641 200,320 
Cash, cash equivalents and restricted cash at end of period$170,901 $142,819 
Supplemental disclosure of cash flow information:
Cash paid in interest$588 $492 
Cash paid in income taxes$— $— 
Supplemental disclosure of noncash investing and financing activities:  
Change in net unrealized gain or loss on available-for-sale securities$(38,228)$(9,092)
Securities transferred from available-for-sale to held-to-maturity, at fair value$357,482 $— 
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity$144 $143 
Purchase of investment security not yet settled$— $10,000 
Stock issued to employee stock ownership plan$417 $332 
Stock issued in payment of director fees$193 $117 
Repurchase of stock not yet settled$— $132 
Restricted cash1
$930 $1,930 
1 Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. In response to the COVID-19 pandemic, the Federal Reserve reduced the reserve requirement ratios to zero percent effective March 26, 2020.

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
Page-6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 
Note 1:  Basis of Presentation

The consolidated financial statements include the accounts of Bancorp, a bank holding company, and its wholly-owned bank subsidiary, Bank of Marin, a California state-chartered commercial bank. Effective August 6, 2021 (the "merger date"), American River Bankshares ("AMRB") merged with and into Bank of Marin Bancorp ("Bancorp"), with Bank of Marin Bancorp surviving, followed thereafter at 12:05 AM on August 7, 2021, by the merger of American River Bank ("ARB") with and into Bank of Marin, with Bank of Marin (the "Bank") surviving, (collectively the "Merger"). The Merger was accounted for under ASC 805, Business Combinations. See Note 10, Merger, for further detail. References to “we,” “our,” “us” mean Bancorp and the Bank that are consolidated for financial reporting purposes. The accompanying unaudited consolidated interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations. Certain items in prior financial statements were reclassified to conform to the current presentation, including the reclassification of the provision for credit losses on unfunded commitments in the second quarter of 2021 from non-interest expense to a separate line item under the provision for credit losses on loans in the consolidated statements of comprehensive income. This reclassification had no impact to net income or stockholders' equity.

Although we believe that the disclosures are adequate and the information presented is not misleading, we suggest that these interim financial statements be read in conjunction with the annual financial statements and the notes thereto included in our 2021 Annual Report on Form 10-K.  In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, which are necessary for a fair presentation of the consolidated financial position, the results of operations, changes in comprehensive income, changes in stockholders’ equity, and cash flows for the periods presented. All material intercompany transactions have been eliminated. The results of these interim periods may not be indicative of the results for the full year or for any other period.
 
The following table shows: 1) weighted average basic shares, 2) potentially dilutive weighted average common shares related to stock options and unvested restricted stock awards, and 3) weighted average diluted shares. Basic earnings per share (“EPS”) are calculated by dividing net income by the weighted average number of common shares outstanding during each period, excluding unvested restricted stock awards. Diluted EPS are calculated using the weighted average number of potentially dilutive common shares. The number of potentially dilutive common shares included in the quarterly diluted EPS is computed using the average market prices during the three months included in the reporting period under the treasury stock method. The number of potentially dilutive common shares included in year-to-date diluted EPS is a year-to-date weighted average of potentially dilutive common shares included in each quarterly diluted EPS computation. In computing diluted EPS, we exclude anti-dilutive shares such as options whose exercise prices exceed the current common stock price, as they would not reduce EPS under the treasury method. We have two forms of outstanding common stock: common stock and unvested restricted stock awards. Holders of unvested restricted stock awards receive non-forfeitable dividends at the same rate as common shareholders and they both share equally in undistributed earnings. Under the two-class method, the difference in EPS is nominal for these participating securities.
Three months ended
(in thousands, except per share data)March 31, 2022March 31, 2021
Weighted average basic common shares outstanding15,876 13,363 
Potentially dilutive common shares related to:
Stock options52 81 
Unvested restricted stock awards18 25 
Weighted average diluted shares outstanding15,946 13,469 
Net income$10,465 $8,947 
Basic EPS$0.66 $0.67 
Diluted EPS$0.66 $0.66 
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS125 80 


Page-7
Note 2: Recently Adopted and Issued Accounting Standards

Accounting Standards Not Yet Effective
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU are elective and provide optional guidance for a limited period of time to ease the potential burden of accounting for, or recognizing the effects of reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this ASU may be elected as of March 12, 2020 through December 31, 2022. An entity may choose to elect the amendments in this update at an interim period subsequent to March 12, 2020 with adoption methods varying based on transaction type. We have not elected to apply amendments at this time and will assess the applicability of this ASU to us as we continue to monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). The main amendments in this ASU are intended to clarify certain optional expedients and scope of derivative instruments. The amendments are elective and effective immediately upon issuance of this ASU. Amendments may be elected through December 31, 2022. As of March 31, 2022, we had four interest rate swap contracts with notional values totaling $12.8 million indexed to LIBOR that will either be subject to the fall-back index rate stipulated by the ISDA protocol or modified to other reference rates such as Prime or SOFR as mutually agreed by us and our counterparty. We have not elected to apply the amendments at this time and will continue to assess the applicability of this ASU to us as we monitor guidance for reference rate reform from FASB and its impact on our financial condition and results of operations.

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers (Topic 805). The amendments address diversity in accounting practices and requires acquiring companies to apply ASC 606, Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination, as opposed to other methods such as fair value. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination. The amendments are to be applied prospectively to business combinations occurring on or after December 15, 2022 and early adoption is permitted. In the event of a future business combination, we will assess the impact of the ASU on our financial condition and results of operations.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendment eliminates the recognition measurement guidance for troubled debt restructured ("TDR") loans, and instead requires an entity to evaluate whether a modification represents a new loan or a continuation of an existing loan in accordance with ASC Topic 310-20, Receivables - Nonrefundable Fees and Other Costs. In addition, the amendment requires that an entity include in its vintage disclosures the current period-gross loan charge-offs by year of origination. The amendments are effective for years beginning after December 15, 2022, and should be applied prospectively, except that an entity has the option to apply a modified retrospective method for TDR loans, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. An entity may elect to early adopt each of the amendments separately. As such, we early adopted the current period charge-off disclosures in the first quarter of 2022 and intend to adopt the loan modification amendments when effective in the first quarter of 2023. Neither the early adoption of the amendments related to gross charge-off disclosures nor the future adoption of the TDR amendments had or will have a material impact on our financial condition or results of operations.

In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. Among other things, the ASU renames the "last-of-layer" method to the "portfolio layer" method and makes fair value hedging more accessible for hedge accounting of interest rate risk for portfolios and financial assets. For example, the guidance permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby providing for consistency between accounting for similar hedges. The amendments are effective for years beginning after December 15, 2022. The adoption of the amendments will not impact our existing hedge accounting, disclosures, financial condition or results of operations.


Page-8
Note 3:  Fair Value of Assets and Liabilities
 
Fair Value Hierarchy and Fair Value Measurement
 
We group our assets and liabilities that are measured at fair value into three levels within the fair value hierarchy, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:
 
Level 1: Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.
 
Level 2: Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data.
 
Level 3: Valuations are based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Values are determined using pricing models and discounted cash flow models and may include significant management judgment and estimation.

Transfers between levels of the fair value hierarchy are recognized through our monthly and/or quarterly valuation process in the reporting period during which the event or circumstances that caused the transfer occurred. No such transfers occurred in the years presented.

The following table summarizes our assets and liabilities that were required to be recorded at fair value on a recurring basis.
(in thousands)  
Description of Financial Instruments
Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs 
(Level 3)
Measurement Categories: Changes in Fair Value Recorded In1
March 31, 2022    
Securities available-for-sale:    
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$585,224 $— $585,224 $— OCI
SBA-backed securities$54,652 $— $54,652 $— OCI
Debentures of government sponsored agencies$143,297 $— $143,297 $— OCI
U.S. Treasury securities$10,973 $10,973 $— $— OCI
Obligations of state and political subdivisions$124,690 $— $124,690 $— OCI
Corporate bonds$34,860 $— $34,860 $— OCI
   Asset-backed securities$1,761 $— $1,761 $— OCI
Derivative financial assets (interest rate contracts)$42 $— $42 $— NI
Derivative financial liabilities (interest rate contracts)$370 $— $370 $— NI
December 31, 2021
Securities available-for-sale:  
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$759,576 $— $759,576 $— OCI
SBA-backed securities$33,478 $— $33,478 $— OCI
Debentures of government sponsored agencies$188,527 $— $188,527 $— OCI
U.S. Treasury securities$11,630 $11,630 $— $— OCI
Obligations of state and political subdivisions$134,000 $— $134,000 $— OCI
Corporate bonds$38,495 $— $38,495 $— OCI
Asset-backed securities$1,862 $— $1,862 $— OCI
Derivative financial liabilities (interest rate contracts)