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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, 2024
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 valueBMRCThe 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, 2024, there were 16,285,786 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, 2024December 31, 2023
Assets  
Cash, cash equivalents and restricted cash$36,308 $30,453 
Investment securities: 
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at March 31, 2024 and December 31, 2023)
915,068 925,198 
Available-for-sale, at fair value (net of zero allowance for credit losses at March 31, 2024 and December 31, 2023)
536,365 552,028 
Total investment securities1,451,433 1,477,226 
Loans, at amortized cost2,054,963 2,073,720 
Allowance for credit losses on loans(25,501)(25,172)
Loans, net of allowance for credit losses on loans
2,029,462 2,048,548 
Goodwill72,754 72,754 
Bank-owned life insurance69,747 68,102 
Operating lease right-of-use assets21,553 20,316 
Bank premises and equipment, net7,546 7,792 
Core deposit intangible, net3,515 3,766 
Interest receivable and other assets74,858 74,946 
Total assets$3,767,176 $3,803,903 
Liabilities and Stockholders' Equity  
Liabilities  
Deposits:  
Non-interest bearing$1,444,435 $1,441,987 
Interest bearing: 
Transaction accounts211,274 225,040 
Savings accounts224,262 233,298 
Money market accounts1,136,595 1,138,433 
Time accounts267,536 251,317 
Total deposits3,284,102 3,290,075 
Borrowings and other obligations260 26,298 
Operating lease liabilities24,150 22,906 
Interest payable and other liabilities21,984 25,562 
Total liabilities3,330,496 3,364,841 
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 - 16,285,786 and 16,158,413 at March 31, 2024 and December 31, 2023, respectively
218,342 217,498 
Retained earnings273,450 274,570 
Accumulated other comprehensive loss, net of taxes(55,112)(53,006)
Total stockholders' equity436,680 439,062 
Total liabilities and stockholders' equity$3,767,176 $3,803,903 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
Page-3

BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended
(in thousands, except per share amounts; unaudited)March 31, 2024December 31, 2023March 31, 2023
Interest income  
Interest and fees on loans$25,020 $24,964 $24,258 
Interest on investment securities8,805 9,289 10,033 
Interest on federal funds sold and due from banks321 1,170 56 
Total interest income34,146 35,423 34,347 
Interest expense 
Interest on interest-bearing transaction accounts261 278 254 
Interest on savings accounts371 322 170 
Interest on money market accounts8,449 7,188 1,085 
Interest on time accounts2,280 1,991 223 
Interest on borrowings and other obligations91 1,380 2,716 
Total interest expense11,452 11,159 4,448 
Net interest income22,694 24,264 29,899 
Provision for credit losses on loans350 1,300 350 
Reversal of credit losses on unfunded loan commitments  (174)
Net interest income after provision for (reversal of) credit losses22,344 22,964 29,723 
Non-interest income
Wealth management and trust services553 560 511 
Service charges on deposit accounts529 522 533 
Earnings on bank-owned life insurance, net435 364 705 
Debit card interchange fees, net408 373 447 
Dividends on Federal Home Loan Bank stock377 349 302 
Merchant interchange fees, net167 119 133 
Losses on sale of investment securities, net of gains (5,907) 
Other income285 337 304 
Total non-interest income2,754 (3,283)2,935 
Non-interest expense
Salaries and related benefits12,084 10,361 10,930 
Occupancy and equipment1,969 1,939 2,414 
Professional services1,078 921 1,123 
Data processing1,070 1,081 1,045 
Deposit network fees845 940 96 
Federal Deposit Insurance Corporation insurance435 454 289 
Information technology402 431 370 
Depreciation and amortization388 393 882 
Directors' expense317 319 321 
Amortization of core deposit intangible251 330 345 
Other real estate owned  4 
Other expense2,330 2,120 1,961 
Total non-interest expense21,169 19,289 19,780 
Income before provision for income taxes3,929 392 12,878 
Provision for income taxes1,007 (218)3,438 
Net income$2,922 $610 $9,440 
Net income per common share: 
Basic$0.18 $0.04 $0.59 
Diluted$0.18 $0.04 $0.59 
Weighted average shares: 
Basic16,081 16,040 15,970 
Diluted16,092 16,052 15,999 
Comprehensive income:
Net income$2,922 $610 $9,440 
Other comprehensive (loss) income:
Change in net unrealized gains or losses on available-for-sale securities(4,568)28,865 16,213 
Reclassification adjustment for realized losses on available-for-sale securities in net income 5,907  
Reclassification adjustment for gains or losses on fair value hedges1,217 (1,726) 
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity361 418 463 
Other comprehensive (loss) income, before tax(2,990)33,464 16,676 
Deferred tax (benefit) expense (884)9,890 4,930 
Other comprehensive (loss) income, net of tax(2,106)23,574 11,746 
Total comprehensive income$816 $24,184 $21,186 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the three months ended March 31, 2024 and 2023
(in thousands, except share data; unaudited)Common StockRetained
Earnings
Accumulated Other
Comprehensive (Loss) Income,
Net of Taxes
 Total
SharesAmount
Three months ended March 31, 2024
Balance at January 1, 202416,158,413 $217,498 $274,570 $(53,006)$439,062 
Net income— — 2,922 — 2,922 
Other comprehensive loss, net of tax— — — (2,106)(2,106)
Stock issued under employee stock purchase plan621 10 — — 10 
Stock issued under employee stock ownership plan24,600 425 — — 425 
Restricted stock granted106,964 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(3,338)(55)— — (55)
Restricted stock forfeited / cancelled(13,284)— — — — 
Stock-based compensation - stock options— 17 — — 17 
Stock-based compensation - restricted stock— 188 — — 188 
Cash dividends paid on common stock ($0.25 per share)
— — (4,042)— (4,042)
Stock issued in payment of director fees11,810 259 — — 259 
Balance at March 31, 2024
16,285,786 $218,342 $273,450 $(55,112)$436,680 
Three months ended March 31, 2023
Balance at January 1, 202316,029,138 $215,057 $270,781 $(73,746)$412,092 
Net income— — 9,440 — 9,440 
Other comprehensive income, net of tax— — — 11,746 11,746 
Stock options exercised, net of shares surrendered for cashless exercises and tax withholdings11,530 230 — — 230 
Stock issued under employee stock purchase plan415 9 — — 9 
Stock issued under employee stock ownership plan14,300 423 — — 423 
Restricted stock granted49,428 — — — — 
Restricted stock surrendered for tax withholdings upon vesting(2,213)(65)— — (65)
Stock-based compensation - stock options— 116 — — 116 
Stock-based compensation - restricted stock— 45 — — 45 
Cash dividends paid on common stock ($0.25 per share)
— — (4,012)— (4,012)
Stock issued in payment of director fees4,612 150 — — 150 
Balance at March 31, 2023
16,107,210 $215,965 $276,209 $(62,000)$430,174 

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

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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2024 and 2023
(in thousands; unaudited)20242023
Cash Flows from Operating Activities:  
Net income$2,922 $9,440 
Adjustments to reconcile net income to net cash provided by operating activities: 
Provision for credit losses on loans350 350 
Reversal of credit losses on unfunded loan commitments (174)
Noncash contribution expense to employee stock ownership plan425 423 
Noncash director compensation expense259 150 
Stock-based compensation expense205 161 
Amortization of core deposit intangible251 345 
Amortization of investment security premiums, net of accretion of discounts1,277 1,964 
Accretion of discounts on acquired loans, net(98)(168)
Net change in deferred loan origination costs/fees34 (324)
Depreciation and amortization388 882 
Loss on disposal of premises and equipment19  
Earnings on bank-owned life insurance policies(435)(705)
Net changes in interest receivable and other assets1,082 (203)
Net changes in interest payable and other liabilities(2,353)1,303 
Total adjustments1,404 4,004 
Net cash provided by operating activities4,326 13,444 
Cash Flows from Investing Activities:  
Proceeds from paydowns/maturities of held-to-maturity securities 10,252 13,634 
Proceeds from paydowns/maturities of available-for-sale securities 10,057 19,288 
Increase (decrease) in loans receivable, net18,690 (19,072)
Purchase of bank-owned life insurance policies(1,210) 
Purchase of premises and equipment(161)(1,438)
Cash paid for low income housing tax credit investment(1)(38)
Net cash provided by investing activities37,627 12,374 
Cash Flows from Financing Activities:  
Net decrease in deposits(5,973)(322,774)
(Repayment of) proceeds from short-term borrowings, net(26,000)293,400 
Repayment of finance lease obligations(38)(37)
Proceeds from stock options exercised 230 
Restricted stock surrendered for tax withholdings upon vesting(55)(65)
Cash dividends paid on common stock(4,042)(4,012)
Proceeds from stock issued under employee and director stock purchase plans10 9 
Net cash used in financing activities(36,098)(33,249)
Net increase (decrease) in cash, cash equivalents and restricted cash5,855 (7,431)
Cash, cash equivalents and restricted cash at beginning of period30,453 45,424 
Cash, cash equivalents and restricted cash at end of period$36,308 $37,993 
Supplemental disclosure of cash flow information:
Interest paid on deposits and borrowings$11,087 $4,290 
Income taxes paid, net of refunds$ $ 
Supplemental disclosure of noncash investing and financing activities:  
Change in net unrealized gains or losses on available-for-sale securities$(4,568)$16,213 
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity$361 $463 
Bank-owned life insurance benefit receivable$ $765 
Restricted cash1
$ $ 
1 Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. 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. 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.

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 2023 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 (loss), 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 stock 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, 2024March 31, 2023
Weighted average basic common shares outstanding16,081 15,970 
Potentially dilutive common shares related to:
Stock options 14 
Unvested restricted stock awards11 15 
Weighted average diluted common shares outstanding16,092 15,999 
Net income$2,922 $9,440 
Basic EPS$0.18 $0.59 
Diluted EPS$0.18 $0.59 
Weighted average anti-dilutive common shares not included in the calculation of diluted EPS340 250 

Note 2: Recently Adopted and Issued Accounting Standards

Accounting Standards Adopted in 2024

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendment reduces diversity in practice by clarifying that a separate contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. In addition, this ASU provided amended examples to illustrate that a restriction that is a characteristic of the equity security, which market participants would take into account when pricing them, would be considered in measuring fair value. This ASU also introduced new disclosure requirements. The amendments were effective prospectively for years beginning after
Page-7

December 15, 2023. As discussed in Note 4, Investment Securities, in 2023 we sold our remaining shares of Visa Inc. Class B restricted common stock. As a result of the sale, this update had no impact our financial condition, results of operations or disclosures.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. For public companies, the amendment requires entities to amortize leasehold improvements associated with common control lease arrangements over the useful life of the improvements to the common control group, as opposed to the shorter of the remaining lease term and the useful life of the improvements for all other operating leases. The amendments were effective for years beginning after December 15, 2023, and may be adopted either prospectively or retrospectively. We currently do not have common control lease arrangements, and therefore the adoption of the amendments had no impact on our financial condition, results of operations or disclosures.

In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. Under current GAAP, an entity can only elect to apply the proportional amortization method to investments in low-income housing tax credit ("LIHTC") structures. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the consolidated statements of income as a component of income tax expense (benefit). The amendments will allow entities to elect to account for all other equity investments made primarily for the purpose of receiving income tax credits to using the proportional amortization method, regardless of the tax credit program through which the investment earns income tax credits, when certain conditions are met. The amendments were effective for fiscal years beginning after December 15, 2023, and may be adopted either on a modified retrospective basis or retrospectively. Other than investments in LIHTC funds, as disclosed in Note 4, Investment Securities, we currently have no other equity investments made primarily for the purpose of receiving income tax credits, and therefore the adoption of this ASU had no impact on our financial condition, results of operations or disclosures.

Accounting Standards Not Yet Effective
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and requiring other disclosures. The amendments are effective for annual reporting periods beginning after December 15, 2023 (i.e., 2024 Form 10-K) and interim periods within fiscal years beginning after December 31, 2024, and shall be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We currently have only one reportable segment and are evaluating the impact the amendments will have on our financial statement disclosures upon adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disaggregated information about the effective tax rate reconciliation and additional disclosures on reconciling items and taxes paid that meet a quantitative threshold. The amendments are effective for annual reporting periods beginning after December 15, 2024, and may be adopted either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impact of the amendments on our financial statement disclosures upon adoption.

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.
 
Page-8

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, 2024    
Securities available-for-sale:    
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$340,908 $ $340,908 $ OCI
SBA-backed securities$17,148 $ $17,148 $ OCI
Debentures of government sponsored agencies$66,688 $ $66,688 $ OCI
U.S. Treasury securities$10,534 $10,534 $ $ OCI
Obligations of state and political subdivisions$90,343 $ $90,343 $ OCI
Corporate bonds$10,744 $ $10,744 $ OCI
Derivative financial assets (interest rate contracts)$400 $ $400 $ NI
Derivative financial liabilities (interest rate contracts)$142 $ $142 $ NI
December 31, 2023
Securities available-for-sale:  
Mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies$352,472 $ $352,472 $ OCI
SBA-backed securities$19,471 $ $19,471 $ OCI
Debentures of government sponsored agencies$66,862 $ $66,862 $ OCI
U.S. Treasury securities$10,623 $10,623 $ $ OCI
Obligations of state and political subdivisions$91,882 $ $91,882 $ OCI
Corporate bonds$10,718 $ $10,718 $ OCI
Derivative financial assets (interest rate contracts)$287 $ $287 $ NI
Derivative financial liabilities (interest rate contracts)$1,361 $ $1,361 $ NI
 1 Other comprehensive income ("OCI") or net income ("NI").

Available-for-sale securities are recorded at fair value on a recurring basis. When available, quoted market prices (Level 1) are used to determine the fair value of available-for-sale securities. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, we obtain pricing information from a reputable third-party service provider, who may utilize valuation techniques that use current market-based or independently sourced parameters, such as bid/ask prices, dealer-quoted prices, interest rates, benchmark yield curves, prepayment speeds, probability of default, loss severity and credit spreads (Level 2).   Level 2 securities include obligations of state and political subdivisions, U.S. agencies or government-sponsored agencies' debt securities, mortgage-backed securities, government agency-issued securities, and corporate bonds. As of March 31, 2024 and December 31, 2023, there were no Level 3 securities.

Held-to-maturity securities may be subject to an allowance for credit losses as a result of our evaluation of expected losses due to credit quality factors. We did not record any credit loss expense on held-to-maturity securities during the three months ended March 31, 2024 or March 31, 2023. Fair value of held-to-maturity securities is determined using the same techniques discussed above for available-for-sale securities.

Page-9

On a recurring basis, derivative financial instruments are recorded at fair value, which is based on the income approach using observable Level 2 market inputs, reflecting market expectations of future interest rates as of the measurement date.  Standard valuation techniques are used to calculate the present value of the future expected cash flows assuming an orderly transaction. Valuation adjustments may be made to reflect both our own credit risk and the counterparties’ credit risk in determining the fair value of the derivatives. These unobservable inputs are not considered significant inputs to the fair value measurement overall. Level 2 inputs for the valuations are limited to observable market prices for Secured Overnight Financing Rate ("SOFR") and Overnight Index Swap ("OIS") rates (for the very short term), quoted prices for SOFR futures contracts, observable market prices for SOFR and OIS swap rates, and one-month and three-month SOFR basis spreads at commonly quoted intervals.   Mid-market pricing of the inputs is used as a practical expedient in the fair value measurements.  We project spot rates at reset days specified by each swap contract to determine future cash flows, then discount to present value using OIS curves as of the measurement date.  When the value of any collateral placed with counterparties is less than the interest rate derivative liability, a credit valuation adjustment ("CVA") is applied to reflect the credit risk we pose to counterparties.  We have used the spread between the Standard & Poor's BBB rated U.S. Bank Composite rate and SOFR for the closest maturity term corresponding to the duration of the swaps to derive the CVA. Because there is little to no counterparty risk, we did not incorporate credit adjustments from our assessment of the counterparty credit risk in determining fair value. For further discussion on our methodology for valuing our derivative financial instruments, refer to Note 9, Derivative Financial Instruments and Hedging Activities.

Certain financial assets may be measured at fair value on a non-recurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets, such as individually analyzed loans that are collateral dependent and other real estate owned ("OREO").
(in thousands)Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs 
(Level 3)
Disclosures about Fair Value of Financial Instruments
 
The table below is a summary of fair value estimates for financial instruments as of March 31, 2024 and December 31, 2023, excluding financial instruments recorded at fair value on a recurring basis (summarized in the first table in this note). The carrying amounts in the following table are recorded in the consolidated statements of condition under the indicated captions. Further, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements such as bank-owned life insurance policies ("BOLI"), lease obligations and non-maturity deposit liabilities. Additionally, we held shares of Federal Home Loan Bank ("FHLB") of San Francisco stock at cost as of March 31, 2024 and December 31, 2023. There were no impairments or changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer as of March 31, 2024 or December 31, 2023. See further discussion on values within Note 4, Investment Securities.
 March 31, 2024December 31, 2023
(in thousands)Carrying AmountsFair ValueFair Value HierarchyCarrying AmountsFair ValueFair Value Hierarchy
Financial assets (recorded at amortized cost)  
Cash and cash equivalents$36,308 $36,308 Level 1$30,453 $30,453 Level 1
Investment securities held-to-maturity915,068 795,909 Level 2925,198 814,830 Level 2
Loans, net of allowance for credit losses2,029,462 1,913,418 Level 32,048,548 1,939,702 Level 3
Interest receivable11,678 11,678 Level 212,752 12,752 Level 2
Financial liabilities (recorded at amortized cost)  
Time deposits267,536 268,758 Level 2251,317 252,824 Level 2
FRBSF short-term borrowings under the BTFP
  Level 226,000 25,998 Level 2
Interest payable3,130 3,130 Level 22,752 2,752 Level 2

The fair value of loans is based on exit price techniques and obtained from an independent third-party that uses its proprietary valuation model and methodology and may differ from the actual price from a prospective buyer. The discounted cash flow valuation approach reflects key inputs and assumptions that are unobservable, such as loan probability of default, loss given default, prepayment speed, and market discount rates.
The fair value of fixed-rate time deposits is estimated by discounting future contractual cash flows using discount rates that reflect the current observable market rates offered for time deposits of similar remaining maturities.
Page-10

The value of off-balance-sheet financial instruments is estimated based on the fee income associated with the commitments, which in the absence of credit exposure, is considered to approximate their settlement value. The fair value of commitment fees was not material as of March 31, 2024 or December 31, 2023.

Note 4:  Investment Securities
 
Our investment securities portfolio consists of U.S. Treasury securities, obligations of state and political subdivisions, U.S. federal government agencies, such as the Government National Mortgage Association ("GNMA") and Small Business Administration ("SBA"), and U.S. government-sponsored enterprises ("GSEs"), such as the Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), Federal Farm Credit Banks Funding Corporation and FHLB, and U.S. Corporations. We also invest in residential and commercial mortgage-backed securities (“MBS”/"CMBS") and collateralized mortgage obligations (“CMOs”) issued or guaranteed by the GSEs, as reflected in the following table.

A summary of the amortized cost, fair value and allowance for credit losses related to securities held-to-maturity as of March 31, 2024 and December 31, 2023 is presented below.
Held-to-maturity:
Amortized Cost 1
Allowance for Credit LossesNet Carrying AmountGross UnrealizedFair Value
(in thousands)Gains(Losses)
March 31, 2024
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$300,976 $ $300,976 $ $(48,474)$252,502 
CMOs issued by FHLMC224,676  224,676  (26,902)197,774 
CMOs issued by FNMA98,951  98,951  (6,009)92,942 
CMOs issued by GNMA50,695  50,695  (5,436)45,259 
SBA-backed securities1,652  1,652  (95)1,557 
Debentures of government-sponsored agencies146,202  146,202  (22,942)123,260 
Obligations of state and political subdivisions61,916  61,916 4 (8,022)53,898 
Corporate bonds30,000  30,000  (1,283)28,717 
Total held-to-maturity$915,068 $ $915,068 $4 $(119,163)$795,909 
December 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$306,261 $ $306,261 $ $(44,396)$261,865 
  CMOs issued by FHLMC
226,416  226,416 28 (24,869)201,575 
  CMOs issued by FNMA101,502  101,502  (4,779)96,723 
  CMOs issued by GNMA51,006  51,006  (5,235)45,771 
  SBA-backed securities1,853  1,853  (90)1,763 
Debentures of government-sponsored agencies146,126  146,126  (21,994)124,132 
Obligations of state and political subdivisions62,034  62,034 47 (7,884)54,197 
Corporate bonds30,000  30,000  (1,196)28,804 
Total held-to-maturity$925,198 $ $925,198 $75 $(110,443)$814,830 
1 Amortized cost and fair values exclude accrued interest receivable of $2.5 million and $3.6 million at March 31, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.

Management measures expected credit losses on held-to-maturity securities collectively by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to MBSs and CMOs issued or guaranteed by the GSEs, and SBA-backed securities, we expect to receive all the contractual principal and interest on these securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no allowance for credit losses has been recorded for these securities. With regard to securities issued by states and political subdivisions and corporate bonds, management considers: (i) issuer and/or guarantor credit ratings, (ii) historical probability of default and loss given default rates for given bond ratings and remaining maturity, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) internal credit review of the financial information, and (v) whether or not such securities have credit enhancements such as guarantees, contain a defeasance clause, or are pre-refunded by the issuers. Based on the comprehensive analysis, no credit losses are expected.

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The following table summarizes the amortized cost of our portfolio of held-to-maturity securities issued by states and political subdivisions and corporate bonds by Moody's and/or Standard & Poor's bond ratings as of March 31, 2024 and December 31, 2023.
Obligations of state and political subdivisionsCorporate bonds
(in thousands)March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Aaa / AAA$42,474 $42,577 $ $ 
Aa2 / AA19,442 19,457   
A2 / A  30,000 30,000 
Total$61,916 $62,034 $30,000 $30,000 

A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of March 31, 2024 and December 31, 2023 is presented below.
Available-for-sale:
Amortized Cost 1
Gross UnrealizedAllowance for Credit LossesFair Value
(in thousands)Gains(Losses)
March 31, 2024
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$79,460 $2 $(10,073)$ $69,389 
CMOs issued by FHLMC261,797  (26,837) 234,960 
CMOs issued by FNMA23,099  (2,835) 20,264 
CMOs issued by GNMA19,486  (3,191) 16,295 
SBA-backed securities18,805  (1,657) 17,148 
Debentures of government- sponsored agencies73,906  (7,218) 66,688 
U.S. Treasury securities11,928  (1,394) 10,534 
Obligations of state and political subdivisions101,911  (11,568) 90,343 
Corporate bonds11,992  (1,248) 10,744 
Total available-for-sale$602,384 $2 $(66,021)$ $536,365 
December 31, 2023
Securities of U.S. government-sponsored enterprises:
MBS pass-through securities issued by FHLMC, FNMA and GNMA$81,937 $2 $(9,516)$ $72,423 
CMOs issued by FHLMC266,407  (24,758) 241,649 
CMOs issued by FNMA23,987  (2,715) 21,272 
CMOs issued by GNMA20,006  (2,878) 17,128 
SBA-backed securities21,126  (1,655) 19,471 
Debentures of government- sponsored agencies73,899  (7,037) 66,862 
U.S. Treasury securities11,923  (1,300)10,623 
Obligations of state and political subdivisions102,202 1 (10,321) 91,882 
Corporate bonds11,992  (1,274) 10,718 
Total available-for-sale$613,479 $3 $(61,454)$ $552,028 
1 Amortized cost and fair value exclude accrued interest receivable of $2.3 million and $2.3 million at March 31, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.