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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 September 30, 2025

☐ 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 100

Novato

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 class	Trading symbol	Name of each exchange on which registered
Common stock, no par value	BMRC	The 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 October 31, 2025, there were 16,094,686 shares of common stock outstanding.

TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION	3

ITEM 1.	Financial Statements (Unaudited)	3
	Consolidated Statements of Condition	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Changes in Stockholders' Equity	5
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

ITEM 3.	Quantitative and Qualitative Disclosure about Market Risk	50

ITEM 4.	Controls and Procedures	51

PART II	OTHER INFORMATION	52

ITEM 1.	Legal Proceedings	52

ITEM 1A.	Risk Factors	52

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52

ITEM 3.	Defaults Upon Senior Securities	53

ITEM 4.	Mine Safety Disclosures	53

ITEM 5.	Other Information	53

ITEM 6.	Exhibits	54

SIGNATURES

Page-2

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements


BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CONDITION


(in thousands, except share data; unaudited)	September 30, 2025		December 31, 2024
Assets
Cash, cash equivalents and restricted cash	$	219,333	$	137,304


Investment securities:
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at September 30, 2025 and December 31, 2024)	811,751		879,199
Available-for-sale, at fair value (net of zero allowance for credit losses at September 30, 2025 and December 31, 2024)	543,605		387,534
Total investment securities	1,355,356		1,266,733
Loans, at amortized cost	2,090,354		2,083,256
Allowance for credit losses on loans	(29,853)		(30,656)
Loans, net of allowance for credit losses on loans	2,060,501		2,052,600
Goodwill	72,754		72,754
Bank-owned life insurance	70,866		71,026
Operating lease right-of-use assets	17,188		19,025
Bank premises and equipment, net	7,581		6,832
Core deposit intangible, net	2,128		2,792

Interest receivable and other assets	63,314		72,269
Total assets	$	3,869,021	$	3,701,335
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing	$	1,458,230	$	1,399,900
Interest bearing:
Transaction accounts	185,485		198,301
Savings accounts	224,642		225,691
Money market accounts	1,297,703		1,153,746
Time accounts	216,516		242,377
Total deposits	3,382,576		3,220,015
Borrowings and other obligations	57		154

Operating lease liabilities	19,528		21,509
Interest payable and other liabilities	23,042		24,250
Total liabilities	3,425,203		3,265,928
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 - 16,094,686 and 16,089,454 at September 30, 2025 and December 31, 2024, respectively	214,467		215,511
Retained earnings	241,727		249,964
Accumulated other comprehensive loss, net of taxes	(12,376)		(30,068)
Total stockholders' equity	443,818		435,407
Total liabilities and stockholders' equity	$	3,869,021	$	3,701,335

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						Nine months ended
(in thousands, except per share amounts; unaudited)	September 30, 2025		June 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest income
Interest and fees on loans	$	26,254	$	25,861	$	25,483	$	77,298	$	75,612
Interest on investment securities	9,846		8,423		7,594		26,530		24,698
Interest on due from banks	2,969		2,004		3,242		6,768		4,487
Total interest income	39,069		36,288		36,319		110,596		104,797
Interest expense
Interest on interest-bearing transaction accounts	328		351		339		1,022		874
Interest on savings accounts	600		587		565		1,720		1,447
Interest on money market accounts	8,376		7,878		8,714		23,880		25,804
Interest on time accounts	1,571		1,559		2,431		4,920		7,002
Interest on borrowings and other obligations	1		1		1		3		240

Total interest expense	10,876		10,376		12,050		31,545		35,367
Net interest income	28,193		25,912		24,269		79,051		69,430
Provision for credit losses on loans	—		—		—		75		5,550
Reversal of credit losses on unfunded loan commitments	—		—		(233)		—		(233)
Net interest income after provision for credit losses	28,193		25,912		24,502		78,976		64,113
Non-interest income
Wealth management and trust services	564		612		706		1,739		1,844
Service charges on deposit accounts	547		550		543		1,645		1,613
Earnings on bank-owned life insurance, net	434		429		426		1,339		1,282
Debit card interchange fees, net	405		410		423		1,211		1,275
Dividends on Federal Home Loan Bank stock	366		362		365		1,103		1,108
Merchant interchange fees, net	87		90		67		273		244
Earnings on bank-owned life insurance death benefits	—		238		—		306		—
(Losses) gains on sale of investment securities	—		(18,736)		—		(18,736)		(32,541)
Other income	342		424		358		1,118		1,062
Total non-interest income	2,745		(15,621)		2,888		(10,002)		(24,113)
Non-interest expense
Salaries and related benefits	12,004		12,045		10,822		36,099		35,270
Occupancy and equipment	2,079		2,226		2,097		6,411		6,115
Deposit network fees	1,158		1,054		927		3,144		2,688
Data processing	1,116		1,041		1,051		3,293		3,126
Professional services	1,115		908		1,879		2,960		4,000
Information technology	538		563		404		1,514		1,254
Federal Deposit Insurance Corporation insurance	459		421		582		1,268		1,443
Depreciation and amortization	291		320		358		933		1,125
Directors' expense	249		279		293		832		916
Amortization of core deposit intangible	217		220		241		664		738
Charitable contributions	56		116		30		575		647

Other expense	2,046		2,297		1,733		6,389		6,158
Total non-interest expense	21,328		21,490		20,417		64,082		63,480
Income (loss) before provision for (benefit from) income taxes	9,610		(11,199)		6,973		4,892		(23,480)
Provision for (benefit from) income taxes	2,084		(2,663)		2,403		1,026		(9,070)
Net income (loss)	$	7,526	$	(8,536)	$	4,570	$	3,866	$	(14,410)
Net income (loss) per common share
Basic	$	0.47	$	(0.53)	$	0.28	$	0.24	$	(0.90)
Diluted	$	0.47	$	(0.53)	$	0.28	$	0.24	$	(0.90)
Weighted average shares:
Basic	15,907		15,989		16,038		15,957		16,076
Diluted	15,934		15,989		16,066		15,979		16,076
Comprehensive income:
Net income (loss)	$	7,526	$	(8,536)	$	4,570	$	3,866	$	(14,410)
Other comprehensive income:
Change in net unrealized losses on available-for-sale securities	2,514		(486)		8,041		5,317		4,032
Reclassification adjustment for losses realized on the sale of available-for-sale securities in net loss	—		18,736		(1)		18,736		32,541
Reclassification adjustment for gains on fair value hedges	—		—		(1,584)		—		(85)

Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity	360		365		385		1,065		1,149
Other comprehensive income, before tax	2,874		18,615		6,841		25,118		37,637
Deferred tax expense	850		5,503		2,022		7,426		11,119
Other comprehensive income, net of tax	2,024		13,112		4,819		17,692		26,518
Total comprehensive income	$	9,550	$	4,576	$	9,389	$	21,558	$	12,108

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 September 30, 2025 and 2024


(in thousands, except share data; unaudited)	Common Stock			Retained Earnings		Accumulated Other Comprehensive Loss, Net of Taxes		Total
	Shares	Amount
	Three months ended September 30, 2025
Balance at July 1, 2025	16,116,470	$	214,713	$	238,225	$	(14,400)	$	438,538
Net income	—	—		7,526		—		7,526
Other comprehensive income, net of tax	—	—		—		2,024		2,024


Stock issued under employee stock purchase plan	385	9		—		—		9
Stock issued under employee stock ownership plan	19,000	422		—		—		422
Restricted stock granted	2,000	—		—		—		—

Restricted stock forfeited / cancelled	(2,097)	—		—		—		—

Stock-based compensation - restricted stock	—	225		—		—		225
Cash dividends paid on common stock ($0.25 per share)	—	—		(4,024)		—		(4,024)

Stock issued in payment of director fees	8,928	216		—		—		216

Stock repurchased, including commissions	(50,000)	(1,118)		—		—		(1,118)
Balance at September 30, 2025	16,094,686	$	214,467	$	241,727	$	(12,376)	$	443,818
	Three months ended September 30, 2024
Balance at July 1, 2024	16,278,260	$	218,773	$	247,477	$	(31,307)	$	434,943
Net income	—	—		4,570		—		4,570
Other comprehensive income, net of tax	—	—		—		4,819		4,819


Stock issued under employee stock purchase plan	439	8		—		—		8
Stock issued under employee stock ownership plan	30,000	561		—		—		561

Restricted stock surrendered for tax withholdings upon vesting	(294)	(6)		—		—		(6)
Restricted stock forfeited / cancelled	(21,001)	—		—		—		—
Stock-based compensation - stock options	—	5		—		—		5
Stock-based compensation - restricted stock	—	103		—		—		103
Cash dividends paid on common stock ($0.25 per share)	—	—		(4,064)		—		(4,064)

Stock issued in payment of director fees	15,477	255		—		—		255

Stock repurchased, including commissions	(220,000)	(4,234)		—		—		(4,234)
Balance at September 30, 2024	16,082,881	$	215,465	$	247,983	$	(26,488)	$	436,960

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


BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
For the nine months ended September 30, 2025 and 2024


(in thousands, except share data; unaudited)	Common Stock			Retained Earnings		Accumulated Other Comprehensive Loss, Net of Taxes		Total
	Shares	Amount
	Nine months ended September 30, 2025
Balance at January 1, 2025	16,089,454	$	215,511	$	249,964	$	(30,068)	$	435,407
Net income	—	—		3,866		—		3,866
Other comprehensive income, net of tax	—	—		—		17,692		17,692


Stock issued under employee stock purchase plan	1,188	26		—		—		26
Stock issued under employee stock ownership plan	57,500	1,268		—		—		1,268
Restricted stock granted	98,620	—		—		—		—
Restricted stock surrendered for tax withholdings upon vesting	(4,325)	(103)		—		—		(103)
Restricted stock forfeited / cancelled	(17,514)	—		—		—		—
Stock-based compensation - stock options	—	5		—		—		5
Stock-based compensation - restricted stock	—	584		—		—		584
Cash dividends paid on common stock ($0.75 per share)	—	—		(12,103)		—		(12,103)

Stock issued in payment of director fees	19,763	469		—		—		469

Stock repurchased, including commissions	(150,000)	(3,293)		—		—		(3,293)
Balance at September 30, 2025	16,094,686	$	214,467	$	241,727	$	(12,376)	$	443,818
	Nine months ended September 30, 2024
Balance at January 1, 2024	16,158,413	$	217,498	$	274,570	$	(53,006)	$	439,062
Net loss	—	—		(14,410)		—		(14,410)
Other comprehensive income, net of tax	—	—		—		26,518		26,518


Stock issued under employee stock purchase plan	1,811	30		—		—		30
Stock issued under employee stock ownership plan	54,600	986		—		—		986
Restricted stock granted	106,964	—		—		—		—
Restricted stock surrendered for tax withholdings upon vesting	(3,798)	(64)		—		—		(64)
Restricted stock forfeited / cancelled	(42,396)	—		—		—		—
Stock-based compensation - stock options	—	42		—		—		42
Stock-based compensation - restricted stock	—	694		—		—		694
Cash dividends paid on common stock ($0.75 per share)	—	—		(12,177)		—		(12,177)

Stock issued in payment of director fees	27,287	513		—		—		513

Stock repurchased, including commissions	(220,000)	(4,234)		—		—		(4,234)
Balance at September 30, 2024	16,082,881	$	215,465	$	247,983	$	(26,488)	$	436,960

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 nine months ended September 30, 2025 and 2024


(in thousands; unaudited)	2025		2024
Cash Flows from Operating Activities:
Net income (loss)	$	3,866	$	(14,410)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses on loans	75		5,550
Reversal of provision for credit losses on unfunded loan commitments	—		(233)

Noncash contribution expense to employee stock ownership plan	1,268		986
Noncash director compensation expense	469		513
Stock-based compensation expense	589		736
Amortization of core deposit intangible	664		738
Amortization of investment security premiums, net of accretion of discounts	666		3,050
Accretion of discounts on acquired loans, net	(123)		(228)

Net change in deferred loan origination costs/fees	(27)		109

Loss on sale of investment securities	18,736		32,541
Depreciation and amortization	932		1,125
Loss on disposal of premises and equipment	11		—


Earnings on bank-owned life insurance policies	(1,339)		(1,282)
Earnings on bank-owned life insurance death benefits	(306)		—




Net changes in interest receivable and other assets	1,347		(10,199)
Net changes in interest payable and other liabilities	(1,372)		(1,345)
Total adjustments	21,590		32,061
Net cash provided by operating activities	25,456		17,651
Cash Flows from Investing Activities:

Purchase of available-for-sale securities	(421,796)		(133,485)
Proceeds from sale of available-for-sale securities	167,017		292,621
Proceeds from paydowns/maturities of held-to-maturity securities	67,855		36,820
Proceeds from paydowns/maturities of available-for-sale securities	104,017		26,409


(Increase) decrease in loans receivable, net	(7,398)		19,508
Purchase of loans	(226)		(35,874)
Purchase of bank-owned life insurance policies	—		(1,211)
Proceeds from bank-owned life insurance policies	1,805		—
Purchase of premises and equipment	(1,692)		(356)
Proceeds from sale of premises and equipment	—		21



Cash paid for low income housing tax credit investment	—		(1)
Net cash provided by investing activities	(90,418)		204,452
Cash Flows from Financing Activities:
Net increase in deposits	162,561		19,174
Repayment of short-term borrowings, net	—		(26,000)
Repayment of finance lease obligations	(97)		(113)

Restricted stock surrendered for tax withholdings upon vesting	(103)		(64)
Cash dividends paid on common stock	(12,103)		(12,177)
Stock repurchased	(3,293)		(4,234)
Proceeds from stock issued under employee and director stock purchase plans	26		30


Net cash used in financing activities	146,991		(23,384)
Net increase in cash, cash equivalents and restricted cash	82,029		198,719
Cash, cash equivalents and restricted cash at beginning of period	137,304		30,453
Cash, cash equivalents and restricted cash at end of period	$	219,333	$	229,172
Supplemental disclosure of cash flow information:
Interest paid on deposits and borrowings	$	32,867	$	35,417
Income taxes paid, net of refunds	$	2,930	$	2,100
Supplemental disclosure of noncash investing and financing activities:

Change in net unrealized gains or losses on available-for-sale securities	$	5,317	$	4,032


Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity	$	1,065	$	1,149

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” and "the Company" 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 2024 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.

Segment Reporting: Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer, who reviews our financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. We have one operating and reportable segment, community banking, and our other operating segment, wealth management services, does not meet the quantitative threshold for separate reporting. Our CODM reviews consolidated net income (loss) before provision for income taxes as our primary measure of profitability alongside significant expense information consistent with the expense captions presented in our Consolidated Statements of Comprehensive Income. These metrics are used by our CODM to monitor actual results and to benchmark to our peers. Segment assets are equal to consolidated total assets in our Consolidated Statements of Condition and all segment non-cash items are equal to those disclosed in our Consolidated Statements of Cash Flows. We derive materially all of our income or loss from activities within the United States, and materially all of our long lived assets are physically located within the United States. No single customer or client relationship accounts for ten percent or more of our income or loss.

Page-7


Segment revenue, profit or loss, significant segment expenses and other segment items	Three months ended				Nine months ended
(in thousands)	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Community banking segment:
Interest income	39,069		36,319			110,596		104,797
Non-interest income	2,181		2,182			(11,741)		(25,957)

Reconciliation of income
All other income1	564		706			1,739		1,844
Total consolidated income	41,814		39,207			100,594		80,684

Less:2
Total interest expense	10,876		12,050			31,545		35,367
Provision for credit losses on loans	—		—			75		5,550
Provision for credit losses on unfunded loan commitments	—		(233)			—		(233)
Non-interest expense
Salaries and related benefits	11,794		10,822			35,483		34,559
Occupancy and equipment	2,079		1,871			6,410		6,113
Data processing	1,042		892			3,129		2,564
Deposit network fees	1,158		1,879			3,144		4,000
Information technology	538		1,051			1,514		3,126
Charitable contributions	56		358			575		1,125
Federal Deposit Insurance Corporation insurance	459		404			1,268		1,254
Professional services	960		103			2,501		332
Depreciation and amortization	291		582			933		1,443
Directors' expense	249		293			832		916
Amortization of core deposit intangible	217		30			664		647

Other expense	2,035		1,711			6,349		6,103
Segment income (loss)	10,060		7,394			6,172		(22,182)

Reconciliation of segment income
All other income1	450		421			1,280		1,298

Income (loss) before income taxes	$	9,610	$	6,973		$	4,892	$	(23,480)
1Other income and loss from segment below the quantitative thresholds are attributable to one operating segment of the Bank, the Wealth Management and Trust Services, which does not meet the quantitative thresholds for presenting reportable segments. Expenses of Wealth Management and Trust Services are comprised of salary and employee benefits, professional services, data processing, occupancy and equipment and other expenses totaling $450 thousand, and $421 thousand for the three months ended September 30, 2025 and 2024, respectively, and $1.3 million and $1.3 million for the nine month periods ended September 30, 2025 and 2024, respectively.
2The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

Earnings Per Share: 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 (loss) per share (“EPS”) are calculated by dividing net income (loss) 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.

Page-8


	Three months ended				Nine months ended
(in thousands, except per share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Weighted average basic common shares outstanding	15,907		16,038		15,957		16,076
Potentially dilutive common shares related to:
Stock options	—		—		—		—
Unvested restricted stock awards	27		28		22		—
Weighted average diluted common shares outstanding	15,934		16,066		15,979		16,076
Net income ( loss)	$	7,526	$	4,570	$	3,866	$	(14,410)
Basic income (loss) per common share	$	0.47	$	0.28	$	0.24	$	(0.90)
Diluted income (loss) per common share 1	$	0.47	$	0.28	$	0.24	$	(0.90)
Weighted average anti-dilutive common shares and unvested restricted shares not included in the calculation of diluted EPS	220		296		256		392
1 Because Bancorp was in a net loss position for the nine months ended September 30, 2024, diluted net loss per share is the same as basic net loss per share, as the inclusion of potentially dilutive common shares would have been anti-dilutive.

Note 2: Recently Adopted and Issued Accounting Standards

Accounting Standards Adopted in 2025

We have not adopted any new accounting standards during the nine months ended September 30, 2025.

Accounting Standards Not Yet Adopted

In December 2023, the Financial Accounting Standards Board "FASB" issued Accounting Standards Update "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. The Company expects this ASU to only impact its disclosure requirements (i.e. 2025 Form 10-K) and does not expect the adoption of this ASU to have a material impact on its business operations or Consolidated Statements of Financial Condition.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve income statement expense disclosure requirements, primarily through enhanced disclosures about certain costs and expenses included in income statement expense captions. The amendments are effective for annual reporting periods beginning after December 15, 2026 (i.e., 2027 Form 10-K) and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the amendments on its financial statement disclosures, and does not expect the adoption to have a material impact on its business operations or Consolidated Statements of Financial Condition.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for the Company's annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. ASU 2025-03 is required to be applied prospectively. The Company is evaluating the impact of this update on its financial statements and related disclosures, and does not expect the adoption to have a material impact on its business operations or Consolidated Statements of Financial Condition.

In May 2025, the FASB issued ASU 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue From Contracts With Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, to clarify guidance in Topic 606 and Topic 718 related to share-based payments made as consideration payable to a

customer. This amendment revises the Master Glossary definition of a performance obligation to include conditions tied to a customer’s purchases or those of other parties within the distribution chain. This revised definition applies only to share-based consideration payable to customers and cannot be analogized to awards granted to employees

Page-9

or nonemployees. Additionally, the amendment clarifies that grantors must evaluate the likelihood of vesting using Topic 718 alone and should not apply the variable consideration constraints from Topic 606. ASU 2025-04 is effective for the Company's annual reporting periods beginning after Dec. 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the impact of this update on its financial statements and related disclosures, and does not expect the adoption to have a material impact on its business operations or Consolidated Statements of Financial Condition.

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 Value		Quoted 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
September 30, 2025
Securities available-for-sale:
Commercial mortgage-backed securities, mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	514,923	$	—	$	514,923	$	—	OCI




Obligations of state and political subdivisions	$	28,682	$	—	$	28,682	$	—	OCI


Derivative financial assets (interest rate contracts)	$	156	$	—	$	156	$	—	NI
Derivative financial liabilities (interest rate contracts)	$	12	$	—	$	12	$	—	NI
December 31, 2024
Securities available-for-sale:
Commercial mortgage-backed securities, mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies	$	279,838	$	—	$	279,838	$	—	OCI
SBA-backed securities	$	308	$	—	$	308	$	—	OCI
Debentures of government sponsored agencies	$	7,210	$	—	$	7,210	$	—	OCI
U.S. Treasury securities	$	10,815	$	10,815	$	—	$	—	OCI

Obligations of state and political subdivisions	$	83,714	$	—	$	83,714	$	—	OCI
Corporate bonds	$	5,649	$	—	$	5,649	$	—	OCI

Derivative financial assets (interest rate contracts)	$	333	$	—	$	333	$	—	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. If quoted market prices are not

Page-10

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 September 30, 2025 and December 31, 2024, 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 either the nine months ended September 30, 2025 or September 30, 2024. Fair value of held-to-maturity securities is determined using the same techniques discussed above for available-for-sale securities.

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 Value

Quoted 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 September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024. 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 September 30, 2025 or December 31, 2024. See further discussion on values within Note 4, Investment Securities.

Page-11


	September 30, 2025					December 31, 2024
(in thousands)	Carrying Amounts		Fair Value		Fair Value Hierarchy	Carrying Amounts		Fair Value		Fair Value Hierarchy
Financial assets (recorded at amortized cost)
Cash and cash equivalents	$	219,333	$	219,333	Level 1	$	137,304	$	137,304	Level 1
Investment securities held-to-maturity	811,751		724,807		Level 2	879,199		763,535		Level 2
Loans, net of allowance for credit losses	2,060,501		2,002,717		Level 3	2,052,600		1,965,429		Level 3
Interest receivable	10,661		10,661		Level 2	11,934		11,934		Level 2
Financial liabilities (recorded at amortized cost)
Time deposits	216,516		217,558		Level 2	242,377		243,773		Level 2




Interest payable	1,698		1,698		Level 2	3,019		3,019		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.

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 September 30, 2025 or December 31, 2024.

Note 4: Investment Securities

Our investment securities portfolio consists of 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. and foreign 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 September 30, 2025 and December 31, 2024 is presented below.

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Held-to-maturity:	Amortized Cost 1		Allowance for Credit Losses		Net Carrying Amount		Gross Unrealized				Fair Value
(in thousands)							Gains		(Losses)
September 30, 2025
Securities of U.S. government-sponsored enterprises:
CMBS issued by FHLMC, FNMA and GNMA	$	237,757	$	—	$	237,757	$	—	$	(26,472)	$	211,285
CMOs issued by FHLMC, FNMA and GNMA	194,734		—		194,734		91		(12,490)		182,335
MBS pass-through securities issued by FHLMC, FNMA and GNMA	180,148		—		180,148		—		(23,771)		156,377
SBA-backed securities	1,252		—		1,252		—		(28)		1,224
Debentures of government-sponsored agencies	121,656		—		121,656		—		(17,028)		104,628
Obligations of state and political subdivisions	61,204		—		61,204		12		(6,973)		54,243
Corporate bonds	15,000		—		15,000		—		(285)		14,715
Total held-to-maturity	$	811,751	$	—	$	811,751	$	103	$	(87,047)	$	724,807
December 31, 2024

Securities of U.S. government-sponsored enterprises:
CMBS issued by FHLMC, FNMA and GNMA	$	242,559	$	—	$	242,559	$	—	$	(34,449)	$	208,110
CMOs issued by FHLMC, FNMA and GNMA	209,748		—		209,748		—		(18,492)		191,256
MBS pass-through securities issued by FHLMC, FNMA and GNMA	192,388		—		192,388		—		(30,942)		161,446
SBA-backed securities	1,513		—		1,513		—		(61)		1,452
Debentures of government-sponsored agencies	141,431		—		141,431		—		(22,694)		118,737
Obligations of state and political subdivisions	61,560		—		61,560		—		(8,341)		53,219
Corporate bonds	30,000		—		30,000		—		(685)		29,315
Total held-to-maturity	$	879,199	$	—	$	879,199	$	—	$	(115,664)	$	763,535
1 Amortized cost and fair values exclude accrued interest receivable of $2.2 million and $3.4 million at September 30, 2025 and December 31, 2024, 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 MBS, CMBS 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.

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 September 30, 2025 and December 31, 2024.


	Obligations of state and political subdivisions				Corporate bonds
(in thousands)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Aaa / AAA	$	38,388	$	42,161	$	—	$	—
Aa1 / AA+	22,816		19,399		—		—
A2 / A	—		—		15,000		30,000
Total	$	61,204	$	61,560	$	15,000	$	30,000

A summary of the amortized cost, fair value and allowance for credit losses related to securities available-for-sale as of September 30, 2025 and December 31, 2024 is presented below.

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Available-for-sale:	Amortized Cost 1		Gross Unrealized				Allowance for Credit Losses		Fair Value
(in thousands)			Gains		(Losses)
September 30, 2025
Securities of U.S. government-sponsored enterprises:
CMBS issued by FHLMC, FNMA and GNMA	$	246,548	$	790	$	(635)	$	—	$	246,703
CMOs issued by FHLMC, FNMA and GNMA	162,809		543		(1,214)		—		162,138
MBS pass-through securities issued by FHLMC, FNMA and GNMA	108,182		340		(2,440)		—		106,082




Obligations of state and political subdivisions	33,772		—		(5,090)		—		28,682


Total available-for-sale	$	551,311	$	1,673	$	(9,379)	$	—	$	543,605
December 31, 2024
Securities of U.S. government-sponsored enterprises:
CMBS issued by FHLMC, FNMA and GNMA	$	222,862	$	154	$	(4,977)	$	—	218,039
CMOs issued by FHLMC, FNMA and GNMA	42,432		28		(6,321)		—		36,139
MBS pass-through securities issued by FHLMC, FNMA and GNMA	30,498		2		(4,840)		$	—	25,660
SBA-backed securities	331		—		(23)		—		308
Debentures of government- sponsored agencies	8,971		—		(1,761)		—		7,210

U.S. Treasury securities	12,020		—		(1,205)				10,815
Obligations of state and political subdivisions	96,178		—		(12,464)		—		83,714
Corporate bonds	6,000		—		(351)		—		5,649

Total available-for-sale	$	419,292	$	184	$	(31,942)	$	—	$	387,534
1 Amortized cost and fair value exclude accrued interest receivable of $1.8 million and $1.7 million at September 30, 2025 and December 31, 2024, respectively, which is included in interest receivable and other assets in the consolidated statements of condition.

The amortized cost and fair value of investment debt securities by contractual maturity at September 30, 2025 and December 31, 2024 are shown below. Expected maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.


	September 30, 2025								December 31, 2024
	Held-to-Maturity				Available-for-Sale				Held-to-Maturity				Available-for-Sale
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	12,952	$	12,853	$	40,067	$	40,026	$	36,476	$	36,380	$	99,431	$	99,258
After one but within five years	127,497		120,616		119,088		119,537		118,590		110,857		106,986		103,058
After five years through ten years	217,568		190,411		119,044		119,034		229,040		191,328		75,429		67,940
After ten years	453,734		400,927		273,112		265,008		495,093		424,970		137,446		117,278
Total	$	811,751	$	724,807	$	551,311	$	543,605	$	879,199	$	763,535	$	419,292	$	387,534

Sales of investment securities and gross gains and losses are shown in the following table:


	Three months ended				Nine months ended
(in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Available-for-sale:
Sales proceeds	$	—	$	—	$	167,017	$	292,621

Gross realized losses	—		—		(18,736)		(32,541)

The reported values of pledged investment securities are shown in the following table.


(in thousands)	September 30, 2025		December 31, 2024
Pledged to the State of California:
Secure public deposits in compliance with the Local Agency Security Program	$	319,454	$	288,385
Collateral for trust deposits	1,200		1,284
Collateral for Wealth Management and Trust Services checking account	1,500		895
Total investment securities pledged to the State of California	322,154		290,564
Bankruptcy trustee deposits pledged with Federal Reserve Bank	2,138		651
Pledged to FHLB Securities-Backed Credit Program	269,768		284,148

Pledged to the Federal Reserve Discount Window	319,109		365,759
Total pledged investment securities	$	913,169	$	941,122

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There were 172 and 269 securities in unrealized loss positions at September 30, 2025 and December 31, 2024, respectively. Those securities are summarized and classified according to the duration of the loss period in the tables below:


September 30, 2025	< 12 continuous months				≥ 12 continuous months				Total securities in a loss position
(in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA	$	—	$	—	$	211,285	$	(26,472)	$	211,285	$	(26,472)
CMOs issued by FHLMC, FNMA and GNMA	—		—		172,617		(12,490)		172,617		(12,490)
MBS pass-through securities issued by FHLMC, FNMA and GNMA	—		—		156,094		(23,771)		156,094		(23,771)
SBA-backed securities	—		—		1,224		(28)		1,224		(28)
Debentures of government-sponsored agencies	—		—		104,628		(17,028)		104,628		(17,028)
Obligations of state and political subdivisions	—		—		51,206		(6,973)		51,206		(6,973)
Corporate bonds	—		—		14,715		(285)		14,715		(285)
Total held-to-maturity	—		—		711,769		(87,047)		711,769		(87,047)
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA	$	94,823	$	(165)	$	27,965	$	(470)	$	122,788	$	(635)
CMOs issued by FHLMC, FNMA and GNMA	54,133		(645)		3,273		(569)		57,406		(1,214)
MBS pass-through securities issued by FHLMC, FNMA and GNMA	47,098		(175)		11,936		(2,265)		59,034		(2,440)




Obligations of state and political subdivisions	247		(3)		28,434		(5,087)		28,682		(5,090)


Total available-for-sale	196,301		(988)		71,608		(8,391)		267,910		(9,379)
Total securities at loss position	$	196,301	$	(988)	$	783,377	$	(95,438)	$	979,679	$	(96,426)

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December 31, 2024	< 12 continuous months				≥ 12 continuous months				Total securities in a loss position
(in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Held-to-maturity:
CMBS issued by FHLMC, FNMA and GNMA	$	—	$	—	$	208,110	$	(34,449)	$	208,110	$	(34,449)
CMOs issued by FHLMC, FNMA and GNMA	18,451		(1,623)		172,805		(16,869)		191,256		(18,492)
MBS pass-through securities issued by FHLMC, FNMA and GNMA	3,487		(150)		157,959		(30,792)		161,446		(30,942)
SBA-backed securities	—		—		1,452		(61)		1,452		(61)
Debentures of government- sponsored agencies	—		—		118,737		(22,694)		118,737		(22,694)
Obligations of state and political subdivisions	5,558		(44)		47,661		(8,297)		53,219		(8,341)
Corporate Bonds	—		—		29,315		(685)		29,315		(685)
Total held-to-maturity	27,496		(1,817)		736,039		(113,847)		763,535		(115,664)
Available-for-sale:
CMBS issued by FHLMC, FNMA and GNMA	$	129,402	$	(343)	$	58,065	$	(4,634)	$	187,467	$	(4,977)
CMOs issued by FHLMC, FNMA and GNMA	—		—		33,749		(6,321)		33,749		(6,321)
MBS pass-through securities issued by FHLMC, FNMA and GNMA	7		—		25,495		(4,840)		25,502		(4,840)
SBA-backed securities	—		—		309		(23)		309		(23)
Debentures of government- sponsored agencies	—		—		7,210		(1,761)		7,210		(1,761)
U.S. Treasury securities	—		—		10,815		(1,205)		10,815		(1,205)
Obligations of state and political subdivisions	—		—		83,714		(12,464)		83,714		(12,464)
Corporate Bonds	—		—		5,649		(351)		5,649		(351)


Total available-for-sale	129,409		(343)		225,006		(31,599)		354,415		(31,942)
Total securities at loss position	$	156,905	$	(2,160)	$	961,045	$	(145,446)	$	1,117,950	$	(147,606)

As of September 30, 2025, the investment portfolio included 145 investment securities that had been in a continuous loss position for twelve months or more and 27 investment securities that had been in a loss position for less than twelve months.

Securities issued by government-sponsored agencies, such as FNMA and FHLMC, usually have implicit credit support from the U.S. federal government. However, since 2008, FNMA and FHLMC have been under government conservatorship and, therefore, contractual cash flows for these investments carry explicit guarantees by the U.S. federal government while FNMA and FHLMC remain under conservatorship. Securities issued by the SBA and GNMA have explicit credit guarantees by the U.S. federal government, which protects us from credit losses on the contractual cash flows of the securities.

Our investments in obligations of state and political subdivision bonds are deemed creditworthy after our comprehensive analysis of the issuers' latest financial information, credit ratings by major credit agencies, and/or credit enhancements.

No allowances for credit losses have been recognized on available-for-sale securities in an unrealized loss position, as management does not believe any of the securities are impaired due to credit risk factors at either September 30, 2025 or December 31, 2024. In addition, for any available-for-sale securities in an unrealized loss position at September 30, 2025 and December 31, 2024, the Bank assessed whether it intended to sell the securities, or if it was more likely than not that it would be required to sell the securities before recovery of its amortized cost basis, which would require a write-down to fair value through net income. Because the Bank did not intend to sell those securities that were in an unrealized loss position, and it was not more-likely-than-not that the Bank would be required to sell the securities before recovery of their amortized cost bases, the Bank determined that no write-down was necessary as of the reporting date.

On July 7, 2023, the Bank entered into various interest rate swap agreements with notional values totaling $101.8 million to hedge balance sheet interest rate sensitivity and protect selected securities in its available-for-sale

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portfolio against changes in fair value related to changes in the benchmark interest rate. In the fourth quarter of 2024, the Bank terminated these contracts resulting in an immaterial loss to be amortized over the life of the hedged securities. In the second quarter of 2025, a total of $69.1 million of par value of these securities were sold. For additional details, refer to Note 9, Derivative Financial Instruments and Hedging Activities.

Non-Marketable Securities Included in Other Assets

FHLB Capital Stock

As a member of the FHLB, we are required to maintain a minimum investment in FHLB capital stock as determined by the Board of Directors of the FHLB. The minimum investment requirements can increase in the event we increase our total asset size or borrowings with the FHLB. Shares cannot be purchased or sold except between the FHLB and its members at the $100 per share par value. We held $16.7 million of FHLB stock included in other assets on the consolidated statements of condition at both September 30, 2025 and December 31, 2024. The carrying amounts of these investments are reasonable estimates of fair value because the securities are restricted to member banks, and they do not have a readily determinable market value. Based on our analysis of FHLB's financial condition and certain qualitative factors, we determined that the FHLB stock was not impaired at September 30, 2025 and December 31, 2024. On October 23, 2025, FHLB announced a cash dividend for the third quarter of 2025 at an annualized dividend rate of 8.75% to be distributed in mid-November 2025. Cash dividends paid on FHLB capital stock are recorded as non-interest income.

Note 5: Loans and Allowance for Credit Losses on Loans

The following table presents the amortized cost of loans by portfolio class as of September 30, 2025 and December 31, 2024.


(in thousands)	September 30, 2025		December 31, 2024
Commercial and industrial	$	154,303	$	152,263
Real estate:
Commercial owner-occupied	313,996		321,962
Commercial non-owner occupied	1,324,263		1,273,596
Construction	15,869		36,970
Home equity	95,872		88,325
Other residential	122,924		143,207
Installment and other consumer loans	63,127		66,933
Total loans, at amortized cost 1	2,090,354		2,083,256
Allowance for credit losses on loans	(29,853)		(30,656)
Total loans, net of allowance for credit losses on loans	$	2,060,501	$	2,052,600

1 Amortized cost includes net deferred loan origination costs of $2.6 million and $2.5 million at September 30, 2025 and December 31, 2024, respectively. Amounts are also net of unrecognized purchase discounts of $1.0 million and $1.1 million at September 30, 2025 and December 31, 2024, respectively. Amortized cost excludes accrued interest, which totaled $6.6 million and $6.8 million at September 30, 2025 and December 31, 2024, respectively, and is included in interest receivable and other assets in the consolidated statements of condition.

Lending Risks

Commercial and Industrial Loans - Commercial loans are generally made to established small and mid-sized businesses to provide financing for their growth and working capital needs, equipment purchases and acquisitions. Management examines historical, current, and projected cash flows to determine the ability of the borrower to repay obligations as agreed. Commercial loans are made based primarily on the identified cash flows of the borrower and secondarily on the underlying collateral and guarantor support. The cash flows of borrowers, however, may not occur as expected, and the collateral securing these loans may fluctuate in value. Most commercial and industrial loans are secured by the assets being financed, such as accounts receivable and inventory, and typically include personal guarantees. We target stable businesses with guarantors who provide additional sources of repayment and have proven to be resilient in periods of economic stress. A weakened economy, and resultant decreased consumer and/or business spending, may have an effect on the credit quality of commercial loans.

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Commercial Real Estate Loans - Commercial real estate loans, which include income producing investment properties and owner-occupied real estate used for business purposes, are subject to underwriting standards and processes similar to commercial loans discussed above. We underwrite these loans to be repaid from cash flow from either the business or investment property and supported by real property collateral. Underwriting standards for commercial real estate loans include, but are not limited to, debt coverage and loan-to-value ratios. Furthermore, a large majority of our loans are guaranteed by the owners of the properties. Conditions in the real estate markets or a downturn in the general economy may adversely affect our commercial real estate loans. In the event of a vacancy, we expect guarantors to carry the loans until they find a replacement tenant. The owner's substantial equity investment provides a strong economic incentive to continue to support the commercial real estate projects. As such, we have generally experienced a relatively low level of loss and delinquencies in this portfolio.

Construction Loans - Construction loans are generally made to developers and builders to finance construction, renovation and occasionally land acquisitions in anticipation of near-term development. Construction loans include interest reserves that are used for the payment of interest during the development and marketing periods and are capitalized as part of the loan balance. When a construction loan is placed on non-accrual status before the depletion of the interest reserve, we apply the interest funded by the interest reserve against the loan's principal balance. These loans are underwritten after evaluation of the borrower's financial strength, reputation, prior track record, and independent appraisals. We monitor all construction projects to determine whether they are on schedule, completed as planned and in accordance with the approved construction budgets. Significant events can affect the construction industry, including: the inherent volatility of real estate markets and vulnerability to delays due to weather, change orders, inability to obtain construction permits, labor or material shortages, and price changes. Estimates of construction costs and value associated with the completed project may be inaccurate. Repayment of construction loans is largely dependent on the ultimate success of the project.

Consumer Loans - Consumer loans primarily consist of home equity lines of credit, other residential loans, floating homes, and indirect luxury auto loans, along with a small number of installment loans. Our other residential loans include tenancy-in-common fractional interest loans ("TIC") located almost entirely in San Francisco County. We originate consumer loans utilizing credit score information, debt-to-income ratio and loan-to-value ratio analysis. Diversification among consumer loan types, coupled with relatively small loan amounts that are spread across many individual borrowers, mitigates risk. We do not originate sub-prime residential mortgage loans, nor is it our practice to underwrite loans commonly referred to as "Alt-A mortgages," the characteristics of which are reduced documentation, borrowers with low FICO scores or collateral with high loan-to-value ratios.

Credit Quality Indicators

We use a risk rating system to evaluate asset quality, and to identify and monitor credit risk in individual loans, and in the loan portfolio. Our definitions of “Special Mention” risk graded loans, or worse, are consistent with those used by the Federal Deposit Insurance Corporation ("FDIC"). Our internally assigned grades are as follows:

Pass and Watch - Loans to borrowers of acceptable or better credit quality. Borrowers in this category demonstrate fundamentally sound financial positions, repayment capacity, credit history and management expertise. Loans in this category must have an identifiable and stable source of repayment and meet the Bank’s policy regarding debt-service-coverage ratios. These borrowers are capable of sustaining normal economic, market or operational setbacks without significant financial consequences. Negative external industry factors are generally not present. The loan may be secured, unsecured or supported by non-real estate collateral for which the value is more difficult to determine and/or marketability is more uncertain. This category also includes “Watch” loans, where the primary source of repayment has been delayed. “Watch” is intended to be a transitional grade, with either an upgrade or downgrade within a reasonable period.

Special Mention - Potential weaknesses that deserve close attention. If left uncorrected, those potential weaknesses may result in deterioration of the payment prospects for the asset. Special Mention assets do not present sufficient risk to warrant adverse classification.

Substandard - Inadequately protected by either the current sound worth and paying capacity of the obligor or the collateral pledged, if any. A Substandard asset has well-defined weaknesses that jeopardize the liquidation of the debt. Substandard assets are characterized by the distinct possibility that we will sustain some loss if such weaknesses or deficiencies are not corrected. Well-defined weaknesses include adverse trends or developments of the borrower’s financial condition, managerial weaknesses and/or significant collateral deficiencies.

Page-18

Doubtful - Critical weaknesses that make collection or liquidation in full improbable. There may be specific pending events that work to strengthen the asset; however, the amount or timing of the loss may not be determinable. Pending events generally occur within one year of the asset being classified as Doubtful. Examples include: merger, acquisition, or liquidation; capital injection; guarantee; perfecting liens on additional collateral; and refinancing. Such loans are placed on non-accrual status and usually are collateral-dependent.

We regularly review our credits for accuracy of risk grades whenever we receive new information and at each quarterly and year-end reporting period. Borrowers are generally required to submit financial information at regular intervals. Typically, commercial borrowers with lines of credit are required to submit financial information with reporting intervals ranging from monthly to annually depending on credit size, risk and complexity. In addition, investor commercial real estate borrowers with loans exceeding a certain dollar threshold are usually required to submit rent rolls or property income statements annually. We monitor construction loans monthly. We review home equity and other consumer loans based on delinquency. We also review loans graded “Watch” or worse, regardless of loan type, no less than quarterly.

The following tables present the loan portfolio by loan portfolio class, origination/renewal year and internal risk rating as of September 30, 2025 and December 31, 2024. The current year vintage table reflects year to date gross charge-offs by loan portfolio class and year of origination. Generally, existing term loans that were re-underwritten are reflected in the table in the year of renewal. Lines of credit that have a conversion feature at the time of origination, such as construction to perm loans, are presented by year of origination.


(in thousands)	Term Loans - Amortized Cost by Origination Year												Revolving Loans Amortized Cost
September 30, 2025	2025		2024		2023		2022		2021		Prior				Total
Commercial and industrial:
Pass and Watch	$	17,685	$	7,774	$	16,188	$	6,586	$	843	$	23,629	$	71,751	$	144,456
Special Mention	—		—		—		—		—		132		—		132
Substandard	—		478		—		2,793		—		—		6,444		9,715
Total commercial and industrial	$	17,685	$	8,252	$	16,188	$	9,379	$	843	$	23,761	$	78,195	$	154,303
Gross current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	(53)	$	(53)

Commercial real estate, owner-occupied:
Pass and Watch	$	27,063	$	12,206	$	12,480	$	40,144	$	43,430	$	148,185	$	272	$	283,780
Special Mention	—		—		$	369	—		18,336		5,332		—		24,037
Substandard	1,515		—		94		3,176		—		1,394		—		6,179

Total commercial real estate, owner-occupied	$	28,578	$	12,206	$	12,943	$	43,320	$	61,766	$	154,911	$	272	$	313,996

Commercial real estate, non-owner occupied:
Pass and Watch	$	135,256	$	102,525	$	55,282	$	160,497	$	192,643	$	569,725	$	11,373	$	1,227,301
Special Mention	3,529		15,249		—		—		—		45,572		—		64,350
Substandard	—		—		—		—		—		32,612		—		32,612

Total commercial real estate, non-owner occupied	$	138,785	$	117,774	$	55,282	$	160,497	$	192,643	$	647,909	$	11,373	$	1,324,263
Gross current period charge-offs	$	—	$	—	$	—	$	—	$	(809)	$	—	$	—	$	(809)

Page-19


(in thousands)	Term Loans - Amortized Cost by Origination Year												Revolving Loans Amortized Cost
September 30, 2025	2025		2024		2023		2022		2021		Prior				Total
Construction:
Pass and Watch	$	4,896	$	10,973	$	—	$	—	$	—	$	—	$	—	$	15,869


Total construction	$	4,896	$	10,973	$	—	$	—	$	—	$	—	$	—	$	15,869

Home equity:
Pass and Watch	$	99	$	76	$	13	$	—	$	—	$	742	$	94,328	$	95,258

Substandard	—		—		—		—		—		165		449		614
Total home equity	$	99	$	76	$	13	$	—	$	—	$	907	$	94,777	$	95,872

Other residential:
Pass and Watch	$	2,381	$	22,641	$	16,663	$	17,850	$	10,780	$	52,535	$	—	$	122,850

Substandard	—		—		74		—		—		—		—		74
Total other residential	$	2,381	$	22,641	$	16,737	$	17,850	$	10,780	$	52,535	$	—	$	122,924

Installment and other consumer:
Pass and Watch	$	9,657	$	14,570	$	11,380	$	8,677	$	7,139	$	9,912	$	1,606	$	62,941

Substandard	—		—		176		—		—		10		—		186
Total installment and other consumer	$	9,657	$	14,570	$	11,556	$	8,677	$	7,139	$	9,922	$	1,606	$	63,127
Gross current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	(15)	$	(1)	$	(16)
Total loans:
Pass and Watch	$	197,037	$	170,765	$	112,006	$	233,754	$	254,835	$	804,728	$	179,330	$	1,952,455
Total Special Mention	$	3,529	$	15,249	$	369	$	—	$	18,336	$	51,036	$	—	$	88,519
Total Substandard	$	1,515	$	478	$	344	$	5,969	$	—	$	34,181	$	6,893	$	49,380

Totals	$	202,081	$	186,492	$	112,719	$	239,723	$	273,171	$	889,945	$	186,223	$	2,090,354
Total gross current period charge-offs	$	—	$	—	$	—	$	—	$	(809)	$	(15)	$	(54)	$	(878)


(in thousands)	Term Loans - Amortized Cost by Origination Year												Revolving Loans Amortized Cost
December 31, 2024	2024		2023		2022		2021		2020		Prior				Total
Commercial and industrial:
Pass and Watch	$	9,951	$	20,282	$	7,742	$	1,371	$	2,650	$	27,487	$	71,212	$	140,695
Special Mention	598		—		—		—		5		221		7,286		8,110
Substandard	—		—		2,793		—		—		—		665		3,458
Total commercial and industrial	$	10,549	$	20,282	$	10,535	$	1,371	$	2,655	$	27,708	$	79,163	$	152,263

Commercial real estate, owner-occupied:
Pass and Watch	$	14,638	$	13,386	$	43,381	$	44,536	$	41,160	$	130,197	$	169	$	287,467
Special Mention	—		378		—		18,870		804		9,499		—		29,551
Substandard	—		—		2,110		—		—		2,834		—		4,944

Total commercial real estate, owner-occupied	$	14,638	$	13,764	$	45,491	$	63,406	$	41,964	$	142,530	$	169	$	321,962
Commercial real estate, non-owner occupied:
Pass and Watch	$	119,053	$	64,906	$	162,804	$	196,661	$	179,060	$	442,574	$	9,178	$	1,174,236
Special Mention	18,343		—		2,736		2,097		729		39,888		—		63,793
Substandard	—		497		—		2,127		—		32,943		—		35,567
Total commercial real estate, non-owner occupied	$	137,396	$	65,403	$	165,540	$	200,885	$	179,789	$	515,405	$	9,178	$	1,273,596
Construction:
Pass and Watch	$	18,128	$	—	$	11,380	$	—	$	—	$	—	$	—	$	29,508
Special Mention	7,462		—		—		—		—		—		—		7,462

Total construction	$	25,590	$	—	$	11,380	$	—	$	—	$	—	$	—	$	36,970
Home equity:
Pass and Watch	$	94	$	13	$	—	$	—	$	—	$	968	$	86,337	$	87,412

Substandard	—		—		—		—		—		174		739		913
Total home equity	$	94	$	13	$	—	$	—	$	—	$	1,142	$	87,076	$	88,325

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(in thousands)	Term Loans - Amortized Cost by Origination Year												Revolving Loans Amortized Cost
December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost		Total
Other residential:
Pass and Watch	$	35,390	$	17,267	$	19,682	$	12,989	$	24,378	$	33,501	$	—	$	143,207


Total other residential	$	35,390	$	17,267	$	19,682	$	12,989	$	24,378	$	33,501	$	—	$	143,207
Installment and other consumer:
Pass and Watch	$	17,525	$	15,429	$	10,841	$	7,798	$	2,788	$	10,901	$	1,429	$	66,711

Substandard	—		—		—		207		—		15		—		222
Total installment and other consumer	$	17,525	$	15,429	$	10,841	$	8,005	$	2,788	$	10,916	$	1,429	$	66,933
Gross current period charge-offs	$	—	$	(14)	$	—	$	(39)	$	—	$	(1)	$	(4)	$	(58)
Total loans:
Pass and Watch	$	214,779	$	131,283	$	255,830	$	263,355	$	250,036	$	645,628	$	168,325	$	1,929,236
Total Special Mention	$	26,403	$	378	$	2,736	$	20,967	$	1,538	$	49,608	$	7,286	$	108,916
Total Substandard	$	—	$	497	$	4,903	$	2,334	$	—	$	35,966	$	1,404	$	45,104

Totals	$	241,182	$	132,158	$	263,469	$	286,656	$	251,574	$	731,202	$	177,015	$	2,083,256

The following table shows the amortized cost of loans by portfolio class, payment aging and non-accrual status as of September 30, 2025 and December 31, 2024.


Loan Aging Analysis by Class
(in thousands)	Commercial and industrial		Commercial real estate, owner-occupied		Commercial real estate, non-owner occupied		Construction		Home equity		Other residential		Installment and other consumer		Total
September 30, 2025
30-59 days past due	$	248	$	—	$	9,556	$	—	$	407	$	—	$	272	$	10,483
60-89 days past due	50		—		437		—		—		—		146		633
90 days or more past due 1	3,488		375		8,118		—		148		74		185		12,388
Total past due	3,786		375		18,111		—		555		74		603		23,504
Current	150,517		313,621		1,306,152		15,869		95,317		122,850		62,524		2,066,850
Total loans 1	$	154,303	$	313,996	$	1,324,263	$	15,869	$	95,872	$	122,924	$	63,127	$	2,090,354
Non-accrual loans 2	$	3,488	$	1,488	$	25,701	$	—	$	553	$	74	$	185	$	31,489
Non-accrual loans with no allowance	$	—	$	1,488	$	8,831	$	—	$	553	$	—	$	185	$	11,057
December 31, 2024
30-59 days past due	$	203	$	208	$	718	$	—	$	738	$	—	$	415	$	2,282
60-89 days past due	—		559		—		—		186		—		7		752
90 days or more past due 1	2,793		113		10,742		—		248		—		8		13,904
Total past due	2,996		880		11,460		—		1,172		—		430		16,938
Current	149,267		321,082		1,262,136		36,970		87,153		143,207		66,503		2,066,318
Total loans 1	$	152,263	$	321,962	$	1,273,596	$	36,970	$	88,325	$	143,207	$	66,933	$	2,083,256
Non-accrual loans 2	$	2,845	$	1,537	$	28,525	$	—	$	752	$	—	$	222	$	33,881
Non-accrual loans with no allowance	$	—	$	1,537	$	497	$	—	$	752	$	—	$	207	$	2,993

1 There were no non-performing loans over 90 days past due and accruing interest as of September 30, 2025 or December 31, 2024.

2 None of the non-accrual loans as of September 30, 2025 or December 31, 2024 were earning interest on a cash or accrual basis. We reversed $5 thousand and $49 thousand in accrued interest income for loans that were placed on non-accrual status during the three and nine months ended September 30, 2025, respectively. We reversed accrued interest income of $257 thousand and $523 thousand for loans that were placed on non-accrual status during the three and nine months ended September 30, 2024, respectively.

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Collateral Dependent Loans

The following table presents the amortized cost basis of individually analyzed collateral-dependent loans, which were all on non-accrual status, by portfolio class at September 30, 2025 and December 31, 2024.


	Amortized Cost by Collateral Type
(in thousands)	Commercial Real Estate		Residential Real Estate		Other		Total 1		Allowance for Credit Losses

September 30, 2025

Commercial real estate, owner-occupied	$	1,554	$	—	$	—	$	1,554	$	—
Commercial real estate, non-owner occupied	26,012		—		—		26,012		7,307

Home equity	—		1,456		—		1,456		—
Other residential	—		282		—		282		36

Total	$	27,566	$	1,738	$	—	$	29,304	$	7,343
December 31, 2024
Commercial and industrial	$	52	$	—	$	—	$	52	$	52
Commercial real estate, owner-occupied	1,537		—		—		1,537		—
Commercial real estate, non-owner occupied	28,525		—		—		28,525		7,933
Home equity			752				752



Installment and other consumer	—		—		222		222		15
Total	$	30,114	$	752	$	222	$	31,088	$	8,000

1 There were no collateral-dependent residential real estate mortgage loans in process of foreclosure or in substance repossessed at September 30, 2025 and December 31, 2024. The weighted average loan-to-value of real estate secured collateral dependent loans was approximately 104% at September 30, 2025 and 115% at December 31, 2024.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The following table summarizes the amortized cost of loans as of September 30, 2025 and September 30, 2024 that were modified during the three months and nine months ended September 30, 2025 and during the nine months ended September 30, 2024, by portfolio class and type of modification granted. There were no modifications of loans during the three months ended September 30, 2024 requiring disclosure.


(in thousands)	Term Extension		Total Modifications		Percent of Portfolio Class Total
Three months ended September 30, 2025


Commercial owner-occupied	1,515		1,515		0.5	%





Total	$	1,515	$	1,515
Nine months ended September 30, 2025

Commercial owner-occupied	1,515		1,515		0.5	%
Commercial non-owner occupied	3,424		3,424		0.3	%




Total	$	4,939	$	4,939


(in thousands)	Term Extension		Total Modifications		Percent of Portfolio Class Total









Nine months ended September 30, 2024




Home equity	192		192		0.2	%


Total	$	192	$	192

Page-22

As of September 30, 2025 and September 30, 2024, there were no unfunded loan commitments for loans that were modified during the period presented.

The following table summarizes the financial effect of loan modifications presented in the tables above during the three and nine months ended September 30, 2025 and September 30, 2024 by portfolio class.


									Weighted-Average Term Extension (in years)
Three months ended September 30, 2025

Commercial owner-occupied									0.5

Nine months ended September 30, 2025


Commercial owner-occupied									0.5
Commercial non-owner occupied									1.2


									Weighted-Average Term Extension (in years)



Nine months ended September 30, 2024

Home Equity									6.5

The loan modifications did not significantly impact the determination of the allowance for credit losses on loans during the three and nine months ended September 30, 2025 and September 30, 2024.

The Bank closely monitors the performance of the modified loans to understand the effectiveness of its modification efforts. The following table summarizes the amortized cost and payment status of loans as of September 30, 2025 and September 30, 2024 that were modified during the three and nine months ended September 30, 2025 and September 30, 2024 by portfolio class.


(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Non-Accrual
Three months ended September 30, 2025

Commercial owner occupied	1,515		—		—		—		1,515		—





Total	$	1,515	$	—	$	—	$	—	$	1,515	$	—
Nine months ended September 30, 2025

Commercial owner-occupied	1,515		—		—		—		1,515		—
Commercial non-owner occupied	3,424		—		—		—		3,424		712




Total	$	4,939	$	—	$	—	$	—	$	4,939	$	712


(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Non-Accrual









Nine months ended September 30, 2024




Home equity	192		—		—		—		192		117


Total	$	192	$	—	$	—	$	—	$	192	$	117

There were no loans to borrowers experiencing financial difficulty that were modified within the three and nine months ended September 30, 2025 and September 30, 2024 that had subsequently defaulted (i.e., fully or partially charged-off or became 90 days or more past due).

Page-23

Allocation of the Allowance for Credit Losses on Loans

The following table presents the details of the allowance for credit losses on loans segregated by loan portfolio class as of September 30, 2025 and December 31, 2024.

Allocation of the Allowance for Credit Losses on Loans

(in thousands)

Commercial and industrial

Commercial real estate, owner-occupied

Commercial real estate, non-owner occupied

Construction

Home equity

Other residential

Installment and other consumer

Unallocated

Total

September 30, 2025

Modeled expected credit losses

1,307

1,599

7,916

Bank of Marin Bancorp 10-Q