Bank of Marin Bancorp (NASDAQ:BMRC) Q4 2022 Earnings Call Transcript

Operator: Thank you. We actually have no more questions on the phone line. Please proceed with any online questions.

Tani Girton: Great. Thank you. So we do have a couple. One was what is the duration of the securities portfolio? So the total — the duration of the total portfolio is 4.99 years. However, it’s important to split that up between the available-for-sale portfolio and the held-to-maturity portfolio, which is roughly, very roughly half. But the held-to-maturity portfolio has a longer duration. That’s 5.92 years and the AFS portfolio is 3.98 years. So I think that answers that question. And then we had another question about the tangible book value per share at year-end that was $20.85. And related to that question, I think similar to a question answered earlier, with the larger accumulated losses on the portfolio, at what point would we start selling securities losses in order to finance the bank?

And as I said, I think we have a lot of — we have a lot of headroom right now to manage our liquidity position, both through our deposit pricing, as well as in the capital markets. So we don’t feel like we’ll be forced to take losses that we don’t want to take.

Unidentified Analyst: What is the granularity of the office portfolio and is their health care office included? So how much?

Tim Myers: I don’t have that level of data in front of me on the granularity. Yes. If we have a contact information on that, we’ll have to make that available, but I don’t have a loan level detail to talk about the granularity on average size. But yes, I’m sorry, the second answer is health care office would be included in commercial office. For those on the line that didn’t hear the question, it was what is the granularity of the office commercial real estate exposure? And is health care office embedded in that or included in that? I don’t have that level of detail to provide on the granularity, so we’ll follow up.

Tim Myers: With that, I will end this call. Thank you all for joining us. We appreciate your support and your questions. If any of you have any follow-on questions, please reach out to us. We’re happy to answer them. Thank you.