Bank Of Marin Reports Sale Of $293M In Available-For-Sale Securities To Improve Future Earnings And Increase Its Return On Equity

The securities sold represented 56% of the AFS portfolio and had an average yield of 1.94%. The sale will result in an estimated after-tax loss of approximately $23 million that will be recorded in the second quarter of 2024. 

Assuming a 5.75% average yield on reinvestment, the securities repositioning is expected to have an approximate 3-year capital earn back and contribute approximately 30 basis points to annualized net interest margin beginning third quarter, resulting in $0.46 estimated earnings per share accretion over the next four quarters.