Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Holders
Bancorp's common stock trades on the Nasdaq Capital Market under the symbol BMRC. At February 28, 2025, 16,116,627 shares of Bancorp's common stock, no par value, were outstanding and held by approximately 7,500 holders of record and beneficial owners.
Five-Year Stock Price Performance Graph
The following graph, compiled by S&P Global Market Intelligence of New York, New York, shows a comparison of cumulative total shareholder return on our common stock during the five fiscal years ended December 31, 2024 compared to the Russell 2000 Stock index and the S&P Regional Banks Select Industry Index. The comparison assumes the investment of $100 in our common stock on December 31, 2019 and the reinvestment of all dividends. The graph represents past performance and does not indicate future performance. In addition, total return performance results vary depending on the length of the performance period.
2019 2020 2021 2022 2023 2024
Bank of Marin Bancorp (BMRC) 100.00 78.30 87.11 79.18 55.82 63.57
Russell 2000 Index 100.00 119.96 137.74 109.59 128.14 142.93
S&P Regional Banks Select Industry Index 1
100.00 92.90 129.98 110.80 102.56 122.17
Source: S&P Global Market Intelligence
1 The index comprises stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard regional banks sub-industry.
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Securities Authorized for Issuance under Equity Compensation Plans
The following table summarizes information as of December 31, 2024, with respect to equity compensation plans.
Shares to be issued upon exercise of outstanding options 1
Weighted average exercise price of outstanding options Shares remaining available for future issuance 2
Equity compensation plans approved by shareholders 273,242 $ 33.92 925,140
1 Represents shares of common stock issuable upon exercise of outstanding options under the Bank of Marin Bancorp 2017 Equity Plan and 2007 Equity Plan.
2 Represents remaining shares of common stock available for future grants under the 2017 Equity Plan and the 2020 Director Stock Plan, excluding 273,242 shares to be issued upon exercise of outstanding options and 370,739 shares available to be issued under the Employee Stock Purchase Plan.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On July 21, 2023, the Board of Directors approved the adoption of Bancorp's share repurchase program for up to $25.0 million and expiring on July 31, 2025. Bancorp repurchased 220,000 shares totaling $4.3 million at an average price of $19.21 per share in the year ended December 31, 2024. There were no repurchases in 2023.
Shares repurchased pursuant to our common stock share repurchase programs during 2024, 2023 and 2022, were as follows.
2024
2023
2022
Cumulative Totals
Total number of common shares repurchased 220,000 0 23,275 243,275
Total purchase price of common shares repurchased (in millions) $ 4.3 $ — $ 1.0 $ 5.3
The following table reports information regarding repurchases of our common stock during the year ended December 31, 2024:
(in thousands, except per share data) Total Number of Shares Purchased Average Price Paid per Share 1, 2
Total Number of Shares Purchased as Part of Publicly Announced Programs Approximate Dollar Value That May yet Be Purchased Under the Program 3
Period
January 1, 2024 to January 31, 2024 — $ — — $ 25,000
February 1, 2024 to February 29, 2024 — — — 25,000
March 1, 2024 to March 31, 2024 — — — 25,000
April 1, 2024 to April 30, 2024 — — — 25,000
May 1, 2024 to May 31, 2024 — — — 25,000
June 1, 2024 to June 30, 2024 — — — 25,000
July 1, 2024 to July 31, 2024 — — — 25,000
August 1, 2024 to August 31, 2024 220 19.21 220 24,780
September 1, 2024 to September 30, 2024 — — — 24,780
October 1, 2024 to October 31, 2024 — — — 24,780
November 1, 2024 to November 30, 2024 — — — 24,780
December 1, 2024 to December 31, 2024 — — — 24,780
Year ended December 31, 2024 220 $ 19.21 220 $ 24,780
1 Average price paid per share excludes commission.
2 The aggregate purchase price and weighted average price per share does not include the effect of excise tax expense incurred on net stock repurchases. For the year ended December 31, 2024, the excise tax, net of issuances, was approximately $19 thousand.
3 On July 21, 2023, the Board of Directors approved the adoption of Bancorp's share repurchase program for up to $25.0 million and expiring on July 31, 2025.
ITEM 6. [RESERVED]
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