Enterprising Investor
9 years ago
Farmers & Merchants Bank of Long Beach Reports 2014 Fourth-Quarter and Full-Year Results (1/15/15)
-- Net Loans Grew 23% in Year-Over-Year Comparison --
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the fourth quarter and full year ended December 31, 2014.
“F&M’s strong financial performance in 2014 is a result of an expanded lending team that continues to establish relationships with the community we serve,” said Henry Walker, president of Farmers & Merchants Bank. “As the economy shows further signs of improvement, the Bank is in a position of strength for sustainable growth.”
Income Statement
For the 2014 fourth quarter, total interest income was $49.8 million, compared with $43.5 million in the fourth quarter of 2013. Total interest income for the year ended December 31, 2014 was $184.9 million, compared with $163.2 million reported for 2013.
Interest expense for the 2014 fourth quarter was $1.8 million, compared with $1.6 million in the same period a year ago. Interest expense for the full 2014 year was $6.9 million versus $6.2 million in 2013.
Farmers & Merchants’ net interest income for the 2014 fourth quarter was $48.0 million, compared with net interest income of $41.9 million for the fourth quarter in 2013. Net interest income for 2014 was $178.0 million, versus $157.0 million in 2013.
Farmers & Merchant’s net interest margin was 3.50% for the year ended December 31, 2014, compared with 3.30% in the previous year.
The Bank did not have a provision for loan losses in 2014, nor in 2013, amid continued strength in its loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.69% at December 31, 2014, compared with 2.09% at December 31, 2013.
Non-interest income was $7.3 million for the 2014 fourth quarter, compared with $7.2 million in the 2013 fourth quarter. Non-interest income for the full 2014 year totaled $32.0 million, versus $37.8 million for 2013.
Non-interest expense for the 2014 fourth quarter was $32.2 million, compared with $27.2 million for the same period last year. Non-interest expense for the year ended December 31, 2014 was $119.4 million, compared with $104.3 million last year.
The Bank’s net income for the 2014 fourth quarter was $15.8 million, or $120.94 per diluted share, compared with $15.0 million, or $114.41 per diluted share, in the 2013 fourth quarter. The Bank’s net income for 2014 was $62.4 million, or $476.67 per diluted share, compared with $62.2 million, or $474.80 per diluted share, for 2013.
Balance Sheet
At December 31, 2014, net loans totaled $2.96 billion, compared with $2.40 billion at December 31, 2013. The Bank’s deposits grew to $4.20 billion at the end of 2014, from $3.83 billion at December 31, 2013. Non-interest bearing deposits represented 37.3% of total deposits at December 31, 2014, versus 38.5% of total deposits at December 31, 2013. Total assets increased to $5.58 billion at the close of 2014 from $5.21 billion at December 31, 2013.
At December 31, 2014, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 23.59%, a Tier 1 risk-based capital ratio of 22.34%, and a Tier 1 leverage ratio of 14.35%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“F&M maintained its robust financial health in 2014, as well as enhanced its infrastructure to continue the Bank’s leadership position throughout the regions we serve,” said Daniel Walker, chief executive officer and chairman of the board. “As we enter 2015, F&M’s healthy balance sheet and sound fundamentals provide an excellent platform for introducing the Bank’s unparalleled service to new clients.”
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 23 branches in Los Angeles and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
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http://www.businesswire.com/news/home/20150115006228/en/Farmers-Merchants-Bank-Long-Beach-Reports-2014#.VLgtZYktGUk
Enterprising Investor
10 years ago
Farmers & Merchants Bank of Long Beach Reports 2014 Third-Quarter Results (10/16/14)
--Net Loans Increased 18.5 Percent in Year-to-Date Performance--
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the third quarter ended September 30, 2014.
“Farmers & Merchant’s third-quarter results reflect strength in the Bank’s lending activities, as we continue to enhance our footprint throughout Los Angeles and Orange Counties,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “Steady growth and profitability have been hallmarks of F&M since its inception, and the Bank’s third-quarter results are a testament to these core characteristics.”
Income Statement
For the 2014 third quarter, interest income rose to $46.8 million from $40.9 million in the 2013 third quarter, reflecting strength in the Bank’s loan portfolio. Interest income for the nine-month period ended September 30, 2014 advanced to $135.1 million from $119.7 million reported for the same period in 2013.
Interest expense for the 2014 third quarter was $1.8 million, compared with $1.6 million in last year’s third quarter. Interest expense for the nine-month period ended September 30, 2014 was $5.1 million, versus $4.6 million reported for the same period last year.
Net interest income for the 2014 third quarter rose to $45.0 million from $39.3 million for the third quarter of 2013, and increased to $130.0 million for the first nine months of 2014, versus $115.1 million for the same period in 2013.
Farmers & Merchants’ net interest margin was 3.48% for the 2014 third quarter, compared with 3.28% for the 2013 third quarter. Net interest margin was 3.45% for the first nine months of 2014, compared with 3.25% for the same period in 2013.
The Bank did not have a provision for loan losses in the first nine months of 2014, nor in the same period a year ago, amid continued strength in its loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.78% at September 30, 2014, compared with 2.09% at December 31, 2013.
Non-interest income was $8.4 million for the 2014 third quarter, compared with $9.4 million in the third quarter a year ago. Non-interest income was $24.8 million for the nine-month period ended September 30, 2014, compared with $30.6 million for the same period in 2013.
Non-interest expense for the 2014 third quarter was $29.4 million, versus $26.9 million for the same period last year. Non-interest expense for the first nine months of 2014 was $87.2 million, compared with $77.0 million last year.
Net income for the 2014 third quarter increased to $16.4 million, or $125.29 per diluted share, from $15.1 million, or $114.95 per diluted share, in the year-ago period. The Bank’s net income for the first nine months of 2014 was $46.6 million, or $355.73 per diluted share, compared with $47.2 million, or $360.39 per diluted share, for the same period in 2013.
Balance Sheet
At September 30, 2014, net loans totaled $2.85 billion, compared with $2.40 billion at December 31, 2013. The Bank’s deposits totaled $4.11 billion at the end of the 2014 third quarter, compared with $3.83 billion at December 31, 2013. Non-interest bearing deposits represented 40.0% of total deposits at September 30, 2014, versus 38.5% of total deposits at December 31, 2013. Total assets increased to $5.53 billion at the close of the 2014 third quarter, compared with $5.21 billion at the close of the prior year.
At September 30, 2014, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 23.76%, a Tier 1 risk-based capital ratio of 22.51%, and a Tier 1 leverage ratio of 14.35%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“Maintaining a healthy balance sheet has been imperative for keeping F&M Bank in sound condition, and our year-to-date results reflect the Bank’s solid standing,” said Daniel Walker, chief executive officer and chairman of the board. “As we enter the final stretch of 2014, the Bank’s strong financial health will serve as an excellent foundation for attracting new clients and helping them achieve their goals.”
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 23 branches in Los Angeles and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
http://www.businesswire.com/news/home/20141016006382/en/Farmers-Merchants-Bank-Long-Beach-Reports-2014#.VD_E6ol0yUk
Enterprising Investor
10 years ago
Farmers & Merchants Bank of Long Beach Reports 2014 Second-Quarter, First-Half Results (7/17/14)
-- Net Loans Grew 13% in Year-to-Date Comparison --
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the second quarter and six-months ended June 30, 2014.
“Farmers & Merchants achieved strong loan growth during the first half of the year, as the Bank’s expanded lending team continues to deliver results,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “At the same time, the Bank made steady gains in deposit growth, which is a testament to Farmers & Merchants’ focus on providing superior service with sound and stable fundamentals.”
Income Statement
For the three months ended June 30, 2014, interest income rose to $45.0 million from $39.2 million in the second quarter of 2013. Interest income for the first half of 2014 increased to $88.3 million from $78.8 million reported for the first half of 2013.
Interest expense for the 2014 second quarter was $1.7 million, compared with $1.5 million in the second quarter of 2013. Interest expense for the first half of 2014 was $3.3 million, versus $3.0 million reported for the corresponding period last year.
Net interest income for the 2014 second quarter advanced to $43.3 million from $37.6 million for the second quarter of 2013. Net interest income for the first half of 2014 increased to $85.0 million from $75.7 million for the six months ended June 30, 2013.
Farmers & Merchants’ net interest margin was 3.48% for the 2014 second quarter, up from 3.20% in the 2013 second quarter. Net interest margin was 3.44% for the first half of 2014, versus 3.24% for the same period in 2013.
The Bank did not have a provision for loan losses in the first half of 2014, nor in the same period a year ago, reflecting the continued strength of Farmers & Merchant’s loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.86% at June 30, 2014, compared with 2.09% at December 31, 2013.
Non-interest income was $9.8 million for the 2014 second quarter, compared with $10.4 million in the same period a year ago. In the first half of 2014, non-interest income was $16.4 million, compared with $21.2 million for the six months ended June 30, 2013.
Non-interest expense for the 2014 second quarter was $29.7 million, compared with $26.4 million for the same period last year. Non-interest expense for the first half of 2014 was $57.9 million, compared with $50.1 million for the first half of 2013.
Net income for the 2014 second quarter increased to $16.1 million, or $123.05 per diluted share, from $14.9 million, or $113.76 per diluted share, for the 2013 second quarter. Net income for the first half of 2014 was $30.2 million, or $230.44 per diluted share, compared with $32.1 million, or $245.44 per diluted share, for the six months ended June 30, 2013.
Balance Sheet
At June 30, 2014, net loans increased to $2.71 billion from $2.40 billion at December 31, 2013. The Bank’s deposits rose to $4.00 billion at the end of the 2014 second quarter from $3.83 billion at December 31, 2013. Non-interest bearing deposits represented 39.3% of total deposits at June 30, 2014, versus 38.5% of total deposits at December 31, 2013. Total assets increased to $5.41 billion at the close of the 2014 second quarter from $5.21 billion at December 31, 2013.
At June 30, 2014, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 24.38%, a Tier 1 risk-based capital ratio of 23.13%, and a Tier 1 leverage ratio of 14.54%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“As a key pillar to the strength and stability of Farmers &Merchants Bank, we continued to maintain a healthy balance sheet in the first half of the year,” said Daniel Walker, chief executive officer and chairman of the board. “As Farmers & Merchants Bank further enhances its presence in Southern California, we remain committed to implementing our growth strategy with the very prudence, integrity and tact that has led to the Bank’s profitability on an annual basis for more than a century.”
About Farmers & Merchants Bank of Long Beach
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 23 branches in Los Angeles and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
http://www.businesswire.com/news/home/20140717006346/en/Farmers-Merchants-Bank-Long-Beach-Reports-2014#.U8hId4lOWUk
Enterprising Investor
10 years ago
Farmers & Merchants Bank of Long Beach Reports 2014 First Quarter Results (4/17/14)
--Net Loans Exceed $2.5 Billion for the First Time--
--Total Assets Achieve Record High of $5.4 Billion--
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) today reported financial results for the first quarter ended March 31, 2014.
“Interest income was up 9 percent in the first quarter, demonstrating the solid traction that the Bank’s recently expanded lending and retail teams continue to achieve,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “As we grow our topline, we maintain a long-term view that investing in the Bank’s people and infrastructure will help us achieve new heights and provide superior service to new and existing clients.”
Income Statement
For the three months ended March 31, 2014, interest income advanced to $43.3 million from $39.6 million in the first quarter of 2013. Interest expense for the 2014 first quarter was $1.6 million, compared with $1.5 million last year.
Net interest income for the 2014 first quarter rose to $41.7 million from $38.1 million for the first quarter of 2013. Farmers & Merchants’ net interest margin was 3.40% for the 2014 first quarter, compared with 3.28% a year ago.
The Bank did not have a provision for loan losses in the first quarter of 2014, nor in the same period a year ago, reflecting the continued strength of the loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.98% at March 31, 2014, compared with 2.50% at March 31, 2013; the decrease being indicative of loan growth, coupled with strong loan quality.
Non-interest income was $6.6 million for the 2014 first quarter, compared with $10.2 million for the first quarter a year ago. Non-interest income for the 2013 first quarter included a $3.6 million gain on the sale of a branch building.
Non-interest expense for the 2014 first quarter was $28. 2 million, compared with $23.8 million for the same period last year. The increase in the 2014 first quarter is reflective of investments in talent and human capital, new awareness and customer-generation marketing campaigns and other real estate owned expenses.
Net income for the 2014 first quarter totaled $14.1 million, or $107.38 per diluted share, compared with net income of $16.7 million, or $127.77 per diluted share, for the 2013 first quarter.
Balance Sheet
At March 31, 2014, net loans increased to $2.53 billion from $2.40 billion at December 31, 2013. The Bank’s deposits totaled $3.98 billion at the end of the 2014 first quarter, compared with $3.83 billion at December 31, 2013. Non-interest bearing deposits represented 39.1% of total deposits at March 31, 2014, versus 38.5% of total deposits at December 31, 2013. Total assets increased to $5.36 billion at the close of the 2014 first quarter from $5.21 billion at December 31, 2013.
Additional paid-in capital was $112.04 million at March 31, 2014, versus $12.04 million at the end of 2013, reflecting a transfer of $100 million from retained earnings to additional paid-in capital for regulatory purposes regarding investments in bank premises.
At March 31, 2014, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 25.36%, a Tier 1 risk-based capital ratio of 24.10%, and a Tier 1 leverage ratio of 14.60%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“F&M’s solid loan growth and the sound and stable characteristics of its balance sheet are indicative of the strategic initiatives and core fundamentals that ultimately enhance the Bank’s position of strength,” said Daniel Walker, chief executive officer and chairman of the board. “Now in F&M’s 107th year of service, we continue to maintain the Bank’s bedrock values, while expanding our presence and preparing for future growth. We are very proud of our continued standing as one of California's strongest banks.”
About Farmers & Merchants Bank of Long Beach
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 23 branches in Los Angeles and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
http://www.businesswire.com/news/home/20140417006469/en/Farmers-Merchants-Bank-Long-Beach-Reports-2014#.U1CpnK1OWUk
Enterprising Investor
10 years ago
Farmers & Merchants Bank of Long Beach Reports 2013 Fourth-Quarter and Full-Year Results (1/16/14)
-- Net Loans Grew 24% in Year-Over-Year Comparison --
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the fourth quarter and full year ended December 31, 2013.
“Our strong loan growth in 2013 reflects the hard work and results-driven focus of F&M’s newly expanded lending team,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “The Bank’s position of strength was further enhanced during the year with additional strategic hires, as well as the opening of two new branches – Corona del Mar and Downey.
“F&M is entering 2014 with the financial health, vigor and core values that have been hallmarks of the Bank since its inception in 1907,” Walker added.
Income Statement
For the 2013 fourth quarter, total interest income was $43.5 million, compared with $40.4 million in the fourth quarter of 2012. Total interest income for the year ended December 31, 2013 was $163.2 million, compared with $171.1 million reported for 2012.
Interest expense for the 2013 fourth quarter was $1.6 million, essentially in line with interest expense for the same quarter in 2012. Interest expense for the full 2013 year declined to $6.2 million from $7.0 million in 2012, reflecting the protracted low interest rate environment.
Farmers & Merchants’ net interest income for the 2013 fourth quarter was $41.9 million, compared with net interest income of $38.8 million for the same quarter of 2012. Net interest income for 2013 was $157.0 million, versus $164.1 million in 2012.
Farmers & Merchants’ net interest margin was 3.30% for the year ended December 31, 2013, compared with 3.65% in the previous year.
The Bank did not have a provision for loan losses in 2013, nor in 2012, amid continued strength in the quality of its loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.09% at December 31, 2013, compared with 2.57% at December 31, 2012.
Non-interest income was $7.2 million for the 2013 fourth quarter, compared with $6.2 million in the 2012 fourth quarter. Non-interest income for the full 2013 year totaled $37.8 million, versus $26.6 million for 2012.
Non-interest expense for the 2013 fourth quarter was $27.2 million, compared with $26.4 million for the same period last year. Non-interest expense for the year ended December 31, 2013 was $104.3 million, compared with $98.5 million last year.
The Bank’s net income for the 2013 fourth quarter was $15.0 million, or $114.41 per diluted share, compared with $13.2 million, or $101.13 per diluted share, in the 2012 fourth quarter. The Bank’s net income for 2013 was $62.2 million, or $474.80 per diluted share, compared with $63.4 million, or $484.13 per diluted share, for 2012.
Balance Sheet
At December 31, 2013, net loans totaled $2.40 billion, compared with $1.93 billion at December 31, 2012. The Bank’s deposits grew to $3.83 billion at the end of 2013, from $3.69 billion at December 31, 2012. Non-interest bearing deposits represented 38.5% of total deposits at December 31, 2013, versus 40.0% of total deposits at December 31, 2012. Total assets increased to $5.21 billion at the close of 2013 from $5.00 billion at December 31, 2012.
At December 31, 2013, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 27.45%, a Tier 1 risk-based capital ratio of 26.20%, and a Tier 1 leverage ratio of 14.48%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“Our solid loan growth was approached with the conservative lending standards that are fundamental to F&M’s strength,” said Daniel Walker, chief executive officer and chairman of the board. “Additionally, our new branch openings are indicative of the opportunities we see in Southern California, as we continue to serve a region where a strong and stable banking partner is a key ingredient of an economy on the mend.”
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 23 branches in Los Angeles and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
http://www.businesswire.com/news/home/20140116006293/en/Farmers-Merchants-Bank-Long-Beach-Reports-2013#.UtivNx6A2Uk
Enterprising Investor
11 years ago
Farmers & Merchants Bank of Long Beach Reports 2013 Third-Quarter Results (10/17/13)
-- Year-to-Date Net Loans Increase 13% --
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB:FMBL) today reported financial results for the third quarter ended September 30, 2013.
“We achieved continued growth in the third quarter in key metrics, including loans and deposits, reflecting the strength of our brand and the F&M team in a highly competitive landscape,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “During the quarter, F&M demonstrated its commitment to maintaining its leadership in the region by expanding our executive management team with the appointment of Melissa Lanfre as the Bank’s chief operating officer.”
Income Statement
For the 2013 third quarter, interest income amounted to $40.9 million, compared with $41.5 million earned in the 2012 third quarter, reflecting the protracted low interest rate environment. Interest income for the nine-month period ended September 30, 2013 was $119.7 million, compared with $130.7 million reported for the same period in 2012.
Interest expense for the 2013 third quarter declined to $1.6 million from $1.7 million in last year’s third quarter. Interest expense for the nine-month period ended September 30, 2013 declined to $4.6 million from $5.4 million reported for the same period last year.
Net interest income for the 2013 third quarter was $39.3 million, compared with $39.8 million for the third quarter of 2012, and $115.1 million for the first nine months of 2013, versus $125.3 million for the same period in 2012.
Farmers & Merchants’ net interest margin was 3.28% for the 2013 third quarter, compared with 3.51% for the 2012 third quarter. Net interest margin was 3.25% for the first nine months of 2013, compared with 3.76% for the same period in 2012.
The Bank did not have a provision for loan losses in the first nine months of 2013, nor in the same period a year ago, amid continued strength in the quality of its loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.32% at September 30, 2013, compared with 2.57% at December 31, 2012.
Non-interest income increased to $10.5 million for the 2013 third quarter from $9.5 million in the third quarter a year ago. Non-interest income was $30.6 million for the nine-month period ended September 30, 2013, compared with $20.4 million for the same period in 2012.
Non-interest expense for the 2013 third quarter was $27.9 million, versus $28.1 million for the same period last year. Non-interest expense for the first nine months of 2013 was $77.0 million, compared with $72.2 million last year.
Net income for the 2013 third quarter increased to $15.1 million, or $114.95 per diluted share, from $14.9 million, or $113.68 per diluted share, in the year-ago period. The Bank’s net income for the first nine months of 2013 was $47.2 million, or $360.39 per diluted share, compared with $50.1 million, or $383.02 per diluted share, for the same period in 2012.
Balance Sheet
At September 30, 2013, net loans totaled $2.18 billion, compared with $1.93 billion at December 31, 2012. The Bank’s deposits totaled $3.84 billion at the end of the 2013 third quarter, compared with $3.69 billion at December 31, 2012. Non-interest bearing deposits represented 40.4% of total deposits at September 30, 2013, versus 40.0% of total deposits at December 31, 2012. Total assets increased to $5.15 billion at the close of the 2013 third quarter, compared with $4.99 billion at the close of the prior year.
At September 30, 2013, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 28.72%, a Tier 1 risk-based capital ratio of 27.46%, and a Tier 1 leverage ratio of 14.43%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“Results for the third quarter demonstrate F&M’s sound and stable reputation, which continues to pervade throughout Southern California,” said Daniel Walker, chief executive officer and chairman of the board. “Additionally, the strength of our balance sheet positions us well, as we embark on the next phase of growth and development for the Bank.”
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank has 21 branches in L.A. and Orange Counties. The Bank specializes in commercial and small business banking along with business loan programs. Farmers & Merchants Bank of Long Beach is a California state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit www.fmb.com.
http://www.businesswire.com/news/home/20131017005267/en/Farmers-Merchants-Bank-Long-Beach-Reports-2013
Enterprising Investor
11 years ago
Farmers & Merchants Bank of Long Beach Reports 2013 Second Quarter Results (7/17/13)
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the second quarter ended June 30, 2013.
“Despite prevailing headwinds from the low interest rate environment, our second quarter results were in line with expectations, as F&M maintained its strong financial position for the first half of 2013,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “As favorable economic signs appear to be surfacing, the Bank is well poised to serve its personal and business banking customers, while we also benefit from the talents and prowess of new members of our team.”
Income Statement
For the three months ended June 30, 2013, interest income was $39.2 million, compared with $42.9 million in the second quarter of 2012; the decline reflects the continuing low interest rate and competitive loan pricing environment. Interest income for the first half of 2013 was $78.8 million, compared with $89.2 million reported for the first half of 2012.
Interest expense for the 2013 second quarter declined to $1.5 million from $1.8 million in the second quarter of 2012. Interest expense for the first half of 2013 declined to $3.0 million from $3.6 million reported for the first half of 2012. Interest expense continues to reflect the impact of historically low rates and strong levels of non-interest bearing demand accounts.
Net interest income for the 2013 second quarter was $37.6 million, compared with $41.1 million for the second quarter of 2012. Net interest income for the first half of 2013 was $75.7 million, compared with $85.5 million for the six months ended June 30, 2012.
Farmers & Merchants’ net interest margin was 3.20% for the 2013 second quarter, compared with 3.73% in the 2012 second quarter. Net interest margin was 3.24% for the first half of 2013, compared with 3.87% for the same period in 2012.
The Bank did not have a provision for loan losses in the first half of 2013, nor in the same period a year ago, reflecting the continued improvement in the quality of the Bank’s loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.40% at June 30, 2013, compared with 2.57% at December 31, 2012.
Non-interest income was $10.0 million for the 2013 second quarter, which included one-time income of $3.5 million, compared with non-interest income of $4.5 million in the second quarter of 2012. In the first half of 2013, non-interest income was $20.1 million, compared with $10.9 million for the six months ended June 30, 2012.
Non-interest expense for the 2013 second quarter was $25.9 million, compared with $21.0 million for the same period last year. Non-interest expense for the first half of 2013 was $49.1 million, compared with $44.1 million for the first half of 2012.
Net income for the 2013 second quarter totaled $14.9 million, or $113.76 per diluted share, compared with net income of $16.7 million, or $127.88 per diluted share, for the 2012 second quarter. Net income for the first half of 2013 was $32.1 million, or $245.44 per diluted share, compared with $35.3 million, or $269.35 per diluted share, for the six months ended June 30, 2012.
Balance Sheet
At June 30, 2013, net loans increased to $2.06 billion from $1.93 billion at December 31, 2012. The Bank’s deposits rose to $3.77 billion at the end of the 2013 second quarter from $3.69 billion at December 31, 2012. Non-interest bearing deposits represented 40.5% of total deposits at June 30, 2013, versus 40.0% of total deposits at December 31, 2012. Total assets increased to $5.15 billion at the close of the 2013 second quarter from $4.99 billion at December 31, 2012.
At March 31, 2013, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 29.09%, a Tier 1 risk-based capital ratio of 27.84%, and a Tier 1 leverage ratio of 14.48%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“We continued to report steady loan and deposit growth and maintained strong capital ratios during the first half of the year,” said Daniel Walker, chief executive officer and chairman of the board. “As Farmers & Merchants Bank continues to grow, the financial health of our balance sheet is indicative of the Bank’s competitive advantage in the communities we serve.”
About Farmers & Merchants Bank of Long Beach
Farmers & Merchants Bank of Long Beach provides personal and business banking services through 21 offices in Los Angeles and Orange Counties. Founded in 1907 by C.J. Walker, the Bank specializes in commercial and small business banking along with business loan programs.
http://www.businesswire.com/news/home/20130717006099/en/Farmers-Merchants-Bank-Long-Beach-Reports-2013
Enterprising Investor
11 years ago
Farmers & Merchants Bank of Long Beach Reports 2013 First Quarter Results (4/23/13)
-- Total Assets Increase to Record $5.07 Billion --
LONG BEACH, Calif.--(BUSINESS WIRE)--Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the first quarter ended March 31, 2013.
"Farmers & Merchants achieved a new milestone in the first quarter, with the Bank’s total assets surpassing the $5 billion mark for the first time,” said Henry Walker, president of Farmers & Merchants Bank of Long Beach. “This achievement demonstrates the Bank’s vitality during a challenging environment for our industry. Steady and stable growth is a Farmers & Merchants hallmark that has long attracted customers to the Bank.”
Income Statement
For the three months ended March 31, 2013, interest income was $39.6 million, compared with $46.3 million in the first quarter of 2012; the decrease reflects the very competitive pricing environment for loans. Interest expense for the 2013 first quarter declined to $1.5 million from $1.8 million in the first quarter of 2012, primarily related to the continuance of the low interest rate environment.
Net interest income for the 2013 first quarter was $38.1 million, compared with $44.4 million for the first quarter of 2012. Farmers & Merchants’ net interest margin was 3.32% for the 2013 first quarter, compared with 4.07% in the 2012 first quarter.
The Bank did not have a provision for loan losses in the first quarter of 2013, nor in the same period a year ago, reflecting the asset quality of the Bank’s loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.50% at March 31, 2013, compared with 2.86% at March 31, 2012.
Non-interest income was $9.7 million for the 2013 first quarter, which included a one-time gain of $3.6 million from the sale of a closed branch building in North Long Beach. Non-interest income was $6.4 million for the first quarter a year ago.
Net income for the 2013 first quarter totaled $16.7 million, or $127.78 per diluted share, compared with net income of $18.5 million, or $141.48 per diluted share, for the 2012 first quarter.
Balance Sheet
At March 31, 2013, net loans increased to $1.97 billion from $1.93 billion at December 31, 2012. The Bank’s deposits totaled $3.74 billion at the end of the 2013 first quarter, compared with $3.69 billion at December 31, 2012. Non-interest bearing deposits represented 39.4% of total deposits at March 31, 2013, versus 40.0% of total deposits at December 31, 2012. Total assets increased to $5.07 billion at the close of the 2013 first quarter from $4.99 billion at December 31, 2012.
At March 31, 2013, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 29.80%, a Tier 1 risk-based capital ratio of 28.54%, and a Tier 1 leverage ratio of 14.44%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“We made strategic investments in people during the first quarter to further enhance our lending and marketing activities, while continuing to maintain the fundamentals that support a healthy balance sheet,” said Daniel Walker, chief executive officer and chairman of the board. “To continue down the path of reaching new audiences, we enhanced the breadth of our marketing team, naming Adam Michaelson as Chief Marketing Officer. Adam’s marketing acumen and experience in the financial services industry are well positioned for F&M, and we welcome him to the team.”
About Farmers & Merchants Bank of Long Beach
Farmers & Merchants Bank of Long Beach provides personal and business banking services through 21 offices in Los Angeles and Orange Counties. Founded in 1907 by C.J. Walker, the Bank specializes in commercial and small business banking along with business loan programs.
http://www.businesswire.com/news/home/20130423005578/en/Farmers-Merchants-Bank-Long-Beach-Reports-2013
Soapy Bubbles
13 years ago
Farmers & Merchants Bank of Long Beach Reports 2011 Second-Quarter Results
Farmers & Merch Bk (OTCBB:FMBL)
Intraday Stock Chart
Today : Wednesday 20 July 2011
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Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported improved financial results for the second quarter ended June 30, 2011.
“Profitability in the second quarter continued to reflect a disciplined approach to managing our business amid economic and regulatory challenges for the banking industry,” said Henry Walker, chief executive officer of Farmers & Merchants Bank of Long Beach. “This disciplined approach resulted in a 20% increase in net income, compared with the second quarter last year.”
Income Statement
For the 2011 second quarter, interest income increased to $45.5 million from $45.3 million in the prior-year comparable period. Interest income for the first half of 2011 was $90.7 million compared with $90.6 million reported for the first half of 2010.
Interest expense for the 2011 second quarter declined to $2.5 million from $3.2 million in the second quarter of 2010, mostly related to the declining interest rate environment. Interest expense for the first half of 2011 declined to $5.1 million from $6.5 million reported for the first half of 2010.
Net interest income for the 2011 second quarter increased to $42.9 million from $42.1 million for the second quarter of 2010, and increased to $85.6 million for the first half of 2011, compared with $84.1 million in the six months ended June 30, 2010.
The Bank’s provision for loan losses was $6.1 million for the second quarter of 2011, compared with $700,000 for the preceding first quarter, and $8.7 million for the second quarter of 2010. Provision for loan losses totaled $6.8 million for the first half of 2011, versus $15.5 million for the first half of 2010. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.72% at June 30, 2011, compared with 2.75% at March 31, 2011.
Non-interest income was $3.4 million for the 2011 second quarter, versus $3.6 million in the second quarter a year ago. Non-interest income was $6.6 million for the first half of 2010, compared with $7.0 million for the first half of 2010.
Non-interest expense for the 2011 second quarter was $18.5 million, versus $18.4 million for the same period last year. Non-interest expense for the first half of 2011 was $39.8 million, compared with $35.5 million for the first half of 2010.
The Bank's net interest margin remained strong at 4.24% for the 2011 second quarter and at 4.26% for the first half of 2011.
The Bank’s net income for the 2011 second quarter totaled $14.0 million, or $107.21 per diluted share, compared with net income of $11.7 million, or $89.65 per diluted share, in the year-ago period. The Bank’s net income for the first half of 2011 was $29.4 million, or $224.39 per diluted share, compared with $25.0 million, or $191.24 per diluted share for the first half of 2010.
Balance Sheet
At June 30, 2011, net loans increased to $2.09 billion from $2.01 billion at December 31, 2010. The Bank’s deposits totaled $3.06 billion at the end of the 2011 second quarter, compared with $3.00 billion at December 31, 2010. Non-interest bearing deposits represented 34.4% of total deposits at June 30, 2011, versus 33.4% of total deposits at December 31, 2010. Total assets increased to $4.32 billion at the close of the 2011 second quarter, compared with $4.26 billion at December 31, 2010.
At June 30, 2011, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 26.84%, a Tier 1 risk-based capital ratio of 25.58%, and a Tier 1 leverage ratio of 14.69%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“Core deposits continued to grow in the second quarter, as customers sought safety in an otherwise fickle economic environment,” said Daniel Walker, president and chairman of the board. “Maintaining strong capital ratios and unparalleled customer service remain integral to the Bank’s success.”
About Farmers & Merchants Bank of Long Beach
Farmers & Merchants Bank of Long Beach provides personal and business banking services through 22 offices in Los Angeles and Orange Counties. Founded in 1907 by C.J. Walker, the Bank specializes in commercial and small business banking along with business loan programs.
FARMERS & MERCHANTS BANK OF LONG BEACH
Balance Sheets (unaudited)
(in Thousands)
June 30, 2011 Dec. 31, 2010
Assets
Cash and due from banks:
Noninterest-bearing balances $ 52,156 $ 49,628
Interest-bearing balances 74,318 48,509
Investment securities 1,926,227 1,977,343
Gross loans 2,152,572 2,070,493
Less allowance for loan losses (58,560 ) (55,627 )
Less unamortized deferred loan fees, net (605 ) (426 )
Net loans 2,093,407 2,014,440
Bank premises and equipment 51,958 51,650
Other real estate owned 45,525 37,300
Accrued interest receivable 17,188 17,134
Deferred tax asset 28,061 27,032
Other assets 32,279 39,370
Total assets $ 4,321,119 $ 4,262,406
Liabilities and stockholders' equity
Liabilities:
Deposits:
Demand, non-interest bearing $ 1,050,500 $ 1,004,272
Demand, interest bearing 270,941 261,961
Savings and money market savings 812,335 754,446
Time deposits 924,411 983,314
Total deposits 3,058,187 3,003,993
Securities sold under agreements to repurchase 604,000 628,192
Accrued interest payable and other liabilities 10,338 7,141
Total liabilities 3,672,525 3,639,326
Stockholders' Equity:
Common Stock, par value $20; authorized 250,000 shares; issued and outstanding 130,928 shares
2,619 2,619
Surplus 12,044 12,044
Retained earnings 625,740 601,861
Other comprehensive income 8,191 6,556
Total stockholders' equity 648,594 623,080
Total liabilities and stockholders' equity $ 4,321,119 $ 4,262,406
FARMERS & MERCHANTS BANK OF LONG BEACH
Income Statements (Unaudited)
(in Thousands)
Three Months Ended June 30, Six Months Ended June 30,
2011 2010 2011 2010
Interest income:
Loans $ 28,436 $ 28,980 $ 57,835 $ 57,988
Securities held to maturity 13,014 12,216 25,434 24,087
Securities available for sale 3,961 3,832 7,341 8,035
Deposits with banks 50 267 111 485
Total interest income 45,461 45,295 90,721 90,595
Interest expense:
Deposits 2,106 2,629 4,239 5,401
Securities sold under agreement to repurchase 433 538 868 1,074
Total interest expense 2,539 3,167 5,107 6,475
Net interest income 42,922 42,128 85,614 84,120
Provision for loan losses 6,050 8,700 6,750 15,450
Net int. income after provision for loan losses 36,872 33,428 78,864 68,670
Non-interest income:
Service charges on deposit accounts 1,182 1,260 2,352 2,569
Gains on sale of securities 1 428 8 870
Merchant bankcard fees 290 341 555 595
Escrow fees 272 178 477 326
Other 1,605 1,405 3,247 2,603
Total non-interest income 3,350 3,612 6,639 6,963
Non-interest expense:
Salaries and employee benefits 10,349 10,455 21,038 20,690
FDIC and other insurance expense 703 1,340 1,820 2,389
Occupancy expense 1,405 1,292 2,663 2,619
Equipment expense 1,416 1,237 2,732 2,448
Other real estate owned expense, net 550 695 2,043 1,255
Legal and professional fees 862 516 1,613 1,013
Marketing and promotional expense 1,100 823 1,905 1,528
Printing and supplies 256 205 482 426
Postage and delivery 253 279 521 568
Other 1,615 1,512 4,949 2,570
Total non-interest expense 18,509 18,354 39,766 35,506
Income before income tax expense 21,713 18,686 45,737 40,127
Income tax expense: 7,676 6,948 16,359 15,089
Net income $ 14,037 $ 11,738 $ 29,378 $ 25,038
Basic and diluted earnings per common share $ 107.21 $ 89.65 $ 224.39 $ 191.24
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