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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Farmers and Merchants Bank (QX) | USOTC:FMBL | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5,625.00 | 5,575.55 | 5,605.40 | 5,625.00 | 5,625.00 | 5,625.00 | 25 | 15:41:47 |
From Jan 2020 to Jan 2025
Farmers & Merchants Bank of Long Beach (OTCBB: FMBL) today reported financial results for the third quarter ended September 30, 2010.
“We continued to experience steady deposit growth in the third quarter, as customers seek safety and access to liquidity during this prolonged period of economic uncertainty,” said Henry Walker, chief executive officer of Farmers & Merchants Bank of Long Beach. “The historically low interest rate environment is contributing to a highly competitive industry. Nevertheless, Farmers & Merchants Bank’s deep roots in Southern California and financial stability remain important distinguishing factors for the communities we serve.”
Income Statement
For the 2010 third quarter, interest income decreased to $44.4 million from $48.0 million earned in the third quarter of 2009, primarily due to the low interest rate environment. Interest income for the nine-month period ended September 30, 2010 was $135.0 million, compared with $142.7 million reported for the same period in 2009.
Interest expense for the 2010 third quarter declined to $2.9 million from $4.3 million in last year’s third quarter, again, mostly related to the low interest rate environment. Interest expense for the nine-month period ended September 30, 2010 declined to $9.4 million from $14.6 million reported for the same period in 2009.
Net interest income for the 2010 third quarter decreased 4.9% to $41.5 million from $43.6 million for the third quarter of 2010, and declined 1.9% to $125.6 million for the first nine months of 2010 from $128.1 million for the same period in 2009.
The Bank’s provision for loan losses equaled $4.0 million for the third quarter of 2010, compared with $8.7 million for the preceding second quarter, and $7.7 million for the third quarter of 2009. Provision for loan losses totaled $19.5 million for the first nine months of 2010 versus $25.7 million for the same period in 2009. The Bank’s allowance for loan losses as a percentage of loans outstanding was 2.8% at September 30, 2010, compared with 3.0% at June 30, 2010.
Non-interest income rose to $4.3 million for the 2010 third quarter from $3.3 million in the third quarter a year ago. Non-interest income was $11.2 million for the nine-month period ended September 30, 2010, compared with $9.5 million for the same period in 2009.
Non-interest expense for the 2010 third quarter was $22.2 million, versus $19.8 million for the same period last year. Non-interest expense for the first nine months of 2010 was $57.7 million, compared with $60.3 million last year.
The Bank's net interest margin was 4.12% for the quarter ended September 30, 2010 and 4.30% for the first nine months of 2010.
Net income for the 2010 third quarter increased to $12.7 million, or $96.66 per diluted share, from $11.4 million, or $87.35 per diluted share, in the year-ago period. The Bank’s net income for the first nine months of 2010 rose to $37.7 million, or $287.90 per diluted share, from $30.6 million, or $233.51 per diluted share, for the same period in 2009.
Balance Sheet
At September 30, 2010, net loans totaled $1.97 billion, approximately the same when compared with the end of 2009. The Bank’s deposits totaled $2.97 billion at the end of the 2010 third quarter, compared with $2.84 billion at December 31, 2009. Non-interest bearing deposits represented 33.4% of total deposits at September 30, 2010, versus 31.6% of total deposits at December 31, 2009. Total assets increased to $4.26 billion at the close of the 2010 third quarter, compared with $3.98 billion at the close of the prior year.
At September 30, 2010, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 27.19%, a Tier 1 risk-based capital ratio of 25.93%, and a Tier 1 leverage ratio of 14.34%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 6.00% and 5.00%, respectively.
“The strength of our balance sheet reflects the importance we place on maintaining strong liquidity and exercising the necessary discipline to navigate challenging economic conditions,” said Daniel Walker, president and chairman of the board. “Farmers & Merchants Bank’s robust health aligns with our core principles to uphold superior standards upon which customers know they can depend.”
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) Sept. 30, 2010 Dec. 31, 2009 Assets Cash and due from banks: Noninterest-bearing balances $ 54,215 $ 46,402 Interest-bearing balances 130,230 123,491 Investment securities 1,954,613 1,709,983 Gross loans 2,030,500 2,025,586 Less allowance for loan losses (56,882 ) (57,751 ) Less unamortized deferred loan fees, net (382 ) (129 ) Net loans 1,973,236 1,967,706 Bank premises and equipment 50,925 52,783 Other real estate owned 25,193 19,600 Accrued interest receivable 17,334 16,427 Other assets 57,139 44,377 Total assets $ 4,262,885 $ 3,980,769 Liabilities and stockholders' equity Liabilities: Deposits: Demand, non-interest bearing $ 990,797 $ 898,186 Demand, interest bearing 249,869 254,905 Savings and money market savings 701,484 626,320 Time deposits 1,025,040 1,063,579 Total deposits 2,967,190 2,842,990 Securities sold under agreements to repurchase 668,004 544,566 Accrued interest payable and other liabilities 12,225 6,348 Total liabilities 3,647,419 3,393,904 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 592,545 563,099 Other comprehensive income 8,258 9,103 Total stockholders' equity 615,466 586,865 Total liabilities and stockholders' equity $ 4,262,885 $ 3,980,769FARMERS & MERCHANTS BANK OF LONG BEACH Income Statements (unaudited) (in thousands) Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2010 2009 2010 2009 Interest income: Loans $ 29,144 $ 30,452 $ 87,132 $ 91,565 Securities held to maturity 11,709 12,777 35,796 36,768 Securities available for sale 3,320 4,544 11,355 13,985 Deposits with banks 204 179 689 370 Total interest income 44,377 47,952 134,972 142,688 Interest expense: Deposits 2,379 3,596 7,780 12,587 Securities sold under agreement to repurchase 520 727 1,595 2,008 Total interest expense 2,899 4,323 9,375 14,595 Net interest income 41,478 43,629 125,597 128,093 Provision for loan losses 4,000 7,700 19,450 25,700 Net int. income after provision for loan losses 37,478 35,929 106,147 102,393 Non-interest income: Service charges on deposit accounts 1,264 1,444 3,833 4,404 Gains on sale of securities - - 870 - Merchant bankcard fees 328 331 923 893 Escrow fees 276 229 602 521 Other 2,382 1,321 4,985 3,652 Total non-interest income 4,250 3,325 11,213 9,470 Non-interest expense: Salaries and employee benefits 9,845 10,010 30,535 30,133 FDIC and other insurance expense 1,227 1,377 3,616 5,366 Occupancy expense 1,611 1,664 4,230 4,556 Equipment expense 1,309 1,240 3,757 3,739 Other real estate owned expense, net 5,564 3,210 6,819 8,625 Legal and professional fees 734 579 1,747 1,659 Marketing and promotional expense 784 389 2,312 1,402 Printing and supplies 187 226 613 727 Postage and delivery 288 310 856 984 Other 641 807 3,210 3,081 Total non-interest expense 22,190 19,812 57,695 60,272 Income before income tax expense 19,538 19,442 59,665 51,591 Income tax expense 6,882 8,006 21,971 21,018 Net income $ 12,656 $ 11,436 $ 37,694 $ 30,573 Basic and diluted earnings per common share $ 96.66 $ 87.35 $ 287.90 $ 233.51
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