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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 0.09% | 5,760.00 | 5,754.00 | 5,760.00 | 5,760.00 | 5,752.00 | 5,759.00 | 11 | 20:59:56 |
From Nov 2019 to Nov 2024
--Net Loans Increased 18.5 Percent in Year-to-Date Performance--
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.
FARMERS & MERCHANTS BANK OF LONG BEACH
Income Statements (Unaudited) (In thousands except per share data) Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2014 2013 2014 2013 Interest and dividend income: Loans $ 32,981 $ 26,002 $ 92,973 $ 76,813 Securities available-for-sale 1,309 1,980 4,167 6,289 Securities held-to-maturity 12,074 12,800 37,373 36,117 Investments in FHLB and FRB stock 321 7 334 20 Deposits with banks 109 105 250 457 Total interest and dividend income 46,794 40,894 135,097 119,696 Interest expense: Deposits 1,482 1,268 4,254 3,753 Federal funds purchased - - 4 - Securities sold under repurchase agreements 319 283 873 839 Total interest expense 1,801 1,551 5,131 4,592 Net interest income before provision for loan losses 44,993 39,343 129,966 115,104 Provision for loan losses - - - - Net interest income after provision for loan losses 44,993 39,343 129,966 115,104 Non-interest income: Service charges on deposit accounts 1,185 1,135 3,472 3,403 Gains on sale of securities - - 425 1,048 Other real estate owned income 253 2,812 756 3,275 Merchant bankcard income 2,381 2,448 7,084 7,010 Other income 4,592 3,041 13,024 15,865 Total non-interest income 8,411 9,436 24,761 30,601 Non-interest expense: Salaries and employee benefits 15,473 13,536 47,399 40,260 FDIC and other insurance expense 785 1,303 2,306 4,702 Occupancy expense 2,213 1,765 5,966 5,036 Equipment expense 1,843 1,619 4,913 4,591 Other real estate owned expense 721 249 2,504 243 Amortization of public welfare investments 2,117 2,020 6,351 6,061 Merchant bankcard expense 1,847 1,904 5,572 5,564 Legal and professional services 832 970 2,558 2,719 Marketing expense 1,640 1,560 4,408 2,934 Other expense 1,885 1,952 5,245 4,906 Total non-interest expense 29,356 26,878 87,222 77,016 Income before income tax expense 24,048 21,901 67,505 68,689 Income tax expense 7,645 6,851 20,931 21,504 Net income $ 16,403 $ 15,050 $ 46,574 $ 47,185 Basic and diluted earnings per common share $ 125.29 $ 114.95 $ 355.73 $ 360.39FARMERS & MERCHANTS BANK OF LONG BEACH
Balance Sheets (Unaudited) (In thousands except share and per share data) Sept. 30, 2014 Dec. 31, 2013 Assets Cash and due from banks: Noninterest-bearing balances $ 60,429 $ 65,261 Interest-bearing balances 25,967 20,755 Securities available-for-sale 288,530 427,942 Securities held-to-maturity 2,091,718 2,145,289 Loans held for sale 4,489 465 Gross loans 2,899,972 2,454,302 Less allowance for loan losses (51,701 ) (51,251 ) Less unamortized deferred loan fees, net (2,345 ) (1,704 ) Net loans 2,845,926 2,401,347 Other real estate owned, net 7,534 14,502 Investments in FHLB and FRB stock 28,440 440 Public welfare investments 47,974 27,722 Bank premises and equipment, net 86,090 66,212 Net deferred tax assets 22,305 23,512 Other assets 22,281 21,139 Total assets $ 5,531,683 $ 5,214,586 Liabilities and Stockholders' Equity Liabilities: Deposits: Demand, non-interest bearing $ 1,642,550 $ 1,475,888 Demand, interest bearing 417,715 413,291 Savings and money market savings 1,208,166 1,080,774 Time deposits 837,863 861,489 Total deposits 4,106,294 3,831,442 Securities sold under repurchase agreements 597,003 595,991 Other liabilities 30,875 27,986 Total liabilities 4,734,172 4,455,419 Stockholders' Equity:Common Stock, par value $20;authorized 250,000 shares;issued and outstanding 130,928 shares
2,619
2,619
Additional paid-in capital 112,044 12,044 Retained earnings 680,340 742,408 Accumulated other comprehensive income 2,508 2,096 Total stockholders' equity 797,511 759,167 Total liabilities and stockholders' equity $ 5,531,683 $ 5,214,586
Farmers & Merchants BankJohn HinrichsExecutive Vice President562-437-0011, ext. 5035orPondelWilkinson Inc.Investor RelationsEvan Pondel, 310-279-5980investor@pondel.com
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