Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) reported strong financial performance for Q1 2021, with total assets exceeding $10 billion for the first time. Key highlights include:
- Net income increased to $25.3 million, compared to $17.9 million in Q1 2020.
- Total deposits rose to $8.24 billion, up from $7.62 billion.
- Net interest income climbed to $70.5 million, reflecting effective management amid low interest rates.
- The bank remains well-capitalized with a total risk-based capital ratio of 19.22%.
- Total assets surpassed $10 billion.
- Net income rose to $25.3 million, up 41.3% year-over-year.
- Total deposits increased to $8.24 billion from $7.62 billion.
- Net interest income improved to $70.5 million from $61.2 million.
- Net interest margin decreased to 2.87% from 3.28% year-over-year.
- Provision for loan losses increased to $2 million from $800,000.
Farmers & Merchants Bank of Long Beach (“F&M” or the “Bank”) (OTCQB: FMBL) today reported financial results for the quarter ended March 31, 2021.
“We are pleased to report on an outstanding first quarter for 2021, as total assets surpassed the milestone
Income Statement
For the three months ended March 31, 2021, interest and dividend income rose to
Farmers & Merchants’ net interest income for the 2021 first quarter increased to
Farmers & Merchants’ net interest margin was
The Bank’s provision for loan losses in the first quarter of 2021 was
Non-interest income was
The Bank’s net income for the 2021 first quarter was
Balance Sheet
At March 31, 2021, net loans totaled
At March 31, 2021, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of
“Proceeding into 2021, F&M continues to successfully navigate an evolving business and economic environment, as demonstrated by our first quarter results,” said Daniel Walker, chief executive officer and chairman of the board. “Despite the protracted period of low interest rates, the Bank remains financially strong. F&M is well positioned to perform effectively, with high levels of capital and liquidity, diversified revenue streams, and an exceptional core deposit base.”
During the first quarter of 2021, the Bank repurchased 139 shares of its common stock at an average price of
About Farmers & Merchants Bank
Founded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 25 branches across Orange County, Long Beach, the South Bay and Santa Barbara, as well as through its Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and consumer banking products, including checking, savings and youth accounts. Farmers & Merchants Bank 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 the Bank’s website, www.fmb.com.
| FARMERS & MERCHANTS BANK OF LONG BEACH | |||||
| Income Statements (Unaudited) | |||||
| (In thousands, except per share data) | |||||
Three Months Ended Mar. 31, |
|||||
2021 |
|
2020 |
|||
| Interest and dividend income: | |||||
| Loans | $ | 60,273 |
$ | 51,325 |
|
| Investment securities | 13,075 |
16,745 |
|||
| Investments in FHLB and FRB stock | 262 |
348 |
|||
| Interest-bearing deposits in financial institutions | 257 |
728 |
|||
| Total interest and dividend income | 73,867 |
69,146 |
|||
| Interest expense: | |||||
| Deposits | 2,494 |
5,690 |
|||
| Securities sold under repurchase agreements | 893 |
2,300 |
|||
| Total interest expense | 3,387 |
7,990 |
|||
| Net interest income | 70,480 |
61,156 |
|||
| Provision for loan losses | 2,000 |
800 |
|||
| Net interest income after provision for loan losses | 68,480 |
60,356 |
|||
| Non-interest income: | |||||
| Service charges on deposit accounts | 1,325 |
1,527 |
|||
| Card income | 573 |
870 |
|||
| Other income | 3,198 |
2,240 |
|||
| Total non-interest income | 5,096 |
4,637 |
|||
| Non-interest expense: | |||||
| Salaries and employee benefits | 27,878 |
27,701 |
|||
| FDIC and other insurance expense | 853 |
445 |
|||
| Occupancy expense | 3,254 |
3,333 |
|||
| Software and equipment expense | 3,535 |
3,320 |
|||
| Other real estate owned expense | 13 |
- |
|||
| Professional and legal services | 1,340 |
1,161 |
|||
| Marketing expense | 679 |
1,768 |
|||
| Other expense | 4,322 |
5,912 |
|||
| Total non-interest expense | 41,874 |
43,640 |
|||
| Income before income tax expense | 31,702 |
21,353 |
|||
| Income tax expense | 6,427 |
3,409 |
|||
| Net income | $ | 25,275 |
$ | 17,944 |
|
| Basic earnings per common share | $ | 199.64 |
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FAQ
What were Farmers & Merchants Bank's financial results for Q1 2021?
Farmers & Merchants Bank reported a net income of $25.3 million and total deposits of $8.24 billion for Q1 2021.
How did FMBL's assets perform in Q1 2021?
FMBL's total assets exceeded $10 billion, marking a significant milestone.
What was the net interest income for FMBL in Q1 2021?
Net interest income for FMBL increased to $70.5 million in Q1 2021.
What is the current capital status of Farmers & Merchants Bank?
Farmers & Merchants Bank remains well-capitalized, with a total risk-based capital ratio of 19.22%.
FRMRS&MER BK LONG BCH CAL
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