Welcome to our dedicated page for FRMRS&MER BNCORP LODI CA news (Ticker: FMCB), a resource for investors and traders seeking the latest updates and insights on FRMRS&MER BNCORP LODI CA stock.
F&M Bank, headquartered in Lodi, California, is a locally owned and operated full-service community bank with over $2.9 billion in assets. With more than 26 locations, F&M Bank is known for its commitment to serving the communities of California. The bank has been consistently recognized as one of the safest in the state, holding the five-star, superior bank award by Bauer Financial for over 20 years.
Aside from its financial stability, F&M Bank is dedicated to reinvesting profits back into the Central Valley and East Bay regions, earning an 'outstanding' rating for community reinvestment. The bank's mission is to enhance the quality of life in the communities it supports while providing top-notch banking services.
Farmers & Merchants Bank of Central California (FMCB) has been ranked 4th on S&P Global Market Intelligence's 'Top 50 List of Best-Performing Community Banks' in the US for 2023. The bank's strong financial performance, growth, and balance sheet risk profile contributed to this recognition. With a history of conservative business practices, the bank has maintained consistent growth in net profits, leading to a 58-year streak of increasing cash dividend payouts. This acknowledgment solidifies the bank's position as a 'Dividend King' and reflects its commitment to financial stability and community trust over its 108-year history.
Farmers & Merchants Bancorp (FMCB) reported record net income of $23.5 million for Q1 2023, translating to $30.80 per share, up from $17.1 million in Q1 2022. The company achieved a return on average assets of 1.80% and return on average equity of 18.93%. Key highlights include strong liquidity with $529.6 million in cash and no outstanding borrowings, alongside a total risk-based capital ratio of 13.68%. Although customer deposits saw a slight decline of 4.62% due to seasonal factors, the loan portfolio grew by 5.85% year-over-year. The company's credit quality remained strong with a robust allowance for credit losses of 1.99%. Noninterest income included $4.3 million from a BOLI benefit, though offset by a $5.7 million loss from securities sales.
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