Farmers And Merchants Bank of Long Beach

OTCQX US:FMBLUnited States

Apr 23, 2024

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• Farmers & Merchants Bank of Long Beach Reports 2024 First Quarter Results, from 8:05AM ET on Tuesday Apr 23, 2024 by Business Wire

  8:05AM ET on Tuesday Apr 23, 2024 by Business Wire
  Companies Mentioned: FMBL

  Farmers & Merchants Bank of Long Beach ("F&M" or the "Bank") (OTCQX: FMBL) today reported financial results for the first quarter ended March 31, 2024.

  "F&M's performance for the first three months of 2024 met internal expectations during this transitional year and again demonstrated the Bank's resiliency to the continued external challenges facing regional banks throughout the nation," said W. Henry Walker, Chief Executive Officer. "With stringent adherence to our historically conservative lending policies and prudent financial controls to safeguard our clients' deposits, we achieved profitable operations for the first quarter, along with capital ratios that far exceeded regulatory requirements.

• Farmers & Merchants Bank of Long Beach Reports 2024 First Quarter Results, from 8:05AM ET on Tuesday Apr 23, 2024 by Dow Jones

  8:05AM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: FMBL
  Professional and legal services 2,495 1,130 Marketing expense 1,038 882 Other expense 4,707 5,045 ----------- ---------- Total non-interest expense 50,081 48,295 ----------- ---------- Income before income tax expense 18,106 26,359 Income tax expense 5,104 4,736 ----------- ---------- Net income $ 13,002 $ 21,623 =========== ========== Basic earnings per common share $ 105.90 $ 175.47 =========== ========== Diluted earnings per common share $ 102.71 $ 170.86 =========== ========== Basic weighted-average shares outstanding 122,772 123,228 =========== ========== Diluted weighted-average shares outstanding 126,592 126,552 =========== ========== FARMERS & MERCHANTS BANK OF LONG BEACH Balance Sheets (Unaudited) (In thousands, except share and per share data) Mar. 31, 2024 Dec. 31, 2023 --------------- ----------------- Assets Cash and due from banks: Noninterest-bearing balances $ 58,340 $ 74,595 Interest-bearing balances 1,014,066 548,874 ---------- ---------- Total cash and due from banks 1,072,406 623,469 Securities available-for-sale, at fair value 110,592 115,883 Securities held-to-maturity, at amortized cost 4,175,781 4,301,060 Gross loans 6,602,292 6,756,207 Allowance for loan losses (97,501) (97,900) Unamortized deferred loan fees, net (9,986) (11,469) ---------- ---------- Loans, net 6,494,805 6,646,838 ---------- ---------- Other real estate owned, net 2,929 - Investments in FHLB and FRB stock, at cost 22,858 22,798 Bank premises and equipment, net 125,281 125,929 Deferred tax assets, net 47,574 45,723 Other assets 138,857 154,154 ---------- ---------- Total assets $ 12,191,083 $ 12,035,854 ========== ========== Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing demand deposits $ 2,800,304 $ 2,880,315 Interest-bearing demand deposits 2,080,451 2,069,275 Savings and money market savings 2,661,382 2,661,312 Time deposits 1,055,492 1,059,166 ---------- ---------- Total deposits 8,597,629 8,670,068 ---------- ---------- Securities sold under repurchase agreements 942,472 909,376 Borrowings 1,200,000 1,000,000 Other liabilities 94,266 104,965 ---------- ---------- Total liabilities 10,834,367 10,684,409 ---------- ---------- Stockholders' Equity: Common Stock, par value $20; authorized 250,000 shares; 121,970 and 123,135 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,440 2,463 Additional paid-in capital 180,552 184,483 Retained earnings 1,179,491 1,169,759 Accumulated other comprehensive loss (5,767) (5,260) ---------- ---------- Total stockholders' equity 1,356,716 1,351,445 ---------- ---------- Total liabilities and stockholders' equity $ 12,191,083 $ 12,035,854 ========== ==========
  

• *DJ Farmers & Merchnts Bk CA 1Q EPS $102.71 >FMBL, from 8:05AM ET on Tuesday Apr 23, 2024 by Dow Jones

  8:05AM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: FMBL
  Other real estate owned expense 37 - Professional and legal services 2,495 1,130 Marketing expense 1,038 882 Other expense 4,707 5,045 ----------- ---------- Total non-interest expense 50,081 48,295 ----------- ---------- Income before income tax expense 18,106 26,359 Income tax expense 5,104 4,736 ----------- ---------- Net income $ 13,002 $ 21,623 =========== ========== Basic earnings per common share $ 105.90 $ 175.47 =========== ========== Diluted earnings per common share $ 102.71 $ 170.86 =========== ========== Basic weighted-average shares outstanding 122,772 123,228 =========== ========== Diluted weighted-average shares outstanding 126,592 126,552 =========== ========== FARMERS & MERCHANTS BANK OF LONG BEACH Balance Sheets (Unaudited) (In thousands, except share and per share data) Mar. 31, 2024 Dec. 31, 2023 --------------- ----------------- Assets Cash and due from banks: Noninterest-bearing balances $ 58,340 $ 74,595 Interest-bearing balances 1,014,066 548,874 ---------- ---------- Total cash and due from banks 1,072,406 623,469 Securities available-for-sale, at fair value 110,592 115,883 Securities held-to-maturity, at amortized cost 4,175,781 4,301,060 Gross loans 6,602,292 6,756,207 Allowance for loan losses (97,501) (97,900) Unamortized deferred loan fees, net (9,986) (11,469) ---------- ---------- Loans, net 6,494,805 6,646,838 ---------- ---------- Other real estate owned, net 2,929 - Investments in FHLB and FRB stock, at cost 22,858 22,798 Bank premises and equipment, net 125,281 125,929 Deferred tax assets, net 47,574 45,723 Other assets 138,857 154,154 ---------- ---------- Total assets $ 12,191,083 $ 12,035,854 ========== ========== Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing demand deposits $ 2,800,304 $ 2,880,315 Interest-bearing demand deposits 2,080,451 2,069,275 Savings and money market savings 2,661,382 2,661,312 Time deposits 1,055,492 1,059,166 ---------- ---------- Total deposits 8,597,629 8,670,068 ---------- ---------- Securities sold under repurchase agreements 942,472 909,376 Borrowings 1,200,000 1,000,000 Other liabilities 94,266 104,965 ---------- ---------- Total liabilities 10,834,367 10,684,409 ---------- ---------- Stockholders' Equity: Common Stock, par value $20; authorized 250,000 shares; 121,970 and 123,135 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,440 2,463 Additional paid-in capital 180,552 184,483 Retained earnings 1,179,491 1,169,759 Accumulated other comprehensive loss (5,767) (5,260) ---------- ---------- Total stockholders' equity 1,356,716 1,351,445 ---------- ---------- Total liabilities and stockholders' equity $ 12,191,083 $ 12,035,854 ========== ==========