Farmers & Merchants Bk Long Be Stock Price, News & Analysis

Farmers & Merchants Bank of Long Beach (FMBL) reported its Q1 2023 financial results, highlighting a net income of $21.6 million or $170.86 per diluted share, a decline from $27.8 million or $217.02 in Q1 2022. Interest and dividend income increased to $97.3 million from $75.3 million, while net interest income fell to $70.8 million, down from $72.6 million. The bank maintained a strong capital position with a total risk-based capital ratio of 16.63%, surpassing regulatory requirements. Deposits decreased to $8.97 billion, down from $9.14 billion, yet the bank attracted a 17% increase in new accounts year-over-year. The Q1 results reflect the challenges faced by the banking sector amid rising interest rates.

Farmers & Merchants Bank of Long Beach (OTC-PINK: FMBL) reports a surge in new deposits from both existing and new clients amidst ongoing banking sector turbulence. Chairman and CEO Daniel K. Walker highlights the bank's strong financial position, citing over 116 years of operational success and a commitment to safeguarding client deposits. Notable strengths include capital reserves exceeding three times federally mandated levels and a perfect record of profitability and dividends. The bank plans to open two new branches and invest in technology to enhance client services in 2023.