Farmers & Merchants Bank of Long Beach reports news on its regional banking operations, shareholder distributions, capital actions, and governance updates. The California state-chartered bank serves clients through a branch network from San Clemente to Santa Barbara and through online and mobile banking platforms. Its business includes commercial and small business banking, business loan programs, home loans, checking accounts, savings accounts, youth accounts, and other consumer retail banking products.
Recurring FMBL developments include quarterly and annual financial results, regulatory capital commentary, regular cash dividend declarations, special dividend actions, stock repurchase authorizations, preferred equity investment activity, and board appointments. The bank also provides FDIC-insured deposit services and operates as an Equal Housing Lender.
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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.
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has declared a $28 cash dividend per share, marking its 521st dividend payment since 1916. This quarterly dividend will be payable on March 31, 2023, to shareholders of record as of March 15, 2023. F&M has maintained a consistent dividend payment history, never decreasing its quarterly dividend value during its century-long commitment to shareholders. The bank, founded in 1907, provides a range of banking services across California and is recognized for its robust service offerings and stability.
Farmers & Merchants Bank of Long Beach (FMBL) reported strong financial results for the fourth quarter and full year ending December 31, 2022. Total interest and dividend income rose to $95.9 million for Q4 and $340.3 million for the year, while net interest income before loan loss provision increased to $77.3 million in Q4 and $309.0 million for the year. Despite net income decreasing to $25.4 million in Q4, the bank's capital ratios remain strong, exceeding regulatory requirements. However, non-interest income fell to $4.2 million for Q4 and $18.5 million for the year. The bank repurchased shares under a stock buyback program, purchasing 2,400 shares at an average price of $8,132.92.
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) reported its Q3 2022 results, showing resilience despite a challenging interest rate environment. Total assets grew to $11.9 billion, with net loans increasing to $6.4 billion and total deposits rising to $9.4 billion since December 31, 2021. Interest and dividend income reached $88 million, a rise from $79.6 million in Q3 2021. However, net income fell to $26.6 million ($209.64 per diluted share) from $30.5 million ($238.07) last year. The bank's capital ratios remain strong, with a total risk-based capital ratio of 16.61%.