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.
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) announced strong financial results for Q2 2021, with total assets reaching $10.68 billion, a rise from $9.87 billion a year prior. Total deposits increased to $8.37 billion, driven by a flight to safety amid low interest rates. The bank reported net income of $30.4 million for Q2, up from $20.6 million in 2020, and net interest income also rose to $74.7 million. No provision for loan losses was required in Q2 2021, contrasting with $4.7 million in Q2 2020, signaling financial stability.
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) has declared a quarterly cash dividend of $27 per share on its common stock. This dividend is payable on June 30, 2021, to shareholders of record as of June 15, 2021. The declaration marks the bank's 512th dividend payment, continuing its streak since 1916 without any decrease in dividend value.
Farmers & Merchants Bank (OTCQB: FMBL) is showcasing a pandemic-themed artistic display, Service Above Self Defined, at its Newport Beach headquarters until May 21st. The exhibit highlights the 16,000 meals consumed by employees working on Paycheck Protection Program (PPP) loans, represented by empty take-out containers. F&M processed 4,198 PPP loans totaling $713 million, saving over 83,000 local jobs. 99.9% of PPP forgiveness applicants received full forgiveness, reflecting the bank’s commitment during the pandemic.
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%.
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) has declared a quarterly cash dividend of $27 per share, payable on March 31, 2021, to shareholders of record as of March 15, 2021. This marks the 511th dividend payment by the bank, which has consistently paid dividends since 1916 without ever decreasing the dividend value. The bank offers various banking services across multiple locations in California.
Farmers & Merchants Bank of Long Beach (OTCQB: FMBL) reported robust financial results for Q4 and 2020, achieving record highs in deposits, loans, and total assets. Total interest and dividend income rose to $71.6 million in Q4, while net interest income before loan loss provision increased to $67.2 million. The Bank recorded a $2 million provision for loan losses in Q4 2020, compared to none in Q4 2019. Net income for 2020 was $79.8 million, with diluted earnings per share at $622.74. The Bank remains well-capitalized, with strong ratios exceeding regulatory requirements.