Farmers & Merchants Bank of Long Beach reported financial results for the third quarter ended September 30, 2015. Interest and dividend income rose to $51 million from $46.8 million in the 2014 third quarter.
Article continues below
Interest income for the nine-month period ended September 30, 2015 advanced to $153 million from $135.1 million reported for the same period in 2014.
Interest expense for the 2015 third quarter was $2.0 million, compared with $1.8 million in last year’s third quarter. Interest expense for the nine-month period ended September 30, 2015 was $5.5 million, versus $5.1 million reported for the same period last year.
Net interest income for the 2015 third quarter rose to $49.1 million from $45 million for the third quarter of 2014, and increased to $147.5 million for the first nine months of 2015, versus $130.0 million for the same period in 2014.
Farmers & Merchants’ net interest margin was 3.53% for the 2015 third quarter, compared with 3.48% for the 2014 third quarter. Net interest margin was 3.66% for the first nine months of 2015, compared with 3.45% for the same period in 2014.
The Bank did not have a provision for loan losses in the first nine months of 2015, nor in the same period a year ago, amid continued strength in its loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.69% at September 30, 2015, in line with the Bank’s allowance for loan losses as a percentage of loans outstanding at December 31, 2014.
Non-interest income was $6 million for the 2015 third quarter, compared with $8.4 million in the third quarter a year ago. Non-interest income was $19.5 million for the nine-month period ended September 30, 2015, compared with $24.8 million for the same period in 2014.
Non-interest expense for the 2015 third quarter was $31.8 million, versus $29.4 million for the same period last year. Non-interest expense for the first nine months of 2015 was $94.8 million, compared with $87.2 million last year.
Net income for the 2015 third quarter was $16.2 million, or $123.47 per diluted share, compared with $16.4 million, or $125.28 per diluted share, in the year-ago period.
The Bank’s net income for the first nine months of 2015 was $49.5 million, or $377.99 per diluted share, compared with $46.6 million, or $355.72 per diluted share, for the same period in 2014. ■