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Farmers & Merchants Bank Q2 EPS $126.76

Staff writer |
Farmers & Merchants Bank of Long Beach reported financial results for the second quarter and six-months ended June 30, 2015. Total interest income rose to $53.2 million from $45 million in Q2 2014.

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Interest income for the first half of 2015 increased to $101.9 million from $88.3 million reported for the first half of 2014.

Interest expense for the 2015 second quarter was $1.8 million, compared with $1.7 million in the second quarter of 2014. Interest expense for the first half of 2015 was $3.5 million, versus $3.3 million reported for the corresponding period last year.

Net interest income for the 2015 second quarter advanced to $51.5 million from $43.3 million for the second quarter of 2014. Net interest income for the first half of 2015 increased to $98.4 million from $85.0 million for the six months ended June 30, 2014.

Farmers & Merchants’ net interest margin was 3.88% for the 2015 second quarter, up from 3.48% in the 2014 second quarter. Net interest margin was 3.73% for the first half of 2015, versus 3.44% for the same period in 2014.

The Bank did not have a provision for loan losses in the first half of 2015, nor in the same period a year ago, reflecting the continued strength of Farmers & Merchants’ loan portfolio. The Bank’s allowance for loan losses as a percentage of loans outstanding was 1.73% at June 30, 2015, compared with 1.69% at December 31, 2014.

Non-interest income was $6.5 million for the 2015 second quarter, compared with $9.8 million in the same period a year ago. In the first half of 2015, non-interest income was $13.5 million, compared with $16.3 million for the six months ended June 30, 2014.

Non-interest expense for the 2015 second quarter was $33.6 million, compared with $29.7 million for the same period last year. Non-interest expense for the first half of 2015 was $62.9 million, compared with $57.9 million for the first half of 2014.

Net income for the 2015 second quarter increased to $16.6 million, or $126.76 per diluted share, from $16.1 million, or $123.05 per diluted share, for the 2014 second quarter. Net income for the first half of 2015 rose to $33.3 million, or $254.52 per diluted share, from $30.2 million, or $230.44 per diluted share, for the six months ended June 30, 2014.

At June 30, 2015, net loans increased to $3.04 billion from $2.96 billion at December 31, 2014. The Bank’s deposits rose to $4.24 billion at the end of the 2015 second quarter from $4.20 billion at December 31, 2014.

Non-interest bearing deposits represented 38.2% of total deposits at June 30, 2015, versus 37.3% of total deposits at December 31, 2014. Total assets increased to $5.66 billion at the close of the 2015 second quarter from $5.58 billion at December 31, 2014.

At June 30, 2015, Farmers & Merchants Bank remained “well-capitalized” under all regulatory categories, with a total risk-based capital ratio of 22.53%, a tier 1 risk-based capital ratio of 21.27%, a common equity tier 1 capital ratio of 21.27%, and a tier 1 leverage ratio of 14.79%.

The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 8.00%, 6.50% and 5.00%, respectively.


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