{"id":476846,"date":"2021-04-15T08:08:04","date_gmt":"2021-04-15T12:08:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/farmers-merchants-bank-of-long-beach-reports-2021-first-quarter-results\/"},"modified":"2021-04-15T08:08:04","modified_gmt":"2021-04-15T12:08:04","slug":"farmers-merchants-bank-of-long-beach-reports-2021-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/farmers-merchants-bank-of-long-beach-reports-2021-first-quarter-results\/","title":{"rendered":"Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results"},"content":{"rendered":"

<\/p>\n

Farmers & Merchants Bank of Long Beach <\/b>Reports 2021 First-Quarter Results<\/b><\/p>\n

LONG BEACH, Calif.–(BUSINESS WIRE<\/a>)–
\nFarmers & Merchants Bank of Long Beach (\u201cF&M\u201d or the \u201cBank\u201d) (OTCQB: FMBL) today reported financial results for the quarter ended March 31, 2021.\n<\/p>\n

\n\u201cWe are pleased to report on an outstanding first quarter for 2021, as total assets surpassed the milestone $10 billion mark for the first time, and further increases were achieved in total deposits and net loans,\u201d said Henry Walker, president of Farmers & Merchants Bank of Long Beach. \u201cThe Bank\u2019s conservative policies and disciplined business approach enabled us to respond quickly and effectively to the challenges posed by the COVID-19 pandemic. As vaccination efforts continue throughout our state and nation, we will continue to meet the needs of our clients through the extraordinary efforts of our dedicated F&M team.\u201d\n<\/p>\n

Income Statement<\/b><\/p>\n

\nFor the three months ended March 31, 2021, interest and dividend income rose to $73.9 million from $69.1 million a year ago. Interest expense for the 2021 first quarter was $3.4 million, compared with $8.0 million in the same period last year.\n<\/p>\n

\nFarmers & Merchants\u2019 net interest income for the 2021 first quarter increased to $70.5 million from $61.2 million for the first quarter of 2020.\n<\/p>\n

\nFarmers & Merchants\u2019 net interest margin was 2.87% for the first quarter ended March 31, 2021, compared with 3.28% at the end of the same period last year.\n<\/p>\n

\nThe Bank\u2019s provision for loan losses in the first quarter of 2021 was $2,000,000, versus $800,000 in the first quarter of 2020. The Bank\u2019s allowance for loan losses as a percentage of loans outstanding was 1.32% at March 31, 2021, compared with 1.44% at March 31, 2020.\n<\/p>\n

\nNon-interest income was $5.1 million for the 2021 first quarter, compared with $4.6 million for the 2020 first quarter. Non-interest expense for the 2021 first quarter was $41.9 million, versus $43.6 million for the same period last year.\n<\/p>\n

\nThe Bank\u2019s net income for the 2021 first quarter was $25.3 million, or $197.51 per diluted share, from $17.9 million, or $139.50 per diluted share, in the 2020 first quarter.\n<\/p>\n

Balance Sheet<\/b><\/p>\n

\nAt March 31, 2021, net loans totaled $5.53 billion, compared with $5.33 billion at December 31, 2020. The Bank\u2019s total deposits rose to $8.24 billion at the end of the 2021 first quarter, up from $7.62 billion at December 31, 2020. Non-interest-bearing deposits represented 38.1% of total deposits at March 31, 2021 compared with 37.9% at December 31, 2020. Total assets grew to $10.45 billion at the close of the 2021 first quarter from $9.87 billion at December 31, 2020.\n<\/p>\n

\nAt March 31, 2021, Farmers & Merchants Bank remained \u201cwell-capitalized\u201d under all regulatory categories, with a total risk-based capital ratio of 19.22%, a tier 1 risk-based capital ratio of 18.00%, a common equity tier 1 capital ratio of 18.00%, and a tier 1 leverage ratio of 12.18%. The minimum ratios for capital adequacy for a well-capitalized bank are 10.00%, 8.00%, 6.50% and 5.00%, respectively.\n<\/p>\n

\n\u201cProceeding into 2021, F&M continues to successfully navigate an evolving business and economic environment, as demonstrated by our first quarter results,\u201d said Daniel Walker, chief executive officer and chairman of the board. \u201cDespite the protracted period of low interest rates, the Bank remains financially strong. F&M is well positioned to perform effectively, with high levels of capital and liquidity, diversified revenue streams, and an exceptional core deposit base.\u201d\n<\/p>\n

\nDuring the first quarter of 2021, the Bank repurchased 139 shares of its common stock at an average price of $7,714.91 per share, pursuant to a stock repurchase program announced in April 2020, under which the board of directors authorized the repurchase of up to $20 million of the Bank\u2019s common stock. To the extent the Bank repurchases additional shares under this program, which expires December 31, 2021, the timing and number of shares repurchased will depend on a variety of factors, including, but not limited to, stock price, trading volume, regulatory requirements, general business conditions and others. The Bank may choose to modify, suspend, or discontinue such proposed repurchases at any time without prior notice, and the share repurchase program does not obligate the Bank to acquire any specific number of shares in any period.\n<\/p>\n

About Farmers & Merchants Bank <\/b><\/p>\n

\nFounded in Long Beach in 1907 by C.J. Walker, Farmers & Merchants Bank provides white-glove service to clients at 25 branches across Orange County, Long Beach, the South Bay and Santa Barbara, as well as through its Online and Mobile Banking platforms. The Bank offers commercial and small business banking, business loan programs, home loans, and consumer banking products, including checking, savings and youth accounts. Farmers & Merchants Bank is a California state-chartered bank with deposits insured by the Federal Deposit Insurance Corporation (Member FDIC) and an Equal Housing Lender. For more information about F&M, please visit the Bank\u2019s website, www.fmb.com<\/a>.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
FARMERS & MERCHANTS BANK OF LONG BEACH<\/b><\/td>\n<\/tr>\n
Income Statements (Unaudited)<\/b><\/td>\n<\/tr>\n
(In thousands, except per share data)<\/b><\/td>\n<\/tr>\n
<\/tr>\n
\n\n

Three Months Ended Mar. 31, <\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Interest and dividend income:<\/b><\/td>\n\n\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Loans<\/td>\n$<\/td>\n\n

\n60,273\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n51,325\n<\/p>\n<\/td>\n<\/tr>\n

Investment securities<\/td>\n\n\n

\n13,075\n<\/p>\n<\/td>\n

\n\n\n

\n16,745\n<\/p>\n<\/td>\n<\/tr>\n

Investments in FHLB and FRB stock<\/td>\n\n\n

\n262\n<\/p>\n<\/td>\n

\n\n\n

\n348\n<\/p>\n<\/td>\n<\/tr>\n

Interest-bearing deposits in financial institutions<\/td>\n\n\n

\n257\n<\/p>\n<\/td>\n

\n\n\n

\n728\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Total interest and dividend income<\/td>\n\n\n

\n73,867\n<\/p>\n<\/td>\n

\n\n\n

\n69,146\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Interest expense:<\/b><\/td>\n\n\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Deposits<\/td>\n\n\n

\n2,494\n<\/p>\n<\/td>\n

\n\n\n

\n5,690\n<\/p>\n<\/td>\n<\/tr>\n

Securities sold under repurchase agreements<\/td>\n\n\n

\n893\n<\/p>\n<\/td>\n

\n\n\n

\n2,300\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Total interest expense<\/td>\n\n\n

\n3,387\n<\/p>\n<\/td>\n

\n\n\n

\n7,990\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Net interest income<\/td>\n\n\n

\n70,480\n<\/p>\n<\/td>\n

\n\n\n

\n61,156\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Provision for loan losses<\/b><\/td>\n\n\n

\n2,000\n<\/p>\n<\/td>\n

\n\n\n

\n800\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Net interest income after provision for loan losses<\/td>\n\n\n

\n68,480\n<\/p>\n<\/td>\n

\n\n\n

\n60,356\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Non-interest income:<\/b><\/td>\n\n\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Service charges on deposit accounts<\/td>\n\n\n

\n1,325\n<\/p>\n<\/td>\n

\n\n\n

\n1,527\n<\/p>\n<\/td>\n<\/tr>\n

Card income<\/td>\n\n\n

\n573\n<\/p>\n<\/td>\n

\n\n\n

\n870\n<\/p>\n<\/td>\n<\/tr>\n

Other income<\/td>\n\n\n

\n3,198\n<\/p>\n<\/td>\n

\n\n\n

\n2,240\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Total non-interest income<\/td>\n\n\n

\n5,096\n<\/p>\n<\/td>\n

\n\n\n

\n4,637\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Non-interest expense:<\/b><\/td>\n\n\n\n\n<\/tr>\n
\n\n\n\n\n<\/tr>\n
Salaries and employee benefits<\/td>\n\n\n

\n27,878\n<\/p>\n<\/td>\n

\n\n\n

\n27,701\n<\/p>\n<\/td>\n<\/tr>\n

FDIC and other insurance expense<\/td>\n\n\n

\n853\n<\/p>\n<\/td>\n

\n\n\n

\n445\n<\/p>\n<\/td>\n<\/tr>\n

Occupancy expense<\/td>\n\n\n

\n3,254\n<\/p>\n<\/td>\n

\n\n\n

\n3,333\n<\/p>\n<\/td>\n<\/tr>\n

Software and equipment expense<\/td>\n\n\n

\n3,535\n<\/p>\n<\/td>\n

\n\n\n

\n3,320\n<\/p>\n<\/td>\n<\/tr>\n

Other real estate owned expense<\/td>\n\n\n

\n13\n<\/p>\n<\/td>\n

\n\n\n

\n–\n<\/p>\n<\/td>\n<\/tr>\n

Professional and legal services<\/td>\n\n\n

\n1,340\n<\/p>\n<\/td>\n

\n\n\n

\n1,161\n<\/p>\n<\/td>\n<\/tr>\n

Marketing expense<\/td>\n\n\n

\n679\n<\/p>\n<\/td>\n

\n\n\n

\n1,768\n<\/p>\n<\/td>\n<\/tr>\n

Other expense<\/td>\n\n\n

\n4,322\n<\/p>\n<\/td>\n

\n\n\n

\n5,912\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Total non-interest expense<\/td>\n\n\n

\n41,874\n<\/p>\n<\/td>\n

\n\n\n

\n43,640\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Income before income tax expense<\/td>\n\n\n

\n31,702\n<\/p>\n<\/td>\n

\n\n\n

\n21,353\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Income tax expense<\/b><\/td>\n\n\n

\n6,427\n<\/p>\n<\/td>\n

\n\n\n

\n3,409\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Net income<\/b><\/td>\n$<\/b><\/td>\n\n

25,275<\/b><\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

17,944<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n<\/tr>\n
Basic earnings per common share<\/td>\n$<\/td>\n\n

\n199.64\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n139.61\n<\/p>\n<\/td>\n<\/tr>\n

Diluted earnings per common share<\/td>\n$<\/td>\n\n

\n197.51\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n139.50\n<\/p>\n<\/td>\n<\/tr>\n

Basic weighted-average shares outstanding<\/td>\n\n\n

\n126,607\n<\/p>\n<\/td>\n

\n\n\n

\n128,528\n<\/p>\n<\/td>\n<\/tr>\n

Diluted weighted-average shares outstanding<\/td>\n\n\n

\n127,970\n<\/p>\n<\/td>\n

\n\n\n

\n128,630\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
FARMERS & MERCHANTS BANK OF LONG BEACH <\/b><\/td>\n<\/tr>\n
Balance Sheets (Unaudited)<\/b><\/td>\n<\/tr>\n
(In thousands, except share and per share data)<\/b><\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n

Mar. 31, 2021<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Dec. 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Assets<\/b><\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Cash and due from banks:<\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
Noninterest-bearing balances<\/td>\n$<\/td>\n\n

\n77,874\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n72,109\n<\/p>\n<\/td>\n<\/tr>\n

Interest-bearing balances<\/td>\n\n\n

\n927,877\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n939,566\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total cash and due from banks<\/td>\n\n\n

\n1,005,751\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,011,675\n<\/p>\n<\/td>\n<\/tr>\n

Securities available-for-sale, at fair value<\/td>\n\n\n

\n146,482\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n137,373\n<\/p>\n<\/td>\n<\/tr>\n

Securities held-to-maturity, at amortized cost<\/td>\n\n\n

\n3,506,580\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n3,131,213\n<\/p>\n<\/td>\n<\/tr>\n

Loans held for sale<\/td>\n\n\n

\n21,493\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n22,893\n<\/p>\n<\/td>\n<\/tr>\n

Gross loans<\/td>\n\n\n

\n5,629,832\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n5,414,814\n<\/p>\n<\/td>\n<\/tr>\n

Allowance for loan losses<\/td>\n\n\n

\n(74,171)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n(72,267)\n<\/p>\n<\/td>\n<\/tr>\n

Unamortized deferred loan fees, net<\/td>\n\n\n

\n(21,774)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n(15,747)\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Loans, net<\/td>\n\n\n

\n5,533,887\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n5,326,800\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Other real estate owned, net<\/td>\n\n\n

\n966\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n966\n<\/p>\n<\/td>\n<\/tr>\n

Investments in FHLB and FRB stock, at cost<\/td>\n\n\n

\n20,257\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n20,257\n<\/p>\n<\/td>\n<\/tr>\n

Bank premises and equipment, net<\/td>\n\n\n

\n103,466\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n103,615\n<\/p>\n<\/td>\n<\/tr>\n

Deferred tax assets, net<\/td>\n\n\n

\n27,830\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n26,489\n<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n\n

\n87,065\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n90,497\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/b><\/td>\n$<\/b><\/td>\n\n

10,453,777<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/b><\/td>\n\n

9,871,778<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Liabilities and Stockholders’ Equity<\/b><\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Liabilities:<\/b><\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Deposits:<\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
Noninterest-bearing demand deposits<\/td>\n$<\/td>\n\n

\n3,138,863\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n2,889,012\n<\/p>\n<\/td>\n<\/tr>\n

Interest-bearing demand deposits<\/td>\n\n\n

\n2,040,460\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,788,133\n<\/p>\n<\/td>\n<\/tr>\n

Savings and money market savings<\/td>\n\n\n

\n2,256,003\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n2,129,755\n<\/p>\n<\/td>\n<\/tr>\n

Time deposits<\/td>\n\n\n

\n806,989\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n810,726\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total deposits<\/td>\n\n\n

\n8,242,315\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n7,617,626\n<\/p>\n<\/td>\n<\/tr>\n

Securities sold under repurchase agreements<\/td>\n\n\n

\n1,007,841\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,062,348\n<\/p>\n<\/td>\n<\/tr>\n

Other liabilities<\/td>\n\n\n

\n38,508\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n47,962\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\n\n

\n9,288,664\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n8,727,936\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ Equity:<\/b><\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Common Stock, par value $20; authorized 250,000 shares;<\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
126,478 and 126,617 shares issued and outstanding<\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
at March 31, 2021 and December 31, 2020, respectively<\/td>\n\n\n

\n2,530\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n2,532\n<\/p>\n<\/td>\n<\/tr>\n

Additional paid-in capital<\/td>\n\n\n

\n91,321\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n90,516\n<\/p>\n<\/td>\n<\/tr>\n

Retained earnings<\/td>\n\n\n

\n1,069,806\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,047,949\n<\/p>\n<\/td>\n<\/tr>\n

Accumulated other comprehensive income<\/td>\n\n\n

\n1,456\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n2,845\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total stockholders’ equity<\/td>\n\n\n

\n1,165,113\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,143,842\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and stockholders’ equity<\/b><\/td>\n$<\/b><\/td>\n\n

10,453,777<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/b><\/td>\n\n

9,871,778<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210415005266\/en\/<\/a><\/span><\/p>\n

\nJohn Hinrichs
\n
Executive Vice President
\n
562-437-0011, ext. 4835\n<\/p>\n

\nRoger Pondel
\n
PondelWilkinson Inc.
\n
Investor Relations
\n
310-279-5980
\n
investor@pondel.com<\/a><\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Communications Professional Services Public Relations\/Investor Relations<\/p>\n

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Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results LONG BEACH, Calif.–(BUSINESS WIRE)– Farmers & Merchants Bank of Long Beach (\u201cF&M\u201d or the \u201cBank\u201d) (OTCQB: FMBL) today reported financial results for the quarter ended March 31, 2021. \u201cWe are pleased to report on an outstanding first quarter for 2021, as total assets surpassed the milestone $10 billion mark for the first time, and further increases were achieved in total deposits and net loans,\u201d said Henry Walker, president of Farmers & Merchants Bank of Long Beach. \u201cThe Bank\u2019s conservative policies and disciplined business approach enabled us to respond quickly and effectively to the challenges posed by the COVID-19 pandemic. As vaccination efforts continue throughout our state and nation, we … <\/p>\n

Continue reading “Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476846","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nFarmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/farmers-merchants-bank-of-long-beach-reports-2021-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Farmers & Merchants Bank of Long Beach Reports 2021 First-Quarter Results LONG BEACH, Calif.–(BUSINESS WIRE)– Farmers & Merchants Bank of Long Beach (\u201cF&M\u201d or the \u201cBank\u201d) (OTCQB: FMBL) today reported financial results for the quarter ended March 31, 2021. \u201cWe are pleased to report on an outstanding first quarter for 2021, as total assets surpassed the milestone $10 billion mark for the first time, and further increases were achieved in total deposits and net loans,\u201d said Henry Walker, president of Farmers & Merchants Bank of Long Beach. \u201cThe Bank\u2019s conservative policies and disciplined business approach enabled us to respond quickly and effectively to the challenges posed by the COVID-19 pandemic. 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