Farmers & Merchants Bank of Long Beach Reports Un-Audited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 22, 2013 at 08:05 am
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Farmers & Merchants Bank of Long Beach reported un-audited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest income of $40.4 million, compared with $43.3 million in the fourth quarter of 2011. Net interest income was $38.8 million, compared with net interest income of $41.3 million for the same quarter of 2011. Net income was $13.2 million, or $101.12 per diluted share, compared with $13.8 million, or $105.30 per diluted share, in the 2011 fourth quarter. The company reported income before income tax expense of $18.7 million compared to $20.0 million for the last year.
For the year, the company reported total interest income of $171.1 million, compared with $178.6 million reported for 2011. Net interest income was $164.1 million, versus $169.2 million in 2011. Net income for 2012 rose to $63.4 million, or $484.14 per diluted share, from $59.1 million, or $451.53 per diluted share, for 2011. The company reported income before income tax expense of $92.2 million compared to $29.4 million for the last year.
Farmers & Merchants Bank of Long Beach (the Bank) is a California state- chartered bank that offers a broad range of banking products and services to individuals, professionals and small to medium-sized businesses. It operates 26 branches in Californiaâs Los Angeles County, Orange County and Santa Barbara County, as well as through online and mobile banking platforms. The Bank as commercial bank, offers a range of banking products and services, including accepting demand, money market, savings, and time deposits; originating loans, including commercial real estate loans, construction loans, and commercial business loans; and providing other business-oriented banking products and services. It provides financing for residential loans, including single-family and multifamily loans. The Bank's loan portfolio consists of commercial and industrial, construction, commercial real estate, residential mortgage, equity lines, installment, and other loans. It also provides treasury management.