Farmers & Merchants Bank of Long Beach Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2011
January 26, 2012 at 01:05 pm
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Farmers & Merchants Bank of Long Beach reported unaudited earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported total interest income of $43,312,000 compared to $43,960,000 a year ago. Net interest income was $41,309,000 compared to $41,292,000 a year ago. Net interest income after provision for loan losses was $35,859,000 compared to $34,792,000 a year ago. Income before income tax expense was $20,009,000 compared to $22,277,000 a year ago. Net income was $13,786,000 or $105.29 per basic and diluted share compared to $15,339,000 or $117.16 per basic and diluted share a year ago.
For the year, the company reported total interest income of $178,606,000 compared to $178,931,000 a year ago. Net interest income was $169,151,000 compared to $166,889,000 a year ago. Net interest income after provision for loan losses was $154,951,000 compared to $140,939,000 a year ago. Income before income tax expense was $90,428,000 compared to $81,942,000 a year ago. Net income was $59,118,000 or $451.53 per basic and diluted share compared to $53,033,000 or $405.06 per basic and diluted share a year ago.
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.