Farmers and Merchants Bank of Long Beach (FMBL) Q4 2024 earnings summary

Executive summary

• Achieved record high total deposits, net loans, and total assets for 2021, despite pandemic and low interest rates.

• Net income for 2021 rose to $115.2 million, up from $79.8 million in 2020.

• Board authorized a new $20 million stock repurchase program through December 2023.

Financial highlights

• Total interest and dividend income for 2021 increased to $307.3 million from $286.3 million year-over-year.

• Net interest income before loan loss provision for 2021 rose to $295.1 million from $261.4 million in 2020.

• Net interest margin for 2021 was 2.83%, down from 2.99% in 2020.

• Non-interest income for 2021 rose to $22.0 million from $20.5 million in 2020.

• Non-interest expense for 2021 was $172.6 million, down from $175.2 million in 2020.

Outlook and guidance

• Management remains focused on prudent business decisions and client service, emphasizing empathy and understanding in 2022.