- Farmers & Merchants Bank (FMBL, Financial) reports Q1 2025 net income of $16.8 million, a significant increase from Q1 2024.
- The bank's net interest margin improved to 2.28% in Q1 2025, compared to 1.91% in Q1 2024.
- FMBL's capital ratios remain robust, significantly exceeding regulatory requirements for "well-capitalized" status.
Farmers & Merchants Bank of Long Beach (OTCQX: FMBL) has released its financial results for the first quarter of 2025, reporting a net income of $16.8 million, or $136.27 per diluted share, marking a substantial increase from the $13.0 million, or $102.71 per diluted share, earned during the same period in 2024.
The bank's net interest margin showed improvement, rising to 2.28% in Q1 2025 from 1.91% in Q1 2024. Total interest and dividend income for the quarter stood at $104.7 million, slightly down from $108.6 million a year earlier, while total interest expense decreased to $40.6 million from $51.2 million in the previous year, resulting in a net interest income of $64.1 million.
The bank's total deposits reached $8.70 billion as of March 31, 2025, with noninterest-bearing deposits comprising 34.3% of the total, compared to 33.2% at the end of 2024. Gross loans amounted to $6.43 billion, reflecting a slight decline from $6.47 billion as of December 31, 2024.
FMBL continues to maintain strong capital ratios, with a total risk-based capital ratio of 19.16%, tier 1 risk-based capital ratio of 17.91%, and a common equity tier 1 capital ratio also at 17.91%. These figures are well above the regulatory requirements for a "well-capitalized" bank.
During the first quarter, Farmers & Merchants Bank repurchased 704 shares of its common stock for $4.0 million at an average price of $5,661.92 per share under its ongoing stock repurchase program.
