Farmers and Merchants Bancorp (QX) (FMCB)

Marker:
Farmers & Merchants (FMCB)
$708.0 up 10.99 (1.58%)
Volume: 11

Marker:
Farmers & Merchants (FMCB)
$670.00 up 6.0 (0.90%)
Volume: 2

FARMERS & MERCHANTS BANCORP REPORTS RECORD SECOND QUARTER AND YEAR-TO-DATE EARNINGS



(Lodi, California, July 27, 2017) - Farmers & Merchants Bancorp (OTCQX: FMCB) today announced record net income for second quarter of 2017.

For the quarter ending June 30, 2017, Farmers & Merchants Bancorp reported net income of $8.2 million, or $10.12 per share, an 11.7% increase from net income of $7.3 million earned in the second quarter of 2016. Net interest income for the quarter ending June 30, 2017 was $26.5 million, up 13.6% from the same quarter in 2016. Return on average assets for the second quarter of 2017 was 1.11%, and return on average equity was 11.28%. Total assets at quarter-end were $3.0 billion, up 12.0% from the second quarter of 2016. Total loans and leases outstanding reached $2.20 billion, an increase of 6.6% from June 30, 2016, and total deposits of $2.7 billion increased 14.3% from June 30, 2016. At quarter-end, total checking deposits represented 47.5% of total deposits. The Company’s credit quality remained strong with non-performing loans and leases as of June 30, 2017 totaling only 0.06% of total loans and leases. The provision for credit losses was $650,000 for the quarter, and at quarter-end the Company’s allowance for credit losses was $49.1 million, or 2.22% of total loans and leases, representing an increase of $4.9 million from June 30, 2016. The Company’s tier 1 leverage capital ratio was 10.16% at June 30, 2017, and the total capital ratio was 13.04%, resulting in the highest possible regulatory classification of “well capitalized.”

For the six-month period ending June 30, 2017, net income was $16.0 million, up 10.4% from the prior year, and earnings per share of common stock outstanding were $19.80. Net interest income increased to $52.4 million for the six-month period in 2017, up 12.8% from the same period in 2016. For the first six months, return on average assets was 1.09%, and return on average equity was 11.14%.

Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s strong performance in the second quarter of 2017, following record net income in each of the years 2012, 2013, 2014, 2015 and 2016. Despite the continuing challenges facing our industry, we have a positive outlook for the remainder of 2017. Bank credit quality remains excellent and capital ratios remain above all regulatory well-capitalized measures. We have maintained a 5-Star rating from BauerFinancial for 26 consecutive years, longer than any other commercial bank in the state of California.”

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About Farmers & Merchants Bancorp Farmers & Merchants Bancorp, traded on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank which proudly serves California through 27 convenient locations. In 2013, the Bank began an expansion into the Bay Area with new full service branches in Walnut Creek and Concord. The Bank offers a full complement of loan, deposit, equipment leasing, and treasury management products to businesses, as well as a full suite of consumer banking products. Recently, the FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their CRA Evaluation. For more information about Farmers & Merchants Bancorp and F&M Bank visit fmbonline.com.
Forward-Looking Statement Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, levels of net interest margin, the ability to control costs and expenses, interest rate changes, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

###

Contact Farmers & Merchants Bancorp Stephen W. Haley, 209-367-2411 Executive Vice President and Chief Financial Officer shaley@fmbonline.com

https://www.fmbonline.com/about-us/news.html

Marker:
Farmers & Merchants (FMCB)
$600.00 down -5.0 (-0.83%)
Volume: 32

FARMERS & MERCHANTS BANCORP REPORTS RECORD FIRST QUARTER EARNINGS


(Lodi, California, April 27, 2017) - Farmers & Merchants Bancorp (OTCQX: FMCB) today announced record net income for first quarter 2017.

For the quarter ending March 31, 2017, Farmers & Merchants Bancorp reported net income of $7.8 million, or $9.68 per share, a 9.1% increase from net income of $7.2 million earned in the first quarter of 2016. Net interest income for the quarter ending March 31, 2017 was $25.9 million, up 11.9% from the same quarter in 2016. Return on average assets for the first quarter of 2017 was 1.07%, and return on average equity was 11.00%. Total assets at quarter-end were $3.0 billion, up 13.9% from the first quarter of 2016. Total loans and leases outstanding reached $2.15 billion, an increase of 7.7% from March 31, 2016, and total deposits of $2.6 billion increased 15.6% from March 31, 2016. At quarter-end, non-interest bearing demand accounts represented 27.2% of total deposits. The Company’s credit quality remained strong with nonperforming loans and leases as of March 31, 2017 totaling only 0.07% of total loans and leases. The provision for credit losses was $600,000 for the quarter, and at quarter-end the Company’s allowance for credit losses was $48.4 million, or 2.25% of total loans and leases, representing an increase of $4.3 million from March 31, 2016. The Company’s tier 1 leverage capital ratio was 10.13% at March 31, 2017, and the total capital ratio was 13.26%, resulting in the highest possible regulatory classification of “well capitalized.”

Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s strong performance in the first quarter of 2017, following record net income in each of the years 2012, 2013, 2014, 2015 and 2016. Despite the continuing challenges facing our industry, we have a positive outlook for the remainder of 2017. Bank credit quality remains excellent and capital ratios remain above all regulatory well-capitalized measures. We have maintained a 5-Star rating from BauerFinancial for 26 consecutive years, longer than any other commercial bank in the state of California.”

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About Farmers & Merchants Bancorp Farmers & Merchants Bancorp, traded on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank which proudly serves California through 27 convenient locations. In 2013, the Bank began an expansion into the Bay Area with new full service branches in Walnut Creek and Concord. The Bank offers a full complement of loan, deposit, equipment leasing, and treasury management products to businesses, as well as a full suite of consumer banking products. Recently, the FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their CRA Evaluation. For more information about Farmers & Merchants Bancorp and F&M Bank visit fmbonline.com.

Forward-Looking Statement Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, levels of net interest margin, the ability to control costs and expenses, interest rate changes, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

Contact: Farmers & Merchants Bancorp Stephen W. Haley, 209-367-2411 Executive Vice President and Chief Financial Officer shaley@fmbonline.com

https://www.fmbonline.com/about-us/news.html

Farmers & Merchants Bancorp Reports Record Third Quarter and Year-to-Date Earnings

Tue October 25, 2016 9:00 AM|Business Wire  | About: FMCB
   


LODI, Calif.--(BUSINESS WIRE)-- Farmers & Merchants Bancorp (FMAO) (OTCQX:FMCB) today announced record net income for third quarter and year-to-date 2016.
For the quarter ending September 30, 2016, Farmers & Merchants Bancorp reported net income of $7.5 million, a 7.1% increase from net income of $7.0 million earned in third quarter of 2015. Earnings per share of common stock for the quarter were $9.51, up from $8.96 for the same period in 2015. Net interest income for the quarter ending September 30, 2016 was $24.2 million, up 8.9% from the same quarter in 2015. Return on average assets for the third quarter of 2016 was 1.14%, and return on average equity was 11.22%. Total assets at quarter-end were $2.7 billion, up 9.1% from the third quarter of 2015. Total loans outstanding reached $2.1 billion, an increase of 8.9%, and total deposits of $2.4 billion increased 10.5% from the prior year.
The Company’s loan quality remained strong with non-performing loans as of September 30, 2016 totaling only 0.15% of total loans. In addition, the Company’s loan loss reserve was $44.4 million, or 2.13% of total loans, representing an increase of $5.4 million from the same period in 2015. The Company’s tier 1 capital ratio was 11.55% at September 30, 2016, and the total risk-based capital ratio was 12.81%, resulting in the highest possible regulatory classification of “well capitalized.”
For the nine-month period ending September 30, 2016, net income was $22.0 million, up 9.2% from the prior year, and earnings per share of common stock outstanding were $27.82, up from $25.70 in 2015. Net interest income increased to $70.6 million for the nine-month period in 2016, up 11.0% from the same period in 2015. For the first nine months, return on average assets was 1.13%, and return on average equity was 11.16%.
Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s continuing strong performance in the third quarter of 2016, particularly given that we continue to incur expenses in connection with our pending acquisition of Delta National Bancorp and its subsidiary Delta Bank, N.A. We have received all required regulatory and shareholder approvals, and the transaction is scheduled to close in mid-to-late November 2016. We remain positive in our outlook for the remainder of 2016 as continuing growth should be supported by our acquisition of Delta.”
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank which proudly serves California through 24 convenient locations. The Bank recently expanded into the Bay Area with new full service branches in Walnut Creek and Concord. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their CRA Evaluation, and the Bank has received BauerFinancial’s highest, five-star rating for 24 consecutive years, longer than any other commercial bank in the State of California. The Bank offers a full complement of loan, deposit, equipment leasing, and treasury management products to businesses, as well as a full suite of consumer banking products. For more information about Farmers & Merchants Bancorp and F&M Bank visit www.fmbonline.com.
Forward-Looking Statement
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, levels of net interest margin, the ability to control costs and expenses, interest rate changes, the competitive environment, financial and regulatory policies of the United States government, ongoing drought conditions in California and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.


View source version on businesswire.com: http://www.businesswire.com/news/home/20161025005595/en/
Media:
Farmers & Merchants Bancorp
Mark DeVincenzi, 209-367-2477
Senior Vice President - Director of Strategic Marketing
mdevincenzi@fmbonline.com
Source: Farmers & Merchants Bancorp
Copyright Business Wire 2016


http://seekingalpha.com/pr/16644393-farmers-and-merchants-bancorp-reports-record-third-quarter-year-date-earnings

Farmers & Merchants Bancorp to Acquire Delta National Bancorp

June 8, 2016 8:54 PM

LODI, Calif.--(BUSINESS WIRE)--

Farmers & Merchants Bancorp (FMCB), a bank holding company headquartered in Lodi, California, and Delta National Bancorp (OTC Pink:DEBC), headquartered in Manteca, California, today announced that a definitive agreement has been signed by both parties. Under the terms of the agreement, Delta National Bancorp will merge into Farmers & Merchants Bancorp. The transaction is subject to customary closing conditions, including regulatory approvals and Delta National Bancorp’s shareholder approval. The Farmers & Merchants Bancorp and Delta National Bancorp Boards of Directors have unanimously approved the transaction, which is expected to close early in the fourth quarter of 2016.

Delta National Bancorp common shareholders will be entitled to receive, in total, 12,074 shares of Farmers & Merchants Bancorp common stock, subject to certain adjustments described in the definitive merger agreement. Based on the 20 day daily volume weighted average price of Farmers & Merchants Bancorp as of June 6, 2016, the transaction would have a value of $6.6 million, or $17.30 per Delta National Bancorp common share. However, the deal value for the common shareholders will fluctuate with changes in Farmers & Merchants Bancorp’s stock price. Delta National Bancorp’s preferred shareholders will receive $19.827 per share in cash. Farmers & Merchants Bancorp expects the acquisition to be immediately accretive to tangible book value and accretive to earnings in 2017, the first full year of combined operations.

Delta National Bancorp will be merged with and into Farmers & Merchants Bancorp and Delta National Bancorp’s banking subsidiary Delta Bank National Association with four full service branches (one branch in San Joaquin County in the city of Manteca and three branches (Riverbank, Modesto, Turlock) located in Stanislaus County), will be merged with and into Farmers & Merchants Bancorp’s banking subsidiary Farmers & Merchants Bank of Central California. The names of the combined entities will remain Farmers & Merchants Bancorp and Farmers & Merchants Bank of Central California.

The Farmers & Merchants Bancorp’s Board of Directors and the Farmers & Merchants Bank of Central California Executive Management team, led by Kent Steinwert, Chairman, President and CEO, will continue to lead the combined team of professional bankers. Warren Wegge, President, CEO and Director of Delta National Bancorp, will work with Farmers & Merchants Bancorp as an advisor through the integration process. Delta National Bancorp’s current Directors, Valerie Rossi and Toinette Rossi will continue in consulting roles for a period of one year.

As of March 31, 2016, Farmers & Merchants Bancorp on a pro forma consolidated basis with Delta National Bancorp would have had approximately $2.7 billion in total assets, with 28 locations serving California’s Central Valley and East Bay Area regions.

[....]

About Delta National Bancorp

Delta National Bancorp is the parent holding company for Delta Bank National Association, a locally owned and operated community bank established in 1973, serving the needs of consumers and businesses through four locations in Stanislaus and San Joaquin county. As of March 31, 2016, the Bank had approximately $106 million in assets and serves the communities of Manteca, Riverbank, Modesto and Turlock.

[....]

http://finance.yahoo.com/news/farmers-merchants-bancorp-acquire-delta-005400471.html

*Marker post announcement on the acquired bank;
Delta National Bancorp (PC) (DEBC)
$ 16.50 up 8.60 (108.86%)
Volume: 191

**Marker
Farmers & Merchants (FMCB)
$610.00 up 10.0 (1.67%)
Volume: 32

Guess who's jumping into Bay Area banking? (11/13/15)

By Mark Calvey

Several Central Valley bankers are expanding into the Bay Area to take advantage of the region's phenomenal growth.

Sacramento-based River City Bank (OTC: RCBC) recently opened a full-service branch in Walnut Creek and Lodi-based Farmers & Merchants Bank of Central California has plans for several branches in the East Bay, where it has operated a Walnut Creek location for two years.

In addition to those expansions, First Northern Bank of Dixon opened a loan office in Walnut Creek in mid-2013 and Rancho Cordova-based American River Bank (NASDAQ: AMRB) has loan offices in San Ramon and San Jose.

The big draw: the Bay Area boom.

"The San Francisco Bay Area economy is enjoying the biggest economic expansion in the world, probably in history," said Kent Steinwert, chairman and CEO of Farmers & Merchants Bank.

Farmers & Merchants Bank, (OTC: FMCB) or F&M as the bank is more often known in areas where farmers are few and far between, plans to build a second branch in Walnut Creek on the site of the current Target Garden Store. That location will also serve as F&M's East Bay headquarters.

Elsewhere in the East Bay, F&M opened a branch in Concord last April and has a Lafayette branch on the drawing board. The bank is also eager to enter Oakland, where Steinwert and his team have met with the mayor and community groups over the past year.

"Opening a bank is a little bit longer process in the Bay Area," Steinwert said.

That's putting it mildly. Bay Area residents tend to greet a proposed bank branch with the same lack of enthusiasm that comes with opening another corner liquor store in a down-and-out neighborhood. Let's just say things are far different in the Central Valley — a region so close and yet so far away from the Bay Area.

"In the Central Valley, the opening of a bank branch is welcomed, because the bank helps the local community grow," said Steinwert, who worked at Bank of America for several years before taking the helm of F&M in 1997.

Steinwert knows the right things to say to one day realize his Bay Area banking ambitions. He points to the bank's diverse workforce and F&M's "outstanding" rating for meeting requirements of the federal Community Reinvestment Act.

"We want to make a difference in Oakland," Steinwert said.

F&M Bank, founded in 1916, serves a dozen Central Valley communities through 25 branches from Sacramento to Merced, plus an office in Orange County's Irvine. (For those whose trip to the Safeway produce aisle is the closest they get to the Central Valley, F&M's hometown of Lodi is located about 85 miles northeast of San Francisco.)

Steinwert expects the bank's financial strength and high level of customer service to be a draw for Bay Area customers. He's eager to tout the bank's top rating for financial strength from Bauer Financial for the past 25 years. That's no small feat in Central Valley banking, especially given how hard the home-construction sector was hit in the financial crisis.

Steinwert also notes that most of the bank's shares are in the hands of individual investors, typically bank customers.

Steinwert said F&M only had four foreclosures during the housing crisis because it was able to work with many troubled borrowers since its mortgages are held in the bank's loan portfolio.

During the historic financial crisis, the New York Times and other media outlets covered the Central Valley's foreclosure crisis with tales reminiscent of the Great Depression.

But asked to comment on F&M's success navigating those treacherous times, Steinwert simply says, "We did what any community bank should do."

River City Bank also finds the Bay Area fertile ground for growth. The Sacramento bank began a big push into Bay Area lending after Steve Fleming took the helm as CEO in 2008. Today, 25 percent of its loan portfolio is in the Bay Area.

River City Bank recently opened a branch in Walnut Creek to expand beyond commercial real estate lending.

Leadership at River City Bank has deep roots in the Bay Area. In addition to Fleming, who was founding CEO of San Francisco-based Presidio Bank, the bank's board includes Ryan Gilbert, who is CEO of San Francisco-based Better Finance. The bank's management team includes Chief Credit Officer Pat McHone, who also has strong ties to the Bay Area.

River City has done quite well since making its big push into the Bay Area, long known for its boom-and-bust cycles.

Is Fleming worried that the good times might end?

"I'm a lifetime banker, so worrying is part of my DNA," Fleming said. Helping him sleep better at night, no doubt, are the bank's conservative lending policies. River City's average loan-to-value in its real estate portfolio is 45 percent.

The bank's conservative lending style makes its 24 percent loan growth in the 12 months ending Sept. 30 all the more impressive.

"We'll compete on service and price, but not on risk appetite," Fleming said. His bank plans to expand business lending, or so-called commercial and industrial loans, for successful businesses generating between $5 million and $100 million in annual revenue.

As for the health of the Bay Area economy, Fleming said, "A downturn in the Bay Area economy is a case of when, not if."

Fleming says he's not seeing any signs of a downturn, pointing to rents moving ever higher and home prices escalating, although at a slower pace.

http://www.bizjournals.com/sanfrancisco/blog/2015/11/san-francisco-bay-area-banking-bank-central-valley.html

Annual Report (10-k)

Date : 03/13/2015 @ 2:24PM
Source : Edgar (US Regulatory)
Stock : Farmers & Merchants Bancorp (QX) (FMCB)
Quote : $460.00 0.0 (0.00%) @ 2:05AM

[....]

The number of shares of Common Stock outstanding as of February 27, 2015: 785,782

Table of Contents

Although the Company was not entirely immune to the pressures that a struggling economy brought to bear, management believes that the Company’s performance compared very favorably to its peer banks during the five-year period ending December 31, 2014:

· Net income totaled $116.1 million and never dropped below $21.0 million in any single year.

· Return on Average Assets never dropped below 1.17% in any single year.

· Total assets increased 32.5% to $2.4 billion.

· Total loans & leases increased 41.2% to $1.7 billion.

· Total deposits increased 37.8% to $2.1 billion.

More recently:

· In 2014, the Company earned $25.4 million for a return on average assets of 1.17%, and our return on average assets averaged 1.20% over the five-year period. Importantly, these strong results were generated at the same time the Company increased its credit loss allowance by $1.2 million, to $35.4 million or 2.06% of total loans & leases.

· In 2014, the Company increased its cash dividend per share by 2.0% over 2013 levels, and our strong financial performance has allowed us to increase dividends every year during this five-year period.

· The Company’s total risk based capital ratio was ­12.93% at December 31, 2014, and the Bank achieved the highest regulatory classification of “well capitalized” in each of the five years. See “Financial Condition – Capital.”

· The Company began to diversify its: (1) geographic market by establishing new branches in Walnut Creek and Irvine, CA; and (2) lending products by introducing equipment leasing.

· Despite continuing sluggish economic conditions in the Company’s local markets, the Company’s asset quality remains very strong compared to peer banks at the present time, when measured by: (1) net charge-offs of 0.33% of average loans & leases during this five-year period; and (2) substandard loans & leases totaling 0.21% of total loans & leases at December 31, 2014. See “Results of Operations – Provision and Allowance for Credit Losses” and “Financial Condition – Classified Loans & Leases and Non-Performing Assets.”

As a result of this strong earnings performance, capital position, and asset quality, stockholders have benefited from the fact that cash dividends per share have increased 15.4% since 2009, and totaled $60.40 per share over the five-year period. The 2014 dividend of $12.70 per share represents a 2.7% yield based upon the December 31, 2014 ending stock price of $463 per share.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=65854641

*Decent yield 2.7% if that's what a person is looking for in a bank.

**Target bank for Ford & Co? ..yes...it's a NorCal bank ...with over $2B in assets...steady growth...profitable...no reason why it shouldn't be.

Marker:
Farmers & Merchants (FMCB)
$460.00 0.0 (0.00%)
Volume: 0

not too shabby. Rather decent actually. i need to educate myself more on these type of investments.

and how secure they are….seems to me like a way better idea than a CD rate…lol

How healthy is this bank?

It's actually very healthy and doing well.

Basic Earnings Per Common Share for the 3rd qtr of 2014; $8.27

Basic Earnings Per Common Share for 9 months of 2014: $24.19

The bank is on track to earn north of $32 @ share for 2014

http://banktracker.investigativereportingworkshop.org/banks/california/lodi/farmers-merchants-bank-of-central-california/

*the size of this bank is right for Ford & Co to acquire but I'm not sure it's in the most desirable locations of northern calif.

Marker:
Farmers & Merchants (FMCB)
$462.00 0.0 (0.00%)
Volume: 0