Farmers & Merchants Bancorp (FMCB)

[56Chevy]

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

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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.

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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.