Lodi’s F&M Bank reports record quarter

LODI — Farmers & Merchants Bancorp, baesd in Lodi, on Thursday announced record net income for the third quarter of 2017.

For the quarter ending Sept. 30, the bank reported net income of $8.6 million, or $10.59 per share, an increase of 13.8 percent compared to net income of $7.5 million earned in the third quarter of 2016.

Net interest income for the quarter ending Sept. 30 was $27.9 million, up 15.3 percent from the same quarter in 2016. Return on average assets for the third quarter of 2017 was 1.13 percent, and return on average equity was 11.54 percent.

Total assets at quarter-end were $3.1 billion, up 12.6 percent from the third quarter of 2016. Total loans and leases outstanding reached $2.20 billion, an increase of 6.6 percent from Sept. 30, 2016, and total deposits of $2.7 billion increased 15 percent from the previous year.

At quarter-end, total checking deposits represented 49.2 percent of total deposits. The company’s credit quality remained strong, as there were no non-performing loans and leases as of September 30, 2017.

For the nine-month period ending Sept. 30, net income was $24.6 million, up 11.6 percent from the prior year, and earnings per share of common stock outstanding were $30.39. Net interest income increased to $80.2 million for the nine-month period in 2017, up 13.6 percent from the same period in 2016. Non-interest income for the nine-month period was $12.6 million. For the first nine months, return on average assets was 1.10 percent, and return onaverage equity was 11.28 percent.

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 third quarter of 2017, following record net income in each of the years 2012, 2013, 2014, 2015 and 2016. Given that the economy in the Great Central Valley and San Francisco Bay Area continues to strengthen, we have a positive outlook for the remainder of 2017.”