F&M reports record income
Lodi-based Farmers & Merchants Bank on Tuesday announced record net income for the first quarter ended March 31.
The bank reported net income of $14.1 million, or $17.80 per share, a 4.2% increase from net income of $13.5 million earned in the first quarter of 2019. Net interest income for the quarter was $35.4 million, up 3.6% from $34.2 million in the same quarter in 2019.
F&M’s total assets at quarter-end were $3.7 billion, up 9.6% from the first quarter of 2019. Total loans and leases outstanding reached $2.7 billion, an increase of 4.1%, and total deposits of $3.3 billion increased 8.2%.
“The board and senior management team are pleased with our first quarter 2020 results,” said Kent Steinwert, F&M chairman, resident and CEO. “Our strong operating metrics and continued strong credit quality, when combined with adequate levels of loan loss reserves, allowed us to report stronger financial results in the quarter compared to many banks that needed to record significant loan loss provisions to reserve for the risks of COVID-19. However, we all realize that the real challenges lie ahead as our industry and country deal with the health and economic setbacks caused by the COVID-19 pandemic.”
Designated as an essential business, F&M has kept all branches open and maintained regular business hours during the pandemic.
Grupe Real Estate merges with RE/MAX
Grupe Real Estate announced on Tuesday that it has merged with RE/MAX Gold.
Grupe Realtors was formed in 1973 by Fritz Grupe and in 1994 Fritz and Jerry Abbott of Coldwell Banker-Abbott & Associates created Grupe Real Estate by combining the two local companies. The Grupe name has made its mark both in real estate sales and real estate development. The Grupe Company has created 10 master-planned communities and more than 50,000 homes in 35 communities across the nation.
“RE/MAX Gold and Grupe Real Estate are joining forces in San Joaquin County and I could not be more excited,” RE/MAX CEO James O’Bryon said. “As a Stockton native, I have admired the Grupe name and organization for my entire life. Together we serve more home buyers and sellers in California than any other independently owner brokerage.
With the merger, RE/MAX adds four offices, bringing its total to 91 locations served by over 1,870 agents in 26 counties.
“We are so happy to partner with RE/MAX Gold,” said Abbott, CEO of Grupe Real Estate. “Our cultures are very similar, especially our desire to be the number one company in the market we serve. With this partnership we will have over 200 real estate agents and be able to expand.”