Farmers & Merchants Bank of Long Beach posted second-quarter net income of $35.5 million, up 155.92%, with diluted EPS at $256.32.
Net interest income before provision rose 19.58% to $80.1 million; net interest margin widened 39 basis points to 2.81%.
Provision swung to a $3.3 million recapture; non-interest income more than doubled to $18.9 million, while non-interest expense increased 11.93% to $55.3 million.
Gross loans climbed to $6.65 billion at June 30 from $6.08 billion at Dec. 31, while deposits edged down to $8.76 billion from $8.95 billion.
Management cited a steady Federal Reserve rate backdrop supporting margin expansion, with continued focus on credit quality and thoughtful loan growth.
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