Profit at Farmers & Merchants Bank of Long Beach in California improved in the third quarter, due to loan growth and increased securities income.
Net income at the $6.6 billion-asset bank rose 10% to $17.8 million from a year earlier. Earnings per share rose 10% to $135.90.
Net interest income rose 8% to $53 million on improved income from loans and investment securities. F&M Bank did not record a loan-loss provision.
Noninterest income rose 6% to $6.5 million on higher merchant bankcard income.
Noninterest expense rose 4% to $33 million on higher costs for professional and legal services.
