Feb. 06--Kent A. Steinwert, chairman, president and CEO of Farmers & Merchants Bancorp, announced in a press release that the company earned a record net income of $24,061,000 for the year ending Dec. 31, 2013. Basic earnings per common share were $30.93.
Total assets at year-end were $2.08 billion, up 5.1 percent over the prior year. Total loans and leases grew $141.3 million. Total deposits grew 5 percent with low cost checking account balances growing $66.4 million. Savings and money market accounts also grew $48.0 million for the year.
The company's total risk-based capital ratio was 14 percent on Dec. 31, resulting in the highest possible regulatory classification of "well capitalized."
"Despite continuing pressures on the industry's net interest margin, we are very pleased with the company's 2013 return on average assets of 1.21 percent, which compared favorably to other banks in our geographic region. Farmers & Merchants Bancorp continues to maintain its position as one of the best performing banks in California," Steinwert said.
Farmers & Merchants Bancorp is the parent of Farmers & Merchants Bank of Central California, also known as F&M Bank.
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