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FMCB - Farmers & Merchants Bancorp: The Book Value Should Increase By $60/Share Per Year
Farmers & Merchants Bancorp
FMCB is active in California and has done an exemplary job in keeping its earnings profile relatively stable.
The total amount earmarked for loan loss provisions remains exceptionally low as the total amount of loans past due is just a fraction of the existing provisions.
The dividend is low but as less than 20% of the earnings are used to cover the dividend, FMCB is retaining most of its earnings on its balance sheet.