Farmers & Merchants Bank of Long Beach

FMBL

Banks - Regional · Financial Services

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Bank Quality

Mixed

Growth

Exceptional

Capital Strength

Exceptional

Asset Quality

Exceptional

Valuation

Good

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Winston Score History

The full picture

Farmers & Merchants Bank of Long Beach is a community bank based in Southern California that has been operating since 1907. It offers everyday banking services like checking and savings accounts, loans, and business banking to individuals and small businesses in the Los Angeles area. The bank is one of the oldest and most established independent community banks in California and is known for being privately controlled by the Van Vleck family for generations.

The bank makes money the traditional way — it takes in deposits and lends that money out at higher interest rates, earning the difference. It operates a relatively small branch network concentrated in Southern California, giving it a focused but geographically limited footprint. Its main competitive advantage is its long history, conservative lending culture, and loyal local customer base, though its small size and regional concentration also represent its biggest risk if the Southern California economy weakens or larger banks compete more aggressively for the same customers.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+158.4% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$11.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Farmers & Merchants Bank of Long Beach is a rare growth stock that's already generating positive cash flow while growing at 22%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Return on owners' money

Return on Equity

5.5%

no trend

Weak — 5.5% return on equity

Standard mid-range return on equity. Acceptable.

Profit on lending

Net Interest Margin

2.71%

no trend

Modest — 2.71% net interest margin

Cost of running the bank

Efficiency Ratio

63.7%

no trend

Average — 63.7% efficiency ratio

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Growth

Sales growth

Sales YoY

+22.3%

Fast-growing sales (+22.3% YoY)

Profit growth

EPS YoY

+95.8%

Earnings growing fast (+95.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Capital Strength

Safety cushion

Capital Ratio

18.2%

no trend

Fortress balance sheet — 18.2% CET1

A strong capital cushion. This bank is well padded against a bad year.

Asset Quality

Loans not being repaid

Non-Performing Loans

0.14%

no trend

Clean loan book — 0.14% non-performing

Under half a percent of loans are going bad. A very clean loan book.

Loans written off

Net Charge-Offs

-0.00%

no trend

Minimal losses — -0.00% net charge-offs

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Valuation

Price vs profit

P/E Ratio (TTM)

12.5x

no trend

Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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