Farmers & Merchants Bancorp, Inc. Reports 2020 Second-Quarter and Year-to-Date Financial Results
2020 Second Quarter Financial and Operating Highlights Include (on a year-over-year basis unless noted):
- Net income was
$4.8 million , and included a$1.4 million increase in the provision for loan losses as a result of the COVID-19 crisis - Noninterest income increased 11.6% to
$3.3 million - Strong organic growth drove a 23.1% increase in net total loans and a 18.9% increase in total deposits
- Approved 947 PPP applications for
$87.0 million during the second quarter - Year-to-date, net charge-offs to average loans was 0.02%, compared to 0.02% for the same period last year
- Return on average assets was 1.10%, compared to 1.63% for the same period last year (last year’s second quarter included a one-time
$1.4 million tax adjusted recovery benefit) - F&M remains well capitalized under regulatory guidelines with a Tier 1 capital to average assets of 10.70%
- F&M continues investing in its strategic growth plan and, during the quarter, added new leadership talent and opened two new loan production offices in
Muncie, IN andOxford, OH
“Through the course of the COVID-19 pandemic, the health and safety of our customers, employees and communities has remained our highest priority. On
“F&M is dedicated to helping our communities through supportive financial relief programs. The high level of interest-only modifications compared to payment deferrals is encouraging and demonstrates the strong asset quality and lending relationships we had prior to the crisis. Specifically, we have only received
Income Statement
Net income for the 2020 second quarter ended
Net income for the 2020 first half ended
Deposits
At
Loan Portfolio and Asset Quality
Total loans, net at
Focused on Operational Excellence
“Across our organization we are focused on operational excellence aimed at responding to the current economic environment, while pursuing our long-term strategic growth initiatives. During the second quarter, we accelerated investments in our digital infrastructure to support our employee’s ability to work from home and to make it easier for our customers to engage with the bank electronically. We also recently hired
“The COVID-19 pandemic continues to have an unprecedented impact on the country and our thoughts go out to anyone who has been impacted by the virus. At F&M we remain committed to building strong relationships with our communities and helping our customers navigate the challenges associated with the COVID-19 crisis. We are all in this together and F&M is focused on providing support for you and us,” concluded
Stockholders’ Equity and Dividends
Total stockholders’ equity increased 7.3% to
Tangible stockholders’ equity increased to
For the six months ended
About
Safe harbor statement
Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME | ||||||||||||||||||||||||||||
(Unaudited) (in thousands of dollars, except per share data) | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||||
Loans, including fees | $ | 16,192 | $ | 15,883 | $ | 15,608 | $ | 15,202 | $ | 16,723 | $ | 32,075 | $ | 31,403 | ||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||
767 | 1,146 | 840 | 972 | 816 | 1,913 | 1,529 | ||||||||||||||||||||||
Municipalities | 243 | 262 | 225 | 190 | 211 | 505 | 422 | |||||||||||||||||||||
Dividends | 26 | 45 | 60 | 69 | 76 | 71 | 164 | |||||||||||||||||||||
Federal funds sold | 5 | 6 | 97 | 120 | 162 | 11 | 199 | |||||||||||||||||||||
Other. | 40 | 122 | 319 | 459 | 295 | 162 | 428 | |||||||||||||||||||||
Total interest income | 17,273 | 17,464 | 17,149 | 17,012 | 18,283 | 34,737 | 34,145 | |||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||||
Deposits | 2,254 | 2,901 | 3,336 | 3,654 | 3,339 | 5,155 | 5,952 | |||||||||||||||||||||
Federal funds purchased and securities sold | ||||||||||||||||||||||||||||
under agreements to repurchase | 187 | 244 | 207 | 201 | 141 | 431 | 326 | |||||||||||||||||||||
Borrowed funds | 257 | 266 | 270 | 257 | 269 | 523 | 556 | |||||||||||||||||||||
Total interest expense | 2,698 | 3,411 | 3,813 | 4,112 | 3,749 | 6,109 | 6,834 | |||||||||||||||||||||
Net Interest Income - Before Provision for Loan Losses | 14,575 | 14,053 | 13,336 | 12,900 | 14,534 | 28,628 | 27,311 | |||||||||||||||||||||
Provision for Loan Losses | 1,569 | 1,430 | 728 | 247 | 133 | 2,999 | 163 | |||||||||||||||||||||
Net Interest Income After Provision For Loan Losses | 13,006 | 12,623 | 12,608 | 12,653 | 14,401 | 25,629 | 27,148 | |||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||||||
Customer service fees | 2,258 | 1,586 | 1,732 | 1,722 | 1,694 | 3,844 | 3,272 | |||||||||||||||||||||
Other service charges and fees | 704 | 1,039 | 1,132 | 1,179 | 1,091 | 1,743 | 2,132 | |||||||||||||||||||||
Net gain on sale of loans | 364 | 227 | 119 | 260 | 196 | 591 | 298 | |||||||||||||||||||||
Net gain (loss) on sale of available-for-sale securities | - | 270 | - | - | - | 270 | (26 | ) | ||||||||||||||||||||
Total noninterest income | 3,326 | 3,122 | 2,983 | 3,161 | 2,981 | 6,448 | 5,676 | |||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||||||
Salaries and wages | 4,043 | 4,223 | 4,029 | 4,158 | 3,830 | 8,266 | 8,142 | |||||||||||||||||||||
Employee benefits | 1,218 | 1,677 | 1,410 | 1,331 | 1,223 | 2,895 | 2,817 | |||||||||||||||||||||
Net occupancy expense | 564 | 564 | 406 | 630 | 614 | 1,128 | 1,281 | |||||||||||||||||||||
Furniture and equipment | 750 | 758 | 596 | 720 | 763 | 1,508 | 1,459 | |||||||||||||||||||||
Data processing | 408 | 442 | 396 | 482 | 376 | 850 | 1,675 | |||||||||||||||||||||
Franchise taxes | 369 | 368 | 246 | 248 | 229 | 737 | 487 | |||||||||||||||||||||
ATM expense | 376 | 414 | 434 | 416 | 418 | 790 | 865 | |||||||||||||||||||||
Advertising | 265 | 303 | 340 | 587 | 382 | 568 | 642 | |||||||||||||||||||||
Net (gain) loss on sale of other assets owned | (7 | ) | 1 | 16 | 22 | 28 | (6 | ) | 43 | |||||||||||||||||||
144 | 72 | (11 | ) | - | 98 | 216 | 194 | |||||||||||||||||||||
Mortgage servicing rights amortization | 356 | 132 | 158 | 149 | 105 | 488 | 180 | |||||||||||||||||||||
Consulting fees | 217 | 139 | 264 | 196 | 95 | 356 | 208 | |||||||||||||||||||||
Other general and administrative | 1,691 | 1,602 | 1,482 | 1,667 | 1,551 | 3,293 | 3,230 | |||||||||||||||||||||
Total noninterest expense | 10,394 | 10,695 | 9,766 | 10,606 | 9,712 | 21,089 | 21,223 | |||||||||||||||||||||
Income Before Income Taxes | 5,938 | 5,050 | 5,825 | 5,208 | 7,670 | 10,988 | 11,601 | |||||||||||||||||||||
Income Taxes | 1,134 | 945 | 1,102 | 933 | 1,490 | 2,079 | 2,197 | |||||||||||||||||||||
Net Income | 4,804 | 4,105 | 4,723 | 4,275 | 6,180 | 8,909 | 9,404 | |||||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax): | ||||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 661 | 4,998 | (472 | ) | 841 | 3,061 | 5,659 | 4,810 | ||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on sale of available-for-sale securities | - | (270 | ) | - | - | - | (270 | ) | 26 | |||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 661 | 4,728 | (472 | ) | 841 | 3,061 | 5,389 | 4,836 | ||||||||||||||||||||
Tax expense (benefit) | 139 | 993 | (99 | ) | 176 | 643 | 1,132 | 1,016 | ||||||||||||||||||||
Other comprehensive income (loss) | 522 | 3,735 | (373 | ) | 665 | 2,418 | 4,257 | 3,820 | ||||||||||||||||||||
Comprehensive Income | $ | 5,326 | $ | 7,840 | $ | 4,350 | $ | 4,940 | $ | 8,598 | $ | 13,166 | $ | 13,224 | ||||||||||||||
Basic and Diluted Earnings Per Share | $ | 0.43 | $ | 0.37 | $ | 0.43 | $ | 0.38 | $ | 0.56 | $ | 0.80 | $ | 0.85 | ||||||||||||||
Dividends Declared | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.15 | $ | 0.32 | $ | 0.30 | ||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||
(Unaudited) (in thousands of dollars, except share data) | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 54,336 | $ | 49,844 | $ | 50,137 | $ | 103,188 | $ | 108,085 | |||||||||||||
Federal funds sold | 31,105 | 40,993 | 1,159 | 11,404 | 15,193 | ||||||||||||||||||
Total cash and cash equivalents | 85,441 | 90,837 | 51,296 | 114,592 | 123,278 | ||||||||||||||||||
Interest-bearing time deposits | 4,636 | 4,869 | 4,309 | 4,554 | 4,509 | ||||||||||||||||||
Securities - available-for-sale | 236,292 | 204,121 | 222,293 | 190,465 | 204,415 | ||||||||||||||||||
Other securities, at cost | 5,810 | 5,810 | 5,810 | 5,789 | 5,789 | ||||||||||||||||||
Loans held for sale | 11,445 | 2,153 | 4,248 | 606 | 1,909 | ||||||||||||||||||
Loans, net | 1,334,790 | 1,239,108 | 1,211,771 | 1,151,937 | 1,084,448 | ||||||||||||||||||
Premises and equipment | 26,049 | 26,120 | 26,351 | 25,990 | 26,013 | ||||||||||||||||||
|
47,340 | 47,340 | 47,340 | 47,340 | 47,340 | ||||||||||||||||||
Mortgage servicing rights | 2,740 | 2,672 | 2,629 | 2,556 | 2,465 | ||||||||||||||||||
Other real estate owned | 135 | 185 | 214 | 351 | 329 | ||||||||||||||||||
Bank owned life insurance | 15,399 | 15,313 | 15,235 | 15,151 | 15,050 | ||||||||||||||||||
Other assets | 14,370 | 16,597 | 15,834 | 15,549 | 15,002 | ||||||||||||||||||
Total Assets | $ | 1,784,447 | $ | 1,655,125 | $ | 1,607,330 | $ | 1,574,880 | $ | 1,530,547 | |||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Noninterest-bearing | $ | 336,027 | $ | 261,786 | $ | 265,156 | $ | 261,719 | $ | 242,510 | |||||||||||||
Interest-bearing | |||||||||||||||||||||||
NOW accounts | 504,846 | 463,734 | 423,655 | 430,646 | 430,505 | ||||||||||||||||||
Savings | 374,871 | 341,256 | 322,973 | 310,667 | 293,179 | ||||||||||||||||||
Time | 261,631 | 281,931 | 276,563 | 274,996 | 276,153 | ||||||||||||||||||
Total deposits | 1,477,375 | 1,348,707 | 1,288,347 | 1,278,028 | 1,242,347 | ||||||||||||||||||
Federal Funds Purchased and | |||||||||||||||||||||||
securities sold under agreements to repurchase | 30,949 | 30,585 | 48,073 | 30,056 | 27,102 | ||||||||||||||||||
|
19,087 | 24,788 | 24,806 | 24,669 | 24,532 | ||||||||||||||||||
Dividend payable | 1,768 | 1,768 | 1,768 | 1,657 | 1,654 | ||||||||||||||||||
Accrued expenses and other liabilities | 14,971 | 12,820 | 14,078 | 13,062 | 10,865 | ||||||||||||||||||
Total liabilities | 1,544,150 | 1,418,668 | 1,377,072 | 1,347,472 | 1,306,500 | ||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||
Common stock - No par value 20,000,000 shares authorized; issued | |||||||||||||||||||||||
and outstanding 12,230,000 shares |
82,134 | 81,844 | 81,535 | 81,264 | 81,955 | ||||||||||||||||||
(12,668 | ) | (12,636 | ) | (12,456 | ) | (12,453 | ) | (12,707 | ) | ||||||||||||||
Retained earnings | 165,476 | 162,416 | 160,081 | 157,126 | 153,993 | ||||||||||||||||||
Accumulated other comprehensive income | 5,355 | 4,833 | 1,098 | 1,471 | 806 | ||||||||||||||||||
Total stockholders' equity | 240,297 | 236,457 | 230,258 | 227,408 | 224,047 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,784,447 | $ | 1,655,125 | $ | 1,607,330 | $ | 1,574,880 | $ | 1,530,547 | |||||||||||||
SELECT FINANCIAL DATA | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||
Selected financial data | |||||||||||||||||||||||||||||
Return on average assets | 1.10 | % | 1.02 | % | 1.18 | % | 1.10 | % | 1.63 | % | 1.06 | % | 1.32 | % | |||||||||||||||
Return on average equity | 8.07 | % | 7.06 | % | 8.26 | % | 7.54 | % | 11.21 | % | 7.57 | % | 8.63 | % | |||||||||||||||
Yield on earning assets | 4.25 | % | 4.66 | % | 4.63 | % | 4.74 | % | 5.25 | % | 4.44 | % | 5.03 | % | |||||||||||||||
Cost of interest bearing liabilities | 0.91 | % | 1.22 | % | 1.40 | % | 1.55 | % | 1.45 | % | 1.06 | % | 1.36 | % | |||||||||||||||
Net interest spread | 3.34 | % | 3.44 | % | 3.23 | % | 3.19 | % | 3.80 | % | 3.38 | % | 3.57 | % | |||||||||||||||
Net interest margin | 3.59 | % | 3.75 | % | 3.60 | % | 3.60 | % | 4.18 | % | 3.67 | % | 3.78 | % | |||||||||||||||
Efficiency | 57.91 | % | 63.09 | % | 63.67 | % | 65.86 | % | 56.00 | % | 60.43 | % | 64.09 | % | |||||||||||||||
Dividend payout ratio | 36.80 | % | 43.07 | % | 43.34 | % | 38.67 | % | 26.78 | % | 39.69 | % | 32.26 | % | |||||||||||||||
Tangible book value per share (1) | $ | 16.33 | $ | 16.26 | $ | 16.01 | $ | 15.68 | $ | 15.49 | |||||||||||||||||||
Tier 1 capital to average assets | 10.70 | % | 11.56 | % | 11.52 | % | 11.45 | % | 11.77 | % | |||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Commercial real estate | $ | 589,382 | $ | 570,217 | $ | 551,309 | $ | 502,137 | $ | 443,257 | |||||||||||||||||||
Agricultural real estate | 194,606 | 194,383 | 199,105 | 200,791 | 193,768 | ||||||||||||||||||||||||
Consumer real estate | 174,069 | 174,731 | 165,349 | 159,074 | 159,540 | ||||||||||||||||||||||||
Commercial and industrial | 223,842 | 143,261 | 135,631 | 130,150 | 125,609 | ||||||||||||||||||||||||
Agricultural | 107,458 | 109,584 | 111,820 | 110,270 | 113,755 | ||||||||||||||||||||||||
Consumer | 50,108 | 49,022 | 49,237 | 49,552 | 48,952 | ||||||||||||||||||||||||
Other | 9,714 | 8,336 | 8,314 | 8,167 | 7,341 | ||||||||||||||||||||||||
Less: Net deferred loan fees and costs | (4,456 | ) | (1,893 | ) | (1,766 | ) | (1,445 | ) | (1,091 | ) | |||||||||||||||||||
Total loans,net | $ | 1,344,723 | $ | 1,247,641 | $ | 1,218,999 | $ | 1,158,696 | $ | 1,091,131 | |||||||||||||||||||
Asset quality data | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans | $ | 8,473 | $ | 3,344 | $ | 3,400 | $ | 3,275 | $ | 1,328 | |||||||||||||||||||
Troubled debt restructuring | $ | 7,034 | $ | 1,934 | $ | 956 | $ | 1,051 | $ | 981 | |||||||||||||||||||
90 day past due and accruing | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Nonperforming loans | $ | 8,473 | $ | 3,344 | $ | 3,400 | $ | 3,275 | $ | 1,328 | |||||||||||||||||||
Other real estate owned | $ | 135 | $ | 185 | $ | 214 | $ | 351 | $ | 329 | |||||||||||||||||||
Nonperforming assets | $ | 8,608 | $ | 3,529 | $ | 3,614 | $ | 3,626 | $ | 1,657 | |||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 10,538 | $ | 8,533 | $ | 7,228 | $ | 6,759 | $ | 6,964 | |||||||||||||||||||
Allowance for loan and lease losses/total loans | 0.78% | 0.68% | 0.59% | 0.58% | 0.64% | ||||||||||||||||||||||||
Net charge-offs: | |||||||||||||||||||||||||||||
Quarter-to-date | $ | 169 | $ | 125 | $ | 295 | $ | 171 | $ | 86 | |||||||||||||||||||
Year-to-date | $ | 294 | $ | 125 | $ | 685 | $ | 426 | $ | 255 | |||||||||||||||||||
Net charge-offs to average loans | |||||||||||||||||||||||||||||
Quarter-to-date | 0.01% | 0.01% | 0.03% | 0.02% | 0.01% | ||||||||||||||||||||||||
Year-to-date | 0.02% | 0.01% | 0.06% | 0.04% | 0.02% | ||||||||||||||||||||||||
Nonperforming loans/total loans | 0.63% | 0.27% | 0.28% | 0.28% | 0.12% | ||||||||||||||||||||||||
Allowance for loan and lease losses/nonperforming loans | 117.24% | 256.66% | 187.17% | 173.25% | 375.51% | ||||||||||||||||||||||||
(1) Tangible Equity = Stockholder Equity less goodwill and other intangibles (core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities) | |||||||||||||||||||||||||||||
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES | |||||||||||||||||||
(in thousands of dollars, except percentages) | |||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||
Interest Earning Assets: | Average Balance | Interest/Dividends | Annualized Yield/Rate |
Average Balance | Interest/Dividends | Annualized Yield/Rate |
|||||||||||||
Loans | $ | 1,321,405 | $ | 16,192 | 4.90 | % | $ | 1,107,271 | $ | 16,723 | 6.04 | % | |||||||
189,977 | 931 | 1.96 | % | 169,776 | 933 | 2.20 | % | ||||||||||||
21,915 | 105 | 2.43 | % | 33,622 | 170 | 2.56 | % | ||||||||||||
Fed Funds Sold & Other | 93,041 | 45 | 0.19 | % | 87,248 | 457 | 2.10 | % | |||||||||||
Total Interest Earning Assets | 1,626,338 | $ | 17,273 | 4.25 | % | 1,397,917 | $ | 18,283 | 5.25 | % | |||||||||
Nonearning Assets | 125,730 | 115,082 | |||||||||||||||||
Total Assets | $ | 1,752,068 | $ | 1,512,999 | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||
Savings Deposits | $ | 859,644 | $ | 954 | 0.44 | % | 718,731 | 2,006 | 1.12 | % | |||||||||
Other Time Deposits | 269,897 | 1,300 | 1.93 | % | 265,113 | 1,333 | 2.01 | % | |||||||||||
Other Borrowed Money | 23,496 | 257 | 4.38 | % | 24,668 | 269 | 4.36 | % | |||||||||||
Sold under Agreement to Repurch. | 30,300 | 187 | 2.47 | % | 26,231 | 141 | 2.15 | % | |||||||||||
Total Interest Bearing Liabilities | $ | 1,183,337 | $ | 2,698 | 0.91 | % | $ | 1,034,743 | $ | 3,749 | 1.45 | % | |||||||
Noninterest bearing Liabilities | 330,611 | 257,765 | |||||||||||||||||
Stockholders Equity | $ | 238,120 | $ | 220,491 | |||||||||||||||
Net Interest Income and interest rate spread | $ | 14,575 | 3.34 | % | $ | 14,534 | 3.80 | % | |||||||||||
Net Interest Margin | 3.59 | % | 4.17 | % | |||||||||||||||
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts | |||||||||||||||||||
For the Six Months Ended | For the Six Months Ended | ||||||||||||||||||
Interest Earning Assets: | Average Balance | Interest/Dividends | Annualized | Average Balance | Interest/Dividends | Annualized | |||||||||||||
Loans | $ | 1,279,127 | $ | 32,075 | 5.02 | % | $ | 1,107,649 | $ | 31,403 | 5.67 | % | |||||||
190,067 | 2,252 | 2.37 | % | 160,830 | 1,775 | 2.21 | % | ||||||||||||
25,374 | 237 | 2.36 | % | 34,067 | 340 | 2.53 | % | ||||||||||||
Fed Funds Sold & Other | 71,927 | 173 | 0.48 | % | 59,526 | 627 | 2.11 | % | |||||||||||
Total Interest Earning Assets | 1,566,495 | $ | 34,737 | 4.44 | % | 1,362,072 | $ | 34,145 | 5.03 | % | |||||||||
Nonearning Assets | 117,818 | 59,609 | |||||||||||||||||
Total Assets | $ | 1,684,313 | $ | 1,421,681 | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||
Savings Deposits | $ | 816,610 | $ | 2,439 | 0.60 | % | 695,302 | 3,533 | 1.02 | % | |||||||||
Other Time Deposits | 273,738 | 2,716 | 1.98 | % | 253,991 | 2,419 | 1.90 | % | |||||||||||
Other Borrowed Money | 24,141 | 523 | 4.33 | % | 26,424 | 556 | 4.21 | % | |||||||||||
Sold under Agreement to Repurch. | 34,627 | 431 | 2.49 | % | 30,012 | 326 | 2.17 | % | |||||||||||
Total Interest Bearing Liabilities | $ | 1,149,116 | $ | 6,109 | 1.06 | % | $ | 1,005,729 | 6,834 | 1.36 | % | ||||||||
Noninterest bearing Liabilities | 299,859 | 198,042 | |||||||||||||||||
Stockholders Equity | $ | 235,338 | $ | 217,910 | |||||||||||||||
Net Interest Income and interest rate spread | $ | 28,628 | 3.38 | % | $ | 27,311 | 3.67 | % | |||||||||||
Net Interest Margin | 3.67 | % | 4.03 | % | |||||||||||||||
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts | |||||||||||||||||||
Company Contact: | Investor and Media Contact: |
President and Chief Executive Officer | Managing Director |
(419) 446-2501 | (216) 464-6400 |
leller@fm.bank | andrew@smberger.com |
Source: Farmers & Merchants Bancorp, Inc.