Release Details

Farmers & Merchants Bancorp, Inc. Reports 2020 Second-Quarter and Year-to-Date Financial Results

July 22, 2020
Strong Operating Performance Supports Communities, while Driving Loan and Deposit Growth

ARCHBOLD, Ohio, July 22, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2020 second quarter and year-to-date June 30, 2020.

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 and Oxford, 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 June 15, 2020, all F&M offices reopened to provide customers with full lobby access, while operating with new safety procedures to do our part in limiting the spread of the coronavirus,” stated Lars B. Eller, President and Chief Executive Officer.

“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 $32.5 million of payment deferrals and $124.0 million of loans have entered into interest-only modifications as of June 30, 2020. Combined deferrals and interest-only modifications represent only 11.7% of our net total loans at the end of the second quarter. F&M has no exposure to the energy sector, while our exposure to industries most likely impacted by the pandemic remains limited. Loans in the restaurant, hospitality (hotel) and entertainment industries represent 8.63% of our total loan portfolio at June 30, 2020. In addition, our total past due balance remains low and was $6.2 million, or 0.46% of net total loans at June 30, 2020.”

Mr. Eller continued, “Through our Paycheck Protection Program efforts, 947 loans to small business customers have been approved by the Small Business Administration for total consideration of nearly $87 million. The success of this program has helped F&M provide the necessary financial resources to many small business customers who employ over 12,400 people. I am extremely grateful to all our employees for their hard work and dedication as we support our local communities through the COVID-19 crisis.”

Income Statement
Net income for the 2020 second quarter ended June 30, 2020, was $4.8 million, compared to $6.2 million for the same period last year. Net income for the 2019 second quarter included $31,000 of one-time acquisition related expenses and a $1.4 million tax-adjusted benefit from recoveries. Net income per basic and diluted share for the 2020 second quarter was $0.43, compared to $0.56 for the same period last year. One-time acquisition related expenses had no impact on earnings per basic and diluted share for the 2019 second quarter, while the benefit from recoveries enhanced earnings per basic and diluted share by $0.14 for the 2019 second quarter.

Net income for the 2020 first half ended June 30, 2020, was $8.9 million, compared to $9.4 million for the same period last year. Net income for the 2019 first half included $1.2 million of one-time acquisition related expenses and a $1.4 million tax-adjusted benefit from recoveries. Net income per basic and diluted share for the 2020 first half was $0.80, compared to $0.85 for the same period last year. 2019 first half earnings included $0.09 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries.

Mr. Eller continued, “We are working hard to diversify our sources of income, while controlling expenses and reducing our cost of funds to help offset the March 2020 Federal Reserve emergency rate cuts. Noninterest income increased 11.6% to $3.3 million in the second quarter, the highest quarterly amount in nearly eight years, primarily due to higher home loans originated during the quarter. Our cost of interest-bearing liabilities was 0.91% for the 2020 second quarter, a 49-basis point reduction from 1.40% at December 31, 2019. Meanwhile, we continue to control expenses and our efficiency ratio for the six months ended June 30, 2020 was 60.43%, compared to 64.09% for the same period last year.”

Deposits
At June 30, 2020, total deposits were $1.477 billion, an increase of 18.9% from June 30, 2019. The significant organic deposit growth being experienced is a result of continued strength in expanding relationships with new and existing customers, and the benefits of PPP activity. In addition, we continue to see growing customer preferences to more stable and secure saving instruments as deposits have increased since the COVID-19 crisis began.

Loan Portfolio and Asset Quality
Total loans, net at June 30, 2020, increased 23.1% or by $250.3 million to $1.335 billion, compared to $1.084 billion at June 30, 2019, and up 10.2% from $1.212 billion at December 31, 2019. The year-over-year improvement resulted primarily from the contribution of strong organic loan growth and $87.0 million of PPP loans originated during the 2020 second quarter.

Mr. Eller continued, “We continue preparing for a potential economic downturn in the future and have stress tested nearly all the loans in our portfolio. In addition, for the 2020 six-months ended June 30, 2020, our provision for loan losses was $2.8 million higher than the same period last year as we proactively increased the allowance for loan and lease losses. While we increase our reserves, our asset quality remains strong and is in line with pre-crisis levels. This is a testament to our strong leadership team and long history of prudent credit practices. We remain conservative in our approach to risk and disciplined in pricing, which combined with F&M’s financial position and capital levels, provide us with the right resources and platform to navigate this challenging period.”

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 Shalini Singhal as our new Chief Information Officer. Shalini is a proven CIO who will lead our digital efforts, and I am excited by the motivated and experienced leadership team we are assembling. In addition, we opened two new loan production offices in Muncie, IN and Oxford, OH, and broke ground on a new full-service office in Ft. Wayne.”

“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 Mr. Eller.

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 7.3% to $240.3 million at June 30, 2020, from $224.0 million at June 30, 2019. At June 30, 2020, the company had a Tier 1 leverage ratio of 10.70%, compared to 11.77% at June 30, 2019.

Tangible stockholders’ equity increased to $181.7 million at June 30, 2020, compared to $172.0 million at June 30, 2019. On a per share basis, tangible stockholders’ equity at June 30, 2020, was $16.33 per share, compared to $15.49 per share at June 30, 2019.

For the six months ended June 30, 2020, the Company has declared cash dividends of $0.32 per share, which is a 6.7% increase over the 2019 six month declared dividend payment. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over 20 consecutive years. For the six months ended June 30, 2020, the dividend payout ratio was 39.69% compared to 32.26% for the same period last year.

About Farmers & Merchants State Bank
The Farmers & Merchants State Bank is a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, and Steuben counties.

Safe harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Non-GAAP Financial Measures 
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.


 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)
 
      Three Months Ended   Six Months Ended
      June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2019   June 30, 2019     June 30, 2020   June 30, 2019
Interest Income                                
Loans, including fees     $ 16,192     $ 15,883     $ 15,608     $ 15,202   $ 16,723     $ 32,075     $ 31,403  
Debt securities:                                
U.S. Treasury and government agencies       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  
FDIC assessment       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  
                                                         


 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(Unaudited) (in thousands of dollars, except share data)  
   
      June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2019   June 30, 2019    
      (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      
 Goodwill     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      
 Federal Home Loan Bank (FHLB) advances     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 6/30/20 and 12/31/19     82,134       81,844       81,535       81,264       81,955      
Treasury stock - 1,100,975 shares 6/30/20, 1,093,065 shares 12/31/19   (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      
                                               


 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES  
SELECT FINANCIAL DATA  
                                             
          For the Three Months Ended   For the Six Months Ended  
Selected financial data   June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2019   June 30, 2019     June 30, 2020     June 30, 2019  
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   June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2019   June 30, 2019              
(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   June 30, 2020   March 31, 2020   December 31, 2019   September 30, 2019   June 30, 2019              
(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)              
                                             


 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES  
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES  
(in thousands of dollars, except percentages)  
                       
                           
    For the Three Months Ended   For the Three Months Ended  
    June 30, 2020   June 30, 2019  
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 %  
Taxable Investment Securities     189,977     931   1.96 %     169,776     933   2.20 %  
Tax-exempt Investment Securities     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 %  
Fed Funds Purchased & Securities                          
  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  
    June 30, 2020   June 30, 2019  
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 %  
Taxable Investment Securities     190,067     2,252   2.37 %     160,830     1,775   2.21 %  
Tax-exempt Investment Securities     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 %  
Fed Funds Purchased & Securities                          
  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:
Lars B. Eller Andrew M. Berger
President and Chief Executive Officer Managing Director
Farmers & Merchants Bancorp, Inc. SM Berger & Company, Inc.
(419) 446-2501 (216) 464-6400
leller@fm.bank andrew@smberger.com
 

F&M-bancorp-logo-blue.jpg

 

Source: Farmers & Merchants Bancorp, Inc.