Farmers & Merchants Bancorp, Inc. Reports 2020 Third-Quarter and Year-to-Date Financial Results
2020 Third Quarter Financial Highlights Include (on a year-over-year basis unless noted):
- Net interest income after provision for loan losses increased 3.0% to
$13.0 million , which included a$1.7 million increase in the provision for loan losses as a result of the COVID-19 crisis - Noninterest income increased 49.2% to
$4.7 million , primarily due to strong residential mortgage demand - Efficiency ratio improved 375 basis points to 62.11%
- Strong organic growth drove a 17.7% increase in net total loans and an 18.8% increase in total deposits
- Asset quality remains strong and nonperforming loans to total loans was 0.58% compared to 0.28%
- Year-to-date, net charge-offs to average loans was 0.03%, compared to 0.04% for the same period last year
- The balance of interest only and full deferrals was
$8.5 million atSeptember 30, 2020 , a 94.6% decline from$156.6 million atJune 30, 2020 - F&M remains well capitalized under regulatory guidelines with a Tier 1 capital to average assets of 10.65%
- Quarterly cash dividend increased 13.3% to
$0.17 per share, reflecting F&M’s commitment to create long-term value for shareholders - F&M donated over
$36,000 to local organizations during the third quarter, a 100% increase from the same quarter last year - New loan production offices in
Muncie, IN andOxford, OH contributing to loan growth - New loan production office in
West Bloomfield, MI and new full-service office inFort Wayne expected to open in fourth quarter
“Momentum in our business remains strong and I am extremely proud of the high level of service and dedication our employees continue to provide our customers and communities,” stated
Income Statement
Net income for the 2020 third quarter ended
Deposits
At
Loan Portfolio and Asset Quality
Total loans, net at
F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. The Bank initially had loans of
The Company’s management team has evaluated its exposure to increased loan losses related to the COVID-19 pandemic and has identified the following industry segments most impacted by the pandemic as of
Industry Segments (Dollars in Thousands) |
Outstanding Loan Balance |
Percent of Total Loan Portfolio |
Payment Deferment |
Percent of Total Loans Adjusted with Deferment |
Interest Only Modifications |
Percent of Total Loans Adjusted with Interest Only |
||||||||||||||||||
Hospitality (Hotels) | $ | 74,426 | 5.44 | % | $ | - | 0.00 | % | $ | 1,679 | 26.19 | % | ||||||||||||
Restaurants | 21,726 | 1.59 | % | - | 0.00 | % | 2,000 | 31.20 | % | |||||||||||||||
Retail Commercial Real Estate * |
101,783 | 7.44 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||
Entertainment | 24,568 | 1.80 | % | 641 | 31.10 | % | 1,302 | 20.32 | % | |||||||||||||||
Car Dealers | 32,094 | 2.35 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||
Gas Stations | 17,586 | 1.29 | % | - | 0.00 | % | - | 0.00 | % | |||||||||||||||
Other | 770,197 | 56.31 | % | 1,420 | 68.90 | % | 1,429 | 22.29 | % | |||||||||||||||
Total | $ | 1,042,380 | 76.22 | % | $ | 2,061 | 100.00 | % | $ | 6,410 | 100.00 | % | ||||||||||||
# of Customers | 4 | 5 | ||||||||||||||||||||||
*Includes Owner Occupied | ||||||||||||||||||||||||
Report on Adjusted Loans as of |
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The other category in payment deferment at
F&M’s agriculture portfolio continues to perform well, as a result of the Company’s experienced lenders, diversified market exposure, and geographic focus within strong agricultural markets. At
Focusing on Operational Excellence and Executing Long-Term Strategic Plan
“We have recently split our back-end operations team into four separate locations to mitigate risk of operating one facility and promote social distancing within our facilities, in addition to supporting our employees’ efforts to work from home. We also remain focused on attracting and retaining employees to support our current and future growth, and during the third quarter we expanded our employee 401(k) offerings, and upgraded our HR system. Investments in our digital infrastructure continue and in the coming months we will go live with an upgrade to F&M’s website, improve our customer’s ability to automatically open accounts online, and open a new call center to support our growing digital strategies.”
Stockholders’ Equity and Dividends
Total stockholders’ equity increased 7.0% to
Tangible stockholders’ equity increased to
For the nine 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 | Nine Months Ended | ||||||||||||||||||||||||||||
Interest Income | |||||||||||||||||||||||||||||
Loans, including fees | $ | 16,181 | $ | 16,192 | $ | 15,883 | $ | 15,608 | $ | 15,202 | $ | 48,256 | $ | 46,605 | |||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
761 | 767 | 1,146 | 840 | 972 | 2,674 | 2,501 | |||||||||||||||||||||||
Municipalities | 279 | 243 | 262 | 225 | 190 | 784 | 612 | ||||||||||||||||||||||
Dividends | 36 | 26 | 45 | 60 | 69 | 107 | 233 | ||||||||||||||||||||||
Federal funds sold | 4 | 5 | 6 | 97 | 120 | 15 | 319 | ||||||||||||||||||||||
Other. | 32 | 40 | 122 | 319 | 459 | 194 | 887 | ||||||||||||||||||||||
Total interest income | 17,293 | 17,273 | 17,464 | 17,149 | 17,012 | 52,030 | 51,157 | ||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||
Deposits | 1,864 | 2,254 | 2,901 | 3,336 | 3,654 | 7,019 | 9,606 | ||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 174 | 187 | 244 | 207 | 201 | 605 | 527 | ||||||||||||||||||||||
Borrowed funds | 231 | 257 | 266 | 270 | 257 | 754 | 813 | ||||||||||||||||||||||
Total interest expense | 2,269 | 2,698 | 3,411 | 3,813 | 4,112 | 8,378 | 10,946 | ||||||||||||||||||||||
Net Interest Income - Before Provision for Loan Losses | 15,024 | 14,575 | 14,053 | 13,336 | 12,900 | 43,652 | 40,211 | ||||||||||||||||||||||
Provision for Loan Losses | 1,987 | 1,569 | 1,430 | 728 | 247 | 4,986 | 410 | ||||||||||||||||||||||
Net Interest Income After Provision For Loan Losses | 13,037 | 13,006 | 12,623 | 12,608 | 12,653 | 38,666 | 39,801 | ||||||||||||||||||||||
Noninterest Income | |||||||||||||||||||||||||||||
Customer service fees | 2,299 | 2,258 | 1,586 | 1,732 | 1,722 | 6,143 | 4,994 | ||||||||||||||||||||||
Other service charges and fees | 879 | 704 | 1,039 | 1,132 | 1,179 | 2,622 | 3,311 | ||||||||||||||||||||||
Net gain on sale of loans | 1,537 | 364 | 227 | 119 | 260 | 2,128 | 558 | ||||||||||||||||||||||
Net gain (loss) on sale of available-for-sale securities | - | - | 270 | - | - | 270 | (26 | ) | |||||||||||||||||||||
Total noninterest income | 4,715 | 3,326 | 3,122 | 2,983 | 3,161 | 11,163 | 8,837 | ||||||||||||||||||||||
Noninterest Expense | |||||||||||||||||||||||||||||
Salaries and wages | 5,102 | 4,043 | 4,223 | 4,029 | 4,158 | 13,420 | 12,300 | ||||||||||||||||||||||
Employee benefits | 1,566 | 1,218 | 1,677 | 1,410 | 1,331 | 4,461 | 4,148 | ||||||||||||||||||||||
Net occupancy expense | 558 | 564 | 564 | 406 | 630 | 1,686 | 1,911 | ||||||||||||||||||||||
Furniture and equipment | 875 | 750 | 758 | 596 | 720 | 2,383 | 2,179 | ||||||||||||||||||||||
Data processing | 490 | 408 | 442 | 396 | 482 | 1,340 | 2,157 | ||||||||||||||||||||||
Franchise taxes | 368 | 369 | 368 | 246 | 248 | 1,105 | 735 | ||||||||||||||||||||||
ATM expense | 444 | 376 | 414 | 434 | 416 | 1,234 | 1,281 | ||||||||||||||||||||||
Advertising | 411 | 265 | 303 | 340 | 587 | 979 | 1,229 | ||||||||||||||||||||||
Net (gain) loss on sale of other assets owned | (7 | ) | (7 | ) | 1 | 16 | 22 | (13 | ) | 65 | |||||||||||||||||||
194 | 144 | 72 | (11 | ) | - | 410 | 194 | ||||||||||||||||||||||
Mortgage servicing rights amortization | 296 | 356 | 132 | 158 | 149 | 784 | 329 | ||||||||||||||||||||||
Consulting fees | 205 | 217 | 139 | 264 | 196 | 561 | 404 | ||||||||||||||||||||||
Other general and administrative | 1,786 | 1,691 | 1,602 | 1,482 | 1,667 | 5,027 | 4,897 | ||||||||||||||||||||||
Total noninterest expense | 12,288 | 10,394 | 10,695 | 9,766 | 10,606 | 33,377 | 31,829 | ||||||||||||||||||||||
Income Before Income Taxes | 5,464 | 5,938 | 5,050 | 5,825 | 5,208 | 16,452 | 16,809 | ||||||||||||||||||||||
Income Taxes | 1,054 | 1,134 | 945 | 1,102 | 933 | 3,133 | 3,130 | ||||||||||||||||||||||
Net Income | 4,410 | 4,804 | 4,105 | 4,723 | 4,275 | 13,319 | 13,679 | ||||||||||||||||||||||
Other Comprehensive Income (Loss) (Net of Tax): | |||||||||||||||||||||||||||||
Net unrealized gain (loss) on available-for-sale securities | 639 | 661 | 4,998 | (472 | ) | 841 | 6,298 | 5,651 | |||||||||||||||||||||
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 | 639 | 661 | 4,728 | (472 | ) | 841 | 6,028 | 5,677 | |||||||||||||||||||||
Tax expense (benefit) | 134 | 139 | 993 | (99 | ) | 176 | 1,266 | 1,192 | |||||||||||||||||||||
Other comprehensive income (loss) | 505 | 522 | 3,735 | (373 | ) | 665 | 4,762 | 4,485 | |||||||||||||||||||||
Comprehensive Income | $ | 4,915 | $ | 5,326 | $ | 7,840 | $ | 4,350 | $ | 4,940 | $ | 18,081 | $ | 18,164 | |||||||||||||||
Basic and Diluted Earnings Per Share | $ | 0.40 | $ | 0.43 | $ | 0.37 | $ | 0.43 | $ | 0.38 | $ | 1.20 | $ | 1.23 | |||||||||||||||
Dividends Declared | $ | 0.17 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.49 | $ | 0.45 | |||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||
(Unaudited) (in thousands of dollars, except share data) | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and due from banks | $ | 46,395 | $ | 54,336 | $ | 49,844 | $ | 50,137 | $ | 103,188 | |||||||||||||
Federal funds sold | 41,358 | 31,105 | 40,993 | 1,159 | 11,404 | ||||||||||||||||||
Total cash and cash equivalents | 87,753 | 85,441 | 90,837 | 51,296 | 114,592 | ||||||||||||||||||
Interest-bearing time deposits | 4,657 | 4,636 | 4,869 | 4,309 | 4,554 | ||||||||||||||||||
Securities - available-for-sale | 259,041 | 236,292 | 204,121 | 222,293 | 190,465 | ||||||||||||||||||
Other securities, at cost | 5,827 | 5,810 | 5,810 | 5,810 | 5,789 | ||||||||||||||||||
Loans held for sale | 7,621 | 11,445 | 2,153 | 4,248 | 606 | ||||||||||||||||||
Loans, net | 1,351,979 | 1,334,790 | 1,239,108 | 1,211,771 | 1,151,937 | ||||||||||||||||||
Premises and equipment | 26,776 | 26,049 | 26,120 | 26,351 | 25,990 | ||||||||||||||||||
Goodwill | 47,340 | 47,340 | 47,340 | 47,340 | 47,340 | ||||||||||||||||||
Mortgage servicing rights | 3,027 | 2,740 | 2,672 | 2,629 | 2,556 | ||||||||||||||||||
Other real estate owned | 206 | 135 | 185 | 214 | 351 | ||||||||||||||||||
Bank owned life insurance | 15,501 | 15,399 | 15,313 | 15,235 | 15,151 | ||||||||||||||||||
Other assets | 16,872 | 14,370 | 16,597 | 15,834 | 15,549 | ||||||||||||||||||
Total Assets | $ | 1,826,600 | $ | 1,784,447 | $ | 1,655,125 | $ | 1,607,330 | $ | 1,574,880 | |||||||||||||
Liabilities and Stockholders' Equity | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Noninterest-bearing | $ | 330,845 | $ | 336,027 | $ | 261,786 | $ | 265,156 | $ | 261,719 | |||||||||||||
Interest-bearing | |||||||||||||||||||||||
NOW accounts | 534,792 | 504,846 | 463,734 | 423,655 | 430,646 | ||||||||||||||||||
Savings | 392,059 | 374,871 | 341,256 | 322,973 | 310,667 | ||||||||||||||||||
Time | 261,177 | 261,631 | 281,931 | 276,563 | 274,996 | ||||||||||||||||||
Total deposits | 1,518,873 | 1,477,375 | 1,348,707 | 1,288,347 | 1,278,028 | ||||||||||||||||||
Federal Funds Purchased and securities sold under agreements to repurchase | 29,859 | 30,949 | 30,585 | 48,073 | 30,056 | ||||||||||||||||||
Federal Home Loan Bank (FHLB) advances | 17,724 | 19,087 | 24,788 | 24,806 | 24,669 | ||||||||||||||||||
Dividend payable | 1,882 | 1,768 | 1,768 | 1,768 | 1,657 | ||||||||||||||||||
Accrued expenses and other liabilities | 14,841 | 14,971 | 12,820 | 14,078 | 13,062 | ||||||||||||||||||
Total liabilities | 1,583,179 | 1,544,150 | 1,418,668 | 1,377,072 | 1,347,472 | ||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||
Common stock - No par value 20,000,000 shares authorized; issued and outstanding 12,230,000 shares |
81,577 | 82,134 | 81,844 | 81,535 | 81,264 | ||||||||||||||||||
(12,397 | ) | (12,668 | ) | (12,636 | ) | (12,456 | ) | (12,453 | ) | ||||||||||||||
Retained earnings | 168,381 | 165,476 | 162,416 | 160,081 | 157,126 | ||||||||||||||||||
Accumulated other comprehensive income | 5,860 | 5,355 | 4,833 | 1,098 | 1,471 | ||||||||||||||||||
Total stockholders' equity | 243,421 | 240,297 | 236,457 | 230,258 | 227,408 | ||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,826,600 | $ | 1,784,447 | $ | 1,655,125 | $ | 1,607,330 | $ | 1,574,880 | |||||||||||||
SELECT FINANCIAL DATA | |||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Selected financial data | |||||||||||||||||||||||||||||
Return on average assets | 0.98 | % | 1.10 | % | 1.02 | % | 1.18 | % | 1.10 | % | 1.03 | % | 1.24 | % | |||||||||||||||
Return on average equity | 7.28 | % | 8.07 | % | 7.06 | % | 8.26 | % | 7.40 | % | 7.45 | % | 8.26 | % | |||||||||||||||
Yield on earning assets | 4.04 | % | 4.25 | % | 4.66 | % | 4.63 | % | 4.74 | % | 4.30 | % | 4.93 | % | |||||||||||||||
Cost of interest bearing liabilities | 0.74 | % | 0.91 | % | 1.22 | % | 1.40 | % | 1.55 | % | 0.95 | % | 1.42 | % | |||||||||||||||
Net interest spread | 3.30 | % | 3.34 | % | 3.44 | % | 3.23 | % | 3.19 | % | 3.35 | % | 3.51 | % | |||||||||||||||
Net interest margin | 3.51 | % | 3.59 | % | 3.75 | % | 3.60 | % | 3.60 | % | 3.61 | % | 3.88 | % | |||||||||||||||
Efficiency | 62.11 | % | 57.91 | % | 63.09 | % | 63.67 | % | 65.86 | % | 61.05 | % | 64.67 | % | |||||||||||||||
Dividend payout ratio | 42.66 | % | 36.80 | % | 43.07 | % | 43.34 | % | 38.67 | % | 40.68 | % | 34.26 | % | |||||||||||||||
Tangible book value per share (1) | $ | 16.78 | $ | 16.33 | $ | 16.26 | $ | 16.01 | $ | 15.68 | |||||||||||||||||||
Tier 1 capital to average assets | 10.65 | % | 10.70 | % | 11.56 | % | 11.52 | % | 11.60 | % | |||||||||||||||||||
Average Shares Outstanding | 11,142,797 | 11,129,341 | 11,134,870 | 11,137,004 | 11,121,426 | 11,135,695 | 11,105,993 | ||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Commercial real estate | $ | 595,146 | $ | 589,382 | $ | 570,217 | $ | 551,309 | $ | 502,137 | |||||||||||||||||||
Agricultural real estate | 192,883 | 194,606 | 194,383 | 199,105 | 200,791 | ||||||||||||||||||||||||
Consumer real estate | 175,963 | 174,069 | 174,731 | 165,349 | 159,074 | ||||||||||||||||||||||||
Commercial and industrial | 238,175 | 223,842 | 143,261 | 135,631 | 130,150 | ||||||||||||||||||||||||
Agricultural | 103,330 | 107,458 | 109,584 | 111,820 | 110,270 | ||||||||||||||||||||||||
Consumer | 53,320 | 50,108 | 49,022 | 49,237 | 49,552 | ||||||||||||||||||||||||
Other | 9,030 | 9,714 | 8,336 | 8,314 | 8,167 | ||||||||||||||||||||||||
Less: Net deferred loan fees and costs | (3,985 | ) | (4,456 | ) | (1,893 | ) | (1,766 | ) | (1,445 | ) | |||||||||||||||||||
Total loans,net | $ | 1,363,862 | $ | 1,344,723 | $ | 1,247,641 | $ | 1,218,999 | $ | 1,158,696 | |||||||||||||||||||
Asset quality data | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Nonaccrual loans | $ | 7,870 | $ | 8,473 | $ | 3,344 | $ | 3,400 | $ | 3,275 | |||||||||||||||||||
Troubled debt restructuring | $ | 7,028 | $ | 7,034 | $ | 1,934 | $ | 956 | $ | 1,051 | |||||||||||||||||||
90 day past due and accruing | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Nonperforming loans | $ | 7,870 | $ | 8,473 | $ | 3,344 | $ | 3,400 | $ | 3,275 | |||||||||||||||||||
Other real estate owned | $ | 206 | $ | 135 | $ | 185 | $ | 214 | $ | 351 | |||||||||||||||||||
Nonperforming assets | $ | 8,076 | $ | 8,608 | $ | 3,529 | $ | 3,614 | $ | 3,626 | |||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 11,883 | $ | 10,538 | $ | 8,533 | $ | 7,228 | $ | 6,759 | |||||||||||||||||||
Allowance for loan and lease losses/total loans | 0.87 | % | 0.78 | % | 0.68 | % | 0.59 | % | 0.58 | % | |||||||||||||||||||
Net charge-offs: | |||||||||||||||||||||||||||||
Quarter-to-date | $ | 37 | $ | 169 | $ | 125 | $ | 295 | $ | 171 | |||||||||||||||||||
Year-to-date | $ | 331 | $ | 294 | $ | 125 | $ | 685 | $ | 426 | |||||||||||||||||||
Net charge-offs to average loans | |||||||||||||||||||||||||||||
Quarter-to-date | 0.00 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.02 | % | |||||||||||||||||||
Year-to-date | 0.03 | % | 0.02 | % | 0.01 | % | 0.06 | % | 0.04 | % | |||||||||||||||||||
Nonperforming loans/total loans | 0.58 | % | 0.63 | % | 0.27 | % | 0.28 | % | 0.28 | % | |||||||||||||||||||
Allowance for loan and lease losses/nonperforming loans | 151.01 | % | 117.24 | % | 256.66 | % | 187.17 | % | 173.25 | % | |||||||||||||||||||
(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 | $ | 1,359,156 | $ | 16,181 | 4.76 | % | $ | 1,126,173 | $ | 15,202 | 5.40 | % | |||||||
245,274 | 968 | 1.58 | % | 167,654 | 1,082 | 2.58 | % | ||||||||||||
26,032 | 108 | 2.10 | % | 32,530 | 149 | 2.32 | % | ||||||||||||
Fed Funds Sold & Other | 83,760 | 36 | 0.17 | % | 112,961 | 579 | 2.05 | % | |||||||||||
Total Interest Earning Assets | 1,714,222 | $ | 17,293 | 4.04 | % | 1,439,318 | $ | 17,012 | 4.74 | % | |||||||||
Nonearning Assets | 93,778 | 116,191 | |||||||||||||||||
Total Assets | $ | 1,808,000 | $ | 1,555,509 | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||
Savings Deposits | $ | 915,367 | $ | 798 | 0.35 | % | 734,075 | 2,044 | 1.11 | % | |||||||||
Other Time Deposits | 258,809 | 1,066 | 1.65 | % | 276,793 | 1,610 | 2.33 | % | |||||||||||
Other Borrowed Money | 18,920 | 231 | 4.88 | % | 24,582 | 257 | 4.18 | % | |||||||||||
Sold under Agreement to Repurch. | 30,100 | 174 | 2.31 | % | 28,947 | 201 | 2.78 | % | |||||||||||
Total Interest Bearing Liabilities | $ | 1,223,196 | $ | 2,269 | 0.74 | % | $ | 1,064,397 | $ | 4,112 | 1.55 | % | |||||||
Noninterest bearing Liabilities | 342,388 | 264,183 | |||||||||||||||||
Stockholders Equity | $ | 242,416 | $ | 226,929 | |||||||||||||||
Net Interest Income and interest rate spread | $ | 15,024 | 3.30 | % | $ | 12,900 | 3.19 | % | |||||||||||
Net Interest Margin | 3.51 | % | 3.60 | % | |||||||||||||||
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 Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||
Interest Earning Assets: | Average Balance | Interest/Dividends | Annualized Yield/Rate | Average Balance | Interest/Dividends | Annualized Yield/Rate | |||||||||||||
Loans | $ | 1,305,998 | $ | 48,256 | 4.93 | % | $ | 1,113,892 | $ | 46,605 | 5.58 | % | |||||||
208,499 | 3,220 | 2.06 | % | 163,106 | 2,857 | 2.34 | % | ||||||||||||
25,564 | 345 | 2.28 | % | 33,554 | 489 | 2.46 | % | ||||||||||||
Fed Funds Sold & Other | 75,917 | 209 | 0.37 | % | 77,296 | 1,206 | 2.08 | % | |||||||||||
Total Interest Earning Assets | 1,615,978 | $ | 52,030 | 4.30 | % | 1,387,848 | $ | 51,157 | 4.93 | % | |||||||||
Nonearning Assets | 109,564 | 78,442 | |||||||||||||||||
Total Assets | $ | 1,725,542 | $ | 1,466,290 | |||||||||||||||
Interest Bearing Liabilities: | |||||||||||||||||||
Savings Deposits | $ | 849,748 | $ | 3,237 | 0.51 | % | 708,280 | 5,577 | 1.05 | % | |||||||||
Other Time Deposits | 268,762 | 3,782 | 1.88 | % | 261,592 | 4,029 | 2.05 | % | |||||||||||
Other Borrowed Money | 22,401 | 754 | 4.49 | % | 25,811 | 813 | 4.20 | % | |||||||||||
Sold under Agreement to Repurch. | 33,118 | 605 | 2.44 | % | 29,657 | 527 | 2.37 | % | |||||||||||
Total Interest Bearing Liabilities | $ | 1,174,029 | $ | 8,378 | 0.95 | % | $ | 1,025,340 | 10,946 | 1.42 | % | ||||||||
Noninterest bearing Liabilities | 313,224 | 220,034 | |||||||||||||||||
Stockholders Equity | $ | 238,289 | $ | 220,916 | |||||||||||||||
Net Interest Income and interest rate spread | $ | 43,652 | 3.35 | % | $ | 40,211 | 3.51 | % | |||||||||||
Net Interest Margin | 3.61 | % | 3.88 | % | |||||||||||||||
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 (419) 446-2501 leller@fm.bank |
Managing Director (216) 464-6400 andrew@smberger.com |
Source: Farmers & Merchants Bancorp, Inc.