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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period June 30, 2021

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from          to

Commission File Number 001-38084

 

FARMERS & MERCHANTS BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Ohio

34-1469491

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

 

307 North Defiance Street, Archbold, Ohio

43502

(Address of principal executive offices)

(Zip Code)

 

(419) 446-2501

Registrant’s telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No

Indicate the number of shares of each of the issuers’ classes of common stock, as of the latest practicable date:

 

Common Stock, No Par Value

11,189,052

Class

Outstanding as of July 24, 2021

 

1


 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10Q

 

FARMERS & MERCHANTS BANCORP, INC.

INDEX

 

Form 10-Q Items

 

Page

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

Item   1.

Financial Statements (Unaudited)

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets -
June 30, 2021 and December 31, 2020
  

3

 

 

 

 

 

 

Condensed Consolidated Statements of Income -
Three and Six Months Ended June 30, 2021 and June 30, 2020
  

4

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income -
Three and Six Months Ended June 30, 2021 and June 30, 2020

5

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes to Stockholders’ Equity -
Three and Six Months Ended June 30, 2021 and June 30, 2020

6-7

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows -
Six Months Ended June 30, 2021 and June 30, 2020

8-9

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

10

 

 

 

 

 

Item   2.

Management's Discussion and Analysis of Financial Condition
and Results of Operations

48-69

 

 

 

 

 

Item   3.

Qualitative and Quantitative Disclosures About Market Risk

70

 

 

 

 

 

Item   4.

Controls and Procedures

71

 

 

 

 

 

PART II.

OTHER INFORMATION

71

 

 

 

 

 

Item   1.

Legal Proceedings

71

 

 

 

 

 

Item 1A.

Risk Factors

71

 

 

 

 

 

Item   2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

 

 

 

 

 

Item   3.

Defaults Upon Senior Securities

71

 

 

 

 

 

Item   4.

Mine Safety Disclosures

71

 

 

 

 

 

Item   5.

Other Information

71

 

 

 

 

 

Item   6.

Exhibits

72

 

 

 

 

 

Signatures

 

73

 

 

 

 

 

101.INS

Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. (1)

 

 

101.SCH

Inline XBRL Taxonomy Extension Schema Document (1)

 

 

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)

 

 

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document (1)

 

 

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document (1)

 

 

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)

 

 

(1)

Pursuant to Rule 406T of Regulation S-T, the interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

2


 

PART 1 - FINANCIAL INFORMATION

 

ITEM 1 FINANCIAL STATEMENTS

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(in thousands of dollars)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

93,636

 

 

$

98,279

 

Federal funds sold

 

 

57,483

 

 

 

77,427

 

Total cash and cash equivalents

 

 

151,119

 

 

 

175,706

 

Interest-bearing time deposits

 

 

18,597

 

 

 

4,653

 

Securities - available-for-sale

 

 

407,500

 

 

 

307,812

 

Other securities, at cost

 

 

6,419

 

 

 

5,939

 

Loans held for sale

 

 

8,041

 

 

 

7,740

 

Loans, net

 

 

1,443,336

 

 

 

1,289,318

 

Premises and equipment

 

 

26,915

 

 

 

27,063

 

Goodwill

 

 

56,066

 

 

 

47,340

 

Mortgage servicing rights

 

 

3,146

 

 

 

3,320

 

Other real estate owned

 

 

198

 

 

 

71

 

Bank owned life insurance

 

 

27,218

 

 

 

25,208

 

Other assets

 

 

18,310

 

 

 

15,374

 

Total Assets

 

$

2,166,865

 

 

$

1,909,544

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

443,863

 

 

$

351,147

 

Interest-bearing

 

 

 

 

 

 

 

 

NOW accounts

 

 

652,078

 

 

 

542,317

 

Savings

 

 

501,687

 

 

 

455,145

 

Time

 

 

256,445

 

 

 

247,553

 

Total deposits

 

 

1,854,073

 

 

 

1,596,162

 

Federal funds purchased and securities sold under agreements to

   repurchase

 

 

29,882

 

 

 

30,239

 

Federal Home Loan Bank (FHLB) advances

 

 

17,868

 

 

 

17,861

 

Dividend payable

 

 

1,888

 

 

 

1,889

 

Accrued expenses and other liabilities

 

 

12,569

 

 

 

14,233

 

Total liabilities

 

 

1,916,280

 

 

 

1,660,384

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

Common stock - No par value 20,000,000 shares authorized; issued and

   outstanding 12,230,000 shares 6/30/21 and 12/31/20

 

 

82,259

 

 

 

81,804

 

Treasury stock - 1,040,948 shares 6/30/21, 1,032,456 shares 12/31/20

 

 

(12,172

)

 

 

(11,932

)

Retained earnings

 

 

179,734

 

 

 

173,591

 

Accumulated other comprehensive income

 

 

764

 

 

 

5,697

 

Total stockholders' equity

 

 

250,585

 

 

 

249,160

 

Total Liabilities and Stockholders' Equity

 

$

2,166,865

 

 

$

1,909,544

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements.

 

Note: The December 31, 2020, Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.

3


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

(in thousands of dollars, except per share data)

 

 

(in thousands of dollars, except per share data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

16,259

 

 

$

16,192

 

 

$

31,871

 

 

$

32,075

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

857

 

 

 

767

 

 

 

1,608

 

 

 

1,913

 

Municipalities

 

 

289

 

 

 

243

 

 

 

597

 

 

 

505

 

Dividends

 

 

31

 

 

 

26

 

 

 

81

 

 

 

71

 

Federal funds sold

 

 

6

 

 

 

5

 

 

 

11

 

 

 

11

 

Other

 

 

88

 

 

 

40

 

 

 

127

 

 

 

162

 

Total interest income

 

 

17,530

 

 

 

17,273

 

 

 

34,295

 

 

 

34,737

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,276

 

 

 

2,254

 

 

 

2,616

 

 

 

5,155

 

Federal funds purchased and securities sold under

   agreements to repurchase

 

 

163

 

 

 

187

 

 

 

329

 

 

 

431

 

Borrowed funds

 

 

115

 

 

 

257

 

 

 

337

 

 

 

523

 

Total interest expense

 

 

1,554

 

 

 

2,698

 

 

 

3,282

 

 

 

6,109

 

Net Interest Income - Before Provision for Loan Losses

 

 

15,976

 

 

 

14,575

 

 

 

31,013

 

 

 

28,628

 

Provision for Loan Losses

 

 

641

 

 

 

1,569

 

 

 

2,341

 

 

 

2,999

 

Net Interest Income After Provision for Loan Losses

 

 

15,335

 

 

 

13,006

 

 

 

28,672

 

 

 

25,629

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

2,198

 

 

 

2,258

 

 

 

5,012

 

 

 

3,844

 

Other service charges and fees

 

 

874

 

 

 

704

 

 

 

1,712

 

 

 

1,743

 

Net gain on sale of loans

 

 

955

 

 

 

364

 

 

 

2,001

 

 

 

591

 

Net gain on sale of available-for-sale securities

 

 

-

 

 

 

-

 

 

 

293

 

 

 

270

 

Total noninterest income

 

 

4,027

 

 

 

3,326

 

 

 

9,018

 

 

 

6,448

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

4,591

 

 

 

4,095

 

 

 

8,981

 

 

 

8,318

 

Employee benefits

 

 

1,915

 

 

 

1,218

 

 

 

3,909

 

 

 

2,895

 

Net occupancy expense

 

 

546

 

 

 

564

 

 

 

1,123

 

 

 

1,128

 

Furniture and equipment

 

 

848

 

 

 

750

 

 

 

1,639

 

 

 

1,508

 

Data processing

 

 

428

 

 

 

408

 

 

 

933

 

 

 

850

 

Franchise taxes

 

 

294

 

 

 

369

 

 

 

740

 

 

 

737

 

ATM expense

 

 

459

 

 

 

376

 

 

 

908

 

 

 

790

 

Advertising

 

 

331

 

 

 

265

 

 

 

566

 

 

 

568

 

Net (gain) loss on sale of other assets owned

 

 

227

 

 

 

(7

)

 

 

202

 

 

 

(6

)

FDIC assessment

 

 

276

 

 

 

144

 

 

 

512

 

 

 

216

 

Mortgage servicing rights amortization

 

 

524

 

 

 

356

 

 

 

1,029

 

 

 

488

 

Consulting fees

 

 

394

 

 

 

217

 

 

 

617

 

 

 

356

 

Other general and administrative

 

 

2,227

 

 

 

1,612

 

 

 

4,260

 

 

 

3,187

 

Total noninterest expense

 

 

13,060

 

 

 

10,367

 

 

 

25,419

 

 

 

21,035

 

Income Before Income Taxes

 

 

6,302

 

 

 

5,965

 

 

 

12,271

 

 

 

11,042

 

Income Taxes

 

 

1,319

 

 

 

1,161

 

 

 

2,379

 

 

 

2,133

 

Net Income

 

$

4,983

 

 

$

4,804

 

 

$

9,892

 

 

$

8,909

 

Basic and Diluted Earnings Per Share

 

$

0.44

 

 

$

0.43

 

 

$

0.88

 

 

$

0.80

 

Dividends Declared

 

$

0.17

 

 

$

0.16

 

 

$

0.34

 

 

$

0.32

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements

4


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

(in thousands of dollars)

 

 

(in thousands of dollars)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Net Income

 

$

4,983

 

 

$

4,804

 

 

$

9,892

 

 

$

8,909

 

Other Comprehensive Income (Net of Tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available-for-sale

   securities

 

 

786

 

 

 

661

 

 

 

(5,951

)

 

 

5,659

 

Reclassification adjustment for realized gain on sale

   of available-for-sale securities

 

 

-

 

 

 

-

 

 

 

(293

)

 

 

(270

)

Net unrealized gain (loss) on available-for-sale

   securities

 

 

786

 

 

 

661

 

 

 

(6,244

)

 

 

5,389

 

Tax expense (benefit)

 

 

165

 

 

 

139

 

 

 

(1,311

)

 

 

1,132

 

Other comprehensive income (loss)

 

 

621

 

 

 

522

 

 

 

(4,933

)

 

 

4,257

 

Comprehensive Income

 

$

5,604

 

 

$

5,326

 

 

$

4,959

 

 

$

13,166

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

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5


 

 

Farmers & Merchants Bancorp, Inc. and Subsidiaries

CONDENSED Consolidated StatementS of Changes TO Stockholders’ Equity

For the THREE AND SIX Months Ended June 30, 2021

(000’s Omitted, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Income