Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported
financial results for the 2024 first quarter ended March 31, 2024.
2024 First Quarter Financial and
Operating Highlights (on a year-over-year basis unless
noted):
- 84 consecutive quarters of
profitability
- Net income was $5.4 million, or
$0.39 per basic and diluted share
- Net interest income after provision
for credit losses increased 6.2% from December 31, 2023, primarily
due to a stabilizing net interest margin and solid asset
quality
- Total loans increased 3.9% to $2.54
billion at March 31, 2024
- Total cash and cash equivalents
increased by $123.5 million, or 191.9% to $187.8 million
- Total assets increased 7.1% to a
record $3.29 billion
- Deposits increased to 4.3% to a
record $2.62 billion
- Stockholders’ equity increased 3.9%
to a record $317.7 million
- Asset quality remains solid as net
charge-offs to average loans were 0.00%
- Allowance for credit losses was
127.28% of nonperforming loans
Lars B. Eller, President and Chief Executive
Officer, stated, “Our first quarter financial results demonstrate
the strategies we are pursuing to enhance profitability, leverage
the operating investments we made last year, and further strengthen
our balance sheet. The progress we made, especially from the 2023
fourth quarter is encouraging and is a testament to the hard work
of our team members, as well as the local value we provide our
Ohio, Indiana and Michigan communities.”
Mr. Eller continued, “We are cautiously
optimistic that our net interest margin has stabilized, even as we
continue to navigate high levels of deposit competition and overall
interest rate uncertainty. Over the past three months, F&M
experienced a slight increase in its net interest margin, which
combined with stable asset quality, drove a 6.2% increase in net
interest income during this period. We expect to benefit from
higher productivity of the four offices we opened during 2023 as
our local market presence expands. In fact, total deposits at March
31, 2024, included $78.6 million of deposits from these new
offices. In addition, we expect our efficiency ratio to improve
throughout 2024 as we benefit from the investments we made last
year to support a bank with over $4 billion in assets.”
Income StatementNet income for
the 2024 first quarter ended March 31, 2024, was $5.4 million,
compared to $6.5 million for the same period last year. Net income
per basic and diluted share for the 2024 first quarter was $0.39,
compared to $0.47 for the same period last year.
“Core profitability has improved from fourth
quarter levels due to higher net interest and noninterest income.
We continue to believe that approximately 25% of our loan portfolio
will be subject to repricing in 2024, which will benefit the yield
on earnings assets and profitability in the coming quarters. Loan
growth on a year-over-year basis is expected to be more limited
compared to prior years as we focus on the spread between loans and
deposits, pursue opportunities to pay down higher cost of funds,
and increase our cash position. The progress we are making is
encouraging and since the 2023 fourth quarter our cash position has
increased by 32.1%, while our Federal Home Loan Bank advances has
decreased by 3.4%. We also continue to make progress growing
deposits with a prudent focus on managing the interest rates on
deposit accounts. On a year-over-year basis, total deposits
increased 4.3% and we continue to experience net, new demand
deposit account (DDA) growth, which increased 1.4% over the past 12
months,” continued Mr. Eller.
DepositsAt March 31, 2024,
total deposits were $2.62 billion, an increase of 4.3% from March
31, 2023. The Company’s cost of interest-bearing liabilities was
3.06% for the quarter ended March 31, 2024, compared to 1.85% for
the quarter ended March 31, 2023, and 3.02% for the 2023 fourth
quarter ended December 31, 2023.
Loan Portfolio and Asset
QualityTotal loans, net at March 31, 2024, increased 3.9%,
or by $94.7 million to $2.52 billion, compared to $2.42 billion at
March 31, 2023. The year-over-year improvement resulted primarily
from the contribution of continued organic loan growth.
F&M continues to closely monitor its loan
portfolio with a particular emphasis on higher risk sectors.
Nonperforming loans were $19.4 million, or 0.76% of total loans at
March 31, 2024, compared to $7.7 million, or 0.32% at March 31,
2023, and $22.4 million, or 0.87% at December 31, 2023. The
year-over-year increase in nonperforming loans was primarily due to
one agricultural relationship, representing a balance of $16.5
million. F&M expects to receive a paydown on this lending
relationship in the second quarter this year.
F&M maintains a well-balanced, diverse and
high performing CRE portfolio. CRE loans represented 51.3% of the
Company’s total loan portfolio at March 31, 2024. In addition,
F&M’s commercial real estate office credit exposure represented
5.5% of the Company's total loan portfolio at March 31, 2024, with
a weighted average loan-to-value of approximately 63% and an
average loan of approximately $921,000.
F&M’s CRE portfolio included the following
categories at March 31, 2024:
CRE Category |
|
Dollar Balance |
|
Percent ofCRE Portfolio(*) |
|
Percent ofTotal
LoanPortfolio(*) |
|
|
|
|
|
|
|
Industrial |
|
$ |
259,191 |
|
|
|
19.9 |
% |
|
|
10.2 |
% |
Multi-family |
|
$ |
221,884 |
|
|
|
17.0 |
% |
|
|
8.7 |
% |
Retail |
|
$ |
220,755 |
|
|
|
16.9 |
% |
|
|
8.7 |
% |
Office |
|
$ |
139,021 |
|
|
|
10.7 |
% |
|
|
5.5 |
% |
Hotels |
|
$ |
128,313 |
|
|
|
9.8 |
% |
|
|
5.0 |
% |
Gas Stations |
|
$ |
63,202 |
|
|
|
4.9 |
% |
|
|
2.5 |
% |
Food Service |
|
$ |
47,304 |
|
|
|
3.6 |
% |
|
|
1.9 |
% |
Senior Living |
|
$ |
34,534 |
|
|
|
2.7 |
% |
|
|
1.4 |
% |
Development |
|
$ |
33,961 |
|
|
|
2.6 |
% |
|
|
1.3 |
% |
Auto Dealers |
|
$ |
31,856 |
|
|
|
2.4 |
% |
|
|
1.2 |
% |
Other |
|
$ |
124,379 |
|
|
|
9.5 |
% |
|
|
4.9 |
% |
Total CRE |
|
$ |
1,304,400 |
|
|
|
100.0 |
% |
|
|
51.3 |
% |
* Numbers have been rounded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2024, the Company’s allowance for
credit losses to nonperforming loans was 127.28%, compared to
319.38% at March 31, 2023, and 111.95% at December 31, 2023. The
allowance to total loans was 0.97% at March 31, 2024, compared to
1.01% at March 31, 2023. Including accretable yield adjustments,
associated with the Company’s recent acquisitions, F&M’s
allowance for credit losses to total loans was 1.11% at March 31,
2024, compared to 1.24% at March 31, 2023.
Mr. Eller concluded, “Our asset quality remains
strong, and I am pleased to report that during the first quarter
one of two larger nonperforming credits paid off in full. In
addition, net charge-offs to average outstanding loans remains at
historically low levels, we remain well reserved, and we continue
to proactively monitor our loan portfolio for any signs of stress.
While the macro-economic environment is expected to remain fluid,
we believe we are well positioned to navigate this period by
maintaining solid asset quality, optimizing our balance sheet, and
improving earnings.”
Stockholders’ Equity and
DividendsTotal stockholders’ equity increased 3.9% to
$317.7 million at March 31, 2024, from $305.8 million at March 31,
2023. At March 31, 2024, the Company had a Tier 1 leverage ratio of
8.40%, compared to 8.36% at March 31, 2023.
Based on a regulatory basis, tangible
stockholders’ equity increased to $256.5 million at March 31, 2024,
compared to $244.2 million at March 31, 2023. On a per share basis,
tangible stockholders’ equity at March 31, 2024, was $18.75 per
share, compared to $17.92 per share at March 31, 2023.
For the three months ended March 31, 2024, the
Company has declared cash dividends of $0.22 per share, which is a
4.8% increase over the same period last year. F&M is committed
to returning capital to shareholders and has increased the annual
cash dividend for 29 consecutive years. For the three months ended
March 31, 2024, the dividend payout ratio was 55.52% compared to
43.79% for the same period last year.
About Farmers & Merchants State
Bank: Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO)
is the holding company of F&M Bank, a local independent
community bank that has been serving its communities since 1897.
F&M Bank provides commercial banking, retail banking and other
financial services. Our locations are in Butler, Champaign, Fulton,
Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood
counties in Ohio. In Northeast Indiana, we have offices located in
Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan
footprint includes Oakland County, and F&M has Loan Production
Offices in West Bloomfield, Michigan; Muncie, Indiana; and Bryan,
Ohio.
Safe Harbor StatementFarmers
& 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. A reconciliation of GAAP
to non-GAAP financial measures is included within this press
release.
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE
INCOME (Unaudited) (in thousands of dollars, except per share
data)
|
Three Months Ended |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
Interest Income |
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
35,200 |
|
|
$ |
34,493 |
|
|
$ |
33,783 |
|
|
$ |
31,365 |
|
|
$ |
29,703 |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
U.S. Treasury and government agencies |
|
1,045 |
|
|
|
987 |
|
|
|
1,005 |
|
|
|
1,030 |
|
|
|
1,068 |
|
Municipalities |
|
394 |
|
|
|
397 |
|
|
|
392 |
|
|
|
401 |
|
|
|
408 |
|
Dividends |
|
333 |
|
|
|
365 |
|
|
|
246 |
|
|
|
148 |
|
|
|
123 |
|
Federal funds sold |
|
7 |
|
|
|
8 |
|
|
|
6 |
|
|
|
9 |
|
|
|
21 |
|
Other |
|
1,675 |
|
|
|
2,020 |
|
|
|
927 |
|
|
|
424 |
|
|
|
479 |
|
Total interest income |
|
38,654 |
|
|
|
38,270 |
|
|
|
36,359 |
|
|
|
33,377 |
|
|
|
31,802 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
Deposits |
|
15,279 |
|
|
|
15,015 |
|
|
|
13,323 |
|
|
|
10,434 |
|
|
|
8,151 |
|
Federal funds purchased and securities sold under agreements to
repurchase |
|
284 |
|
|
|
293 |
|
|
|
349 |
|
|
|
427 |
|
|
|
405 |
|
Borrowed funds |
|
2,689 |
|
|
|
2,742 |
|
|
|
2,741 |
|
|
|
2,113 |
|
|
|
1,280 |
|
Subordinated notes |
|
284 |
|
|
|
285 |
|
|
|
284 |
|
|
|
285 |
|
|
|
284 |
|
Total interest expense |
|
18,536 |
|
|
|
18,335 |
|
|
|
16,697 |
|
|
|
13,259 |
|
|
|
10,120 |
|
Net Interest Income - Before Provision for Credit
Losses |
|
20,118 |
|
|
|
19,935 |
|
|
|
19,662 |
|
|
|
20,118 |
|
|
|
21,682 |
|
Provision for Credit Losses - Loans |
|
(289 |
) |
|
|
278 |
|
|
|
460 |
|
|
|
143 |
|
|
|
817 |
|
Provision for Credit Losses - Off Balance Sheet Credit
Exposures |
|
(266 |
) |
|
|
189 |
|
|
|
(76 |
) |
|
|
(129 |
) |
|
|
62 |
|
Net Interest Income After Provision for Credit
Losses |
|
20,673 |
|
|
|
19,468 |
|
|
|
19,278 |
|
|
|
20,104 |
|
|
|
20,803 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
Customer service fees |
|
2,782 |
|
|
|
2,576 |
|
|
|
2,208 |
|
|
|
2,361 |
|
|
|
2,447 |
|
Other service charges and fees |
|
1,057 |
|
|
|
1,121 |
|
|
|
1,162 |
|
|
|
1,803 |
|
|
|
2,554 |
|
Net gain on sale of loans |
|
107 |
|
|
|
230 |
|
|
|
294 |
|
|
|
108 |
|
|
|
67 |
|
Net loss on sale of available-for-sale securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(891 |
) |
Total noninterest income |
|
3,946 |
|
|
|
3,927 |
|
|
|
3,664 |
|
|
|
4,272 |
|
|
|
4,177 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
7,846 |
|
|
|
6,981 |
|
|
|
6,777 |
|
|
|
6,500 |
|
|
|
6,657 |
|
Employee benefits |
|
2,171 |
|
|
|
1,218 |
|
|
|
2,066 |
|
|
|
2,071 |
|
|
|
2,165 |
|
Net occupancy expense |
|
1,027 |
|
|
|
1,187 |
|
|
|
950 |
|
|
|
840 |
|
|
|
856 |
|
Furniture and equipment |
|
1,353 |
|
|
|
1,370 |
|
|
|
1,189 |
|
|
|
1,211 |
|
|
|
1,252 |
|
Data processing |
|
500 |
|
|
|
785 |
|
|
|
840 |
|
|
|
796 |
|
|
|
726 |
|
Franchise taxes |
|
555 |
|
|
|
308 |
|
|
|
434 |
|
|
|
379 |
|
|
|
366 |
|
ATM expense |
|
473 |
|
|
|
665 |
|
|
|
640 |
|
|
|
683 |
|
|
|
623 |
|
Advertising |
|
530 |
|
|
|
397 |
|
|
|
865 |
|
|
|
830 |
|
|
|
514 |
|
Net loss on sale of other assets owned |
|
- |
|
|
|
86 |
|
|
|
49 |
|
|
|
- |
|
|
|
- |
|
FDIC assessment |
|
580 |
|
|
|
594 |
|
|
|
586 |
|
|
|
496 |
|
|
|
306 |
|
Servicing rights amortization - net |
|
168 |
|
|
|
182 |
|
|
|
106 |
|
|
|
164 |
|
|
|
159 |
|
Consulting fees |
|
186 |
|
|
|
192 |
|
|
|
179 |
|
|
|
231 |
|
|
|
230 |
|
Other general and administrative |
|
2,452 |
|
|
|
2,555 |
|
|
|
2,363 |
|
|
|
2,643 |
|
|
|
3,077 |
|
Total noninterest expense |
|
17,841 |
|
|
|
16,520 |
|
|
|
17,044 |
|
|
|
16,844 |
|
|
|
16,931 |
|
Income Before Income Taxes |
|
6,778 |
|
|
|
6,875 |
|
|
|
5,898 |
|
|
|
7,532 |
|
|
|
8,049 |
|
Income Taxes |
|
1,419 |
|
|
|
1,332 |
|
|
|
1,121 |
|
|
|
1,531 |
|
|
|
1,583 |
|
Net Income |
|
5,359 |
|
|
|
5,543 |
|
|
|
4,777 |
|
|
|
6,001 |
|
|
|
6,466 |
|
Other Comprehensive
Income (Loss) (Net of Tax): |
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on available-for-sale securities |
|
(1,995 |
) |
|
|
13,261 |
|
|
|
(4,514 |
) |
|
|
(5,996 |
) |
|
|
8,030 |
|
Reclassification adjustment for realized loss on sale
of available-for-sale securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
891 |
|
Net unrealized gain (loss) on available-for-sale securities |
|
(1,995 |
) |
|
|
13,261 |
|
|
|
(4,514 |
) |
|
|
(5,996 |
) |
|
|
8,921 |
|
Tax expense (benefit) |
|
(418 |
) |
|
|
2,784 |
|
|
|
(947 |
) |
|
|
(1,260 |
) |
|
|
1,874 |
|
Other comprehensive income (loss) |
|
(1,577 |
) |
|
|
10,477 |
|
|
|
(3,567 |
) |
|
|
(4,736 |
) |
|
|
7,047 |
|
Comprehensive
Income |
$ |
3,782 |
|
|
$ |
16,020 |
|
|
$ |
1,210 |
|
|
$ |
1,265 |
|
|
$ |
13,513 |
|
Basic Earnings Per Share |
$ |
0.39 |
|
|
$ |
0.41 |
|
|
$ |
0.35 |
|
|
$ |
0.44 |
|
|
$ |
0.47 |
|
Diluted Earnings Per
Share |
$ |
0.39 |
|
|
$ |
0.41 |
|
|
$ |
0.35 |
|
|
$ |
0.44 |
|
|
$ |
0.47 |
|
Dividends
Declared |
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in
thousands of dollars, except per share data)
|
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
186,541 |
|
|
$ |
140,917 |
|
|
$ |
151,711 |
|
|
$ |
69,760 |
|
|
$ |
62,780 |
|
Federal funds sold |
|
|
1,241 |
|
|
|
1,284 |
|
|
|
1,471 |
|
|
|
1,433 |
|
|
|
1,545 |
|
Total cash and cash equivalents |
|
|
187,782 |
|
|
|
142,201 |
|
|
|
153,182 |
|
|
|
71,193 |
|
|
|
64,325 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits |
|
|
2,735 |
|
|
|
2,740 |
|
|
|
2,989 |
|
|
|
3,485 |
|
|
|
4,435 |
|
Securities - available-for-sale |
|
|
347,516 |
|
|
|
358,478 |
|
|
|
348,255 |
|
|
|
363,225 |
|
|
|
372,975 |
|
Other securities, at cost |
|
|
14,744 |
|
|
|
17,138 |
|
|
|
16,995 |
|
|
|
17,535 |
|
|
|
11,543 |
|
Loans held for sale |
|
|
2,410 |
|
|
|
1,576 |
|
|
|
1,039 |
|
|
|
1,459 |
|
|
|
951 |
|
Loans, net of allowance for credit losses of $24,680 3/31/24 and
$25,024 12/31/23 |
|
|
2,516,687 |
|
|
|
2,556,167 |
|
|
|
2,504,329 |
|
|
|
2,490,883 |
|
|
|
2,422,018 |
|
Premises and equipment |
|
|
35,007 |
|
|
|
35,790 |
|
|
|
31,723 |
|
|
|
30,398 |
|
|
|
28,679 |
|
Construction in progress |
|
|
9 |
|
|
|
8 |
|
|
|
3,044 |
|
|
|
2,290 |
|
|
|
1,565 |
|
Goodwill |
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
Loan servicing rights |
|
|
5,555 |
|
|
|
5,648 |
|
|
|
5,687 |
|
|
|
5,635 |
|
|
|
4,985 |
|
Bank owned life insurance |
|
|
34,123 |
|
|
|
33,907 |
|
|
|
33,691 |
|
|
|
33,470 |
|
|
|
33,269 |
|
Other assets |
|
|
54,628 |
|
|
|
43,218 |
|
|
|
47,388 |
|
|
|
41,512 |
|
|
|
38,972 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,287,554 |
|
|
$ |
3,283,229 |
|
|
$ |
3,234,680 |
|
|
$ |
3,147,443 |
|
|
$ |
3,070,075 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
510,731 |
|
|
$ |
528,465 |
|
|
$ |
505,358 |
|
|
$ |
488,678 |
|
|
$ |
520,145 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
|
829,236 |
|
|
|
816,790 |
|
|
|
778,133 |
|
|
|
770,113 |
|
|
|
800,230 |
|
Savings |
|
|
635,430 |
|
|
|
599,191 |
|
|
|
591,344 |
|
|
|
581,192 |
|
|
|
590,854 |
|
Time |
|
|
645,985 |
|
|
|
663,017 |
|
|
|
700,445 |
|
|
|
628,757 |
|
|
|
601,939 |
|
Total deposits |
|
|
2,621,382 |
|
|
|
2,607,463 |
|
|
|
2,575,280 |
|
|
|
2,468,740 |
|
|
|
2,513,168 |
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to
repurchase |
|
|
28,218 |
|
|
|
28,218 |
|
|
|
30,527 |
|
|
|
51,567 |
|
|
|
30,496 |
|
Federal Home Loan Bank (FHLB) advances |
|
|
256,628 |
|
|
|
265,750 |
|
|
|
266,286 |
|
|
|
266,818 |
|
|
|
164,327 |
|
Subordinated notes, net of unamortized issuance costs |
|
|
34,731 |
|
|
|
34,702 |
|
|
|
34,673 |
|
|
|
34,644 |
|
|
|
34,615 |
|
Dividend payable |
|
|
2,975 |
|
|
|
2,974 |
|
|
|
2,838 |
|
|
|
2,834 |
|
|
|
2,831 |
|
Accrued expenses and other liabilities |
|
|
25,930 |
|
|
|
27,579 |
|
|
|
21,892 |
|
|
|
18,177 |
|
|
|
18,881 |
|
Total liabilities |
|
|
2,969,864 |
|
|
|
2,966,686 |
|
|
|
2,931,496 |
|
|
|
2,842,780 |
|
|
|
2,764,318 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
Common stock - No par value 20,000,000 shares authorized; issued
and outstanding 14,564,425 shares 3/31/24 and 12/31/23 |
|
|
135,482 |
|
|
|
135,515 |
|
|
|
135,171 |
|
|
|
135,647 |
|
|
|
135,241 |
|
Treasury stock - 881,155 shares 3/31/24 and 899,784 shares
12/31/23 |
|
|
(10,851 |
) |
|
|
(11,040 |
) |
|
|
(11,008 |
) |
|
|
(11,298 |
) |
|
|
(11,310 |
) |
Retained earnings |
|
|
223,648 |
|
|
|
221,080 |
|
|
|
218,510 |
|
|
|
216,236 |
|
|
|
213,012 |
|
Accumulated other comprehensive loss |
|
|
(30,589 |
) |
|
|
(29,012 |
) |
|
|
(39,489 |
) |
|
|
(35,922 |
) |
|
|
(31,186 |
) |
Total stockholders' equity |
|
|
317,690 |
|
|
|
316,543 |
|
|
|
303,184 |
|
|
|
304,663 |
|
|
|
305,757 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
3,287,554 |
|
|
$ |
3,283,229 |
|
|
$ |
3,234,680 |
|
|
$ |
3,147,443 |
|
|
$ |
3,070,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESSELECT FINANCIAL DATA
|
|
|
For the Three Months Ended |
Selected financial data |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
Return on average assets |
|
|
0.66 |
% |
|
|
0.67 |
% |
|
|
0.59 |
% |
|
|
0.77 |
% |
|
|
0.84 |
% |
Return on average equity |
|
|
6.76 |
% |
|
|
7.27 |
% |
|
|
6.26 |
% |
|
|
7.84 |
% |
|
|
8.59 |
% |
Yield on earning assets |
|
|
5.00 |
% |
|
|
4.93 |
% |
|
|
4.79 |
% |
|
|
4.53 |
% |
|
|
4.41 |
% |
Cost of interest bearing
liabilities |
|
|
3.06 |
% |
|
|
3.02 |
% |
|
|
2.82 |
% |
|
|
2.35 |
% |
|
|
1.85 |
% |
Net interest spread |
|
|
1.94 |
% |
|
|
1.91 |
% |
|
|
1.97 |
% |
|
|
2.18 |
% |
|
|
2.56 |
% |
Net interest margin |
|
|
2.60 |
% |
|
|
2.57 |
% |
|
|
2.59 |
% |
|
|
2.73 |
% |
|
|
3.01 |
% |
Efficiency |
|
|
74.08 |
% |
|
|
69.23 |
% |
|
|
73.07 |
% |
|
|
69.06 |
% |
|
|
63.53 |
% |
Dividend payout ratio |
|
|
55.52 |
% |
|
|
54.23 |
% |
|
|
60.07 |
% |
|
|
47.22 |
% |
|
|
43.79 |
% |
Tangible book value per share
(1) |
|
$ |
18.75 |
|
|
$ |
18.60 |
|
|
$ |
18.36 |
|
|
$ |
18.21 |
|
|
$ |
17.92 |
|
Tier 1 leverage ratio |
|
|
8.40 |
% |
|
|
8.20 |
% |
|
|
8.02 |
% |
|
|
9.85 |
% |
|
|
8.36 |
% |
Average shares
outstanding |
|
|
13,671,166 |
|
|
|
13,665,773 |
|
|
|
13,650,823 |
|
|
|
13,632,440 |
|
|
|
13,615,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
(Dollar
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
1,304,400 |
|
|
$ |
1,337,766 |
|
|
$ |
1,304,118 |
|
|
$ |
1,280,902 |
|
|
$ |
1,225,315 |
|
Agricultural real estate |
|
|
227,455 |
|
|
|
223,791 |
|
|
|
225,672 |
|
|
|
230,837 |
|
|
|
227,897 |
|
Consumer real estate |
|
|
525,178 |
|
|
|
521,895 |
|
|
|
512,973 |
|
|
|
506,866 |
|
|
|
502,974 |
|
Commercial and industrial |
|
|
256,051 |
|
|
|
254,935 |
|
|
|
250,891 |
|
|
|
253,444 |
|
|
|
241,598 |
|
Agricultural |
|
|
127,670 |
|
|
|
132,560 |
|
|
|
123,735 |
|
|
|
128,344 |
|
|
|
131,467 |
|
Consumer |
|
|
74,819 |
|
|
|
79,591 |
|
|
|
83,024 |
|
|
|
88,312 |
|
|
|
89,588 |
|
Other |
|
|
26,776 |
|
|
|
30,136 |
|
|
|
31,083 |
|
|
|
28,996 |
|
|
|
29,316 |
|
Less: Net deferred loan fees, costs and other (2) |
|
|
(982 |
) |
|
|
517 |
|
|
|
(1,890 |
) |
|
|
(1,908 |
) |
|
|
(1,503 |
) |
Total loans,net |
|
$ |
2,541,367 |
|
|
$ |
2,581,191 |
|
|
$ |
2,529,606 |
|
|
$ |
2,515,793 |
|
|
$ |
2,446,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
(Dollar
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
19,391 |
|
|
$ |
22,353 |
|
|
$ |
22,447 |
|
|
$ |
6,295 |
|
|
$ |
7,717 |
|
90 day past due and
accruing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Nonperforming loans |
|
$ |
19,391 |
|
|
$ |
22,353 |
|
|
$ |
22,447 |
|
|
$ |
6,295 |
|
|
$ |
7,717 |
|
Other real estate owned |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Nonperforming assets |
|
$ |
19,391 |
|
|
$ |
22,353 |
|
|
$ |
22,447 |
|
|
$ |
6,295 |
|
|
$ |
7,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
24,680 |
|
|
$ |
25,024 |
|
|
$ |
25,277 |
|
|
$ |
24,910 |
|
|
$ |
24,634 |
|
Allowance for unfunded |
|
|
1,946 |
|
|
|
2,212 |
|
|
|
2,023 |
|
|
|
2,099 |
|
|
|
2,228 |
|
Total Allowance for Credit
Losses |
|
$ |
26,626 |
|
|
$ |
27,236 |
|
|
$ |
27,300 |
|
|
$ |
27,009 |
|
|
$ |
26,862 |
|
Allowance for credit
losses/total loans |
|
|
0.97 |
% |
|
|
0.97 |
% |
|
|
1.00 |
% |
|
|
0.99 |
% |
|
|
1.01 |
% |
Adjusted credit losses with
accretable yield/total loans |
|
|
1.11 |
% |
|
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.20 |
% |
|
|
1.24 |
% |
Net charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
$ |
55 |
|
|
$ |
454 |
|
|
$ |
93 |
|
|
$ |
(133 |
) |
|
$ |
60 |
|
Year-to-date |
|
$ |
55 |
|
|
$ |
551 |
|
|
$ |
97 |
|
|
$ |
(73 |
) |
|
$ |
60 |
|
Net charge-offs to average
loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.00 |
% |
|
|
-0.01 |
% |
|
|
0.00 |
% |
Year-to-date |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Nonperforming loans/total
loans |
|
|
0.76 |
% |
|
|
0.87 |
% |
|
|
0.89 |
% |
|
|
0.25 |
% |
|
|
0.32 |
% |
Allowance for credit
losses/nonperforming loans |
|
|
127.28 |
% |
|
|
111.95 |
% |
|
|
112.61 |
% |
|
|
395.71 |
% |
|
|
319.38 |
% |
NPA coverage ratio |
|
|
127.28 |
% |
|
|
111.95 |
% |
|
|
112.61 |
% |
|
|
395.71 |
% |
|
|
319.38 |
% |
(1) Tangible Equity = Stockholder Equity less goodwill, other
intangibles (core deposit intangible, mortgage servicing rights and
unrealized gain/loss on securities) plus CECL adjustment(2)
Includes carrying value adjustments of $969 thousand as of March
31, 2024 and $2.7 million as of December 31, 2023 related to
interest rate swaps associated with fixed rate loans
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESAVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in
thousands of dollars, except percentages)
|
|
For the Three Months Ended |
|
For the Three Months Ended |
|
|
March 31, 2024 |
|
March 31, 2023 |
Interest Earning Assets: |
|
AverageBalance |
|
Interest/Dividends |
|
AnnualizedYield/Rate |
|
AverageBalance |
|
Interest/Dividends |
|
AnnualizedYield/Rate |
Loans |
|
$ |
2,577,114 |
|
|
$ |
35,200 |
|
|
|
5.46 |
% |
|
$ |
2,397,061 |
|
|
$ |
29,703 |
|
|
|
4.96 |
% |
Taxable investment
securities |
|
|
384,928 |
|
|
|
1,686 |
|
|
|
1.75 |
% |
|
|
397,480 |
|
|
|
1,499 |
|
|
|
1.51 |
% |
Tax-exempt investment
securities |
|
|
21,109 |
|
|
|
86 |
|
|
|
2.06 |
% |
|
|
26,352 |
|
|
|
100 |
|
|
|
1.92 |
% |
Fed funds sold &
other |
|
|
110,388 |
|
|
|
1,682 |
|
|
|
6.09 |
% |
|
|
68,557 |
|
|
|
500 |
|
|
|
2.92 |
% |
Total Interest Earning
Assets |
|
|
3,093,539 |
|
|
$ |
38,654 |
|
|
|
5.00 |
% |
|
|
2,889,450 |
|
|
$ |
31,802 |
|
|
|
4.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning Assets |
|
|
159,240 |
|
|
|
|
|
|
|
180,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,252,779 |
|
|
|
|
|
|
$ |
3,069,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
|
$ |
1,443,530 |
|
|
$ |
9,407 |
|
|
|
2.61 |
% |
|
$ |
1,400,769 |
|
|
$ |
4,943 |
|
|
|
1.41 |
% |
Other time deposits |
|
|
650,580 |
|
|
|
5,872 |
|
|
|
3.61 |
% |
|
|
579,409 |
|
|
|
3,208 |
|
|
|
2.21 |
% |
Other borrowed money |
|
|
263,280 |
|
|
|
2,689 |
|
|
|
4.09 |
% |
|
|
132,494 |
|
|
|
1,280 |
|
|
|
3.86 |
% |
Fed funds purchased &
securities sold under agreement to repurch. |
|
|
28,458 |
|
|
|
284 |
|
|
|
3.99 |
% |
|
|
38,853 |
|
|
|
405 |
|
|
|
4.17 |
% |
Subordinated notes |
|
|
34,712 |
|
|
|
284 |
|
|
|
3.27 |
% |
|
|
34,596 |
|
|
|
284 |
|
|
|
3.28 |
% |
Total Interest Bearing
Liabilities |
|
$ |
2,420,560 |
|
|
$ |
18,536 |
|
|
|
3.06 |
% |
|
$ |
2,186,121 |
|
|
$ |
10,120 |
|
|
|
1.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing
Liabilities |
|
|
514,986 |
|
|
|
|
|
|
|
582,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
$ |
317,233 |
|
|
|
|
|
|
$ |
301,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and
Interest Rate Spread |
|
|
|
$ |
20,118 |
|
|
|
1.94 |
% |
|
|
|
$ |
21,682 |
|
|
|
2.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
2.60 |
% |
|
|
|
|
|
|
3.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESAVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in
thousands of dollars, except percentages)
|
For the Three Months Ended March 31, 2024 |
|
For the Three Months Ended March 31, 2023 |
|
As Reported |
|
Excluding Acc/Amort |
|
Difference |
|
As Reported |
|
Excluding Acc/Amort |
|
Difference |
|
$ |
Yield |
|
$ |
Yield |
|
$ |
Yield |
|
$ |
Yield |
|
$ |
Yield |
|
$ |
Yield |
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
35,200 |
5.46 |
% |
|
$ |
34,525 |
5.36 |
% |
|
$ |
675 |
|
0.10 |
% |
|
$ |
29,703 |
4.96 |
% |
|
$ |
29,036 |
4.85 |
% |
|
$ |
667 |
|
0.11 |
% |
Taxable investment securities |
|
1,686 |
1.75 |
% |
|
|
1,686 |
1.75 |
% |
|
|
- |
|
0.00 |
% |
|
|
1,499 |
1.51 |
% |
|
|
1,499 |
1.51 |
% |
|
|
- |
|
0.00 |
% |
Tax-exempt investment securities |
|
86 |
2.06 |
% |
|
|
86 |
2.06 |
% |
|
|
- |
|
0.00 |
% |
|
|
100 |
1.92 |
% |
|
|
100 |
1.92 |
% |
|
|
- |
|
0.00 |
% |
Fed funds sold & other |
|
1,682 |
6.09 |
% |
|
|
1,682 |
6.09 |
% |
|
|
- |
|
0.00 |
% |
|
|
500 |
2.92 |
% |
|
|
500 |
2.92 |
% |
|
|
- |
|
0.00 |
% |
Total Interest Earning Assets |
|
38,654 |
5.00 |
% |
|
|
37,979 |
4.92 |
% |
|
|
675 |
|
0.08 |
% |
|
|
31,802 |
4.41 |
% |
|
|
31,135 |
4.31 |
% |
|
|
667 |
|
0.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
$ |
9,407 |
2.61 |
% |
|
$ |
9,407 |
2.61 |
% |
|
$ |
- |
|
0.00 |
% |
|
$ |
4,943 |
1.41 |
% |
|
$ |
4,943 |
1.41 |
% |
|
$ |
- |
|
0.00 |
% |
Other time deposits |
|
5,872 |
3.61 |
% |
|
|
5,872 |
3.61 |
% |
|
|
- |
|
0.00 |
% |
|
|
3,208 |
2.21 |
% |
|
|
3,667 |
2.53 |
% |
|
|
(459 |
) |
-0.32 |
% |
Other borrowed money |
|
2,689 |
4.09 |
% |
|
|
2,707 |
4.11 |
% |
|
|
(18 |
) |
-0.02 |
% |
|
|
1,280 |
3.86 |
% |
|
|
1,298 |
3.92 |
% |
|
|
(18 |
) |
-0.06 |
% |
Federal funds purchased and securities sold under agreement to
repurchase |
|
284 |
3.99 |
% |
|
|
284 |
3.99 |
% |
|
|
- |
|
0.00 |
% |
|
|
405 |
4.17 |
% |
|
|
405 |
4.17 |
% |
|
|
- |
|
0.00 |
% |
Subordinated notes |
|
284 |
3.27 |
% |
|
|
284 |
3.27 |
% |
|
|
- |
|
0.00 |
% |
|
|
284 |
3.28 |
% |
|
|
284 |
3.28 |
% |
|
|
- |
|
0.00 |
% |
Total Interest Bearing Liabilities |
|
18,536 |
3.06 |
% |
|
|
18,554 |
3.07 |
% |
|
|
(18 |
) |
-0.01 |
% |
|
|
10,120 |
1.85 |
% |
|
|
10,597 |
1.94 |
% |
|
|
(477 |
) |
-0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest/Dividend
income/yield |
|
38,654 |
5.00 |
% |
|
|
37,979 |
4.92 |
% |
|
|
675 |
|
0.08 |
% |
|
|
31,802 |
4.41 |
% |
|
|
31,135 |
4.31 |
% |
|
|
667 |
|
0.10 |
% |
Interest Expense / yield |
|
18,536 |
3.06 |
% |
|
|
18,554 |
3.07 |
% |
|
|
(18 |
) |
-0.01 |
% |
|
|
10,120 |
1.85 |
% |
|
|
10,597 |
1.94 |
% |
|
|
(477 |
) |
-0.09 |
% |
Net Interest Spread |
|
20,118 |
1.94 |
% |
|
|
19,425 |
1.85 |
% |
|
|
693 |
|
0.09 |
% |
|
|
21,682 |
2.56 |
% |
|
|
20,538 |
2.37 |
% |
|
|
1,144 |
|
0.19 |
% |
Net Interest Margin |
|
2.60 |
% |
|
|
2.52 |
% |
|
|
0.08 |
% |
|
|
3.01 |
% |
|
|
2.85 |
% |
|
|
0.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FARMERS & MERCHANTS BANCORP, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION OF TANGIBLE BOOK VALUE
|
|
Actual End of Period |
|
Regulatory End of Period |
Non-GAAP Reconciliation of Tangible Book
Value |
|
Year to Date |
|
Year to Date |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
|
13,683,270 |
|
|
|
13,630,122 |
|
|
|
13,683,270 |
|
|
|
13,630,122 |
|
|
|
|
|
|
|
|
|
|
Tangible Equity |
|
|
|
|
|
|
|
|
Equity |
|
$ |
317,690 |
|
|
$ |
305,757 |
|
|
$ |
317,690 |
|
|
$ |
305,757 |
|
Goodwill |
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
Other Intangible |
|
|
7,103 |
|
|
|
8,882 |
|
|
|
7,103 |
|
|
|
8,882 |
|
Comprehensive Loss
Adjustment* |
|
|
- |
|
|
|
- |
|
|
|
30,589 |
|
|
|
31,186 |
|
CECL Adjustment** |
|
|
- |
|
|
|
- |
|
|
|
1,685 |
|
|
|
2,528 |
|
Tangible Equity |
|
$ |
224,229 |
|
|
$ |
210,517 |
|
|
$ |
256,503 |
|
|
$ |
244,231 |
|
Shares Outstanding |
|
|
13,683 |
|
|
|
13,630 |
|
|
|
13,683 |
|
|
|
13,630 |
|
Tangible Book Equity per
Share |
|
$ |
16.39 |
|
|
$ |
15.44 |
|
|
$ |
18.75 |
|
|
$ |
17.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Average |
|
Regulatory Average |
|
|
Year to Date |
|
Year to Date |
|
|
March 31, 2024 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
5,359 |
|
|
$ |
6,466 |
|
|
$ |
5,359 |
|
|
$ |
6,466 |
|
Acquisition Costs - Tax
Adjusted |
|
|
- |
|
|
|
77 |
|
|
|
- |
|
|
|
77 |
|
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding |
|
|
13,671,166 |
|
|
|
13,615,655 |
|
|
|
13,671,166 |
|
|
|
13,615,655 |
|
|
|
|
|
|
|
|
|
|
Average Tangible Equity |
|
|
|
|
|
|
|
|
Average Equity |
|
$ |
317,233 |
|
|
$ |
301,243 |
|
|
$ |
317,233 |
|
|
$ |
301,243 |
|
Average Goodwill |
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
Average Other Intangible |
|
$ |
7,388 |
|
|
|
9,167 |
|
|
$ |
7,388 |
|
|
|
9,167 |
|
Average Comprehensive Loss
Adjustment* |
|
|
- |
|
|
|
- |
|
|
|
30,700 |
|
|
|
36,764 |
|
Average CECL Adjustment** |
|
|
- |
|
|
|
- |
|
|
|
1,685 |
|
|
|
2,528 |
|
Average Tangible Equity |
|
$ |
223,487 |
|
|
$ |
205,718 |
|
|
$ |
255,872 |
|
|
$ |
245,010 |
|
Average Shares
Outstanding |
|
|
13,671 |
|
|
|
13,616 |
|
|
|
13,671 |
|
|
|
13,616 |
|
Average Tangible Book Equity
per Share |
|
$ |
16.35 |
|
|
$ |
15.11 |
|
|
$ |
18.72 |
|
|
$ |
17.99 |
|
|
|
|
|
|
|
|
|
|
Return on Average Tangible
Equity |
|
|
9.59 |
% |
|
|
12.57 |
% |
|
|
8.38 |
% |
|
|
10.56 |
% |
Return on Average Tangible
Equity w/o Acquisition |
|
|
9.59 |
% |
|
|
12.72 |
% |
|
|
8.38 |
% |
|
|
10.68 |
% |
*The Bank has adopted the Accumulated Other Comprehensive Income
(AOCI) opt out election which removed AOCI from
the calculation of tangible equity for regulatory
purposes.**ASU 2016-13 adopted during the first quarter of 2023.
The Bank has elected to spread the capital adjustment over three
years. The first year permits 75% of the capital adjustment
and the second year permits 50% of the capital adjustment to be
removed from the calculation of tangible equity for regulatory
purposes.
Company Contact:Lars B. EllerPresident and
Chief Executive OfficerFarmers & Merchants Bancorp, Inc.(419)
446-2501 leller@fm.bank |
|
Investor and Media Contact:Andrew M.
BergerManaging DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
|
|
|
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