Business
Farmers & Merchants Bancorp, Inc. Reports 2019 Third-Quarter and Year-to-Date Financial Results
Organic Loan and Deposit Growth Drive Strong Third Quarter Results ARCHBOLD, Ohio, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc.
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"Organic Loan and Deposit Growth Drive Strong Third Quarter Results\nARCHBOLD, Ohio, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 third quarter and year-to-date September 30, 2019.\n 2019 Third Quarter Financial Highlights Include (on a year-over-year basis unless noted): Total loans increased 38.2% to $1.159 billion as a result of the contribution from the Limberlost acquisition and strong organic consumer lending, residential mortgage and commercial and industrial growthTotal assets increased 42.1% to a record $1.575 billionOrganic deposit growth continued and increased 2.9% in the past three months to a record $1.278 billionNet interest income after provision for loan losses increased 27.3% to $12.7 millionNet income increased 10.3% to $4.3 millionEarnings per basic and diluted share decreased 9.5% to $0.38 as a result of a 20.3% increase in the weighted average common shares outstanding due to the additional shares from the Limberlost acquisitionTangible book value per share increased 7.9% to $15.68 per share “Organic loan and deposit growth accelerated during the 2019 third quarter and increased 6.2% and 2.9%, respectively over the past three months,” stated Lars B. Eller, President and Chief Executive Officer. “The strong growth trends we experienced in the third quarter are a direct result of the positive execution of our new strategic plan, the contribution of our talented and community-oriented bankers and improving production from our more recently opened offices. In addition, I am encouraged that the expansion in loans over the past three months was driven by commercial and agricultural loans. Competition for loans and deposits remains strong, which combined with lower benchmark rates, has impacted our net income margin, however, we believe strong loan growth, controlled cost of funds, and stable asset quality will continue to contribute to higher net interest income and overall profitability.” Income StatementNet income for the 2019 third quarter ended September 30, 2019, was $4.3 million, compared to $3.9 million for the same period last year. Earnings per basic and diluted share for the 2019 third quarter was $0.38, compared to $0.42 for the same period last year, as a result of a 20.3% increase in the weighted average common shares ...