Business
Farmers & Merchants Bancorp, Inc. Reports 2021 Second-Quarter and Year-to-Date Financial Results
ARCHBOLD, Ohio, July 21, 2021 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2021 second
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"ARCHBOLD, Ohio, July 21, 2021 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2021 second quarter and year-to-date June 30, 2021. 2021 Second Quarter Financial and Operating Highlights (compared to the 2020 second quarter period unless noted): Net income increased 3.7% to $5.0 million, and included one-time acquisition costs of $1.0 millionEarnings increased 2.3% to $0.44 per basic and diluted share, and included one-time acquisition costs of $0.08 per basic and diluted shareNet interest income after provision for loan losses increased by 17.9% to $15.3 millionNoninterest income increased 21.1% to $4.0 millionSecond quarter after-tax income benefited from $0.35 million of accelerated fees associated with the Paycheck Protection Program (“PPP”)Loans have increased 3.9% organically year-to-date, not including recent acquisitions or PPP loansNet charge-offs to average loans were 0.00%, compared to 0.01%Adjusted return on average tangible equity increased to 11.28% from 9.98%Completed the acquisition of Ossian FinancialAnnounced the acquisition of Perpetual Federal Savings BankAppointed Frank R. Simon to the Board of DirectorsOpened a new full-service office in Fort Wayne, IN “I am excited by the progress F&M is making as we continue to achieve strong execution across all of our key business strategies, while deepening customer relationships, expanding into new markets, and delivering robust operating and financial results,” stated Lars B. Eller, President and Chief Executive Officer. “In 2019 we created a strategic plan aimed at growing earnings and creating value for shareholders by increasing total assets from $1.6 billion to $3.0 billion by 2023. We expect earnings growth will accelerate in the coming quarters as we benefit from the progress we are making on executing our strategic growth plan.” On April 30, 2021, F&M successfully closed the acquisition of Ossian Financial Services, Inc (“OFSI”). OFSI is F&M’s third recent acquisition in Northeast Indiana and immediately enhances the Company’s growing franchise within the state. The integration and conversion were completed during the second quarter, and OFSI’s offices and online portal have transitioned to F&M. Also, in the 2021 second quarter, the Company announced the upcoming acquisition of Perpetual Federal Savin...