Farmers & Merchants Bancorp, Inc. Reports 2021 Third-Quarter and Year-to-Date Financial Results

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[{"type":"text","content":"ARCHBOLD, Ohio, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2021 third quarter and year-to-date September 30, 2021. 2021 Third Quarter Financial Highlights Include (compared to the 2020 third quarter period unless noted): Net income increased 34.2% to $5.9 millionEarnings increased 32.5% to $0.53 per basic and diluted shareAdjusted net income, excluding one-time tax adjusted acquisition expenses, increased 60.8% to $7.1 millionAdjusted earnings increased 57.5% to $0.63 per basic and diluted shareNet interest income, after provision for loan losses, increased by 36.5% to a quarterly record of $17.8 millionNet interest margin increased slightly to 3.53%, from 3.51% for the same period last yearThird quarter after-tax income benefited from $1.98 million of accelerated fees associated with the Paycheck Protection Program (“PPP”) compared to $329.4 thousand in same quarter 2020.Loans have increased 13.6% organically year-to-date, not including recent acquisitions or PPP loansThird quarter net charge-offs to average loans were 0.00% for the second consecutive quarterAdjusted return on average tangible equity increased to 10.94% from 9.68% on a year over year basisIncreased the regular quarterly cash dividend payment by 5.9% to $0.18 per share, representing the 27th consecutive annual dividend increaseCompleted a $35.0 million subordinated note offering, increasing F&M’s Total Risk Based Capital Ratio to 15.57%Added two new strong Board members to Farmers & Merchants’ Board of Directors representing our expansion into the Detroit and Urbana marketsF&M’s fourth annual Charity Golf Classic raised over $32,000 in support for its local communities “2021 is shaping up to be a transformative year as we focus on bringing our individualized, local, and comprehensive financial products and services to more customers across Ohio, Indiana, and Michigan,” stated Lars B. Eller, President and Chief Executive Officer. “We are well on our way to becoming a $3.0 billion asset bank, and when including Perpetual’s assets, we will have almost $2.6 billion in total assets. Our success is a testament to our strategic growth plan, the value we provide our local communities, and the commitment of F&M’s team members.” On October 1, 2021, F&M successfully closed the acquisition of P...

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