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Farmers & Merchants Bancorp, Inc. Reports 2022 Third-Quarter and Year-to-Date Financial Results
ARCHBOLD, Ohio, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 third quarter
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"ARCHBOLD, Ohio, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 third quarter and year-to-date September 30, 2022. 2022 Third Quarter Financial Highlights Include (Compared to the 2021 third quarter period unless noted): Net income increased 51.3% to a quarterly record of $9.0 million, from $5.9 millionEarnings increased 28.3% to $0.68 per basic and diluted share, from $0.53 per basic and diluted shareAverage shares outstanding increased 16.7% as a result of the Perpetual Federal Savings Bank AcquisitionEfficiency rate improved to 51.19% for the 2022 third quarter, and 53.16% for the 2022 nine monthsOrganic loan growth of 21.3%, excluding PPP loans and loan balances at time of acquisitionsTotal loans were a record of $2.143 billion and increased 15.4% from $1.857 billion at December 31, 2021Total assets increased 25.5% to a record $2.784 billionDeposits increased 22.3% to $2.283 billionStrong asset quality continues as nonperforming loans declined 12.5% to $5.5 million, or 0.26% of total loansNet charge-offs to average loans were 0.00%, the sixth consecutive quarter at or below 0.00%Return on average equity, increased to 12.53% from 9.32%Return on average tangible equity, based on regulatory calculations, increased to 15.50% from 12.23% on a year-over-year basis2022 third quarter cash dividend increased by 16.7% year-over-year to $0.21 per shareEric Faust named Senior Vice President and Chief Risk Officer of Farmers & Merchants State BankBenét Rupp, Chief Administrative Officer, promoted to Executive Vice PresidentCompleted the Peoples-Sidney Financial Corporation acquisition on October 1, 2022 Lars B. Eller, President and Chief Executive Officer, stated, “Record third quarter results demonstrate the continued success of our strategic growth plan, the value we provide our local communities, and the power of our financial model. Throughout 2022, we have experienced strong organic loan growth across our Ohio, Indiana and Michigan markets as loans increased organically by $301.4 million, or 21.3% on a year-over-year basis. Robust loan growth, combined with our recent acquisitions, excellent asset quality, and stable net interest margin, have driven a 30.0% increase in net interest income after the provision for loan losses. These outstanding trends and...