Farmers & Merchants Bancorp, Inc. Reports 2023 First Quarter Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, April 19, 2023 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2023 first quarter ended March 31, 2023. 2023 First Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net interest income before provision for credit losses increased 9.6% to $21.7 millionAdopted CECL accounting standards, which led to a one-time adjustment to equity of $3.4 million, net of taxNet income of $6.5 million, compared to $8.1 millionEarnings were $0.47 per basic and diluted share, compared to $0.62 per basic and diluted shareTotal loans increased 24.7% to a record $2.447 billionOrganic loan growth of 19.4%, excluding PPP loans and the Peoples-Sidney Financial Corporation acquisitionTotal assets increased 14.3% to a record $3.07 billion, and up 1.8% from December 31, 2022Deposits increased 11.5% to a record $2.51 billion, and up 1.8% from December 31, 2022Uninsured deposits to total deposits of approximately 18% at March 31, 2023Strong asset quality continues as nonperforming loans declined 10.1% to $7.7 million, or 0.32% of total loansNet charge-offs to average loans were 0.00%Allowance for credit losses, with the accretable yield adjustment from recent acquisitions, of 319.22% of nonperforming loans Lars B. Eller, President and Chief Executive Officer, stated, “F&M’s increased scale, strong balance sheet, and highly profitable financial model supports our growth initiatives, while providing us with the flexibility to invest across our business and return capital to shareholders. Despite increased economic volatility, we remain focused on executing our new three-year strategic growth plan and I am pleased with the progress we are making. During the quarter, we successfully completed the integration of the October 2022 acquisition of the Peoples-Sidney Financial Corporation. We implemented CECL accounting standards, which maintained our allowance, even as non-performing loans declined 10.1% over the past 12 months. In the first quarter, we completed the conversion of our credit card sale with new cards issued and the scorecard rewards carried over to the new provider. In addition, we completed the first phase of our previously announced investments, preparing to open three new offices in the second quarter as well as enhancing our training, commercial...

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