Farmers & Merchants Bancorp, Inc. Reports 2023 Fourth-Quarter and Full-Year Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2023 fourth quarter and twelve months ended December 31, 2023. 2023 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 83 consecutive quarters of profitabilityNet income was $5.5 million, or $0.41 per basic and diluted shareAsset quality remains strong as nonperforming loans were 0.87% of total loansNet charge-offs to average loans were 0.03%Allowance for credit losses was 111.95% of nonperforming loansTier 1 leverage ratio was 8.20%Opened first bank office in Michigan and new regional headquarters in Fort Wayne, IndianaAdded Ian D. Boyce to the Board of Directors of both the Company and the BankRealigned organizational structure to support future growth and drive profitabilityDividend raised 4.8% year-over-year, representing the 29th consecutive annual increase in the Company’s regular dividend payment since 1994 2023 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans were a record of $2.58 billion and increased 9.5% from $2.36 billion at December 31, 2022Total assets increased 8.9% to a record $3.28 billionDeposits increased to 5.6% to a record $2.61 billionStockholders’ equity increased 6.2% to a record $316.5 millionNet interest income after provision for credit losses decreased 3.1% to $79.7 millionNet income was $22.8 million, or $1.67 per basic and diluted shareReturn on average tangible equity was 12.17%Opened a total of four new bank offices including new offices in Ohio, Indiana and MichiganSuccessfully launched new forward-looking logo and brand-nameProvided a record $802,000 of charitable donations to support organizations throughout Ohio and Indiana Lars B. Eller, President and Chief Executive Officer, stated, “I am extremely proud of how F&M’s team responded to the challenging operating environment in 2023 as unprecedented rate increases caused significant competition for deposits and elevated our costs of funds. While these trends impacted earnings growth in 2023, we ended the year with record total assets, loans, net, and total deposits, as well as stockholders’ equity. Our ability to grow our balance sheet throughout the year is a testament to the value we provide to our Ohio, Indiana and Mich...

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