Farmers & Merchants Bancorp, Inc. Reports 2023 Third-Quarter and Year-to-Date Financial Results

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[{"type":"text","content":"ARCHBOLD, Ohio, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2023 third quarter and year-to-date September 30, 2023. 2023 Third Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 82 consecutive quarters of profitabilityNet income was $4.8 million, or $0.35 per basic and diluted shareStockholders’ equity increased 8.1% to $303.2 millionRegulatory tangible book value per share increased 2.8% to $18.36 per shareTotal loans were a record of $2.53 billion and increased 7.2% from $2.36 billion at December 31, 2022Total assets increased 16.2% to a record $3.23 billionDeposits increased 4.3% to a record $2.58 billionAsset quality remains strong as nonperforming loans were 0.89% of total loansNet charge-offs to average loans were 0.00%Allowance for credit losses was 112.61% of nonperforming loansTier 1 leverage ratio decreased to 8.02% from 9.11% last yearStrategic investments to support long-term growth continue as F&M has opened new offices, unveiled new branding and a new logo, launched new deposit products, and implemented new features across its website and online banking platform Lars B. Eller, President and Chief Executive Officer, stated, “Throughout 2023, we have been focused on executing against our strategic growth plan, while simultaneously navigating a challenging banking environment. I am pleased with the progress we are making as F&M opened two full-service offices in Oxford and Toledo, Ohio last quarter and since the end of the third quarter, the Bank has opened additional offices in Fort Wayne, Indiana and Birmingham, Michigan. We have also recently launched a new shared services group formation, invested in new internal audit and marketing capabilities, and restructured our HR department.” Mr. Eller continued, “With most of the planned investments behind us, we are focused on scaling our new offices by expanding relationships within these new and existing markets. Early indications are encouraging and reflect F&M’s strong team of local bankers. As a result of our efforts across our new and existing offices, third-quarter deposits increased 4.3% from the second quarter to a record $2.58 billion, which included a 3.3% increase in non-interest-bearing deposits. We expect future deposit growth over the next quart...

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