Farmers & Merchants Bancorp, Inc. Reports 2024 First-Quarter Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, May 01, 2024 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 first quarter ended March 31, 2024. 2024 First Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 84 consecutive quarters of profitabilityNet income was $5.4 million, or $0.39 per basic and diluted shareNet interest income after provision for credit losses increased 6.2% from December 31, 2023, primarily due to a stabilizing net interest margin and solid asset qualityTotal loans increased 3.9% to $2.54 billion at March 31, 2024Total cash and cash equivalents increased by $123.5 million, or 191.9% to $187.8 millionTotal assets increased 7.1% to a record $3.29 billionDeposits increased to 4.3% to a record $2.62 billionStockholders’ equity increased 3.9% to a record $317.7 millionAsset quality remains solid as net charge-offs to average loans were 0.00%Allowance for credit losses was 127.28% of nonperforming loans Lars B. Eller, President and Chief Executive Officer, stated, “Our first quarter financial results demonstrate the strategies we are pursuing to enhance profitability, leverage the operating investments we made last year, and further strengthen our balance sheet. The progress we made, especially from the 2023 fourth quarter is encouraging and is a testament to the hard work of our team members, as well as the local value we provide our Ohio, Indiana and Michigan communities.” Mr. Eller continued, “We are cautiously optimistic that our net interest margin has stabilized, even as we continue to navigate high levels of deposit competition and overall interest rate uncertainty. Over the past three months, F&M experienced a slight increase in its net interest margin, which combined with stable asset quality, drove a 6.2% increase in net interest income during this period. We expect to benefit from higher productivity of the four offices we opened during 2023 as our local market presence expands. In fact, total deposits at March 31, 2024, included $78.6 million of deposits from these new offices. In addition, we expect our efficiency ratio to improve throughout 2024 as we benefit from the investments we made last year to support a bank with over $4 billion in assets.” Income StatementNet income for the 2024 first quarter ended March 31, 2024, was $5.4 m...

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