Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024. 2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 87 consecutive quarters of profitabilityNet income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted shareAsset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023Net charge-offs to average loans were 0.00%Allowance for credit losses was 826.70% of nonperforming loansTier 1 leverage ratio was 8.12%Net interest margin increased 27 basis points to 2.84%Efficiency ratio improved to 59.82%, compared to 69.23% for the same period a year ago 2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans, net were $2.56 billion at December 31, 2024, compared to $2.58 billion at December 31, 2023 and $2.54 billion at September 30, 2024Total assets increased 2.5% to $3.36 billionDeposits increased 3.0% to a record $2.69 billionStockholders’ equity increased 5.9% to $335.2 millionNet interest income after provision for credit losses increased 7.5% to $85.6 millionReturn on average tangible equity was 8.91%F&M ended 2024 with excellent liquidity levels, and over $690 million in contingent funding sources, and a cash-to-assets ratio of 5.3%, compared to 4.3% at December 31, 2023Dividend raised 3.8% year-over-year, representing the 30th consecutive annual increase in the Company’s regular dividend payment since 1994 Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Mich...

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