Farmers & Merchants Bancorp, Inc. Reports 2024 Second-Quarter and Year-to-Date Financial Results

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[{"type":"text","content":"ARCHBOLD, Ohio, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 second quarter and year-to-date ended June 30, 2024. 2024 Second Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 85 consecutive quarters of profitabilityNet income was $5.7 million, or $0.42 per basic and diluted shareProceeds from collateral sales of $6.4 million were received from an agricultural based relationship. The proceeds enabled paydowns and payoffs on nonaccrual loans during the second quarter that included $5.3 million in principal paydown, and $1.0+ million pre-tax benefit to interest and fee incomeNet interest income after provision for credit losses increased 6.8% from December 31, 2023, primarily due to a stabilizing net interest margin, solid asset quality and the collection of a nonaccrual loanNet interest margin, adjusted for the collection of a nonaccrual loan, improved 2 basis points from the 2024 first quarterTotal loans increased 1.75% to $2.56 billion at June 30, 2024Total cash and cash equivalents increased by $121.9 million, or 171% to $193.1 millionTotal assets increased 5.6% to a record $3.32 billionDeposits increased 7.0% to a record $2.64 billionF&M joins OHIO HOMEBUYER PLUS Saver program, helping perspective Ohio home buyers save for a home purchase over the next five years by offering a higher than market interest rate to qualified depositorsStockholders’ equity increased 5.9% to a record $322.7 millionAsset quality at historically strong levels with nonperforming loans of only $2.5 million at June 30, 2024, compared to $19.4 million at March 31, 2024 and $6.3 million at June 30, 2023Allowance for credit losses was 1,016% of nonperforming loans Lars B. Eller, President and Chief Executive Officer, stated, “Our second quarter results reflect the talent of our associates, as we continue to work hard to drive operating improvements at F&M, serve our local Ohio, Indiana, and Michigan communities, and position F&M for long-term success. As a result, F&M produced its 85th consecutive quarter of profitability, ended the quarter with a historically low level of nonperforming loans, and we are on pace to pay a record amount of dividends per share in 2024.” Mr. Eller continued, “As expected, profitability and asset quality benef...

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