Business
Farmers & Merchants Bancorp, Inc. Reports 2026 First-Quarter Financial Results
ARCHBOLD, Ohio, April 22, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 first
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"ARCHBOLD, Ohio, April 22, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 first quarter ended March 31, 2026, on a consolidated basis. 2026 First-Quarter Financial and Operating Highlights(at March 31, 2026, and on a year-over-year basis unless noted) 92 consecutive quarters of profitabilityNet income increased 37.8% to a first quarter record of $9.6 million, or $0.70 per basic and diluted shareStrong profitability drives ROAA to 1.14%, compared to 0.85%Net charge-offs to average loans of 0.01%Tier 1 leverage ratio was 9.02%Cost of interest-bearing liabilities improved to 2.54%, from 2.76%Net interest margin increased by 39 basis points to 3.42%Efficiency ratio improved to 60.08%, compared to 66.79%First quarter dividend per share increased 4.0% to $0.92 annualized Lars B. Eller, President and Chief Executive Officer, stated, “We are off to an outstanding start in 2026, delivering 37.8% year-over-year earnings growth driven by a 39-basis point expansion in net interest margin, strong levels of noninterest income, and solid balance sheet management. Our ability to generate this level of growth in profitability while maintaining excellent credit quality and disciplined expense management underscores the strength of our core franchise. We are seeing meaningful operating leverage across the business, and believe this momentum positions us well for continued earnings expansion and long-term shareholder value creation.” Income StatementNet income for the quarter ended March 31, 2026, was $9.6 million, compared to $7.0 million for the same period last year. Net income per basic and diluted share for the 2026 first quarter was $0.70, compared to $0.51 for the same period last year. DepositsAt March 31, 2026, total deposits were $2.81 billion, an increase of 4.1%, or $109.4 million from March 31, 2025. For the three months ended March 31, 2026, F&M’s cost of interest-bearing liabilities was 2.54%, compared to 2.76% in the same period last year. “Deposit growth in the quarter demonstrates the early success of our new three-year, growth-oriented strategic plan, including our renewed focus on strengthening core deposit generation and expanding our treasury management and retail offerings. In addition, asset quality within the loan portfolio remains strong, with low leve...