Business
Farmers & Merchants Bancorp, Inc. Reports Record 2020 First Quarter Financial Results
F&M is Committed and Well Positioned to Support Communities Throughout COVID-19 Crisis ARCHBOLD, Ohio, April 24, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"F&M is Committed and Well Positioned to Support Communities Throughout COVID-19 Crisis\nARCHBOLD, Ohio, April 24, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2020 first quarter ended March 31, 2020.\n 2020 First Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net interest income after provision for loan losses was stable at $12.6 million, despite a $1.4 million increase in the first quarter provision for loan lossesNoninterest income increased 15.8% to $3.1 millionStrong organic growth drove a 13.5% increase in net total loans and a 13.6% increase in total depositsNet income increased 27.3% to $4.1 million, or $0.37 per basic and diluted shareNet charge-offs to average loans was 0.01%, compared to 0.02% for the same period last yearReturn on average assets was 1.02%, compared to 0.97% for the same period last year (last year’s first quarter included one-time tax adjusted expenses related to the Bank of Geneva acquisition)F&M remains well capitalized under regulatory guidelines with a tier 1 capital to average assets of 11.56% “For over 120 years, F&M has supported its local communities and we are committed to helping our retail, commercial, and agricultural customers through the unprecedented challenges created by the COVID-19 crisis,” stated Lars B. Eller, President and Chief Executive Officer. “While it is too early to understand the economic repercussions of the crisis, F&M’s strong financial and capital position provides us with the flexibility to navigate this period of uncertainty. In addition, our consistent loan and deposit growth over the past five years, demonstrates the strong relationships we have developed throughout our Ohio, Indiana, and Michigan communities. Our team members have rallied behind our customers and communities and I am grateful for all their efforts, hard work, and dedication. We are diligently working to protect our employees and customers, while quickly providing essential financial services, advice and resources to our customers. As a result, the majority of our workforce is either working from home or operating in staggered shifts, while our customers have embraced alternatives to lobby banking including drive-thru, online, digital, and mobile banking. Despite the adjustments we have made to our...