Farmers & Merchants Bancorp, Inc. Reports Record 2020 Fourth-Quarter and Full-Year Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2020 fourth quarter and twelve months ended December 31, 2020. 2020 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net income increased 43.5% to a quarterly record of $6.8 millionEarnings increased 39.5% to a quarterly record of $0.60 per basic and diluted shareNet interest income after provision for loan losses increased 12.1% to $14.1 million, which included a $1.3 million increase in the provision for loan losses as a result of the COVID-19 crisisNoninterest income increased 88.5% to $5.6 million, primarily due to strong residential mortgage demandA gain on the settlement of a bank-owned life insurance contract (“BOLI”) and interest and fees associated with the Paycheck Protection Program (“PPP”) benefited 2020 fourth quarter after-tax income by $0.4 million and $1.0 million, respectivelyEfficiency ratio, adjusted for BOLI and PPP benefits, was 56.49%, compared to 63.67%Return on average assets adjusted for BOLI and PPP benefits, was 1.14%, compared to 1.18%Loans 30 days past due to total loans, excluding COVID related loans, was only 0.29%Net charge-offs to average loans were 0.02%, compared to 0.03% 2020 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans increased 6.9% to $1.303 billion, and included $36.2 million of PPP loansTotal assets increased 18.8% to a record $1.910 billionTotal assets managed increased to a record $2.6 billionDeposits increased 23.9% to a record $1.596 billionNet interest income after provision for loan losses increased 0.7% to $52.8 million, which included a $5.8 million increase in the provision for loan losses as a result of the COVID-19 crisisNet income increased 9.2% to an annual record of $20.1 millionEarnings increased 8.4% to an annual record of $1.80 per basic and diluted shareBook value per share increased 7.6% to $22.25 per shareTangible book value per share increased 7.4% to $17.19 per share2020 cash dividend increased 8.2% to $0.66 per share 2020 Operating Highlights Include: Created operation hubs to protect the health and safety of the Company’s employees, customers, and communities throughout the COVID-19 pandemicApproved $87.8 million in PPP loans, helping nearly 95...

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