Farmers & Merchants Bancorp, Inc. Reports Record 2021 Fourth-Quarter and Full-Year Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2021 fourth quarter and twelve months ended December 31, 2021. 2021 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net income increased 13.4% to a quarterly record of $7.7 million, or $0.59 per basic and diluted shareAverage shares outstanding increased 16.7% as a result of the Perpetual Federal Savings Bank AcquisitionAdjusted net income, excluding one-time tax adjusted acquisition expenses, increased 27.8% to $8.7 millionAdjusted earnings, excluding one-time tax adjusted acquisition expenses, increased 10.0% to $0.66 per basic and diluted shareNet interest income after provision for loan losses increased 38.7% to a quarterly record of $19.6 millionFourth quarter after-tax income benefited from $0.3 million of accelerated fees associated with the Paycheck Protection Program (“PPP”) compared to $1.2 million in the 2020 fourth quarterNet charge-offs to average loans were -0.01%, the third consecutive quarter at or below 0.00%Adjusted return on average tangible equity, excluding one-time tax adjusted acquisition expenses, increased to 13.09% from 10.89% on a year-over-year basisIncreased the regular quarterly cash dividend payment by 11.8% to $0.19 per share 2021 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans increased 42.8% to $1.842 billion, and included $2.9 million of PPP loansTotal loans increased by 15.9% organically and without PPP loansTotal assets increased 38.2% to a record $2.638 billionDeposits increased 37.4% to a record $2.193 billionNet interest income after provision for loan losses increased 25.1% to $66.1 millionNet income increased 16.9% to an annual record of $23.5 millionEarnings increased 11.7% to an annual record of $2.01 per basic and diluted shareAdjusted net income, excluding one-time tax adjusted acquisition expenses, increased 32.5% to $26.6 millionAdjusted earnings, excluding one-time tax adjusted acquisition expenses, increased 26.7% to $2.28 per basic and diluted shareF&M raised its quarterly dividend payment two times during 2021, and the 2021 annual cash dividend increased 7.6% to $0.71 per share, representing the 27th consecutive annual dividend increaseProvided a record $435,...

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