Business
Farmers & Merchants Bancorp, Inc. Reports Record 2022 First Quarter Financial Results
ARCHBOLD, Ohio, April 20, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 first
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"ARCHBOLD, Ohio, April 20, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 first quarter ended March 31, 2022. 2022 First Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net income increased 65.0% to a quarterly record of $8.1 million, from $4.9 millionEarnings increased 40.9% to $0.62 per basic and diluted share, from $0.44 per basic and diluted shareAverage shares outstanding increased 16.7% as a result of the Perpetual Federal Savings Bank AcquisitionTotal loans increased 46.3% to a record $1.962 billion, and included $463,000 of PPP loansOrganic loan growth of 22.0%, excluding PPP loans and loan balances at time of acquisitionsTotal loans increased 5.6% from $1.857 billion at December 31, 2021Total assets increased 34.8% to a record $2.686 billion, and up 1.8% from December 31, 2021Deposits increased 33.8% to a record $2.254 billion, and up 2.7% from December 31, 2021Net charge-offs to average loans were 0.00%, the fourth consecutive quarter at or below 0.00%Return on average equity increased to 11.00% from 7.87%Return on average tangible equity increased to 14.86% from 10.10% on a year-over-year basis Lars B. Eller, President and Chief Executive Officer, stated, “F&M achieved record financial results for the first quarter, as our business benefits from the Perpetual Federal Savings Bank, Inc., and Ossian Financial Services, Inc. acquisitions, the Adams County Financial Resources asset purchase, our new Fort Wayne office, our three new LPOs, and the completion of our office realignment program. Organic loan growth increased 22.0% on a year-over-year basis and loans are up 5.6% from December 31, 2021. In fact, this is our third consecutive quarter of year-over-year organic loan growth over 10.0%. While we expect our growth rate to normalize in 2022, positive momentum across our business remains strong and we believe we are well positioned to grow our balance sheet and earnings throughout 2022.” Income Statement Net income for the 2022 first quarter ended March 31, 2022, was $8.1 million, compared to $4.9 million for the same period last year. Net income per basic and diluted share for the 2022 first quarter was $0.62, compared to $0.44 for the same period last year. Mr. Eller continued, “Profitability is benefitting from our ...