Farmers & Merchants Bancorp, Inc. Reports Record 2022 Full-Year Financial Results

About this update from Farmers & Merchants Bancorp, Inc.

[{"type":"text","content":"ARCHBOLD, Ohio, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 fourth quarter and twelve months ended December 31, 2022. 2022 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted): Net income was $7.2 million compared to $7.7 million for the same period last yearEarnings were $0.53 per basic and diluted share, compared to $0.59 per basic and diluted shareAdjusted net income, excluding one-time tax adjusted acquisition expenses, was $8.8 million, compared to $8.7 millionAdjusted earnings, excluding one-time tax adjusted acquisition expenses, were $0.65 per basic and diluted share, compared to $0.66 per basic and diluted shareEfficiency rate improved to 50.46% for the 2022 fourth quarterStrong asset quality continues as nonperforming loans declined 41.9% to $4.7 million, or 0.20% of total loansNet charge-offs to average loans were 0.02%Allowance for loan and lease losses, adjusted for credit marks from recent acquisitions, of 570.3% of nonperforming loans 2022 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans increased 26.9% to a record $2.36 billionOrganic loan growth of 21.4%, excluding PPP loans and loan balances at time of the Peoples-Sidney Financial Corporation acquisitionTotal assets increased 39.2% to a record $3.02 billionDeposits increased to 12.6% to $2.47 billionNet interest income after provision for loan losses increased 24.4% to $82.2 millionNet income increased 38.4% to an annual record of $32.5 millionEarnings increased 22.4% to an annual record of $2.46 per basic and diluted shareAdjusted net income, excluding one-time tax adjusted acquisition expenses, increased 29.9% to $34.6 millionAdjusted earnings, excluding one-time tax adjusted acquisition expenses, increased 14.9% to $2.62 per basic and diluted shareEfficiency rate improved to 55.95% for the 2022 full yearAdjusted return on average tangible equity, excluding one-time tax adjusted acquisition expenses, increased to 17.06% from 13.01% on a year-over-year basisAnnual dividend payment increased 14.4% to $0.8125 per share, which included a $0.0125 special dividend in honor of the Company’s 125th year anniversaryProvided a record $642,000 of charitable donations to support organizations throughout Indiana an...

More updates from Farmers & Merchants Bancorp, Inc.