Business
Farmers & Merchants Bancorp, Inc. Reports Record 2022 Second-Quarter and Year-to-Date Financial Results
ARCHBOLD, Ohio, July 21, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 second
About this update from Farmers & Merchants Bancorp, Inc.
[{"type":"text","content":"ARCHBOLD, Ohio, July 21, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 second quarter and year-to-date June 30, 2022. 2022 Second Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): Net income increased 66.0% to a quarterly record of $8.3 million, from $5.0 millionEarnings increased 43.2% to $0.63 per basic and diluted share, from $0.44 per basic and diluted shareAverage shares outstanding increased 16.8% as a result of the Perpetual Federal Savings Bank AcquisitionEfficiency rate improved to 50.17%Organic loan growth of 19.9%, excluding PPP loans and loan balances at time of acquisitionsTotal loans were a record of $2.035 billion and increased 9.6% from $1.857 billion at December 31, 2021Total assets increased 23.4% to $2.675 billionDeposits increased 20.0% to $2.224 billionStrong asset quality continues as nonperforming loans declined 25.4% to $5.2 million, or 0.26% of total loansNet charge-offs to average loans were 0.00%, the fifth consecutive quarter at or below 0.00%Return on average equity, increased to 11.66% from 8.00%Return on average tangible equity, based on regulatory calculations, increased to 14.72% from 10.26% on a year-over-year basis Lars B. Eller, President and Chief Executive Officer, stated, “Our record second quarter financial and operating performance reflects the benefits of our organic and acquisition growth strategies, excellent asset quality, and focus on controlling expenses and driving efficiencies. The growth we are experiencing across our Ohio, Indiana and Michigan markets is encouraging, which we believe is a result of our desire to help our retail, commercial and agricultural customers realize their best lives. Loans increased organically by $237.1 million, or 19.9% on a year-over-year basis and are up 9.6% from December 31, 2021.” Mr. Eller continued, “In April 2022, we formally honored F&M’s 125th anniversary, which included activities that recognized the efforts and support of our communities, customers, employees, and shareholders. We are looking forward to building a sustainable business for the next 125 years by investing in our team, innovating our organization, providing our local communities with best-in-class service, and expanding our franchise to new markets. In June 2022, we res...