Farmers & Merchants Bancorp, Inc Reports 2023 Second-Quarter and Year-to-Date Financial Results.
ARCHBOLD, Ohio: Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) the holding company of F&M Bank, today reported financial results for the 2023 second quarter and year-to-date June 30, 2023.
2023 Second Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):
81 consecutive quarters of profitability
Net income was $6.0 million, or $0.44 per basic and diluted share
Stockholders' equity increased 8.5% to $304.7 million
Regulatory tangible book value per share increased 4.5% to $18.21 per share
Organic loan growth of 18.5%, excluding PPP loans and the Peoples-Sidney Financial Corporation acquisition
Total loans were a record of $2.52 billion and increased 6.8% from $2.36 billion at December 31, 2022
Total assets increased 17.7% to a record $3.15 billion
Deposits increased 11.0% to $2.50 billion
Uninsured deposits to total deposits of approximately 18% at June 30, 2023
Strong asset quality continues as nonperforming loans were 0.25% of total loans
Net charge-offs to average loans were -0.01%
Allowance for credit losses was 395.71% of nonperforming loans
Tier 1 leverage ratio increased to 9.85% from 8.75% last year
Strategic investments to support long-term growth continue as F&M has unveiled new branding and logo, opened two new offices, launched new deposit products, and started construction on a new regional headquarters in Fort Wayne, Indiana and the first full-service office in Michigan
Lars B. Eller, President and Chief Executive Officer, stated, "Our second quarter results demonstrate the power of F&M's operating platform as we ended the quarter with strong capital levels, robust asset quality, and record loans and assets. These trends provide us with the flexibility to navigate a challenging banking landscape, while supporting our communities, investing in our multi-year strategic growth plan, and returning capital back to our shareholders. Most importantly, our longstanding financial success and operating growth reflects the continued commitment, experience, and hard work of our team members across our Ohio, Indiana, and Michigan markets."
"I am pleased to report that we continue to make meaningful progress investing in our business to support our growth, enhance our operations, and execute against our recently developed three-year strategic growth plan. During the second quarter we unveiled our new branding and forward-looking logo, which was the culmination of a multi-year brand exploration process. All...
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