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Farmers & Merchants Bancorp, Inc. (NASDAQ: FMAO) is a longstanding financial institution established in 1897 and headquartered in Archbold, Ohio. As the holding company for Farmers & Merchants State Bank, F&M has been committed to serving the diverse financial needs of its communities for over a century. The bank operates 22 branch locations across Ohio and Indiana, with offices in cities including Archbold, Bryan, Defiance, Delta, Hicksville, Montpelier, Napoleon, Perrysburg, Stryker, Swanton, Sylvania, Wauseon, West Unity, Angola, Auburn, and Butler.
The core business of Farmers & Merchants Bancorp encompasses a comprehensive range of banking services including commercial, agricultural, and residential mortgages, as well as consumer and credit card lending activities. By offering these services, F&M ensures the financial well-being of individuals, farmers, businesses, and industries within its market area. The company prides itself on its dedication to community banking and its mission to foster growth and prosperity through quality customer service.
In recent achievements, F&M has shown resilience and strategic growth. The company reported a 4.3% increase in third-quarter deposits, reaching a record $2.58 billion. This growth was driven by a 3.3% rise in non-interest-bearing deposits. The bank has also expanded its footprint by opening new full-service offices in Oxford and Toledo, Ohio, as well as additional offices in Fort Wayne, Indiana, and Birmingham, Michigan. These new locations are part of F&M's strategic efforts to scale operations and strengthen community relations.
The leadership team, under the guidance of President and CEO Lars B. Eller, has also focused on enhancing internal capabilities. Significant investments have been made in new internal audit and marketing functions, and the Human Resources department has been restructured to better support the bank's growth. A new shared services group has been formed to streamline operations further.
Farmers & Merchants Bancorp's financial health is maintained through prudent management and regulatory compliance. The bank has adopted the Accumulated Other Comprehensive Income (AOCI) opt-out election, which excludes AOCI from the calculation of tangible equity for regulatory purposes. This election, along with strategic adjustments, has fortified the bank’s capital base, ensuring stability and capacity for future growth.
F&M continues to be an integral part of the communities it serves, firmly holding its place as a reliable and customer-centric banking institution. By leveraging its historical strengths and investing in future growth, Farmers & Merchants Bancorp, Inc. is well-positioned to navigate the evolving financial landscape and deliver sustained value to its stakeholders.
Farmers & Merchants Bancorp (FMAO) reported strong Q3 2024 financial results with net income increasing 36.4% to $6.5 million, or $0.48 per share. The company achieved record levels across key metrics, with total assets up 4.8% to $3.39 billion and deposits growing 4.3% to $2.68 billion. Net interest margin improved by 12 basis points to 2.71%, while the efficiency ratio enhanced to 67.98%. Asset quality remained robust with nonperforming loans decreasing significantly to $2.9 million from $22.4 million year-over-year. The company maintained strong liquidity with $635 million in contingent funding sources and a 7.2% cash-to-assets ratio.
Farmers & Merchants Bancorp (Nasdaq: FMAO) announced changes to its Board of Directors. Kevin Frey, Vice President of Frey & Sons, was appointed to the Board on October 22, 2024. Frey brings experience in real estate brokerage, auctions, and property management, along with a background in accounting. The company also announced the retirement of Dr. K. Brad Stamm, who served on the Board since November 2016. Dr. Stamm's final day as a Board member will be October 25, 2024.
F&M Bank, owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), successfully hosted its 7th Annual Ohio Charity Golf Classic and 3rd Annual Indiana Charity Golf Classic, raising a total of $53,000 for local charities. The Ohio event, held at Ironwood Golf Course in Wauseon on August 23, 2024, attracted over 145 golfers and raised $35,000 for Adriel and Love & Luggage. The Indiana event, taking place at Colonial Oaks Golf Course in Fort Wayne on September 17, 2024, saw over 70 golfers participate and raised $18,000 for Healthier Moms & Babies and Bi-County Services, Inc.
Lars Eller, President and CEO of F&M Bank, emphasized the importance of these events in strengthening community ties and supporting local organizations focused on foster care, family health, and individuals with physical and mental disabilities.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) has announced its 30th consecutive annual increase in dividend. The Board of Directors approved a quarterly cash dividend of $0.22125 per share, payable on October 20, 2024, to shareholders of record as of October 4, 2024. This represents a $0.00125 increase from the previous quarter.
The company, which holds total assets of $3.32 billion as of June 30, 2024, has demonstrated consistent growth in its dividend payments. The annual dividend has increased from $0.2375 in 2004 to $0.8825 in 2024, reflecting a 6.8% compound annual growth rate over this period. President and CEO Lars B. Eller highlighted this achievement as a testament to F&M's growth, strong capital levels, and profitable business model.
Farmers & Merchants Bancorp, Inc. (FMAO) reported its 2024 second-quarter and year-to-date financial results, marking its 85th consecutive quarter of profitability. Key highlights include:
- Net income of $5.7 million, or $0.42 per share
- Total loans increased 1.75% to $2.56 billion
- Deposits grew 7.0% to a record $2.64 billion
- Total assets rose 5.6% to a record $3.32 billion
- Stockholders' equity increased 5.9% to $322.7 million
The company benefited from a refinance and paydown on a $16.2 million agricultural-based relationship, improving profitability and asset quality. Nonperforming loans decreased significantly to $2.5 million, down from $19.4 million in the previous quarter.
Farmers & Merchants Bancorp, holding company of F&M Bank, announced a 4.8% increase in its quarterly cash dividend to $0.22 per share. This dividend, reflecting the company's robust financial health, is payable on July 20, 2024, to shareholders recorded by July 5, 2024. As of March 31, 2024, the company's total assets stood at $3.29 billion.
F&M Bank, owned by Farmers & Merchants Bancorp (Nasdaq: FMAO), is collaborating with Habitat for Humanity of Fulton County, Ohio, to build four playhouses for local families. The initiative, part of Habitat's Playhouse Project, will take place on June 14, 2024, with nearly 40 F&M Bank employees volunteering. The event will include free shaved ice, face painting, and music, encouraging public participation. F&M Bank aims to provide children in Fulton, Defiance, and Henry Counties a safe space to play, while supporting Habitat's affordable housing mission.
Farmers & Merchants Bancorp (Nasdaq: FMAO), based in Archbold, Ohio, has announced the retirement of its Board Chairman, Jack Johnson. Johnson joined the board in January 1991 and served as Chairman from July 2013 until April 30, 2024. His retirement was celebrated on May 21, 2024, following the company's maximum age requirement policy. During his tenure, Johnson played a critical role in the bank's growth and numerous milestones. Effective May 3, 2024, Andrew Briggs has been appointed as the new Chairman, with Kevin Sauder continuing as Vice Chairman.
F&M Bank, owned by Farmers & Merchants Bancorp, Inc., appointed Andrew Briggs as Chairman of the Board, succeeding Jack Johnson. Briggs brings 40+ years of banking experience and leadership to the role. The appointment reflects F&M's succession plan and commitment to adding new members to the Board.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) reported $5.4 million in net income for the 2024 first quarter, with a $0.39 per share. Key highlights include 84 consecutive quarters of profitability, 6.2% increase in net interest income, total loans up by 3.9%, total assets reaching $3.29 billion, and total deposits at $2.62 billion. The company's stockholders' equity increased to $317.7 million, with a Tier 1 leverage ratio of 8.40%. F&M declared cash dividends of $0.22 per share, marking a 4.8% increase over the previous year.
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