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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.
F&M Bank, owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), has appointed Carly Buchanan as its new Chief People Officer. Buchanan brings over 18 years of HR, leadership, and organizational development experience, including a decade in retail banking. She will lead F&M's Human Resources Department, focusing on strategic HR planning, talent acquisition, employee engagement, and organizational growth.
Buchanan holds senior HR certifications (SHRM-SCP and HRCI) and was recognized as a 2023 Fort Wayne 40 Under 40 honoree. She has served as past President of the Northeast Indiana Human Resources Association and is actively involved in community organizations. She holds an MBA and Bachelor of Science in Business Administration from Indiana Tech.
Farmers & Merchants Bancorp (FMAO) reported strong financial results for Q4 and full-year 2024. Net income for Q4 increased 51.2% to $8.4 million ($0.61 per share), compared to $5.5 million ($0.41 per share) in Q4 2023. Full-year net income reached $25.9 million ($1.90 per share).
Key highlights include a record $2.69 billion in deposits (up 3.0% YoY), total assets of $3.36 billion (up 2.5%), and improved asset quality with nonperforming loans decreasing to $3.1 million from $22.4 million year-over-year. The company maintained strong liquidity with $690 million in contingent funding sources and increased its dividend for the 30th consecutive year, up 3.8% from 2023.
The bank's efficiency ratio improved to 59.82% from 69.23%, while net interest margin increased 27 basis points to 2.84%. Total loans decreased slightly to $2.56 billion, with 31.4% of the loan portfolio subject to repricing in the next 12 months.
F&M Bank, owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), has appointed Peter Schork as Regional President for the Toledo, Ohio, and Southeastern Michigan regions. Schork brings over 25 years of banking and financial experience, previously serving as Ann Arbor President for Oxford Bank and co-founder/CEO of Ann Arbor State Bank.
In his new role, Schork will oversee F&M's presence across multiple locations including Waterville, Swanton, Perrysburg, Sylvania, Downtown Toledo, and the company's operations in Troy and Birmingham, Michigan. His background includes positions as CFO at Catalyst Commercial Real Estate and President of a Michigan-based title, mortgage, and real estate company.
F&M Bank, owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), has appointed Peter Schork as Market President for the Toledo, Ohio and Birmingham, Michigan markets. Schork brings over 25 years of banking and financial experience, previously serving as Ann Arbor President for Oxford Bank and co-founder/CEO of Ann Arbor State Bank.
In his new role, Schork will oversee F&M's presence across multiple locations including Waterville, Swanton, Perrysburg, Sylvania, Downtown Toledo, and the company's Loan Production Office in Troy and Birmingham location. His experience includes positions as CFO at Catalyst Commercial Real Estate and President of a Michigan-based title, mortgage, and real estate company.
F&M Bank (NASDAQ: FMAO) has announced key leadership changes and strategic initiatives aimed at driving growth and operational excellence. Andrew Baker, previously Chief Retail Banking Officer, has been appointed as Chief Strategy Officer (CSO) and will chair the newly formed Strategic Governance Committee. This committee, comprising senior leadership team members, will guide the bank's strategic direction and oversee initiatives, projects, products, and services.
Additionally, Taryn Marino has been promoted from Deputy Chief Retail Banking Officer to Chief Retail Banking Officer. Under her previous leadership, the retail banking team achieved significant deposit growth, increased checking account success, and delivered exceptional client experiences.
According to President & CEO Lars Eller, these leadership changes are designed to enhance F&M's strategic focus and position the bank for sustainable growth in 2025 and beyond.
Farmers & Merchants Bancorp (Nasdaq: FMAO), with total assets of $3.39 billion as of September 30, 2024, has announced its fourth-quarter cash dividend. The company's Board of Directors has approved a quarterly dividend payment of $0.22125 per share, which will be paid on January 20, 2025, to shareholders of record as of December 27, 2024.
F&M Bank, owned by Farmers & Merchants Bancorp (Nasdaq: FMAO), announced the retirement of Eugene Burkholder from its Board of Directors, effective December 17, 2024. Burkholder served as an independent director since March 2012, contributing over a decade of leadership to the bank's growth. Following his retirement, his position will not be replaced, reducing the board size to 11 members. Chairman Andrew Briggs expressed gratitude for Burkholder's service and commitment to the bank.
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.
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