Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results
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.
Farmers & Merchants Bancorp (FMAO) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Il reddito netto per il quarto trimestre è aumentato del 51,2% a 8,4 milioni di dollari (0,61 dollari per azione), rispetto ai 5,5 milioni di dollari (0,41 dollari per azione) del quarto trimestre 2023. Il reddito netto per l'intero anno ha raggiunto i 25,9 milioni di dollari (1,90 dollari per azione).
Tra i punti salienti ci sono un record di 2,69 miliardi di dollari in depositi (in aumento del 3,0% su base annua), attivi totali di 3,36 miliardi di dollari (in aumento del 2,5%) e un miglioramento della qualità degli attivi con i prestiti non performanti che sono diminuiti a 3,1 milioni di dollari da 22,4 milioni di dollari rispetto all'anno precedente. L'azienda ha mantenuto una forte liquidità con 690 milioni di dollari in fonti di finanziamento contingente e ha aumentato il suo dividendo per il 30° anno consecutivo, con un incremento del 3,8% rispetto al 2023.
Il rapporto di efficienza della banca è migliorato al 59,82% rispetto al 69,23%, mentre il margine di interesse netto è aumentato di 27 punti base al 2,84%. I prestiti totali sono diminuiti leggermente a 2,56 miliardi di dollari, con il 31,4% del portafoglio prestiti soggetto a riprezzamento nei prossimi 12 mesi.
Farmers & Merchants Bancorp (FMAO) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto para el cuarto trimestre aumentó un 51.2% a 8.4 millones de dólares (0.61 dólares por acción), en comparación con 5.5 millones de dólares (0.41 dólares por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo alcanzó los 25.9 millones de dólares (1.90 dólares por acción).
Los aspectos destacados incluyen un récord de 2.69 mil millones de dólares en depósitos (un aumento del 3.0% interanual), activos totales de 3.36 mil millones de dólares (un aumento del 2.5%) y una mejora en la calidad de los activos, con préstamos no rentables disminuyendo a 3.1 millones de dólares desde 22.4 millones de dólares en comparación con el año anterior. La empresa mantuvo una fuerte liquidez con 690 millones de dólares en fuentes de financiamiento contingente y aumentó su dividendo por 30° año consecutivo, un 3.8% más que en 2023.
La relación de eficiencia del banco mejoró al 59.82% desde el 69.23%, mientras que el margen de interés neto aumentó 27 puntos básicos al 2.84%. Los préstamos totales disminuyeron ligeramente a 2.56 mil millones de dólares, con el 31.4% de la cartera de préstamos sujeta a revaluación en los próximos 12 meses.
Farmers & Merchants Bancorp (FMAO)는 2024년 4분기 및 연간 실적을 발표했습니다. 순이익은 4분기 동안 51.2% 증가한 840만 달러(주당 0.61달러)로, 2023년 4분기의 550만 달러(주당 0.41달러)와 비교되었습니다. 연간 순이익은 2,590만 달러(주당 1.90달러)에 도달했습니다.
주요 하이라이트로는 26억 9천만 달러의 예금 기록(전년 대비 3.0% 증가), 총 자산 33억 6천만 달러(전년 대비 2.5% 증가), 비수익 대출이 2,240만 달러에서 310만 달러로 감소하여 자산 품질이 개선된 점이 있습니다. 이 회사는 6억 9천만 달러의 비상 자금 출처로 강력한 유동성을 유지했으며, 2023년 대비 3.8% 증가하여 30년 연속 배당금을 인상했습니다.
은행의 효율성 비율은 69.23%에서 59.82%로 개선되었고, 순이자 마진은 27bp 증가하여 2.84%에 도달했습니다. 총 대출은 약간 감소하여 25억 6천만 달러에 이르렀고, 대출 포트폴리오의 31.4%는 향후 12개월 내에 재가격 조정될 예정입니다.
Farmers & Merchants Bancorp (FMAO) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Le revenu net pour le quatrième trimestre a augmenté de 51,2 % pour atteindre 8,4 millions de dollars (0,61 dollar par action), contre 5,5 millions de dollars (0,41 dollar par action) au quatrième trimestre 2023. Le revenu net pour l'année complète a atteint 25,9 millions de dollars (1,90 dollar par action).
Les points forts incluent un record de 2,69 milliards de dollars en dépôts (en hausse de 3,0 % en glissement annuel), des actifs totaux de 3,36 milliards de dollars (en hausse de 2,5 %) et une amélioration de la qualité des actifs avec des prêts non performants diminuant à 3,1 millions de dollars contre 22,4 millions de dollars d'une année sur l'autre. L'entreprise a maintenu une forte liquidité avec 690 millions de dollars en sources de financement contingentes et a augmenté son dividende pour la 30e année consécutive, en hausse de 3,8 % par rapport à 2023.
Le ratio d'efficacité de la banque s'est amélioré à 59,82 % contre 69,23 %, tandis que la marge d'intérêt nette a augmenté de 27 points de base à 2,84 %. Le total des prêts a légèrement diminué à 2,56 milliards de dollars, avec 31,4 % du portefeuille de prêts soumis à un réajustement dans les 12 prochains mois.
Farmers & Merchants Bancorp (FMAO) hat starke finanzielle Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Der Nettogewinn für das vierte Quartal stieg um 51,2% auf 8,4 Millionen Dollar (0,61 Dollar pro Aktie), verglichen mit 5,5 Millionen Dollar (0,41 Dollar pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das Gesamtjahr erreichte 25,9 Millionen Dollar (1,90 Dollar pro Aktie).
Wichtige Höhepunkte sind ein Rekord von 2,69 Milliarden Dollar an Einlagen (ein Anstieg von 3,0% im Jahresvergleich), Gesamtkapital von 3,36 Milliarden Dollar (ein Anstieg von 2,5%) und eine verbesserte Asset-Qualität mit notleidenden Krediten, die von 22,4 Millionen Dollar auf 3,1 Millionen Dollar im Jahresvergleich gesenkt wurden. Das Unternehmen hielt eine starke Liquidität mit 690 Millionen Dollar an Kontingentfinanzierungsquellen und erhöhte seine Dividende im 30. Jahr in Folge um 3,8% im Vergleich zu 2023.
Die Effizienzquote der Bank verbesserte sich von 69,23% auf 59,82%, während die Nettozinsspanne um 27 Basispunkte auf 2,84% stieg. Die Gesamtdarlehen sanken leicht auf 2,56 Milliarden Dollar, wobei 31,4% des Kreditportfolios in den nächsten 12 Monaten einer Neupreisfestsetzung unterliegen.
- Net income increased 51.2% YoY to $8.4 million in Q4 2024
- Record deposits of $2.69 billion, up 3.0% YoY
- Significant improvement in nonperforming loans from $22.4M to $3.1M YoY
- Efficiency ratio improved from 69.23% to 59.82%
- 30th consecutive annual dividend increase
- Net interest margin increased by 27 basis points to 2.84%
- Total loans decreased 0.7% YoY to $2.56 billion
- Cost of interest-bearing liabilities increased to 3.12% from 2.53% YoY
Insights
FMAO's Q4 2024 results reveal a compelling transformation in operational efficiency and asset quality. The 51.2% surge in net income to
The dramatic reduction in nonperforming loans from
The bank's funding profile shows remarkable resilience. The addition of 7,500 new checking accounts has helped optimize the deposit mix, reducing the loan-to-deposit ratio to
A particularly promising catalyst lies in the
The bank's efficiency ratio improvement to
ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024.
2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):
- 87 consecutive quarters of profitability
- Net income increased
51.2% to$8.4 million , or$0.61 per basic and diluted share, from$5.5 million , or$0.41 per basic and diluted share - Asset quality remains at historically strong levels with nonperforming loans of only
$3.1 million at December 31, 2024, compared to$22.4 million at December 31, 2023 - Net charge-offs to average loans were
0.00% - Allowance for credit losses was
826.70% of nonperforming loans - Tier 1 leverage ratio was
8.12% - Net interest margin increased 27 basis points to
2.84% - Efficiency ratio improved to
59.82% , compared to69.23% for the same period a year ago
2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):
- Total loans, net were
$2.56 billion at December 31, 2024, compared to$2.58 billion at December 31, 2023 and$2.54 billion at September 30, 2024 - Total assets increased
2.5% to$3.36 billion - Deposits increased
3.0% to a record$2.69 billion - Stockholders’ equity increased
5.9% to$335.2 million - Net interest income after provision for credit losses increased
7.5% to$85.6 million - Return on average tangible equity was
8.91% - F&M ended 2024 with excellent liquidity levels, and over
$690 million in contingent funding sources, and a cash-to-assets ratio of5.3% , compared to4.3% at December 31, 2023 - Dividend raised
3.8% year-over-year, representing the 30th consecutive annual increase in the Company’s regular dividend payment since 1994
Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Michigan markets we serve.”
Mr. Eller continued, “Strong earnings growth in 2024 was driven by the success of ongoing strategies aimed at expanding our net interest margin, maintaining excellent asset quality, and driving efficiencies across our business. Core earnings for the 2024 fourth quarter were strong as net interest income after provision for credit losses increased
Income Statement
Net income for the 2024 fourth quarter ended December 31, 2024, was
Deposits
At December 31, 2024, total deposits were a record
Mr. Eller commented, “Throughout 2024, we pursued strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we added nearly 7,500 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended 2024 with a loan-to-deposit ratio of
Loan Portfolio and Asset Quality
“While the demand for loans is high across our markets, our approach to risk and pricing remains prudent. This strategy has contributed to historically strong asset quality over the past two quarters and is a testament to F&M’s risk, lending, and compliance capabilities and high-performing teams. We expect loan growth to increase modestly in 2025, with growth weighted in the back half of the year. In addition,
Total loans, net at December 31, 2024, decreased
F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were
F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented
F&M’s CRE portfolio included the following categories at December 31, 2024:
CRE Category | Dollar Balance | Percent of CRE Portfolio(*) | Percent of Total Loan Portfolio(*) | ||||
| Industrial | $ | 269,315 | |||||
| Multi-family | 233,868 | ||||||
| Retail | 219,395 | ||||||
| Hotels | 141,514 | ||||||
| Office | 134,139 | ||||||
| Gas Stations | 70,767 | ||||||
| Food Service | 49,246 | ||||||
| Senior Living | 31,799 | ||||||
| Development | 29,491 | ||||||
| Auto Dealers | 28,081 | ||||||
| Other | 103,196 | ||||||
| Total CRE | $ | 1,310,811 | |||||
* Numbers have been rounded
At December 31, 2024, the Company’s allowance for credit losses to nonperforming loans was
Mr. Eller concluded, “Throughout the new year, we will leverage F&M’s strong banking platform, while continuing to make strategic investments that expanded our operations, capabilities, and services. We believe this will expand operating efficiencies and produce better outcomes for our customers. I am proud of our strong performance in 2024, and expect 2025 to be another good year for F&M.”
Stockholders’ Equity and Dividends
Total stockholders’ equity increased
Tangible stockholders’ equity increased to
For the twelve months ended December 31, 2024, the Company declared cash dividends of
About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.
Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.
Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.
| FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data) | |||||||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||||||
| Loans, including fees | $ | 36,663 | $ | 36,873 | $ | 36,593 | $ | 35,200 | $ | 34,493 | $ | 145,329 | $ | 129,344 | |||||||||||||
| Debt securities: | |||||||||||||||||||||||||||
| U.S. Treasury and government agencies | 1,882 | 1,467 | 1,148 | 1,045 | 987 | 5,542 | 4,090 | ||||||||||||||||||||
| Municipalities | 384 | 387 | 389 | 394 | 397 | 1,554 | 1,598 | ||||||||||||||||||||
| Dividends | 367 | 334 | 327 | 333 | 365 | 1,361 | 882 | ||||||||||||||||||||
| Federal funds sold | 24 | 7 | 7 | 7 | 8 | 45 | 44 | ||||||||||||||||||||
| Other | 2,531 | 2,833 | 2,702 | 1,675 | 2,020 | 9,741 | 3,850 | ||||||||||||||||||||
| Total interest income | 41,851 | 41,901 | 41,166 | 38,654 | 38,270 | 163,572 | 139,808 | ||||||||||||||||||||
| Interest Expense | |||||||||||||||||||||||||||
| Deposits | 15,749 | 16,947 | 16,488 | 15,279 | 15,015 | 64,463 | 46,923 | ||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 274 | 277 | 276 | 284 | 293 | 1,111 | 1,474 | ||||||||||||||||||||
| Borrowed funds | 2,713 | 2,804 | 2,742 | 2,689 | 2,742 | 10,948 | 8,876 | ||||||||||||||||||||
| Subordinated notes | 285 | 284 | 285 | 284 | 285 | 1,138 | 1,138 | ||||||||||||||||||||
| Total interest expense | 19,021 | 20,312 | 19,791 | 18,536 | 18,335 | 77,660 | 58,411 | ||||||||||||||||||||
| Net Interest Income - Before Provision for Credit Losses | 22,830 | 21,589 | 21,375 | 20,118 | 19,935 | 85,912 | 81,397 | ||||||||||||||||||||
| Provision for (Recovery of) Credit Losses - Loans | 346 | 282 | 605 | (289 | ) | 278 | 944 | 1,698 | |||||||||||||||||||
| Provision for (Recovery of) Credit Losses - Off Balance Sheet Credit Exposures | (120 | ) | (267 | ) | (18 | ) | (266 | ) | 189 | (671 | ) | 46 | |||||||||||||||
| Net Interest Income After Provision for Credit Losses | 22,604 | 21,574 | 20,788 | 20,673 | 19,468 | 85,639 | 79,653 | ||||||||||||||||||||
| Noninterest Income | |||||||||||||||||||||||||||
| Customer service fees | 237 | 300 | 189 | 598 | 415 | 1,324 | 1,332 | ||||||||||||||||||||
| Other service charges and fees | 1,176 | 1,155 | 1,085 | 1,057 | 1,090 | 4,473 | 4,343 | ||||||||||||||||||||
| Interchange income | 1,322 | 1,315 | 1,330 | 1,429 | 1,310 | 5,396 | 5,318 | ||||||||||||||||||||
| Loan servicing income | 771 | 710 | 513 | 539 | 666 | 2,533 | 4,405 | ||||||||||||||||||||
| Net gain on sale of loans | 223 | 215 | 314 | 107 | 230 | 859 | 699 | ||||||||||||||||||||
| Increase in cash surrender value of bank owned life insurance | 248 | 265 | 236 | 216 | 216 | 965 | 834 | ||||||||||||||||||||
| Net gain (loss) on sale of other assets owned | 22 | - | 49 | - | (86 | ) | 71 | (135 | ) | ||||||||||||||||||
| Net loss on sale of available-for-sale securities | - | - | - | - | - | - | (891 | ) | |||||||||||||||||||
| Total noninterest income | 3,999 | 3,960 | 3,716 | 3,946 | 3,841 | 15,621 | 15,905 | ||||||||||||||||||||
| Noninterest Expense | |||||||||||||||||||||||||||
| Salaries and wages | 7,020 | 7,713 | 7,589 | 7,846 | 6,981 | 30,168 | 26,915 | ||||||||||||||||||||
| Employee benefits | 2,148 | 2,112 | 2,112 | 2,171 | 1,218 | 8,543 | 7,520 | ||||||||||||||||||||
| Net occupancy expense | 1,072 | 1,054 | 999 | 1,027 | 1,187 | 4,152 | 3,833 | ||||||||||||||||||||
| Furniture and equipment | 1,032 | 1,472 | 1,407 | 1,353 | 1,370 | 5,264 | 5,022 | ||||||||||||||||||||
| Data processing | 160 | 339 | 448 | 500 | 785 | 1,447 | 3,147 | ||||||||||||||||||||
| Franchise taxes | 312 | 410 | 265 | 555 | 308 | 1,542 | 1,487 | ||||||||||||||||||||
| ATM expense | 328 | 472 | 397 | 473 | 665 | 1,670 | 2,611 | ||||||||||||||||||||
| Advertising | 498 | 597 | 519 | 530 | 397 | 2,144 | 2,606 | ||||||||||||||||||||
| FDIC assessment | 505 | 516 | 507 | 580 | 594 | 2,108 | 1,982 | ||||||||||||||||||||
| Servicing rights amortization - net | 244 | 219 | 187 | 168 | 182 | 818 | 611 | ||||||||||||||||||||
| Loan expense | 236 | 244 | 251 | 229 | 246 | 960 | 1,055 | ||||||||||||||||||||
| Consulting fees | 242 | 251 | 198 | 186 | 192 | 877 | 832 | ||||||||||||||||||||
| Professional fees | 368 | 453 | 527 | 445 | 331 | 1,793 | 1,430 | ||||||||||||||||||||
| Intangible asset amortization | 446 | 445 | 444 | 445 | 446 | 1,780 | 1,780 | ||||||||||||||||||||
| Other general and administrative | 1,465 | 1,128 | 1,495 | 1,333 | 1,532 | 5,421 | 6,373 | ||||||||||||||||||||
| Total noninterest expense | 16,076 | 17,425 | 17,345 | 17,841 | 16,434 | 68,687 | 67,204 | ||||||||||||||||||||
| Income Before Income Taxes | 10,527 | 8,109 | 7,159 | 6,778 | 6,875 | 32,573 | 28,354 | ||||||||||||||||||||
| Income Taxes | 2,146 | 1,593 | 1,477 | 1,419 | 1,332 | 6,635 | 5,567 | ||||||||||||||||||||
| Net Income | 8,381 | 6,516 | 5,682 | 5,359 | 5,543 | 25,938 | 22,787 | ||||||||||||||||||||
| Other Comprehensive Income (Loss) (Net of Tax): | |||||||||||||||||||||||||||
| Net unrealized gain (loss) on available-for-sale securities | (7,403 | ) | 11,664 | 2,531 | (1,995 | ) | 13,261 | 4,797 | 10,781 | ||||||||||||||||||
| Reclassification adjustment for realized loss on sale of available-for-sale securities | - | - | - | - | - | - | 891 | ||||||||||||||||||||
| Net unrealized gain (loss) on available-for-sale securities | (7,403 | ) | 11,664 | 2,531 | (1,995 | ) | 13,261 | 4,797 | 11,672 | ||||||||||||||||||
| Tax expense (benefit) | (1,554 | ) | 2,449 | 531 | (418 | ) | 2,784 | 1,008 | 2,451 | ||||||||||||||||||
| Other comprehensive income (loss) | (5,849 | ) | 9,215 | 2,000 | (1,577 | ) | 10,477 | 3,789 | 9,221 | ||||||||||||||||||
| Comprehensive Income | $ | 2,532 | $ | 15,731 | $ | 7,682 | $ | 3,782 | $ | 16,020 | $ | 29,727 | $ | 32,008 | |||||||||||||
| Basic Earnings Per Share | $ | 0.61 | $ | 0.48 | $ | 0.42 | $ | 0.39 | $ | 0.41 | $ | 1.90 | $ | 1.67 | |||||||||||||
| Diluted Earnings Per Share | $ | 0.61 | $ | 0.48 | $ | 0.42 | $ | 0.39 | $ | 0.41 | $ | 1.90 | $ | 1.67 | |||||||||||||
| Dividends Declared | $ | 0.22125 | $ | 0.22125 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.88250 | $ | 0.85 | |||||||||||||
| FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data) | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from banks | $ | 174,855 | $ | 244,572 | $ | 191,785 | $ | 186,541 | $ | 140,917 | |||||||||
| Federal funds sold | 1,496 | 932 | 1,283 | 1,241 | 1,284 | ||||||||||||||
| Total cash and cash equivalents | 176,351 | 245,504 | 193,068 | 187,782 | 142,201 | ||||||||||||||
| Interest-bearing time deposits | 2,482 | 2,727 | 3,221 | 2,735 | 2,740 | ||||||||||||||
| Securities - available-for-sale | 426,556 | 404,881 | 365,209 | 347,516 | 358,478 | ||||||||||||||
| Other securities, at cost | 14,400 | 15,028 | 14,721 | 14,744 | 17,138 | ||||||||||||||
| Loans held for sale | 2,996 | 1,706 | 1,628 | 2,410 | 1,576 | ||||||||||||||
| Loans, net of allowance for credit losses of | 2,536,043 | 2,512,852 | 2,534,468 | 2,516,687 | 2,556,167 | ||||||||||||||
| Premises and equipment | 33,828 | 33,779 | 34,507 | 35,007 | 35,790 | ||||||||||||||
| Construction in progress | - | 35 | 38 | 9 | 8 | ||||||||||||||
| Goodwill | 86,358 | 86,358 | 86,358 | 86,358 | 86,358 | ||||||||||||||
| Loan servicing rights | 5,656 | 5,644 | 5,504 | 5,555 | 5,648 | ||||||||||||||
| Bank owned life insurance | 34,872 | 34,624 | 34,359 | 34,123 | 33,907 | ||||||||||||||
| Other assets | 45,181 | 46,047 | 49,552 | 54,628 | 43,218 | ||||||||||||||
| Total Assets | $ | 3,364,723 | $ | 3,389,185 | $ | 3,322,633 | $ | 3,287,554 | $ | 3,283,229 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||
| Liabilities | |||||||||||||||||||
| Deposits | |||||||||||||||||||
| Noninterest-bearing | $ | 516,904 | $ | 481,444 | $ | 479,069 | $ | 510,731 | $ | 528,465 | |||||||||
| Interest-bearing | |||||||||||||||||||
| NOW accounts | 850,462 | 865,617 | 821,145 | 829,236 | 816,790 | ||||||||||||||
| Savings | 671,818 | 661,565 | 673,284 | 635,430 | 599,191 | ||||||||||||||
| Time | 647,581 | 676,187 | 667,592 | 645,985 | 663,017 | ||||||||||||||
| Total deposits | 2,686,765 | 2,684,813 | 2,641,090 | 2,621,382 | 2,607,463 | ||||||||||||||
| Federal funds purchased and securities | |||||||||||||||||||
| sold under agreements to repurchase | 27,218 | 27,292 | 27,218 | 28,218 | 28,218 | ||||||||||||||
| Federal Home Loan Bank (FHLB) advances | 246,056 | 263,081 | 266,102 | 256,628 | 265,750 | ||||||||||||||
| Subordinated notes, net of unamortized issuance costs | 34,818 | 34,789 | 34,759 | 34,731 | 34,702 | ||||||||||||||
| Dividend payable | 2,996 | 2,998 | 2,975 | 2,975 | 2,974 | ||||||||||||||
| Accrued expenses and other liabilities | 31,659 | 40,832 | 27,825 | 25,930 | 27,579 | ||||||||||||||
| Total liabilities | 3,029,512 | 3,053,805 | 2,999,969 | 2,969,864 | 2,966,686 | ||||||||||||||
| Commitments and Contingencies | |||||||||||||||||||
| Stockholders' Equity | |||||||||||||||||||
| Common stock - No par value 20,000,000 shares authorized; issued | |||||||||||||||||||
| 14,564,425 shares 12/31/24 and 12/31/23; outstanding 13,699,536 | 135,565 | 135,193 | 135,829 | 135,482 | 135,515 | ||||||||||||||
| shares 12/31/24 and 13,664,641 shares 12/31/23 | |||||||||||||||||||
| Treasury stock - 864,889 shares 12/31/24 and 899,784 shares 12/31/23 | (10,985 | ) | (10,904 | ) | (11,006 | ) | (10,851 | ) | (11,040 | ) | |||||||||
| Retained earnings | 235,854 | 230,465 | 226,430 | 223,648 | 221,080 | ||||||||||||||
| Accumulated other comprehensive loss | (25,223 | ) | (19,374 | ) | (28,589 | ) | (30,589 | ) | (29,012 | ) | |||||||||
| Total stockholders' equity | 335,211 | 335,380 | 322,664 | 317,690 | 316,543 | ||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 3,364,723 | $ | 3,389,185 | $ | 3,322,633 | $ | 3,287,554 | $ | 3,283,229 | |||||||||
| FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA | |||||||||||||||||||||
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||||||
| Selected financial data | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||
| Return on average assets | |||||||||||||||||||||
| Return on average equity | |||||||||||||||||||||
| Yield on earning assets | |||||||||||||||||||||
| Cost of interest bearing liabilities | |||||||||||||||||||||
| Net interest spread | |||||||||||||||||||||
| Net interest margin | |||||||||||||||||||||
| Efficiency | |||||||||||||||||||||
| Dividend payout ratio | |||||||||||||||||||||
| Tangible book value per share | $ | 17.74 | $ | 17.72 | $ | 16.79 | $ | 16.39 | $ | 16.29 | |||||||||||
| Tier 1 leverage ratio | |||||||||||||||||||||
| Average shares outstanding | 13,699,869 | 13,687,119 | 13,681,501 | 13,671,166 | 13,665,773 | 13,679,955 | 13,641,336 | ||||||||||||||
| Loans | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||
| Commercial real estate | $ | 1,310,811 | $ | 1,301,160 | $ | 1,303,598 | $ | 1,304,400 | $ | 1,337,766 | |||||||||||
| Agricultural real estate | 216,401 | 220,328 | 222,558 | 227,455 | 223,791 | ||||||||||||||||
| Consumer real estate | 520,114 | 524,055 | 525,902 | 525,178 | 521,895 | ||||||||||||||||
| Commercial and industrial | 275,152 | 260,732 | 268,426 | 256,051 | 254,935 | ||||||||||||||||
| Agricultural | 152,080 | 137,252 | 142,909 | 127,670 | 132,560 | ||||||||||||||||
| Consumer | 63,009 | 67,394 | 70,918 | 74,819 | 79,591 | ||||||||||||||||
| Other | 24,978 | 25,916 | 26,449 | 26,776 | 30,136 | ||||||||||||||||
| Less: Net deferred loan fees, costs and other (1) | (676) | 1,499 | (1,022) | (982) | 517 | ||||||||||||||||
| Total loans, net | $ | 2,561,869 | $ | 2,538,336 | $ | 2,559,738 | $ | 2,541,367 | $ | 2,581,191 | |||||||||||
| Asset quality data | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||
| Nonaccrual loans | $ | 3,124 | $ | 2,898 | $ | 2,487 | $ | 19,391 | $ | 22,353 | |||||||||||
| 90 day past due and accruing | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| Nonperforming loans | $ | 3,124 | $ | 2,898 | $ | 2,487 | $ | 19,391 | $ | 22,353 | |||||||||||
| Other real estate owned | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| Nonperforming assets | $ | 3,124 | $ | 2,898 | $ | 2,487 | $ | 19,391 | $ | 22,353 | |||||||||||
| Allowance for credit losses | $ | 25,826 | $ | 25,484 | $ | 25,270 | $ | 24,680 | $ | 25,024 | |||||||||||
| Allowance for unfunded | 1,541 | 1,661 | 1,928 | 1,946 | 2,212 | ||||||||||||||||
| Total allowance for credit losses | $ | 27,367 | $ | 27,145 | $ | 27,198 | $ | 26,626 | $ | 27,236 | |||||||||||
| Total allowance for credit losses/total loans | |||||||||||||||||||||
| Adjusted credit losses with accretable yield/total loans | |||||||||||||||||||||
| Net charge-offs: | |||||||||||||||||||||
| Quarter-to-date | $ | 4 | $ | 68 | $ | 15 | $ | 55 | $ | 531 | |||||||||||
| Year-to-date | $ | 142 | $ | 138 | $ | 70 | $ | 55 | $ | 551 | |||||||||||
| Net charge-offs to average loans | |||||||||||||||||||||
| Quarter-to-date | |||||||||||||||||||||
| Year-to-date | |||||||||||||||||||||
| Nonperforming loans/total loans | |||||||||||||||||||||
| Allowance for credit losses/nonperforming loans | |||||||||||||||||||||
| NPA coverage ratio | |||||||||||||||||||||
| (1) Includes carrying value adjustments of | |||||||||||||||||||||
| FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) | |||||||||||||||||
| For the Three Months Ended | For the Three Months Ended | ||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Interest Earning Assets: | Average Balance | Interest/ Dividends | Annualized Yield/Rate | Average Balance | Interest/ Dividends | Annualized Yield/Rate | |||||||||||
| Loans | $ | 2,543,628 | $ | 36,663 | 5.77 | % | $ | 2,553,023 | $ | 34,493 | 5.41 | % | |||||
| Taxable investment securities | 450,648 | 2,554 | 2.27 | % | 386,931 | 1,660 | 1.72 | % | |||||||||
| Tax-exempt investment securities | 18,571 | 79 | 2.15 | % | 24,145 | 89 | 1.87 | % | |||||||||
| Fed funds sold & other | 209,307 | 2,555 | 4.88 | % | 142,642 | 2,028 | 5.69 | % | |||||||||
| Total Interest Earning Assets | 3,222,154 | $ | 41,851 | 5.20 | % | 3,106,741 | $ | 38,270 | 4.93 | % | |||||||
| Nonearning Assets | 174,172 | 189,202 | |||||||||||||||
| Total Assets | $ | 3,396,326 | $ | 3,295,943 | |||||||||||||
| Interest Bearing Liabilities: | |||||||||||||||||
| Savings deposits | $ | 1,548,638 | $ | 9,459 | 2.44 | % | $ | 1,392,304 | $ | 8,570 | 2.46 | % | |||||
| Other time deposits | 666,896 | 6,290 | 3.77 | % | 701,347 | 6,445 | 3.68 | % | |||||||||
| Other borrowed money | 255,490 | 2,713 | 4.25 | % | 265,948 | 2,742 | 4.12 | % | |||||||||
| Fed funds purchased & securities | |||||||||||||||||
| sold under agreement to repurchase | 27,341 | 274 | 4.01 | % | 28,739 | 293 | 4.08 | % | |||||||||
| Subordinated notes | 34,799 | 285 | 3.28 | % | 34,683 | 285 | 3.29 | % | |||||||||
| Total Interest Bearing Liabilities | $ | 2,533,164 | $ | 19,021 | 3.01 | % | $ | 2,423,021 | $ | 18,335 | 3.02 | % | |||||
| Noninterest Bearing Liabilities | 527,751 | 567,813 | |||||||||||||||
| Stockholders' Equity | $ | 335,411 | $ | 305,109 | |||||||||||||
| Net Interest Income and Interest Rate Spread | $ | 22,830 | 2.19 | % | $ | 19,935 | 1.91 | % | |||||||||
| Net Interest Margin | 2.84 | % | 2.57 | % | |||||||||||||
| Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a | |||||||||||||||||
| For the Twelve Months Ended | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Interest Earning Assets: | Average Balance | Interest/ Dividends | Annualized Yield/Rate | Average Balance | Interest/ Dividends | Annualized Yield/Rate | |||||||||||
| Loans | $ | 2,557,213 | $ | 145,329 | 5.68 | % | $ | 2,491,502 | $ | 129,344 | 5.19 | % | |||||
| Taxable investment securities | 410,764 | 8,129 | 1.98 | % | 394,424 | 6,204 | 1.57 | % | |||||||||
| Tax-exempt investment securities | 20,154 | 328 | 2.06 | % | 24,686 | 366 | 1.88 | % | |||||||||
| Fed funds sold & other | 176,307 | 9,786 | 5.55 | % | 85,018 | 3,894 | 4.58 | % | |||||||||
| Total Interest Earning Assets | 3,164,438 | $ | 163,572 | 5.17 | % | 2,995,630 | $ | 139,808 | 4.67 | % | |||||||
| Nonearning Assets | 164,464 | 197,726 | |||||||||||||||
| Total Assets | $ | 3,328,902 | $ | 3,193,356 | |||||||||||||
| Interest Bearing Liabilities: | |||||||||||||||||
| Savings deposits | $ | 1,502,365 | $ | 39,750 | 2.65 | % | $ | 1,376,318 | $ | 27,424 | 1.99 | % | |||||
| Other time deposits | 663,320 | 24,713 | 3.73 | % | 640,390 | 19,499 | 3.04 | % | |||||||||
| Other borrowed money | 262,094 | 10,948 | 4.18 | % | 220,175 | 8,876 | 4.03 | % | |||||||||
| Fed funds purchased & securities | |||||||||||||||||
| sold under agreement to repurchase | 27,750 | 1,111 | 4.00 | % | 35,421 | 1,474 | 4.16 | % | |||||||||
| Subordinated notes | 34,755 | 1,138 | 3.27 | % | 34,640 | 1,138 | 3.29 | % | |||||||||
| Total Interest Bearing Liabilities | $ | 2,490,284 | $ | 77,660 | 3.12 | % | $ | 2,306,944 | $ | 58,411 | 2.53 | % | |||||
| Noninterest Bearing Liabilities | 513,588 | 580,931 | |||||||||||||||
| Stockholders' Equity | $ | 325,030 | $ | 305,481 | |||||||||||||
| Net Interest Income and Interest Rate Spread | $ | 85,912 | 2.05 | % | $ | 81,397 | 2.14 | % | |||||||||
| Net Interest Margin | 2.72 | % | 2.72 | % | |||||||||||||
| Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a | |||||||||||||||||
| FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) | |||||||||||||||||||||||||||||||
| For the Three Months Ended December 31, 2024 | For the Three Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||
| As Reported | Excluding Acc/Amort | Difference | As Reported | Excluding Acc/Amort | Difference | ||||||||||||||||||||||||||
| $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | ||||||||||||||||||||
| Interest Earning Assets: | |||||||||||||||||||||||||||||||
| Loans | $ | 36,663 | 5.77 | % | $ | 36,039 | 5.67 | % | $ | 624 | 0.10 | % | $ | 34,493 | 5.41 | % | $ | 33,769 | 5.29 | % | $ | 724 | 0.12 | % | |||||||
| Taxable investment securities | 2,554 | 2.27 | % | 2,554 | 2.27 | % | - | 0.00 | % | 1,660 | 1.72 | % | 1,660 | 1.72 | % | - | 0.00 | % | |||||||||||||
| Tax-exempt investment securities | 79 | 2.15 | % | 79 | 2.15 | % | - | 0.00 | % | 89 | 1.87 | % | 89 | 1.87 | % | - | 0.00 | % | |||||||||||||
| Fed funds sold & other | 2,555 | 4.88 | % | 2,555 | 4.88 | % | - | 0.00 | % | 2,028 | 5.69 | % | 2,028 | 5.69 | % | - | 0.00 | % | |||||||||||||
| Total Interest Earning Assets | 41,851 | 5.20 | % | 41,227 | 5.12 | % | 624 | 0.08 | % | 38,270 | 4.93 | % | 37,546 | 4.84 | % | 724 | 0.09 | % | |||||||||||||
| Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||
| Savings deposits | $ | 9,459 | 2.44 | % | $ | 9,459 | 2.44 | % | $ - | 0.00 | % | $ | 8,570 | 2.46 | % | $ | 8,570 | 2.46 | % | $ - | 0.00 | % | |||||||||
| Other time deposits | 6,290 | 3.77 | % | 6,290 | 3.77 | % | - | 0.00 | % | 6,445 | 3.68 | % | 6,381 | 3.64 | % | 64 | 0.04 | % | |||||||||||||
| Other borrowed money | 2,713 | 4.25 | % | 2,710 | 4.24 | % | 3 | 0.01 | % | 2,742 | 4.12 | % | 2,760 | 4.15 | % | (18 | ) | -0.03 | % | ||||||||||||
| Federal funds purchased and | |||||||||||||||||||||||||||||||
| securities sold under agreement to | |||||||||||||||||||||||||||||||
| repurchase | 274 | 4.01 | % | 274 | 4.01 | % | - | 0.00 | % | 293 | 4.08 | % | 293 | 4.08 | % | - | 0.00 | % | |||||||||||||
| Subordinated notes | 285 | 3.28 | % | 285 | 3.28 | % | - | 0.00 | % | 285 | 3.29 | % | 285 | 3.29 | % | - | 0.00 | % | |||||||||||||
| Total Interest Bearing Liabilities | 19,021 | 3.01 | % | 19,018 | 3.00 | % | 3 | 0.01 | % | 18,335 | 3.02 | % | 18,289 | 3.02 | % | 46 | 0.00 | % | |||||||||||||
| Interest/Dividend income/yield | 41,851 | 5.20 | % | 41,227 | 5.12 | % | 624 | 0.08 | % | 38,270 | 4.93 | % | 37,546 | 4.84 | % | 724 | 0.09 | % | |||||||||||||
| Interest Expense / yield | 19,021 | 3.01 | % | 19,018 | 3.00 | % | 3 | 0.01 | % | 18,335 | 3.02 | % | 18,289 | 3.02 | % | 46 | 0.00 | % | |||||||||||||
| Net Interest Spread | 22,830 | 2.19 | % | 22,209 | 2.12 | % | 621 | 0.07 | % | 19,935 | 1.91 | % | 19,257 | 1.82 | % | 678 | 0.09 | % | |||||||||||||
| Net Interest Margin | 2.84 | % | 2.76 | % | 0.08 | % | 2.57 | % | 2.48 | % | 0.09 | % | |||||||||||||||||||
| For the Twelve Months Ended December 31, 2024 | For the Twelve Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||
| As Reported | Excluding Acc/Amort | Difference | As Reported | Excluding Acc/Amort | Difference | ||||||||||||||||||||||||||
| $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | ||||||||||||||||||||
| Interest Earning Assets: | |||||||||||||||||||||||||||||||
| Loans | $ | 145,329 | 5.68 | % | $ | 142,627 | 5.58 | % | $ | 2,702 | 0.10 | % | $ | 129,344 | 5.19 | % | $ | 126,133 | 5.06 | % | $ | 3,211 | 0.13 | % | |||||||
| Taxable investment securities | 8,129 | 1.98 | % | 8,129 | 1.98 | % | - | 0.00 | % | 6,204 | 1.57 | % | 6,204 | 1.57 | % | - | 0.00 | % | |||||||||||||
| Tax-exempt investment securities | 328 | 2.06 | % | 328 | 2.06 | % | - | 0.00 | % | 366 | 1.88 | % | 366 | 1.88 | % | - | 0.00 | % | |||||||||||||
| Fed funds sold & other | 9,786 | 5.55 | % | 9,786 | 5.55 | % | - | 0.00 | % | 3,894 | 4.58 | % | 3,894 | 4.58 | % | - | 0.00 | % | |||||||||||||
| Total Interest Earning Assets | 163,572 | 5.17 | % | 160,870 | 5.09 | % | 2,702 | 0.08 | % | 139,808 | 4.67 | % | 136,597 | 4.57 | % | 3,211 | 0.10 | % | |||||||||||||
| Interest Bearing Liabilities: | |||||||||||||||||||||||||||||||
| Savings deposits | $ | 39,750 | 2.65 | % | $ | 39,750 | 2.65 | % | $ - | 0.00 | % | $ | 27,424 | 1.99 | % | $ | 27,424 | 1.99 | % | $ - | 0.00 | % | |||||||||
| Other time deposits | 24,713 | 3.73 | % | 24,713 | 3.73 | % | - | 0.00 | % | 19,499 | 3.04 | % | 19,839 | 3.10 | % | (340 | ) | -0.06 | % | ||||||||||||
| Other borrowed money | 10,948 | 4.18 | % | 10,964 | 4.18 | % | (16 | ) | 0.00 | % | 8,876 | 4.03 | % | 8,947 | 4.06 | % | (71 | ) | -0.03 | % | |||||||||||
| Federal funds purchased and | |||||||||||||||||||||||||||||||
| securities sold under agreement to | |||||||||||||||||||||||||||||||
| repurchase | 1,111 | 4.00 | % | 1,111 | 4.00 | % | - | 0.00 | % | 1,474 | 4.16 | % | 1,474 | 4.16 | % | - | 0.00 | % | |||||||||||||
| Subordinated notes | 1,138 | 3.27 | % | 1,138 | 3.27 | % | - | 0.00 | % | 1,138 | 3.29 | % | 1,138 | 3.29 | % | - | 0.00 | % | |||||||||||||
| Total Interest Bearing Liabilities | 77,660 | 3.12 | % | 77,676 | 3.12 | % | (16 | ) | 0.00 | % | 58,411 | 2.53 | % | 58,822 | 2.55 | % | (411 | ) | -0.02 | % | |||||||||||
| Interest/Dividend income/yield | 163,572 | 5.17 | % | 160,870 | 5.09 | % | 2,702 | 0.08 | % | 139,808 | 4.67 | % | 136,597 | 4.57 | % | 3,211 | 0.10 | % | |||||||||||||
| Interest Expense / yield | 77,660 | 3.12 | % | 77,676 | 3.12 | % | (16 | ) | 0.00 | % | 58,411 | 2.53 | % | 58,822 | 2.55 | % | (411 | ) | -0.02 | % | |||||||||||
| Net Interest Spread | 85,912 | 2.05 | % | 83,194 | 1.97 | % | 2,718 | 0.08 | % | 81,397 | 2.14 | % | 77,775 | 2.02 | % | 3,622 | 0.12 | % | |||||||||||||
| Net Interest Margin | 2.72 | % | 2.63 | % | 0.09 | % | 2.72 | % | 2.60 | % | 0.12 | % | |||||||||||||||||||
| Company Contact: | Investor and Media Contact: |
| Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank | Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
FAQ
What was FMAO's net income for Q4 2024?
How much did FMAO's deposits grow in 2024?
What was FMAO's nonperforming loans ratio at the end of 2024?
How much did FMAO increase its dividend in 2024?
What was FMAO's efficiency ratio in Q4 2024?
