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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, Inc. (Nasdaq: FMAO) announced a quarterly cash dividend of $0.21 per share, reflecting a 10.5% increase compared to the previous year. This dividend will be paid on April 20, 2023, to shareholders of record by April 1, 2023. As of December 31, 2022, the company reported assets totaling $3.02 billion.
Farmers & Merchants Bancorp (FMAO) reported its 2022 financial results, highlighting a net income increase of 38.4% to a record $32.5 million and earnings per share of $2.46, up from $2.01. The fourth quarter net income was $7.2 million, slightly down from $7.7 million YoY, while adjusted earnings were $0.65 per share. Total loans rose 26.9% to $2.36 billion, with organic growth at 21.4%. The efficiency ratio improved to 50.46%. Deposits increased by 12.6% to $2.47 billion, and a dividend increase of 14.4% was declared. The company aims for strategic investments of $7 million in 2023 amid maintaining strong asset quality with nonperforming loans at just 0.20%.
Farmers & Merchants Bancorp, Inc. (FMAO) has announced a quarterly cash dividend of $0.21 per share, marking a 10.5% increase from last year's fourth quarter. The dividend will be payable on January 20, 2023, to shareholders recorded by December 30, 2022. The company’s total assets are reported at $2.784 billion as of September 30, 2022. Farmers & Merchants State Bank, established in 1897, serves communities in Northwest Ohio and Northeast Indiana, offering a range of commercial and retail banking services.
Farmers & Merchants Bancorp (FMAO) reported strong third-quarter 2022 results, with net income soaring 51.3% to a record $9.0 million and earnings per share increasing 28.3% to $0.68. Total loans reached $2.143 billion, up 15.4%, while deposits grew 22.3% to $2.283 billion. The efficiency ratio improved to 51.19%, supporting robust profitability. The company also declared a 16.7% increase in its quarterly cash dividend. Economically, they remain cautious due to rising inflation and competition but expect ongoing growth and strong asset quality.
Farmers & Merchants Bancorp, Inc. (FMAO) announced the completion of its acquisition of Peoples-Sidney Financial Corporation (PPSF) on October 3, 2022. This marks F&M's fifth acquisition since 2019, enhancing its presence in Sidney and Shelby County. Following this acquisition, F&M operates 33 full-service branches with total deposits of $2.3 billion and loans of $2.1 billion as of June 30, 2022. The transition of Peoples branch signage to F&M occurred on October 1, 2022, with a system conversion planned for December 5, 2022.
Farmers & Merchants State Bank has recently announced the promotion of Benét Rupp to Executive Vice President. Rupp has been a key member of the executive team since 2019, previously serving as Chief Administrative Officer. Additionally, Eric Faust has been appointed as Senior Vice President and Chief Risk Officer, bringing extensive experience from his previous roles in the banking industry. The company continues to focus on building a talented executive team to enhance its operations and risk management strategies.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced a 16.7% increase in its quarterly cash dividend, raising it to $0.21 per share from $0.19 previously. This adjustment marks the 28th consecutive year of dividend increases since 1994. The new dividend will be payable on October 20, 2022, to shareholders on record as of September 26, 2022. The company’s annualized cash dividend has seen a 10.2% compound annual growth rate since 2017, indicating solid financial results and commitment to shareholder value.
Farmers & Merchants Bancorp (FMAO) reported a notable performance for Q2 2022, achieving a net income of $8.3 million, up 66.0% year-over-year. Earnings per share rose to $0.63 from $0.44. Total loans reached $2.035 billion, a 9.6% increase from the prior year, supported by organic growth of 19.9%. Total assets increased 23.4% to $2.675 billion, while deposits grew 20.0% year-over-year. The efficiency ratio improved to 50.17%, and the company maintained strong asset quality with nonperforming loans at 0.26%.
Farmers & Merchants Bancorp (Nasdaq: FMAO) declared a $0.0125 special dividend to celebrate its 125th anniversary along with its regular quarterly cash dividend of $0.19 per share. This results in a combined cash dividend of $0.2025, which reflects a 19.1% year-over-year increase in the second quarter dividend payment. Both dividends will be paid on July 20, 2022, to shareholders on record as of July 8, 2022. The company's assets stand at $2.69 billion as of March 31, 2022.
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