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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 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.
On June 14, 2022, Farmers & Merchants Bancorp, Inc. (FMAO) announced a merger agreement to acquire Peoples-Sidney Financial Corporation (PPSF) in a stock and cash transaction valued at approximately $27 million. PPSF, with $132.7 million in total assets, will provide FMAO with a strategic expansion into Shelby County, Ohio, adding three locations. Shareholders of PPSF can choose to receive either 0.6597 shares of FMAO stock or $24.00 in cash. The merger is expected to enhance FMAO’s earnings per share by 2.5% and 3.9% for 2023 and 2024, respectively, despite a projected 2.1% dilution in tangible book value.
Farmers & Merchants Bancorp (Nasdaq: FMAO) will join the Russell 3000® Index after the U.S. market opens on June 27, 2022. This addition highlights the company’s growth and solidifies its position within the financial sector. The Russell 3000® Index includes the largest U.S. stocks, promoting increased trading liquidity and investor visibility for FMAO. The company marked significant milestones, including 125 years of service and over $2.5 billion in assets at the start of 2022. The leadership team plans to celebrate these achievements by ringing the closing bell at NASDAQ in late July.
Farmers & Merchants Bancorp (FMAO) announces key promotions and the retirement of COO Edward A. Leininger, effective June 1, 2022. Benét Rupp is promoted to Chief Administrative Officer, leading operations and HR. Shalini Singhal, as Chief Information Officer, will oversee M&A integrations. Alexis Smith becomes Chief People Officer, focusing on HR functions. Amy Cover is promoted to Chief Marketing Officer, and Molly Miller to Senior E-Banking and Product Lifecycle Manager. The CEO expressed gratitude for Leininger's service as the company continues its growth from $45 million in assets to over $2.6 billion.
Farmers & Merchants Bancorp (Nasdaq: FMAO) reported a robust 65.0% increase in net income for Q1 2022, reaching $8.1 million, and earnings per share rose to $0.62, up 40.9% year-over-year. Total loans surged 46.3% to $1.962 billion, while total assets climbed 34.8% to $2.686 billion. Deposits grew by 33.8% at $2.254 billion. The efficiency ratio improved to 55.44%, and the company maintained net charge-offs at 0.00% for four consecutive quarters. FMAO declared a dividend of $0.19 per share, marking an 11.8% increase, reflecting consistent shareholder returns.
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