EX-99
Exhibit 99
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|
Post Office Box 216 307 North Defiance Street Archbold, Ohio 43502 |
NEWS RELEASE |
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|
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 |
Farmers & Merchants Bancorp, Inc. Reports
2025 First-Quarter Financial Results
ARCHBOLD, OHIO, April 28, 2025, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.
2025 First Quarter Financial and Operating Highlights
(at March 31, 2025 and on a year-over-year basis unless noted)
•88 consecutive quarters of profitability
•Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
•Total loans increased by $40.5 million, or 1.6% to $2.58 billion
•Total assets increased by $101.2 million, or 3.1% to $3.39 billion
•Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
•Efficiency ratio improved to 66.79%, compared to 74.08%
•Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
•Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
•Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
•Tier 1 leverage ratio was 8.44%
Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.”
Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.”
Income Statement
Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.
Deposits
At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.
Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.”
Loan Portfolio and Asset Quality
“Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller.
Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.
F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.
F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company's total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.
F&M’s CRE portfolio included the following categories at March 31, 2025:
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|
CRE Category |
|
Dollar
Balance |
|
|
Percent of
CRE
Portfolio |
|
|
Percent of
Total Loan
Portfolio |
|
Industrial |
|
$ |
281,484 |
|
|
|
21.2 |
% |
|
|
10.9 |
% |
Multi-family |
|
|
217,903 |
|
|
|
16.4 |
% |
|
|
8.4 |
% |
Retail |
|
|
213,281 |
|
|
|
16.1 |
% |
|
|
8.3 |
% |
Hotels |
|
|
157,139 |
|
|
|
11.8 |
% |
|
|
6.1 |
% |
Office |
|
|
139,069 |
|
|
|
10.5 |
% |
|
|
5.4 |
% |
Gas Stations |
|
|
70,983 |
|
|
|
5.3 |
% |
|
|
2.7 |
% |
Food Service |
|
|
52,827 |
|
|
|
4.0 |
% |
|
|
2.0 |
% |
Senior Living |
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|
31,400 |
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|
|
2.4 |
% |
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|
1.2 |
% |
Development |
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|
29,907 |
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|
|
2.3 |
% |
|
|
1.2 |
% |
Auto Dealers |
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|
27,294 |
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|
|
2.1 |
% |
|
|
1.1 |
% |
Other |
|
|
104,411 |
|
|
|
7.9 |
% |
|
|
4.0 |
% |
Total CRE |
|
$ |
1,325,698 |
|
|
|
100.0 |
% |
|
|
51.3 |
% |
* Numbers have been rounded
At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.
Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.”
Stockholders’ Equity and Dividends
Total stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44% at March 31, 2025, compared to 8.40% at March 31, 2024.
Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.
For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.
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.
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)
|
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|
|
|
|
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|
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|
|
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|
Three Months Ended |
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|
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
37,072 |
|
|
$ |
36,663 |
|
|
$ |
36,873 |
|
|
$ |
36,593 |
|
|
$ |
35,200 |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
government
agencies |
|
|
2,097 |
|
|
|
1,882 |
|
|
|
1,467 |
|
|
|
1,148 |
|
|
|
1,045 |
|
Municipalities |
|
|
382 |
|
|
|
384 |
|
|
|
387 |
|
|
|
389 |
|
|
|
394 |
|
Dividends |
|
|
338 |
|
|
|
367 |
|
|
|
334 |
|
|
|
327 |
|
|
|
333 |
|
Federal funds sold |
|
|
- |
|
|
|
24 |
|
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
Other |
|
|
1,113 |
|
|
|
2,531 |
|
|
|
2,833 |
|
|
|
2,702 |
|
|
|
1,675 |
|
Total interest income |
|
|
41,002 |
|
|
|
41,851 |
|
|
|
41,901 |
|
|
|
41,166 |
|
|
|
38,654 |
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
13,988 |
|
|
|
15,749 |
|
|
|
16,947 |
|
|
|
16,488 |
|
|
|
15,279 |
|
Federal funds purchased
and securities sold
under agreement to
repurchase |
|
|
271 |
|
|
|
274 |
|
|
|
277 |
|
|
|
276 |
|
|
|
284 |
|
Borrowed funds |
|
|
2,550 |
|
|
|
2,713 |
|
|
|
2,804 |
|
|
|
2,742 |
|
|
|
2,689 |
|
Subordinated notes |
|
|
284 |
|
|
|
285 |
|
|
|
284 |
|
|
|
285 |
|
|
|
284 |
|
Total interest
expense |
|
|
17,093 |
|
|
|
19,021 |
|
|
|
20,312 |
|
|
|
19,791 |
|
|
|
18,536 |
|
Net Interest Income -
Before Provision for
Credit Losses |
|
|
23,909 |
|
|
|
22,830 |
|
|
|
21,589 |
|
|
|
21,375 |
|
|
|
20,118 |
|
Provision for (Recovery of)
Credit Losses - Loans |
|
|
811 |
|
|
|
346 |
|
|
|
282 |
|
|
|
605 |
|
|
|
(289 |
) |
Recovery of Credit Losses -
Off Balance Sheet Credit
Exposures |
|
|
(260 |
) |
|
|
(120 |
) |
|
|
(267 |
) |
|
|
(18 |
) |
|
|
(266 |
) |
Net Interest Income
After Provision for
Credit Losses |
|
|
23,358 |
|
|
|
22,604 |
|
|
|
21,574 |
|
|
|
20,788 |
|
|
|
20,673 |
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees |
|
|
381 |
|
|
|
237 |
|
|
|
300 |
|
|
|
189 |
|
|
|
598 |
|
Other service charges
and fees |
|
|
1,124 |
|
|
|
1,176 |
|
|
|
1,155 |
|
|
|
1,085 |
|
|
|
1,057 |
|
Interchange income |
|
|
1,421 |
|
|
|
1,322 |
|
|
|
1,315 |
|
|
|
1,330 |
|
|
|
1,429 |
|
Loan servicing income |
|
|
762 |
|
|
|
771 |
|
|
|
710 |
|
|
|
513 |
|
|
|
539 |
|
Net gain on sale of loans |
|
|
284 |
|
|
|
223 |
|
|
|
215 |
|
|
|
314 |
|
|
|
107 |
|
Increase in cash surrender
value of bank owned
life insurance |
|
|
244 |
|
|
|
248 |
|
|
|
265 |
|
|
|
236 |
|
|
|
216 |
|
Net gain (loss) on sale
of other assets owned |
|
|
(54 |
) |
|
|
22 |
|
|
|
|
|
|
49 |
|
|
|
- |
|
Total noninterest
income |
|
|
4,162 |
|
|
|
3,999 |
|
|
|
3,960 |
|
|
|
3,716 |
|
|
|
3,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(continued) |
|
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)
(Unaudited) (in thousands of dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
|
7,878 |
|
|
|
7,020 |
|
|
|
7,713 |
|
|
|
7,589 |
|
|
|
7,846 |
|
Employee benefits |
|
|
2,404 |
|
|
|
2,148 |
|
|
|
2,112 |
|
|
|
2,112 |
|
|
|
2,171 |
|
Net occupancy expense |
|
|
1,199 |
|
|
|
1,072 |
|
|
|
1,054 |
|
|
|
999 |
|
|
|
1,027 |
|
Furniture and equipment |
|
|
1,278 |
|
|
|
1,032 |
|
|
|
1,472 |
|
|
|
1,407 |
|
|
|
1,353 |
|
Data processing |
|
|
557 |
|
|
|
160 |
|
|
|
339 |
|
|
|
448 |
|
|
|
500 |
|
Franchise taxes |
|
|
397 |
|
|
|
312 |
|
|
|
410 |
|
|
|
265 |
|
|
|
555 |
|
ATM expense |
|
|
491 |
|
|
|
328 |
|
|
|
472 |
|
|
|
397 |
|
|
|
473 |
|
Advertising |
|
|
503 |
|
|
|
498 |
|
|
|
597 |
|
|
|
519 |
|
|
|
530 |
|
FDIC assessment |
|
|
465 |
|
|
|
505 |
|
|
|
516 |
|
|
|
507 |
|
|
|
580 |
|
Servicing rights
amortization - net |
|
|
127 |
|
|
|
244 |
|
|
|
219 |
|
|
|
187 |
|
|
|
168 |
|
Loan expense |
|
|
228 |
|
|
|
236 |
|
|
|
244 |
|
|
|
251 |
|
|
|
229 |
|
Consulting fees |
|
|
745 |
|
|
|
242 |
|
|
|
251 |
|
|
|
198 |
|
|
|
186 |
|
Professional fees |
|
|
559 |
|
|
|
368 |
|
|
|
453 |
|
|
|
527 |
|
|
|
445 |
|
Intangible asset
amortization |
|
|
445 |
|
|
|
446 |
|
|
|
445 |
|
|
|
444 |
|
|
|
445 |
|
Other general and
administrative |
|
|
1,484 |
|
|
|
1,465 |
|
|
|
1,128 |
|
|
|
1,495 |
|
|
|
1,333 |
|
Total noninterest
expense |
|
|
18,760 |
|
|
|
16,076 |
|
|
|
17,425 |
|
|
|
17,345 |
|
|
|
17,841 |
|
Income Before Income
Taxes |
|
|
8,760 |
|
|
|
10,527 |
|
|
|
8,109 |
|
|
|
7,159 |
|
|
|
6,778 |
|
Income Taxes |
|
|
1,808 |
|
|
|
2,146 |
|
|
|
1,593 |
|
|
|
1,477 |
|
|
|
1,419 |
|
Net Income |
|
|
6,952 |
|
|
|
8,381 |
|
|
|
6,516 |
|
|
|
5,682 |
|
|
|
5,359 |
|
Other Comprehensive
Income (Loss) (Net of
Tax): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain
(loss) on available-
for-sale securities |
|
|
6,464 |
|
|
|
(7,403 |
) |
|
|
11,664 |
|
|
|
2,531 |
|
|
|
(1,995 |
) |
Reclassification
adjustment for realized
loss on sale of
available-for-sale
securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net unrealized gain
(loss) on available-
for-sale securities |
|
|
6,464 |
|
|
|
(7,403 |
) |
|
|
11,664 |
|
|
|
2,531 |
|
|
|
(1,995 |
) |
Tax expense (benefit) |
|
|
1,358 |
|
|
|
(1,554 |
) |
|
|
2,449 |
|
|
|
531 |
|
|
|
(418 |
) |
Other comprehensive
income (loss) |
|
|
5,106 |
|
|
|
(5,849 |
) |
|
|
9,215 |
|
|
|
2,000 |
|
|
|
(1,577 |
) |
Comprehensive Income |
|
$ |
12,058 |
|
|
$ |
2,532 |
|
|
$ |
15,731 |
|
|
$ |
7,682 |
|
|
$ |
3,782 |
|
Basic Earnings
Per Share |
|
$ |
0.51 |
|
|
$ |
0.61 |
|
|
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.39 |
|
Diluted Earnings
Per Share |
|
$ |
0.51 |
|
|
$ |
0.61 |
|
|
$ |
0.48 |
|
|
$ |
0.42 |
|
|
$ |
0.39 |
|
Dividends Declared |
|
$ |
0.22125 |
|
|
$ |
0.22125 |
|
|
$ |
0.22125 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
|
|
(Unaudited) |
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
172,612 |
|
|
$ |
174,855 |
|
|
$ |
244,572 |
|
|
$ |
191,785 |
|
|
$ |
186,541 |
|
Federal funds sold |
|
|
425 |
|
|
|
1,496 |
|
|
|
932 |
|
|
|
1,283 |
|
|
|
1,241 |
|
Total cash and cash equivalents |
|
|
173,037 |
|
|
|
176,351 |
|
|
|
245,504 |
|
|
|
193,068 |
|
|
|
187,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits |
|
|
1,992 |
|
|
|
2,482 |
|
|
|
2,727 |
|
|
|
3,221 |
|
|
|
2,735 |
|
Securities - available-for-sale |
|
|
438,568 |
|
|
|
426,556 |
|
|
|
404,881 |
|
|
|
365,209 |
|
|
|
347,516 |
|
Other securities, at cost |
|
|
14,062 |
|
|
|
14,400 |
|
|
|
15,028 |
|
|
|
14,721 |
|
|
|
14,744 |
|
Loans held for sale |
|
|
2,331 |
|
|
|
2,996 |
|
|
|
1,706 |
|
|
|
1,628 |
|
|
|
2,410 |
|
Loans, net of allowance for credit losses |
|
|
2,555,552 |
|
|
|
2,536,043 |
|
|
|
2,512,852 |
|
|
|
2,534,468 |
|
|
|
2,516,687 |
|
Premises and equipment |
|
|
33,163 |
|
|
|
33,828 |
|
|
|
33,779 |
|
|
|
34,507 |
|
|
|
35,007 |
|
Construction in progress |
|
|
- |
|
|
|
- |
|
|
|
35 |
|
|
|
38 |
|
|
|
9 |
|
Goodwill |
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
|
|
86,358 |
|
Loan servicing rights |
|
|
5,805 |
|
|
|
5,656 |
|
|
|
5,644 |
|
|
|
5,504 |
|
|
|
5,555 |
|
Bank owned life insurance |
|
|
35,116 |
|
|
|
34,872 |
|
|
|
34,624 |
|
|
|
34,359 |
|
|
|
34,123 |
|
Other assets |
|
|
42,802 |
|
|
|
45,181 |
|
|
|
46,047 |
|
|
|
49,552 |
|
|
|
54,628 |
|
Total Assets |
|
$ |
3,388,786 |
|
|
$ |
3,364,723 |
|
|
$ |
3,389,185 |
|
|
$ |
3,322,633 |
|
|
$ |
3,287,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
502,318 |
|
|
$ |
516,904 |
|
|
$ |
481,444 |
|
|
$ |
479,069 |
|
|
$ |
510,731 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
|
|
874,881 |
|
|
|
850,462 |
|
|
|
865,617 |
|
|
|
821,145 |
|
|
|
829,236 |
|
Savings |
|
|
696,635 |
|
|
|
671,818 |
|
|
|
661,565 |
|
|
|
673,284 |
|
|
|
635,430 |
|
Time |
|
|
626,450 |
|
|
|
647,581 |
|
|
|
676,187 |
|
|
|
667,592 |
|
|
|
645,985 |
|
Total deposits |
|
|
2,700,284 |
|
|
|
2,686,765 |
|
|
|
2,684,813 |
|
|
|
2,641,090 |
|
|
|
2,621,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities
sold under agreements to repurchase |
|
|
27,258 |
|
|
|
27,218 |
|
|
|
27,292 |
|
|
|
27,218 |
|
|
|
28,218 |
|
Federal Home Loan Bank (FHLB)
advances |
|
|
245,474 |
|
|
|
246,056 |
|
|
|
263,081 |
|
|
|
266,102 |
|
|
|
256,628 |
|
Subordinated notes, net of unamortized
issuance costs |
|
|
34,846 |
|
|
|
34,818 |
|
|
|
34,789 |
|
|
|
34,759 |
|
|
|
34,731 |
|
Dividend payable |
|
|
2,997 |
|
|
|
2,996 |
|
|
|
2,998 |
|
|
|
2,975 |
|
|
|
2,975 |
|
Accrued expenses and other liabilities |
|
|
33,326 |
|
|
|
31,659 |
|
|
|
40,832 |
|
|
|
27,825 |
|
|
|
25,930 |
|
Total liabilities |
|
|
3,044,185 |
|
|
|
3,029,512 |
|
|
|
3,053,805 |
|
|
|
2,999,969 |
|
|
|
2,969,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock - No par value 20,000,000
shares authorized; issued 14,564,425
shares 3/31/25 and 12/31/24; outstanding
13,718,336 shares 3/31/25 and 13,699,536
shares 12/31/24 |
|
|
135,407 |
|
|
|
135,565 |
|
|
|
135,193 |
|
|
|
135,829 |
|
|
|
135,482 |
|
Treasury stock - 846,089 shares 3/31/25
and 864,889 shares 12/31/24 |
|
|
(10,768 |
) |
|
|
(10,985 |
) |
|
|
(10,904 |
) |
|
|
(11,006 |
) |
|
|
(10,851 |
) |
Retained earnings |
|
|
240,079 |
|
|
|
235,854 |
|
|
|
230,465 |
|
|
|
226,430 |
|
|
|
223,648 |
|
Accumulated other comprehensive
loss |
|
|
(20,117 |
) |
|
|
(25,223 |
) |
|
|
(19,374 |
) |
|
|
(28,589 |
) |
|
|
(30,589 |
) |
Total stockholders' equity |
|
|
344,601 |
|
|
|
335,211 |
|
|
|
335,380 |
|
|
|
322,664 |
|
|
|
317,690 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
3,388,786 |
|
|
$ |
3,364,723 |
|
|
$ |
3,389,185 |
|
|
$ |
3,322,633 |
|
|
$ |
3,287,554 |
|
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
Selected financial data |
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Return on average assets |
|
|
|
0.85 |
% |
|
|
|
0.99 |
% |
|
|
|
0.78 |
% |
|
|
|
0.69 |
% |
|
|
|
0.66 |
% |
Return on average equity |
|
|
|
8.31 |
% |
|
|
|
10.00 |
% |
|
|
|
7.93 |
% |
|
|
|
7.13 |
% |
|
|
|
6.76 |
% |
Yield on earning assets |
|
|
|
5.19 |
% |
|
|
|
5.20 |
% |
|
|
|
5.27 |
% |
|
|
|
5.22 |
% |
|
|
|
5.00 |
% |
Cost of interest bearing
liabilities |
|
|
|
2.76 |
% |
|
|
|
3.01 |
% |
|
|
|
3.21 |
% |
|
|
|
3.18 |
% |
|
|
|
3.06 |
% |
Net interest spread |
|
|
|
2.43 |
% |
|
|
|
2.19 |
% |
|
|
|
2.06 |
% |
|
|
|
2.04 |
% |
|
|
|
1.94 |
% |
Net interest margin |
|
|
|
3.03 |
% |
|
|
|
2.84 |
% |
|
|
|
2.71 |
% |
|
|
|
2.71 |
% |
|
|
|
2.60 |
% |
Efficiency ratio |
|
|
|
66.79 |
% |
|
|
|
59.82 |
% |
|
|
|
67.98 |
% |
|
|
|
69.03 |
% |
|
|
|
74.08 |
% |
Dividend payout ratio |
|
|
|
43.10 |
% |
|
|
|
35.75 |
% |
|
|
|
45.99 |
% |
|
|
|
52.35 |
% |
|
|
|
55.52 |
% |
Tangible book value
per share |
|
$ |
|
17.71 |
|
|
$ |
|
17.74 |
|
|
$ |
|
17.72 |
|
|
$ |
|
16.79 |
|
|
$ |
|
16.51 |
|
Tier 1 leverage ratio |
|
|
|
8.44 |
% |
|
|
|
8.12 |
% |
|
|
|
8.04 |
% |
|
|
|
8.02 |
% |
|
|
|
8.40 |
% |
Average shares outstanding |
|
|
|
13,706,003 |
|
|
|
|
13,699,869 |
|
|
|
|
13,687,119 |
|
|
|
|
13,681,501 |
|
|
|
|
13,671,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
(Dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
|
1,325,698 |
|
|
$ |
|
1,310,811 |
|
|
$ |
|
1,301,160 |
|
|
$ |
|
1,303,598 |
|
|
$ |
|
1,304,400 |
|
Agricultural real estate |
|
|
|
215,898 |
|
|
|
|
216,401 |
|
|
|
|
220,328 |
|
|
|
|
222,558 |
|
|
|
|
227,455 |
|
Consumer real estate |
|
|
|
523,383 |
|
|
|
|
520,114 |
|
|
|
|
524,055 |
|
|
|
|
525,902 |
|
|
|
|
525,178 |
|
Commercial and industrial |
|
|
|
278,254 |
|
|
|
|
275,152 |
|
|
|
|
260,732 |
|
|
|
|
268,426 |
|
|
|
|
256,051 |
|
Agricultural |
|
|
|
153,607 |
|
|
|
|
152,080 |
|
|
|
|
137,252 |
|
|
|
|
142,909 |
|
|
|
|
127,670 |
|
Consumer |
|
|
|
60,115 |
|
|
|
|
63,009 |
|
|
|
|
67,394 |
|
|
|
|
70,918 |
|
|
|
|
74,819 |
|
Other |
|
|
|
24,985 |
|
|
|
|
24,978 |
|
|
|
|
25,916 |
|
|
|
|
26,449 |
|
|
|
|
26,776 |
|
Less: Net deferred loan fees
costs and other (1) |
|
|
|
(36 |
) |
|
|
|
(676 |
) |
|
|
|
1,499 |
|
|
|
|
(1,022 |
) |
|
|
|
(982 |
) |
Total loans, net |
|
$ |
|
2,581,904 |
|
|
$ |
|
2,561,869 |
|
|
$ |
|
2,538,336 |
|
|
$ |
|
2,559,738 |
|
|
$ |
|
2,541,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024 and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans |
|
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data |
|
March
31, 2025 |
|
|
December
31, 2024 |
|
|
September
30, 2024 |
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
(Dollar amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
|
4,494 |
|
|
$ |
|
3,124 |
|
|
$ |
|
2,898 |
|
|
$ |
|
2,487 |
|
|
$ |
|
19,391 |
|
90 day past due and accruing |
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
Nonperforming loans |
|
$ |
|
4,494 |
|
|
$ |
|
3,124 |
|
|
$ |
|
2,898 |
|
|
$ |
|
2,487 |
|
|
$ |
|
19,391 |
|
Other real estate owned |
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
Nonperforming assets |
|
$ |
|
4,494 |
|
|
$ |
|
3,124 |
|
|
$ |
|
2,898 |
|
|
$ |
|
2,487 |
|
|
$ |
|
19,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses - loans |
|
$ |
|
26,352 |
|
|
$ |
|
25,826 |
|
|
$ |
|
25,484 |
|
|
$ |
|
25,270 |
|
|
$ |
|
24,680 |
|
Allowance for credit losses - off
balance sheet credit exposures |
|
|
|
1,281 |
|
|
|
|
1,541 |
|
|
|
|
1,661 |
|
|
|
|
1,928 |
|
|
|
|
1,946 |
|
Total allowance for
credit losses |
|
$ |
|
27,633 |
|
|
$ |
|
27,367 |
|
|
$ |
|
27,145 |
|
|
$ |
|
27,198 |
|
|
$ |
|
26,626 |
|
Total allowance for credit losses/
total loans |
|
|
|
1.07 |
% |
|
|
|
1.07 |
% |
|
|
|
1.07 |
% |
|
|
|
1.06 |
% |
|
|
|
1.05 |
% |
Adjusted credit losses with
accretable yield/total loans |
|
|
|
1.08 |
% |
|
|
|
1.08 |
% |
|
|
|
1.10 |
% |
|
|
|
1.10 |
% |
|
|
|
1.11 |
% |
Net charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
$ |
|
285 |
|
|
$ |
|
4 |
|
|
$ |
|
68 |
|
|
$ |
|
15 |
|
|
$ |
|
55 |
|
Year-to-date |
|
$ |
|
285 |
|
|
$ |
|
142 |
|
|
$ |
|
138 |
|
|
$ |
|
70 |
|
|
$ |
|
55 |
|
Net charge-offs to average loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date |
|
|
|
0.01 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
Year-to-date |
|
|
|
0.01 |
% |
|
|
|
0.01 |
% |
|
|
|
0.01 |
% |
|
|
|
0.00 |
% |
|
|
|
0.00 |
% |
Nonperforming loans/total loans |
|
|
|
0.17 |
% |
|
|
|
0.12 |
% |
|
|
|
0.11 |
% |
|
|
|
0.10 |
% |
|
|
|
0.76 |
% |
Allowance for credit losses/
nonperforming loans |
|
|
|
586.38 |
% |
|
|
|
826.70 |
% |
|
|
|
879.37 |
% |
|
|
|
1016.08 |
% |
|
|
|
127.28 |
% |
NPA coverage ratio |
|
|
|
586.38 |
% |
|
|
|
826.70 |
% |
|
|
|
879.37 |
% |
|
|
|
1016.08 |
% |
|
|
|
127.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
|
Average
Balance |
|
|
Interest/
Dividends |
|
|
Annualized
Yield/Rate |
|
|
Average
Balance |
|
|
Interest/
Dividends |
|
|
Annualized
Yield/Rate |
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
2,578,531 |
|
|
$ |
37,072 |
|
|
|
5.75 |
% |
|
$ |
2,577,114 |
|
|
$ |
35,200 |
|
|
|
5.46 |
% |
Taxable investment securities |
|
|
458,519 |
|
|
|
2,739 |
|
|
|
2.39 |
% |
|
|
384,928 |
|
|
|
1,686 |
|
|
|
1.75 |
% |
Tax-exempt investment securities |
|
|
18,310 |
|
|
|
78 |
|
|
|
2.16 |
% |
|
|
21,109 |
|
|
|
86 |
|
|
|
2.06 |
% |
Fed funds sold & other |
|
|
105,770 |
|
|
|
1,113 |
|
|
|
4.21 |
% |
|
|
110,388 |
|
|
|
1,682 |
|
|
|
6.09 |
% |
Total Interest Earning Assets |
|
|
3,161,130 |
|
|
$ |
41,002 |
|
|
|
5.19 |
% |
|
|
3,093,539 |
|
|
$ |
38,654 |
|
|
|
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning Assets |
|
|
166,630 |
|
|
|
|
|
|
|
|
|
159,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,327,760 |
|
|
|
|
|
|
|
|
$ |
3,252,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
|
$ |
1,543,665 |
|
|
$ |
8,564 |
|
|
|
2.22 |
% |
|
$ |
1,443,530 |
|
|
$ |
9,407 |
|
|
|
2.61 |
% |
Other time deposits |
|
|
627,498 |
|
|
|
5,424 |
|
|
|
3.46 |
% |
|
|
650,580 |
|
|
|
5,872 |
|
|
|
3.61 |
% |
Other borrowed money |
|
|
245,734 |
|
|
|
2,550 |
|
|
|
4.15 |
% |
|
|
263,280 |
|
|
|
2,689 |
|
|
|
4.09 |
% |
Fed funds purchased & securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to repurchase |
|
|
27,480 |
|
|
|
271 |
|
|
|
3.94 |
% |
|
|
28,458 |
|
|
|
284 |
|
|
|
3.99 |
% |
Subordinated notes |
|
|
34,828 |
|
|
|
284 |
|
|
|
3.26 |
% |
|
|
34,712 |
|
|
|
284 |
|
|
|
3.27 |
% |
Total Interest Bearing Liabilities |
|
$ |
2,479,205 |
|
|
$ |
17,093 |
|
|
|
2.76 |
% |
|
$ |
2,420,560 |
|
|
$ |
18,536 |
|
|
|
3.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Bearing Liabilities |
|
|
509,190 |
|
|
|
|
|
|
|
|
|
514,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
$ |
339,365 |
|
|
|
|
|
|
|
|
$ |
317,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and
Interest Rate Spread |
|
|
|
|
$ |
23,909 |
|
|
|
2.43 |
% |
|
|
|
|
$ |
20,118 |
|
|
|
1.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
|
2.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts |
|
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)
(in thousands of dollars, except percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
|
As Reported |
|
Excluding Accretion/Amortization |
Difference |
|
|
As Reported |
|
Excluding Accretion/Amortization |
Difference |
|
|
|
$ |
|
|
Yield |
|
|
$ |
|
|
Yield |
|
|
$ |
|
|
Yield |
|
|
$ |
|
|
Yield |
|
|
$ |
|
|
Yield |
|
|
$ |
|
|
Yield |
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
37,072 |
|
|
|
5.75 |
% |
|
$ |
36,468 |
|
|
|
5.66 |
% |
|
$ |
604 |
|
|
|
0.09 |
% |
|
$ |
35,200 |
|
|
|
5.46 |
% |
|
$ |
34,525 |
|
|
|
5.36 |
% |
|
$ |
675 |
|
|
|
0.10 |
% |
Taxable investment securities |
|
|
2,739 |
|
|
|
2.39 |
% |
|
|
2,739 |
|
|
|
2.39 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
1,686 |
|
|
|
1.75 |
% |
|
|
1,686 |
|
|
|
1.75 |
% |
|
|
- |
|
|
|
0.00 |
% |
Tax-exempt investment securities |
|
|
78 |
|
|
|
2.16 |
% |
|
|
78 |
|
|
|
2.16 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
86 |
|
|
|
2.06 |
% |
|
|
86 |
|
|
|
2.06 |
% |
|
|
- |
|
|
|
0.00 |
% |
Fed funds sold & other |
|
|
1,113 |
|
|
|
4.21 |
% |
|
|
1,113 |
|
|
|
4.21 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
1,682 |
|
|
|
6.09 |
% |
|
|
1,682 |
|
|
|
6.09 |
% |
|
|
- |
|
|
|
0.00 |
% |
Total Interest Earning Assets |
|
|
41,002 |
|
|
|
5.19 |
% |
|
|
40,398 |
|
|
|
5.11 |
% |
|
|
604 |
|
|
|
0.08 |
% |
|
|
38,654 |
|
|
|
5.00 |
% |
|
|
37,979 |
|
|
|
4.92 |
% |
|
|
675 |
|
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings deposits |
|
$ |
8,564 |
|
|
|
2.22 |
% |
|
$ |
8,564 |
|
|
|
2.22 |
% |
|
$ |
- |
|
|
|
0.00 |
% |
|
$ |
9,407 |
|
|
|
2.61 |
% |
|
$ |
9,407 |
|
|
|
2.61 |
% |
|
$ |
- |
|
|
|
0.00 |
% |
Other time deposits |
|
|
5,424 |
|
|
|
3.46 |
% |
|
|
5,424 |
|
|
|
3.46 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
5,872 |
|
|
|
3.61 |
% |
|
|
5,872 |
|
|
|
3.61 |
% |
|
|
- |
|
|
|
0.00 |
% |
Other borrowed money |
|
|
2,550 |
|
|
|
4.15 |
% |
|
|
2,547 |
|
|
|
4.15 |
% |
|
|
3 |
|
|
|
0.00 |
% |
|
|
2,689 |
|
|
|
4.09 |
% |
|
|
2,707 |
|
|
|
4.11 |
% |
|
|
(18 |
) |
|
|
-0.02 |
% |
Fed funds purchased and securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
sold under agreement to repurchase |
|
|
271 |
|
|
|
3.94 |
% |
|
|
271 |
|
|
|
3.94 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
284 |
|
|
|
3.99 |
% |
|
|
284 |
|
|
|
3.99 |
% |
|
|
- |
|
|
|
0.00 |
% |
Subordinated notes |
|
|
284 |
|
|
|
3.26 |
% |
|
|
284 |
|
|
|
3.26 |
% |
|
|
- |
|
|
|
0.00 |
% |
|
|
284 |
|
|
|
3.27 |
% |
|
|
284 |
|
|
|
3.27 |
% |
|
|
- |
|
|
|
0.00 |
% |
Total Interest Bearing Liabilities |
|
|
17,093 |
|
|
|
2.76 |
% |
|
|
17,090 |
|
|
|
2.76 |
% |
|
|
3 |
|
|
|
0.00 |
% |
|
|
18,536 |
|
|
|
3.06 |
% |
|
|
18,554 |
|
|
|
3.07 |
% |
|
|
(18 |
) |
|
|
-0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest/Dividend income/yield |
|
|
41,002 |
|
|
|
5.19 |
% |
|
|
40,398 |
|
|
|
5.11 |
% |
|
|
604 |
|
|
|
0.08 |
% |
|
|
38,654 |
|
|
|
5.00 |
% |
|
|
37,979 |
|
|
|
4.92 |
% |
|
|
675 |
|
|
|
0.08 |
% |
Interest Expense / yield |
|
|
17,093 |
|
|
|
2.76 |
% |
|
|
17,090 |
|
|
|
2.76 |
% |
|
|
3 |
|
|
|
0.00 |
% |
|
|
18,536 |
|
|
|
3.06 |
% |
|
|
18,554 |
|
|
|
3.07 |
% |
|
|
(18 |
) |
|
|
-0.01 |
% |
Net Interest Spread |
|
|
23,909 |
|
|
|
2.43 |
% |
|
|
23,308 |
|
|
|
2.35 |
% |
|
|
601 |
|
|
|
0.08 |
% |
|
|
20,118 |
|
|
|
1.94 |
% |
|
|
19,425 |
|
|
|
1.85 |
% |
|
|
693 |
|
|
|
0.09 |
% |
Net Interest Margin |
|
|
|
|
|
3.03 |
% |
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
2.60 |
% |
|
|
|
|
|
2.52 |
% |
|
|
|
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts |
|