0001564590-20-003483.txt : 20200205 0001564590-20-003483.hdr.sgml : 20200205 20200205163636 ACCESSION NUMBER: 0001564590-20-003483 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20200205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200205 DATE AS OF CHANGE: 20200205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FARMERS & MERCHANTS BANCORP INC CENTRAL INDEX KEY: 0000792966 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 341469491 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38084 FILM NUMBER: 20579271 BUSINESS ADDRESS: STREET 1: 307-11 N DEFIANCE ST CITY: ARCHBOLD STATE: OH ZIP: 43502 BUSINESS PHONE: 4194462501 MAIL ADDRESS: STREET 1: 307-11 NORTH DEFIANCE ST CITY: ARCHBOLD STATE: OH ZIP: 43502 8-K 1 fmao-8k_20200205.htm 8-K fmao-8k_20200205.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 5, 2020

 

Farmers & Merchants Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Ohio

001-38084

34-1469491

(State or Other Jurisdiction

(Commission

(IRS Employer

of Incorporation)

File Number)

Identification No.)

 

307 North Defiance Street, Archbold, Ohio

43502

(Address of Principal Executive Offices)

(Zip Code)

Registrant's Telephone Number, including Area Code (419) 446-2501

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 


ITEM 2.02.Results of Operation and Financial Condition

On February 5, 2020, Farmers & Merchants Bancorp, Inc. issued a press release announcing its earnings for the year ended December 31, 2019.  A copy of the press release is attached hereto as Exhibit 99 and is incorporated by reference herein.

ITEM 9.01.Financial Statements and Exhibits

 

(d)

Exhibits.

 

Exhibit

Number

Exhibit

 

 

99

Company Press release dated February 5, 2020

 


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto authorized.

 

 

FARMERS & MERCHANTS BANCORP, INC.

 

(Registrant)

 

 

Dated: February 5, 2020

/s/ Lars B. Eller

 

Lars B. Eller

 

President and Chief Executive Officer

 

 

 

/s/ Barbara J. Britenriker

 

Barbara J. Britenriker

 

Executive Vice President and Chief Financial Officer

 

EX-99 2 fmao-ex99_6.htm EX-99 fmao-ex99_6.htm

Exhibit 99

 

Post Office Box 216

307 North Defiance Street

Archbold, Ohio 43502

NEWS RELEASE

 

Company Contact:

Investor and Media Contact:

Lars B. Eller

President and Chief Executive Offcer

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 Record

2019 Fourth-Quarter and Full-Year Financial Results

Record 2019 Financial Results Driven by Strong Operating Performance and Benefits of the Bank of Geneva Acquisition

 

ARCHBOLD, OHIO, February 5, 2020, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 fourth quarter and twelve months ended December 31, 2019.

 

2019 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted):

 

Total loans at December 31, 2019 increased 5.2% from September 30, 2019

 

Net interest income after provision for loan losses increased 25.1% to $12.6 million

 

Net income increased 47.9% to $4.7 million

 

Earnings increased 26.5% to $0.43 per basic and diluted share, despite a 19.9% increase in the weighted average shares outstanding

 

Return on average assets increased to 1.18%, compared to 1.15% for the same period last year

 

2019 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):

 

Total loans increased 44.3% to $1.212 billion as a result of the contribution from the Bank of Geneva acquisition and strong organic loan growth

 

Organic loan growth increased by 511.78% or $90.3 million, a record increase of $112.2 million

 

Total assets increased 44.0% to a record $1.607 billion

 

Deposits increased 38.7% to a record $1.288 billion

 

Organic deposit growth increased by 1,619.98%, or $143.6 million, to a record increase of  $153.1 million

 

Net interest income after provision for loan losses increased 32.6% to $52.4 million

 

Net income increased 23.1% to a record $18.4 million

 

Earnings increased 3.1% to a record $1.66 per basic and diluted share, despite a 19.9% increase in the weighted average shares outstanding (Earnings adjusted for acquisition expenses were $1.69 per basic and diluted share)

 

Book value per share increased 34.0% to $20.68 per share

 

Tangible book value per share increased 4.8% to $16.01 per share

 

2019 cash dividend increased 8.9% to $0.61 per share

 

“I am proud of the significant accomplishments we achieved during 2019, which includes the successful completion of the Bank of Geneva acquisition, strong organic loan and deposit growth, and improvements in profitability.  As a result, 2019 was the fifth consecutive year of record assets and earnings,” stated Lars B. Eller, President and Chief Executive Officer. “During 2019, we also developed a new three-year strategic plan and we have a clear roadmap to follow in 2020 and beyond, as we focus on our goal of becoming a financial institution with over $3 billion in assets.  We invested across our platform to build the necessary resources to support our growth initiatives and I am particularly pleased with the progress we made attracting, developing, and retaining key members of our leadership, lending and banking teams.  This will be an important initiative for F&M during 2020 and I look forward to reporting on our progress.  As we look to the future, I am encouraged by F&M’s position to consistently and profitably grow,


while supporting our customers, local communities and employees.  I am excited by the direction we are headed and expect 2020 to be a year of execution and strong financial performance for F&M.”  

 

Income Statement

Net income for the fourth quarter ended December 31, 2019, was $4.7 million, compared to $3.2 million for the same period last year.  Earnings per basic and diluted share for the 2019 fourth quarter was $0.43, compared to $0.34 for the same period last year.  2019 fourth quarter earnings included $0.02 per basic and diluted share of one-time acquisition related expenses and a 19.9% increase in the weighted average common shares outstanding due to the additional shares from the Limberlost acquisition.  2018’s fourth quarter earnings included one-time merger related expenses of $0.07 per basic and diluted share.  

 

Net income for the year ended December 31, 2019, was $18.4 million, compared to $14.9 million for the year ended December 31, 2018.  Earnings per basic and diluted share for 2019 was $1.66, compared to $1.61 for the same period last year.  2019 earnings included $0.03 per basic and diluted share of one-time acquisition related expenses, and a 19.9% increase in the weighted average common shares outstanding due to the additional shares from the Limberlost acquisition.  2018’s earnings included one-time merger related expenses of $0.07 per basic and diluted share.  

 

Mr. Eller continued, “We ended 2019 with record annual and quarterly net income as a result of a 32.6% annual increase in net interest income after provision for loan losses and an 8.8% annual increase in noninterest income.  For the year 2019, we worked hard and lowered our operating efficiency ratio to 60.96% at the Bank level, excluding acquisition and captive expenses.  We expect interest rates will remain low throughout 2020 as a result of Federal Reserve monetary policies, which we believe will put pressure on interest income across our industry.  We are focused on offsetting the macro related impact on interest income during 2020 by maintaining a stable net interest margin, increasing core deposits, driving loan growth and managing risk.”  

 

Deposits

At December 31, 2019, total deposits were $1.288 billion, an increase of 38.7% from December 31, 2018.  The significant organic deposit growth we have been experiencing continues to be due primarily to new product development that has allowed F&M to attract new customers and expand existing customer holdings.  

 

Loan Portfolio

Total loans, net at December 31, 2019, increased 44.3%, or by $372.2 million to $1.212 billion, compared to $839.6 million at December 31, 2018, and up 5.2%, or $59.8 million from $1.152 billion at September 30, 2019. The year-over-year improvement resulted primarily from the contribution of the Bank of Geneva acquisition and organic loan growth.  

 

“F&M’s market share increased throughout 2019 as we experienced strong organic loan and deposit growth and, for the month of December 2019 alone, net loans increased over $58 million. In addition, fourth quarter 2019 ended with the largest number of 1-4 family loans being closed in the last ten years.  Our strong loan and deposit growth are primarily due to our leading position in many of the markets we serve, our strong network of local bankers, and our compelling financial products and services.”  

 

“During 2019, we completed a comprehensive review of each loan from the Bank of Geneva merger.  As a result, our nonperforming assets to total assets increased from 0.10% at December 31, 2018, to 0.22% at December 31, 2019, and our over-30-day past due loans to total loans increased from 0.09% at December 31, 2018 to 0.18% at December 31, 2019. Despite these increases, our net charge-offs to average loans was stable year-over-year and our overall asset quality remains significantly better than many of our peers. Provision expense for the fourth quarter was higher than previous quarters as we provided for the significant amount of organic loan growth and our reviewed and subsequently refinanced acquisition loans.  In addition, our allowance for loan and lease does not include a $2.1 million credit mark associated with the Limberlost acquisition, which further supports the future performance of our loan portfolio.  With stable asset quality and strong liquidity, we have significant capital to support our growth initiatives,” concluded Mr. Eller.  

 

 

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 60.7% to $230.3 million at December 31, 2019, from $143.3 million at December 31, 2018.  At December 31, 2019, the company had a Tier 1 leverage ratio of 11.52%, compared to 12.81%


at December 31, 2018.  The decline in the Tier 1 leverage ratio was primarily due to the added goodwill associated with the Limberlost acquisition.  

 

Tangible stockholders’ equity increased to $178.3 million at December 31, 2019, compared to $141.9 million at December 31, 2018.  On a per share basis, tangible stockholders’ equity at December 31, 2019, was $16.01 per share, compared to $15.28 per share at December 31, 2018.  

 

For 2019, we raised our dividend again.  The company declared cash dividends of $0.61 per share, an 8.9% increase over $0.56 per share declared in 2018.  For 2019, the dividend payout ratio was 36.59% compared to 25.18% for the same period last year.

 

 

About Farmers & Merchants Bancorp, Inc.  

Farmers & Merchants Bancorp, Inc. (“F&M”) (Nasdaq: FMAO), is the holding company for the Farmers & Merchants State Bank, a local independent community bank with $1.6 billion in assets that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay and Steuben counties.

 

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 or capital 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. The reconciliations of non-GAAP financial measures are included in the tables following Consolidated Financial Highlights below.

 

 


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, 2019

 

 

September 30, 2019

 

 

June 30, 2019

 

 

March 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

 

 

December 31, 2018

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

15,608

 

 

$

15,202

 

 

$

16,723

 

 

$

14,680

 

 

$

10,955

 

 

$

62,213

 

 

$

42,303

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and

   government

   agencies

 

 

840

 

 

 

972

 

 

 

816

 

 

 

713

 

 

 

630

 

 

 

3,341

 

 

 

2,478

 

Municipalities

 

 

225

 

 

 

190

 

 

 

211

 

 

 

211

 

 

 

250

 

 

 

837

 

 

 

1,095

 

Dividends

 

 

60

 

 

 

69

 

 

 

76

 

 

 

88

 

 

 

56

 

 

 

293

 

 

 

220

 

Federal funds sold

   and other

 

 

416

 

 

 

579

 

 

 

457

 

 

 

170

 

 

 

112

 

 

 

1,622

 

 

 

333

 

Total interest income

 

 

17,149

 

 

 

17,012

 

 

 

18,283

 

 

 

15,862

 

 

 

12,003

 

 

 

68,306

 

 

 

46,429

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,336

 

 

 

3,654

 

 

 

3,339

 

 

 

2,613

 

 

 

1,670

 

 

 

12,942

 

 

 

5,989

 

Federal funds purchased

   and securities sold

   under agreement to

   repurchase

 

 

207

 

 

 

201

 

 

 

141

 

 

 

185

 

 

 

127

 

 

 

734

 

 

 

503

 

Borrowed funds

 

 

270

 

 

 

257

 

 

 

269

 

 

 

287

 

 

 

20

 

 

 

1,083

 

 

 

80

 

Total interest

   expense

 

 

3,813

 

 

 

4,112

 

 

 

3,749

 

 

 

3,085

 

 

 

1,817

 

 

 

14,759

 

 

 

6,572

 

Net Interest Income -

   Before Provision for

   Loan Losses

 

 

13,336

 

 

 

12,900

 

 

 

14,534

 

 

 

12,777

 

 

 

10,186

 

 

 

53,547

 

 

 

39,857

 

Provision for Loan Losses

 

 

728

 

 

 

247

 

 

 

133

 

 

 

30

 

 

 

105

 

 

 

1,138

 

 

 

324

 

Net Interest Income After

   Provision For Loan

   Losses

 

 

12,608

 

 

 

12,653

 

 

 

14,401

 

 

 

12,747

 

 

 

10,081

 

 

 

52,409

 

 

 

39,533

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer service fees

 

 

1,732

 

 

 

1,722

 

 

 

1,694

 

 

 

1,578

 

 

 

1,612

 

 

 

6,726

 

 

 

5,935

 

Other service charges

   and fees

 

 

1,132

 

 

 

1,179

 

 

 

1,091

 

 

 

1,041

 

 

 

1,032

 

 

 

4,443

 

 

 

4,181

 

Net gain on sale of loans

 

 

119

 

 

 

260

 

 

 

196

 

 

 

102

 

 

 

140

 

 

 

677

 

 

 

757

 

Net gain (loss) on sale

   of available-for-sale

   securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26

)

 

 

(19

)

 

 

(26

)

 

 

(9

)

Total noninterest

   income

 

 

2,983

 

 

 

3,161

 

 

 

2,981

 

 

 

2,695

 

 

 

2,765

 

 

 

11,820

 

 

 

10,864

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

4,029

 

 

 

4,158

 

 

 

3,830

 

 

 

4,312

 

 

 

3,834

 

 

 

16,329

 

 

 

13,760

 

Employee benefits

 

 

1,410

 

 

 

1,331

 

 

 

1,223

 

 

 

1,594

 

 

 

1,102

 

 

 

5,558

 

 

 

4,115

 

Net occupancy expense

 

 

406

 

 

 

630

 

 

 

614

 

 

 

667

 

 

 

451

 

 

 

2,317

 

 

 

1,757

 

Furniture and equipment

 

 

596

 

 

 

720

 

 

 

763

 

 

 

696

 

 

 

450

 

 

 

2,775

 

 

 

2,110

 

Data processing

 

 

396

 

 

 

482

 

 

 

376

 

 

 

1,299

 

 

 

318

 

 

 

2,553

 

 

 

1,318

 

Franchise taxes

 

 

246

 

 

 

248

 

 

 

229

 

 

 

258

 

 

 

244

 

 

 

981

 

 

 

954

 

ATM expense

 

 

434

 

 

 

416

 

 

 

418

 

 

 

447

 

 

 

368

 

 

 

1,715

 

 

 

1,340

 

Advertising

 

 

340

 

 

 

587

 

 

 

382

 

 

 

260

 

 

 

218

 

 

 

1,569

 

 

 

887

 

Net loss on sale

   of other assets owned

 

 

16

 

 

 

22

 

 

 

28

 

 

 

15

 

 

 

27

 

 

 

81

 

 

 

44

 

FDIC assessment

 

 

(11

)

 

 

-

 

 

 

98

 

 

 

96

 

 

 

77

 

 

 

183

 

 

 

326

 

Mortgage servicing

   rights amortization

 

 

158

 

 

 

149

 

 

 

105

 

 

 

75

 

 

 

100

 

 

 

487

 

 

 

364

 

Consulting fees

 

 

264

 

 

 

196

 

 

 

95

 

 

 

113

 

 

 

461

 

 

 

668

 

 

 

928

 

Other general and

   administrative

 

 

1,482

 

 

 

1,667

 

 

 

1,551

 

 

 

1,679

 

 

 

1,167

 

 

 

6,379

 

 

 

4,318

 


Total noninterest

   expense

 

 

9,766

 

 

 

10,606

 

 

 

9,712

 

 

 

11,511

 

 

 

8,817

 

 

 

41,595

 

 

 

32,221

 

Income Before Income

   Taxes

 

 

5,825

 

 

 

5,208

 

 

 

7,670

 

 

 

3,931

 

 

 

4,029

 

 

 

22,634

 

 

 

18,176

 

Income Taxes

 

 

1,102

 

 

 

933

 

 

 

1,490

 

 

 

707

 

 

 

836

 

 

 

4,232

 

 

 

3,227

 

Net Income

 

 

4,723

 

 

 

4,275

 

 

 

6,180

 

 

 

3,224

 

 

 

3,193

 

 

 

18,402

 

 

 

14,949

 

Other Comprehensive

   Income (Loss) (Net of

   Tax):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain

   (loss) on available-for-

   sale securities

 

 

(472

)

 

 

841

 

 

 

3,061

 

 

 

1,749

 

 

 

2,374

 

 

 

5,179

 

 

 

(1,058

)

Reclassification

   adjustment for (gain)

   loss on sale of

   available-for-sale

   securities

 

-

 

 

 

-

 

 

 

-

 

 

 

26

 

 

 

19

 

 

 

26

 

 

 

9

 

Net unrealized gain

   (loss) on available-for-

   sale securities

 

 

(472

)

 

 

841

 

 

 

3,061

 

 

 

1,775

 

 

 

2,393

 

 

 

5,205

 

 

 

(1,049

)

Tax expense (benefit)

 

 

(99

)

 

 

176

 

 

 

643

 

 

 

373

 

 

 

503

 

 

 

1,093

 

 

 

(220

)

Other comprehensive

   income (loss)

 

 

(373

)

 

 

665

 

 

 

2,418

 

 

 

1,402

 

 

 

1,890

 

 

 

4,112

 

 

 

(829

)

Comprehensive Income

 

$

4,350

 

 

$

4,940

 

 

$

8,598

 

 

$

4,626

 

 

$

5,083

 

 

$

22,514

 

 

$

14,120

 

Basic and Diluted

   Earnings Per Share

 

$

0.43

 

 

$

0.38

 

 

$

0.56

 

 

$

0.29

 

 

$

0.34

 

 

$

1.66

 

 

$

1.61

 

Dividends Declared

 

$

0.16

 

 

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.15

 

 

$

0.61

 

 

$

0.56

 


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (in thousands of dollars, except share data)

 

 

 

December 31, 2019

 

 

September 30, 2019

 

 

June 30, 2019

 

 

March 31, 2019

 

 

December 31, 2018

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

50,137

 

 

$

103,188

 

 

$

108,085

 

 

$

48,740

 

 

$

37,492

 

Federal funds sold

 

 

1,159

 

 

 

11,404

 

 

 

15,193

 

 

 

33,109

 

 

 

873

 

Total cash and cash equivalents

 

 

51,296

 

 

 

114,592

 

 

 

123,278

 

 

 

81,849

 

 

 

38,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing time deposits

 

 

4,309

 

 

 

4,554

 

 

 

4,509

 

 

 

4,509

 

 

 

4,019

 

Securities - available-for-sale

 

 

222,293

 

 

 

190,465

 

 

 

204,415

 

 

 

174,682

 

 

 

168,447

 

Other securities, at cost

 

 

5,810

 

 

 

5,789

 

 

 

5,789

 

 

 

5,789

 

 

 

3,679

 

Loans held for sale

 

 

4,248

 

 

 

606

 

 

 

1,909

 

 

 

859

 

 

 

495

 

Loans, net

 

 

1,211,771

 

 

 

1,151,937

 

 

 

1,084,448

 

 

 

1,091,829

 

 

 

839,599

 

Premises and equipment

 

 

26,351

 

 

 

25,990

 

 

 

26,013

 

 

 

25,205

 

 

 

22,615

 

Goodwill

 

 

47,340

 

 

 

47,340

 

 

 

47,340

 

 

 

47,340

 

 

 

4,074

 

Mortgage servicing rights

 

 

2,629

 

 

 

2,556

 

 

 

2,465

 

 

 

2,397

 

 

 

2,385

 

Other real estate owned

 

 

214

 

 

 

351

 

 

 

329

 

 

 

510

 

 

 

600

 

Bank owned life insurance

 

 

15,235

 

 

 

15,151

 

 

 

15,050

 

 

 

14,963

 

 

 

14,884

 

Other assets

 

 

15,834

 

 

 

15,549

 

 

 

15,002

 

 

 

15,729

 

 

 

17,001

 

Total Assets

 

$

1,607,330

 

 

$

1,574,880

 

 

$

1,530,547

 

 

$

1,465,661

 

 

$

1,116,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

265,156

 

 

$

261,719

 

 

$

242,510

 

 

$

236,847

 

 

$

215,422

 

Interest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW accounts

 

 

423,655

 

 

 

430,646

 

 

 

430,505

 

 

 

418,773

 

 

 

298,254

 

Savings

 

 

322,973

 

 

 

310,667

 

 

 

293,179

 

 

 

272,875

 

 

 

227,701

 

Time

 

 

276,563

 

 

 

274,996

 

 

 

276,153

 

 

 

258,929

 

 

 

187,413

 

Total deposits

 

 

1,288,347

 

 

 

1,278,028

 

 

 

1,242,347

 

 

 

1,187,424

 

 

 

928,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Funds Purchased and securities

   sold under agreements to repurchase

 

 

48,073

 

 

 

30,056

 

 

 

27,102

 

 

 

25,521

 

 

 

32,181

 

Federal Home Loan Bank (FHLB)

   advances

 

 

24,806

 

 

 

24,669

 

 

 

24,532

 

 

 

24,682

 

 

 

-

 

Dividend payable

 

 

1,768

 

 

 

1,657

 

 

 

1,654

 

 

 

1,654

 

 

 

1,379

 

Accrued expenses and other liabilities

 

 

14,078

 

 

 

13,062

 

 

 

10,865

 

 

 

9,446

 

 

 

10,526

 

Total liabilities

 

 

1,377,072

 

 

 

1,347,472

 

 

 

1,306,500

 

 

 

1,248,727

 

 

 

972,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - No par value 20,000,000

   shares authorized; issued and outstanding

   12,230,000 shares 12/31/19,

   10,400,000 shares 12/31/18

 

 

81,535

 

 

 

81,264

 

 

 

81,955

 

 

 

81,760

 

 

 

10,823

 

Treasury stock - 1,093,065 shares 12/31/19,

   1,114,739 shares 12/31/18

 

 

(12,456

)

 

 

(12,453

)

 

 

(12,707

)

 

 

(12,680

)

 

 

(12,409

)

Retained earnings

 

 

160,081

 

 

 

157,126

 

 

 

153,993

 

 

 

149,466

 

 

 

147,887

 

Accumulated other comprehensive

   income (loss)

 

 

1,098

 

 

 

1,471

 

 

 

806

 

 

 

(1,612

)

 

 

(3,014

)

Total stockholders' equity

 

 

230,258

 

 

 

227,408

 

 

 

224,047

 

 

 

216,934

 

 

 

143,287

 

Total Liabilities and Stockholders' Equity

 

$

1,607,330

 

 

$

1,574,880

 

 

$

1,530,547

 

 

$

1,465,661

 

 

$

1,116,163

 

 

 

 


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

 

 

 

For the Three Months Ended

 

 

For the Twelve Months Ended

 

Selected financial data

 

December 31, 2019

 

 

September 30, 2019

 

 

June 30, 2019

 

 

March 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

December 31, 2018

 

Return on average assets

 

 

 

1.18

%

 

 

 

1.10

%

 

 

 

1.63

%

 

 

 

1.00

%

 

 

 

1.15

%

 

 

1.23

%

 

 

1.34

%

Return on average equity

 

 

 

8.26

%

 

 

 

7.54

%