Farmers & Merchants Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:30 pm EDT
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Farmers & Merchants Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 19.66 million compared to USD 22.58 million a year ago. Net income was USD 4.78 million compared to USD 8.95 million a year ago. Basic earnings per share from continuing operations was USD 0.35 compared to USD 0.68 a year ago. Diluted earnings per share from continuing operations was USD 0.35 compared to USD 0.68 a year ago.
For the nine months, net interest income was USD 61.46 million compared to USD 64.23 million a year ago. Net income was USD 17.24 million compared to USD 25.33 million a year ago. Basic earnings per share from continuing operations was USD 1.26 compared to USD 1.94 a year ago. Diluted earnings per share from continuing operations was USD 1.26 compared to USD 1.94 a year ago.
Farmers & Merchants Bancorp, Inc. is a bank holding company. The Company's primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that is primarily serves Northwest Ohio and Northeast Indiana. The Bank is engaged in the general commercial banking business. Its activities include commercial, agricultural, and residential mortgage as well as consumer lending activities. The Bank also provides checking account services, as well as savings and time deposit services such as certificates of deposits. Its loan portfolio is comprised of loans made to customers in the farming industry for such things as farmland, farm equipment, livestock and operating loans for seed, fertilizer, and feed. The Bank provides on-line banking access for consumer and business customers. In addition, it also provides automated teller machines (ATMs) or interactive teller machines (ITMs) at the branch locations along with other independent locations in the market area.