Farmers & Merchants Bancorp (FMCB) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating an increase in net income to $22.1 million compared to $22.0 million in the same quarter the previous year. The increase is attributed to higher non-interest income and no provision for credit losses.
Interest income for the quarter was $68.6 million, up from $65.7 million in the previous year. The increase was driven by higher average loan balances and yields.
Interest expense rose to $16,642,000 from $12,272,000, primarily due to increased deposit costs.
Net interest income decreased slightly to $51,993,000 from $53,441,000, with the net interest margin declining to 4.07% from 4.17%.
Non-interest income increased to $6,280,000 from $3,606,000, largely due to gains on deferred compensation plan investments and a net gain on the sale of securities.
Non-interest expenses increased to $27,755,000 from $24,468,000, with the rise attributed to higher salaries and employee benefits, as well as increased data processing and professional fees.
Total assets were $5.4 billion as of September 30, 2024, up from $5.3 billion at the end of 2023. This growth was driven by increases in investment securities and loans.
Total deposits increased to $4.71 billion from $4.67 billion, with non-interest bearing deposits remaining stable at $1.5 billion.
The company reported a total allowance for credit losses of $78,506,000, representing 2.11% of total loans and leases.
Farmers & Merchants Bancorp's capital ratios remain strong, with a Tier 1 capital ratio of 13.70% and a total risk-based capital ratio of 14.95%.
The company repurchased 9,976 shares of its common stock during the first nine months of 2024 under a new $55 million share repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Farmers & Merchants Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].