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Farmers & Merchants Bancorp (FMCB+2.50%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $5.37 billion, an increase from $5.31 billion the previous year. Total deposits rose slightly to $4.70 billion from $4.67 billion.
Net income for the year was reported at $88.5 million, a marginal increase from $88.3 million in 2023. This was attributed to no provision for credit losses in 2024, compared to $9.4 million in 2023.
Net interest income decreased by 4.04% to $206.7 million, primarily due to an increase in interest expense from $37.5 million to $63.4 million, driven by higher deposit costs.
Non-interest income increased by $5.8 million, reaching $20.7 million, mainly due to a gain on the sale of available-for-sale securities.
Non-interest expense increased slightly to $105.1 million, up from $104.3 million, with notable increases in salaries and employee benefits, professional services, and data processing costs.
The company's capital ratios remained strong, with a Tier 1 capital ratio of 13.26% and a total risk-based capital ratio of 14.52%.
Farmers & Merchants Bancorp repurchased 48,173 shares of common stock for $45.3 million during the year, as part of its share repurchase program.
The company continues to focus on maintaining a strong liquidity position, with cash and cash equivalents totaling $212.6 million, representing 4.0% of total assets.
The filing also detailed various regulatory and compliance matters affecting the company, including adherence to capital adequacy guidelines and risk management practices.
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 annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.