FMAO Q1 net income $5.4M ($0.39 EPS) down from $6.5M; loans up 3.9%, deposits up 4.3%

FARMERS & MERCHANTS BANCORP INC

2024-Q1 EPS reported $0.39

Net income of $5.4M ($0.39 per diluted share) vs $6.5M ($0.47) in prior-year Q1; net interest income after provision up 6.2% from Q4 2023.
Total loans grew 3.9% to $2.54B; total deposits increased 4.3% to a record $2.62B.
Cash and cash equivalents surged 191.9% to $187.8M; total assets reached record $3.29B.
Nonperforming loans $19.4M (0.76% of loans) vs $7.7M a year ago, driven by a $16.5M agricultural relationship; net charge-offs 0.00%.
Quarterly dividend raised 4.8% to $0.22 per share; 29 consecutive years of annual dividend increases.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FARMERS & MERCHANTS BANCORP INC reported the 2024 first quarter ended March 31, 2024 results: net income $5.4 million, EPS $0.39 per basic and diluted share.

Period: the 2024 first quarter ended March 31, 2024
Net income: $5.4 million
EPS: $0.39 per basic and diluted share
Result: reported results

Exact text from the filing

Net income for the 2024 first quarter ended March 31, 2024, was $5.4 million, compared to $6.5 million for the same period last year. Net income per basic and diluted share for the 2024 first quarter was $0.39, compared to $0.47 for the same period last year.

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Source: SEC EDGAR

accession 0000950170-24-051353

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