FMAO Q3 net income rises 36.4% to $6.5M; NPLs drop to $2.9M from $22.4M

FARMERS & MERCHANTS BANCORP INC

2024-Q3 EPS reported $1.28

Net income of $6.5M ($0.48 per share) vs $4.8M ($0.35) a year ago; NIM expanded 12 bps to 2.71%.
Nonperforming loans fell to $2.9M (0.11% of loans) from $22.4M (0.89%), an 87% decline.
Total deposits hit record $2.68B (+4.3% YoY); total assets record $3.39B (+4.8%).
Efficiency ratio improved to 67.98% from 73.07% YoY; YTD dividend increased 5% to $0.66125/share.
86th consecutive profitable quarter; stockholder equity record $335.4M (+10.6%).

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