Farmers & Merchants Bancorp reports record 2023 net income of $88.3M; EPS up 20.8% YoY

FARMERS & MERCHANTS BANCORP

2023-FY EPS reported $116.61

Record net income of $88.3M ($116.61/diluted share) vs $75.1M ($96.55) in 2022; net income up 17.6%.
Net interest margin expanded to 4.30% from 3.81%; total deposits fell 1.9% to $4.67B with no brokered deposits.
Loans and leases grew 4.05% to $3.65B; net recoveries of $0.3M; no nonperforming loans at year-end.
Total risk-based capital ratio improved to 13.84%; tangible book value per share up 16.9% to $717.05; repurchased 20,366 shares for $20.2M.

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 reported the full year of 2023 results: revenue Total revenue increased 15.29% to $230.3 million, net income Record net income of $88.3 million, EPS $116.61 per diluted common share.

Period: the full year of 2023
Revenue: Total revenue increased 15.29% to $230.3 million
Net income: Record net income of $88.3 million
EPS: $116.61 per diluted common share
Result: reported results

Exact text from the filing

income for the year ended December 31, 2023 was $215.4 million, an increase of $21.8 million, or 11.27%, when compared with $193.6 million one year ago. Total revenue increased 15.29% to $230.3 million in 2023 compared with $199.8 million in 2022. The Company’s net interest margin increased to 4.30% in 2023, compared to 3.81% in 2022. The increase was

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Source: SEC EDGAR

accession 0001140361-24-003594

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