Farmers & Merchants Bancorp Q2 net income $21.8M, EPS $29.39, up 4.85% YoY; dividend raised to $8.80

FARMERS & MERCHANTS BANCORP

2024-Q2 EPS reported $59.95

Net income $21.8M ($29.39 per diluted share) vs $21.3M ($28.03) Q2 2023; per share up 4.85%.
Net interest income $50.8M, down from $52.4M in Q2 2023; net interest margin 4.02% for H1 2024 vs 4.41% prior.
No non-accrual loans at quarter-end; net recoveries $14K; allowance for credit losses 2.13%.
Mid-year dividend raised to $8.80 per share from $8.30; 89 consecutive years of dividends, 59 years of increases.
Total risk-based capital ratio 14.58%; repurchased 3,462 shares in Q2; tangible book value $761.62, up 14.7% YoY.

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