Farmers & Merchants Bancorp reports record Q3 net income $22.1M, EPS $29.96; major share repurchase

FARMERS & MERCHANTS BANCORP

2024-Q3 EPS reported $89.91

Record net income $22.1M ($29.96 diluted EPS), up 2.5% YoY on a per share basis.
Net interest margin widened to 4.07% from 3.91% in Q2; average deposit cost fell to 1.39%.
Regulatory capital ratios well above well-capitalized thresholds; TCE ratio 10.91%.
New $55M share repurchase authorized; on Oct 3 bought 37,990 shares ($34.8M) from a deceased shareholder's trust.
Credit quality strong: only $677K non-accrual loans, allowance for credit losses 2.11%.

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