Farmers & Merchants Bancorp reports record Q1 net income of $8.1M, EPS $0.62

FARMERS & MERCHANTS BANCORP INC

2022-FY EPS reported $0.62

Net income rose 65% to $8.1M; EPS up 40.9% to $0.62 from $0.44 YoY.
Total loans reached record $1.962B, up 46.3% YoY; organic loan growth 22% excluding acquisitions and PPP.
Deposits grew 33.8% to record $2.254B; cost of interest-bearing liabilities improved to 0.45%.
Nonperforming loans were 0.44% of total loans; net charge-offs to average loans were 0.00% for fourth straight quarter.
Quarterly dividend increased 11.8% to $0.19 per share; 27 consecutive years of annual dividend growth.

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