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Farmers & Merchants Bancorp, Inc. Reports 2019 Third-Quarter and Year-to-Date Financial Results

Organic Loan and Deposit Growth Drive Strong Third Quarter Results

/EIN News/ -- ARCHBOLD, Ohio, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 third quarter and year-to-date September 30, 2019.

2019 Third Quarter Financial Highlights Include (on a year-over-year basis unless noted):

  • Total loans increased 38.2% to $1.159 billion as a result of the contribution from the Limberlost acquisition and strong organic consumer lending, residential mortgage and commercial and industrial growth
  • Total assets increased 42.1% to a record $1.575 billion
  • Organic deposit growth continued and increased 2.9% in the past three months to a record $1.278 billion
  • Net interest income after provision for loan losses increased 27.3% to $12.7 million
  • Net income increased 10.3% to $4.3 million
  • Earnings per basic and diluted share decreased 9.5% to $0.38 as a result of a 20.3% increase in the weighted average common shares outstanding due to the additional shares from the Limberlost acquisition
  • Tangible book value per share increased 7.9% to $15.68 per share

“Organic loan and deposit growth accelerated during the 2019 third quarter and increased 6.2% and 2.9%, respectively over the past three months,” stated Lars B. Eller, President and Chief Executive Officer. “The strong growth trends we experienced in the third quarter are a direct result of the positive execution of our new strategic plan, the contribution of our talented and community-oriented bankers and improving production from our more recently opened offices.  In addition, I am encouraged that the expansion in loans over the past three months was driven by commercial and agricultural loans.  Competition for loans and deposits remains strong, which combined with lower benchmark rates, has impacted our net income margin, however, we believe strong loan growth, controlled cost of funds, and stable asset quality will continue to contribute to higher net interest income and overall profitability.” 

Income Statement
Net income for the 2019 third quarter ended September 30, 2019, was $4.3 million, compared to $3.9 million for the same period last year.  Earnings per basic and diluted share for the 2019 third quarter was $0.38, compared to $0.42 for the same period last year, as a result of a 20.3% increase in the weighted average common shares outstanding due to the additional shares from the Limberlost acquisition. 

Net income for the 2019 nine months ended September 30, 2019, was $13.7 million, compared to $11.8 million for the same period last year.  Net income for the 2019 nine months included $1.2 million of one-time acquisition related expenses and a $1.6 million benefit from recoveries.  Net income per basic and diluted share for the 2019 nine months was $1.23, compared to $1.27 for the same period last year.  2019 nine months earnings included $0.09 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries.

Loan Portfolio and Asset Quality
Total loans, net at September 30, 2019, increased 38.2% or by $320.0 million to $1.159 billion, compared to $838.7 million at September 30, 2018, and up 36.9% from $846.4 million at December 31, 2018. The year-over-year improvement resulted primarily from the contribution of the Limberlost acquisition and organic loan growth. 

Mr. Eller continued, “Economic trends within our markets remain stable, supporting F&M’s growth and excellent asset quality.  While we have experienced a temporary increase in nonaccrual loans, our nonaccrual loans as a percent of total loans of 0.28% at September 30, 2019, remains significantly better than our peer group average and demonstrates F&M’s prudent underwriting standards and high-quality loan portfolio. In addition, our allowance for loan and lease does not include a $2.2 million credit mark associated with the Limberlost acquisition, which further supports the future performance of our loan portfolio.”

Deposits
Over the past three months, deposits have increased organically 2.9% or by $35.7 million to $1.278 billion at September 30, 2019.  The significant organic deposit growth we have been experiencing continues to be due primarily to new product development that has allowed F&M to attract new customers and expand existing customer holdings. 

Stockholders’ Equity and Dividends
Tangible stockholders’ equity increased to $174.6 million at September 30, 2019, compared to $138.9 million at December 31, 2018, and $133.1 million at September 30, 2018.  On a per share basis, tangible stockholders’ equity at September 30, 2019, was $15.68 per share, compared to $14.96 per share at December 31, 2018, and $14.53 at September 30, 2018. 

Total stockholders’ equity increased 63.2% to $227.4 million at September 30, 2019, from $139.3 million at September 30, 2018, and increased 1.5% from $224.0 million at June 30, 2019.  At September 30, 2019, the company had a Tier 1 leverage ratio of 11.45%, compared to 12.63% at September 30, 2018.  The decline in the Tier 1 leverage ratio was primarily due to the added goodwill associated with the Limberlost acquisition. 

For the 2019 third quarter, the company declared cash dividends of $0.15 per share, which is a 7.1% increase over the 2018 third quarter declared dividend payment.  F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over nine consecutive years. 

“Our recently created three-year strategic plan is focused on growing earnings and creating value for our shareholders, and we are well positioned to achieve these goals.  2019 is shaping up to be a transformative year and we are benefitting from strong organic loan and deposit growth, the Limberlost acquisition, and the enhancements we are making to our operating platform, while we successfully navigate changes with benchmark rates.  As a result, 2019 will be another record year of strong profitability and asset growth.  As we look to 2020 and beyond, I am extremely confident in the direction we are headed,” concluded Mr. Eller. 

About Farmers & Merchants State Bank:
Farmers & Merchants Bancorp, Inc. (“F&M”) (Nasdaq: FMAO), is the holding company for the Farmers & Merchants State Bank, a local independent community bank with $1.6 billion in assets that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay and Steuben counties.

Safe harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact: Investor and Media Contact:
Marty Filogamo
Senior Vice President – Marketing Manager
Farmers & Merchants Bancorp, Inc.
(419) 445-3501 ext. 15435
mfilogamo@fm.bank
Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)

   
      Three  Months Ended   Nine Months Ended  
      September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   September 30, 2019   September 30, 2018  
Interest Income                                
Loans, including fees     $   15,202   $   16,723   $   14,680     $   10,955     $   10,725     $   46,605     $   31,348    
Debt securities:                                
U.S. Treasury and government agencies         972       816       713         630         613         2,501         1,848    
Municipalities         190       211       211         250         275         612          845    
Dividends         69       76       88         56         56         233         164    
Federal funds sold and other         579       457       170         112         84         1,206         221    
Total interest income         17,012       18,283       15,862         12,003         11,753         51,157         34,426    
Interest Expense                                
Deposits         3,654       3,339       2,613         1,670         1,611         9,606         4,319    
Federal funds purchased and securities sold                                
under agreements to repurchase         201       141       185         127         134         527         376    
Borrowed funds         257       269       287         20         20         813         60    
Total interest expense         4,112       3,749       3,085         1,817         1,765         10,946         4,755    
Net Interest Income - Before Provision for Loan Losses       12,900       14,534       12,777         10,186         9,988         40,211         29,671    
Provision for Loan Losses          247       133       30         105         47         410         219    
Net Interest Income After Provision For Loan Losses         12,653       14,401       12,747         10,081         9,941         39,801         29,452    
Noninterest Income                                
Customer service fees         1,722       1,694       1,578         1,612         1,392         4,994         4,323    
Other service charges and fees         1,179       1,091       1,041         1,032         1,097         3,311         3,149    
Net gain on sale of loans         260       196       102          140         184         558         617    
Net gain (loss) on sale of available-for-sale securities         -       -       (26 )       (19 )       10         (26 )       10    
Total noninterest income         3,161       2,981       2,695         2,765         2,683         8,837         8,099    
Noninterest Expense                                
Salaries and wages         4,158       3,830       4,312         3,834         3,391         12,300         9,926    
Employee benefits         1,331       1,223       1,594         1,102         1,029         4,148         3,013    
Net occupancy expense         630       614       667         451         478         1,911         1,306    
Furniture and equipment          720       763       696         450         588         2,179         1,660    
Data processing         482       376       1,299         318         364         2,157         1,000    
Franchise taxes         248       229       258         244         243         735         710    
ATM expense          416       418       447         368         327         1,281         972    
Advertising         587       382       260         218         236         1,229         669    
Net loss on sale of other assets owned         22       28       15         27         1         65          17    
FDIC assessment         -       98       96         77         81         194         249    
Mortgage servicing rights amortization         149       105       75         100         84         329         264    
Consulting fees         196       95       113         461         179          404         467    
Other general and administrative         1,667       1,551       1,679         1,167         1,125         4,897         3,151    
Total noninterest expense         10,606       9,712       11,511         8,817         8,126         31,829         23,404    
Income Before Income Taxes         5,208       7,670       3,931         4,029         4,498         16,809         14,147    
Income Taxes         933       1,490       707         836         623         3,130         2,391    
Net Income         4,275       6,180       3,224         3,193         3,875         13,679         11,756    
                                 
Other Comprehensive Income (Loss) (Net of Tax):                                
Net unrealized gain (loss) on available-for-sale securities       841       3,061       1,749         2,374         (617 )       5,651          (3,432 )  
Reclassification adjustment for (gain) loss on sale of available-for-sale
  securities
    -       -       26         19          (10 )       26         (10 )  
Net unrealized gain (loss) on available-for-sale securities       841       3,061       1,775         2,393         (627 )       5,677         (3,442 )  
Tax expense (benefit)         176       643       373         503         (132 )       1,192         (723 )  
Other comprehensive income (loss)         665       2,418       1,402         1,890         (495 )       4,485         (2,719 )  
Comprehensive Income     $   4,940   $   8,598   $   4,626     $    5,083     $   3,380     $   18,164     $   9,037    
Basic and Diluted Earnings Per Share     $   0.38   $   0.56   $   0.29     $   0.34     $   0.42     $   1.23     $   1.27    
Dividends Declared     $   0.15   $   0.15   $   0.15     $   0.15     $   0.14     $   0.45     $   0.41    
                                 
                                 



FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except per share data)

   
      September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018  
      (Unaudited)   (Unaudited)              
Assets                        
  Cash and due from banks   $   103,188     $   108,085     $   48,740     $   37,492     $   28,782    
  Federal funds sold       11,404         15,193         33,109         873         939    
  Total cash and cash equivalents       114,592         123,278         81,849         38,365         29,721    
                         
  Interest-bearing time deposits       4,554         4,509         4,509         4,019         4,019    
  Securities - available-for-sale       190,465         204,415         174,682         168,447         183,075    
  Other securities, at cost       5,789         5,789         5,789         3,679         3,717    
  Loans held for sale       606         1,909         859         495         1,679    
  Loans, net       1,151,937         1,084,448         1,091,829         839,599         831,943    
  Premises and equipment       25,990         26,013         25,205         22,615         22,117    
  Goodwill       47,340         47,340         47,340         4,074         4,074    
  Mortgage servicing rights       2,556         2,465         2,397         2,385         2,373    
  Other real estate owned       351         329         510         600         717    
  Bank owned life insurance       15,151         15,050         14,963         14,884         14,799    
  Other assets       15,549         15,002         15,729         17,001         9,778    
                         
                         
                         
Total Assets   $   1,574,880     $   1,530,547     $   1,465,661     $   1,116,163     $   1,108,012    
                         
  Liabilities and Stockholders' Equity                      
Liabilities                      
  Deposits                      
  Noninterest-bearing   $   261,719     $   242,510     $   236,847     $   215,422     $   197,088    
  Interest-bearing                      
    NOW accounts       430,646         430,505         418,773         298,254         314,873    
    Savings       310,667         293,179         272,875         227,701         230,306    
    Time       274,996         276,153         258,929         187,413         186,592    
  Total deposits       1,278,028         1,242,347         1,187,424         928,790         928,859    
                         
  Federal Funds Purchased and                      
  securities sold under agreements to repurchase       30,056         27,102         25,521         32,181         27,026    
  Federal Home Loan Bank (FHLB) advances       24,669         24,532         24,682         -         5,000    
  Dividend payable       1,657         1,654         1,654         1,379         1,287    
  Accrued expenses and other liabilities       13,062         10,865         9,446         10,526         6,493    
  Total liabilities       1,347,472         1,306,500         1,248,727         972,876         968,665    
                         
                         
Commitments and Contingencies                      
                         
Stockholders' Equity                      
  Common stock - No par value 20,000,000 shares authorized; issued                      
  and outstanding 12,230,000 shares 9/30/19, 10,400,000 shares 12/31/18     81,264         81,955         81,760         10,823         10,589    
  Treasury stock - 1,092,986 shares 9/30/19, 1,114,739 shares 12/31/18       (12,453 )       (12,707 )       (12,680 )       (12,409 )       (12,409 )  
  Retained earnings       157,126         153,993         149,466         147,887         146,072    
  Accumulated other comprehensive income (loss)       1,471         806         (1,612 )       (3,014 )       (4,905 )  
  Total stockholders' equity       227,408         224,047         216,934         143,287         139,347    
                         
                         
Total Liabilities and Stockholders' Equity   $   1,574,880     $   1,530,547     $   1,465,661     $   1,116,163     $   1,108,012    
                         
                         
                         



FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA

                                           
    For the Three Months Ended   For the Nine Months Ended  
Selected financial data   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018   September 30, 2019     September 30, 2018  
Return on average assets     1.10 %     1.63 %     1.00 %     1.15 %     1.40 %   1.24 %     1.41 %  
Return on average equity     7.54 %     11.21 %     7.16 %     9.04 %     11.19 %   8.26 %     11.49 %  
Yield on earning assets     4.74 %     5.25 %     4.80 %     4.52 %     4.52 %   5.04 %     4.41 %  
Cost of interest bearing liabilities     1.55 %     1.45 %     1.26 %     0.92 %     0.92 %   1.42 %     0.83 %  
Net interest spread     3.19 %     3.80 %     3.54 %     3.60 %     3.60 %   3.62 %     3.58 %  
Net interest margin     3.60 %     4.18 %     3.87 %     3.85 %     3.85 %   3.97 %     3.80 %  
Efficiency     65.86 %     56.00 %     73.11 %     67.59 %     63.86 %   64.67 %     61.66 %  
Dividend payout ratio     38.67 %     26.78 %     42.77 %     43.16 %     33.21 %   34.26 %     32.02 %  
Tangible book value per share (1)   $   15.68     $   15.49     $   14.90     $   14.96     $   14.53              
Tier 1 capital to average assets     11.45 %     11.77 %     13.35 %     12.81 %     12.63 %            
                                           
                         
Loans   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018            
(Dollar amounts in thousands)                                          
Commercial real estate   $   502,137     $   443,257     $   440,993     $   419,784      $   417,217              
Agricultural real estate       200,791         193,768         191,752         68,609         68,548              
Consumer real estate       159,074         159,540         160,967         80,766         83,134              
Commercial and industrial       130,150         125,609         137,949         121,793         119,536              
Agricultural       110,270         113,755         112,898         108,495         103,624              
Consumer       49,552         48,952         47,647         41,953         41,444              
Other       8,167         7,341         7,392         5,889         6,005              
  Less: Net deferred loan fees and costs       (1,445 )       (1,091 )       (1,133 )       (915 )       (810 )            
Total loans,net   $   1,158,696     $   1,091,131     $   1,098,465     $   846,374      $   838,698              
                                           
                         
Asset quality data   September 30, 2019   June 30, 2019   March 31, 2019   December 31, 2018   September 30, 2018            
(Dollar amounts in thousands)                                          
Nonaccrual loans   $   3,275     $   1,328     $   1,188     $   542     $   483              
Troubled debt restructuring   $   1,051     $   981     $   102     $   178     $   205              
90 day past due and accruing   $   -     $   -     $   -     $   -     $    -              
Nonperforming loans   $   3,275     $   1,328     $   1,188     $   542     $   483              
Other real estate owned   $   351     $   329     $   510     $   600     $   717              
Nonperforming assets   $   3,626     $   1,657     $   1,698     $   1,142     $   1,200              
                                           
(Dollar amounts in thousands)                                          
Allowance for loan and lease losses   $ 6,759     $ 6,964     $ 6,636     $ 6,755     $ 6,755              
Allowance for loan and lease losses/total loans     0.58 %     0.64 %     0.60 %     0.80 %     0.81 %            
Net charge-offs:                                          
  Quarter-to-date   $ 171     $ 86     $ 169     $ 84     $ 81              
  Year-to-date   $ 426     $ 255     $ 169     $ 417     $ 332              
Net charge-offs to average loans                                          
  Quarter-to-date     0.02 %     0.01 %     0.02 %     0.01 %     0.01 %            
  Year-to-date     0.04 %     0.02 %     0.02 %     0.05 %     0.04 %            
Nonperforming loans/total loans     0.28 %     0.12 %     0.11 %     0.06 %     0.06 %            
Allowance for loan and lease losses/nonperforming loans     173.25 %     375.51 %     558.92 %     1249.57 %     1399.58 %            
                                           
(1)  Tangible Equity = Stockholder Equity less goodwill and other intangibles (core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities)              
                                           



FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
(in thousands of dollars, except per share data)
PROFORMA EARNINGS PER SHARE

The results of operations of Bank of Geneva have been included in the Company’s consolidated financial statements since the acquisition date of January 1, 2019.  The following schedule includes pro-forma results for the three and nine months ended September 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period.

                 
  Pro-forma Three Months Ended   Pro-forma Nine Months Ended  
  September 30,   September 30,   September 30,   September 30,  
    2019       2018       2019       2018    
Earnings per share                
Net income $   4,294     $   5,223     $   14,696     $   16,812    
Less: distributed earnings allocated to participating securities     (14 )       (13 )       (37 )       (38 )  
Less: undistributed earnings allocated to participating securities     (16 )       (31 )       (71 )       (102 )  
Net earnings available to common shareholders $   4,264     $   5,179     $   14,588     $   16,672    
                 
Weighted average common shares outstanding including participating                
  securities     11,121,426         11,104,507         11,105,993         11,098,819    
Less: average unvested restricted shares     (79,335 )       (93,242 )       (81,569 )       (92,683 )  
Weighted average common shares outstanding     11,042,091         11,011,265         11,024,424         11,006,136    
Basic earnings and diluted per share $   0.38     $   0.47     $   1.32     $   1.51    
                 



FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)

                           
    For the Three Months Ended   For the Three Months Ended  
    September 30, 2019   September 30, 2018  
Interest Earning Assets:   Average Balance   Interest/Dividends   Yield/Rate   Average Balance   Interest/Dividends   Yield/Rate  
Loans   $   1,126,173   $   15,202   5.40 %   $    831,246   $   10,725   5.16 %  
Taxable Investment Securities     167,654       1,082   2.58 %     145,464       710   1.95 %  
Tax-exempt Investment Securities     32,530       149   2.32 %     48,438       234   2.45 %  
Fed Funds Sold & Other       112,961       579   2.05 %       19,674       84   1.71 %  
Total Interest Earning Assets       1,439,318       17,012   4.74 %       1,044,822       11,753   4.52 %  
                           
Nonearning Assets       116,191               61,850          
                           
Total Assets   $   1,555,509           $   1,106,672          
                           
Interest Bearing Liabilities:                          
Savings Deposits   $   734,075   $   2,044   1.11 %   $   551,902   $   921   0.67 %  
Other Time Deposits     276,793       1,610   2.33 %     180,858       690   1.53 %  
Other Borrowed Money       24,582       257   4.18 %       5,000       20   1.60 %  
Fed Funds Purchased & Securities                          
  Sold under Agreement to Repurch.       28,947       201   2.78 %       25,827       134   2.08 %  
Total Interest Bearing Liabilities       1,064,397       4,112   1.55 %       763,587       1,765   0.92 %  
                           
Noninterest bearing Liabilities       264,183               204,623          
                           
Stockholders Equity   $   226,929           $   138,462          
                           
Net Interest Income and interest rate spread           12,900   3.19 %           9,988   3.60 %  
                           
Net Interest Margin           3.60 %           3.85 %  
                           
  Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts  
                   
                           
                           
    For the Nine Months Ended   For the Nine Months Ended  
    September 30, 2019   September 30, 2018  
Interest Earning Assets:   Average Balance   Interest/Dividends   Yield/Rate   Average Balance   Interest/Dividends   Yield/Rate  
Loans   $   1,113,892   $   46,605   5.58 %   $   830,118   $   31,348   5.04 %  
Taxable Investment Securities     146,085       2,857   2.61 %     148,797       2,136   1.91 %  
Tax-exempt Investment Securities     20,784       489   3.97 %     49,643       721   2.45 %  
Fed Funds Sold & Other       75,388       1,206   2.13 %       19,530       221   1.51 %  
Total Interest Earning Assets       1,356,149       51,157   5.04 %       1,048,088       34,426   4.41 %  
                           
Nonearning Assets       110,141               64,167          
                           
Total Assets   $   1,466,290           $   1,112,255          
                           
Interest Bearing Liabilities:                          
Savings Deposits   $   708,280   $   5,577   1.05 %   $   554,164   $   2,497   0.60 %  
Other Time Deposits     261,729       4,029   2.05 %     182,772       1,822   1.33 %  
Other Borrowed Money       26,035       813   4.16 %       5,000       60   1.60 %  
Fed Funds Purchased & Securities                          
  Sold under Agreement to Repurch.       29,657       527   2.37 %       26,402       376   1.90 %  
Total Interest Bearing Liabilities       1,025,701       10,946   1.42 %       768,338       4,755   0.83 %  
                           
Noninterest bearing Liabilities       219,673               207,504          
                           
Stockholders Equity   $   220,916           $   136,413          
                           
Net Interest Income and interest rate spread           40,211   3.62 %           29,671   3.58 %  
                           
Net Interest Margin           3.97 %           3.80 %  
                           
  Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts  
                           


 

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