Farmers & Merchants Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 09:05 pm
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Farmers & Merchants Bancorp, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 20.12 million compared to USD 21.86 million a year ago. Net income was USD 6 million compared to USD 8.27 million a year ago. Basic earnings per share from continuing operations was USD 0.45 compared to USD 0.63 a year ago. Diluted earnings per share from continuing operations was USD 0.45 compared to USD 0.63 a year ago.
For the six months, net interest income was USD 41.8 million compared to USD 41.65 million a year ago. Net income was USD 12.47 million compared to USD 16.37 million a year ago. Basic earnings per share from continuing operations was USD 0.92 compared to USD 1.25 a year ago. Diluted earnings per share from continuing operations was USD 0.92 compared to USD 1.25 a year ago.
Farmers & Merchants Bancorp, Inc. is a bank holding company. The Company's primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that is primarily serves Northwest Ohio and Northeast Indiana. The Bank is engaged in the general commercial banking business. Its activities include commercial, agricultural, and residential mortgage as well as consumer lending activities. The Bank also provides checking account services, as well as savings and time deposit services such as certificates of deposits. Its loan portfolio is comprised of loans made to customers in the farming industry for such things as farmland, farm equipment, livestock and operating loans for seed, fertilizer, and feed. The Bank provides on-line banking access for consumer and business customers. In addition, it also provides automated teller machines (ATMs) or interactive teller machines (ITMs) at the branch locations along with other independent locations in the market area.