• Farmers & Merchants Bancorp, Inc. Reports Record 2022 Second-Quarter and Year-to-Date Financial Results

    ソース: Nasdaq GlobeNewswire / 21 7 2022 16:45:23   America/New_York

    ARCHBOLD, Ohio, July 21, 2022 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2022 second quarter and year-to-date June 30, 2022.

    2022 Second Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

    • Net income increased 66.0% to a quarterly record of $8.3 million, from $5.0 million
    • Earnings increased 43.2% to $0.63 per basic and diluted share, from $0.44 per basic and diluted share
    • Average shares outstanding increased 16.8% as a result of the Perpetual Federal Savings Bank Acquisition
    • Efficiency rate improved to 50.17%
    • Organic loan growth of 19.9%, excluding PPP loans and loan balances at time of acquisitions
    • Total loans were a record of $2.035 billion and increased 9.6% from $1.857 billion at December 31, 2021
    • Total assets increased 23.4% to $2.675 billion
    • Deposits increased 20.0% to $2.224 billion
    • Strong asset quality continues as nonperforming loans declined 25.4% to $5.2 million, or 0.26% of total loans
    • Net charge-offs to average loans were 0.00%, the fifth consecutive quarter at or below 0.00%
    • Return on average equity, increased to 11.66% from 8.00%
    • Return on average tangible equity, based on regulatory calculations, increased to 14.72% from 10.26% on a year-over-year basis

    Lars B. Eller, President and Chief Executive Officer, stated, “Our record second quarter financial and operating performance reflects the benefits of our organic and acquisition growth strategies, excellent asset quality, and focus on controlling expenses and driving efficiencies. The growth we are experiencing across our Ohio, Indiana and Michigan markets is encouraging, which we believe is a result of our desire to help our retail, commercial and agricultural customers realize their best lives. Loans increased organically by $237.1 million, or 19.9% on a year-over-year basis and are up 9.6% from December 31, 2021.”  

    Mr. Eller continued, “In April 2022, we formally honored F&M’s 125th anniversary, which included activities that recognized the efforts and support of our communities, customers, employees, and shareholders. We are looking forward to building a sustainable business for the next 125 years by investing in our team, innovating our organization, providing our local communities with best-in-class service, and expanding our franchise to new markets. In June 2022, we restructured our leadership team, and added new capabilities and functions that will help us manage and lead a larger organization. We also continue to pursue opportunities for de novo growth. Expansion plans underway include new full-service offices that are expected to open over the next 12 months in Fort Wayne, Indiana, and Toledo, Ohio as well as an office relocation in Auburn, Indiana.”

    Income Statement
    Net income for the 2022 second quarter ended June 30, 2022, was $8.3 million, compared to $5.0 million for the same period last year. Net income per basic and diluted share for the 2022 second quarter was $0.63, compared to $0.44 for the same period last year. Net income for the 2022 first half ended June 30, 2022, was $16.4 million, compared to $9.9 million for the same period last year. Net income per basic and diluted share for the 2022 first half was $1.25, compared to $0.88 for the same period last year.

    Profitability is benefitting from F&M’s larger scale, strong asset quality, and prudent expense management. The Company’s efficiency ratio improved to 50.17% during the 2022 second quarter. Strong profitability also drove higher returns, and ROAA, ROAE, and ROATCE all expanded on a year-over-year basis.

    Deposits
    At June 30, 2022, total deposits were $2.22 billion, an increase of 20.0% from June 30, 2021, and an increase of 1.4% from December 31, 2021. F&M continues to see growing customer preferences to more stable and secure saving instruments as deposits have increased since the COVID-19 crisis began. The Company’s cost of interest-bearing liabilities was 0.45% for the quarter ended June 30, 2022, compared to 0.44% for the quarter ended June 30, 2021, and 0.51% for the quarter ended December 31, 2021.  

    Loan Portfolio and Asset Quality
    Total loans, net at June 30, 2022, increased 39.5%, or by $576.4 million to $2.03 billion, compared to $1.46 billion at June 30, 2021, and up from $1.84 billion at December 31, 2021. The year-over-year improvement resulted primarily from the contribution of continued organic loan growth and the completion of both the Perpetual Federal Savings Bank, Inc. and Ossian Financial Services, Inc. acquisitions.

    Loans increased 19.9% organically from the same period a year ago when not including the Perpetual acquisition, and the impact of PPP loans. During the 2022 second quarter, the Company processed $455,000 of PPP loan forgiveness and principal payments received. At June 30, 2022, there were only $8,000 of PPP loans within F&M’s loan portfolio.

    F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $5.2 million, or 0.26% of total loans at June 30, 2022, compared to $7.0 million, or 0.48% at June 30, 2021. Due to loan growth, F&M continues to prudently fund its allowance for loan and lease losses which has increased 22.1% on a year-over-year basis. At June 30, 2022, the Company’s allowance for loan and lease losses to nonperforming loans was 351.44%, compared to 214.58% at June 30, 2021.

    Mr. Eller concluded, “While economic uncertainty has increased throughout 2022, we are committed to pursuing our long-term strategic growth initiatives, helping our customers and communities, and returning additional capital to our shareholders. We are also focused on successfully closing and integrating the Peoples-Sidney Financial Corporation acquisition, which will add $132.7 million in total assets to F&M and expand F&M’s community banking franchise into compelling markets throughout Shelby County Ohio. As a result, we believe 2022 will be another record year of earnings and growth for F&M.”

    Stockholders’ Equity and Dividends
    Total stockholders’ equity increased 12.1% to $280.9 million at June 30, 2022, from $250.6 million at June 30, 2021. At June 30, 2022, the Company had a Tier 1 leverage ratio of 11.1%, compared to 8.78% at June 30, 2021.

    Tangible stockholders’ equity on a regulatory basis increased to $227.7 million at June 30, 2022, compared to $189.6 million at June 30, 2021. On a per share basis, tangible stockholders’ equity at June 30, 2022, was $17.43 per share, compared to $16.94 per share at June 30, 2021.

    For the six months ended June 30, 2022, the Company has declared cash dividends of $0.3925 per share, which is a 15.4% increase over the 2021 six-month declared dividend payment. Dividends declared for the 2022 six months included a special one-time cash dividend of $0.0125 to honor F&M’s 125th anniversary.   F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over 27 consecutive years. For the six months ended June 30, 2022, the dividend payout ratio was 30.08% compared to 38.18% for the same period last year.

    About Farmers & Merchants State Bank:
    The Farmers & Merchants State Bank is a local independent community bank 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. Our locations are in Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Western Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Bryan and Oxford, Ohio.

    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, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial 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.

    Non-GAAP Financial Measures
    This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
    (Unaudited) (in thousands of dollars, except per share data)
     
     Three Months Ended Six Months Ended
     June 30,
    2022
     March 31,
    2022
     December 31,
    2021
     September 30,
    2021
     June 30,
    2021
     June 30,
    2022
     June 30,
    2021
    Interest Income             
    Loans, including fees$22,388  $20,455  $21,008  $18,766 $16,259 $42,843  $31,871 
    Debt securities:             
    U.S. Treasury and government agencies 1,035   1,023   964   924  857  2,058   1,608 
    Municipalities 322   300   289   284  289  622   597 
    Dividends 57   42   49   44  31  99   81 
    Federal funds sold 9   10   10   10  6  19   11 
    Other. 100   69   103   94  88  169   127 
    Total interest income 23,911   21,899   22,423   20,122  17,530  45,810   34,295 
    Interest Expense             
    Deposits 1,379   1,360   1,581   1,221  1,276  2,739   2,616 
    Federal funds purchased and securities sold under agreements to repurchase 166   152   155   165  163  318   329 
    Borrowed funds 218   335   361   87  115  553   337 
    Subordinated notes 284   269   291   199  -  553   - 
    Total interest expense 2,047   2,116   2,388   1,672  1,554  4,163   3,282 
    Net Interest Income - Before Provision for Loan Losses 21,864   19,783   20,035   18,450  15,976  41,647   31,013 
    Provision for Loan Losses 1,628   580   444   659  641  2,208   2,341 
    Net Interest Income After Provision For Loan Losses 20,236   19,203   19,591   17,791  15,335  39,439   28,672 
    Noninterest Income             
    Customer service fees 2,148   2,648   2,417   2,242  2,198  4,796   5,012 
    Other service charges and fees 1,008   998   1,026   1,010  874  2,006   1,712 
    Net gain on sale of loans 164   697   1,074   822  955  861   2,001 
    Net gain on sale of available-for-sale securities -   -   -   -  -  -   293 
    Total noninterest income 3,320   4,343   4,517   4,074  4,027  7,663   9,018 
    Noninterest Expense             
    Salaries and wages 5,366   5,502   5,761   5,442  4,591  10,868   8,981 
    Employee benefits 1,546   2,054   1,792   1,621  1,915  3,600   3,909 
    Net occupancy expense 522   598   532   529  546  1,120   1,123 
    Furniture and equipment 1,008   1,056   782   903  848  2,064   1,639 
    Data processing 654   604   1,020   1,548  428  1,258   933 
    Franchise taxes 757   418   361   372  294  1,175   740 
    ATM expense 544   532   478   460  459  1,076   908 
    Advertising 300   237   431   439  331  537   566 
    Net (gain) loss on sale of other assets owned (266)  (5)  13   219  227  (271)  202 
    FDIC assessment 270   114   265   296  276  384   512 
    Mortgage servicing rights amortization 59   26   266   285  524  85   1,029 
    Consulting fees 233   178   761   256  394  411   617 
    Other general and administrative 2,242   2,179   1,964   1,951  2,227  4,421   4,260 
    Total noninterest expense 13,235   13,493   14,426   14,321  13,060  26,728   25,419 
    Income Before Income Taxes 10,321   10,053   9,682   7,544  6,302  20,374   12,271 
    Income Taxes 2,050   1,951   1,999   1,624  1,319  4,001   2,379 
    Net Income 8,271   8,102   7,683   5,920  4,983  16,373   9,892 
    Other Comprehensive Income (Loss) (Net of Tax):             
    Net unrealized gain (loss) on available-for-sale securities (14,602)  (20,939)  (5,170)  173  786  (35,541)  (5,951)
    Reclassification adjustment for realized gain on sale of available-for-sale securities -   -   -   -  -  -   (293)
    Net unrealized gain (loss) on available-for-sale securities (14,602)  (20,939)  (5,170)  173  786  (35,541)  (6,244)
    Tax expense (benefit) (3,067)  (4,397)  (1,085)  36  165  (7,464)  (1,311)
    Other comprehensive income (loss) (11,535)  (16,542)  (4,085)  137  621  (28,077)  (4,933)
    Comprehensive Income (Loss)$(3,264) $(8,440) $3,598  $6,057 $5,604 $(11,704) $4,959 
    Basic and Diluted Earnings Per Share$0.63  $0.62  $0.59  $0.53 $0.44 $1.25  $0.88 
    Dividends Declared$0.2025  $0.1900  $0.1900  $0.1800 $0.1700 $0.3925  $0.3400 
                  


    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited) (in thousands of dollars, except share data)
     
     June 30,
    2022
     March 31,
    2022
     December 31,
    2021
     September 30,
    2021
     June 30,
    2021
     (Unaudited) (Unaudited)   (Unaudited) (Unaudited)
    Assets         
    Cash and due from banks$69,955  $94,118  $135,485  $112,875  $93,636 
    Federal funds sold 1,484   45,404   45,338   45,203   57,483 
    Total cash and cash equivalents 71,439   139,522   180,823   158,078   151,119 
              
    Interest-bearing time deposits 6,684   8,677   10,913   14,622   18,597 
    Securities - available-for-sale 399,687   413,996   429,931   426,717   407,500 
    Other securities, at cost 8,735   8,568   8,162   4,905   6,419 
    Loans held for sale 4,230   6,060   7,714   3,735   8,041 
    Loans, net 2,016,394   1,945,449   1,841,177   1,479,864   1,443,336 
    Premises and equipment 26,492   26,653   26,913   26,476   26,915 
    Goodwill 80,434   80,434   80,434   55,214   56,066 
    Mortgage servicing rights 3,426   3,336   3,157   3,097   3,146 
    Other real estate owned -   -   159   167   198 
    Bank owned life insurance 27,874   27,715   27,558   27,397   27,218 
    Other assets 29,321   25,735   21,359   18,711   18,310 
              
    Total Assets$2,674,716  $2,686,145  $2,638,300  $2,218,983  $2,166,865 
    Liabilities and Stockholders' Equity         
    Liabilities         
    Deposits         
    Noninterest-bearing$503,395  $497,249  $473,689  $438,076  $443,863 
    Interest-bearing         
    NOW accounts 678,552   681,975   650,466   646,237   652,078 
    Savings 617,850   626,787   597,828   529,532   501,687 
    Time 424,249   447,586   471,479   252,383   256,445 
    Total deposits 2,224,046   2,253,597   2,193,462   1,866,228   1,854,073 
              
    Federal funds purchased and         
    securities sold under agreements to repurchase 71,944   31,680   29,268   29,601   29,882 
    Federal Home Loan Bank (FHLB) advances 42,635   22,656   24,065   17,868   17,868 
    Other borrowings -   40,000   40,000   -   - 
    Subordinated notes, net of unamortized issuance costs 34,528   34,499   34,471   34,441   - 
    Dividend payable 2,626   2,462   2,461   2,002   1,888 
    Accrued expenses and other liabilities 18,064   14,773   17,406   14,097   12,569 
    Total liabilities 2,393,843   2,399,667   2,341,133   1,964,237   1,916,280 
              
    Commitments and Contingencies         
              
    Stockholders' Equity         
    Common stock - No par value 20,000,000 shares authorized; issued and        
    outstanding 14,063,999 shares 6/30/22 and 12/31/21 123,145   122,886   122,674   81,382   82,259 
    Treasury stock - 998,174 shares 6/30/22, 997,766 shares 12/31/21 (11,822)  (11,739)  (11,724)  (11,718)  (12,172)
    Retained earnings 200,811   195,057   189,401   184,181   179,734 
    Accumulated other comprehensive income (loss) (31,261)  (19,726)  (3,184)  901   764 
    Total stockholders' equity 280,873   286,478   297,167   254,746   250,585 
              
    Total Liabilities and Stockholders' Equity$2,674,716  $2,686,145  $2,638,300  $2,218,983  $2,166,865 


    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    SELECT FINANCIAL DATA
                        
      For the Three Months Ended
     For the Six Months Ended
    Selected financial data June 30,
    2022
     March 31,
    2022
     December 31,
    2021
     September 30,
    2021
     June 30,
    2021
     June 30,
    2022
     June 30,
    2021
    Return on average assets  1.23%  1.21%  1.17%  1.12%  0.90% 1.22% 0.98%
    Return on average equity  11.66%  11.00%  10.94%  9.32%  8.00% 11.32% 7.94%
    Yield on earning assets  3.47%  3.47%  3.59%  3.85%  3.53% 3.79% 3.61%
    Cost of interest bearing liabilities  0.45%  0.45%  0.51%  0.45%  0.44% 0.44% 0.48%
    Net interest spread  3.02%  3.02%  3.08%  3.40%  3.09% 3.35% 3.13%
    Net interest margin  3.14%  3.14%  3.21%  3.53%  3.21% 3.47% 3.27%
    Efficiency  50.17%  55.44%  58.76%  63.50%  64.98% 57.90% 63.72%
    Dividend payout ratio  30.02%  30.64%  32.03%  33.81%  37.89% 30.08% 38.18%
    Tangible book value per share (1) $17.43  $16.96  $16.49  $17.33  $16.94     
    Tier 1 capital to average assets  8.75%  8.51%  8.47%  9.45%  8.78%    
    Average Shares Outstanding  13,065,975   13,066,272   13,046,299   11,209,732   11,191,043  13,066,123  11,194,011 
                  
    Loans June 30,
    2022
     March 31,
    2022
     December 31,
    2021
     September 30,
    2021
     June 30,
    2021
        
    (Dollar amounts in thousands)                   
    Commercial real estate $979,176  $910,839  $848,477  $728,852  $691,122     
    Agricultural real estate  199,972   196,223   198,343   179,374   189,742     
    Consumer real estate  410,450   410,120   395,873   202,454   194,715     
    Commercial and industrial  232,975   216,918   208,270   194,767   216,609     
    Agricultural  127,143   140,709   118,368   105,580   100,756     
    Consumer  55,411   57,521   57,737   55,521   56,427     
    Other  31,243   31,573   32,089   31,096   13,549     
    Less: Net deferred loan fees and costs  (1,552)  (1,683)  (1,738)  (2,082)  (4,497)    
    Total loans,net $2,034,818  $1,962,220  $1,857,419  $1,495,562  $1,458,423     
                        
                  
    Asset quality data June 30,
    2022
     March 31,
    2022
     December 31,
    2021
     September 30,
    2021
     June 30,
    2021
        
    (Dollar amounts in thousands)                   
    Nonaccrual loans $5,247  $8,581  $8,076  $6,248  $7,031     
    Troubled debt restructuring $2,748  $7,268  $7,614  $6,035  $5,492     
    90 day past due and accruing $-  $-  $-  $-  $-     
    Nonperforming loans $5,247  $8,581  $8,076  $6,248  $7,031     
    Other real estate owned $-  $-  $159  $167  $198     
    Nonperforming assets $5,247  $8,581  $8,235  $6,415  $7,229     
                        
    (Dollar amounts in thousands)                   
    Allowance for loan and lease losses $18,424  $16,771  $16,242  $15,698  $15,087     
    Allowance for loan and lease losses/total loans  0.91%  0.85%  0.87%  1.05%  1.03%    
    Net charge-offs:                   
    Quarter-to-date $(25) $51  $(101) $48  $(21)    
    Year-to-date $26  $51  $874  $974  $926     
    Net charge-offs to average loans                   
    Quarter-to-date  0.00%  0.00%  -0.01%  0.00%  0.00%    
    Year-to-date  0.00%  0.00%  0.06%  0.07%  0.07%    
    Nonperforming loans/total loans  0.26%  0.44%  0.43%  0.42%  0.48%    
    Allowance for loan and lease losses/nonperforming loans  351.44%  198.29%  201.11%  251.26%  214.58%    
                        
    (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
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
              
                
     For the Three Months Ended For the Three Months Ended
     June 30, 2022 June 30, 2021
    Interest Earning Assets:Average Balance Interest/Dividends Annualized
    Yield/Rate
     Average Balance Interest/Dividends Annualized
    Yield/Rate
    Loans$1,999,357 $22,388 4.48% $1,419,531 $16,259 4.58%
    Taxable investment securities 422,482  1,344 1.27%  367,249  1,100 1.20%
    Tax-exempt investment securities 21,649  70 1.64%  17,497  77 2.23%
    Fed funds sold & other 81,091  109 0.54%  187,583  94 0.20%
    Total Interest Earning Assets 2,524,579 $23,911 3.79%  1,991,860 $17,530 3.53%
                
    Nonearning Assets 161,031      228,036    
                
    Total Assets$2,685,610     $2,219,896    
                
    Interest Bearing Liabilities:           
    Savings deposits$1,312,444 $777 0.24% $1,123,157 $566 0.20%
    Other time deposits 435,091  602 0.55%  250,277  710 1.13%
    Other borrowed money 39,172  218 2.23%  17,859  115 2.58%
    Fed funds purchased & securities           
    sold under agreement to repurch. 35,260  166 1.88%  29,980  163 2.17%
    Subordinated notes 34,509  284 3.29%  -  - 0.00%
    Total Interest Bearing Liabilities$1,856,476 $2,047 0.44% $1,421,273 $1,554 0.44%
                
    Noninterest Bearing Liabilities 545,439      549,610    
                
    Stockholders' Equity$283,695     $249,013    
                
    Net Interest Income and Interest Rate Spread  $21,864 3.35%   $15,976 3.09%
                
    Net Interest Margin    3.47%     3.21%
                
    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 Six Months Ended For the Six Months Ended
     June 30, 2022 June 30, 2021
    Interest Earning Assets:Average Balance Interest/Dividends Annualized
    Yield/Rate
     Average Balance Interest/Dividends Annualized
    Yield/Rate
    Loans$1,953,671 $42,843 4.39% $1,374,302 $31,871 4.64%
    Taxable investment securities 426,189  2,639 1.24%  345,893  2,109 1.22%
    Tax-exempt investment securities 20,119  140 1.76%  18,936  177 2.37%
    Fed funds sold & other 124,050  188 0.30%  162,646  138 0.17%
    Total Interest Earning Assets 2,524,029 $45,810 3.63%  1,901,777 $34,295 3.61%
                
    Nonearning Assets 162,949      126,533    
                
    Total Assets$2,686,978     $2,028,310    
                
    Interest Bearing Liabilities:           
    Savings deposits$1,302,005 $1,365 0.21% $1,069,179 $1,140 0.21%
    Other time deposits 447,471  1,374 0.61%  246,155  1,476 1.20%
    Other borrowed money 51,180  553 2.16%  17,854  337 3.78%
    Fed funds purchased & securities           
    sold under agreement to repurch. 32,182  318 1.98%  30,095  329 2.19%
    Subordinated notes 34,495  553 3.12%  -  - 0.00%
    Total Interest Bearing Liabilities$1,867,333 $4,163 0.44% $1,363,283 $3,282 0.48%
                
    Noninterest Bearing Liabilities 530,478      415,722    
                
    Stockholders' Equity$289,167     $249,305    
                
    Net Interest Income and Interest Rate Spread  $41,647 3.19%   $31,013 3.13%
                
    Net Interest Margin    3.30%     3.27%
                
    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   


    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    NON-GAAP RECONCILIATION OF TANGIBLE BOOK VALUE
             
             
      Actual End of Period Regulatory End of Period
    Non-GAAP Reconciliation of Tangible Book Value Year to Date Year to Date
      June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
             
    Shares Outstanding  13,065,825   11,189,052   13,065,825   11,189,052 
             
    Tangible Equity        
    Equity $280,872  $250,585  $280,872  $250,585 
    Goodwill  80,434   56,066   80,434   56,066 
    Other Intangible  3,974   4,200   3,974   4,200 
    Comprehensive Adjustment*  -   -   31,261   (764)
    Tangible Equity $196,464  $190,319  $227,725  $189,555 
    Shares Outstanding  13,066   11,189   13,066   11,189 
    Tangible Book Equity per Share $15.04  $17.01  $17.43  $16.94 
             
             
      Actual Average Regulatory Average
      Year to Date Year to Date
      June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
             
    Net Income $16,373  $9,892  $16,373  $9,892 
    Acquisition Costs - Tax Adjusted  115   982   115   982 
             
    Average Shares Outstanding  13,066,123   11,194,011   13,066,123   11,194,011 
             
    Average Tangible Equity        
    Average Equity $289,167  $249,305  $289,167  $249,305 
    Average Goodwill  80,434   50,191   80,434   50,191 
    Average Other Intangible  4,235   3,764   4,235   3,764 
    Average Comprehensive Adjustment*  -   -   16,893   (2,548)
    Average Tangible Equity $204,498  $195,350  $221,391  $192,803 
    Average Shares Outstanding  13,066   11,194   13,066   11,194 
    Average Tangible Book Equity per Share $15.65  $17.45  $16.94  $17.22 
             
    Return on Average Tangible Equity  16.01%  10.13%  14.79%  10.26%
    Return on Average Tangible Equity w/o Acquisition 16.12%  11.13%  14.89%  11.28%
             
             
    *The Bank has adopted the Accumulated Other Comprehensive Income (AOCI) opt out election which removed AOCI from the calculation of tangible equity for regulatory purposes.


    Company Contact:Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

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