Farmers & Merchants Bancorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. Total assets increased to $3.39 billion, up from $3.28 billion at the end of 2023, reflecting a growth of 3.2%. Total cash and cash equivalents rose sharply to $245.5 million, compared to $142.2 million at year-end 2023. The company also saw an increase in total deposits, which reached $2.68 billion, up from $2.61 billion.
Interest income for the third quarter of 2024 was $41.9 million, a notable increase from $36.4 million in the same period of 2023. For the nine months ended September 30, 2024, interest income totaled $121.7 million, compared to $101.5 million in the prior year. However, total interest expense also rose significantly, reaching $20.3 million for Q3 2024, up from $16.7 million in Q3 2023, and $58.6 million for the nine months, compared to $40.1 million in the previous year. This led to net interest income before provision for credit losses of $21.6 million for Q3 2024, up from $19.7 million in Q3 2023.
Net income for the third quarter of 2024 was $6.5 million, a 36.4% increase from $4.8 million in Q3 2023. For the nine months, net income was $17.6 million, slightly up from $17.2 million in the same period last year. Basic and diluted earnings per share for Q3 2024 were $0.48, compared to $0.35 in Q3 2023.
The company’s strategic initiatives included the acquisition of Peoples-Sidney Financial Corporation in October 2022, which expanded its deposit base and reduced transaction costs. The company also launched the Hometown Advantage Mortgage Program in November 2023 to assist low-income home buyers.
In terms of asset quality, nonaccrual loans decreased significantly to $2.9 million from $22.4 million a year earlier. The provision for credit losses decreased by $178,000 in Q3 2024 compared to the same period in 2023, indicating improved asset quality.
The company declared dividends of $0.22125 per share for Q3 2024, reflecting a 5.4% increase from the previous year. Shareholders’ equity increased to $335.4 million, up from $316.5 million at the end of 2023, driven by improved accumulated other comprehensive loss.
Overall, Farmers & Merchants Bancorp demonstrated solid financial performance, with increased revenues, improved net income, and strategic growth initiatives contributing to its positive outlook.
About FARMERS & MERCHANTS BANCORP INC
About 10-Q Filings
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