Farmers & Merchants Bancorp reports Q2 EPS $29.39 vs. $28.03 last year

Reports Q2 CET1 capital ratio 13.09%. Reports Q2 tangible book value per share $761.62. Kent Steinwert, Farmers & Merchants Bancorp’s chairman, president and CEO, stated, “We continue to be pleased with the Company’s strong ongoing financial performance including the results in the first six months of 2024 highlighted by net income of $44.5 million and a return of average assets of 1.65% and a return on average equity of 15.82%. The strength of our operating performance is demonstrated by a further increase in our trailing twelve month earnings per share of $117.73 up 6.93% from the $110.10 per share for the same period a year ago. We achieved these outstanding results while continuing to maintain a solid liquidity position and balance sheet at quarter end with $296.0 million in cash, $1.0 billion of investments, access to $2.1 billion in borrowing capacity and total shareholders’ equity of $576.2 million up 12.0% from June 30, 2023. Capital levels continue to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Our longstanding established client relationships have contributed to our resilient and stable deposit balances of $4.6 billion as of June 30, 2024 and 2023. The loan portfolio continues to grow both during the second quarter and year over year as we continue to serve the needs of our customers and local communities. Consistent with the last several years, credit quality remains a strength of the Bank with net recoveries of $67,000 for the first half of 2024 and no non-accrual loans as of quarter-end. Our Company remains in excellent financial condition and is well positioned to meet the challenges ahead as we have for the past 108 years. We are also pleased to be recognized by others for our performance as S&P Global Market Intelligence rated Farmers & Merchants Bancorp the 4th best performing bank in the nation for 2023 with assets between $3.0 and $10.0 billion while the Bank ranked 6th on Forbes Magazine’s list of “America’s Best Banks” for 2023.”