Farmers & Merchants Bancorp, Inc. is an Ohio bank holding company for F&M Bank, a community bank that provides commercial banking, retail banking and other financial services across markets in Ohio, Indiana and Michigan. Company news centers on consolidated earnings, net interest margin, credit quality, capital ratios, loan portfolio trends and dividend declarations.
Recurring updates also cover F&M Bank leadership appointments, technology and cybersecurity priorities, customer-experience initiatives, agricultural finance, commercial real estate exposure and market-level banking activity. The company's releases often frame results through balance sheet management, noninterest income, efficiency and shareholder capital returns.
The Board of Directors of Farmers & Merchants Bancorp, Inc. (FMAO) announced a 5.9% increase in its quarterly cash dividend, raising it from $0.17 to $0.18 per share. This marks the 27th consecutive annual increase since 1994. The third quarter dividend is scheduled for payment on October 20, 2021, to shareholders of record as of September 28, 2021. CEO Lars B. Eller emphasized the company's strong capital position and profitable model, highlighting F&M's 11th longest track record of consecutive dividend increases among 800 publicly traded banks.
Farmers & Merchants Bancorp (FMAO) announced the successful completion of a private placement of $35 million in subordinated notes, with a fixed interest rate of 3.25% for the first five years. This capital aims to enhance regulatory Tier 2 capital and support the company’s growth strategies, including acquisitions and organic expansion. The notes are redeemable after five years and will accrue a floating interest rate thereafter. CEO Lars B. Eller expressed optimism regarding the strengthened capital position.
Farmers & Merchants Bancorp (FMAO) reported a net income of $5.0 million for Q2 2021, a 3.7% increase year-over-year, equating to $0.44 per share. Net interest income rose 17.9% to $15.3 million, while noninterest income climbed 21.1% to $4.0 million. The bank's total deposits grew 25.5% to $1.854 billion. FMAO completed the acquisition of Ossian Financial Services and announced another acquisition of Perpetual Federal Savings Bank, projected to close in October 2021, adding $513 million in assets and $413 million in deposits.
The Board of Directors of Farmers & Merchants Bancorp has announced a quarterly cash dividend of $0.17 per share, payable on July 20, 2021, to shareholders of record as of June 28, 2021. This decision reflects the company's commitment to returning value to its shareholders. As of March 31, 2021, the company reported assets totaling $2.0 billion.
Farmers & Merchants State Bank has been operational since 1897, serving Northwest Ohio and Northeast Indiana with a range of financial services.
Farmers & Merchants Bancorp, Inc. (NASDAQ: FMAO) announced the appointment of Frank R. Simon to its Board of Directors following the retirements of Paul S. Siebenmorgen and Anthony J. Rupp. The Board will now consist of 12 members. Mr. Simon brings extensive experience representing financial institutions, as he is the founding and Managing Member of Simon PLC Attorneys & Counselors. Lars Eller, CEO, expressed optimism about Simon's expertise enhancing the company's strategic goals.
Farmers & Merchants Bancorp (FMAO) has signed an agreement to acquire Perpetual Federal Savings Bank (PFSB) in a stock and cash deal valued at approximately $103.7 million. PFSB, with $391 million in total assets as of March 31, 2021, will enhance FMAO's community banking presence in several key Ohio markets. Shareholders can choose between stock or cash for their PFSB shares. The merger is expected to be accretive to FMAO's earnings per share by approximately 10% and 14.5% in the first and second years, respectively, despite a 6.6% initial dilution in tangible book value.
Farmers & Merchants Bancorp, Inc. (FMAO) has successfully acquired Ossian Financial Services, Inc. (OFSI), enhancing its presence in Northeast Indiana. This acquisition, the third in the area since 2018, has almost doubled F&M's total assets to approximately $2.2 billion. Post-acquisition, F&M operates 12 full-service offices in Indiana with total deposits of $462 million and loans of $445 million. Expected earnings from OFSI are projected to add about $0.08 per diluted share for the remainder of 2021, excluding one-time costs. Branch signage will change on May 1, 2021.
Farmers & Merchants Bancorp, Inc. (FMAO) reported a strong first quarter for 2021, with net income rising 19.6% to $4.9 million and earnings per share climbing 18.9% to $0.44. Net interest income increased by 5.7% to $13.3 million, aided by a 24.8% surge in total deposits. The company originated $43.5 million in new loans under the Paycheck Protection Program, helping protect over 18,000 jobs. Total stockholders' equity grew by 4.4% to $246.8 million. The firm aims to complete its acquisition of Ossian Financial Services, which is expected to positively impact earnings in 2021.
Farmers & Merchants Bancorp (FMAO) has opened a new full-service banking office in Fort Wayne, Indiana, enhancing its local presence. This facility, located at 7370 Illinois Rd., will feature modern banking technology including Interactive Teller Machines (ITMs) for customer convenience. The addition increases F&M’s Indiana network to 10 locations, servicing deposits of $395 million and loans of $366 million. CEO Lars B. Eller emphasized the commitment to community-centric banking in this growing area, aiming to strengthen customer relationships locally.
The Board of Directors of Farmers & Merchants Bancorp, Inc. (FMAO) announced a quarterly cash dividend of $0.17 per share, marking a 6.3% increase from the previous year. The dividend will be payable on April 20, 2021, to shareholders recorded by March 31, 2021. As of December 31, 2020, the company reported assets totaling $1.91 billion.