We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Farmers and Merchants Bancorp (QX) | USOTC:FMCB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
40.00 | 3.96% | 1,050.00 | 1,010.00 | 1,058.00 | 1,050.00 | 1,050.00 | 1,050.00 | 1 | 22:00:01 |
|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
None
|
Not Applicable
|
Not Applicable
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
(c) |
Exhibit:
|
99 |
Press release concerning financial results for the second quarter and year-to-date ended June 30, 2023.
|
FARMERS & MERCHANTS BANCORP
|
||
By
|
/s/ Bart R. Olson
|
||
Bart R. Olson
|
|||
Executive Vice President & Chief Financial Officer
|
|||
Date: July 19, 2023
|
■ |
Net income of $21.3 million, or $28.03 per share; up 15.5% or 18.9% on a per share basis from second quarter 2022;
|
■ |
Achieved a return on average assets of 1.65% and a return on average equity of 16.60%;
|
■ |
Growth in deposits of 2.18% and loans of 1.88% compared to the first quarter 2023;
|
■ |
Strong liquidity position with $587.0 million in cash, $953.1 million in investment securities and a borrowing capacity of $1.6 billion with no outstanding borrowings as of June 30, 2023;
|
■ |
Strong capital position with a total risk-based capital ratio of 13.71%, common equity tier 1 ratio of 12.22%, tier 1 leverage ratio of 10.21% and a tangible common equity ratio of 9.57%;
|
■ |
Credit quality remains strong and the allowance for credit losses remains robust at 2.03%.
|
FINANCIAL HIGHLIGHTS
|
||||||||||||||||||||
Three-Months Ended
|
Six-Months Ended
|
|||||||||||||||||||
(dollars in thousands, except per share amounts)
|
June 30, 2023
|
March 31, 2023
|
June 30, 2022
|
June 30, 2023
|
June 30, 2022
|
|||||||||||||||
Earnings and Profitability:
|
||||||||||||||||||||
Interest income
|
$
|
61,017
|
$
|
59,632
|
$
|
45,695
|
$
|
120,649
|
$
|
88,789
|
||||||||||
Interest expense
|
8,595
|
3,910
|
976
|
12,505
|
1,861
|
|||||||||||||||
Net interest income
|
52,422
|
55,722
|
44,719
|
108,144
|
86,928
|
|||||||||||||||
Provision for credit losses
|
2,557
|
1,500
|
1,500
|
4,057
|
1,500
|
|||||||||||||||
Noninterest income
|
5,447
|
3,460
|
3,512
|
8,907
|
7,824
|
|||||||||||||||
Noninterest expense
|
26,822
|
28,183
|
23,031
|
55,005
|
46,819
|
|||||||||||||||
Income before taxes
|
28,490
|
29,499
|
23,700
|
57,989
|
46,433
|
|||||||||||||||
Net income
|
$
|
21,308
|
$
|
23,547
|
$
|
18,443
|
$
|
44,855
|
$
|
35,501
|
||||||||||
Diluted earnings per share
|
$
|
28.03
|
$
|
30.80
|
$
|
23.58
|
$
|
58.83
|
$
|
45.28
|
||||||||||
Return on average assets
|
1.65
|
%
|
1.80
|
%
|
1.38
|
%
|
1.73
|
%
|
1.33
|
%
|
||||||||||
Return on average equity
|
16.60
|
%
|
18.93
|
%
|
15.94
|
%
|
17.75
|
%
|
15.30
|
%
|
||||||||||
Balance Sheet:
|
||||||||||||||||||||
Total assets
|
$
|
5,250,378
|
$
|
5,133,771
|
$
|
5,326,681
|
$
|
5,250,378
|
$
|
5,326,681
|
||||||||||
Cash and cash equivalents
|
586,972
|
529,593
|
747,788
|
586,972
|
747,788
|
|||||||||||||||
Total securities
|
953,089
|
968,824
|
1,093,721
|
953,089
|
1,093,721
|
|||||||||||||||
of which available for sale
|
114,643
|
118,437
|
225,338
|
114,643
|
225,338
|
|||||||||||||||
of which held to maturity
|
838,446
|
850,387
|
868,383
|
838,446
|
868,383
|
|||||||||||||||
Gross Loans
|
3,502,064
|
3,437,591
|
3,258,400
|
3,502,064
|
3,258,400
|
|||||||||||||||
Allowance for credit losses - Loans
|
71,112
|
68,573
|
62,080
|
71,112
|
62,080
|
|||||||||||||||
Total deposits
|
4,638,313
|
4,539,162
|
4,769,513
|
4,638,313
|
4,769,513
|
|||||||||||||||
Borrowings
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Subordinated debentures
|
10,310
|
10,310
|
10,310
|
10,310
|
10,310
|
|||||||||||||||
Total shareholders' equity
|
$
|
514,709
|
$
|
508,902
|
$
|
461,353
|
$
|
514,709
|
$
|
461,353
|
||||||||||
Loan-to-deposit ratio
|
75.50
|
%
|
75.73
|
%
|
68.32
|
%
|
75.50
|
%
|
68.32
|
%
|
||||||||||
Percentage of checking deposits to total deposits
|
52.09
|
%
|
55.89
|
%
|
58.98
|
%
|
52.09
|
%
|
58.98
|
%
|
||||||||||
Capital ratios (Bancorp) (1)
|
||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
12.22
|
%
|
12.19
|
%
|
11.55
|
%
|
12.22
|
%
|
11.55
|
%
|
||||||||||
Tier 1 capital to risk-weighted assets
|
12.46
|
%
|
12.43
|
%
|
11.80
|
%
|
12.46
|
%
|
11.80
|
%
|
||||||||||
Risk-based capital to risk-weighted assets
|
13.71
|
%
|
13.68
|
%
|
13.05
|
%
|
13.71
|
%
|
13.05
|
%
|
||||||||||
Tier 1 leverage capital ratio
|
10.21
|
%
|
9.94
|
%
|
8.94
|
%
|
10.21
|
%
|
8.94
|
%
|
||||||||||
Tangible Common Equity Ratio
|
9.57
|
%
|
9.67
|
%
|
8.42
|
%
|
9.57
|
%
|
8.42
|
%
|
||||||||||
(1) Capital information is preliminary for June 30, 2023
|
Document and Entity Information |
Jul. 19, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 19, 2023 |
Entity File Number | 000-26099 |
Entity Registrant Name | Farmers & Merchants Bancorp |
Entity Central Index Key | 0001085913 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-3327828 |
Entity Address, Address Line One | 111 West Pine Street |
Entity Address, City or Town | Lodi |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95240 |
City Area Code | 209 |
Local Phone Number | 367-2300 |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Farmers and Merchants Ba... (QX) Chart |
1 Month Farmers and Merchants Ba... (QX) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions