Financial Performance - Net income for the fourth quarter of 2024 increased by 51.2% to $8.4 million, or $0.61 per share, compared to $5.5 million, or $0.41 per share in the same period last year[7]. - Net income for the three months ended December 31, 2024, was $8,381,000, an increase of 28.5% compared to $6,516,000 for the same period in 2023[25]. - Basic earnings per share for the twelve months ended December 31, 2024, were $1.90, up from $1.67 in 2023, indicating a growth of 13.8%[25]. - The company’s income before income taxes for the three months ended December 31, 2024, was $10,527,000, an increase of 29.8% compared to $8,109,000 for the same period in 2023[25]. Asset and Deposit Growth - Total assets rose by 2.5% to $3.36 billion, while total deposits reached a record $2.69 billion, an increase of 3.0% year-over-year[7]. - Total assets as of December 31, 2024, were $3,364,723,000, compared to $3,283,229,000 as of December 31, 2023, reflecting a year-over-year increase of 2.5%[27]. - Total deposits increased to $2,686,765,000 as of December 31, 2024, from $2,607,463,000 a year earlier, representing a growth of 3.0%[28]. - The company added nearly 7,500 new checking accounts in 2024, optimizing its deposit base and growing low-cost checking deposits[11]. Loan Performance - Nonperforming loans decreased significantly to $3.1 million, or 0.12% of total loans, down from $22.4 million, or 0.87% a year earlier[13]. - Loans, including fees, for the twelve months ended December 31, 2024, totaled $145,329,000, compared to $129,344,000 in 2023, representing an increase of 12.4%[24]. - Loans generated $9,500,000 with a yield of 5.68% for the twelve months ended December 31, 2024, up from $8,400,000 and a yield of 5.19% in 2023, indicating a growth in loan performance[37]. Interest Income and Margin - Net interest margin increased by 27 basis points to 2.84%, contributing to strong earnings growth[7]. - Total interest income for the twelve months ended December 31, 2024, was $163,572,000, an increase from $139,808,000 in 2023, reflecting a growth of 17.0%[24]. - The net interest margin improved to 2.84% for the twelve months ended December 31, 2024, compared to 2.71% in the previous year[31]. - The net interest margin improved to 2.72% for the twelve months ended December 31, 2024, compared to 2.60% in 2023, showcasing enhanced profitability from interest-earning assets[37]. Expense Management - The efficiency ratio improved to 59.82%, compared to 69.23% for the same period last year, indicating enhanced operational efficiency[7]. - Total noninterest expense for the twelve months ended December 31, 2024, was $68,687,000, a slight increase from $67,204,000 in 2023[25]. - Interest expense for the twelve months ended December 31, 2024, was $77,660,000 with a yield of 3.12%, consistent with the previous year, indicating stable cost management[37]. Dividends and Equity - Cash dividends declared for the twelve months ended December 31, 2024, were $0.8825 per share, representing a 3.8% increase year-over-year[19]. - Total stockholders' equity increased by 5.9% to $335.2 million, with a Tier 1 leverage ratio of 8.12% remaining stable[17]. - The company declared dividends of $0.22125 per share for the three months ended December 31, 2024, consistent with the previous quarter[25]. - Total stockholders' equity as of December 31, 2024, is $335,211,000, a slight decrease from $335,380,000 as of December 31, 2023[29]. Risk Management - The allowance for credit losses to nonperforming loans was 826.70%, significantly higher than 111.95% at the end of 2023, reflecting strong risk management[16]. - Provision for credit losses on loans for the twelve months ended December 31, 2024, was $944,000, a decrease from $1,698,000 in 2023, showing a reduction of 44.4%[24]. - The allowance for credit losses was $27,367,000 as of December 31, 2024, compared to $27,236,000 as of December 31, 2023[32].

Core Viewpoint - Farmers & Merchants Bancorp, Inc. reported strong financial performance for 2024, driven by strategic execution and improvements in profitability, asset quality, and operational efficiencies [4][8]. Financial Performance - Net income for Q4 2024 was $8.4 million, a 51.2% increase from $5.5 million in Q4 2023, with earnings per share rising to $0.61 from $0.41 [5][8]. - For the full year 2024, net income reached $25.9 million, up from $22.8 million in 2023, with earnings per share increasing to $1.90 from $1.67 [5][8]. Deposits and Liabilities - Total deposits at year-end 2024 were a record $2.69 billion, reflecting a 3.0% increase from $2.61 billion at the end of 2023 [6][8]. - The cost of interest-bearing liabilities was 3.12% for 2024, up from 2.53% in the previous year, influenced by a higher rate environment [6][8]. Loan Portfolio and Asset Quality - Total loans, net decreased by 0.7% year-over-year to $2.56 billion, primarily due to lower consumer and agricultural real estate loans, partially offset by increases in commercial loans [9][10]. - Nonperforming loans were only $3.1 million, or 0.12% of total loans, significantly down from $22.4 million, or 0.87% at the end of 2023 [10][8]. Efficiency and Profitability - The efficiency ratio improved to 59.82% from 69.23% a year ago, indicating better operational efficiency [8]. - Net interest margin increased by 27 basis points to 2.84% [8]. Stockholders' Equity and Dividends - Total stockholders' equity rose by 5.9% to $335.2 million at year-end 2024, with a Tier 1 leverage ratio of 8.12% [12][8]. - The company declared cash dividends of $0.8825 per share for 2024, marking a 3.8% increase over the previous year, and representing the 30th consecutive annual increase in dividends [14][8].

Core Insights - F&M Bank has appointed Peter Schork as the Regional President for the Toledo, Ohio, and Southeastern Michigan regions, indicating a strategic move to enhance leadership and market presence [1][2]. Group 1: Leadership and Experience - Peter Schork brings over 25 years of banking and financial experience to F&M, having previously served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank [3]. - His background includes roles as CFO at Catalyst Commercial Real Estate and President of a Michigan-based title, mortgage, and real estate company, showcasing a diverse skill set in the financial sector [3]. - Schork is actively involved in community organizations, serving on various boards and foundations, which aligns with F&M's community-focused approach [3]. Group 2: Company Overview - F&M Bank is an independent community bank that has been operational since 1897, providing commercial and retail banking services [4]. - The bank has a significant presence in Ohio and Northeast Indiana, with locations in multiple counties, and also operates in Michigan [4].

Company Overview - F&M Bank is an independent community bank based in Archbold, Ohio, serving its communities since 1897 [4] - The bank provides commercial banking, retail banking, and other financial services across various counties in Ohio and Northeast Indiana, as well as in Michigan [4] Leadership Appointment - Peter Schork has been appointed as the Regional President for the Toledo, Ohio, and Southeastern Michigan regions [1][2] - Schork brings over 25 years of banking and financial experience, having previously served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank [3] Responsibilities and Impact - In his new role, Schork will oversee F&M's operations in the Toledo and Birmingham markets, including multiple office locations [2] - His leadership and market knowledge are expected to drive success for customers, employees, and stakeholders [2]

Core Viewpoint - F&M Bank has appointed Peter Schork as Market President for the Toledo, Ohio, and Birmingham, Michigan markets, highlighting the bank's commitment to growth and community service [1][2]. Company Overview - F&M Bank is an independent community bank established in 1897, providing commercial and retail banking services across various counties in Ohio and Northeast Indiana, as well as in Oakland County, Michigan [4]. Leadership Appointment - Peter Schork brings over 25 years of banking and financial experience to F&M, having previously served as President of Oxford Bank and co-founded Ann Arbor State Bank [3]. - Schork's role will involve overseeing F&M's operations in Toledo and Birmingham, including multiple office locations [2]. Community Engagement - Schork is actively involved in community organizations, serving on various boards and foundations, which aligns with F&M's focus on building strong community relationships [3].

Core Viewpoint - F&M Bank has appointed Peter Schork as Market President for the Toledo, Ohio, and Birmingham, Michigan markets, aiming to leverage his extensive banking experience to enhance community relations and drive growth [1][2]. Company Overview - F&M Bank is an independent community bank established in 1897, providing commercial and retail banking services across various counties in Ohio and Northeast Indiana, as well as in Michigan [4]. Leadership Appointment - Peter Schork brings over 25 years of banking and financial experience, having previously served as Ann Arbor President for Oxford Bank and co-founded Ann Arbor State Bank [3]. - Schork's role will include overseeing F&M's operations in multiple locations, including Toledo and Birmingham, and managing the Loan Production Office in Troy [2]. Community Engagement - Schork is actively involved in community organizations, serving on various boards and foundations, which aligns with F&M's commitment to community service [3].

Leadership Changes - Andy Baker has been appointed as the Chief Strategy Officer (CSO) and will chair the newly formed Strategic Governance Committee, guiding the Bank's strategic direction [1][2] - Taryn Marino has been promoted to Chief Retail Banking Officer, previously serving as Deputy Chief Retail Banking Officer [2][3] Strategic Vision and Growth - The leadership changes reflect the company's commitment to advancing its leadership structure and strategic focus to drive continued growth and operational excellence [2] - The company aims to achieve sustainable growth and deliver exceptional value to clients, employees, and stakeholders through these strategic initiatives [8] Retail Banking Performance - Taryn Marino and her team have delivered outstanding results, including notable deposit growth, increased checking account success, and exceptional client experiences [7] Company Overview - F&M Bank is a local independent community bank serving communities since 1897, providing commercial banking, retail banking, and other financial services [8] - The bank operates in multiple counties in Ohio, Northeast Indiana, and Michigan, with Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio [8]

Core Points - F&M Bank has appointed Andrew Baker as Chief Strategy Officer and promoted Taryn Marino to Chief Retail Banking Officer, reflecting the bank's commitment to leadership and strategic focus for growth [1][3][4] Leadership Changes - Andrew Baker will chair the newly formed Strategic Governance Committee, guiding the bank's strategic direction and overseeing various initiatives [2] - Taryn Marino, previously Deputy Chief Retail Banking Officer, has been recognized for her contributions to deposit growth and client experiences [3][4] Strategic Vision - The leadership changes are aimed at achieving sustainable growth and delivering exceptional value to clients, employees, and stakeholders [4] - The refined focus is expected to propel F&M Bank to new heights in 2025 and beyond [4]

ARCHBOLD, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.39 billion at September 30, 2024, today announced that it has approved the Company’s quarterly cash dividend of $0.22125 per share. The fourth-quarter dividend is payable on January 20, 2025, to shareholders of record as of December 27, 2024. About Farmers & Merchants State Bank:Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) ...

ARCHBOLD, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (NASDAQ:FMAO) the holding company of F&M Bank, with total assets of $3.39 billion at September 30, 2024, today announced that it has approved the Company's quarterly cash dividend of $0.22125 per share. The fourth-quarter dividend is payable on January 20, 2025, to shareholders of record as of December 27, 2024. About Farmers & Merchants State Bank:Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) is ...