- Farmers & Merchants Bancorp press release ( NASDAQ: FMAO ): Q3 GAAP EPS of $0.68 misses by $0.03 .
- Revenue of $26.32M (+16.9% Y/Y) beats by $3.37M .
- Net income increased 51.3% to a quarterly record of $9.0 million, from $5.9 million.
- Average shares outstanding increased 16.7% as a result of the Perpetual Federal Savings Bank Acquisition
- Efficiency rate improved to 51.19% for the 2022 third quarter, and 53.16% for the 2022 nine months
- Organic loan growth of 21.3%, excluding PPP loans and loan balances at time of acquisitions
- Total loans were a record of $2.143 billion and increased 15.4% from $1.857 billion at December 31, 2021
- Total assets increased 25.5% to a record $2.784 billion
- Deposits increased 22.3% to $2.283 billion
- Strong asset quality continues as nonperforming loans declined 12.5% to $5.5 million, or 0.26% of total loans
- Net charge-offs to average loans were 0.00%, the sixth consecutive quarter at or below 0.00%
- Return on average equity, increased to 12.53% from 9.32%
- Return on average tangible equity, based on regulatory calculations, increased to 15.50% from 12.23% on a year-over-year basis
- 2022 third quarter cash dividend increased by 16.7% year-over-year to $0.21 per share
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Farmers & Merchants Bancorp GAAP EPS of $0.68 misses by $0.03, revenue of $26.32M beats by $3.37M