Farmers & Merchants Bancorp, Inc. Reports Record 2020 Fourth-Quarter and Full-Year Financial Results
ARCHBOLD, Ohio, Feb. 10, 2021 (GLOBE NEWSWIRE) Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2020 fourth quarter and twelve months ended December 31, 2020.
2020 Fourth Quarter Financial Highlights Include (on a year-over-year basis unless noted):
Net income increased 43.5% to a quarterly record of $6.8 million
Earnings increased 39.5% to a quarterly record of $0.60 per basic and diluted share
Net interest income after provision for loan losses increased 12.1% to $14.1 million, which included a $1.3 million increase in the provision for loan losses as a result of the COVID-19 crisis
Noninterest income increased 88.5% to $5.6 million, primarily due to strong residential mortgage demand
ARCHBOLD, Ohio, Dec. 21, 2020 (GLOBE NEWSWIRE)
Farmers & Merchants Bancorp, Inc. (“F&M” or the “Company”) (Nasdaq: FMAO), the holding company for Farmers & Merchants State Bank, announced today that they have signed an agreement and plan of reorganization and merger (the “Agreement”) whereby F&M will acquire Ossian Financial Services, Inc. (“OFSI”), the holding company for Ossian State Bank, in a cash transaction. OFSI operates two full-service offices in northeast Indiana and has approximately $122 million in assets, $58 million in loans, $108 million in deposits and $11.9 million in consolidated equity as of September 30, 2020. OFSI is taxed as an S-Corporation.
Subject to the terms of the Agreement, which has been unanimously approved by the Board of Directors of each company, aggregate cash consideration of the deal is equal to $20 million, representing $67.71 per share. The consideration is subject to potential adjustment, as set forth in the Agreement, in