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