Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

Core Viewpoint - Farmers & Merchants Bancorp, Inc. reported strong financial results for the first quarter of 2025, highlighting improved profitability, revenue growth, and operational efficiency, driven by strategic priorities and effective execution by the team [2][11]. Financial Performance - Net income for Q1 2025 was $7.0 million, a 29.7$5.4 million in Q1 2024, with earnings per share rising to $0.51 from$0.39 [3][21]. - Total revenue increased by 16.7% year-over-year, while noninterest expense rose by 5.2%, leading to a 49.6% increase in pre-tax, pre-provision income [2][7]. Asset and Deposit Growth - Total deposits reached $2.70 billion, reflecting a 3.0$2.62 billion a year earlier [4][19]. - The company successfully optimized its deposit base, with a year-over-year decline of $19.5 million in more expensive time-account balances, while core deposits grew by$78.9 million [5][11]. Loan Portfolio and Quality - Total loans increased by 1.6% year-over-year to $2.58 billion, driven by growth in agricultural, commercial, and industrial loans [6][21]. - Nonperforming loans represented only 0.17$344.6 million, with a tangible book value per share of $19.17 [11][12]. - The company declared cash dividends of$0.22125 per share, a 0.6% increase from the same period last year, with a dividend payout ratio of 43.10% [13][21].