Farmers and Merchants Bank Maryland Q3 net income rises
FMFG•Farmers and Merchants Bank Maryland reported Q3 net income of $2.03 million and basic EPS of $0.62, both up year over year. Net interest income rose to $7.17 million.
FMFG•FMFG•FMFG•Farmers and Merchants Bank Maryland reported Q3 net income of $2.03 million and basic EPS of $0.62, both up year over year. Net interest income rose to $7.17 million.
Q3 net income was $2.03 million, basic EPS was $0.62 and pretax profit was $2.67 million. Net interest income increased to $7.17 million, which the company attributed to a wider net yield on interest-earning assets and higher average earning assets.
The company recorded no provision for credit losses in Q3, compared with a provision the prior year for a foreclosed loan. Noninterest expenses increased, mainly due to higher salaries, benefits, occupancy, equipment and card costs. The press release provided no specific financial guidance for future quarters or the full year.
