Lars B. Eller called it the most profitable quarter in the bank’s 129-year history, citing margin expansion, noninterest income, and expense discipline.
Profitability and balance-sheet trends
ROAA improved to 1.34% from 0.92%; net interest margin widened 26 basis points to 3.48%.
Total deposits rose 5.9% to $2.87 billion; loans, net increased 3% to $2.7 billion.
Quarterly and first-half results improve
Farmers & Merchants Bancorp posted Q2 net income of $11.8 million, up 53% year over year; EPS rose to $0.86 from $0.56.
First-half net income climbed 45.8% to $21.4 million; first-half EPS increased to $1.55 from $1.07.
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