CEO Kent Steinwert cited $278.6 million in cash, no borrowings, and $2.1 billion in borrowing capacity; total risk-based capital ratio strengthened to 16.04%.
Q2 net income and margin improve
Farmers & Merchants Bancorp posted Q2 net income of $24.7 million, up 7.3% from the year-earlier quarter; diluted EPS rose 10.47% to $36.39.
Net interest income increased 6.46% to $57.4 million, lifting net interest margin to 4.20% from 4.07% a year earlier.
Loans, deposits and credit quality
Total loans and leases grew 2.2% to $3.70 billion, while deposits climbed 7% to $5.09 billion, pushing the loan-to-deposit ratio down to 73.1%.
Credit metrics stayed firm with non-accrual loans of $2.7 million; net charge-offs were $165,000, while the allowance for credit losses was 2.08% of gross loans.
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