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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period March 31, 2022

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from          to

Commission File Number 001-38084

 

FARMERS & MERCHANTS BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Ohio

34-1469491

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

 

307 North Defiance Street, Archbold, Ohio

43502

(Address of principal executive offices)

(Zip Code)

 

(419) 446-2501

Registrant’s telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes     No

Indicate the number of shares of each of the issuers’ classes of common stock, as of the latest practicable date:

 

Common Stock, No Par Value

13,065,883

Class

Outstanding as of April 22, 2022

 

1


 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10Q

 

FARMERS & MERCHANTS BANCORP, INC.

INDEX

 

Form 10-Q Items

 

Page

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

Item   1.

Financial Statements (Unaudited)

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets -
March 31, 2022 and December 31, 2021
  

3

 

 

 

 

 

 

Condensed Consolidated Statements of Income -
Three Months Ended March 31, 2022 and March 31, 2021
  

4

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss -
Three Months Ended March 31, 2022 and March 31, 2021

5

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes to Stockholders’ Equity -
Three Months Ended March 31, 2022 and March 31, 2021

6-7

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows -
Three Months Ended March 31, 2022 and March 31, 2021

8-9

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

10

 

 

 

 

 

Item   2.

Management's Discussion and Analysis of Financial Condition
and Results of Operations

46-61

 

 

 

 

 

Item   3.

Qualitative and Quantitative Disclosures About Market Risk

62

 

 

 

 

 

Item   4.

Controls and Procedures

63

 

 

 

 

 

PART II.

OTHER INFORMATION

63

 

 

 

 

 

Item   1.

Legal Proceedings

63

 

 

 

 

 

Item 1A.

Risk Factors

63

 

 

 

 

 

Item   2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

 

 

 

 

 

Item   3.

Defaults Upon Senior Securities

63

 

 

 

 

 

Item   4.

Mine Safety Disclosures

63

 

 

 

 

 

Item   5.

Other Information

63

 

 

 

 

 

Item   6.

Exhibits

64

 

 

 

 

 

Signatures

 

65

 

 

 

 

 

101.INS

Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. (1)

 

 

101.SCH

Inline XBRL Taxonomy Extension Schema Document (1)

 

 

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)

 

 

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document (1)

 

 

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document (1)

 

 

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)

 

 

(1)

Pursuant to Rule 406T of Regulation S-T, the interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

2


 

PART 1 - FINANCIAL INFORMATION

 

ITEM 1 FINANCIAL STATEMENTS

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

(in thousands of dollars)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

94,118

 

 

$

135,485

 

Federal funds sold

 

 

45,404

 

 

 

45,338

 

Total cash and cash equivalents

 

 

139,522

 

 

 

180,823

 

Interest-bearing time deposits

 

 

8,677

 

 

 

10,913

 

Securities - available-for-sale

 

 

413,996

 

 

 

429,931

 

Other securities, at cost

 

 

8,568

 

 

 

8,162

 

Loans held for sale

 

 

6,060

 

 

 

7,714

 

Loans, net

 

 

1,945,449

 

 

 

1,841,177

 

Premises and equipment

 

 

26,653

 

 

 

26,913

 

Goodwill

 

 

80,434

 

 

 

80,434

 

Mortgage servicing rights

 

 

3,336

 

 

 

3,157

 

Other real estate owned

 

 

-

 

 

 

159

 

Bank owned life insurance

 

 

27,715

 

 

 

27,558

 

Other assets

 

 

25,735

 

 

 

21,359

 

Total Assets

 

$

2,686,145

 

 

$

2,638,300

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

497,249

 

 

$

473,689

 

Interest-bearing

 

 

 

 

 

 

 

 

NOW accounts

 

 

681,975

 

 

 

650,466

 

Savings

 

 

626,787

 

 

 

597,828

 

Time

 

 

447,586

 

 

 

471,479

 

Total deposits

 

 

2,253,597

 

 

 

2,193,462

 

Federal funds purchased and securities sold under agreements to

   repurchase

 

 

31,680

 

 

 

29,268

 

Federal Home Loan Bank (FHLB) advances

 

 

22,656

 

 

 

24,065

 

Other borrowings

 

 

40,000

 

 

 

40,000

 

Subordinated notes, net of unamortized issuance costs

 

 

34,499

 

 

 

34,471

 

Dividend payable

 

 

2,462

 

 

 

2,461

 

Accrued expenses and other liabilities

 

 

14,773

 

 

 

17,406

 

Total liabilities

 

 

2,399,667

 

 

 

2,341,133

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

Common stock - No par value 20,000,000 shares authorized; issued and

   outstanding 14,063,999 shares 3/31/22 and 12/31/21

 

 

122,886

 

 

 

122,674

 

Treasury stock - 997,916 shares 3/31/22, 997,766 shares 12/31/21

 

 

(11,739

)

 

 

(11,724

)

Retained earnings

 

 

195,057

 

 

 

189,401

 

Accumulated other comprehensive loss

 

 

(19,726

)

 

 

(3,184

)

Total stockholders' equity

 

 

286,478

 

 

 

297,167

 

Total Liabilities and Stockholders' Equity

 

$

2,686,145

 

 

$

2,638,300

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements.

 

Note: The December 31, 2021, Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.

3


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

(in thousands of dollars, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Interest Income

 

 

 

 

 

 

 

 

Loans, including fees

 

$

20,455

 

 

$

15,612

 

Debt securities:

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

1,023

 

 

 

751

 

Municipalities

 

 

300

 

 

 

308

 

Dividends

 

 

42

 

 

 

50

 

Federal funds sold

 

 

10

 

 

 

5

 

Other

 

 

69

 

 

 

39

 

Total interest income

 

 

21,899

 

 

 

16,765

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

1,360

 

 

 

1,340

 

Federal funds purchased and securities sold under

   agreements to repurchase

 

 

152

 

 

 

166

 

Borrowed funds

 

 

335

 

 

 

222

 

Subordinated notes

 

 

269

 

 

 

-

 

Total interest expense

 

 

2,116

 

 

 

1,728

 

Net Interest Income - Before Provision for Loan Losses

 

 

19,783

 

 

 

15,037

 

Provision for Loan Losses

 

 

580

 

 

 

1,700

 

Net Interest Income After Provision for Loan Losses

 

 

19,203

 

 

 

13,337

 

Noninterest Income

 

 

 

 

 

 

 

 

Customer service fees

 

 

2,648

 

 

 

2,814

 

Other service charges and fees

 

 

998

 

 

 

838

 

Net gain on sale of loans

 

 

697

 

 

 

1,046

 

Net gain on sale of available-for-sale securities

 

 

-

 

 

 

293

 

Total noninterest income

 

 

4,343

 

 

 

4,991

 

Noninterest Expense

 

 

 

 

 

 

 

 

Salaries and wages

 

 

5,502

 

 

 

4,390

 

Employee benefits

 

 

2,054

 

 

 

1,994

 

Net occupancy expense

 

 

598

 

 

 

577

 

Furniture and equipment

 

 

1,056

 

 

 

791

 

Data processing

 

 

604

 

 

 

505

 

Franchise taxes

 

 

418

 

 

 

446

 

ATM expense

 

 

532

 

 

 

449

 

Advertising

 

 

237

 

 

 

235

 

Net gain on sale of other assets owned

 

 

(5

)

 

 

(25

)

FDIC assessment

 

 

114

 

 

 

236

 

Mortgage servicing rights amortization

 

 

26

 

 

 

505

 

Consulting fees

 

 

178

 

 

 

223

 

Other general and administrative

 

 

2,179

 

 

 

2,033

 

Total noninterest expense

 

 

13,493

 

 

 

12,359

 

Income Before Income Taxes

 

 

10,053

 

 

 

5,969

 

Income Taxes

 

 

1,951

 

 

 

1,060

 

Net Income

 

$

8,102

 

 

$

4,909

 

Basic and Diluted Earnings Per Share

 

$

0.62

 

 

$

0.44

 

Dividends Declared

 

$

0.19

 

 

$

0.17

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements

4


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

 

 

(in thousands of dollars)

 

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Net Income

 

$

8,102

 

 

$

4,909

 

Other Comprehensive Income (Net of Tax):

 

 

 

 

 

 

 

 

Net unrealized loss on available-for-sale

   securities

 

 

(20,939

)

 

 

(6,737

)

Reclassification adjustment for realized gain on sale

   of available-for-sale securities

 

 

-

 

 

 

(293

)

Net unrealized loss on available-for-sale

   securities

 

 

(20,939

)

 

 

(7,030

)

Tax benefit

 

 

(4,397

)

 

 

(1,476

)

Other comprehensive loss

 

 

(16,542

)

 

 

(5,554

)

Comprehensive Loss

 

$

(8,440

)

 

$

(645

)

 

See Notes to Condensed Consolidated Unaudited Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

[ Remainder of this page intentionally left blank ]

 

 

5


 

 

Farmers & Merchants Bancorp, Inc. and Subsidiaries

CONDENSED Consolidated StatementS of Changes TO Stockholders’ Equity

For the THREE Months Ended March 31, 2022

(000’s Omitted, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Income

 

 

Equity

 

Balance - January 1, 2022

 

 

13,066,233

 

 

$

122,674

 

 

$

(11,724

)

 

$

189,401

 

 

$

(3,184

)

 

$

297,167

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,102

 

 

 

 

 

 

 

8,102

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,542

)

 

 

(16,542

)

Issuance of 500 shares of restricted stock

   (Net of forfeitures - 650)

 

 

(150

)

 

 

(1

)

 

 

(15

)

 

 

16

 

 

 

 

 

 

 

-

 

Stock-based compensation expense

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

213

 

Cash dividends declared - $0.19 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,462

)

 

 

 

 

 

 

(2,462

)

Balance - March 31, 2022

 

 

13,066,083

 

 

$

122,886

 

 

$

(11,739

)

 

$

195,057

 

 

$

(19,726

)

 

$

286,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements

 

6


 

 

Farmers & Merchants Bancorp, Inc. and Subsidiaries

CONDENSED Consolidated StatementS of Changes TO Stockholders’ Equity

For the THREE months Ended March 31, 2021

(000’s Omitted, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Income

 

 

Equity

 

Balance - January 1, 2021

 

 

11,197,544

 

 

$

81,804

 

 

$

(11,932

)

 

$

173,591

 

 

$

5,697

 

 

$

249,160

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,909

 

 

 

 

 

 

 

4,909

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,554

)

 

 

(5,554

)

Purchase of treasury stock

 

 

(950

)

 

 

 

 

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

(23

)

Issuance of 750 shares of restricted stock

   (Net of forfeitures - 600)

 

 

150