Company Quick10K Filing
Farmers & Merchants Bancorp
Price25.70 EPS1
Shares12 P/E19
MCap314 P/FCF16
Net Debt-115 EBIT34
TEV200 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-27
10-K 2020-12-31 Filed 2021-02-24
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-29
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-28
10-Q 2014-03-31 Filed 2014-04-28
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-03-02
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-26
8-K 2021-02-10 Earnings, Exhibits
8-K 2021-01-15 Other Events
8-K 2020-12-21 Enter Agreement, Regulation FD, Exhibits
8-K 2020-11-20
8-K 2020-11-13
8-K 2020-10-21
8-K 2020-07-22
8-K 2020-04-24
8-K 2020-04-16
8-K 2020-02-05
8-K 2020-01-31
8-K 2020-01-17
8-K 2019-10-21
8-K 2019-09-05
8-K 2019-07-19
8-K 2019-04-26
8-K 2019-04-16
8-K 2019-02-13
8-K 2019-02-01
8-K 2019-01-18
8-K 2019-01-01
8-K 2018-10-18
8-K 2018-09-13
8-K 2018-08-20
8-K 2018-08-17
8-K 2018-07-18
8-K 2018-05-21
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-02-08
8-K 2018-01-19

FMAO 10Q Quarterly Report

Part 1 - Financial Information
Item 1 Financial Statements
Item 1 Notes To Condensed Consolidated Unaudited Financial Statements
Note 1 Basis of Presentation and Other
Note 2 Business Combination and Asset Purchase
Item 1 Notes To Condensed Consolidated Unaudited Financial Statements
Note 3 Securities
Note 4 Loans
Note 5 Earnings per Share
Note 6 Fair Value of Financial Instruments
Note 7 Federal Funds Purchased and Securities Sold Under Agreements To Repurchase
Note 8 Proposed Business Combination
Note 9 Recent Accounting Pronouncements
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 Qualitative and Quantitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II Other Information
Item 1 Legal Proceedings
Item 1A Risk Factors
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 Defaults Upon Senior Securities
Item 4 Mine Safety Disclosures
Item 5 Other Information
Item 6 Exhibits
EX-31.1 fmao-ex311_8.htm
EX-31.2 fmao-ex312_7.htm
EX-32.1 fmao-ex321_9.htm
EX-32.2 fmao-ex322_6.htm

Farmers & Merchants Bancorp Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

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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, 2021

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

11,195,894

Class

Outstanding as of April 23, 2021

 

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, 2021 and December 31, 2020
  

3

 

 

 

 

 

 

Condensed Consolidated Statements of Income -
Three Months Ended March 31, 2021 and March 31, 2020
  

4

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income -
Three Months Ended March 31, 2021 and March 31, 2020

5

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes to Stockholders’ Equity -
Three Months Ended March 31, 2021 and March 31, 2020

6-7

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows -
Three Months Ended March 31, 2021 and March 31, 2020

8-9

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

10

 

 

 

 

 

Item   2.

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

40-56

 

 

 

 

 

Item   3.

Qualitative and Quantitative Disclosures About Market Risk

57

 

 

 

 

 

Item   4.

Controls and Procedures

58

 

 

 

 

 

PART II.

OTHER INFORMATION

58

 

 

 

 

 

Item   1.

Legal Proceedings

58

 

 

 

 

 

Item 1A.

Risk Factors

58

 

 

 

 

 

Item   2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

 

 

 

 

 

Item   3.

Defaults Upon Senior Securities

58

 

 

 

 

 

Item   4.

Mine Safety Disclosures

58

 

 

 

 

 

Item   5.

Other Information

58

 

 

 

 

 

Item   6.

Exhibits

59

 

 

 

 

 

Signatures

 

60

 

 

 

 

 

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, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

118,139

 

 

$

98,279

 

Federal funds sold

 

 

57,361

 

 

 

77,427

 

Total cash and cash equivalents

 

 

175,500

 

 

 

175,706

 

Interest-bearing time deposits

 

 

4,405

 

 

 

4,653

 

Securities - available-for-sale

 

 

352,974

 

 

 

307,812

 

Other securities, at cost

 

 

5,939

 

 

 

5,939

 

Loans held for sale

 

 

7,511

 

 

 

7,740

 

Loans, net

 

 

1,327,254

 

 

 

1,289,318

 

Premises and equipment

 

 

26,703

 

 

 

27,063

 

Goodwill

 

 

47,340

 

 

 

47,340

 

Mortgage servicing rights

 

 

3,444

 

 

 

3,320

 

Other real estate owned

 

 

148

 

 

 

71

 

Bank owned life insurance

 

 

25,347

 

 

 

25,208

 

Other assets

 

 

16,720

 

 

 

15,374

 

Total Assets

 

$

1,993,285

 

 

$

1,909,544

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

384,558

 

 

$

351,147

 

Interest-bearing

 

 

 

 

 

 

 

 

NOW accounts

 

 

605,533

 

 

 

542,317

 

Savings

 

 

451,043

 

 

 

455,145

 

Time

 

 

242,717

 

 

 

247,553

 

Total deposits

 

 

1,683,851

 

 

 

1,596,162

 

Federal funds purchased and securities sold under agreements to

   repurchase

 

 

30,072

 

 

 

30,239

 

Federal Home Loan Bank (FHLB) advances

 

 

17,840

 

 

 

17,861

 

Dividend payable

 

 

1,889

 

 

 

1,889

 

Accrued expenses and other liabilities

 

 

12,805

 

 

 

14,233

 

Total liabilities

 

 

1,746,457

 

 

 

1,660,384

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

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

   outstanding 12,230,000 shares 3/31/21 and 12/31/20

 

 

82,030

 

 

 

81,804

 

Treasury stock - 1,033,256 shares 3/31/21, 1,032,456 shares 12/31/20

 

 

(11,962

)

 

 

(11,932

)

Retained earnings

 

 

176,617

 

 

 

173,591

 

Accumulated other comprehensive income

 

 

143

 

 

 

5,697

 

Total stockholders' equity

 

 

246,828

 

 

 

249,160

 

Total Liabilities and Stockholders' Equity

 

$

1,993,285

 

 

$

1,909,544

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements.

 

Note: The December 31, 2020, 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, 2021

 

 

March 31, 2020

 

Interest Income

 

 

 

 

 

 

 

 

Loans, including fees

 

$

15,612

 

 

$

15,883

 

Debt securities:

 

 

 

 

 

 

 

 

U.S. Treasury and government agencies

 

 

751

 

 

 

1,146

 

Municipalities

 

 

308

 

 

 

262

 

Dividends

 

 

50

 

 

 

45

 

Federal funds sold

 

 

5

 

 

 

6

 

Other

 

 

39

 

 

 

122

 

Total interest income

 

 

16,765

 

 

 

17,464

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

1,340

 

 

 

2,901

 

Federal funds purchased and securities sold under

   agreements to repurchase

 

 

166

 

 

 

244

 

Borrowed funds

 

 

222

 

 

 

266

 

Total interest expense

 

 

1,728

 

 

 

3,411

 

Net Interest Income - Before Provision for Loan Losses

 

 

15,037

 

 

 

14,053

 

Provision for Loan Losses

 

 

1,700

 

 

 

1,430

 

Net Interest Income After Provision for Loan Losses

 

 

13,337

 

 

 

12,623

 

Noninterest Income

 

 

 

 

 

 

 

 

Customer service fees

 

 

2,814

 

 

 

1,586

 

Other service charges and fees

 

 

838

 

 

 

1,039

 

Net gain on sale of loans

 

 

1,046

 

 

 

227

 

Net gain on sale of available-for-sale securities

 

 

293

 

 

 

270

 

Total noninterest income

 

 

4,991

 

 

 

3,122

 

Noninterest Expense

 

 

 

 

 

 

 

 

Salaries and wages

 

 

4,390

 

 

 

4,223

 

Employee benefits

 

 

1,994

 

 

 

1,677

 

Net occupancy expense

 

 

577

 

 

 

564

 

Furniture and equipment

 

 

791

 

 

 

758

 

Data processing

 

 

505

 

 

 

442

 

Franchise taxes

 

 

446

 

 

 

368

 

ATM expense

 

 

449

 

 

 

414

 

Advertising

 

 

235

 

 

 

303

 

Net (gain) loss on sale of other assets owned

 

 

(25

)

 

 

1

 

FDIC assessment

 

 

236

 

 

 

72

 

Mortgage servicing rights amortization

 

 

505

 

 

 

132

 

Consulting fees

 

 

223

 

 

 

139

 

Other general and administrative

 

 

2,033

 

 

 

1,575

 

Total noninterest expense

 

 

12,359

 

 

 

10,668

 

Income Before Income Taxes

 

 

5,969

 

 

 

5,077

 

Income Taxes

 

 

1,060

 

 

 

972

 

Net Income

 

$

4,909

 

 

$

4,105

 

Basic and Diluted Earnings Per Share

 

$

0.44

 

 

$

0.37

 

Dividends Declared

 

$

0.17

 

 

$

0.16

 

 

See Notes to Condensed Consolidated Unaudited Financial Statements

4


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

(in thousands of dollars)

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Net Income

 

$

4,909

 

 

$

4,105

 

Other Comprehensive Income (Loss) (Net of Tax):

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available-for-sale

   securities

 

 

(6,737

)

 

 

4,998

 

Reclassification adjustment for realized gain on sale

   of available-for-sale securities

 

 

(293

)

 

 

(270

)

Net unrealized gain (loss) on available-for-sale

   securities

 

 

(7,030

)

 

 

4,728

 

Tax expense (benefit)

 

 

(1,476

)

 

 

993

 

Other comprehensive income (loss)

 

 

(5,554

)

 

 

3,735

 

Comprehensive Income (Loss)

 

$

(645

)

 

$

7,840

 

 

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, 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

 

 

 

1

 

 

 

(7

)

 

 

6

 

 

 

 

 

 

 

-

 

Stock-based compensation expense

 

 

 

 

 

 

225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225

 

Cash dividends declared - $0.17 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,889

)

 

 

 

 

 

 

(1,889

)

Balance - March 31, 2021

 

 

11,196,744

 

 

$

82,030

 

 

$

(11,962

)

 

$

176,617

 

 

$

143

 

 

$

246,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2020

(000’s Omitted, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common