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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 |
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|
|
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|
|
Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2022 and March 31, 2021 |
8-9 |
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|
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|
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Notes to Condensed Consolidated Financial Statements |
10 |
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|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
46-61 |
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|
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Item 3. |
Qualitative and Quantitative Disclosures About Market Risk |
62 |
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Item 4. |
Controls and Procedures |
63 |
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PART II. |
OTHER INFORMATION |
63 |
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|
|
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Item 1. |
Legal Proceedings |
63 |
|
|
|
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Item 1A. |
Risk Factors |
63 |
|
|
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
63 |
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|
Item 3. |
Defaults Upon Senior Securities |
63 |
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Item 4. |
Mine Safety Disclosures |
63 |
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Item 5. |
Other Information |
63 |
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Item 6. |
Exhibits |
64 |
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Signatures |
|
65 |
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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 |
|
|
|
|