Farmers & Merchants reports Q4 EPS 41c, consensus 31c

Reports Q4 net income $5.5 million, compared to $7.2 M for the same period last year. Net income per basic and diluted share for the 2023 fourth quarter was 41c, vs. 53c for the same period last year. Net income for the 2023 twelve months ended December 31, 2023, was $22.8M, compared to $32.5M for the same period last year. Net income per basic and diluted share for the 2023 twelve months was $1.67, compared to $2.46 for the same period last year.$.Lars B. Eller, President and Chief Executive Officer, stated, “I am extremely proud of how F&M’s team responded to the challenging operating environment in 2023 as unprecedented rate increases caused significant competition for deposits and elevated our costs of funds. While these trends impacted earnings growth in 2023, we ended the year with record total assets, loans, net, and total deposits, as well as stockholders’ equity. Our ability to grow our balance sheet throughout the year is a testament to the value we provide to our Ohio, Indiana and Michigan communities and the successful execution of our growth-oriented strategic plan.”