Farmers & Merchants Bancorp reported full-year 2024 net income of $88.5 million, or $121.02 per diluted common share, marking a record year. This compares to full-year 2023 net income of $88.3 million, or $116.61 per diluted common share, representing a 3.78% increase in diluted EPS.
For the year ended December 31, 2024, the company achieved a return on average assets of 1.64% and a return on average equity of 15.49%. Net interest income for 2024 was $206.7 million, with a net interest margin of 4.05%, supported by a reduction in the cost of total average deposits in the second half of the year to 1.35%.
Total assets grew to $5.37 billion as of December 31, 2024, and total deposits increased by $31.0 million, or 0.67%, to $4.70 billion, with no brokered deposits. Credit quality remained strong, with non-performing loans at $0.9 million and no provision for credit losses recorded in 2024.
The company's capital ratios remained robust, with a total risk-based capital ratio of 14.51% and a tangible book value per share increasing to $800.52, up 11.64% from December 31, 2023. During 2024, the company repurchased 48,173 shares, representing approximately 6.44% of total shares outstanding.
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