Farmers & Merchants Bancorp reported record net income of $22.1 million for the third quarter of 2024, an increase from $22.0 million in the same period of 2023. Diluted earnings per common share reached $29.96, up 2.50% from $29.23 in the third quarter of 2023.
The company's net interest income for the quarter ended September 30, 2024, was $52.0 million, an increase from $50.8 million in the second quarter of 2024. The net interest margin expanded to 4.07% from 3.91% in the prior quarter, primarily driven by a decrease in the average cost of total deposits from 1.51% to 1.39%.
Credit quality remained strong with only $677,000 in non-accrual loans and a total allowance for credit losses of 2.11% as of September 30, 2024. Capital levels also strengthened, with a total risk-based capital ratio of 14.95% and a tangible book value per share increasing to $799.04, up 16.21% year-over-year.
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