Kent A. Steinwert, chairman, president and CEO of Farmers & Merchants Bancorp, announced in a press release that the company earned a record net income of $24,061,000 for the year ending Dec. 31, 2013. Basic earnings per common share were $30.93.
Total assets at year-end were $2.08 billion, up 5.1 percent over the prior year. Total loans and leases grew $141.3 million. Total deposits grew 5 percent with low cost checking account balances growing $66.4 million. Savings and money market accounts also grew $48.0 million for the year.
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