Lodi-based Farmers & Merchants Bank recently announced record third quarter and year-to-date net income.
For the quarter ended Sept. 30, F&M reported net income of $13.7 million, or $17.45 per share, a 14.5% increase from net income of $12 million earned in the third quarter of 2018. Net interest income for the quarter ended Sept. 30 was $35.3 million, up 10.6% from a year ago. Total assets at quarter-end were $3.6 billion, up 12.1% from the third quarter of 2018. For the nine-month period ended Sept. 30, net income was $41.4 million, up 27.4% from the prior year, and earnings per share of common stock outstanding were $52.64, up 30.8%.
“We are very pleased with the company’s continuing strong performance in the third quarter of 2019, despite the fact that short-term market interest rates have declined, placing pressure on our net interest margin,” said Kent Steinwert, F&M chairman, president and chief executive. “However, the economies in the markets we serve remain strong and we believe that loan and deposit growth can help offset some of the pressures created by a declining rate environment.”