Positive Operating Momentum Drives Strong Second Quarter Financial Results

ARCHBOLD, Ohio, July 19, 2019 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2019 second quarter and year-to-date June 30, 2019.

2019 Second Quarter Financial Highlights Include (on a year-over-year basis unless noted):

  • 65 consecutive quarters of profitability
  • Total loans increased 31.3% to $1.091 billion as a result of the contribution from the Limberlost acquisition and strong organic consumer lending and residential mortgage growth
  • Total assets increased 38.5% and crossed $1.5 billion for the first time in F&M’s history
  • Strong organic deposit growth, which has increased year-to-date by 16.6% or $154.2 million
  • Net interest income after provision for loan losses increased 45.2% to $14.5 million
  • Net income increased 50.2% to $6.2 million
  • Adjusted net income was $6.2 million, which accounts for one-time acquisition related expenses of $31,000 and a $1.6 million benefit from recoveries that occurred in the 2019 second quarter
  • Earnings per basic and diluted share increased 27.3% to $0.56 per basic and diluted share
  • Adjusted earnings per basic and diluted share was $0.42, which accounts for one-time adjusted acquisition related expenses of $0.00 per basic and diluted share and a $0.14 per basic and diluted share benefit from recoveries that occurred in the 2019 second quarter
  • Tangible book value per share increased 7.9% to $15.49 per share

“Strong operating momentum continued in the 2019 second quarter and earnings per diluted share increased 27.3% to $0.56,” stated Lars B. Eller, President and Chief Executive Officer. “While earnings benefited from a nice recovery in the second quarter, core profitability remains strong as a result of year-over-year loan growth, improved margins, and favorable asset quality.  In addition, the Limberlost acquisition, which was completed on January 1, 2019, is now fully integrated and has started contributing to our financial performance and earnings.  I am extremely pleased with the quick combination of Limberlost and F&M and the opportunities our larger scale will create for F&M in the future.” 

“Total loans declined slightly over the past three months, primarily due to the impacts a wet planting season had on agricultural customers across our markets and the payoff of several classified loans that occurred in the second quarter, which was higher than normal.  Our loan portfolio would have increased sequentially, if second quarter payoffs and paydowns were in line with historical trends.  We have a strong pipeline of new loans that will be originated during the third quarter, including several large loans to customers in Southern Michigan.  This market supports a compelling opportunity for F&M and we already have $62.8 million in loans and $16.3 million in deposits in Southern Michigan, even though we have no physical presence in the market.  As large regional financial institutions focus on bigger markets and opportunities, we believe F&M is well positioned to grow our brand throughout our Ohio, Indiana and Michigan markets.” 

Income Statement
Net income for the 2019 second quarter ended June 30, 2019, was $6.2 million, compared to $4.1 million for the same period last year.  Net income for the 2019 second quarter included $31,000 of one-time acquisition related expenses and a $1.6 million benefit from recoveries.  Net income per basic and diluted share for the 2019 second quarter was $0.56, compared to $0.44 for the same period last year.  2019 second quarter earnings included $0.00 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries. 

Cost of funds outpaced asset yield improvements for the 2019 second quarter and first half as a result of higher dollar volume of deposits and increased rates on deposits.  Overall, the company believes profitability from core operations is on track to match the expectations for 2019 with the acquisition factored in.

Net income for the 2019 first half ended June 30, 2019, was $9.4 million, compared to $7.9 million for the same period last year.  Net income for the 2019 first half included $1.2 million of one-time acquisition related expenses and a $1.6 million benefit from recoveries.  Net income per basic and diluted share for the 2019 first half was $0.85, compared to $0.85 for the same period last year.  2019 first half earnings included $0.09 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries. 

Loan Portfolio and Asset Quality
Total loans, net at June 30, 2019, increased 31.3% or by $260.1 million to $1.091 billion, compared to $831.0 million at June 30, 2018. The year-over-year improvement resulted primarily from the contribution of the Limberlost acquisition and organic loan growth. 

F&M’s asset quality remains strong.  Despite the 38.5% year-over-year increase in total assets at June 30, 2019, nonperforming assets were up only $105,000 or 6.7%.  In addition, nonperforming loans to total loans remains low and at June 30, 2019 were 0.12%, compared to 0.11% for the same period last year.  The allowance for loan losses to nonperforming loans was 375.5% at June 30, 2019, compared to 751.5% at June 30, 2018.  Net charge-offs for the quarter ended June 30, 2019, were $86,000, or 0.01% of average loans, compared to $143,000 or 0.02% of average loans, at June 30, 2018.  Year-to-date, net charge-offs at June 30, 2019, were $255,000, or 0.02% of average loans, compared to $251,000 or 0.03% of average loans at June 30, 2018. 

Mr. Eller continued, “Economic trends within our markets remain stable, supporting F&M’s growth and excellent asset quality.  Total agricultural loans were $307.5 million at June 30, 2019, compared to $307.8 million at March 31, 2019, and $174.5 million at June 30, 2018.  Most of our agricultural customers utilize crop insurance, which will protect them from the wettest planting season in approximately 40 years and the impacts weather has on farm revenues.  Agricultural lending is one of F&M’s core competencies.  All of F&M’s agricultural lenders are farmers themselves and many of our communities are dependent on the farm economy.  F&M is dedicated to helping our agricultural customers during this difficult season, especially as other larger lenders have pulled back from this market.” 

Deposits
Over the past three months, deposits have increased organically 4.6% or by $54.9 million to $1.242 billion at June 30, 2019.  The significant organic deposit growth we have been experiencing continues to be due primarily to new product development that has allowed the company to attract new customers and expand existing customer holdings. 

Stockholders’ Equity and Dividends
Tangible stockholders’ equity increased to $172.0 million at June 30, 2019, compared to $165.5 million at March 31, 2019, and $137.5 million at June 30, 2018.  On a per share basis, tangible stockholders’ equity at June 30, 2019, was $15.49 per share, compared to $14.90 per share at March 31, 2019, and $14.36 at June 30, 2018. 

Total stockholders’ equity increased 62.9% to $224.0 million at June 30, 2019, from $137.6 million at June 30, 2018, and increased 3.3% from $216.9 million at March 31, 2019.  At June 30, 2019, the company had a Tier 1 leverage ratio of 11.77%, compared to 12.38% at June 30, 2018.  The decline in the Tier 1 leverage ratio was primarily due to the added goodwill associated with the Limberlost acquisition. 

For the 2019 second quarter, the company declared cash dividends of $0.15 per share, which is a 7.1% increase over the 2018 second quarter declared dividend payment.  F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over nine consecutive years. 

“Over the past year we have made significant investments across our organization to strengthen F&M’s platform and expand our leadership team, while remodeling our offices and providing our customers with new, market-leading financial products and services.  In addition, attracting, developing, and retaining our employees is an important component of our strategy and during the second quarter, we announced the addition of Benét Rupp as F&M’s Chief People Officer.  The investments we are making are focused on supporting the current and future needs of both F&M and our customers, and I am encouraged by our progress.  We are currently working on a three-year strategic plan, which will be the basis of our success in the future.  I remain excited by our near- and long-term potential and based on our strong year-to-date financial results, expect 2019 to be another record year for F&M,” concluded Mr. Eller. 

About Farmers & Merchants State Bank:
Farmers & Merchants Bancorp, Inc. (“F&M”) (Nasdaq: FMAO), is the holding company for the Farmers & Merchants State Bank, a local independent community bank with $1.5 billion in assets that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay and Steuben counties.

Safe harbor statement
Farmers & Merchants Bancorp, Inc. (“F&M“) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions or capital market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact:Investor and Media Contact
Marty Filogamo
Senior Vice President – Marketing Manager
Farmers & Merchants Bancorp, Inc.
(419) 445-3501 ext. 15435
mfilogamo@fm.bank ?
Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com 
  
  


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)
 
  Three  Months Ended  Six Months Ended
  June 30, 2019
 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 June 30, 2019 June 30, 2018
Interest Income                            
Loans, including fees $16,723  $14,680  $10,955  $10,725  $10,521  $31,403  $20,623 
Debt securities:                            
U.S. Treasury and government agencies  816   713   630   613   612   1,529   1,235 
Municipalities  211   211   250   275   289   422   570 
Dividends  76   88   56   56   53   164   108 
Federal funds sold and other  457   170   112   84   62   627   137 
Total interest income  18,283   15,862   12,003   11,753   11,537   34,145   22,673 
Interest Expense                            
Deposits  3,339   2,613   1,670   1,611   1,389   5,952   2,708 
Federal funds purchased and securities sold                            
under agreements to repurchase  141   185   127   134   118   326   242 
Borrowed funds  269   287   20   20   20   556   40 
Total interest expense  3,749   3,085   1,817   1,765   1,527   6,834   2,990 
Net Interest Income - Before Provision for Loan Losses  14,534   12,777   10,186   9,988   10,010   27,311   19,683 
Provision for Loan Losses   133   30   105   47   132   163   172 
Net Interest Income After Provision For Loan Losses  14,401   12,747   10,081   9,941   9,878   27,148   19,511 
Noninterest Income                            
Customer service fees  1,694   1,578   1,612   1,392   1,465   3,272   2,931 
Other service charges and fees  1,091   1,041   1,032   1,097   1,040   2,132   2,052 
Net gain on sale of loans  196   102   140   184   301   298   433 
Net gain (loss) on sale of available-for-sale securities  -   (26)  (19)  10   -   (26)  - 
Total noninterest income  2,981   2,695   2,765   2,683   2,806   5,676   5,416 
Noninterest Expense                            
Salaries and wages  3,830   4,312   3,834   3,391   3,225   8,142   6,535 
Employee benefits  1,223   1,594   1,102   1,029   848   2,817   1,984 
Net occupancy expense  614   667   451   478   441   1,281   828 
Furniture and equipment  763   696   450   588   565   1,459   1,072 
Data processing  376   1,299   318   364   305   1,675   636 
Franchise taxes  229   258   244   243   228   487   467 
ATM expense  418   447   368   327   333   865   645 
Advertising  382   260   218   236   247   642   433 
Net (gain) loss on sale of other assets owned  28   15   27   1   (1)  43   16 
FDIC assessment  98   96   77   81   81   194   168 
Mortgage servicing rights amortization  105   75   100   84   95   180   180 
Consulting fees  95   113   461   179   178   208   288 
Other general and administrative  1,551   1,679   1,167   1,125   1,093   3,230   2,026 
Total noninterest expense  9,712   11,511   8,817   8,126   7,638   21,223   15,278 
Income Before Income Taxes  7,670   3,931   4,029   4,498   5,046   11,601   9,649 
Income Taxes  1,490   707   836   623   932   2,197   1,768 
Net Income  6,180   3,224   3,193   3,875   4,114   9,404   7,881 
Other Comprehensive Income (Loss) (Net of Tax):                            
Net unrealized gain (loss) on available-for-sale securities  3,061   1,749   2,374   (617)  (344)  4,810   (2,815)
Reclassification adjustment for (gain) loss on sale of available-for-sale securities  -   26   19   (10)  -   26   - 
Net unrealized gain (loss) on available-for-sale securities  3,061   1,775   2,393   (627)  (344)  4,836   (2,815)
Tax expense (benefit)  643   373   503   (132)  (72)  1,016   (591)
Other comprehensive income (loss)  2,418   1,402   1,890   (495)  (272)  3,820   (2,224)
Comprehensive Income $8,598  $4,626  $5,083  $3,380  $3,842  $13,224  $5,657 
Basic and Diluted Earnings Per Share $0.56  $0.29  $0.34  $0.42  $0.44  $0.85  $0.85 
Dividends Declared $0.15  $0.15  $0.15  $0.14  $0.14  $0.30  $0.27 
                             
                             

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)
 
 June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018
 (Unaudited)        
Assets                     
Cash and due from banks $108,085  $48,740  $37,492  $28,782  $31,838 
Federal funds sold    15,193     33,109     873     939     726 
 Total cash and cash equivalents  123,278   81,849   38,365   29,721   32,564 
                      
Interest-bearing time deposits  4,509   4,509   4,019   4,019   4,019 
Securities - available-for-sale  204,415   174,682   168,447   183,075   187,036 
Other securities, at cost  5,789   5,789   3,679   3,717   3,717 
Loans held for sale  1,909   859   495   1,679   913 
Loans, net  1,084,448   1,091,829   839,599   831,943   824,226 
Premises and equipment  26,013   25,205   22,615   22,117   21,957 
Goodwill  47,340   47,340   4,074   4,074   4,074 
Mortgage servicing rights  2,465   2,397   2,385   2,373   2,356 
Other real estate owned  329   510   600   717   649 
Bank owned life insurance  15,050   14,963   14,884   14,799   14,692 
Other assets    15,002     15,729     17,001     9,778     9,129 
                      
Total Assets $  1,530,547  $  1,465,661  $  1,116,163  $  1,108,012  $  1,105,332 
 Liabilities and Stockholders' Equity                    
Liabilities                    
Deposits                    
 Noninterest-bearing $242,510  $236,847  $215,422  $197,088  $200,067 
 Interest-bearing                    
 NOW accounts  430,505   418,773   298,254   314,873   311,185 
 Savings  293,179   272,875   227,701   230,306   238,167 
 Time    276,153     258,929     187,413     186,592     181,347 
 Total deposits  1,242,347   1,187,424   928,790   928,859   930,766 
                      
 Federal Funds Purchased and                    
 securities sold under agreements to repurchase  27,102   25,521   32,181   27,026   23,898 
 Federal Home Loan Bank (FHLB) advances  24,532   24,682   -   5,000   5,000 
 Dividend payable  1,654   1,654   1,379   1,287   1,284 
 Accrued expenses and other liabilities    10,865     9,446     10,526     6,493     6,808 
 Total liabilities    1,306,500     1,248,727     972,876     968,665     967,756 
                      
Commitments and Contingencies                    
                      
Stockholders' Equity                    
 Common stock - No par value 20,000,000 shares authorized; issued                    
 and outstanding 12,230,000 shares 6/30/19, 10,400,000 shares 12/31/18  81,955   81,760   10,823   10,589   11,842 
 Treasury stock - 1,123,817 shares 6/30/19, 1,114,739 shares 12/31/18  (12,707)  (12,680)  (12,409)  (12,409)  (12,186)
 Retained earnings  153,993   149,466   147,887   146,072   142,330 
 Accumulated other comprehensive income (loss)    806     (1,612)    (3,014)    (4,905)    (4,410)
 Total stockholders' equity    224,047     216,934     143,287     139,347     137,576 
                      
Total Liabilities and Stockholders' Equity $  1,530,547  $  1,465,661  $  1,116,163  $  1,108,012  $  1,105,332 
                      

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA
                     
  For the Three Months Ended For the Six Months Ended
Selected financial data June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 June 30, 2019  June 30, 2018
Return on average assets  1.63%  1.00%  1.15%  1.40%  1.48% 1.32%  1.41%
Return on average equity  11.21%  7.16%  9.04%  11.19%  12.08% 8.63%  11.64%
Yield on earning assets  5.25%  4.80%  4.52%  4.52%  4.41% 5.03%  4.35%
Cost of interest bearing liabilities  1.45%  1.26%  0.92%  0.92%  0.79% 1.36%  0.78%
Net interest spread  3.80%  3.54%  3.60%  3.60%  3.62% 3.57%  3.57%
Net interest margin  4.18%  3.87%  3.85%  3.85%  3.83% 3.78%  3.78%
Efficiency  56.00%  73.11%  67.59%  63.86%  60.89% 64.09%  60.55%
Dividend payout ratio  26.78%  42.77%  43.16%  33.21%  31.21% 32.26%  31.43%
Tangible book value per share (1) $15.49  $14.90  $14.96  $14.53  $14.36      
Tier 1 capital to average assets  11.77%  13.35%  12.81%  12.63%  12.38%     
                     
         
Loans June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018     
(Dollar amounts in thousands)                    
Commercial real estate $443,257  $440,993  $419,784  $417,217  $411,509      
Agricultural real estate  193,768   191,752   68,609   68,548   69,701      
Consumer real estate  159,540   160,967   80,766   83,134   82,853      
Commercial and industrial  125,609   137,949   121,793   119,536   116,351      
Agricultural  113,755   112,898   108,495   103,624   104,830      
Consumer  48,952   47,647   41,953   41,444   40,513      
Industrial development bonds  7,341   7,392   5,889   6,005   6,071      
Less: Net deferred loan fees and costs  (1,091)  (1,133)  (915)  (810)  (813)     
Total loans,net $1,091,131  $1,098,465  $846,374  $838,698  $831,015      
                     
         
Asset quality data June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018     
(Dollar amounts in thousands)                    
Nonaccrual loans $1,328  $1,188  $542  $483  $903      
Troubled debt restructuring $981  $102  $178  $205  $218      
90 day past due and accruing $-  $-  $-  $-  $-      
Nonperforming loans $1,328  $1,188  $542  $483  $903      
Other real estate owned $329  $510  $600  $717  $649      
Nonperforming assets $1,657  $1,698  $1,142  $1,200  $1,552      
                     
(Dollar amounts in thousands)                    
Allowance for loan and lease losses $6,964  $6,636  $6,755  $6,755  $7,104      
Allowance for loan and lease losses/total loans  0.64%  0.60%  0.80%  0.81%  0.85%     
Net charge-offs:                    
Quarter-to-date $86  $169  $84  $81  $143      
Year-to-date $255  $169  $417  $332  $251      
Net charge-offs to average loans                    
Quarter-to-date  0.01%  0.02%  0.01%  0.01%  0.02%     
Year-to-date  0.02%  0.02%  0.05%  0.04%  0.03%     
Nonperforming loans/total loans  0.12%  0.11%  0.06%  0.06%  0.11%     
Allowance for loan and lease losses/nonperforming loans  375.51%  558.92%  1249.57%  1399.58%  751.49%     
                     
(1)  Tangible Equity = Stockholder Equity less goodwill and other intangibles (core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities)      
                     

 

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
(in thousands of dollars, except per share data)
PRO-FORMA EARNINGS PER SHARE
         
  Pro-forma Three Months Ended Pro-forma Six Months Ended
  June 30, June 30, June 30, June 30,
   2019   2018   2019   2018 
Earnings per share                
Net income $6,149  $6,787  $10,402  $11,589 
Less: distributed earnings allocated to participating securities  (11)  (13)  (23)  (25)
Less: undistributed earnings allocated to participating securities  (33)  (43)  (52)  (72)
Net earnings available to common shareholders $6,105  $6,731  $10,327  $11,492 
                 
                 
Weighted average common shares outstanding including participating securities  11,106,367   11,095,898   11,098,149   11,095,928 
Less: average unvested restricted shares  (77,304)  (92,368)  (80,343)  (92,398)
Weighted average common shares outstanding  11,029,063   11,003,530   11,017,806   11,003,530 
Basic earnings and diluted per share $0.56  $0.61  $0.94  $1.04 

The results of operations of Bank of Geneva have been included in the Company’s consolidated financial statements since the acquisition date of January 1, 2019.  The following schedule includes pro-forma results for the three and six months ended June 30, 2019 and 2018 as if the Bank of Geneva acquisitions had occurred as of the beginning of the comparable prior reporting period.

 
 
FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)
           
             
  For the Three Months Ended For the Three Months Ended
  June 30, 2019 June 30, 2018
Interest Earning Assets: Average Balance Interest/Dividends Yield/Rate Average Balance Interest/Dividends Yield/Rate
Loans $1,107,271 $16,723 6.04% $833,932 $10,521 5.05%
Taxable Investment Securities  169,776  933 2.20%  149,284  707 1.89%
Tax-exempt Investment Securities  33,622  170 2.56%  50,663  247 2.47%
Fed Funds Sold & Other  85,145  457 2.15%  19,315  62 1.28%
Total Interest Earning Assets  1,395,814  18,283 5.25%  1,053,194  11,537 4.41%
                   
Nonearning Assets  117,185        61,343      
                   
Total Assets $1,512,999       $1,114,537      
                   
Interest Bearing Liabilities:                  
Savings Deposits $718,731 $2,006 1.12% $558,826 $835 0.60%
Other Time Deposits  265,113  1,333 2.01%  181,590  554 1.22%
Other Borrowed Money  24,668  269 4.36%  5,000  20 1.60%
Fed Funds Purchased & Securities                  
Sold under Agreement to Repurch.  26,231  141 2.15%  26,292  118 1.80%
Total Interest Bearing Liabilities  1,034,743  3,749 1.45%  771,708  1,527 0.79%
                   
Noninterest bearing Liabilities    257,765           206,602       
                   
Stockholders Equity $220,491       $136,227      
                   
Net Interest Income and interest rate spread     14,534 3.80%     10,010 3.62%
                   
Net Interest Margin       4.18%       3.83%
                   
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
         
             
             
  For the Six Months Ended For the Six Months Ended
  June 30, 2019 June 30, 2018
Interest Earning Assets: Average Balance Interest/Dividends Yield/Rate Average Balance Interest/Dividends Yield/Rate
Loans $1,107,649 $31,403 5.67% $829,545 $20,623 4.97%
Taxable Investment Securities  160,830  1,775 2.21%  150,464  1,426 1.90%
Tax-exempt Investment Securities  34,067  340 2.53%  50,245  487 2.45%
Fed Funds Sold & Other  59,526  627 2.11%  19,435  137 1.41%
Total Interest Earning Assets  1,362,072  34,145 5.03%  1,049,689  22,673 4.35%
                  
Nonearning Assets  59,609        65,358      
                  
Total Assets $1,421,681       $1,115,047      
                   
Interest Bearing Liabilities:                  
Savings Deposits $695,302 $3,533 1.02% $555,181 $1,576 0.57%
Other Time Deposits  253,991  2,419 1.90%  183,729  1,132 1.23%
Other Borrowed Money  26,424  556 4.21%  5,000  40 1.60%
Fed Funds Purchased & Securities                  
Sold under Agreement to Repurch.  30,012  326 2.17%  26,689  242 1.81%
Total Interest Bearing Liabilities  1,005,729  6,834 1.36%  770,599  2,990 0.78%
                   
Noninterest bearing Liabilities    198,042           208,991       
                   
Stockholders Equity $217,910       $135,457      
                   
Net Interest Income and interest rate spread     27,311 3.67%     19,683 3.57%
                   
Net Interest Margin       4.03%       3.78%
 
  Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
  

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