Farmers & Merchants Bancorp (FMCB) Reports Second Quarter 2024 Earnings
Second Quarter 2024 Highlights
LODI, Calif., July 17, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported second quarter net income of $21.8 million, or $29.39 per diluted common share compared with $21.3 million, or $28.03 per diluted common share, for the second quarter of 2023 an increase of 4.85% on a per share basis. Annualized return on average assets was 1.58% and return on average equity was 15.33% for the second quarter of 2024 compared with 1.65% and 16.60% for the same period the prior year. The expense efficiency ratio for the second quarter of 2024 improved to 45.77% compared with 46.35% for the same period the prior year.
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