By Sam Boughedda
Investing.com -- Farmers & Merchants Bancorp Inc (NASDAQ:FMAO) shares rose 5.13% on Wednesday after it reported better than expected first-quarter results.
The bank reported net income increased to a quarterly record of $8.1 million, a 65% gain from the $4.9 million reported a year ago. Earnings per share of 62 cents beat forecasts of 57 cents, a 40.9% increase from last year.
Revenue came in at $24.13 million, beating analyst estimates of $23.93 million.
"F&M achieved record financial results for the first quarter, as our business benefits from the Perpetual Federal Savings Bank, Inc., and Ossian Financial Services, Inc. acquisitions, the Adams County Financial Resources asset purchase, our new Fort Wayne office, our three new LPOs, and the completion of our office realignment program," stated President and CEO, Lars Eller.
Total deposits also increased by 33.8% to $2.25 billion during the quarter, with the company stating it sees growing preferences for more stable and secure saving instruments,
The company also declared dividend payments of 19 cents a share for the first quarter of 2022, an 11.8% increase from 2021.