Farmers & Merchants Bancorp reports record fourth quarter

The Farmers & Merchants Bank at 7001 Lighthouse Way in Perrysburg is pictured Friday May 5, 2017.

ARCHBOLD, Ohio — Farmers & Merchants Bancorp Inc. on Friday reported record fourth-quarter earnings of $3.4 million, or 37 cents a share, up 7.6 percent from the same period a year ago when earnings were $3.1 million, or 35 cents a share.

The Archbold company, which owns Farmers & Merchants State Bank, said it had net interest income of $9.4 million in the quarter, up from $8.4 million a year ago, and its provisions for loan losses totaled $25,000, down from $197,000 a year ago.

The Fulton County bank also reported it had a record net income in 2017 of $12.7 million, or a 9.1 percent increase from 2016 when it had $11.6 million in net income. Also, the company's basic and diluted earnings per share increased 8.7 percent to a record $1.3 million.

Paul S. Siebenmorgen, company president and CEO, attributed the financial gains to the company’s focus on loan growth, opening three new branches in the last three years, and stability in the markets.

"Across the board, 2017 was an historic year of achievements for Farms & Merchants as our bank attained record financial and operating results," he said. "The growth we achieved during 2017 was a direct result of the company’s focus on loan growth, the contribution of the three new branches we have opened in the past three years, and stable economic trends across our markets."

The bank, which declared a 2-for-1 stock split in September, closed the year with its stock at $40.80 after starting 2017 at $17.50 a share.