Farmers & Merchants Bancorp reported net income of $23.0 million, or $32.86 per diluted common share, for the first quarter of 2025. This represents an increase compared to $22.7 million, or $30.56 per diluted common share, in the first quarter of 2024.
The company's net interest income for the quarter ended March 31, 2025, was $53.1 million, up from $51.7 million in the same quarter of 2024. The net interest margin expanded to 4.20% in Q1 2025, driven by a decrease in deposit costs and disciplined loan pricing. The expense efficiency ratio improved to 43.86% from 44.94% year-over-year.
Total assets grew to $5.7 billion, with cash and cash equivalents increasing by $394.7 million to $607.3 million, partly due to $250.0 million in brokered deposits acquired to manage liquidity. Total deposits increased by $278.8 million, or 5.93%, to $5.0 billion. Credit quality remained solid with non-accrual loans at $193,000, and capital ratios continued to strengthen, with a total risk-based capital ratio of 15.23%.
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