Farmers and Merchants Bank Q4 net income rises
Overview
Maryland bank's Q4 net income rose significantly yr/yr
Net interest income for Q4 increased yr/yr
Company achieved 35% increase in annual net income
Outlook
Company did not provide specific guidance for future quarters or the full year in its press release
Result Drivers
LOAN PORTFOLIO GROWTH - Co attributed 35% increase in net income to growth in loan portfolio and reduced funding costs
NET INTEREST INCOME - Increase driven by higher yield on interest-earning assets and reduced cost of interest-bearing liabilities
NONINTEREST INCOME - Gains in mortgage banking revenue, bank owned life insurance income, and gains on SBA loan sales contributed to increase
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Net Income |
| $1.70 mln |
|
Q4 Net Interest Income |
| $6.55 mln |
|
Q4 Basic EPS |
| $0.53 |
|
Q4 Pretax Profit |
| $2.25 mln |
|
Press Release: ID:nGNX9z1HFg
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