LODI — Farmers & Merchants Bancorp announced that it earned a record net income with $27.4 million for the year-ending Dec. 31, 2015. The total was an increase of 7.8 percent over the prior year.
The strong performance resulted in basic earnings per common share of $34.82, return on average assets of 1.12 percent and return on average equity of 11.21 percent. Total assets at year-end were $2.6 billion, up 10.8 percent over the prior year.
“We are very pleased with the company’s significant organic growth in both loans and deposits, which allowed us to report solid profit growth for 2015 and a strong return on average assets and equity,” Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated in a press release. “Despite continuing pressures on the industry’s net interest margin, Farmers & Merchants Bancorp maintained its position as one of the best performing banks in California.”
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