Farmers and Merchants Bank Maryland Q3 net income rises

Farmers and Merchants Bank (Maryland)

Yesterday 14:14

Overview
US community bank's Q3 net income and EPS rose yr/yr
Net interest income for Q3 increased from prior year
Company saw higher noninterest expenses, mainly from increased staffing and operational costs

Outlook
Company did not provide specific financial guidance for future quarters or the full year in the press release

Result Drivers
NET INTEREST INCOME - Co said Q3 net interest income rose due to wider net yield on interest-earning assets and higher average earning assets
NO CREDIT LOSS PROVISION - Co did not record provision for credit losses in Q3, compared to prior yr when provision was made for a foreclosed loan
NONINTEREST EXPENSES - Co said higher noninterest expenses were mainly due to increased salaries, benefits, occupancy, equipment, and card costs

Company press release: ID:nGNX6hpsTf

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
 
$2.03 mln
 
Q3 Net Interest Income
 
$7.17 mln
 
Q3 Basic EPS
 
$0.62
 
Q3 Pretax Profit
 
$2.67 mln
 

Reuters Recommended Reads
Oct 21 - Fidelity D&D Bancorp Q3 net income rises on loan growth
Oct 21 - Parke Bancorp's Q3 net income rises, helped by loan growth
Oct 19 - Peoples Bancorp of North Carolina Q3 net earnings rise on loan growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)