Farmers and Merchants Bank Q2 Net Income More Than Doubles, Sets $10M Buyback
FMBL sits 65% above its 52-week low of $5,550 on light trading volume (0.2× avg).
Summary
Net income more than doubled year-over-year, driven by higher interest income, a non-interest income surge, and a credit loss recapture. Net interest margin expanded to 2.81% from 2.42%. The board approved a new $10 million stock repurchase plan through year-end. With shares trading near a 52-week high, the buyback signals confidence in continued capital strength. Steady Fed rates are expected to support further margin expansion in the second half.
At the time of this announcement, FMBL was trading at $9,164.96 on OTC in the Finance sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $5,550.00 to $9,257.00. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.