GlobeNewswire Inc | Jul 22, 2020 04:00PM EDT

July 22, 2020

ARCHBOLD, Ohio, July 22, 2020 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2020 second quarter and year-to-date June 30, 2020.

2020 Second Quarter Financial and Operating Highlights Include (on a year-over-year basis unless noted):

-- Net income was $4.8 million, and included a $1.4 million increase in the provision for loan losses as a result of the COVID-19 crisis -- Noninterest income increased 11.6% to $3.3 million -- Strong organic growth drove a 23.1% increase in net total loans and a 18.9% increase in total deposits -- Approved 947 PPP applications for $87.0 million during the second quarter -- Year-to-date, net charge-offs to average loans was 0.02%, compared to 0.02% for the same period last year -- Return on average assets was 1.10%, compared to 1.63% for the same period last year (last years second quarter included a one-time $1.4 million tax adjusted recovery benefit) -- F&M remains well capitalized under regulatory guidelines with a Tier 1 capital to average assets of 10.70% -- F&M continues investing in its strategic growth plan and, during the quarter, added new leadership talent and opened two new loan production offices in Muncie, IN and Oxford, OH

Through the course of the COVID-19 pandemic, the health and safety of our customers, employees and communities has remained our highest priority. On June 15, 2020, all F&M offices reopened to provide customers with full lobby access, while operating with new safety procedures to do our part in limiting the spread of the coronavirus, stated Lars B. Eller, President and Chief Executive Officer.

F&M is dedicated to helping our communities through supportive financial relief programs. The high level of interest-only modifications compared to payment deferrals is encouraging and demonstrates the strong asset quality and lending relationships we had prior to the crisis. Specifically, we have only received $32.5 million of payment deferrals and $124.0 million of loans have entered into interest-only modifications as of June 30, 2020. Combined deferrals and interest-only modifications represent only 11.7% of our net total loans at the end of the second quarter. F&M has no exposure to the energy sector, while our exposure to industries most likely impacted by the pandemic remains limited. Loans in the restaurant, hospitality (hotel) and entertainment industries represent 8.63% of our total loan portfolio at June 30, 2020. In addition, our total past due balance remains low and was $6.2 million, or 0.46% of net total loans at June 30, 2020.

Mr. Eller continued, Through our Paycheck Protection Program efforts, 947 loans to small business customers have been approved by the Small Business Administration for total consideration of nearly $87 million. The success of this program has helped F&M provide the necessary financial resources to many small business customers who employ over 12,400 people. I am extremely grateful to all our employees for their hard work and dedication as we support our local communities through the COVID-19 crisis.

Income StatementNet income for the 2020 second quarter ended June 30, 2020, was $4.8 million, compared to $6.2 million for the same period last year. Net income for the 2019 second quarter included $31,000 of one-time acquisition related expenses and a $1.4 million tax-adjusted benefit from recoveries. Net income per basic and diluted share for the 2020 second quarter was $0.43, compared to $0.56 for the same period last year. One-time acquisition related expenses had no impact on earnings per basic and diluted share for the 2019 second quarter, while the benefit from recoveries enhanced earnings per basic and diluted share by $0.14 for the 2019 second quarter.

Net income for the 2020 first half ended June 30, 2020, was $8.9 million, compared to $9.4 million for the same period last year. Net income for the 2019 first half included $1.2 million of one-time acquisition related expenses and a $1.4 million tax-adjusted benefit from recoveries. Net income per basic and diluted share for the 2020 first half was $0.80, compared to $0.85 for the same period last year. 2019 first half earnings included $0.09 per basic and diluted share of one-time acquisition related expenses and a $0.14 per basic and diluted share benefit from recoveries.

Mr. Eller continued, We are working hard to diversify our sources of income, while controlling expenses and reducing our cost of funds to help offset the March 2020 Federal Reserve emergency rate cuts. Noninterest income increased 11.6% to $3.3 million in the second quarter, the highest quarterly amount in nearly eight years, primarily due to higher home loans originated during the quarter. Our cost of interest-bearing liabilities was 0.91% for the 2020 second quarter, a 49-basis point reduction from 1.40% at December 31, 2019. Meanwhile, we continue to control expenses and our efficiency ratio for the six months ended June 30, 2020 was 60.43%, compared to 64.09% for the same period last year.

DepositsAt June 30, 2020, total deposits were $1.477 billion, an increase of 18.9% from June 30, 2019. The significant organic deposit growth being experienced is a result of continued strength in expanding relationships with new and existing customers, and the benefits of PPP activity. In addition, we continue to see growing customer preferences to more stable and secure saving instruments as deposits have increased since the COVID-19 crisis began.

Loan Portfolio and Asset QualityTotal loans, net at June 30, 2020, increased 23.1% or by $250.3 million to $1.335 billion, compared to $1.084 billion at June 30, 2019, and up 10.2% from $1.212 billion at December 31, 2019. The year-over-year improvement resulted primarily from the contribution of strong organic loan growth and $87.0 million of PPP loans originated during the 2020 second quarter.

Mr. Eller continued, We continue preparing for a potential economic downturn in the future and have stress tested nearly all the loans in our portfolio. In addition, for the 2020 six-months ended June 30, 2020, our provision for loan losses was $2.8 million higher than the same period last year as we proactively increased the allowance for loan and lease losses. While we increase our reserves, our asset quality remains strong and is in line with pre-crisis levels. This is a testament to our strong leadership team and long history of prudent credit practices. We remain conservative in our approach to risk and disciplined in pricing, which combined with F&Ms financial position and capital levels, provide us with the right resources and platform to navigate this challenging period.

Focused on Operational Excellence Across our organization we are focused on operational excellence aimed at responding to the current economic environment, while pursuing our long-term strategic growth initiatives. During the second quarter, we accelerated investments in our digital infrastructure to support our employees ability to work from home and to make it easier for our customers to engage with the bank electronically. We also recently hired Shalini Singhal as our new Chief Information Officer. Shalini is a proven CIO who will lead our digital efforts, and I am excited by the motivated and experienced leadership team we are assembling. In addition, we opened two new loan production offices in Muncie, IN and Oxford, OH, and broke ground on a new full-service office in Ft. Wayne.

The COVID-19 pandemic continues to have an unprecedented impact on the country and our thoughts go out to anyone who has been impacted by the virus. At F&M we remain committed to building strong relationships with our communities and helping our customers navigate the challenges associated with the COVID-19 crisis. We are all in this together and F&M is focused on providing support for you and us, concluded Mr. Eller.

Stockholders Equity and DividendsTotal stockholders equity increased 7.3% to $240.3 million at June 30, 2020, from $224.0 million at June 30, 2019. At June 30, 2020, the company had a Tier 1 leverage ratio of 10.70%, compared to 11.77% at June 30, 2019.

Tangible stockholders equity increased to $181.7 million at June 30, 2020, compared to $172.0 million at June 30, 2019. On a per share basis, tangible stockholders equity at June 30, 2020, was $16.33 per share, compared to $15.49 per share at June 30, 2019.

For the six months ended June 30, 2020, the Company has declared cash dividends of $0.32 per share, which is a 6.7% increase over the 2019 six month declared dividend payment. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for over 20 consecutive years. For the six months ended June 30, 2020, the dividend payout ratio was 39.69% compared to 32.26% for the same period last year.

About Farmers & Merchants State Bank: The Farmers & Merchants State Bank is a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services through its 30 offices. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, and Steuben counties.

Safe harbor statementFarmers & Merchants Bancorp, Inc. (F&M) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including managements expectations and comments, may not be based on historical facts and are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&Ms SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SECs website, www.sec.gov or through F&Ms website www.fm.bank.

Non-GAAP Financial Measures This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME(Unaudited) (in thousands of dollars, except per share data)

Three Months Ended Six Months Ended June 30, March 31, December 31, September June 30, June 30, June 30, 2020 2020 2019 30, 2019 2019 2020 2019Interest Income Loans, $ 16,192 $ 15,883 $ 15,608 $ 15,202 $ 16,723 $ 32,075 $ 31,403 including feesDebt securities:U.S. Treasuryand government 767 1,146 840 972 816 1,913 1,529 agenciesMunicipalities 243 262 225 190 211 505 422 Dividends 26 45 60 69 76 71 164 Federal funds 5 6 97 120 162 11 199 soldOther. 40 122 319 459 295 162 428 Total interest 17,273 17,464 17,149 17,012 18,283 34,737 34,145 incomeInterest ExpenseDeposits 2,254 2,901 3,336 3,654 3,339 5,155 5,952 Federal fundspurchased and securities soldunderagreements to 187 244 207 201 141 431 326 repurchaseBorrowed funds 257 266 270 257 269 523 556 Total interest 2,698 3,411 3,813 4,112 3,749 6,109 6,834 expenseNet InterestIncome - Before 14,575 14,053 13,336 12,900 14,534 28,628 27,311 Provision for LoanLossesProvision for 1,569 1,430 728 247 133 2,999 163 Loan LossesNet InterestIncome After 13,006 12,623 12,608 12,653 14,401 25,629 27,148 Provision For LoanLossesNoninterest IncomeCustomer 2,258 1,586 1,732 1,722 1,694 3,844 3,272 service feesOther servicecharges and 704 1,039 1,132 1,179 1,091 1,743 2,132 feesNet gain on 364 227 119 260 196 591 298 sale of loansNet gain (loss) onsale of - 270 - - - 270 (26 )available-for-salesecuritiesTotalnoninterest 3,326 3,122 2,983 3,161 2,981 6,448 5,676 incomeNoninterest ExpenseSalaries and 4,043 4,223 4,029 4,158 3,830 8,266 8,142 wagesEmployee 1,218 1,677 1,410 1,331 1,223 2,895 2,817 benefitsNet occupancy 564 564 406 630 614 1,128 1,281 expenseFurniture and 750 758 596 720 763 1,508 1,459 equipmentData processing 408 442 396 482 376 850 1,675 Franchise taxes 369 368 246 248 229 737 487 ATM expense 376 414 434 416 418 790 865 Advertising 265 303 340 587 382 568 642 Net (gain) losson sale of (7 ) 1 16 22 28 (6 ) 43 other assetsownedFDIC assessment 144 72 (11 ) - 98 216 194 Mortgageservicing 356 132 158 149 105 488 180 rightsamortizationConsulting fees 217 139 264 196 95 356 208 Other generaland 1,691 1,602 1,482 1,667 1,551 3,293 3,230 administrativeTotalnoninterest 10,394 10,695 9,766 10,606 9,712 21,089 21,223 expenseIncome Before 5,938 5,050 5,825 5,208 7,670 10,988 11,601 Income TaxesIncome Taxes 1,134 945 1,102 933 1,490 2,079 2,197 Net Income 4,804 4,105 4,723 4,275 6,180 8,909 9,404 OtherComprehensive Income (Loss)(Net of Tax):Net unrealizedgain (loss) on 661 4,998 (472 ) 841 3,061 5,659 4,810 available-for-salesecuritiesReclassificationadjustment forrealized (gain) - (270 ) - - - (270 ) 26 loss on sale ofavailable-for-salesecuritiesNet unrealizedgain (loss) on 661 4,728 (472 ) 841 3,061 5,389 4,836 available-for-salesecuritiesTax expense 139 993 (99 ) 176 643 1,132 1,016 (benefit)Othercomprehensive 522 3,735 (373 ) 665 2,418 4,257 3,820 income (loss)Comprehensive $ 5,326 $ 7,840 $ 4,350 $ 4,940 $ 8,598 $ 13,166 $ 13,224 IncomeBasic andDiluted $ 0.43 $ 0.37 $ 0.43 $ 0.38 $ 0.56 $ 0.80 $ 0.85 Earnings PerShareDividends $ 0.16 $ 0.16 $ 0.16 $ 0.15 $ 0.15 $ 0.32 $ 0.30 Declared

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except share data) June 30, 2020 March 31, 2020 December 31, September 30, June 30, 2019 2019 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Assets Cash and due from banks $ 54,336 $ 49,844 $ 50,137 $ 103,188 $ 108,085 Federal funds sold 31,105 40,993 1,159 11,404 15,193 Total cash and cash 85,441 90,837 51,296 114,592 123,278 equivalents Interest-bearing time 4,636 4,869 4,309 4,554 4,509 deposits Securities - 236,292 204,121 222,293 190,465 204,415 available-for-sale Other securities, at 5,810 5,810 5,810 5,789 5,789 cost Loans held for sale 11,445 2,153 4,248 606 1,909 Loans, net 1,334,790 1,239,108 1,211,771 1,151,937 1,084,448 Premises and equipment 26,049 26,120 26,351 25,990 26,013 Goodwill 47,340 47,340 47,340 47,340 47,340 Mortgage servicing 2,740 2,672 2,629 2,556 2,465 rights Other real estate owned 135 185 214 351 329 Bank owned life 15,399 15,313 15,235 15,151 15,050 insurance Other assets 14,370 16,597 15,834 15,549 15,002 Total Assets $ 1,784,447 $ 1,655,125 $ 1,607,330 $ 1,574,880 $ 1,530,547 Liabilities and Stockholders' EquityLiabilities Deposits Noninterest-bearing $ 336,027 $ 261,786 $ 265,156 $ 261,719 $ 242,510 Interest-bearing NOW accounts 504,846 463,734 423,655 430,646 430,505 Savings 374,871 341,256 322,973 310,667 293,179 Time 261,631 281,931 276,563 274,996 276,153 Total deposits 1,477,375 1,348,707 1,288,347 1,278,028 1,242,347 Federal Funds Purchased and securities sold under 30,949 30,585 48,073 30,056 27,102 agreements to repurchase Federal Home Loan Bank 19,087 24,788 24,806 24,669 24,532 (FHLB) advances Dividend payable 1,768 1,768 1,768 1,657 1,654 Accrued expenses and 14,971 12,820 14,078 13,062 10,865 other liabilities Total liabilities 1,544,150 1,418,668 1,377,072 1,347,472 1,306,500 Commitments and Contingencies Stockholders' Equity Common stock - No parvalue 20,000,000 shares authorized; issued and outstanding12,230,000 shares 6/30/20 82,134 81,844 81,535 81,264 81,955 and 12/31/19Treasury stock - 1,100,975shares 6/30/20, 1,093,065 (12,668 ) (12,636 ) (12,456 ) (12,453 ) (12,707 ) shares 12/31/19 Retained earnings 165,476 162,416 160,081 157,126 153,993 Accumulated other 5,355 4,833 1,098 1,471 806 comprehensive income Total stockholders' 240,297 236,457 230,258 227,408 224,047 equity Total Liabilities and $ 1,784,447 $ 1,655,125 $ 1,607,330 $ 1,574,880 $ 1,530,547 Stockholders' Equity

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA For the Three Months Ended For the Six Months EndedSelected December 31, September 30, June Junefinancial data June 30, 2020 March 31, 2020 2019 2019 June 30, 2019 30, 30, 2020 2019Return on 1.10 % 1.02 % 1.18 % 1.10 % 1.63 % 1.06 % 1.32 % average assetsReturn on 8.07 % 7.06 % 8.26 % 7.54 % 11.21 % 7.57 % 8.63 % average equityYield on 4.25 % 4.66 % 4.63 % 4.74 % 5.25 % 4.44 % 5.03 % earning assetsCost ofinterest 0.91 % 1.22 % 1.40 % 1.55 % 1.45 % 1.06 % 1.36 % bearingliabilitiesNet interest 3.34 % 3.44 % 3.23 % 3.19 % 3.80 % 3.38 % 3.57 % spreadNet interest 3.59 % 3.75 % 3.60 % 3.60 % 4.18 % 3.67 % 3.78 % marginEfficiency 57.91 % 63.09 % 63.67 % 65.86 % 56.00 % 60.43 % 64.09 % Dividend payout 36.80 % 43.07 % 43.34 % 38.67 % 26.78 % 39.69 % 32.26 % ratioTangible bookvalue per share $ 16.33 $ 16.26 $ 16.01 $ 15.68 $ 15.49 (1)Tier 1 capitalto average 10.70 % 11.56 % 11.52 % 11.45 % 11.77 % assets Loans June 30, 2020 March 31, 2020 December 31, September 30, June 30, 2019 2019 2019(Dollar amounts in thousands)Commercial real $ 589,382 $ 570,217 $ 551,309 $ 502,137 $ 443,257 estateAgricultural 194,606 194,383 199,105 200,791 193,768 real estateConsumer real 174,069 174,731 165,349 159,074 159,540 estateCommercial and 223,842 143,261 135,631 130,150 125,609 industrialAgricultural 107,458 109,584 111,820 110,270 113,755 Consumer 50,108 49,022 49,237 49,552 48,952 Other 9,714 8,336 8,314 8,167 7,341 Less: Netdeferred loan (4,456 ) (1,893 ) (1,766 ) (1,445 ) (1,091 ) fees and costsTotal loans,net $ 1,344,723 $ 1,247,641 $ 1,218,999 $ 1,158,696 $ 1,091,131 Asset quality June 30, 2020 March 31, 2020 December 31, September 30, June 30, 2019 data 2019 2019(Dollar amounts in thousands)Nonaccrual $ 8,473 $ 3,344 $ 3,400 $ 3,275 $ 1,328 loansTroubled debt $ 7,034 $ 1,934 $ 956 $ 1,051 $ 981 restructuring90 day past due $ - $ - $ - $ - $ - and accruingNonperforming $ 8,473 $ 3,344 $ 3,400 $ 3,275 $ 1,328 loansOther real $ 135 $ 185 $ 214 $ 351 $ 329 estate ownedNonperforming $ 8,608 $ 3,529 $ 3,614 $ 3,626 $ 1,657 assets (Dollar amounts in thousands)Allowance forloan and lease $ 10,538 $ 8,533 $ 7,228 $ 6,759 $ 6,964 lossesAllowance forloan and lease 0.78% 0.68% 0.59% 0.58% 0.64% losses/totalloansNet charge-offs: $ 169 $ 125 $ 295 $ 171 $ 86 Quarter-to-date Year-to-date $ 294 $ 125 $ 685 $ 426 $ 255 Net charge-offsto average loans 0.01% 0.01% 0.03% 0.02% 0.01% Quarter-to-date Year-to-date 0.02% 0.01% 0.06% 0.04% 0.02% Nonperformingloans/total 0.63% 0.27% 0.28% 0.28% 0.12% loansAllowance forloan and leaselosses/ 117.24% 256.66% 187.17% 173.25% 375.51% nonperformingloans (1) Tangible Equity = Stockholder Equity less goodwill and other intangibles(core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities)

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) For the Three Months Ended For the Three Months Ended June 30, 2020 June 30, 2019 Interest Average Interest/ Annualized Average Interest/ AnnualizedEarning Balance Dividends Yield/Rate Balance Dividends Yield/Rate Assets:Loans $ 1,321,405 $ 16,192 4.90 % $ 1,107,271 $ 16,723 6.04 % TaxableInvestment 189,977 931 1.96 % 169,776 933 2.20 % SecuritiesTax-exemptInvestment 21,915 105 2.43 % 33,622 170 2.56 % SecuritiesFed Funds 93,041 45 0.19 % 87,248 457 2.10 % Sold & OtherTotalInterest 1,626,338 $ 17,273 4.25 % 1,397,917 $ 18,283 5.25 % EarningAssets Nonearning 125,730 115,082 Assets Total Assets $ 1,752,068 $ 1,512,999 InterestBearing Liabilities:Savings $ 859,644 $ 954 0.44 % 718,731 2,006 1.12 % DepositsOther Time 269,897 1,300 1.93 % 265,113 1,333 2.01 % DepositsOtherBorrowed 23,496 257 4.38 % 24,668 269 4.36 % MoneyFed FundsPurchased & Securities Soldunder 30,300 187 2.47 % 26,231 141 2.15 % Agreement toRepurch.TotalInterest $ 1,183,337 $ 2,698 0.91 % $ 1,034,743 $ 3,749 1.45 % BearingLiabilities Noninterestbearing 330,611 257,765 Liabilities Stockholders $ 238,120 $ 220,491 Equity Net InterestIncome and $ 14,575 3.34 % $ 14,534 3.80 % interestrate spread Net Interest 3.59 % 4.17 % Margin Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts For the Six Months Ended For the Six Months Ended June 30, 2020 June 30, 2019 Interest Average Interest/ Average Interest/Earning Balance Dividends Annualized Balance Dividends Annualized Assets:Loans $ 1,279,127 $ 32,075 5.02 % $ 1,107,649 $ 31,403 5.67 % TaxableInvestment 190,067 2,252 2.37 % 160,830 1,775 2.21 % SecuritiesTax-exemptInvestment 25,374 237 2.36 % 34,067 340 2.53 % SecuritiesFed Funds 71,927 173 0.48 % 59,526 627 2.11 % Sold & OtherTotalInterest 1,566,495 $ 34,737 4.44 % 1,362,072 $ 34,145 5.03 % EarningAssets Nonearning 117,818 59,609 Assets Total Assets $ 1,684,313 $ 1,421,681 InterestBearing Liabilities:Savings $ 816,610 $ 2,439 0.60 % 695,302 3,533 1.02 % DepositsOther Time 273,738 2,716 1.98 % 253,991 2,419 1.90 % DepositsOtherBorrowed 24,141 523 4.33 % 26,424 556 4.21 % MoneyFed FundsPurchased & Securities Soldunder 34,627 431 2.49 % 30,012 326 2.17 % Agreement toRepurch.TotalInterest $ 1,149,116 $ 6,109 1.06 % $ 1,005,729 6,834 1.36 % BearingLiabilities Noninterestbearing 299,859 198,042 Liabilities Stockholders $ 235,338 $ 217,910 Equity Net InterestIncome and $ 28,628 3.38 % $ 27,311 3.67 % interestrate spread Net Interest 3.67 % 4.03 % Margin Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

Company Contact: Investor and Media Contact:Lars B. Eller Andrew M. BergerPresident and Chief Executive Officer Managing DirectorFarmers & Merchants Bancorp, Inc. SM Berger & Company, Inc.(419) 446-2501 (216) 464-6400leller@fm.bank andrew@smberger.com