Farmers & Merchants Bancorp Inc . (NASDAQ: NASDAQ:FMAO) has announced a change in its independent registered public accounting firm, according to a recent SEC filing.
On Monday, the company's Audit Committee selected Plante & Moran, PLLC (PM) to audit its accounts for the year ending December 31, 2025, subject to standard client acceptance procedures and the execution of an engagement letter.
This decision followed a thorough proposal request process in which several firms were evaluated. It marks a shift from the company's previous auditor, Forvis Mazars, LLP, which will complete the audit for fiscal year 2024 before its dismissal takes effect.
Farmers & Merchants Bancorp (NASDAQ:MBIN) has stated that during the fiscal years 2022 and 2023, and up until July 29, 2024, there were no disagreements with Forvis Mazars, LLP on accounting principles or practices, financial statement disclosure, or audit scope or procedures that would have impacted their audit reports.
Forvis Mazars, LLP's audit reports on the company's consolidated financial statements for the past two years did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified regarding uncertainty, audit scope, or accounting principles. Similarly, the reports on the effectiveness of internal control over financial reporting for the same period were free of adverse opinions or disclaimers.
Furthermore, Forvis Mazars, LLP has been asked to furnish a letter to the SEC confirming their agreement with the statements made by Farmers & Merchants Bancorp regarding their audit reports and the absence of disagreements.
Farmers & Merchants Bancorp reported total assets of $3.28 billion as of December 31, 2023, and an increase in its quarterly cash dividend by 4.8% to $0.22 per share. The company has also expanded its operations into Indiana and Michigan under the leadership of CEO Lars Eller, a move recognized for its potential for long-term growth. Furthermore, the company's subsidiary, F&M Bank, appointed Mark Hutchinson as Treasurer, adding to his two decades of experience in the financial sector.
Piper Sandler recently initiated coverage on Farmers & Merchants Bancorp with a 'Neutral' rating, citing the bank's historical strength in agricultural lending and underwriting. The investment firm also noted the company's strategic growth initiatives and robust risk management practices.
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