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Farmers & Merchants Bancorp, Inc. (FMAO)

NasdaqCM - NasdaqCM Real-time price. Currency in USD
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21.89+0.09 (+0.44%)
At close: 4:00PM EDT
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Previous close21.79
Open21.56
Bid21.80 x 800
Ask23.00 x 1000
Day's range21.56 - 22.35
52-week range17.40 - 31.80
Volume11,620
Avg. volume12,992
Market cap243.558M
Beta (5Y monthly)0.22
PE ratio (TTM)13.60
EPS (TTM)1.61
Earnings date19 Oct 2020 - 23 Oct 2020
Forward dividend & yield0.64 (2.94%)
Ex-dividend date26 Jun 2020
1y target est23.50
  • GlobeNewswire

    Farmers & Merchants Bancorp, Inc. Reports 2020 Second-Quarter and Year-to-Date Financial Results

    Strong Operating Performance Supports Communities, while Driving Loan and Deposit GrowthARCHBOLD, 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 year’s 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 Statement Net 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.”Deposits At 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 Quality Total 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&M’s 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 employee’s 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 Dividends Total 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 statement Farmers & 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 management’s 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&M’s 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 SEC’s website, www.sec.gov or through F&M’s 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 SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data)      Three Months Ended  Six Months Ended    June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019  June 30, 2020 June 30, 2019 Interest Income                 Loans, including fees  $16,192  $15,883  $15,608  $15,202 $16,723  $32,075  $31,403  Debt securities:                 U.S. Treasury and government agencies   767   1,146   840   972  816   1,913   1,529  Municipalities   243   262   225   190  211   505   422  Dividends   26   45   60   69  76   71   164  Federal funds sold   5   6   97   120  162   11   199  Other.   40   122   319   459  295   162   428  Total interest income   17,273   17,464   17,149   17,012  18,283   34,737   34,145  Interest Expense                 Deposits   2,254   2,901   3,336   3,654  3,339   5,155   5,952  Federal funds purchased and securities sold                 under agreements to repurchase   187   244   207   201  141   431   326  Borrowed funds   257   266   270   257  269   523   556  Total interest expense   2,698   3,411   3,813   4,112  3,749   6,109   6,834  Net Interest Income - Before Provision for Loan Losses  14,575   14,053   13,336   12,900  14,534   28,628   27,311  Provision for Loan Losses    1,569   1,430   728   247  133   2,999   163  Net Interest Income After Provision For Loan Losses  13,006   12,623   12,608   12,653  14,401   25,629   27,148  Noninterest Income                 Customer service fees   2,258   1,586   1,732   1,722  1,694   3,844   3,272  Other service charges and fees   704   1,039   1,132   1,179  1,091   1,743   2,132  Net gain on sale of loans   364   227   119   260  196   591   298  Net gain (loss) on sale of available-for-sale securities  -   270   -   -  -   270   (26) Total noninterest income   3,326   3,122   2,983   3,161  2,981   6,448   5,676  Noninterest Expense                 Salaries and wages   4,043   4,223   4,029   4,158  3,830   8,266   8,142  Employee benefits   1,218   1,677   1,410   1,331  1,223   2,895   2,817  Net occupancy expense   564   564   406   630  614   1,128   1,281  Furniture and equipment   750   758   596   720  763   1,508   1,459  Data 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) loss on sale of other assets owned   (7)  1   16   22  28   (6)  43  FDIC assessment   144   72   (11)  -  98   216   194  Mortgage servicing rights amortization   356   132   158   149  105   488   180  Consulting fees   217   139   264   196  95   356   208  Other general and administrative   1,691   1,602   1,482   1,667  1,551   3,293   3,230  Total noninterest expense   10,394   10,695   9,766   10,606  9,712   21,089   21,223  Income Before Income Taxes   5,938   5,050   5,825   5,208  7,670   10,988   11,601  Income 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  Other Comprehensive Income (Loss) (Net of Tax):                 Net unrealized gain (loss) on available-for-sale securities  661   4,998   (472)  841  3,061   5,659   4,810  Reclassification adjustment for realized (gain) loss on sale of available-for-sale securities  -   (270)  -   -  -   (270)  26  Net unrealized gain (loss) on available-for-sale securities  661   4,728   (472)  841  3,061   5,389   4,836  Tax expense (benefit)   139   993   (99)  176  643   1,132   1,016  Other comprehensive income (loss)   522   3,735   (373)  665  2,418   4,257   3,820  Comprehensive Income  $5,326  $7,840  $4,350  $4,940 $8,598  $13,166  $13,224  Basic and Diluted Earnings Per Share  $0.43  $0.37  $0.43  $0.38 $0.56  $0.80  $0.85  Dividends Declared  $0.16  $0.16  $0.16  $0.15 $0.15  $0.32  $0.30                                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, 2019 September 30, 2019 June 30, 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 equivalents  85,441   90,837   51,296   114,592   123,278                               Interest-bearing time deposits  4,636   4,869   4,309   4,554   4,509      Securities - available-for-sale  236,292   204,121   222,293   190,465   204,415      Other securities, at cost  5,810   5,810   5,810   5,789   5,789      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 rights  2,740   2,672   2,629   2,556   2,465      Other real estate owned  135   185   214   351   329      Bank owned life insurance  15,399   15,313   15,235   15,151   15,050      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' Equity                       Liabilities               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 agreements to repurchase  30,949   30,585   48,073   30,056   27,102      Federal Home Loan Bank (FHLB) advances  19,087   24,788   24,806   24,669   24,532      Dividend payable  1,768   1,768   1,768   1,657   1,654      Accrued expenses and other liabilities  14,971   12,820   14,078   13,062   10,865     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 par value 20,000,000 shares authorized; issued               and outstanding 12,230,000 shares 6/30/20 and 12/31/19  82,134   81,844   81,535   81,264   81,955    Treasury stock - 1,100,975 shares 6/30/20, 1,093,065 shares 12/31/19 (12,668)  (12,636)  (12,456)  (12,453)  (12,707)     Retained earnings  165,476   162,416   160,081   157,126   153,993      Accumulated other comprehensive income  5,355   4,833   1,098   1,471   806       Total stockholders' equity  240,297   236,457   230,258   227,408   224,047                             Total Liabilities and Stockholders' Equity $1,784,447  $1,655,125  $1,607,330  $1,574,880  $1,530,547                             FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES  SELECT FINANCIAL DATA                               For the Three Months Ended For the Six Months Ended  Selected financial data June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019  June 30, 2020  June 30, 2019  Return on average assets  1.10%  1.02%  1.18%  1.10%  1.63%  1.06%  1.32%  Return on average equity  8.07%  7.06%  8.26%  7.54%  11.21%  7.57%  8.63%  Yield on earning assets  4.25%  4.66%  4.63%  4.74%  5.25%  4.44%  5.03%  Cost of interest bearing liabilities  0.91%  1.22%  1.40%  1.55%  1.45%  1.06%  1.36%  Net interest spread  3.34%  3.44%  3.23%  3.19%  3.80%  3.38%  3.57%  Net interest margin  3.59%  3.75%  3.60%  3.60%  4.18%  3.67%  3.78%  Efficiency  57.91%  63.09%  63.67%  65.86%  56.00%  60.43%  64.09%  Dividend payout ratio  36.80%  43.07%  43.34%  38.67%  26.78%  39.69%  32.26%  Tangible book value per share (1) $16.33  $16.26  $16.01  $15.68  $15.49         Tier 1 capital to average assets  10.70%  11.56%  11.52%  11.45%  11.77%                                                 Loans June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019        (Dollar amounts in thousands)                       Commercial real estate $589,382  $570,217  $551,309  $502,137  $443,257         Agricultural real estate  194,606   194,383   199,105   200,791   193,768         Consumer real estate  174,069   174,731   165,349   159,074   159,540         Commercial and industrial  223,842   143,261   135,631   130,150   125,609         Agricultural  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: Net deferred loan fees and costs  (4,456)  (1,893)  (1,766)  (1,445)  (1,091)        Total loans,net $1,344,723  $1,247,641  $1,218,999  $1,158,696  $1,091,131                                                  Asset quality data June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019        (Dollar amounts in thousands)                       Nonaccrual loans $8,473 $3,344 $3,400 $3,275 $1,328        Troubled debt restructuring $7,034 $1,934 $956 $1,051 $981        90 day past due and accruing $- $- $- $- $-        Nonperforming loans $8,473 $3,344 $3,400 $3,275 $1,328        Other real estate owned $135 $185 $214 $351 $329        Nonperforming assets $8,608 $3,529 $3,614 $3,626 $1,657                                (Dollar amounts in thousands)                       Allowance for loan and lease losses $10,538 $8,533 $7,228 $6,759 $6,964        Allowance for loan and lease losses/total loans  0.78%  0.68%  0.59%  0.58%  0.64%        Net charge-offs:                         Quarter-to-date $169 $125 $295 $171 $86          Year-to-date $294 $125 $685 $426 $255        Net charge-offs to average loans                         Quarter-to-date  0.01%  0.01%  0.03%  0.02%  0.01%          Year-to-date  0.02%  0.01%  0.06%  0.04%  0.02%        Nonperforming loans/total loans  0.63%  0.27%  0.28%  0.28%  0.12%        Allowance for loan and lease losses/nonperforming loans  117.24%  256.66%  187.17%  173.25%  375.51%                                (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 Earning Assets: Average Balance Interest/Dividends Annualized Yield/Rate Average Balance Interest/Dividends Annualized Yield/Rate  Loans $1,321,405 $16,192 4.90% $1,107,271 $16,723 6.04%  Taxable Investment Securities  189,977  931 1.96%  169,776  933 2.20%  Tax-exempt Investment Securities  21,915  105 2.43%  33,622  170 2.56%  Fed Funds Sold & Other  93,041  45 0.19%  87,248  457 2.10%  Total Interest Earning Assets  1,626,338 $17,273 4.25%  1,397,917 $18,283 5.25%                 Nonearning Assets  125,730      115,082                     Total Assets $1,752,068     $1,512,999                     Interest Bearing Liabilities:              Savings Deposits $859,644 $954 0.44%  718,731  2,006 1.12%  Other Time Deposits  269,897  1,300 1.93%  265,113  1,333 2.01%  Other Borrowed Money  23,496  257 4.38%  24,668  269 4.36%  Fed Funds Purchased & Securities                Sold under Agreement to Repurch.  30,300  187 2.47%  26,231  141 2.15%  Total Interest Bearing Liabilities $1,183,337 $2,698 0.91% $1,034,743 $3,749 1.45%                 Noninterest bearing Liabilities  330,611      257,765                     Stockholders Equity $238,120     $220,491                     Net Interest Income and interest rate spread   $14,575 3.34%   $14,534 3.80%                 Net Interest Margin     3.59%     4.17%                   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 Earning Assets: Average Balance Interest/Dividends Annualized Average Balance Interest/Dividends Annualized  Loans $1,279,127 $32,075 5.02% $1,107,649 $31,403 5.67%  Taxable Investment Securities  190,067  2,252 2.37%  160,830  1,775 2.21%  Tax-exempt Investment Securities  25,374  237 2.36%  34,067  340 2.53%  Fed Funds Sold & Other  71,927  173 0.48%  59,526  627 2.11%  Total Interest Earning Assets  1,566,495 $34,737 4.44%  1,362,072 $34,145 5.03%                 Nonearning Assets  117,818      59,609                     Total Assets $1,684,313     $1,421,681                     Interest Bearing Liabilities:              Savings Deposits $816,610 $2,439 0.60%  695,302  3,533 1.02%  Other Time Deposits  273,738  2,716 1.98%  253,991  2,419 1.90%  Other Borrowed Money  24,141  523 4.33%  26,424  556 4.21%  Fed Funds Purchased & Securities                Sold under Agreement to Repurch.  34,627  431 2.49%  30,012  326 2.17%  Total Interest Bearing Liabilities $1,149,116 $6,109 1.06% $1,005,729  6,834 1.36%                 Noninterest bearing Liabilities  299,859      198,042                     Stockholders Equity $235,338     $217,910                     Net Interest Income and interest rate spread   $28,628 3.38%   $27,311 3.67%                 Net Interest Margin     3.67%     4.03%                   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. EllerAndrew M. Berger President and Chief Executive OfficerManaging Director Farmers & Merchants Bancorp, Inc.SM Berger & Company, Inc. (419) 446-2501(216) 464-6400 leller@fm.bank andrew@smberger.com

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