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

Strong Operating Performance Supports Communities, while Driving Loan and Deposit Growth

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 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. Eller	Andrew M. Berger
President and Chief Executive Officer	Managing Director
Farmers & Merchants Bancorp, Inc.	SM Berger & Company, Inc.
[phone]	[phone]
[e-mail]	[e-mail]