NASDAQ : FMAO
Farmers & Merchants Bancorp, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 37.11 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 504.56M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 163.73M | 158.61M | 145.33M | 129.34M | 94.26M | 71.64M |
| Interest Income on Investments | 16.78M | 14.93M | 18.24M | 10.46M | 6.88M | 5.20M |
| Total Interest Income | 180.50M | 173.54M | 163.57M | 139.81M | 101.15M | 76.84M |
| Interest Paid on Deposits | 56.76M | 58.18M | 64.46M | 46.92M | 9.88M | 5.42M |
| Interest Paid on Borrowings | 9.67M | 11.07M | 13.20M | 11.49M | 4.48M | 1.92M |
| Total Interest Expense | 66.43M | 69.25M | 77.66M | 58.41M | 14.36M | 7.34M |
| Net Interest Income | 114.07M | 104.29M | 85.91M | 81.40M | 86.79M | 69.50M |
| Gain (Loss) on Sale of Investments | -347.00K | -891.00K | 293.00K | |||
| Other Non-Interest Income | 18.34M | 15.88M | 14.69M | 16.23M | 14.18M | 13.42M |
| Total Non-Interest Income | 20.02M | 17.18M | 15.55M | 16.04M | 15.54M | 17.61M |
| Revenues Before Loan Losses | 134.09M | 121.47M | 101.46M | 97.44M | 102.32M | 87.11M |
| Provision for Loan Losses | 1.57M | 2.09M | 273.00K | 1.74M | 4.60M | 3.44M |
| Revenue | 132.52M | 119.38M | 101.19M | 95.69M | 97.72M | 83.66M |
| Salaries and Employee Benefits | 41.26M | 39.34M | 37.16M | 32.97M | 28.46M | 25.79M |
| Federal Deposit Insurance | 1.57M | 1.72M | 2.11M | 1.98M | 905.00K | 1.07M |
| Amortization of Goodwill & Intangibles | 3.20M | 3.36M | 2.60M | 2.39M | 1.28M | 1.58M |
| Selling, General & Administrative | 26.82M | 27.00M | 22.65M | 24.70M | 19.84M | 18.13M |
| Other Non-Interest Expense | 5.68M | 5.39M | 4.17M | 5.15M | 4.67M | 3.31M |
| Total Non-Interest Expense | 78.38M | 76.85M | 68.62M | 67.34M | 54.89M | 50.31M |
| EBT Excluding Unusual Items | 54.15M | 42.52M | 32.57M | 28.35M | 42.84M | 33.36M |
| Pretax Income | 54.15M | 42.52M | 32.57M | 28.35M | 40.48M | 29.50M |
| Income Tax Expense | 11.44M | 9.22M | 6.63M | 5.57M | 7.96M | 6.00M |
| Net Income | 42.71M | 33.31M | 25.94M | 22.79M | 32.52M | 23.50M |
| Preferred Dividends & Other Adjustments | 407.00K | 407.00K | 505.00K | 248.00K | 284.00K | 191.00K |
| Net Income to Common | 42.30M | 32.90M | 25.43M | 22.54M | 32.23M | 23.30M |
| Basic Shares Outstanding | 13.60M | 13.56M | 13.42M | 13.49M | 13.09M | 11.57M |
| Diluted Shares Outstanding | 13.60M | 13.56M | 13.42M | 13.49M | 13.09M | 11.57M |
| EPS (Basic) | 3.11 | 2.43 | 1.90 | 1.67 | 2.46 | 2.01 |
| EPS (Diluted) | 3.11 | 2.43 | 1.90 | 1.67 | 2.46 | 2.01 |
| Dividend Per Share | 0.93 | 0.90 | 0.88 | 0.85 | 0.80 | 0.71 |
| Effective Tax Rate | 21.13% | 21.67% | 20.37% | 19.63% | 19.67% | 20.35% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 205.81M | 97.72M | 176.35M | 142.20M | 84.41M | 180.82M |
| Investment Securities | 456.50M | 283.29M | 312.01M | 279.09M | 308.30M | 322.92M |
| Mortgage-Backed Securities | 143.38M | 120.63M | 82.13M | 86.93M | 117.93M | |
| Total Investments | 456.50M | 426.67M | 432.64M | 361.22M | 395.23M | 440.84M |
| Gross Loans | 2.74B | 2.72B | 2.56B | 2.58B | 2.36B | 1.86B |
| Allowance for Loan Losses | -27.80M | -27.69M | -25.83M | -25.02M | -20.31M | -16.24M |
| Other Adjustments to Gross Loans | -1.64M | -1.51M | -1.75M | -1.52M | -1.74M | |
| Net Loans | 2.71B | 2.69B | 2.54B | 2.56B | 2.34B | 1.84B |
| Property, Plant & Equipment | 29.59M | 37.46M | 40.23M | 41.72M | 28.66M | 26.91M |
| Goodwill | 86.36M | 86.36M | 86.36M | 86.36M | 86.36M | 80.43M |
| Loans Held for Sale | 2.53M | 3.93M | 3.00M | 1.58M | 827.00K | 7.71M |
| Accrued Interest Receivable | 13.50M | 12.60M | 10.20M | |||
| Other Real Estate Owned & Foreclosed | 159.00K | |||||
| Other Long-Term Assets | 98.23M | 69.72M | 63.11M | 66.66M | 73.99M | 52.07M |
| Total Assets | 3.60B | 3.43B | 3.36B | 3.28B | 3.02B | 2.64B |
| Accrued Expenses | 28.17M | 21.92M | 23.40M | 19.45M | 17.98M | 16.36M |
| Interest Bearing Deposits | 2.44B | 1.83B | 2.03B | 1.94B | 1.87B | 1.65B |
| Institutional Deposits | 372.21M | 141.63M | 139.12M | 62.09M | 74.38M | |
| Non-Interest Bearing Deposits | 518.29M | 527.33M | 516.90M | 528.47M | 532.79M | 473.69M |
| Total Deposits | 2.96B | 2.73B | 2.69B | 2.61B | 2.47B | 2.19B |
| Short-Term Borrowings | 15.00M | 10.00M | 40.00M | |||
| Current Portion of Long-Term Debt | 105.00M | |||||
| Current Portion of Leases | 962.00K | |||||
| Other Current Liabilities | 3.40M | 3.12M | 3.00M | 2.97M | 2.83M | 2.46M |
| Long-Term Debt | 50.17M | 59.21M | 63.01M | 62.92M | 88.79M | 63.74M |
| Federal Home Loan Bank Debt, Long-Term | 167.90M | 122.38M | 246.06M | 265.75M | 127.48M | 24.07M |
| Long-Term Leases | 4.78M | 6.40M | 5.92M | |||
| Other Long-Term Liabilities | 418.00K | 880.00K | 2.21M | 1.26M | 1.04M | |
| Total Liabilities | 3.21B | 3.06B | 3.03B | 2.97B | 2.72B | 2.34B |
| Common Stock | 134.76M | 135.53M | 135.56M | 135.51M | 135.50M | 122.67M |
| Retained Earnings | 282.45M | 257.86M | 235.85M | 221.08M | 212.45M | 189.40M |
| Treasury Stock | -11.65M | -10.64M | -10.98M | -11.04M | -11.57M | -11.72M |
| Comprehensive Income & Other | -18.63M | -11.89M | -25.22M | -29.01M | -38.23M | -3.18M |
| Shareholders' Equity | 386.93M | 370.86M | 335.21M | 316.54M | 298.14M | 297.17M |
| Total Liabilities & Equity | 3.60B | 3.43B | 3.36B | 3.28B | 3.02B | 2.64B |
| Total Debt | 218.07M | 307.32M | 315.47M | 334.59M | 226.28M | 127.80M |
| Net Cash (Debt) | -11.74M | -208.11M | -136.64M | -189.65M | -137.43M | 63.93M |
| Net Cash Per Share | -0.86 | -15.35 | -10.18 | -14.06 | -10.50 | 5.53 |
| Filing Date Shares Outstanding | 13.60M | 13.58M | 13.54M | 13.51M | 13.48M | 12.96M |
| Total Common Shares Outstanding | 13.60M | 13.58M | 13.54M | 13.51M | 13.48M | 12.96M |
| Book Value Per Share | 28.46 | 27.30 | 24.75 | 23.42 | 22.12 | 22.94 |
| Tangible Book Value | 300.57M | 284.50M | 248.85M | 230.19M | 211.78M | 216.73M |
| Tangible Book Value Per Share | 22.10 | 20.94 | 18.38 | 17.03 | 15.71 | 16.73 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 33.31M | 25.94M | 22.79M | 32.52M | 23.50M | |
| Depreciation & Amortization | 6.99M | 6.37M | 5.77M | 4.02M | 4.99M | |
| Other Amortization | 115.00K | 116.00K | 116.00K | 115.00K | 50.00K | |
| Gain (Loss) on Sale of Assets | 41.00K | -71.00K | 135.00K | -259.00K | 434.00K | |
| Gain (Loss) on Sale of Investments | -29.00K | 1.03M | 2.35M | 2.09M | 1.91M | |
| Total Asset Writedown | -2.37M | -2.67M | -3.57M | -4.53M | -1.23M | |
| Provision for Credit Losses | 2.09M | 273.00K | 1.74M | 4.60M | 3.44M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 353.00K | -1.49M | -50.00K | 8.24M | 3.92M | |
| Change in Other Net Operating Assets | -1.45M | 3.78M | -6.59M | -4.73M | 4.59M | |
| Other Operating Activities | -2.60M | -1.48M | -1.32M | -1.06M | -3.86M | |
| Operating Cash Flow | 36.74M | 32.47M | 22.15M | 40.67M | 34.74M | |
| Capital Expenditures | -1.77M | -1.87M | -10.93M | -2.60M | -1.97M | |
| Cash Acquisitions | 9.07M | -12.59M | ||||
| Investment in Securities | 19.60M | -65.90M | 34.29M | -2.46M | -85.48M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -149.62M | 21.17M | -219.33M | -395.61M | -167.87M | |
| Other Investing Activities | -6.92M | 2.24M | 1.88M | 1.69M | 2.21M | |
| Investing Cash Flow | -138.70M | -44.36M | -194.09M | -389.90M | -265.69M | |
| Short-Term Debt Issued | 40.00M | |||||
| Long-Term Debt Issued | 50.50M | 15.00M | 324.00M | 164.94M | 34.42M | |
| Total Debt Issued | 50.50M | 15.00M | 324.00M | 164.94M | 74.42M | |
| Short-Term Debt Repaid | -10.00M | -30.00M | ||||
| Long-Term Debt Repaid | -58.69M | -35.68M | -211.65M | -37.39M | -1.13M | |
| Total Debt Repaid | -58.69M | -35.68M | -221.65M | -67.39M | -1.13M | |
| Net Debt Issued (Repaid) | -8.19M | -20.68M | 102.35M | 97.54M | 73.29M | |
| Repurchase of Common Stock | -362.00K | -664.00K | -218.00K | -308.00K | -338.00K | |
| Common Dividends Paid | -12.09M | -11.92M | -11.34M | -10.28M | -7.67M | |
| Net Increase (Decrease) in Deposit Accounts | 43.97M | 79.30M | 138.94M | 165.86M | 170.78M | |
| Financing Cash Flow | 23.33M | 46.04M | 229.73M | 252.82M | 236.07M | |
| Net Cash Flow | -78.63M | 34.15M | 57.79M | -96.41M | 5.12M | |
| Free Cash Flow | 34.97M | 30.60M | 11.22M | 38.07M | 32.78M | |
| Free Cash Flow Margin | 29.29% | 30.24% | 11.72% | 38.96% | 39.18% | |
| Free Cash Flow Per Share | 2.58 | 2.28 | 0.83 | 2.91 | 2.83 | |
| Cash Interest Paid | 69.91M | 76.50M | 55.12M | 13.75M | 7.05M | |
| Cash Income Tax Paid | 8.91M | 3.10M | 5.42M | 7.70M | 6.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 495.17M | 335.99M | 398.99M | 335.72M | 366.81M | 426.07M |
| Last Close Price | 36.42 | 24.14 | 27.74 | 22.54 | 23.79 | 27.98 |
| PE Ratio | 11.74 | 10.21 | 15.69 | 14.89 | 11.38 | 18.28 |
| PS Ratio | 3.74 | 2.81 | 3.94 | 3.51 | 3.75 | 5.09 |
| PB Ratio | 1.28 | 0.91 | 1.19 | 1.06 | 1.23 | 1.43 |
| P/FCF Ratio | 11.92 | 9.61 | 13.04 | 29.93 | 9.63 | 13.00 |
| P/OCF Ratio | 11.49 | 9.14 | 12.29 | 15.16 | 9.02 | 12.26 |
| Debt / Equity Ratio | 0.56 | 0.83 | 0.94 | 1.06 | 0.76 | 0.43 |
| Debt / FCF Ratio | 8.79 | 10.31 | 29.83 | 5.94 | 3.90 | |
| Net Debt / Equity Ratio | 0.03 | 0.56 | 0.41 | 0.60 | 0.46 | -0.21 |
| Net Debt / FCF Ratio | 5.95 | 4.46 | 16.91 | 3.61 | -1.95 | |
| Return on Equity (ROE) | 11.41% | 9.44% | 7.96% | 7.41% | 10.92% | 8.60% |
| Return on Assets (ROA) | 1.22% | 0.98% | 0.78% | 0.72% | 1.15% | 1.03% |
| Earnings Yield | 8.52% | 9.91% | 6.50% | 6.79% | 8.86% | 5.51% |
| FCF Yield | 8.39% | 10.41% | 7.67% | 3.34% | 10.38% | 7.69% |
| Dividend Yield | 2.64% | 3.64% | 3.00% | 3.42% | 2.94% | 2.16% |
| Payout Ratio | 30.30% | 36.28% | 45.96% | 49.74% | 31.60% | 32.65% |
| Buyback Yield / Dilution | -1.15% | -1.05% | 0.55% | -3.07% | -13.15% | -4.60% |
| Total Shareholder Return | 1.49% | 2.59% | 3.55% | 0.35% | -10.21% | -2.44% |