Farmers & Merchants Bancorp, Inc.

Farmers & Merchants Bancorp, Inc.

FMAO
Farmers & Merchants Bancorp, Inc.US flagNASDAQ Capital Market
35.04
USD
-0.28
- -
482.61MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.04
4.33
4.42
4.73
4.95
5.31
5.73
6.72
7.27
7.52
6.86
7.23
8.57
9.2
Basic EPS, GAAP
0.97
1.05
1.12
1.27
1.38
1.61
1.66
1.8
2.01
2.46
1.67
1.9
2.43
2.91
Free Cash Flow per Basic Share
1.61
1.77
1.42
1.09
1.71
0.87
1.84
2.17
2.81
2.88
0.82
2.24
2.55
3.02
Dividend per Share
0.4
0.42
0.43
0.45
0.48
0.53
0.57
0.64
0.66
0.78
0.83
0.87
0.88
0.9
Book Value per Share
11.71
12.37
13.02
13.59
14.48
15.43
20.68
22.25
22.74
21.91
23.17
24.47
26.98
27.92
Tangible Book Value per Share
11.05
11.71
12.35
12.91
13.79
14.74
16.19
17.73
16.35
15.3
16.43
17.75
20.32
21.28
Basic Weighted Avg Shares
9
9
9
9
9
9
11
11
12
13
14
14
14
14
Sales/Revenue/Turnover
38
40
41
44
46
49
64
75
85
99
94
99
118
126
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
2
2
2
2
2
2
4
4
5
4
6
6
7
7
Net Income, GAAP
9
10
10
12
13
15
18
20
23
33
23
26
33
40
Effective Tax Rate (%)
28.53
28.64
26.97
28.53
28.95
18.09
19.15
20.28
20.35
19.67
19.63
20.37
21.67
21.78
Profit Margin (%)
24.01
24.26
25.34
26.76
27.86
30.3
28.95
26.84
27.7
32.75
24.34
26.23
28.32
31.64
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
4
- -
10
10
5
- -
25
18
99
172
300
281
262
203
Total Equity
109
114
120
126
134
143
230
249
297
298
317
335
371
385
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
8.23
8.65
8.82
9.5
9.8
10.78
9.85
8.38
8.6
10.92
7.41
7.96
9.44
10.88

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
262
254
203
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14
14
14
Market Capitalization
340
353
421

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
309
357
386
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
3
3
3
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.94%
8.46%
10.64%
Free Cash Flow
32.38%
33.68%
14.28%
Net Income, GAAP
13.93%
13.53%
28.42%
Sales/Revenue/Turnover
11.55%
9.84%
18.93%
Total Cash Common Dividend
12.27%
11.52%
1.37%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
23
24
25
26
99
2025
27
29
30
31
118
2026
32
33
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.39
0.42
0.48
0.61
1.9
2025
0.51
0.56
0.64
0.71
2.43
2026
0.7
0.86
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.22
0.22
0.22
0.87
2025
0.22
0.22
0.22
0.22
0.88
2026
0.23
0.23
- -
- -
- -

Company Description

CEO
Lars Eller
Full Time Employees
477
Sector
Financial Services
Industry
Banks - Regional
Address
307 North Defiance Street Archbold OH United States of America 43502
IPO Date
Jan 30, 2006
Website
fm.bank
Business
Farmers & Merchants Bancorp, Inc. Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) serves as the bank holding company for The Farmers & Merchants State Bank, a community-oriented institution providing commercial banking services to individuals, small businesses, farmers, and local enterprises in northwest Ohio, northeast Indiana, and recently expanded into Michigan; headquartered in Archbold, Ohio, and founded in 1897, the company offers a comprehensive suite of products and services including checking and savings accounts, time deposits, certificates of deposit, custodial services for individual retirement and health savings accounts; commercial, agricultural, residential mortgage, and consumer lending encompassing loans for farmland, farm equipment, livestock, operating expenses such as seeds, fertilizers and feeds, home improvements, autos, trucks, recreational vehicles and motorcycles; commercial real estate loans, lines of credit, and machinery purchase financing; wealth management services; online and mobile banking, bill-pay, remote deposit capture, electronic transaction origination including wire transfers and automated clearing house processing; as well as automated teller machine and interactive teller machine access at branches and independent locations. The bank maintains a diversified loan portfolio with strong asset quality, evidenced by net charge-offs below 0.03% for 18 consecutive quarters as of September 30, 2025, alongside total net loans reaching $2.54 billion, up 4.9% year-over-year, driven by growth in real estate, agricultural, and commercial industrial categories. Recent developments include the launch of a second full-service office in Troy, Michigan, during the third quarter of 2025 to support deposit and loan expansion; promotion of Curtis Metz to Market President for Northern Indiana to enhance local decision-making; the 31st consecutive annual dividend increase to $0.2275 per share announced on September 30, 2025, payable October 20, 2025; and robust financial performance with record third quarter 2025 earnings, net income up 37.5% year-over-year to achieve one of the most profitable periods in its 128-year history, complemented by a net interest margin improvement and disciplined deposit cost management reducing interest-bearing liabilities cost to 0.84% for the first nine months of 2025.

Company News

  • Dividend Champion, Contender, And Challenger Highlights: Week Of October 18

  • Farmers & Merchants Bancorp: Rising NIM Supports Re-Rating

  • 3 High-Yield Dividends Paying Soon. But Your Deadline to Buy Is Days Away

  • Farmers & Merchants Bancorp Inc. $FMAO Shares Newly Purchased by Bank of America Corp DE

  • Dividend Champion, Contender, And Challenger Highlights: Week October 4

  • Farmers & Merchants Bancorp: Shares Still Attractive Despite Recent Gains

  • Farmers & Merchants Bancorp, Inc. Announces 32nd Consecutive Annual Increase in Dividend and a Special Dividend Commemorating America's 250th Anniversary

  • 5 Top-Ranked Efficient Stocks With Strong Growth Potential

  • BlackRock Inc. Purchases Shares of 1,087,009 Farmers & Merchants Bancorp Inc. $FMAO

  • Best Income Stocks to Buy for September 1st

  • F&M Bank Welcomes Gregory R. Allen to Board of Directors

  • F&M Bank's 9th Annual Charity Golf Classic Raises $47,000 for Local Charities

  • Best Income Stocks to Buy for August 4th

  • Farmers & Merchants Bancorp, Inc. Reports 2026 Second-Quarter and Year-to-Date Financial Results

  • Farmers & Merchants Bancorp, Inc. Declares 2026 Second-Quarter Cash Dividend

  • F&M Bank Announces Executive Leadership Appointments to Support Continued Growth and Strategic Execution

  • F&M Bank Launches 2nd Annual “Great Briefcase Hunt” with $10,000 Prize

  • F&M Bank Launches 2nd Annual “Great Briefcase Hunt” with $10,000 Prize

  • Farmers & Merchants Bancorp, Inc. Reports 2026 First-Quarter Financial Results

  • F&M Bank Announces Appointment of Shalini Singhal to Chief Information and Technology Officer