Farmers & Merchants Bancorp, Inc.

Farmers & Merchants Bancorp, Inc.

FMAO
Farmers & Merchants Bancorp, Inc.US flagNASDAQ Capital Market
30.84
USD
+0.17
- -
424.61MMarket Cap
Farmers & Merchants Bancorp, Inc.
FMAO
(NASDAQ Capital Market)

Recent

price

30.84

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
3.94
3.75
4.05
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
8.92
Revenue per Share
0.74
0.9
1.04
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
2.62
Basic EPS, GAAP
0.97
1.51
1.33
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
2.28
Free Cash Flow per Basic Share
0.36
0.38
0.38
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
0.89
Dividend per Share
9.7
11.57
12.31
12.96
13.71
14.32
15.16
16.07
17.09
21.8
22.91
26.75
26.35
26.14
27.15
28.66
29.1
Book Value per Share
9.34
10.49
11.11
11.05
11.79
12.34
12.94
13.86
14.74
16.26
17.81
18.31
15.77
16.46
17.78
20.35
20.72
Tangible Book Value per Share
9
9
9
9
9
9
9
9
9
11
11
12
13
14
14
14
14
Basic Weighted Avg Shares
37
35
38
38
40
41
44
46
49
64
75
85
99
94
99
118
123
Sales/Revenue/Turnover
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Operating Margin (%)
2
2
2
2
2
2
2
2
2
4
4
5
4
6
6
7
7
Depreciation Expense
7
9
10
9
10
10
12
13
15
18
20
23
33
23
26
33
36
Net Income, GAAP
25.44
25.36
28.51
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
22.05
Effective Tax Rate (%)
18.75
24.09
25.77
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
29.31
Profit Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Working Capital
30
17
12
4
- -
10
10
5
- -
25
18
99
172
300
281
262
254
LT Debt
94
105
110
109
114
120
126
134
143
230
249
297
298
317
335
371
376
Total Equity
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
7.77
8.48
8.72
7.65
7.84
8.01
8.57
8.84
9.74
9.19
8.09
8.28
9.85
6.47
7.13
8.71
9.27
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
223
262
254
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14
14
14
Market Capitalization
343
339
353

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
274
309
357
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
25
25
26
99
2025
27
29
30
31
118
2026
32
- -
- -
- -
- -

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
- -
- -
- -
- -

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
- -
- -
- -
- -
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

APIChatGPT
  • 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

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

  • Thinly Traded Farmers & Merchants Bancorp In Strong Position For 2026

  • Farmers & Merchants Bancorp, Inc. Reports 2025 Fourth-Quarter and Full-Year Financial Results

  • Critical Comparison: Farmers & Merchants Bancorp (NASDAQ:FMAO) & University Bancorp (OTCMKTS:UNIB)

  • Mike Schnitkey Promoted to Market President for Northwest Ohio at F&M Bank

  • Farmers & Merchants Bancorp, Inc. Declares 2025 Fourth-Quarter Cash Dividend

  • Farmers & Merchants Bancorp: Record Earnings Meets A Historically Cheap Valuation

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  • F&M Bank Appoints Amy Cover as Chief Marketing & Experience Officer