FARMERS & MERCHANTS BANCORP INC FMAO
Farmers & Merchants Bancorp, Inc. (Company) is a bank holding company incorporated under the laws of Ohio in 1985 and elected to become a financial holding company under the Federal Reserve in 2014. Our primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that has been primarily serving Northwest Ohio, Northeast Indiana and Southeast Michigan since 1897. Our other subsidiary, Farmers & Merchants Risk Management (Captive) was a captive insurance company formed in December 2014, located in Nevada and dissolved in December 2023. The Bank includes F&M Insurance Agency, LLC, a subsidiary offering insurance products, which was formed in November 2023. We report our financial condition and net income on a consolidated basis and have only one segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $173.5M | $163.6M | $139.8M | $101.1M | $76.8M | $70.2M | $68.3M | $46.4M | $41.2M | $37.7M |
| SG&A | $5.9M | $5.4M | $6.4M | $5.9M | $8.2M | $6.1M | $6.3M | $4.2M | $4.0M | $3.8M |
| Interest expense | $104.3M | $85.9M | $81.4M | $86.8M | $7.3M | $10.4M | $14.8M | $6.6M | $5.1M | $4.2M |
| Pre-tax income | $42.5M | $32.6M | $28.4M | $40.5M | $29.5M | $25.2M | $22.8M | $18.2M | $17.9M | $16.3M |
| Income tax | $9.2M | $6.6M | $5.6M | $8.0M | $6.0M | $5.1M | $4.4M | $3.3M | $5.2M | $4.7M |
| Net income | $33.3M | $25.9M | $22.8M | $32.5M | $23.5M | $20.1M | $18.4M | $14.9M | $12.7M | $11.7M |
| EPS, basic | 2.43 | 1.90 | 1.67 | 2.46 | 2.01 | 1.80 | — | — | — | — |
| EPS, diluted | 2.43 | 1.90 | 1.67 | 2.46 | 2.01 | 1.80 | 1.66 | 1.61 | 1.38 | 1.27 |
| Shares, diluted (wtd. avg.) | $13.6M | $13.4M | $13.5M | $13.1M | $11.6M | $11.1M | $11.0M | $9.2M | $9.2M | $9.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $97.2M | $174.9M | $140.9M | $83.1M | $135.5M | $98.3M | $50.1M | $37.5M | $33.5M | $27.3M |
| Property, plant and equipment | $31.9M | $33.8M | $35.8M | $28.4M | $26.9M | $27.1M | $26.3M | $22.6M | $21.6M | $21.5M |
| Goodwill | $86.4M | $86.4M | $86.4M | $86.4M | $80.4M | $47.3M | $47.3M | $4.1M | $4.1M | $4.1M |
| Other intangibles | — | — | — | — | — | — | $3.5M | — | — | $740.0K |
| Total assets | $3.43B | $3.36B | $3.28B | $3.02B | $2.64B | $1.91B | $1.61B | $1.12B | $1.11B | $1.06B |
| Total liabilities | $3.06B | $3.03B | $2.97B | $2.72B | $2.34B | $1.66B | $1.38B | $972.9M | $972.9M | $930.3M |
| Retained earnings | $257.9M | $235.9M | $221.1M | $212.4M | $189.4M | $173.6M | $160.1M | $147.9M | $136.6M | $127.9M |
| Total equity | $370.9M | $335.2M | $316.5M | $298.1M | $297.2M | $249.2M | $230.3M | $143.3M | $134.1M | $125.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $36.7M | $32.5M | $22.1M | $40.7M | $34.7M | $27.4M | $23.9M | $10.7M | $17.6M | $12.4M |
| Depreciation and amortisation | $3.6M | $3.8M | $3.4M | $2.7M | $2.6M | $2.5M | $2.3M | $1.7M | $1.6M | $1.5M |
| Stock-based compensation | $1.4M | $1.4M | $1.3M | $899.0K | $822.0K | $1.0M | $1.1M | $745.0K | $507.0K | $402.0K |
| Capital expenditure | $1.8M | $1.9M | $10.9M | $2.6M | $2.0M | $3.2M | $3.5M | $2.6M | $1.9M | $2.4M |
| Investing cash flow | -$138.7M | -$44.4M | -$194.1M | -$389.9M | -$265.7M | -$177.7M | -$149.3M | $1.5M | -$48.2M | -$64.2M |
| Financing cash flow | $23.3M | $46.0M | $229.7M | $252.8M | $236.1M | $274.8M | $138.3M | -$8.3M | $36.7M | $58.1M |
| Dividends paid | $12.1M | $11.9M | $11.3M | $10.3M | $7.7M | $7.2M | $6.3M | $5.0M | $4.4M | $4.1M |
| Buybacks | $362.0K | $664.0K | $218.0K | $308.0K | $338.0K | $383.0K | $381.0K | $490.0K | $196.0K | $194.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-081475.
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