FARMERS & MERCHANTS BANCORP INC FMAO

Financials SIC 6035 - Savings Institution, Federally Chartered NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Savings Institutions and Other Depository Credit Intermediation derived Nasdaq

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.

Last close 36.54 2026-10-23
Market cap $503.3M 2026-06-30 share count
52-week range 22.91 - 36.69

Valuation FY2025 figures against the last close

P/S2.9x
P/E15.0x
P/FCF14.4x
EV/EBITDA—
Dividend yield2.4%
Diluted EPS2.43

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.431.901.672.462.011.80————
EPS, diluted 2.431.901.672.462.011.801.661.611.381.27
Shares, diluted (wtd. avg.) 13.6M13.4M13.5M13.1M11.6M11.1M11.0M9.2M9.2M9.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 50M 100M 150M 200M Revenue, FY2016: 37.7M Net income, FY2016: 11.7M Revenue, FY2017: 41.2M Net income, FY2017: 12.7M Revenue, FY2018: 46.4M Net income, FY2018: 14.9M Revenue, FY2019: 68.3M Net income, FY2019: 18.4M Revenue, FY2020: 70.2M Net income, FY2020: 20.1M Revenue, FY2021: 76.8M Net income, FY2021: 23.5M Revenue, FY2022: 101.1M Net income, FY2022: 32.5M Revenue, FY2023: 139.8M Net income, FY2023: 22.8M Revenue, FY2024: 163.6M Net income, FY2024: 25.9M Revenue, FY2025: 173.5M Net income, FY2025: 33.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $37.7M $41.2M $46.4M $68.3M $70.2M $76.8M $101.1M $139.8M $163.6M $173.5M
Gross profit — — — — — — — — — —
Net income $11.7M $12.7M $14.9M $18.4M $20.1M $23.5M $32.5M $22.8M $25.9M $33.3M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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