Farmers & Merchants Bancorp, Inc. (FMAO) 10-Year Financial Performance & Capital Metrics

FMAO • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutFarmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in northwest Ohio and northeast Indiana. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer and credit card lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, remote deposit capture or electronic deposit processing, and merchant credit card services. It also offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.Show more

Net Interest Income $85M +5.0%
Total Revenue $177M +16.1%
Net Income $26M +13.8%
Return on Equity 7.96% +7.4%
Net Interest Margin 2.51% +2.5%
Efficiency Ratio 37.41% -10.5%
ROA 0.78% +7.8%
Equity / Assets 9.96% +3.3%
Book Value per Share 24.98 +7.6%
Tangible BV/Share 18.12 +10.1%
Debt/Equity 0.92 -11.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 37.4% efficiency ratio
✓14 consecutive years of dividend growth
✓Healthy dividend yield of 3.5%
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.04%

5Y17.65%

3Y24.2%

TTM-

Profit (Net Income) CAGR

10Y10.4%

5Y7.11%

3Y3.35%

TTM38.08%

EPS CAGR

10Y6.21%

5Y2.74%

3Y-1.86%

TTM36.47%

ROCE

10Y Avg9.92%

5Y Avg7.59%

3Y Avg6.47%

Latest5.03%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	29.91M	33.35M	35.93M	39.64M	53.25M	59.63M	69.32M	86.47M	80.52M	84.55M
NII Growth %	0.01%	0.11%	0.08%	0.1%	0.34%	0.12%	0.16%	0.25%	-0.07%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	33.5M	37.58M	41.06M	46.21M	68.01M	70.03M	76.67M	100.83M	138.93M	162.21M
Interest Expense	3.59M	4.22M	5.13M	6.57M	14.76M	10.39M	7.34M	14.36M	58.41M	77.66M
Loan Loss Provision	625K	1.12M	222K	324K	1.14M	6.98M	3.44M	4.6M	1.74M	273K
Non-Interest Income+	10.89M	10.23M	9.72M	9.7M	10.32M	15.23M	15.5M	12.83M	13.12M	14.35M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	44.39M	47.8M	50.78M	55.91M	78.33M	85.26M	92.17M	113.66M	152.05M	176.56M
Revenue Growth %	0.02%	0.08%	0.06%	0.1%	0.4%	0.09%	0.08%	0.23%	0.34%	0.16%
Non-Interest Expense	26.02M	26.14M	27.53M	30.76M	39.67M	42.68M	51.89M	54.22M	63.54M	66.06M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	14.16M	16.32M	17.9M	18.25M	22.76M	25.21M	29.5M	40.48M	28.35M	32.57M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.05%	0.15%	0.1%	0.02%	0.25%	0.11%	0.17%	0.37%	-0.3%	0.15%
Pretax Income+	14.16M	16.32M	17.9M	18.25M	22.76M	25.21M	29.5M	40.48M	28.35M	32.57M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	3.82M	4.66M	5.18M	3.3M	4.36M	5.11M	6M	7.96M	5.57M	6.63M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	10.34M	11.66M	12.72M	14.95M	18.4M	20.09M	23.5M	32.52M	22.79M	25.94M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.07%	0.13%	0.09%	0.18%	0.23%	0.09%	0.17%	0.38%	-0.3%	0.14%
Net Income (Continuing)	10.34M	11.66M	12.72M	14.95M	18.4M	20.09M	23.5M	32.52M	22.79M	25.94M
EPS (Diluted)+	1.12	1.26	1.38	1.61	1.66	1.80	2.01	2.46	1.67	1.90
EPS Growth %	0.08%	0.13%	0.1%	0.17%	0.03%	0.08%	0.12%	0.22%	-0.32%	0.14%
EPS (Basic)	1.12	1.26	1.38	1.61	1.66	1.80	2.01	2.46	1.67	1.90
Diluted Shares Outstanding	9.23M	9.22M	9.22M	9.29M	11.03M	11.06M	11.57M	13.09M	13.64M	13.42M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	21.33M	29.26M	37.5M	41.51M	54.45M	102.93M	146.4M	87.53M	143.66M	177.34M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	918.65M	975.61M	1.02B	1.01B	1.44B	1.61B	2.29B	2.74B	2.93B	2.98B
Investments Growth %	0.06%	0.06%	0.04%	-0.01%	0.43%	0.12%	0.42%	0.2%	0.07%	0.02%
Long-Term Investments	683.54M	757.08M	821.06M	843.77M	1.22B	1.3B	1.86B	2.35B	2.57B	2.55B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	4.07M	4.07M	4.07M	4.07M	47.34M	47.34M	80.43M	86.36M	86.36M	86.36M
Intangible Assets	2.06M	2.19M	2.3M	2.38M	2.63M	3.32M	3.16M	3.55M	5.65M	5.66M
PP&E (Net)	20.59M	21.46M	21.73M	22.61M	26.35M	27.06M	26.91M	28.66M	35.8M	33.83M
Other Assets	22.36M	23.3M	23.96M	33.36M	32.44M	118.08M	94.41M	71.77M	78.41M	81.55M
Total Current Assets	256.45M	245.88M	233.9M	209.96M	276.74M	410.74M	576.33M	478.32M	502.13M	605.39M
Total Non-Current Assets	732.62M	808.11M	873.11M	906.21M	1.33B	1.5B	2.06B	2.54B	2.78B	2.76B
Total Assets+	989.07M	1.06B	1.11B	1.12B	1.61B	1.91B	2.64B	3.02B	3.28B	3.36B
Asset Growth %	0.05%	0.07%	0.05%	0.01%	0.44%	0.19%	0.38%	0.14%	0.09%	0.02%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	88.81M	80.32M	44.49M	32.18M	72.88M	48.1M	127.8M	226.28M	328.67M	308.09M
Net Debt	67.48M	51.06M	7M	-9.33M	18.43M	-54.83M	-18.59M	138.75M	185.01M	130.75M
Long-Term Debt	10M	10M	5M	0	24.81M	17.86M	98.54M	172.07M	300.45M	280.87M
Short-Term Debt	78.81M	70.32M	39.49M	32.18M	48.07M	30.24M	29.27M	54.21M	28.22M	27.22M
Other Liabilities	0	0	0	972.88M	0	0	0	2.83M	30.55M	34.66M
Total Current Liabilities	858.97M	920.32M	967.87M	972.88M	1.35B	1.64B	2.24B	2.54B	2.64B	2.72B
Total Non-Current Liabilities	10M	10M	5M	0	24.81M	17.86M	98.54M	174.9M	331M	315.53M
Total Liabilities	868.97M	930.32M	972.87M	972.88M	1.38B	1.66B	2.34B	2.72B	2.97B	3.03B
Total Equity+	120.1M	125.58M	134.14M	143.29M	230.26M	249.16M	297.17M	298.14M	316.54M	335.21M
Equity Growth %	0.05%	0.05%	0.07%	0.07%	0.61%	0.08%	0.19%	0%	0.06%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.1%	0.11%	0.1%	0.08%	0.09%	0.11%	0.07%	0.08%
Book Value per Share	13.01	13.62	14.55	15.43	20.88	22.53	25.68	22.77	23.21	24.98
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	12.09M	11.95M	11.55M	10.82M	81.53M	81.8M	122.67M	135.5M	135.51M	135.56M
Additional Paid-in Capital	12.09M	11.95M	11.55M	10.82M	0	0	0	0	0	0
Retained Earnings	120.19M	127.87M	136.58M	147.89M	160.08M	173.59M	189.4M	212.45M	221.08M	235.85M
Accumulated OCI	-11.87M	-13.92M	-13.37M	-13.84M	1.1M	5.7M	-3.18M	-38.23M	-29.01M	-25.22M
Treasury Stock	-12.39M	-12.27M	-12.16M	-12.41M	-12.46M	-11.93M	-11.72M	-11.57M	-11.04M	-10.98M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	14.81M	12.43M	17.65M	10.74M	23.93M	27.38M	34.74M	40.67M	22.15M	32.47M
Operating CF Growth %	-0.23%	-0.16%	0.42%	-0.39%	1.23%	0.14%	0.27%	0.17%	-0.46%	0.47%
Net Income	10.34M	11.66M	12.72M	14.95M	18.4M	20.09M	23.5M	32.52M	22.79M	25.94M
Depreciation & Amortization	2.06M	2.21M	2.15M	2.25M	3.52M	4.3M	4.99M	4.02M	5.77M	6.37M
Deferred Taxes	0	55K	21K	472K	292K	-1.69M	-1.8M	171K	2.23M	307K
Other Non-Cash Items	818K	-1.15M	2.69M	157K	-4.97M	4.54M	3.22M	8.37M	-2.68M	-5.47M
Working Capital Changes	1.27M	-743K	-436K	-7.83M	5.6M	-932K	3.95M	-5.42M	-7.42M	3.78M
Cash from Investing+	-53.97M	-64.19M	-48.17M	1.47M	-149.32M	-177.72M	-265.69M	-389.9M	-194.09M	-44.36M
Purchase of Investments	-60.92M	-114.82M	-15.34M	-13.87M	-110.19M	-183.69M	-171.3M	-39.99M	-13.4M	-99.13M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	-2.09M	0	-12.36M	9.07M	0	0
Other Investing	-64.42M	-74.51M	-67.58M	-21.81M	-111.94M	-93.66M	-145.67M	-387.45M	-215.75M	21.62M
Cash from Financing+	36.89M	58.06M	36.67M	-8.31M	138.32M	274.75M	236.07M	252.82M	229.73M	46.04M
Dividends Paid	-3.94M	-4.12M	-4.44M	-4.96M	-6.34M	-7.19M	-7.67M	-10.28M	-11.34M	-11.92M
Share Repurchases	-803K	-194K	-196K	-490K	-381K	-383K	-338K	-308K	-218K	-664K
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	0	-1000K	-1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K
Other Financing	31.63M	62.37M	46.31M	2.14M	168.98M	289.81M	169.81M	190.8M	112.95M	78.3M
Net Change in Cash+	-2.28M	6.3M	6.14M	3.9M	12.93M	124.41M	5.12M	-96.41M	57.79M	34.15M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	24.3M	22.02M	28.32M	34.47M	38.37M	51.3M	175.71M	180.82M	84.41M	142.2M
Cash at End	22.02M	28.32M	34.47M	38.37M	51.3M	175.71M	180.82M	84.41M	142.2M	176.35M
Interest Paid	3.61M	4.15M	5.06M	6.47M	13.54M	10.09M	7.05M	13.75M	55.12M	76.5M
Income Taxes Paid	3.08M	5.01M	5.1M	5.16M	3.95M	6.47M	6.15M	7.7M	5.42M	3.1M
Free Cash Flow+	13.09M	10.02M	15.76M	8.11M	20.42M	24.16M	32.78M	38.07M	11.22M	30.6M
FCF Growth %	-0.19%	-0.23%	0.57%	-0.49%	1.52%	0.18%	0.36%	0.16%	-0.71%	1.73%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.82%	9.5%	9.8%	10.78%	9.85%	8.38%	8.6%	10.92%	7.41%	7.96%
Return on Assets (ROA)	1.07%	1.14%	1.18%	1.34%	1.35%	1.14%	1.03%	1.15%	0.72%	0.78%
Net Interest Margin	3.02%	3.16%	3.25%	3.55%	3.31%	3.12%	2.63%	2.87%	2.45%	2.51%
Efficiency Ratio	58.62%	54.68%	54.21%	55.02%	50.65%	50.06%	56.29%	47.71%	41.79%	37.41%
Equity / Assets	12.14%	11.89%	12.12%	12.84%	14.33%	13.05%	11.26%	9.89%	9.64%	9.96%
Book Value / Share	13.01	13.62	14.55	15.43	20.88	22.53	25.68	22.77	23.21	24.98
NII Growth	1.13%	11.5%	7.73%	10.3%	34.35%	11.98%	16.25%	24.73%	-6.89%	5.01%
Dividend Payout	38.13%	35.28%	34.93%	33.15%	34.48%	35.76%	32.65%	31.6%	49.74%	45.96%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Financial Service, Other	-	-	-	-	4.23M	6.64M	4.47M
Financial Service, Other Growth	-	-	-	-	-	57.12%	-32.64%
Bank Servicing	5.93M	6.73M	8.89M	9.67M	9.96M	9.59M	1.32M
Bank Servicing Growth	-	13.33%	32.22%	8.75%	2.97%	-3.68%	-86.20%
Financial Service Other	4.18M	4.44M	3.6M	3.75M	-	-	-
Financial Service Other Growth	-	6.27%	-18.93%	4.05%	-	-	-

Frequently Asked Questions

Valuation & Price

Farmers & Merchants Bancorp, Inc. (FMAO) has a price-to-earnings (P/E) ratio of 13.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Farmers & Merchants Bancorp, Inc. (FMAO) grew revenue by 16.1% over the past year. This is strong growth.

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) is profitable, generating $31.9M in net income for fiscal year 2024 (14.7% net margin).

Dividend & Returns

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) pays a dividend with a yield of 3.50%. This makes it attractive for income-focused investors.

Farmers & Merchants Bancorp, Inc. (FMAO) has a return on equity (ROE) of 8.0%. This is below average, suggesting room for improvement.

Industry Metrics

Farmers & Merchants Bancorp, Inc. (FMAO) has a net interest margin (NIM) of 2.5%. NIM has been under pressure due to interest rate environment.

Farmers & Merchants Bancorp, Inc. (FMAO) has an efficiency ratio of 37.4%. This is excellent, indicating strong cost control.

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