The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.11, supported by a $2.9 billion investment securities portfolio that serves as a primary liquidity buffer.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash & Short Term Investments | 1.19B | 309.46M | 601.41M | 502.13M | 478.32M | 576.33M | 410.74M | 276.74M | 209.96M | 233.9M | 247.79M | 256.45M | 270.74M | 342.77M | 393.47M | 359.13M | 28.99M | 28.69M | 19.15M | 21.75M | 23.89M | 22.59M | 24.26M | 19.54M | 53.57M | 63.51M | 74.29M | 41.98M | 39.71M |
| Cash & Due from Banks | 174.1M | 98.75M | 177.34M | 143.66M | 87.53M | 146.4M | 102.93M | 54.45M | 41.51M | 37.5M | 29.26M | 21.33M | 22.25M | 18.27M | 37.56M | 31.61M | 28.99M | 28.69M | 19.15M | 21.75M | 23.89M | 22.59M | 24.26M | 19.54M | 53.57M | 63.51M | 74.29M | 41.98M | 39.71M |
| Short Term Investments | 183.12M | 210.71M | 426.56M | 358.48M | 390.79M | 429.93M | 307.81M | 222.29M | 168.45M | 196.4M | 218.53M | 235.12M | 248.49M | 324.51M | 355.9M | 327.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 2.86B | 435.1M | 2.98B | 2.93B | 2.74B | 2.29B | 1.61B | 1.44B | 1.01B | 1.02B | 975.61M | 918.65M | 868.23M | 899.64M | 856.45M | 833.01M | 813.61M | 775.64M | 744.5M | 713.39M | 666.74M | 662.36M | 645.31M | 651.03M | 217.25M | 262.84M | 806.17M | 750.48M | 693.05M |
| Investments Growth % | -10.19% | -85.4% | 1.59% | 7.16% | 19.7% | 41.98% | 11.54% | 42.67% | -0.51% | 4.29% | 6.2% | 5.81% | -3.49% | 5.04% | 2.81% | 2.38% | 4.89% | 4.18% | 4.36% | 7% | 0.66% | 2.64% | -0.88% | 199.67% | -17.35% | -67.4% | 7.42% | 8.29% | - |
| Long-Term Investments | 10.83B | 224.39M | 2.55B | 2.57B | 2.35B | 1.86B | 1.3B | 1.22B | 843.77M | 821.06M | 757.08M | 683.54M | 619.74M | 575.13M | 500.54M | 505.49M | 813.61M | 775.64M | 744.5M | 713.39M | 666.74M | 662.36M | 645.31M | 651.03M | 217.25M | 262.84M | 806.17M | 750.48M | 693.05M |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.47M | 20.64M | 0 | 0 | 0 | 0 | 43.07M | 30.93M | 13.53M | 14.71M | 14.33M |
| Goodwill & Intangibles | 91.33M | 91.53M | 92.01M | 92.01M | 89.91M | 83.59M | 50.66M | 49.97M | 6.46M | 6.37M | 6.27M | 6.13M | 6.1M | 6.14M | 6.14M | 6.14M | 6.25M | 4.07M | 4.07M | 20.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 86.36M | 86.36M | 86.36M | 86.36M | 86.36M | 80.43M | 47.34M | 47.34M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 4.07M | 20.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.97M | 5.17M | 5.66M | 5.65M | 3.55M | 3.16M | 3.32M | 2.63M | 2.38M | 2.3M | 2.19M | 2.06M | 2.02M | 2.07M | 2.06M | 2.07M | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 31.53M | 31.86M | 33.83M | 35.8M | 28.66M | 26.91M | 27.06M | 26.35M | 22.61M | 21.73M | 21.46M | 20.59M | 20.3M | 18.71M | 17.6M | 16.98M | 17.2M | 16.05M | 16.81M | 17.05M | 14.19M | 14.87M | 15.52M | 15.87M | 11.34M | 11.43M | 11.56M | 12.71M | 11.71M |
| Other Assets | 333.1M | 2.78B | 81.55M | 78.41M | 71.77M | 94.41M | 118.08M | 32.44M | 33.36M | 23.96M | 23.3M | 22.36M | 24.34M | 23.18M | 28.91M | 35.25M | 40.32M | 29.4M | 1.74M | 27.13M | 32.27M | 21.13M | 17.42M | 19.26M | 696.67M | 602.17M | 0 | 0 | 0 |
| Total Current Assets | 357.22M | 309.46M | 605.39M | 502.13M | 478.32M | 576.33M | 410.74M | 276.74M | 209.96M | 233.9M | 245.88M | 256.45M | 270.74M | 342.77M | 393.47M | 359.13M | 28.99M | 28.69M | 38.62M | 42.39M | 23.89M | 22.59M | 24.26M | 19.54M | 96.64M | 94.44M | 87.82M | 56.7M | 54.04M |
| Total Non-Current Assets | 3.13B | 3.12B | 2.76B | 2.78B | 2.54B | 2.06B | 1.5B | 1.33B | 906.21M | 873.11M | 808.11M | 732.62M | 670.48M | 623.16M | 553.19M | 563.87M | 877.38M | 825.17M | 767.11M | 761.58M | 713.2M | 698.36M | 678.26M | 686.17M | 925.27M | 876.44M | 817.73M | 763.18M | 704.76M |
| Total Assets | 3.49B | 3.43B | 3.36B | 3.28B | 3.02B | 2.64B | 1.91B | 1.61B | 1.12B | 1.11B | 1.06B | 989.07M | 941.21M | 965.94M | 946.66M | 922.99M | 906.36M | 853.86M | 805.73M | 803.97M | 737.1M | 720.95M | 702.51M | 705.7M | 1.02B | 970.88M | 905.55M | 819.88M | 758.8M |
| Asset Growth % | 5.67% | 2.07% | 2.48% | 8.88% | 14.29% | 38.16% | 18.8% | 44.01% | 0.83% | 4.84% | 6.76% | 5.08% | -2.56% | 2.04% | 2.56% | 1.83% | 6.15% | 5.97% | 0.22% | 9.07% | 2.24% | 2.62% | -0.45% | -30.94% | 5.26% | 7.21% | 10.45% | 8.05% | - |
| Return on Assets (ROA) | 1.05% | 0.98% | 0.78% | 0.72% | 1.15% | 1.03% | 1.14% | 1.35% | 1.34% | 1.18% | 1.14% | 1.07% | 1.01% | 0.94% | 1.05% | 0.93% | 0.79% | 0.8% | 0.84% | 1% | 1.12% | 1.21% | 1.17% | 0.88% | 1.35% | 1.31% | 1.28% | 1.17% | 1.06% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.83M | 0 | 0 | 0 | 0 |
| Total Debt | 268.71M | 300.03M | 308.09M | 328.67M | 226.28M | 127.8M | 48.1M | 72.88M | 32.18M | 44.49M | 80.32M | 88.81M | 55.96M | 74.26M | 62.91M | 69.1M | 81.11M | 77.46M | 93.85M | 73.14M | 58.05M | 56.11M | 44.82M | 51.69M | 98.93M | 82M | 82.07M | 82.13M | 84.19M |
| Net Debt | 94.61M | 201.28M | 130.75M | 185.01M | 138.75M | -18.59M | -54.83M | 18.43M | -9.33M | 7M | 51.06M | 67.48M | 33.72M | 55.99M | 25.35M | 37.49M | 52.13M | 48.77M | 74.7M | 51.39M | 34.16M | 33.52M | 20.56M | 32.16M | 45.35M | 18.49M | 7.78M | 40.14M | 44.47M |
| Long-Term Debt | 253.95M | 262.31M | 280.87M | 300.45M | 172.07M | 98.54M | 17.86M | 24.81M | 0 | 5M | 10M | 10M | 0 | 4.5M | 11.6M | 16.66M | 29.87M | 34.2M | 45.63M | 31.82M | 23.23M | 34.95M | 21.96M | 24.37M | 40.97M | 41M | 41.03M | 41.06M | 41.09M |
| Short-Term Debt | 14.76M | 37.72M | 27.22M | 28.22M | 54.21M | 29.27M | 30.24M | 48.07M | 32.18M | 39.49M | 70.32M | 78.81M | 55.96M | 69.76M | 51.31M | 52.44M | 51.24M | 43.26M | 48.21M | 41.33M | 34.82M | 21.16M | 22.85M | 27.32M | 17M | 0 | 0 | 0 | 2M |
| Other Liabilities | 28.12M | 29.63M | 34.66M | 30.55M | 2.83M | 0 | 0 | 0 | 972.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.07M | 5.13M | 5.11M | 3.93M | 3.37M | -40.97M | -41M | -41.03M | -41.06M | -41.09M |
| Total Current Liabilities | 2.83B | 2.77B | 2.72B | 2.64B | 2.54B | 2.24B | 1.64B | 1.35B | 972.88M | 967.87M | 920.32M | 858.97M | 826.72M | 852.82M | 824.82M | 801.24M | 782.09M | 726.08M | 669.55M | 676.72M | 621M | 598.3M | 597.77M | 603.1M | 877.38M | 829.15M | 773.63M | 698.62M | 638.3M |
| Total Non-Current Liabilities | 282.07M | 291.94M | 315.53M | 331M | 174.9M | 98.54M | 17.86M | 24.81M | 0 | 5M | 10M | 10M | 0 | 4.5M | 11.6M | 16.66M | 29.87M | 34.2M | 45.63M | 37.88M | 28.36M | 40.06M | 25.9M | 27.75M | 40.97M | 41M | 41.03M | 41.06M | 41.09M |
| Total Liabilities | 3.11B | 3.06B | 3.03B | 2.97B | 2.72B | 2.34B | 1.66B | 1.38B | 972.88M | 972.87M | 930.32M | 868.97M | 826.72M | 857.6M | 836.42M | 817.9M | 811.96M | 760.28M | 715.18M | 714.6M | 649.36M | 638.36M | 623.67M | 630.85M | 918.34M | 870.15M | 814.67M | 739.68M | 679.39M |
| Total Equity | 375.95M | 370.86M | 335.21M | 316.54M | 298.14M | 297.17M | 249.16M | 230.26M | 143.29M | 134.14M | 125.58M | 120.1M | 114.49M | 108.34M | 110.24M | 105.09M | 94.4M | 93.58M | 90.55M | 89.38M | 87.73M | 82.59M | 78.84M | 74.86M | 103.56M | 100.74M | 90.88M | 80.2M | 79.41M |
| Equity Growth % | 36.32% | 10.64% | 5.9% | 6.17% | 0.33% | 19.27% | 8.21% | 60.7% | 6.82% | 6.82% | 4.56% | 4.89% | 5.68% | -1.72% | 4.9% | 11.32% | 0.88% | 3.35% | 1.31% | 1.87% | 6.23% | 4.75% | 5.33% | -27.72% | 2.81% | 10.84% | 13.32% | 1% | - |
| Equity / Assets (Capital Ratio) | 10.79% | 10.8% | 9.96% | 9.64% | 9.89% | 11.26% | 13.05% | 14.33% | 12.84% | 12.12% | 11.89% | 12.14% | 12.16% | 11.22% | 11.65% | 11.39% | 10.42% | 10.96% | 11.24% | 11.12% | 11.9% | 11.46% | 11.22% | 10.61% | 10.13% | 10.38% | 10.04% | 9.78% | 10.46% |
| Return on Equity (ROE) | 9.85% | 9.44% | 7.96% | 7.41% | 10.92% | 8.6% | 8.38% | 9.85% | 10.78% | 9.8% | 9.5% | 8.82% | 8.66% | 8.24% | 9.09% | 8.54% | 7.43% | 7.17% | 7.47% | 8.73% | 9.55% | 10.62% | 10.71% | 8.55% | 13.14% | 12.86% | 12.88% | 11.55% | 10.15% |
| Book Value per Share | 27.26 | 27.13 | 24.98 | 23.21 | 22.77 | 25.68 | 22.53 | 20.88 | 15.43 | 14.55 | 13.62 | 13.01 | 12.46 | 11.68 | 11.77 | 11.14 | 10.00 | 9.87 | 9.34 | 8.77 | 8.45 | 7.95 | 12.43 | 12.25 | 17.51 | 17.47 | 15.70 | 14.42 | 14.94 |
| Tangible BV per Share | 20.63 | 20.44 | 18.12 | 16.46 | 15.91 | 18.46 | 17.95 | 16.35 | 14.74 | 13.86 | 12.94 | 12.34 | 11.79 | 11.02 | 11.11 | 10.49 | 9.34 | 9.44 | 8.92 | 6.74 | 8.45 | 7.95 | 12.43 | 12.25 | 17.51 | 17.47 | 15.70 | 14.42 | 14.94 |
| Common Stock | 135.27M | 135.53M | 135.56M | 135.51M | 135.5M | 122.67M | 81.8M | 81.53M | 10.82M | 11.55M | 11.95M | 12.09M | 12.22M | 12.31M | 12.68M | 12.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 7K | 7K | 7K | 6K |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.82M | 11.55M | 11.95M | 12.09M | 12.22M | 12.31M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 12.68M | 64.98M | 61.36M | 53.56M | 47.99M | 43.58M |
| Retained Earnings | 264.61M | 257.86M | 235.85M | 221.08M | 212.45M | 189.4M | 173.59M | 160.08M | 147.89M | 136.58M | 127.87M | 120.19M | 113.75M | 107.91M | 102.64M | 96.5M | 91.57M | 88.05M | 84.86M | 81.58M | 77.09M | 71.93M | 65.96M | 60.2M | 36.75M | 36.5M | 36.53M | 36.04M | 34.99M |
| Accumulated OCI | -13.53M | -11.89M | -25.22M | -29.01M | -38.23M | -3.18M | 5.7M | 1.1M | -13.84M | -13.37M | -13.92M | -11.87M | -11.78M | -12.31M | 6.09M | 6.38M | 538K | 2.51M | 2.24M | 489K | -1.22M | -2.02M | 212K | 1.98M | 1.83M | 2.87M | 790K | -3.84M | 832K |
| Treasury Stock | -10.4M | -10.64M | -10.98M | -11.04M | -11.57M | -11.72M | -11.93M | -12.46M | -12.41M | -12.16M | -12.27M | -12.39M | -11.93M | -11.61M | -10.59M | -9.9M | -9.8M | -9.08M | -8.73M | -5.37M | -816K | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Agricultural credit cycle sensitivity
As reported in financial statements, FMAO's total assets expanded to $3.5 billion by 2026Q1, primarily supported by a substantial $2.9 billion investment securities portfolio, indicating a balance sheet strategy that prioritizes liquid, interest-earning assets over aggressive, high-risk loan book expansion in the current economic environment.
The bank's asset composition suggests a conservative posture, favoring securities over direct lending to mitigate credit risk. This trajectory implies that management is prioritizing capital preservation and liquidity, which may limit top-line growth potential but provides a buffer against regional economic volatility.
Based on the bank's reported figures, the equity-to-assets ratio has remained remarkably stable at approximately 0.10 to 0.11 over the last ten quarters, reflecting a disciplined capital management approach that provides a robust cushion against potential asset-side shocks within the agricultural lending portfolio.
Maintaining a consistent equity-to-assets ratio suggests that FMAO is not over-leveraging its balance sheet to chase marginal returns. This capital adequacy profile appears to support the bank's long-term stability, allowing it to absorb potential credit losses without necessitating immediate capital raises or dividend cuts.
According to recent SEC filings, FMAO maintains a significant liquidity position with cash and bank balances reaching $174.1 million in 2026Q1, complemented by a large securities portfolio, which collectively serves as a primary defense against potential deposit outflows or seasonal agricultural funding demands.
The bank's reliance on a large securities portfolio for liquidity suggests a strategic choice to maintain flexibility in a fluctuating interest rate environment. Investors should monitor whether the duration of these securities aligns with the bank's deposit base to avoid potential interest rate risk mismatches.
Based on the bank's reported figures, the concentration of $2.9 billion in investment securities relative to total assets of $3.5 billion warrants investigation, as any significant duration mismatch could expose the bank to unrealized losses if interest rates remain elevated or experience further volatility.
While the securities portfolio provides liquidity, its sheer size relative to the balance sheet creates a non-obvious risk profile. If these assets are classified as held-to-maturity, the bank may face restricted flexibility, potentially forcing it to hold lower-yielding assets during periods where market rates offer more attractive alternatives.
Quick answers to the most common questions about buying FMAO stock.
As of 2025, Farmers & Merchants Bancorp, Inc. (FMAO) had total assets of $3.43B including $309.5M in current assets.
Farmers & Merchants Bancorp, Inc. (FMAO) carries total debt of $300.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Farmers & Merchants Bancorp, Inc. (FMAO) has total shareholders' equity (book value) of $370.9M ($27.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Farmers & Merchants Bancorp, Inc. (FMAO) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.