FMAO achieved consistent revenue growth with net interest income reaching $27.4 million in 2026Q1, while maintaining a stable net interest margin of 0.8% over the last four quarters.
| 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 |
|---|
| Net Interest Income | 107.21M | 104.29M | 84.55M | 80.52M | 86.47M | 69.32M | 59.63M | 53.25M | 39.64M | 35.93M | 33.35M | 29.91M | 29.58M | 26.64M | 26.82M | 28.32M | 28.84M | 27.69M | 25.5M | 23.7M | 23.73M | 25.18M | 26.74M | 26.82M | 40.64M | 40.25M | 41.37M | 37.19M | 33.77M |
| NII Growth % | 85.85% | 23.35% | 5.01% | -6.89% | 24.73% | 16.25% | 11.98% | 34.35% | 10.3% | 7.73% | 11.5% | 1.13% | 11.04% | -0.69% | -5.28% | -1.81% | 4.15% | 8.62% | 7.57% | -0.13% | -5.73% | -5.85% | -0.31% | -34% | 0.97% | -2.71% | 11.23% | 10.15% | - |
| Net Interest Margin % | 3.08% | 3.04% | 2.51% | 2.45% | 2.87% | 2.63% | 3.12% | 3.31% | 3.55% | 3.25% | 3.16% | 3.02% | 3.14% | 2.76% | 2.83% | 3.07% | 3.18% | 3.24% | 3.16% | 2.95% | 3.22% | 3.49% | 3.81% | 3.8% | 3.98% | 4.15% | 4.57% | 4.54% | 4.45% |
| Interest Income | 175.22M | 173.54M | 162.21M | 138.93M | 100.83M | 76.67M | 70.03M | 68.01M | 46.21M | 41.06M | 37.58M | 33.5M | 33.3M | 31.24M | 33.07M | 36.48M | 39.7M | 40.91M | 43.82M | 45.42M | 42.27M | 38.72M | 37.96M | 41.11M | 54.24M | 63.53M | 66.13M | 56.05M | 51.19M |
| Interest Expense | 68.01M | 69.25M | 77.66M | 58.41M | 14.36M | 7.34M | 10.39M | 14.76M | 6.57M | 5.13M | 4.22M | 3.59M | 3.72M | 4.6M | 6.25M | 8.16M | 10.86M | 13.22M | 18.1M | 21.72M | 18.54M | 13.54M | 11.22M | 14.28M | 13.6M | 23.28M | 24.76M | 18.86M | 17.43M |
| Loan Loss Provision | 1.85M | 2.09M | 273K | 1.74M | 4.6M | 3.44M | 6.98M | 1.14M | 324K | 222K | 1.12M | 625K | 1.19M | 858K | 738K | 1.72M | 5.33M | 3.56M | 1.79M | 871K | 525K | -425K | 884K | 6.9M | 4.93M | 1M | 2.8M | 1.7M | 1.4M |
| Non-Interest Income | 16.08M | 15.55M | 14.35M | 13.12M | 12.83M | 15.5M | 15.23M | 10.32M | 9.7M | 9.72M | 10.23M | 10.89M | 10.18M | 10.88M | 11.16M | 7.03M | 8.38M | 8.02M | 6.48M | 6.39M | 6.43M | 5.83M | 4.82M | 7.99M | -21.85M | -30.88M | -31.92M | -29.84M | -26.55M |
| Non-Interest Income % | 8.4% | 8.22% | 8.13% | 8.63% | 11.29% | 16.82% | 17.87% | 13.17% | 17.35% | 19.14% | 21.39% | 24.53% | 23.42% | 25.83% | 25.23% | 16.15% | 17.43% | 16.39% | 12.88% | 12.33% | 13.21% | 13.08% | 11.26% | 16.27% | -67.46% | -94.56% | -93.33% | -113.79% | -107.71% |
| Total Revenue | 191.3M | 189.09M | 176.56M | 152.05M | 113.66M | 92.17M | 85.26M | 78.33M | 55.91M | 50.78M | 47.8M | 44.39M | 43.48M | 42.12M | 44.23M | 43.5M | 48.09M | 48.94M | 50.3M | 51.81M | 48.7M | 44.54M | 42.78M | 49.09M | 32.39M | 32.65M | 34.2M | 26.22M | 24.65M |
| Revenue Growth % | 26.27% | 7.1% | 16.12% | 33.78% | 23.31% | 8.1% | 8.85% | 40.1% | 10.09% | 6.23% | 7.69% | 2.1% | 3.22% | -4.78% | 1.69% | -9.54% | -1.74% | -2.72% | -2.91% | 6.38% | 9.34% | 4.12% | -12.86% | 51.57% | -0.81% | -4.53% | 30.45% | 6.38% | - |
| Non-Interest Expense | 75.34M | 75.23M | 66.06M | 63.54M | 54.22M | 51.89M | 42.68M | 39.67M | 30.76M | 27.53M | 26.14M | 26.02M | 25.06M | 24.06M | 23.55M | 22.22M | 22.54M | 23.08M | 21.24M | 18.66M | 18.4M | 19.65M | 18.87M | 17.82M | -6.61M | -11.76M | -11.02M | -8.47M | -6.27M |
| Efficiency Ratio | 39.38% | 39.78% | 37.41% | 41.79% | 47.71% | 56.29% | 50.06% | 50.65% | 55.02% | 54.21% | 54.68% | 58.62% | 57.63% | 57.11% | 53.25% | 51.09% | 46.86% | 47.16% | 42.23% | 36.01% | 37.78% | 44.11% | 44.11% | 36.3% | -20.4% | -36.03% | -32.22% | -32.31% | -25.44% |
| Operating Income | 46.1M | 42.52M | 32.57M | 28.35M | 40.48M | 29.5M | 25.21M | 22.76M | 18.25M | 17.9M | 16.32M | 14.16M | 13.52M | 12.6M | 13.69M | 11.41M | 9.36M | 9.08M | 9.17M | 10.56M | 11.24M | 11.78M | 11.8M | 10.09M | 20.47M | 20.14M | 17.67M | 14.13M | 12.09M |
| Operating Margin % | 24.1% | 22.49% | 18.45% | 18.65% | 35.61% | 32% | 29.56% | 29.06% | 32.64% | 35.25% | 34.14% | 31.9% | 31.09% | 29.92% | 30.95% | 26.22% | 19.47% | 18.55% | 18.23% | 20.39% | 23.09% | 26.44% | 27.59% | 20.54% | 63.21% | 61.67% | 51.66% | 53.89% | 49.05% |
| Operating Income Growth % | - | 30.55% | 14.88% | -29.95% | 37.22% | 17.02% | 10.74% | 24.72% | 1.94% | 9.7% | 15.26% | 4.75% | 7.25% | -7.95% | 20.03% | 21.83% | 3.12% | -1.01% | -13.15% | -6.06% | -4.54% | -0.21% | 17.04% | -50.74% | 1.66% | 13.97% | 25.05% | 16.87% | - |
| Pretax Income | 46.1M | 42.52M | 32.57M | 28.35M | 40.48M | 29.5M | 25.21M | 22.76M | 18.25M | 17.9M | 16.32M | 14.16M | 13.52M | 12.6M | 13.69M | 11.41M | 9.36M | 9.08M | 9.17M | 10.56M | 11.24M | 11.78M | 11.8M | 10.09M | 20.47M | 20.14M | 17.67M | 14.13M | 12.09M |
| Pretax Margin % | 24.1% | 22.49% | 18.45% | 18.65% | 35.61% | 32% | 29.56% | 29.06% | 32.64% | 35.25% | 34.14% | 31.9% | 31.09% | 29.92% | 30.95% | 26.22% | 19.47% | 18.55% | 18.23% | 20.39% | 23.09% | 26.44% | 27.59% | 20.54% | 63.21% | 61.67% | 51.66% | 53.89% | 49.05% |
| Income Tax | 10.16M | 9.22M | 6.63M | 5.57M | 7.96M | 6M | 5.11M | 4.36M | 3.3M | 5.18M | 4.66M | 3.82M | 3.87M | 3.6M | 3.9M | 2.89M | 2.38M | 2.48M | 2.45M | 2.83M | 3.11M | 3.2M | 3.57M | 2.46M | 7.05M | 7.82M | 6.65M | 4.91M | 4.03M |
| Effective Tax Rate % | 22.05% | 21.67% | 20.37% | 19.63% | 19.67% | 20.35% | 20.28% | 19.15% | 18.09% | 28.95% | 28.53% | 26.97% | 28.64% | 28.53% | 28.51% | 25.36% | 25.44% | 27.26% | 26.71% | 26.78% | 27.63% | 27.19% | 30.27% | 24.38% | 34.46% | 38.84% | 37.63% | 34.78% | 33.33% |
| Net Income | 35.94M | 33.31M | 25.94M | 22.79M | 32.52M | 23.5M | 20.09M | 18.4M | 14.95M | 12.72M | 11.66M | 10.34M | 9.65M | 9.01M | 9.79M | 8.51M | 6.98M | 6.61M | 6.72M | 7.73M | 8.14M | 8.58M | 8.23M | 7.63M | 13.42M | 12.32M | 11.02M | 9.22M | 8.06M |
| Net Margin % | 18.78% | 17.61% | 14.69% | 14.99% | 28.61% | 25.49% | 23.57% | 23.49% | 26.74% | 25.05% | 24.4% | 23.29% | 22.18% | 21.38% | 22.13% | 19.57% | 14.52% | 13.5% | 13.36% | 14.93% | 16.71% | 19.25% | 19.24% | 15.53% | 41.43% | 37.72% | 32.22% | 35.15% | 32.7% |
| Net Income Growth % | 30.53% | 28.42% | 13.83% | -29.92% | 38.39% | 16.92% | 9.2% | 23.1% | 17.52% | 9.05% | 12.8% | 7.19% | 7.09% | -7.98% | 14.96% | 21.96% | 5.69% | -1.76% | -13.07% | -4.94% | -5.13% | 4.2% | 7.92% | -43.17% | 8.95% | 11.77% | 19.57% | 14.34% | - |
| Net Income (Continuing) | 35.94M | 33.31M | 25.94M | 22.79M | 32.52M | 23.5M | 20.09M | 18.4M | 14.95M | 12.72M | 11.66M | 10.34M | 9.65M | 9.01M | 9.79M | 8.51M | 6.98M | 6.61M | 6.72M | 7.73M | 8.14M | 8.58M | 8.23M | 7.63M | 13.42M | 12.32M | 11.02M | 9.22M | 8.06M |
| EPS (Diluted) | 2.61 | 3.41 | 1.90 | 1.67 | 2.46 | 2.01 | 1.80 | 1.66 | 1.61 | 1.38 | 1.26 | 1.12 | 1.04 | 0.97 | 1.04 | 0.90 | 0.74 | 0.70 | 0.70 | 0.76 | 0.78 | 0.83 | 1.30 | 1.25 | 2.28 | 2.14 | 1.90 | 1.66 | 1.52 |
| EPS Growth % | 29.21% | 79.47% | 13.77% | -32.11% | 22.39% | 11.67% | 8.43% | 3.11% | 16.67% | 9.52% | 12.5% | 7.69% | 7.22% | -6.73% | 15.56% | 21.62% | 5.71% | 0% | -7.89% | -2.56% | -6.02% | -36.15% | 4% | -45.18% | 6.54% | 12.63% | 14.46% | 9.21% | - |
| EPS (Basic) | - | 3.40 | 1.90 | 1.67 | 2.46 | 2.01 | 1.80 | 1.66 | 1.61 | 1.38 | 1.26 | 1.12 | 1.04 | 0.97 | 1.04 | 0.90 | 0.74 | 0.70 | 0.70 | 0.76 | 0.78 | 0.83 | 1.30 | 1.25 | 2.28 | 2.14 | 1.90 | 1.66 | 1.52 |
| Diluted Shares Outstanding | 13.79M | 13.67M | 13.42M | 13.64M | 13.09M | 11.57M | 11.06M | 11.03M | 9.29M | 9.22M | 9.22M | 9.23M | 9.19M | 9.28M | 9.37M | 9.43M | 9.44M | 9.48M | 9.69M | 10.2M | 10.38M | 10.39M | 6.35M | 6.11M | 5.92M | 5.77M | 5.79M | 5.56M | 5.32M |
Agricultural commodity price volatility
As indicated by the latest quarterly financial data, FMAO achieved a consistent upward trajectory in net interest income, reaching $27.4 million in 2026Q1, which represents a significant recovery from the $19.6 million reported in 2023Q4, driven by successful loan volume growth across its core agricultural lending segments.
The consistent quarter-over-quarter growth in NII suggests that the bank is effectively managing its interest-earning asset base despite broader regional economic pressures. Investors should monitor whether this momentum can be sustained as the bank expands into more competitive Indiana markets, which may necessitate higher deposit costs.
Based on reported financial statements, FMAO has maintained a stable net interest margin of 0.8% throughout the most recent four quarters, demonstrating a disciplined approach to asset-liability management despite the prevailing volatility in regional funding costs and competitive pressures within the agricultural credit niche.
While the NIM appears stable, the absolute level remains relatively thin, suggesting that the bank operates with limited cushion against further increases in deposit betas. The ability to maintain this margin while scaling suggests that the bank's specialized underwriting expertise provides a degree of pricing power.
According to recent SEC filings, FMAO's efficiency ratio has fluctuated between 34.3% and 40.6% over the last ten quarters, reflecting a disciplined control over non-interest expenses even as the bank invests in its physical and digital infrastructure to support its growing footprint in the Midwest.
The bank's ability to keep the efficiency ratio near the 40% mark indicates that management is successfully balancing growth-related expenditures with core operational discipline. However, investors should watch for potential margin compression if the cost of maintaining an expanded branch network outpaces the revenue generated from new loan originations.
Based on the bank's reported figures, provision expenses have remained relatively modest, peaking at $688,000 in 2025Q2, which suggests that management maintains a cautious yet measured approach to credit risk assessment within its specialized agricultural and commercial loan portfolios during this economic cycle.
The low level of provision expense relative to total revenue may imply that the bank's agricultural collateral, such as farmland, continues to provide a robust buffer against potential borrower defaults. Analysts should remain vigilant for any sudden spikes in provisioning that could signal a deterioration in the debt-service capacity of the bank's core farming clients.
Quick answers to the most common questions about buying FMAO stock.
Farmers & Merchants Bancorp, Inc. (FMAO) is profitable, generating $33.3M in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
Farmers & Merchants Bancorp, Inc. (FMAO) reported an operating income of $42.5M, resulting in an operating profit margin of 22.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Farmers & Merchants Bancorp, Inc. (FMAO) generated $117.8M in gross profit for the year, representing a gross profit margin of 62.3%. This demonstrates the company's core pricing power and production efficiency.