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FMAO

Farmers & Merchants Bancorp, Inc.

FMAO

Farmers & Merchants Bancorp, Inc. • NASDAQ
$24.50 ▼ -2.27% (-0.57)
Market Cap $336.87 M
52w High $33.71
52w Low $20.88
Dividend Yield 0.89%
P/E 10.52
Volume 13.77K
Outstanding Shares 13.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.814M ▲ $18.712M ▼ $8.854M ▲ 18.518% ▲ $0.64 ▲ $13.293M ▲
Q2-2025 $47.099M ▲ $18.932M ▲ $7.71M ▲ 16.37% ▲ $0.56 ▲ $11.361M ▲
Q1-2025 $44.445M ▼ $18.041M ▲ $6.952M ▼ 15.642% ▼ $0.51 ▼ $10.318M ▼
Q4-2024 $45.286M ▲ $15.512M ▼ $8.381M ▲ 18.507% ▲ $0.61 ▲ $11.939M ▲
Q3-2024 $45.145M $16.709M $6.516M 14.433% $0.48 $9.846M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $273.619M ▲ $3.391B ▲ $3.029B ▲ $361.78M ▲
Q2-2025 $252.59M ▼ $3.346B ▼ $2.995B ▼ $350.792M ▲
Q1-2025 $365.626M ▼ $3.389B ▲ $3.044B ▲ $344.601M ▲
Q4-2024 $603.893M ▼ $3.365B ▼ $3.03B ▼ $335.211M ▼
Q3-2024 $652.18M $3.389B $3.054B $335.38M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.854M ▲ $11.2M ▲ $-15.265M ▲ $32.864M ▲ $28.799M ▲ $10.725M ▲
Q2-2025 $7.71M ▲ $1.104M ▼ $-36.23M ▼ $-49.68M ▼ $-84.806M ▼ $385K ▼
Q1-2025 $6.952M ▼ $11.009M ▲ $-24.278M ▲ $9.955M ▲ $-3.314M ▲ $10.623M ▲
Q4-2024 $8.381M ▲ $2.61M ▼ $-53.615M ▼ $-18.148M ▼ $-69.153M ▼ $1.881M ▼
Q3-2024 $6.516M $18.663M $-3.693M $37.466M $52.436M $18.306M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank Servicing
Bank Servicing
 $0 ▲$0 ▲$0 ▲$0 ▲
Financial Service Other
Financial Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Farmers & Merchants Bancorp shows a steady build‑up in revenue over the past five years, with only a brief soft patch. Profitability has held up reasonably well, with operating earnings staying fairly stable even as the bank has grown. Net income and earnings per share dipped from their recent peak and then recovered, suggesting the bank worked through a tougher period and is back on a firmer footing, though not at its best historical level. Overall, this looks like a conservative, slow‑and‑steady earnings profile rather than a high‑growth story.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, as assets have grown along with the bank’s footprint. Cash levels are higher than they were several years ago, providing a useful cushion, although there have been normal ups and downs. Debt has increased quite a bit from prior years, which means the bank is using more borrowing to support growth, but shareholder equity has also risen, helping support the overall capital base. The picture is of a growing regional bank that is more leveraged than before, but still building its underlying financial strength.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which is important for any bank and signals that the core business is funding itself. Free cash flow has also stayed positive across the period, even in the softer year, indicating that the bank is not stretching itself with heavy investment outlays. Capital spending has been modest, with only a small bump in one year, suggesting management is disciplined about where it invests. Overall, cash generation looks stable and supportive of ongoing operations and shareholder returns.

Competitive Edge

Competitive Edge FMAO’s main edge is its long-standing community banking model in smaller markets across Ohio, Indiana, and Michigan. It has strong local market share in many of the towns it serves, built on deep relationships, local decision‑making, and a strong reputation with farmers and small businesses. Its expertise in agricultural lending and tailored solutions for small businesses is hard for large, generic banks to copy. The flip side is that it remains geographically concentrated and exposed to local economic and farming cycles, and must constantly defend its niche against both big banks and digital‑only competitors.

Innovation and R&D

Innovation and R&D This is not a cutting‑edge fintech player, but a bank that adopts practical technology to support a relationship‑driven model. It offers the expected digital tools—online and mobile banking, remote deposit, and cash‑management services—plus interactive teller machines that blend self‑service with human support. Rather than building technology in‑house, it likely leans on outside partners while focusing its own efforts on process improvements and better customer experience. The key question going forward is whether its ongoing, incremental upgrades can keep pace with rising customer expectations without disrupting its high‑touch service style.

Summary

Farmers & Merchants Bancorp comes across as a conservative, steadily growing community bank with a clear identity: local, relationship‑based, and especially strong in agriculture and small business lending. Earnings and cash flow are stable rather than spectacular, with a small setback recently that appears to be easing. The balance sheet has grown, with more reliance on debt but also rising equity, reflecting a bank that is scaling up while trying to stay prudently capitalized. Its main strengths are deep community roots, dominant positions in many local markets, and a cautious management culture; its main risks are geographic concentration, competition from larger and more digital players, and the usual sensitivity to credit quality and interest‑rate cycles that affect all regional banks.

NEWS

October 31, 2025 · 10:30 AM UTC

F&M Bank Appoints Amy Cover as Chief Marketing & Experience Officer

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October 27, 2025 · 9:05 AM UTC

Farmers & Merchants Bancorp, Inc. Reports 2025 Third-Quarter and Year-to-Date Financial Results

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October 20, 2025 · 1:25 PM UTC

F&M Bank Welcomes Mike Benson as Senior Vice President, Senior Small Business Banking Manager

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September 30, 2025 · 4:30 PM UTC

Farmers & Merchants Bancorp, Inc. Announces 31st Consecutive Annual Increase in Dividend

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September 30, 2025 · 2:57 PM UTC

F&M's Annual Ohio and Indiana Golf Classics Raise $48,500 for Local Charities

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