Farmers & Merchants Bancorp, Inc.
- Open
- 30.46
- Day high
- 30.84
- Day low
- 30.34
- Prev close
- 30.56
- Volume
- 90K
- Mkt cap
- $421M
- P/E (TTM)
- 11.7
- EPS (TTM)
- $2.61
- P/B
- 1.1
- P/S
- 2.2
- Yield
- 2.97%
- Per share
- $0.91
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 16 sales)
- 🏛Institutions accumulating (13F)
Farmers & Merchants Bancorp, Inc. (FMAO) is a Financial Services company listed on NASDAQ. The stock is up 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 16 sales (SEC Form 4).
Farmers & Merchants Bancorp, Inc. (FMAO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FMAO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.68 | $0.70 | +2.9% | $32M | -0.5% |
| Feb 12, 2026 | $0.67 | $0.71 | +6.0% | $32M | +17.1% |
| Feb 12, 2025 | $0.48 | $0.61 | +27.1% | $26M | +9.2% |
| Oct 30, 2024 | $0.41 | $0.48 | +17.1% | $25M | +7.5% |
| Aug 1, 2024 | $0.36 | $0.42 | +16.7% | $25M | +21.3% |
| May 1, 2024 | $0.35 | $0.39 | +11.4% | $23M | +19.6% |
| Feb 13, 2024 | $0.32 | $0.41 | +28.1% | $23M | +22.0% |
| Oct 26, 2023 | $0.37 | $0.35 | -5.4% | $22M | +14.6% |
| Jul 26, 2023 | $0.45 | $0.44 | -2.2% | $24M | +15.6% |
| Apr 19, 2023 | $0.54 | $0.47 | -13.0% | $25M | +16.3% |
| Feb 8, 2023 | $0.67 | $0.53 | -20.9% | $26M | -7.0% |
| Oct 19, 2022 | $0.73 | $0.68 | -6.8% | $26M | -2.3% |
FMAO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $29.62 |
| Jun 24, 2026 | Briggs Andrew Jdirector | Sell | 6,000 | $28.72 |
| Jun 24, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $28.66 |
| Jun 18, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $28.75 |
| Jun 17, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $28.80 |
| Jun 15, 2026 | Gerken David Rofficer: Executive Vice President | Sell | 825 | $28.16 |
| Jun 12, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $28.54 |
| Jun 10, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $27.99 |
| Jun 5, 2026 | Planson Steven Jdirector | Grant | 645 | $27.14 |
| Jun 5, 2026 | Briggs Andrew Jdirector | Grant | 465 | $27.14 |
| Jun 5, 2026 | Briggs Andrew Jdirector | Sell | 3,000 | $27.81 |
| Jun 4, 2026 | Boyce Ian Ddirector | Grant | 645 | $27.14 |
| Jun 4, 2026 | Eller Lars Bdirector, officer: President & CEO | Grant | 645 | $27.14 |
| Jun 4, 2026 | Frey Kevin Gdirector | Grant | 645 | $27.14 |
| Jun 4, 2026 | Johnston Lori Anndirector | Grant | 645 | $27.14 |
Source: FMAO SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full FMAO insider & 13F page →Farmers & Merchants Bancorp, Inc. company profile
Overview
Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) is a regional bank holding company founded in 1897 and headquartered in Archbold, Ohio. The company operates through its subsidiary, The Farmers & Merchants State Bank, serving individuals and small businesses primarily in northwest Ohio and northeast Indiana. With over 125 years of banking history, FMAO has established itself as a community-focused financial institution providing traditional banking services to rural and small-town markets in the Midwest.
Business
Farmers & Merchants Bancorp operates in the regional banking industry, which involves accepting deposits from customers and lending those funds to borrowers while earning a profit on the interest rate spread. As a community bank, FMAO focuses on serving local markets rather than competing on a national scale like major money center banks. The company's core banking services include deposit products such as checking accounts, savings accounts, time deposits, and certificates of deposit (CDs). These products allow customers to safely store their money while earning interest, and they provide the bank with funds to lend to other customers. The bank also offers custodial services for individual retirement accounts (IRAs) and health savings accounts (HSAs), helping customers manage tax-advantaged savings. On the lending side, FMAO provides a comprehensive range of loan products including commercial loans for businesses, agricultural loans for farmers (such as farmland purchases, equipment financing, and operating loans for seeds and fertilizers), residential mortgages for home buyers, and consumer loans for automobiles, recreational vehicles, and home improvements. Commercial real estate lending, including lines of credit and machinery purchase loans, represents another significant lending category. The bank also offers modern banking technology services including online and mobile banking platforms, ATM and interactive teller machine (ITM) networks, remote deposit capture for business customers, merchant credit card processing, and electronic payment services such as wire transfers and automated clearing house (ACH) transactions. These services help customers conduct banking business efficiently without visiting physical branches.
Revenue model
Farmers & Merchants Bancorp generates revenue primarily through net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. When the bank lends money at higher rates than it pays depositors, it captures the spread as profit. For example, if the bank pays 2% on savings accounts but charges 6% on business loans, the 4% difference represents gross interest margin before accounting for loan losses and operating expenses. The bank's customers include individual consumers who need personal banking services, small business owners requiring commercial loans and cash management services, farmers needing agricultural financing, and homebuyers seeking mortgages. Revenue also comes from fee-based services such as account maintenance fees, overdraft fees, loan origination fees, and charges for electronic banking services. Several factors influence the bank's profitability margins. Interest rate environments significantly impact earnings - when rates rise, the bank can charge more for loans, but it must also pay more for deposits, with the net effect depending on the timing and magnitude of rate changes. Credit quality affects margins through loan loss provisions; economic downturns in the agricultural sector or local economy can increase defaults and reduce profitability. Competition from larger banks and credit unions can pressure both loan pricing and deposit rates. Regulatory compliance costs represent a fixed expense that can burden smaller banks disproportionately. Local economic conditions in northwest Ohio and northeast Indiana directly affect loan demand and credit quality, as the bank's fortunes are tied to the health of its regional market.
Competitive moat
Farmers & Merchants Bancorp possesses a modest but meaningful competitive moat based on its deep community relationships and local market knowledge. As a 125-year-old institution, the bank has built strong ties with multi-generational customers, particularly in the agricultural sector where relationship banking remains important. Local farmers and small business owners often prefer working with bankers who understand their specific needs and seasonal cash flow patterns, creating customer loyalty that larger national banks struggle to replicate. The bank's geographic concentration in northwest Ohio and northeast Indiana provides intimate knowledge of local economic conditions, credit risks, and growth opportunities. This local expertise allows for more informed lending decisions and personalized service that customers value. However, this geographic focus also represents a vulnerability, as the bank's fortunes are closely tied to the economic health of a relatively small region. Competitive threats come from multiple directions. Larger regional and national banks can offer more sophisticated products, better technology platforms, and more competitive pricing due to their scale advantages. Credit unions, which operate as non-profit entities, can offer attractive rates on both deposits and loans. Online banks and fintech companies are increasingly providing basic banking services with lower fees and higher deposit rates. Agricultural lending faces competition from specialized farm credit institutions and equipment financing companies. The bank's relatively small size (approximately $3.4 billion in assets) limits its ability to compete on technology investment and product breadth compared to larger institutions.
Risks & safety
FMAO demonstrates moderate financial stability with adequate capital buffers but some liquidity concerns typical of smaller regional banks. • Cash and Liquidity: $177 million in cash and short-term investments as of Q1 2025, representing about 5% of total assets, which is relatively low for banking standards but typical for smaller institutions focused on lending • Debt and Leverage: Debt-to-equity ratio of 0.89x, indicating moderate leverage typical for banks; total liabilities of $3.0 billion against $3.4 billion in assets • Profitability: Return on equity of 7.7% for FY 2024, indicating reasonable profitability for a regional bank • Valuation Metrics: Trading at 1.2x book value and 15.5x earnings (FY 2024), suggesting reasonable valuation for a small regional bank • Current Ratio Concerns: Very low current ratio of 0.22x reflects the nature of banking where deposits (liabilities) typically exceed liquid assets, requiring careful asset-liability management • Capital Adequacy: Book value per share growth and consistent profitability suggest adequate capital levels, though specific regulatory capital ratios are not disclosed
Recent development
Based on available financial data, Farmers & Merchants Bancorp has maintained relatively stable operations over recent years without major strategic pivots or dramatic changes in business model. The bank has continued focusing on its core community banking franchise while adapting to evolving customer preferences for digital banking services. Financial performance has shown resilience through different interest rate cycles, with revenue remaining relatively stable around $95-100 million annually from 2022-2024. The bank maintained profitability throughout this period, though net income fluctuated from $32.5 million in 2022 to $22.5 million in 2023 before recovering to $25.9 million in 2024, reflecting the challenges of navigating changing interest rate environments. Technology investments appear to be ongoing, as evidenced by the bank's continued offering of online banking, mobile banking, remote deposit capture, and electronic payment services. These capabilities are essential for competing with larger institutions and meeting customer expectations for convenient banking access. Asset growth has been steady, with total assets growing from approximately $3.0 billion in 2022 to $3.4 billion by early 2025, indicating continued business expansion within the bank's target markets. The growth appears to be organic rather than through acquisitions, consistent with the bank's community-focused strategy.
FMAO company profile · for informational purposes only — not investment advice.
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