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FMAOFarmers & Merchants Bancorp, Inc.
$30.30$417M
Overview & Verdict
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FMAO logoFarmers & Merchants Bancorp, Inc.(FMAO)Earnings, Financials & Key Ratios

FMAO•NASDAQ•Banking & Credit
$30.30
8.9× P/E·Price updated Jul 7, 2026
SectorFinancial ServicesIndustryRegional BanksSub-IndustryCommunity and retail regional 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$104M+23.3%
  • Total Revenue$189M+7.1%
  • Net Income$33M+28.4%
  • Return on Equity9.44%+18.5%
  • Net Interest Margin3.04%+20.8%
  • Efficiency Ratio39.78%+6.3%
  • ROA0.98%+25.6%
  • Equity / Assets10.8%+8.4%
  • Book Value per Share27.13+8.6%

FMAO Price & Volume

Farmers & Merchants Bancorp, Inc. (FMAO) stock price & volume — 10-year historical chart

Loading chart...

Agricultural Lending Growth Drives Consistent Earnings Expansion

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Accelerating
Profitability:Strong
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Agricultural credit cycle sensitivity

Key Thesis Takeaways

  • Farmers & Merchants Bancorp demonstrates a disciplined growth trajectory, evidenced by a net interest income increase from $19.6 million in 2023Q4 to $27.4 million in 2026Q1.
  • While the bank maintains a robust capital cushion with an equity-to-assets ratio of 0.11, investors should monitor the significant concentration of $2.9 billion in investment securities, which may expose the firm to duration risk.
  • The bank's commitment to shareholder returns, supported by a consistent $3.0 million quarterly dividend, suggests a stable outlook despite inherent sensitivities to the agricultural credit cycle.

Verdict Logic

while the bank shows a strong PEG ratio of 0.66 and consistent earnings growth, the high concentration of securities relative to total assets of $3.5 billion warrants further investigation into potential interest rate sensitivity.

FMAO Growth Metrics

Farmers & Merchants Bancorp, Inc. (FMAO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.59%
5 Years17.27%
3 Years18.49%
TTM-

Profit CAGR

10 Years12.41%
5 Years10.64%
3 Years0.81%
TTM30.53%

EPS CAGR

10 Years11.78%
5 Years13.63%
3 Years11.5%
TTM29.21%

Return on Capital

10 Years9.41%
5 Years6.96%
3 Years5.53%
Last Year6.49%

FMAO Recent Earnings

Farmers & Merchants Bancorp, Inc. (FMAO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 11/12 qtrs (92%)
Q2 2026Latest
Apr 22, 2026
Metric
Actual
Est
EPS
$0.70+2.9%
$0.68
Rev
$32M-0.5%
$33M
Q1 2026
Feb 12, 2026
Metric
Actual
Est
EPS
$0.71+8.4%
$0.66
Rev
$32M+3.2%
$31M
Q4 2025
Oct 27, 2025
Metric
Actual
Est
EPS
$0.64+8.5%
$0.59
Rev
$30M+10.7%
$27M
Q3 2025
Jul 28, 2025
Metric
Actual
Est
EPS
$0.56+9.8%
$0.51
Rev
$29M+11.3%
$26M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$0.70vs $0.68+2.9%
$32Mvs $33M-0.5%
Q1 2026Feb 12, 2026
$0.71vs $0.66+8.4%
$32Mvs $31M+3.2%
Q4 2025Oct 27, 2025
$0.64vs $0.59+8.5%
$30Mvs $27M+10.7%
Q3 2025Jul 28, 2025
$0.56vs $0.51+9.8%
$29Mvs $26M+11.3%
Based on last 12 quarters of dataView full earnings history →

Latest FMAO News

Recent stock market news and headlines for Farmers & Merchants Bancorp, Inc. (FMAO)

GlobeNewsWire·Jun 30, 2026
Farmers & Merchants Bancorp, Inc. Declares 2026 Second-Quarter Cash Dividend

ARCHBOLD, Ohio, June 30, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO), the holding company of F&M Bank, with total assets of $3.49 billion at March 31, 2026, today announced that it has approved the Company's quarterly cash dividend of $0.23 per share, a 4.0% year-over-year increase, reflecting the Bank's continued strong momentum, solid financial performance, and commitment to creating long-term value to shareholders. The second-quarter dividend is payable on July 20, 2026, to shareholders of record as of July 10, 2026.

GlobeNewsWire·Jun 25, 2026
F&M Bank Announces Executive Leadership Appointments to Support Continued Growth and Strategic Execution

ARCHBOLD, Ohio, June 25, 2026 (GLOBE NEWSWIRE) -- F&M Bank today announced several executive leadership appointments designed to strengthen operational execution, enhance legal and compliance capabilities, advance its people strategy, and position the organization for continued growth.

Peers Comparison

Key metrics vs top competitors for Farmers & Merchants Bancorp, Inc. (FMAO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FMAO logoFMAOFarmers & Merchants Bancorp, Inc.Current
$30.30$417.18M8.897.1%17.61%9.44%2.92%
CZWI logoCZWICitizens Community Bancorp, Inc.
$23.29$224.61M15.95-9.41%16.49%8%—
MVBF logoMVBFMVB Financial Corp.
$28.62$367.76M13.8918.96%14.29%8.79%—
HFWA logoHFWAHeritage Financial Corporation
$29.44$1B15.025.92%20.5%7.58%—
OVBC logoOVBCOhio Valley Banc Corp.
$41.65$196.21M12.585.93%16.05%9.29%—
FXNC logoFXNCFirst National Corporation
$29.30$264.9M14.9527.11%18.05%11.51%—

Compare FMAO vs Peers

Farmers & Merchants Bancorp, Inc. (FMAO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CZWI

Most directly comparable listed peer for FMAO.

Scale Benchmark

vs NTRS

Larger-name benchmark to compare FMAO against a more recognizable public peer.

Peer Set

Compare Top 5

vs CZWI, MVBF, HFWA, OVBC

FMAO SEC Filings & Documents

Farmers & Merchants Bancorp, Inc. (FMAO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 22, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Feb 12, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 4, 2025·SEC

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FMAO Frequently Asked Questions

Farmers & Merchants Bancorp, Inc. (FMAO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Farmers & Merchants Bancorp, Inc. growing?

Farmers & Merchants Bancorp, Inc. (FMAO) grew revenue by 7.1% over the past year. This is steady growth.

Is FMAO profitable?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) is profitable, generating $35.9M in net income for fiscal year 2025 (17.6% net margin).

Dividend & Returns
Does FMAO pay dividends?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) pays a dividend with a yield of 2.92%. This makes it attractive for income-focused investors.

What is FMAO's return on equity?

Farmers & Merchants Bancorp, Inc. (FMAO) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Industry Metrics
What is Farmers & Merchants Bancorp, Inc.'s net interest margin?

Farmers & Merchants Bancorp, Inc. (FMAO) has a net interest margin (NIM) of 3.0%. This indicates healthy earnings from lending activities.

What is Farmers & Merchants Bancorp, Inc.'s efficiency ratio?

Farmers & Merchants Bancorp, Inc. (FMAO) has an efficiency ratio of 39.8%. This is excellent, indicating strong cost control.

What if you invested $1,000 in FMAO back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →