• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

    4/28/25 5:49:51 PM ET
    $FMAO
    Savings Institutions
    Finance
    Get the next $FMAO alert in real time by email

    ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.

    2025 First Quarter Financial and Operating Highlights

    (at March 31, 2025 and on a year-over-year basis unless noted)

    • 88 consecutive quarters of profitability
    • Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
    • Total loans increased by $40.5 million, or 1.6% to $2.58 billion
    • Total assets increased by $101.2 million, or 3.1% to $3.39 billion
    • Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
    • Efficiency ratio improved to 66.79%, compared to 74.08%
    • Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
    • Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
    • Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
    • Tier 1 leverage ratio was 8.44%

    Lars B. Eller, President and Chief Executive Officer, stated, "2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M's ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan."

    Mr. Eller continued, "For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income."

    Income Statement

    Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.

    Deposits

    At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company's cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.

    Mr. Eller commented, "We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio."

    Loan Portfolio and Asset Quality

    "Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%," continued Mr. Eller.

    Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.

    F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.

    F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company's total loan portfolio at March 31, 2025. In addition, F&M's commercial real estate office credit exposure represented 5.4% of the Company's total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.

    F&M's CRE portfolio included the following categories at March 31, 2025:









    CRE Category
     



    Dollar

    Balance
     Percent of

    CRE

    Portfolio
    (*)
     Percent of

    Total Loan

    Portfolio
    (*)
           
    Industrial $281,484 21.2% 10.9%
    Multi-family  217,903 16.4% 8.4%
    Retail  213,281 16.1% 8.3%
    Hotels  157,139 11.8% 6.1%
    Office  139,069 10.5% 5.4%
    Gas Stations  70,983 5.3% 2.7%
    Food Service  52,827 4.0% 2.0%
    Senior Living  31,400 2.4% 1.2%
    Development  29,907 2.3% 1.2%
    Auto Dealers  27,294 2.1% 1.1%
    Other  104,411 7.9% 4.0%
    Total CRE $1,325,698 100.0% 51.3%
            

    * Numbers have been rounded

    At March 31, 2025, the Company's allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company's prior acquisitions, F&M's allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.

    Mr. Eller concluded, "While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M."

    Stockholders' Equity and Dividends

    Total stockholders' equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024.

    Tangible stockholders' equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders' equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.

    For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.

    About Farmers & Merchants State Bank:

    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe Harbor Statement

    Farmers & Merchants Bancorp, Inc. ("F&M") wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management's expectations and comments, may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M's SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC's website, www.sec.gov or through F&M's website www.fm.bank.

    Non-GAAP Financial Measures

    This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.'s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
    (Unaudited) (in thousands of dollars, except per share data)
     
     Three Months Ended
     March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
    Interest Income         
    Loans, including fees$37,072  $36,663  $36,873  $36,593  $35,200 
    Debt securities:         
    U.S. Treasury and government agencies 2,097   1,882   1,467   1,148   1,045 
    Municipalities 382   384   387   389   394 
    Dividends 338   367   334   327   333 
    Federal funds sold -   24   7   7   7 
    Other 1,113   2,531   2,833   2,702   1,675 
    Total interest income 41,002   41,851   41,901   41,166   38,654 
    Interest Expense         
    Deposits 13,988   15,749   16,947   16,488   15,279 
    Federal funds purchased and securities sold under agreements to repurchase 271   274   277   276   284 
    Borrowed funds 2,550   2,713   2,804   2,742   2,689 
    Subordinated notes 284   285   284   285   284 
    Total interest expense 17,093   19,021   20,312   19,791   18,536 
    Net Interest Income - Before Provision for Credit Losses 23,909   22,830   21,589   21,375   20,118 
    Provision for (Recovery of) Credit Losses - Loans 811   346   282   605   (289)
    Recovery of Credit Losses - Off Balance Sheet Exposures (260)  (120)  (267)  (18)  (266)
    Net Interest Income After Provision for Credit Losses 23,358   22,604   21,574   20,788   20,673 
    Noninterest Income         
    Customer service fees 381   237   300   189   598 
    Other service charges and fees 1,124   1,176   1,155   1,085   1,057 
    Interchange income 1,421   1,322   1,315   1,330   1,429 
    Loan servicing income 762   771   710   513   539 
    Net gain on sale of loans 284   223   215   314   107 
    Increase in cash surrender value of bank owned life insurance 244   248   265   236   216 
    Net gain (loss) on sale of other assets owned (54)  22   -   49   - 
    Total noninterest income 4,162   3,999   3,960   3,716   3,946 
    Noninterest Expense         
    Salaries and wages 7,878   7,020   7,713   7,589   7,846 
    Employee benefits 2,404   2,148   2,112   2,112   2,171 
    Net occupancy expense 1,199   1,072   1,054   999   1,027 
    Furniture and equipment 1,278   1,032   1,472   1,407   1,353 
    Data processing 557   160   339   448   500 
    Franchise taxes 397   312   410   265   555 
    ATM expense 491   328   472   397   473 
    Advertising 503   498   597   519   530 
    FDIC assessment 465   505   516   507   580 
    Servicing rights amortization - net 127   244   219   187   168 
    Loan expense 228   236   244   251   229 
    Consulting fees 745   242   251   198   186 
    Professional fees 559   368   453   527   445 
    Intangible asset amortization 445   446   445   444   445 
    Other general and administrative 1,484   1,465   1,128   1,495   1,333 
    Total noninterest expense 18,760   16,076   17,425   17,345   17,841 
    Income Before Income Taxes 8,760   10,527   8,109   7,159   6,778 
    Income Taxes 1,808   2,146   1,593   1,477   1,419 
    Net Income 6,952   8,381   6,516   5,682   5,359 
    Other Comprehensive Income (Loss) (Net of Tax):         
    Net unrealized gain (loss) on available-for-sale securities 6,464   (7,403)  11,664   2,531   (1,995)
    Reclassification adjustment for realized loss on sale of available-for-sale securities -   -   -   -   - 
    Net unrealized gain (loss) on available-for-sale securities 6,464   (7,403)  11,664   2,531   (1,995)
    Tax expense (benefit) 1,358   (1,554)  2,449   531   (418)
    Other comprehensive income (loss) 5,106   (5,849)  9,215   2,000   (1,577)
    Comprehensive Income$12,058  $2,532  $15,731  $7,682  $3,782 
    Basic Earnings Per Share$0.51  $0.61  $0.48  $0.42  $0.39 
    Diluted Earnings Per Share$0.51  $0.61  $0.48  $0.42  $0.39 
    Dividends Declared$0.22125  $0.22125  $0.22125  $0.22  $0.22 
              



    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited) (in thousands of dollars, except share data)
     
     March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
     (Unaudited)   (Unaudited) (Unaudited) (Unaudited)
    Assets         
    Cash and due from banks$172,612  $174,855  $244,572  $191,785  $186,541 
    Federal funds sold 425   1,496   932   1,283   1,241 
    Total cash and cash equivalents 173,037   176,351   245,504   193,068   187,782 
              
    Interest-bearing time deposits 1,992   2,482   2,727   3,221   2,735 
    Securities - available-for-sale 438,568   426,556   404,881   365,209   347,516 
    Other securities, at cost 14,062   14,400   15,028   14,721   14,744 
    Loans held for sale 2,331   2,996   1,706   1,628   2,410 
    Loans, net of allowance for credit losses 2,555,552   2,536,043   2,512,852   2,534,468   2,516,687 
    Premises and equipment 33,163   33,828   33,779   34,507   35,007 
    Construction in progress -   -   35   38   9 
    Goodwill 86,358   86,358   86,358   86,358   86,358 
    Loan servicing rights 5,805   5,656   5,644   5,504   5,555 
    Bank owned life insurance 35,116   34,872   34,624   34,359   34,123 
    Other assets 42,802   45,181   46,047   49,552   54,628 
              
    Total Assets$3,388,786  $3,364,723  $3,389,185  $3,322,633  $3,287,554 
              
    Liabilities and Stockholders' Equity         
    Liabilities         
    Deposits         
    Noninterest-bearing$502,318  $516,904  $481,444  $479,069  $510,731 
    Interest-bearing         
    NOW accounts 874,881   850,462   865,617   821,145   829,236 
    Savings 696,635   671,818   661,565   673,284   635,430 
    Time 626,450   647,581   676,187   667,592   645,985 
    Total deposits 2,700,284   2,686,765   2,684,813   2,641,090   2,621,382 
              
    Federal funds purchased and securities         
    sold under agreements to repurchase 27,258   27,218   27,292   27,218   28,218 
    Federal Home Loan Bank (FHLB) advances 245,474   246,056   263,081   266,102   256,628 
    Subordinated notes, net of unamortized issuance costs 34,846   34,818   34,789   34,759   34,731 
    Dividend payable 2,997   2,996   2,998   2,975   2,975 
    Accrued expenses and other liabilities 33,326   31,659   40,832   27,825   25,930 
    Total liabilities 3,044,185   3,029,512   3,053,805   2,999,969   2,969,864 
              
    Commitments and Contingencies         
              
    Stockholders' Equity         
    Common stock - No par value 20,000,000 shares authorized; issued         
    14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24 135,407   135,565   135,193   135,829   135,482 
    Treasury stock - 846,089 shares 3/31/25 and 864,889 shares 12/31/24 (10,768)  (10,985)  (10,904)  (11,006)  (10,851)
    Retained earnings 240,079   235,854   230,465   226,430   223,648 
    Accumulated other comprehensive loss (20,117)  (25,223)  (19,374)  (28,589)  (30,589)
    Total stockholders' equity 344,601   335,211   335,380   322,664   317,690 
              
    Total Liabilities and Stockholders' Equity$3,388,786  $3,364,723  $3,389,185  $3,322,633  $3,287,554 
              



    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    SELECT FINANCIAL DATA
                    
      For the Three Months Ended
    Selected financial data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
    Return on average assets  0.85%  0.99%  0.78%  0.69%  0.66%
    Return on average equity  8.31%  10.00%  7.93%  7.13%  6.76%
    Yield on earning assets  5.19%  5.20%  5.27%  5.22%  5.00%
    Cost of interest bearing liabilities  2.76%  3.01%  3.21%  3.18%  3.06%
    Net interest spread  2.43%  2.19%  2.06%  2.04%  1.94%
    Net interest margin  3.03%  2.84%  2.71%  2.71%  2.60%
    Efficiency ratio  66.79%  59.82%  67.98%  69.03%  74.08%
    Dividend payout ratio  43.10%  35.75%  45.99%  52.35%  55.52%
    Tangible book value per share $17.71  $17.74  $17.72  $16.79  $16.51 
    Tier 1 leverage ratio  8.44%  8.12%  8.04%  8.02%  8.40%
    Average shares outstanding  13,706,003   13,699,869   13,687,119   13,681,501   13,671,166 
                    
    Loans March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
    (Dollar amounts in thousands)               
    Commercial real estate $1,325,698  $1,310,811  $1,301,160  $1,303,598  $1,304,400 
    Agricultural real estate  215,898   216,401   220,328   222,558   227,455 
    Consumer real estate  523,383   520,114   524,055   525,902   525,178 
    Commercial and industrial  278,254   275,152   260,732   268,426   256,051 
    Agricultural  153,607   152,080   137,252   142,909   127,670 
    Consumer  60,115   63,009   67,394   70,918   74,819 
    Other  24,985   24,978   25,916   26,449   26,776 
    Less: Net deferred loan fees, costs and other (1)  (36)  (676)  1,499   (1,022)  (982)
    Total loans, net $2,581,904  $2,561,869  $2,538,336  $2,559,738  $2,541,367 
                    
                    
    Asset quality data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
    (Dollar amounts in thousands)               
    Nonaccrual loans $4,494  $3,124  $2,898  $2,487  $19,391 
    90 day past due and accruing $-  $-  $-  $-  $- 
    Nonperforming loans $4,494  $3,124  $2,898  $2,487  $19,391 
    Other real estate owned $-  $-  $-  $-  $- 
    Nonperforming assets $4,494  $3,124  $2,898  $2,487  $19,391 
                    
                    
    Allowance for credit losses - loans $26,352  $25,826  $25,484  $25,270  $24,680 
    Allowance for credit losses - off balance sheet credit exposures  1,281   1,541   1,661   1,928   1,946 
    Total allowance for credit losses $27,633  $27,367  $27,145  $27,198  $26,626 
    Total allowance for credit losses/total loans  1.07%  1.07%  1.07%  1.06%  1.05%
    Adjusted credit losses with accretable yield/total loans  1.08%  1.08%  1.10%  1.10%  1.11%
    Net charge-offs:               
    Quarter-to-date $285  $4  $68  $15  $55 
    Year-to-date $285  $142  $138  $70  $55 
    Net charge-offs to average loans               
    Quarter-to-date  0.01%  0.00%  0.00%  0.00%  0.00%
    Year-to-date  0.01%  0.01%  0.01%  0.00%  0.00%
    Nonperforming loans/total loans  0.17%  0.12%  0.11%  0.10%  0.76%
    Allowance for credit losses/nonperforming loans  586.38%  826.70%  879.37%  1016.08%  127.28%
    NPA coverage ratio  586.38%  826.70%  879.37%  1016.08%  127.28%
                    
    (1) Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans
                    



    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
              
                
     For the Three Months Ended For the Three Months Ended
     March 31, 2025 March 31, 2024
    Interest Earning Assets:Average Balance Interest/Dividends Annualized

    Yield/Rate
     Average Balance Interest/Dividends Annualized

    Yield/Rate
    Loans$2,578,531 $37,072 5.75% $2,577,114 $35,200 5.46%
    Taxable investment securities 458,519  2,739 2.39%  384,928  1,686 1.75%
    Tax-exempt investment securities 18,310  78 2.16%  21,109  86 2.06%
    Fed funds sold & other 105,770  1,113 4.21%  110,388  1,682 6.09%
    Total Interest Earning Assets 3,161,130 $41,002 5.19%  3,093,539 $38,654 5.00%
                
    Nonearning Assets 166,630      159,240    
                
    Total Assets$3,327,760     $3,252,779    
                
    Interest Bearing Liabilities:           
    Savings deposits$1,543,665 $8,564 2.22% $1,443,530 $9,407 2.61%
    Other time deposits 627,498  5,424 3.46%  650,580  5,872 3.61%
    Other borrowed money 245,734  2,550 4.15%  263,280  2,689 4.09%
    Fed funds purchased & securities           
    sold under agreement to repurchase 27,480  271 3.94%  28,458  284 3.99%
    Subordinated notes 34,828  284 3.26%  34,712  284 3.27%
    Total Interest Bearing Liabilities$2,479,205 $17,093 2.76% $2,420,560 $18,536 3.06%
                
    Noninterest Bearing Liabilities 509,190      514,986    
                
    Stockholders' Equity$339,365     $317,233    
                
    Net Interest Income and Interest Rate Spread  $23,909 2.43%   $20,118 1.94%
                
    Net Interest Margin    3.03%     2.60%
                
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts  
                



    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
                      
     For the Three Months Ended March 31, 2025 For the Three Months Ended March 31, 2024
     As Reported Excluding Acc/AmortDifference As Reported Excluding Acc/AmortDifference
     $Yield $Yield $Yield $Yield $Yield $Yield
    Interest Earning Assets:                 
    Loans$37,0725.75% $36,4685.66% $6040.09% $35,2005.46% $34,5255.36% $675 0.10%
    Taxable investment securities 2,7392.39%  2,7392.39%  -0.00%  1,6861.75%  1,6861.75%  - 0.00%
    Tax-exempt investment securities 782.16%  782.16%  -0.00%  862.06%  862.06%  - 0.00%
    Fed funds sold & other 1,1134.21%  1,1134.21%  -0.00%  1,6826.09%  1,6826.09%  - 0.00%
    Total Interest Earning Assets 41,0025.19%  40,3985.11%  6040.08%  38,6545.00%  37,9794.92%  675 0.08%
                      
    Interest Bearing Liabilities:                 
    Savings deposits$8,5642.22% $8,5642.22% $-0.00% $9,4072.61% $9,4072.61% $- 0.00%
    Other time deposits 5,4243.46%  5,4243.46%  -0.00%  5,8723.61%  5,8723.61%  - 0.00%
    Other borrowed money 2,5504.15%  2,5474.15%  30.00%  2,6894.09%  2,7074.11%  (18)-0.02%
    Federal funds purchased and                 
    securities sold under agreement to                 
    repurchase 2713.94%  2713.94%  -0.00%  2843.99%  2843.99%  - 0.00%
    Subordinated notes 2843.26%  2843.26%  -0.00%  2843.27%  2843.27%  - 0.00%
    Total Interest Bearing Liabilities 17,0932.76%  17,0902.76%  3-0.00%  18,5363.06%  18,5543.07%  (18)-0.01%
                      
    Interest/Dividend income/yield 41,0025.19%  40,3985.11%  6040.08%  38,6545.00%  37,9794.92%  675 0.08%
    Interest Expense / yield 17,0932.76%  17,0902.76%  3-0.00%  18,5363.06%  18,5543.07%  (18)-0.01%
    Net Interest Spread 23,9092.43%  23,3082.35%  6010.08%  20,1181.94%  19,4251.85%  693 0.09%
    Net Interest Margin 3.03%  2.95%  0.08%  2.60%  2.52%  0.08%
                      



    Company Contact:Investor and Media Contact:
    Lars B. Eller

    President and Chief Executive Officer

    Farmers & Merchants Bancorp, Inc.

    (419) 446-2501

    [email protected]

    Andrew M. Berger

    Managing Director

    SM Berger & Company, Inc.

    (216) 464-6400

    [email protected]


    Primary Logo

    Get the next $FMAO alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $FMAO

    DatePrice TargetRatingAnalyst
    6/12/2024$24.00Neutral
    Piper Sandler
    4/5/2024$22.00Market Perform
    Hovde Group
    7/28/2023$24.00 → $23.50Neutral → Underweight
    Piper Sandler
    12/21/2022$30.00Neutral
    Janney
    10/21/2022$27.00Underweight → Neutral
    Piper Sandler
    4/22/2022$36.50 → $41.00Neutral → Underweight
    Piper Sandler
    More analyst ratings

    $FMAO
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • F&M Bank Promotes Eric D. Faust to Executive Vice President

      ARCHBOLD, Ohio, May 21, 2025 (GLOBE NEWSWIRE) -- F&M Bank ("F&M"), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO), is proud to announce the promotion of Eric D. Faust to Executive Vice President. Faust has served as the bank's Chief Risk Officer since 2022, where he has led significant advancements in enterprise risk and regulatory compliance. In his role, Mr. Faust has successfully built F&M's comprehensive risk and compliance team, integrated regulatory compliance more deeply into strategic decision-making, and enhanced the bank's oversight structures. His efforts have helped ensure F&M continues to meet evolving regulatory expectations while mai

      5/21/25 4:30:00 PM ET
      $FMAO
      Savings Institutions
      Finance
    • F&M Bank Announces Resignation of Board Member Jo Ellen Hornish

      ARCHBOLD, Ohio, May 20, 2025 (GLOBE NEWSWIRE) -- F&M Bank ("F&M"), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO), today announced that Jo Ellen Hornish has resigned from the Company's Board of Directors following its May 20, 2025, board meeting. Since 2013, Mrs. Hornish has served as a valued member of the Board, contributing her business acumen and leadership experience to the Company's strategic vision. Her insights, particularly in the transportation and manufacturing industries, along with her service on the Audit Committee and the Corporate Governance and Nominating Committee, have helped guide the Bank through important growth and development

      5/20/25 4:30:00 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

      ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025. 2025 First Quarter Financial and Operating Highlights(at March 31, 2025 and on a year-over-year basis unless noted) 88 consecutive quarters of profitabilityTotal interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balanceTotal loans increased by $40.5 million, or 1.6% to $2.58 billionTotal assets increased by $101.2 million, or 3.1% to $3.39 billionTotal deposits increased by $78.9 million, or 3.0% to $2.70

      4/28/25 5:49:51 PM ET
      $FMAO
      Savings Institutions
      Finance

    $FMAO
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Piper Sandler resumed coverage on Farmers and Merchants with a new price target

      Piper Sandler resumed coverage of Farmers and Merchants with a rating of Neutral and set a new price target of $24.00

      6/12/24 7:09:57 AM ET
      $FMAO
      Savings Institutions
      Finance
    • Hovde Group initiated coverage on Farmers and Merchants with a new price target

      Hovde Group initiated coverage of Farmers and Merchants with a rating of Market Perform and set a new price target of $22.00

      4/5/24 7:26:07 AM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers and Merchants downgraded by Piper Sandler with a new price target

      Piper Sandler downgraded Farmers and Merchants from Neutral to Underweight and set a new price target of $23.50 from $24.00 previously

      7/28/23 7:39:35 AM ET
      $FMAO
      Savings Institutions
      Finance

    $FMAO
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SVP/Chief Information Officer Singhal Shalini was granted 1,583 shares, increasing direct ownership by 28% to 7,236 units (SEC Form 4)

      4 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      3/12/25 4:06:58 PM ET
      $FMAO
      Savings Institutions
      Finance
    • New insider Singhal Shalini claimed ownership of 5,653 shares (SEC Form 3)

      3 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      3/12/25 3:57:31 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Chief Risk Officer Faust Eric D was granted 1,719 shares, increasing direct ownership by 57% to 4,735 units (SEC Form 4)

      4 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      3/5/25 3:49:15 PM ET
      $FMAO
      Savings Institutions
      Finance

    $FMAO
    Financials

    Live finance-specific insights

    See more
    • Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

      ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025. 2025 First Quarter Financial and Operating Highlights(at March 31, 2025 and on a year-over-year basis unless noted) 88 consecutive quarters of profitabilityTotal interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balanceTotal loans increased by $40.5 million, or 1.6% to $2.58 billionTotal assets increased by $101.2 million, or 3.1% to $3.39 billionTotal deposits increased by $78.9 million, or 3.0% to $2.70

      4/28/25 5:49:51 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp, Inc. Declares 2025 First-Quarter Cash Dividend

      ARCHBOLD, Ohio, March 25, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (NASDAQ:FMAO) the holding company of F&M Bank, with total assets of $3.36 billion at December 31, 2024, today announced that it has approved the Company's quarterly cash dividend of $0.22125 per share. The first-quarter dividend is payable on April 20, 2025, to shareholders of record as of April 4, 2025. About Farmers & Merchants State Bank:Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial

      3/25/25 4:30:00 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

      ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024. 2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 87 consecutive quarters of profitabilityNet income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted shareAsset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023Net charge-offs to average loans were 0.00%Allowance f

      2/12/25 4:30:00 PM ET
      $FMAO
      Savings Institutions
      Finance

    $FMAO
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Boyce Ian D bought $5,283 worth of shares (250 units at $21.13) (SEC Form 4)

      4 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      3/27/24 3:04:30 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Hornish Jo Ellen bought $73,893 worth of COMMON (3,594 units at $20.56), increasing direct ownership by 10% to 40,000 units (SEC Form 4)

      4 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      3/4/24 2:14:32 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Burkholder Eugene N bought $18,990 worth of Common (1,000 units at $18.99), increasing direct ownership by 4% to 24,909 units (SEC Form 4)

      4 - FARMERS & MERCHANTS BANCORP INC (0000792966) (Issuer)

      11/22/23 1:44:56 PM ET
      $FMAO
      Savings Institutions
      Finance

    $FMAO
    Leadership Updates

    Live Leadership Updates

    See more

    $FMAO
    SEC Filings

    See more
    • F&M Bank Announces Resignation of Board Member Jo Ellen Hornish

      ARCHBOLD, Ohio, May 20, 2025 (GLOBE NEWSWIRE) -- F&M Bank ("F&M"), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO), today announced that Jo Ellen Hornish has resigned from the Company's Board of Directors following its May 20, 2025, board meeting. Since 2013, Mrs. Hornish has served as a valued member of the Board, contributing her business acumen and leadership experience to the Company's strategic vision. Her insights, particularly in the transportation and manufacturing industries, along with her service on the Audit Committee and the Corporate Governance and Nominating Committee, have helped guide the Bank through important growth and development

      5/20/25 4:30:00 PM ET
      $FMAO
      Savings Institutions
      Finance
    • F&M Bank Announces Retirement of Eugene Burkholder from Board of Directors

      ARCHBOLD, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- F&M Bank ("F&M"), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) announces the retirement of Eugene Burkholder from its Board of Directors, effective December 17, 2024. Mr. Burkholder has served as an independent director on F&M's Board since March 2012, contributing over a decade of dedicated leadership and expertise that has been pivotal to the Bank's growth. "The Board extends its heartfelt gratitude for Gene's years of service and unwavering commitment to the Bank," said F&M's Chairman Andrew Briggs. "His leadership has been an inspiration, and his legacy will continue to guide the Bank's efforts

      12/17/24 5:00:00 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp Celebrates Retirement of Board Chairman Jack Johnson

      ARCHBOLD, Ohio, May 21, 2024 (GLOBE NEWSWIRE) -- F&M Bank ("F&M"), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) announces the retirement of Board Chairman, Jack Johnson. Mr. Johnson was appointed to the Company's Board in January 1991. He was Vice Chairman from April 2013 to July 2013 and became Chairman of the Board of Directors on July 19, 2013, a position he held until April 30, 2024. An official celebration of his retirement from the board was held on May 21, 2024, after reaching the maximum age requirement as outlined in F&M's bylaws. Lars Eller, President and Chief Executive Officer, commented, "Over his remarkable tenure, Jack has been inst

      5/21/24 11:30:00 AM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp Inc. filed SEC Form 8-K: Leadership Update, Other Events, Financial Statements and Exhibits

      8-K - FARMERS & MERCHANTS BANCORP INC (0000792966) (Filer)

      5/20/25 4:49:29 PM ET
      $FMAO
      Savings Institutions
      Finance
    • SEC Form 10-Q filed by Farmers & Merchants Bancorp Inc.

      10-Q - FARMERS & MERCHANTS BANCORP INC (0000792966) (Filer)

      5/5/25 3:52:10 PM ET
      $FMAO
      Savings Institutions
      Finance
    • Farmers & Merchants Bancorp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - FARMERS & MERCHANTS BANCORP INC (0000792966) (Filer)

      4/28/25 5:20:10 PM ET
      $FMAO
      Savings Institutions
      Finance