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Farmers & 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, Northeast Indiana, and Southeast Michigan. 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 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, bill-pay, on-line statement opportunities, and remote deposit capture or electronic deposit processing. Additionally, the company 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $118M | - | $33M | $35M | 9.0% | 18.9% | 28.4% |
| 2024 | $99M | - | $26M | $31M | 7.7% | 5.6% | 13.8% |
| 2023 | $94M | - | $23M | $11M | 7.2% | -5.7% | -29.9% |
| 2022 | $99M | - | $33M | $38M | 10.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 99.30 | 93.64 | 98.90 | 117.62 |
| Pretax Income | 40.48 | 28.35 | 32.57 | 42.52 |
| Tax Provision | 7.96 | 5.57 | 6.63 | 9.22 |
| Net Income | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income Common Stockholders | 32.23 | 22.54 | 25.43 | 32.90 |
| Interest Expense | 14.36 | 58.41 | 77.66 | 69.25 |
| Interest Income | 100.83 | 138.93 | 162.21 | 172.34 |
| Selling General And Administration | 38.03 | 45.40 | 48.38 | 50.77 |
| Normalized Income | 32.31 | 22.90 | 25.88 | 33.34 |
| Basic EPS | 2.46 | 1.67 | 1.90 | 2.43 |
| Diluted EPS | 2.46 | 1.67 | 1.90 | 2.43 |
| Tax Effect Of Unusual Items | 0.05 | -0.03 | 0.01 | -0.01 |
| Tax Rate For Calcs | 0.20 | 0.20 | 0.20 | 0.22 |
| Total Unusual Items | 0.26 | -0.14 | 0.07 | -0.04 |
| Total Unusual Items Excluding Goodwill | 0.26 | -0.14 | 0.07 | -0.04 |
| Net Income From Continuing Operation Net Minority Interest | 32.52 | 22.79 | 25.94 | 33.31 |
| Reconciled Depreciation | 4.02 | 5.77 | 6.37 | 6.99 |
| Net Interest Income | 86.47 | 80.52 | 84.55 | 103.08 |
| Net Income From Continuing And Discontinued Operation | 32.52 | 22.79 | 25.94 | 33.31 |
| Diluted Average Shares | 13.21 | 13.64 | 13.68 | 13.73 |
| Basic Average Shares | 13.21 | 13.64 | 13.68 | 13.73 |
| Diluted NI Availto Com Stockholders | 32.23 | 22.54 | 25.43 | 32.90 |
| Otherunder Preferred Stock Dividend | 0.28 | 0.25 | 0.51 | 0.41 |
| Net Income Including Noncontrolling Interests | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income Continuous Operations | 32.52 | 22.79 | 25.94 | 33.31 |
| Gain On Sale Of Security | 0 | -0.89 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 1.28 | 2.39 | 2.60 | 3.36 |
| Depreciation And Amortization In Income Statement | 1.28 | 2.39 | 2.60 | 3.36 |
| Amortization | 1.28 | 2.39 | 2.60 | 3.36 |
| Amortization Of Intangibles Income Statement | 1.28 | 2.39 | 2.60 | 3.36 |
| Selling And Marketing Expense | 1.65 | 2.61 | 2.14 | 2.20 |
| General And Administrative Expense | 36.39 | 42.79 | 46.24 | 48.57 |
| Other Gand A | 5.88 | 6.37 | 5.42 | 5.94 |
| Insurance And Claims | 0.91 | 1.98 | 2.11 | 1.72 |
| Salaries And Wages | 29.60 | 34.44 | 38.71 | 40.92 |
| Operating Revenue | 99.30 | 93.64 | 98.90 | 117.62 |
| Occupancy And Equipment | 6.77 | 8.86 | 9.42 | 10.01 |
| Professional Expense And Contract Services Expense | 2.79 | 2.26 | 2.67 | 3.59 |
| Other Non Interest Expense | 5.34 | 4.63 | 2.99 | 5.28 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Farmers & Merchants Bancorp, Inc.this co. | FMAO | $367M | 10.18↑ premium | 0.97 | 9.0% | - |
| Onity Group Inc. | ONIT | $390M | 2.13 | 0.62 | 30.2% | 25.75 |
| Investar Holding Corporation | ISTR | $381M | 12.22 | 1.00 | 7.6% | - |
| American Integrity Insurance Group, Inc. | AII | $379M | 3.43 | 1.13 | 29.6% | 1.35 |
| First Bank | FRBA |
| $377M |
| 8.63 |
| 0.84 |
| 9.8% |
| - |
| Regional Management Corp. | RM | $362M | 8.66 | 0.99 | 11.9% | 12.88 |
| Primis Financial Corp. | FRST | $361M | 7.68 | 0.85 | -4.4% | - |
| Parke Bancorp, Inc. | PKBK | $356M | 8.59 | 1.05 | 11.6% | - |
| Plumas Bancorp | PLBC | $355M | 10.78 | 1.36 | 11.3% | - |
| Peer Median | - | 8.61 | 1.00 | 11.5% | 12.88 | |