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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% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 99.30 | 93.64 | 98.90 | 117.62 |
| Operating Revenue | - | 99.30 | 93.64 | 98.90 | 117.62 |
| Selling General And Administration | - | 38.03 | 45.40 | 48.38 | 50.77 |
| Interest Income | - | 100.83 | 138.93 | 162.21 | 172.34 |
| Interest Expense | - | 14.36 | 58.41 | 77.66 | 69.25 |
| Net Interest Income | - | 86.47 | 80.52 | 84.55 | 103.08 |
| Pretax Income | - | 40.48 | 28.35 | 32.57 | 42.52 |
| Tax Provision | - | 7.96 | 5.57 | 6.64 | 9.22 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.05 | -0.03 | 0.01 | -0.01 |
| Net Income Continuous Operations | - | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income From Continuing And Discontinued Operation | - | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income From Continuing Operation Net Minority Interest | - | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income | - | 32.52 | 22.79 | 25.94 | 33.31 |
| Net Income Common Stockholders | - | 32.23 | 22.54 | 25.43 | 32.90 |
| Net Income Including Noncontrolling Interests | - | 32.52 | 22.79 | 25.94 | 33.31 |
| Normalized Income | - | 32.31 | 22.90 | 25.88 | 33.34 |
| Diluted NI Availto Com Stockholders | - | 32.23 | 22.54 | 25.43 | 32.90 |
| Basic Average Shares | - | 13.21 | 13.64 | 13.68 | 13.73 |
| Diluted Average Shares | - | 13.21 | 13.64 | 13.68 | 13.73 |
| Reconciled Depreciation | - | 4.02 | 5.77 | 6.37 | 6.99 |
| Total Unusual Items | - | 0.26 | -0.14 | 0.07 | -0.04 |
| Total Unusual Items Excluding Goodwill | - | 0.26 | -0.14 | 0.07 | -0.04 |
| 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 |
| General And Administrative Expense | - | 36.39 | 42.79 | 46.24 | 48.57 |
| Other Gand A | - | 5.88 | 6.37 | 5.42 | 5.94 |
| Salaries And Wages | - | 29.60 | 34.44 | 38.71 | 40.92 |
| Insurance And Claims | - | 0.90 | 1.98 | 2.11 | 1.72 |
| Selling And Marketing Expense | - | 1.65 | 2.61 | 2.14 | 2.20 |
| Otherunder Preferred Stock Dividend | - | 0.28 | 0.25 | 0.50 | 0.41 |
| Amortization | - | 1.28 | 2.39 | 2.60 | 3.36 |
| Amortization Of Intangibles Income Statement | - | 1.28 | 2.39 | 2.60 | 3.36 |
| 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 | $384M | 11.66 | 1.03 | 8.9% | - |
| Commercial Bancgroup, Inc. | CBK | $400M | 10.75 | 1.40 | 13.0% | - |
| Investar Holding Corporation | ISTR | $395M | 17.24 | 1.46 | 8.5% | - |
| Pioneer Bancorp, Inc. | PBFS | $394M | 19.42 | 1.22 | 6.3% | - |
| First Bank | FRBA |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $392M |
| 8.97 |
| 0.88 |
| 9.8% |
| - |
| NewtekOne, Inc. | NEWT | $382M | 6.32 | 1.09 | 17.3% | - |
| Plumas Bancorp | PLBC | $375M | 12.66 | 1.44 | 11.3% | - |
| Citizens & Northern Corporation | CZNC | $374M | 15.98 | 1.10 | 6.9% | - |
| Primis Financial Corp. | FRST | $370M | 6.02 | 0.88 | 14.5% | - |
| Peer Median | - | 11.70 | 1.16 | 10.6% | - | |