Farmers & Merchants Bancorp Inc
FMAO Nasdaq Savings Institution, Federally Chartered Financials FY2016–FY2025
Last close · Oct 23, 2026
$36.54
1.8%
Revenue
Total sales reported in the income statement.
$121M
19.6%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
63.3%
4.4 pts
Net income
Profit after all expenses, interest and tax.
$33.3M
28.4%
Return on equity
Net income as a share of average shareholders' equity.
9.4%
1.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
12.6x
On $2.91 EPS (TTM)
What Farmers & Merchants Bancorp Inc does
No business description yet.
- Legal name
- FARMERS & MERCHANTS BANCORP INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001193125-26-081475
0000792966
Revenue and margins
Farmers & Merchants Bancorp Inc had $121M of revenue in fiscal 2025, up 19.6% on the year before.
FY16
Revenue $44.9M
FY17
Revenue $46.9M
FY18
Revenue $50.7M
FY19
Revenue $65.4M
FY20
Revenue $76.6M
FY21
Revenue $87.1M
FY22
Revenue $103M
FY23
Revenue $97.3M
FY24
Revenue $102M
FY25
Revenue $121M
Q3 '23
Revenue $23.3M
Q4 '23
Revenue $23.7M
Q1 '24
Revenue $24.1M
Q2 '24
Revenue $25.1M
Q3 '24
Revenue $25.5M
Q4 '24
Revenue $26.8M
Q1 '25
Revenue $28.1M
Q2 '25
Revenue $29.6M
Q3 '25
Revenue $31.3M
Q4 '25
Revenue $32.5M
Q1 '26
Revenue $32.4M
Q2 '26
Revenue $34.4M
FY16
Net interest share 74.7%
Efficiency ratio 61.1%
FY17
Net interest share 77.1%
Efficiency ratio 61.3%
FY18
Net interest share 78.6%
Efficiency ratio 63.4%
FY19
Net interest share 81.9%
Efficiency ratio 63.4%
FY20
Net interest share 78.1%
Efficiency ratio 58.0%
FY21
Net interest share 79.8%
Efficiency ratio 62.2%
FY22
Net interest share 84.6%
Efficiency ratio 56.1%
FY23
Net interest share 83.7%
Efficiency ratio 69.1%
FY24
Net interest share 84.6%
Efficiency ratio 67.6%
FY25
Net interest share 85.9%
Efficiency ratio 63.3%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 84.3%
Efficiency ratio 73.1%
Q4 '23
Net interest share 84.0%
Efficiency ratio 69.1%
Q1 '24
Net interest share 83.6%
Efficiency ratio 74.1%
Q2 '24
Net interest share 85.2%
Efficiency ratio 69.1%
Q3 '24
Net interest share 84.5%
Efficiency ratio 68.2%
Q4 '24
Net interest share 85.1%
Efficiency ratio 59.9%
Q1 '25
Net interest share 85.2%
Efficiency ratio 66.8%
Q2 '25
Net interest share 86.7%
Efficiency ratio 65.0%
Q3 '25
Net interest share 86.1%
Efficiency ratio 63.1%
Q4 '25
Net interest share 85.6%
Efficiency ratio 58.7%
Q1 '26
Net interest share 84.6%
Efficiency ratio 61.0%
Q2 '26
Net interest share 84.2%
Efficiency ratio 56.1%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.5% a year. Loss periods are shown in red.
FY16
Net income $11.7M
FY17
Net income $12.7M
FY18
Net income $14.9M
FY19
Net income $18.4M
FY20
Net income $20.1M
FY21
Net income $23.5M
FY22
Net income $32.5M
FY23
Net income $22.8M
FY24
Net income $25.9M
FY25
Net income $33.3M
Q3 '23
Net income $4.8M
Q4 '23
Net income $5.5M
Q1 '24
Net income $5.4M
Q2 '24
Net income $5.7M
Q3 '24
Net income $6.5M
Q4 '24
Net income $8.4M
Q1 '25
Net income $7.0M
Q2 '25
Net income $7.7M
Q3 '25
Net income $8.9M
Q4 '25
Net income $9.8M
Q1 '26
Net income $9.6M
Q2 '26
Net income $11.8M
FY16
Diluted EPS $1.27
FY17
Diluted EPS $1.38
FY18
Diluted EPS $1.61
FY19
Diluted EPS $1.66
FY20
Diluted EPS $1.80
FY21
Diluted EPS $2.01
FY22
Diluted EPS $2.46
FY23
Diluted EPS $1.67
FY24
Diluted EPS $1.90
FY25
Diluted EPS $2.43
Q3 '23
Diluted EPS $0.35
Q4 '23
Diluted EPS $0.41
Q1 '24
Diluted EPS $0.39
Q2 '24
Diluted EPS $0.42
Q3 '24
Diluted EPS $0.48
Q4 '24
Diluted EPS $0.61
Q1 '25
Diluted EPS $0.51
Q2 '25
Diluted EPS $0.56
Q3 '25
Diluted EPS $0.64
Q4 '25
Diluted EPS $0.71
Q1 '26
Diluted EPS $0.70
Q2 '26
Diluted EPS $0.86
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 9.3%
ROTE 9.6%
Efficiency ratio 61.1%
FY17
ROE 9.8%
ROTE 9.7%
Efficiency ratio 61.3%
FY18
ROE 10.8%
ROTE 10.6%
Efficiency ratio 63.4%
FY19
ROE 9.9%
ROTE 10.2%
Efficiency ratio 63.4%
FY20
ROE 8.4%
ROTE 9.9%
Efficiency ratio 58.0%
FY21
ROE 8.6%
ROTE 10.8%
Efficiency ratio 62.2%
FY22
ROE 10.9%
ROTE 15.2%
Efficiency ratio 56.1%
FY23
ROE 7.4%
ROTE 9.8%
Efficiency ratio 69.1%
FY24
ROE 8.0%
ROTE 10.2%
Efficiency ratio 67.6%
FY25
ROE 9.4%
ROTE 11.6%
Efficiency ratio 63.3%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Farmers & Merchants Bancorp Inc returned $12.4M to shareholders in fiscal 2025, 36% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $4.1M
Buybacks $0.2M
FY17
Dividends $4.4M
Buybacks $0.2M
FY18
Dividends $5.0M
Buybacks $0.5M
FY19
Dividends $6.3M
Buybacks $0.4M
FY20
Dividends $7.2M
Buybacks $0.4M
FY21
Dividends $7.7M
Buybacks $0.3M
FY22
Dividends $10.3M
Buybacks $0.3M
FY23
Dividends $11.3M
Buybacks $0.2M
FY24
Dividends $11.9M
Buybacks $0.7M
FY25
Dividends $12.1M
Buybacks $0.4M
Dividends
Buybacks
Q3 '23
Dividends $2.8M
Buybacks $0.2M
Q4 '23
Dividends $2.8M
Buybacks $0.0M
Q1 '24
Dividends $3.0M
Buybacks $0.1M
Q2 '24
Dividends $3.0M
Buybacks $0.2M
Q3 '24
Dividends $3.0M
Buybacks $0.3M
Q4 '24
Dividends $3.0M
Buybacks $0.0M
Q1 '25
Dividends $3.0M
Buybacks $0.0M
Q2 '25
Dividends $3.0M
Buybacks $0.0M
Q3 '25
Dividends $3.0M
Buybacks $0.3M
Q4 '25
Dividends $3.1M
Buybacks $0.0M
Q1 '26
Dividends $3.1M
Buybacks $0.1M
Q2 '26
Dividends $3.1M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $751M
Deposits $842M
FY17
Loans $816M
Deposits $919M
FY18
Loans $840M
Deposits $929M
FY19
Loans $1.2B
Deposits $1.3B
FY20
Loans $1.3B
Deposits $1.6B
FY21
Loans $1.8B
Deposits $2.2B
FY22
Loans $2.3B
Deposits $2.5B
FY23
Loans $2.6B
Deposits $2.6B
FY24
Loans —
Deposits $2.7B
FY25
Loans —
Deposits $2.7B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $1.8B | $2.3B | $2.6B | — | — |
| Deposits | $2.2B | $2.5B | $2.6B | $2.7B | $2.7B |
| Loans / deposits | 83.9% | 94.6% | 98.0% | — | — |
| Total assets | $2.6B | $3.0B | $3.3B | $3.4B | $3.4B |
| Shareholders' equity | $297M | $298M | $317M | $335M | $371M |
| Goodwill | $80.4M | $86.4M | $86.4M | $86.4M | $86.4M |
| Provision / loans | 0.2% | 0.2% | 0.1% | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $44.9M | $46.9M | $50.7M | $65.4M | $76.6M | $87.1M | $103M | $97.3M | $102M | $121M |
| Net interest income | $33.5M | $36.1M | $39.9M | $53.5M | $59.8M | $69.5M | $86.8M | $81.4M | $85.9M | $104M |
| Noninterest income | $11.4M | $10.7M | $10.9M | $11.8M | $16.8M | $17.6M | $15.8M | $15.9M | $15.6M | $17.1M |
| Noninterest expense | $27.4M | $28.7M | $32.1M | $41.5M | $44.4M | $54.2M | $57.5M | $67.2M | $68.7M | $76.8M |
| Provision for credit losses | $1.1M | $0.2M | $0.3M | $1.1M | $7.0M | $3.4M | $4.6M | $1.7M | — | — |
| Interest expense | $4.2M | $5.1M | $6.6M | $14.8M | $10.4M | $7.3M | $14.4M | $58.4M | — | — |
| Pretax income | $16.3M | $17.9M | $18.3M | $22.8M | $25.2M | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| Income tax | $4.7M | $5.2M | $3.3M | $4.4M | $5.1M | $6.0M | $8.0M | $5.6M | $6.6M | $9.2M |
| Net income | $11.7M | $12.7M | $14.9M | $18.4M | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| Net income to common | $11.6M | $12.6M | $14.8M | $18.3M | $19.9M | $23.3M | $32.2M | $22.5M | $25.4M | $32.9M |
| Diluted EPS | $1.27 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $2.43 |
| Cash flow | ||||||||||
| Cash from operations | $12.4M | $17.6M | $10.7M | $23.9M | $27.4M | $34.7M | $40.7M | $22.1M | $32.5M | $36.7M |
| Capital expenditure | $2.4M | $1.9M | $2.6M | $3.5M | $3.2M | $2.0M | $2.6M | $10.9M | $1.9M | $1.8M |
| Free cash flow | $10.0M | $15.8M | $8.1M | $20.4M | $24.2M | $32.8M | $38.1M | $11.2M | $30.6M | $35.0M |
| Depreciation and amortization | $1.5M | $1.6M | $1.7M | $2.3M | $2.5M | $2.6M | $2.7M | $3.4M | $3.8M | $3.6M |
| Stock-based compensation | $0.4M | $0.5M | $0.7M | $1.1M | $1.0M | $0.8M | $0.9M | $1.3M | $1.4M | $1.4M |
| Acquisitions | — | — | — | $2.1M | — | — | — | — | — | — |
| Share buybacks | $0.2M | $0.2M | $0.5M | $0.4M | $0.4M | $0.3M | $0.3M | $0.2M | $0.7M | $0.4M |
| Dividends paid | $4.1M | $4.4M | $5.0M | $6.3M | $7.2M | $7.7M | $10.3M | $11.3M | $11.9M | $12.1M |
| Dividends and buybacks | $4.3M | $4.6M | $5.4M | $6.7M | $7.6M | $8.0M | $10.6M | $11.6M | $12.6M | $12.4M |
| Balance sheet | ||||||||||
| Loans, net | $751M | $816M | $840M | $1.2B | $1.3B | $1.8B | $2.3B | $2.6B | — | — |
| Deposits | $842M | $919M | $929M | $1.3B | $1.6B | $2.2B | $2.5B | $2.6B | $2.7B | $2.7B |
| Property and equipment, net | $21.5M | $21.6M | $22.6M | $26.3M | $27.1M | $26.9M | $28.4M | $35.8M | $33.8M | $31.9M |
| Goodwill | $4.1M | $4.1M | $4.1M | $47.3M | $47.3M | $80.4M | $86.4M | $86.4M | $86.4M | $86.4M |
| Intangible assets | $0.7M | — | — | $3.5M | — | — | — | — | — | — |
| Total assets | $1.1B | $1.1B | $1.1B | $1.6B | $1.9B | $2.6B | $3.0B | $3.3B | $3.4B | $3.4B |
| Total liabilities | $930M | $973M | $973M | $1.4B | $1.7B | $2.3B | $2.7B | $3.0B | $3.0B | $3.1B |
| Shareholders' equity | $126M | $134M | $143M | $230M | $249M | $297M | $298M | $317M | $335M | $371M |
| Margins | ||||||||||
| Net margin | 26.0% | 27.1% | 29.5% | 28.2% | 26.2% | 27.0% | 31.7% | 23.4% | 25.5% | 27.4% |
| FCF margin | 22.3% | 33.6% | 16.0% | 31.2% | 31.6% | 37.6% | 37.1% | 11.5% | 30.1% | 28.8% |
| Net interest share of revenue | 74.7% | 77.1% | 78.6% | 81.9% | 78.1% | 79.8% | 84.6% | 83.7% | 84.6% | 85.9% |
| Efficiency ratio | 61.1% | 61.3% | 63.4% | 63.4% | 58.0% | 62.2% | 56.1% | 69.1% | 67.6% | 63.3% |
| Returns | ||||||||||
| Return on equity | 9.3% | 9.8% | 10.8% | 9.9% | 8.4% | 8.6% | 10.9% | 7.4% | 8.0% | 9.4% |
| Return on assets | 1.1% | 1.2% | 1.3% | 1.4% | 1.1% | 1.0% | 1.2% | 0.7% | 0.8% | 1.0% |
| Return on tangible equity | 9.6% | 9.7% | 10.6% | 10.2% | 9.9% | 10.8% | 15.2% | 9.8% | 10.2% | 11.6% |
| Growth | ||||||||||
| Revenue growth | — | 4.4% | 8.2% | 28.9% | 17.1% | 13.8% | 17.8% | −5.1% | 4.3% | 19.6% |
| Net income growth | — | 9.1% | 17.5% | 23.1% | 9.2% | 16.9% | 38.4% | −29.9% | 13.8% | 28.4% |
| EPS growth | — | 8.7% | 16.7% | 3.1% | 8.4% | 11.7% | 22.4% | −32.1% | 13.8% | 27.9% |
| FCF growth | — | 57.2% | −48.6% | 151.8% | 18.3% | 35.7% | 16.1% | −70.5% | 172.8% | 14.3% |
| Financial health | ||||||||||
| Loans / deposits | 89.2% | 88.8% | 90.4% | 94.1% | 80.8% | 83.9% | 94.6% | 98.0% | — | — |
| Provision / loans | 0.1% | 0.0% | 0.0% | 0.1% | 0.5% | 0.2% | 0.2% | 0.1% | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 5.4% | 4.0% | 5.2% | 5.4% | 4.2% | 2.3% | 2.5% | 11.2% | 1.8% | 1.5% |
| Stock comp / revenue | 0.9% | 1.1% | 1.5% | 1.7% | 1.3% | 0.9% | 0.9% | 1.3% | 1.3% | 1.1% |
| Payouts / FCF | 43.0% | 29.4% | 67.2% | 32.9% | 31.3% | 24.4% | 27.8% | 103.0% | 41.1% | 35.6% |
| Quality scores | ||||||||||
| Accruals ratio | −0.1% | −0.5% | 0.4% | −0.4% | −0.4% | −0.5% | −0.3% | 0.0% | −0.2% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000792966). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.