Farmers & Merchants Bancorp, Inc.

NASDAQ•FMAO

CEO: Mr. Lars B. Eller

Sector: Financial Services

Industry: Banks - Regional

Listing Date: 2006-01-30

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 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 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.

Contact Information

307 North Defiance Street, Archbold, OH, 43502, United States

419-446-2501

www.fm.bank

Market Cap

$376.34M

P/E (TTM)

11.3

15.6

Dividend Yield

3.3%

52W High

$29.83

52W Low

$22.19

52W Range

68%

Rank40Top 42.0%

4.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$48.61M+0.00%

4-Quarter Trend

EPS

$0.71+0.00%

4-Quarter Trend

FCF

$13.86M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Interest Margin Expansion NIM rose 56 basis points to 3.28% in 2025, driven by successful interest rate management in a declining rate environment.

Profitability Surge Achieved Net Income reached $33.309M in 2025, a 28.4% increase year-over-year, easily surpassing the $4.5M gain recorded in 2024.

Strong Capital Base Maintained Tier 1 Leverage Ratio stood strong at 8.81% in 2025, well above regulatory minimums, supporting continued operations and stability.

Commercial Loan Portfolio Growth Total loans grew nearly 6% in 2025, led by $84.0M combined growth in Commercial and Agricultural sectors year-over-year.

Risk Factors

Spike in Nonaccrual Loans Nonaccrual loans spiked significantly to $11.256M in 2025, up from $3.124M in 2024, signaling potential asset quality stress.

Increased Credit Loss Provision Provision for credit losses increased $1.65M to $2.596M, primarily due to loan growth and adjustments for weaker macro-economic data.

Real Estate Concentration Risk Large concentration in Real Estate loans, especially CRE (49.96% of portfolio), exposes earnings to local market value fluctuations.

Evolving Regulatory Burden Extensive evolving federal and state laws increase compliance costs, operational complexity, and potential for regulatory enforcement actions.

Outlook

2026 Strategic Focus Areas Strategy centers on strong core deposit expansion, moderate loan growth, and continued rigorous cost control measures for sustained profitability.

Asset Sensitivity Position Bank is asset-sensitive following Fed rate cuts; future profitability benefits from aggressive rate dropping on liabilities in falling rate environment.

Credit Quality Monitoring Management will closely monitor migration to criticized asset grades, especially within the Agriculture and Farmland portfolio segments.

Dividend Continuation Expected Company expects to maintain strong capital base while continuing quarterly dividend payments consistent with its established past practices.

Peer Comparison

Revenue (TTM)

RBB

$238.00M

+2.6%

FSBW

$217.51M

+6.8%

PCB

$209.37M

+9.1%

Gross Margin (Latest Quarter)

SFST

96.2%

+7.0pp

OBT

78.7%

+16.3pp

PBFS

73.8%

+0.0pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
OBT	$483.13M	11.6	16.5%	1.3%
SFST	$475.60M	16.0	10.7%	0.0%
PDLB	$433.61M	14.3	5.5%	19.4%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

3.0%

Moderate Growth

4Q Net Income CAGR

12.1%

Profitability Improving

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Apr 22, 2026

EPS:$0.68

Revenue:$32.54M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data