Farmers & Merchants Bancorp Inc (FMAO) Financial Statements
Industry: Savings Institution, Federally Chartered
In fiscal 2025, Farmers & Merchants Bancorp reported revenue of $121.4M, up 19.6% from $101.5M the year before. Net income was $33.3M (a 27.4% net margin), or $2.43 per diluted share. Net interest income was $104.3M, and the efficiency ratio (noninterest expense / revenue) was 63.3%. Operating activities generated $36.7M of cash, leaving $35.0M of free cash flow. At fiscal year end, Farmers & Merchants Bancorp held $3.43B in total assets against $3.06B in total liabilities.
Open the full interactive Farmers & Merchants Bancorp financials → Quarterly statements, key ratios, valuation history and price charts.
Farmers & Merchants Bancorp Key Stats
| Share Price | $34.98 |
|---|---|
| Market Cap | $475.7M |
| P/E Ratio | 14.4 |
| Revenue YoY Growth | +19.6% |
| 52-Week Range | $22.27 – $35.56 |
| Shares Outstanding | 13.6 million (basic, 2026 Q2) |
Farmers & Merchants Bancorp Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $59.8M | $69.5M | $86.8M | $81.4M | $85.9M | $104.3M |
| Provision for Credit Losses | $7.0M | $3.4M | $4.6M | $1.7M | $273,000 | $2.6M |
| Noninterest Income | $16.8M | $17.6M | $15.5M | $16.0M | $15.6M | $17.1M |
| Noninterest Expense | $44.4M | $54.2M | $57.2M | $67.3M | $68.7M | $76.8M |
| Revenue | $76.6M | $87.1M | $102.3M | $97.4M | $101.5M | $121.4M |
| Pre-Tax Income | $25.2M | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| Income Tax | $5.1M | $6.0M | $8.0M | $5.6M | $6.6M | $9.2M |
| Net Income | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| Diluted EPS | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $2.43 |
Farmers & Merchants Bancorp Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $31.3M | $32.5M | $32.4M | $34.4M |
| Net Income | $8.9M | $9.8M | $9.6M | $11.8M |
| Diluted EPS | $0.64 | — | $0.70 | $0.86 |
Farmers & Merchants Bancorp Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Loans (Net) | $1.29B | $1.84B | $2.34B | $2.56B | — | — |
| Total Assets | $1.91B | $2.64B | $3.02B | $3.28B | $3.36B | $3.43B |
| Deposits | $1.60B | $2.19B | $2.47B | $2.61B | $2.69B | $2.73B |
| Total Long-Term Debt | $17.9M | $108.5M | $172.1M | $310.5M | $290.9M | $312.3M |
| Total Liabilities | $1.66B | $2.34B | $2.72B | $2.97B | $3.03B | $3.06B |
| Shareholders' Equity | $249.2M | $297.2M | $298.1M | $316.5M | $335.2M | $370.9M |
Farmers & Merchants Bancorp Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $27.4M | $34.7M | $40.7M | $22.1M | $32.5M | $36.7M |
| Cash From Investing | -$177.7M | -$265.7M | -$389.9M | -$194.1M | -$44.4M | -$138.7M |
| Cash From Financing | $274.8M | $236.1M | $252.8M | $229.7M | $46.0M | $23.3M |
| Free Cash Flow | $24.2M | $32.8M | $38.1M | $11.2M | $30.6M | $35.0M |
Figures from Farmers & Merchants Bancorp's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Farmers & Merchants Bancorp financials page for every line item.
Farmers & Merchants Bancorp Company Profile
| Ticker | FMAO |
|---|---|
| Exchange | Nasdaq |
| Industry | Savings Institution, Federally Chartered |
| Headquarters | Archbold, Ohio |
| Incorporated in | Ohio |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000792966 |
Frequently Asked Questions
What was Farmers & Merchants Bancorp's revenue in fiscal 2025?
Farmers & Merchants Bancorp (FMAO) reported revenue of $121.4M for fiscal 2025.
What is Farmers & Merchants Bancorp's annual revenue history?
Farmers & Merchants Bancorp's annual revenue by fiscal year: 2020: $76.6M; 2021: $87.1M; 2022: $102.3M; 2023: $97.4M; 2024: $101.5M; 2025: $121.4M.
What was Farmers & Merchants Bancorp's net income in fiscal 2025?
Farmers & Merchants Bancorp reported net income of $33.3M for fiscal 2025.
What was Farmers & Merchants Bancorp's earnings per share (EPS) in fiscal 2025?
Farmers & Merchants Bancorp's diluted EPS was $2.43 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Farmers & Merchants Bancorp generate in fiscal 2025?
Farmers & Merchants Bancorp generated $35.0M of free cash flow in fiscal 2025.
What was Farmers & Merchants Bancorp's revenue last quarter?
In its most recent reported quarter (2026 Q2), Farmers & Merchants Bancorp reported revenue of $34.4M.
How much debt does Farmers & Merchants Bancorp have?
Farmers & Merchants Bancorp reported $312.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Farmers & Merchants Bancorp are outstanding?
Farmers & Merchants Bancorp reported a weighted average of 13.6 million basic shares outstanding in 2026 Q2.
What is Farmers & Merchants Bancorp's market cap?
Based on its latest closing price, Farmers & Merchants Bancorp (FMAO) has a market capitalization of about $475.7M.
When does Farmers & Merchants Bancorp's fiscal year end?
Farmers & Merchants Bancorp's fiscal year end, as registered with the SEC, is December 31.
Where is Farmers & Merchants Bancorp headquartered?
Farmers & Merchants Bancorp lists its business address in Archbold, Ohio in its SEC filings.
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