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Farmers & Merchants Bancorp (FMAO) Financials

Farmers & Merchants Bancorp logo
$26.90 +0.23 (+0.84%)
As of 02:36 PM Eastern
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Annual Income Statements for Farmers & Merchants Bancorp

Annual Income Statements for Farmers & Merchants Bancorp

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 33 23 26
Consolidated Net Income / (Loss)		 33 23 26
Net Income / (Loss) Continuing Operations		 33 23 26
Total Pre-Tax Income 		40 28 33
Total Revenue		 103 97 102
Net Interest Income / (Expense)		 87 81 86
Total Interest Income		 101 140 164
Loans and Leases Interest Income		 94 129 145
Investment Securities Interest Income		 5.96 6.57 8.46
Federal Funds Sold and Securities Borrowed Interest Income		 0.02 0.04 0.05
Other Interest Income		 0.91 3.85 9.74
Total Interest Expense		 14 58 78
Deposits Interest Expense		 9.88 47 64
Long-Term Debt Interest Expense		 3.28 10 12
Federal Funds Purchased and Securities Sold Interest Expense		 1.20 1.47 1.11
Total Non-Interest Income		 16 16 16
Other Service Charges		 8.50 4.41 2.53
Net Realized & Unrealized Capital Gains on Investments		 1.61 -0.19 0.86
Other Non-Interest Income		 5.69 12 12
Provision for Credit Losses		 4.60 1.74 0.27
Total Non-Interest Expense		 58 67 69
Salaries and Employee Benefits		 30 34 39
Net Occupancy & Equipment Expense		 11 12 11
Marketing Expense		 1.65 2.61 2.14
Property & Liability Insurance Claims		 0.91 1.98 2.11
Other Operating Expenses		 13 14 12
Amortization Expense		 1.28 2.39 2.60
Other Special Charges		 - 0.14 -0.07
Income Tax Expense		 7.96 5.57 6.64
Basic Earnings per Share		 $2.46 $1.67 $1.90
Weighted Average Basic Shares Outstanding		 13.61M 13.66M 13.70M
Diluted Earnings per Share		 $2.46 $1.67 $1.90
Weighted Average Diluted Shares Outstanding		 13.61M 13.66M 13.70M
Weighted Average Basic & Diluted Shares Outstanding		 13.61M 13.66M 13.70M
Cash Dividends to Common per Share		 $0.81 $0.85 $0.88

Quarterly Income Statements for Farmers & Merchants Bancorp

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
Consolidated Net Income / (Loss)		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
Net Income / (Loss) Continuing Operations		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
Total Pre-Tax Income 		11 8.89 8.05 7.53 5.90 6.88 6.78 7.16 8.11 11
Total Revenue		 26 27 26 24 23 24 24 25 26 27
Net Interest Income / (Expense)		 23 23 22 20 20 20 20 21 22 23
Total Interest Income		 26 29 32 33 36 38 39 41 42 42
Loans and Leases Interest Income		 24 27 30 31 34 34 35 37 37 37
Investment Securities Interest Income		 1.52 1.66 1.60 1.58 1.64 1.75 1.77 1.86 2.19 2.63
Federal Funds Sold and Securities Borrowed Interest Income		 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02
Other Interest Income		 0.21 0.52 0.48 0.42 0.93 2.02 1.68 2.70 2.83 2.53
Total Interest Expense		 3.26 6.94 10 13 17 18 19 20 20 19
Deposits Interest Expense		 2.17 4.98 8.15 10 13 15 15 16 17 16
Long-Term Debt Interest Expense		 0.68 1.49 1.56 2.40 3.03 3.03 2.97 3.03 3.09 3.00
Federal Funds Purchased and Securities Sold Interest Expense		 0.42 0.46 0.41 0.43 0.35 0.29 0.28 0.28 0.28 0.27
Total Non-Interest Income		 3.73 4.40 4.18 4.27 3.66 3.79 3.95 3.67 3.96 4.05
Net Realized & Unrealized Capital Gains on Investments		 0.33 0.42 -0.82 0.11 0.29 0.23 0.11 0.31 0.22 0.22
Other Non-Interest Income		 3.41 - - 2.99 2.87 - 3.84 1.57 3.04 3.72
Provision for Credit Losses		 1.64 0.76 0.88 0.01 0.38 0.47 -0.56 0.59 0.02 0.23
Total Non-Interest Expense		 13 17 17 17 17 16 18 17 17 16
Salaries and Employee Benefits		 6.87 8.26 8.82 8.57 8.84 8.20 10 9.70 9.83 9.17
Net Occupancy & Equipment Expense		 2.52 3.77 2.83 2.85 2.98 3.34 2.88 2.85 2.87 2.26
Marketing Expense		 0.58 0.53 0.51 0.83 0.87 0.40 0.53 0.52 0.60 0.50
Property & Liability Insurance Claims		 0.27 0.25 0.31 0.50 0.59 0.59 0.58 0.51 0.52 0.51
Other Operating Expenses		 3.28 2.99 4.30 3.49 3.17 2.83 3.67 3.13 2.96 2.51
Amortization Expense		 -0.05 1.24 0.16 0.61 0.55 1.07 0.17 0.63 0.66 1.14
Other Special Charges		 0.00 - 0.00 0.00 0.05 0.09 0.00 -0.05 0.00 -0.02
Income Tax Expense		 2.25 1.71 1.58 1.53 1.12 1.33 1.42 1.48 1.59 2.15
Basic Earnings per Share		 $0.68 $0.53 $0.47 $0.44 $0.35 $0.41 $0.39 $0.42 $0.48 $0.61
Weighted Average Basic Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Diluted Earnings per Share		 $0.68 $0.53 $0.47 $0.44 $0.35 $0.41 $0.39 $0.42 $0.48 $0.61
Weighted Average Diluted Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Weighted Average Basic & Diluted Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Cash Dividends to Common per Share		 $0.21 $0.21 $0.21 $0.21 $0.21 $0.22 $0.22 $0.22 $0.22 $0.22

Annual Cash Flow Statements for Farmers & Merchants Bancorp

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -96 58 34
Net Cash From Operating Activities		 41 22 32
Net Cash From Continuing Operating Activities		 41 22 32
Net Income / (Loss) Continuing Operations		 33 23 26
Consolidated Net Income / (Loss)		 33 23 26
Provision For Loan Losses		 4.60 1.74 0.27
Depreciation Expense		 2.74 3.38 3.77
Amortization Expense		 3.48 4.01 3.80
Non-Cash Adjustments to Reconcile Net Income		 2.06 -3.19 -5.09
Changes in Operating Assets and Liabilities, net		 -4.73 -6.59 3.78
Net Cash From Investing Activities		 -390 -194 -44
Net Cash From Continuing Investing Activities		 -390 -194 -44
Purchase of Property, Leasehold Improvements and Equipment		 -2.60 -11 -1.87
Purchase of Investment Securities		 -420 -231 -79
Sale and/or Maturity of Investments		 33 48 37
Net Cash From Financing Activities		 253 230 46
Net Cash From Continuing Financing Activities		 253 230 46
Net Change in Deposits		 166 139 79
Issuance of Debt		 110 314 15
Repayment of Debt		 -37 -186 -35
Repurchase of Common Equity		 -0.31 -0.22 -0.66
Payment of Dividends		 -10 -11 -12
Other Financing Activities, Net		 25 -26 -1.00
Cash Interest Paid		 14 55 76
Cash Income Taxes Paid		 7.70 5.42 3.10

Quarterly Cash Flow Statements for Farmers & Merchants Bancorp

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -0.77 14 -20 6.87 82 -11 46 5.29 52 -69
Net Cash From Operating Activities		 -0.47 19 3.08 3.69 4.80 11 1.48 9.72 19 2.61
Net Cash From Continuing Operating Activities		 -0.47 19 3.08 3.69 4.80 11 1.48 9.72 19 2.61
Net Income / (Loss) Continuing Operations		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
Consolidated Net Income / (Loss)		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
Provision For Loan Losses		 1.64 0.76 0.88 0.01 0.38 0.47 -0.56 0.59 0.02 0.23
Depreciation Expense		 0.73 0.59 0.83 0.83 0.92 0.80 0.99 0.99 1.07 0.72
Amortization Expense		 0.73 1.04 1.03 1.02 0.95 1.01 0.96 0.97 0.97 0.90
Non-Cash Adjustments to Reconcile Net Income		 0.65 0.38 -1.85 -1.81 -0.58 1.05 -1.36 0.18 -1.15 -2.75
Changes in Operating Assets and Liabilities, net		 -13 8.74 -4.28 -2.37 -1.66 1.72 -3.92 1.32 11 -4.87
Net Cash From Investing Activities		 -110 -100 -68 -73 -4.62 -48 42 -29 -3.69 -54
Net Cash From Continuing Investing Activities		 -110 -100 -68 -73 -4.62 -48 42 -29 -3.69 -54
Purchase of Property, Leasehold Improvements and Equipment		 -0.72 -0.89 -2.43 -3.29 -3.28 -1.93 -0.22 -0.57 -0.36 -0.73
Purchase of Investment Securities		 -115 -106 -92 -73 -13 -53 38 -39 -11 -67
Sale and/or Maturity of Investments		 5.58 7.26 26 3.37 11 7.18 4.46 11 7.68 14
Net Cash From Financing Activities		 110 95 45 76 82 26 1.75 25 37 -18
Net Cash From Continuing Financing Activities		 110 95 45 76 82 26 1.75 25 37 -18
Net Change in Deposits		 60 74 45 -44 106 32 14 20 44 1.95
Repayment of Debt		 -10 14 -102 -113 -0.51 30 -9.11 -5.52 -3.03 -17
Payment of Dividends		 -2.63 -2.73 -2.83 -2.83 -2.83 -2.84 -2.97 -2.98 -2.98 -3.00
Other Financing Activities, Net		 -16 -1.60 -24 21 -21 -2.31 0.00 -1.00 0.07 -0.07
Cash Interest Paid		 2.12 5.98 9.27 -9.27 37 18 19 -19 58 19
Cash Income Taxes Paid		 2.64 2.00 0.04 -0.04 5.00 0.42 0.00 - 1.90 1.20

Annual Balance Sheets for Farmers & Merchants Bancorp

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 3,015 3,283 3,365
Cash and Due from Banks		 83 141 175
Federal Funds Sold		 1.32 1.28 1.50
Interest Bearing Deposits at Other Banks		 4.44 2.74 2.48
Trading Account Securities		 401 377 444
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 28 36 34
Goodwill		 86 86 86
Other Assets		 74 2,639 2,628
Total Liabilities & Shareholders' Equity		 3,015 3,283 3,365
Total Liabilities		 2,717 2,967 3,030
Non-Interest Bearing Deposits		 533 528 517
Interest Bearing Deposits		 1,936 2,079 2,170
Federal Funds Purchased and Securities Sold		 54 28 27
Other Short-Term Payables		 2.83 2.97 3.00
Long-Term Debt		 172 300 281
Other Long-Term Liabilities		 19 28 32
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 298 317 335
Total Preferred & Common Equity		 298 317 335
Total Common Equity		 298 317 335
Common Stock		 135 136 136
Retained Earnings		 212 221 236
Treasury Stock		 -12 -11 -11
Accumulated Other Comprehensive Income / (Loss)		 -38 -29 -25

Quarterly Balance Sheets for Farmers & Merchants Bancorp

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 2,784 3,070 3,147 3,235 3,288 3,323 3,389
Cash and Due from Banks		 70 63 70 152 187 192 245
Federal Funds Sold		 0.99 1.55 1.43 1.47 1.24 1.28 0.93
Interest Bearing Deposits at Other Banks		 5.19 4.44 3.49 2.99 2.74 3.22 2.73
Trading Account Securities		 406 385 382 366 365 382 422
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 26 29 30 32 35 35 34
Goodwill		 80 86 86 86 86 86 86
Other Assets		 72 79 83 90 94 2,624 2,599
Total Liabilities & Shareholders' Equity		 2,784 3,070 3,147 3,235 3,288 3,323 3,389
Total Liabilities		 2,503 2,764 2,843 2,931 2,970 3,000 3,054
Non-Interest Bearing Deposits		 507 520 489 505 511 479 481
Interest Bearing Deposits		 1,776 1,993 1,980 2,070 2,111 2,162 2,203
Short-Term Debt		 - - - - 28 27 27
Other Short-Term Payables		 2.73 2.83 2.83 2.84 2.98 2.98 3.00
Long-Term Debt		 147 199 301 301 291 301 298
Other Long-Term Liabilities		 15 19 18 22 26 28 41
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 281 306 305 303 318 323 335
Total Preferred & Common Equity		 281 306 305 303 318 323 335
Total Common Equity		 281 306 305 303 318 323 335
Common Stock		 122 135 136 135 135 136 135
Retained Earnings		 208 213 216 219 224 226 230
Treasury Stock		 -12 -11 -11 -11 -11 -11 -11
Accumulated Other Comprehensive Income / (Loss)		 -38 -31 -36 -39 -31 -29 -19

Annual Metrics And Ratios for Farmers & Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 17.77% -5.15% 4.35%
EBITDA Growth		 27.10% -23.46% 12.32%
EBIT Growth		 37.22% -29.95% 14.88%
NOPAT Growth		 38.39% -29.92% 13.83%
Net Income Growth		 38.39% -29.92% 13.83%
EPS Growth		 22.39% -32.11% 13.77%
Operating Cash Flow Growth		 17.06% -45.55% 46.64%
Free Cash Flow Firm Growth		 60.08% -195.28% 121.65%
Invested Capital Growth		 18.83% 31.22% -0.15%
Revenue Q/Q Growth		 2.40% -2.96% 3.06%
EBITDA Q/Q Growth		 -2.08% -4.55% 9.47%
EBIT Q/Q Growth		 -1.91% -6.65% 12.63%
NOPAT Q/Q Growth		 -1.50% -6.73% 12.29%
Net Income Q/Q Growth		 -1.50% -6.73% 12.29%
EPS Q/Q Growth		 -2.77% -6.70% 11.76%
Operating Cash Flow Q/Q Growth		 38.17% -26.82% -19.71%
Free Cash Flow Firm Q/Q Growth		 51.85% 18.65% 180.63%
Invested Capital Q/Q Growth		 10.05% 2.13% -6.73%
Profitability Metrics		 - - -
EBITDA Margin		 45.52% 36.74% 39.54%
EBIT Margin		 39.46% 29.14% 32.08%
Profit (Net Income) Margin		 31.70% 23.42% 25.55%
Tax Burden Percent		 80.33% 80.37% 79.63%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 19.67% 19.63% 20.37%
Return on Invested Capital (ROIC)		 7.51% 4.19% 4.21%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.51% 4.19% 4.21%
Return on Net Nonoperating Assets (RNNOA)		 3.41% 3.22% 3.75%
Return on Equity (ROE)		 10.92% 7.41% 7.96%
Cash Return on Invested Capital (CROIC)		 -9.70% -22.81% 4.35%
Operating Return on Assets (OROA)		 1.43% 0.90% 0.98%
Return on Assets (ROA)		 1.15% 0.72% 0.78%
Return on Common Equity (ROCE)		 10.92% 7.41% 7.96%
Return on Equity Simple (ROE_SIMPLE)		 10.91% 7.20% 7.74%
Net Operating Profit after Tax (NOPAT)		 33 23 26
NOPAT Margin		 31.70% 23.42% 25.55%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 40.92% 50.40% 50.94%
Operating Expenses to Revenue		 56.06% 69.07% 67.65%
Earnings before Interest and Taxes (EBIT)		 40 28 33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 47 36 40
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.15 1.03 1.20
Price to Tangible Book Value (P/TBV)		 1.62 1.42 1.62
Price to Revenue (P/Rev)		 3.35 3.36 3.97
Price to Earnings (P/E)		 10.57 14.35 15.55
Dividend Yield		 3.17% 3.55% 3.00%
Earnings Yield		 9.46% 6.97% 6.43%
Enterprise Value to Invested Capital (EV/IC)		 0.91 0.78 0.82
Enterprise Value to Revenue (EV/Rev)		 4.16 4.96 4.98
Enterprise Value to EBITDA (EV/EBITDA)		 9.14 13.50 12.59
Enterprise Value to EBIT (EV/EBIT)		 10.55 17.02 15.52
Enterprise Value to NOPAT (EV/NOPAT)		 13.13 21.18 19.49
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.50 21.79 15.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 18.83
Leverage & Solvency		 - - -
Debt to Equity		 0.58 0.95 0.84
Long-Term Debt to Equity		 0.58 0.95 0.84
Financial Leverage		 0.45 0.77 0.89
Leverage Ratio		 9.50 10.25 10.20
Compound Leverage Factor		 9.50 10.25 10.20
Debt to Total Capital		 36.59% 48.70% 45.59%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 36.59% 48.70% 45.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 63.41% 51.30% 54.41%
Debt to EBITDA		 3.68 8.41 7.00
Net Debt to EBITDA		 1.78 4.35 2.54
Long-Term Debt to EBITDA		 3.68 8.41 7.00
Debt to NOPAT		 5.29 13.19 10.83
Net Debt to NOPAT		 2.56 6.82 3.93
Long-Term Debt to NOPAT		 5.29 13.19 10.83
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -42 -124 27
Operating Cash Flow to CapEx		 1,564.19% 202.64% 1,735.65%
Free Cash Flow to Firm to Interest Expense		 -2.92 -2.12 0.35
Operating Cash Flow to Interest Expense		 2.83 0.38 0.42
Operating Cash Flow Less CapEx to Interest Expense		 2.65 0.19 0.39
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.03 0.03
Fixed Asset Turnover		 3.71 3.03 2.92
Capital & Investment Metrics		 - - -
Invested Capital		 470 617 616
Invested Capital Turnover		 0.24 0.18 0.16
Increase / (Decrease) in Invested Capital		 75 147 -0.91
Enterprise Value (EV)		 427 483 505
Market Capitalization		 344 327 403
Book Value per Share		 $21.91 $23.16 $24.47
Tangible Book Value per Share		 $15.56 $16.84 $18.17
Total Capital		 470 617 616
Total Debt		 172 300 281
Total Long-Term Debt		 172 300 281
Net Debt		 83 156 102
Capital Expenditures (CapEx)		 2.60 11 1.87
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 172 300 281
Total Depreciation and Amortization (D&A)		 6.22 7.39 7.58
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $2.46 $1.67 $1.90
Adjusted Weighted Average Basic Shares Outstanding		 13.61M 13.66M 13.70M
Adjusted Diluted Earnings per Share		 $2.46 $1.67 $1.90
Adjusted Weighted Average Diluted Shares Outstanding		 13.61M 13.66M 13.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.61M 13.66M 13.70M
Normalized Net Operating Profit after Tax (NOPAT)		 33 23 26
Normalized NOPAT Margin		 31.70% 23.53% 25.49%
Pre Tax Income Margin		 39.46% 29.14% 32.08%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 2.82 0.49 0.42
NOPAT to Interest Expense		 2.26 0.39 0.33
EBIT Less CapEx to Interest Expense		 2.64 0.30 0.40
NOPAT Less CapEx to Interest Expense		 2.08 0.20 0.31
Payout Ratios		 - - -
Dividend Payout Ratio		 31.60% 49.74% 45.96%
Augmented Payout Ratio		 32.55% 50.70% 48.52%

Quarterly Metrics And Ratios for Farmers & Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 16.83% 9.80% 7.18% -3.15% -11.36% -11.99% -6.94% 2.67% 9.53% 13.28%
EBITDA Growth		 38.49% -8.62% -14.72% -21.00% -38.67% -17.56% -11.92% -2.87% 30.67% 40.01%
EBIT Growth		 48.56% -8.14% -19.93% -27.02% -47.37% -22.70% -15.79% -4.95% 37.49% 53.12%
NOPAT Growth		 51.25% -6.44% -20.19% -27.45% -46.65% -22.89% -17.12% -5.32% 36.40% 51.20%
Net Income Growth		 51.25% -6.44% -20.19% -27.45% -46.65% -22.89% -17.12% -5.32% 36.40% 51.20%
EPS Growth		 28.30% -11.67% -24.19% -30.16% -48.53% -22.64% -17.02% -4.55% 37.14% 48.78%
Operating Cash Flow Growth		 -103.27% 150.54% -61.06% -74.62% 1,129.83% -43.41% -51.77% 163.36% 288.89% -75.34%
Free Cash Flow Firm Growth		 -178.25% 44.36% -3.37% -197.73% -54.65% -109.81% -11.00% 83.92% 71.01% 106.58%
Invested Capital Growth		 39.15% 18.83% 31.56% 69.29% 41.39% 31.22% 26.27% 7.36% 9.34% -0.15%
Revenue Q/Q Growth		 4.49% 2.44% -3.15% -5.68% -4.36% 1.72% 0.85% 4.06% 2.02% 5.20%
EBITDA Q/Q Growth		 6.68% -16.91% -4.52% -5.35% -17.19% 11.69% 0.61% 4.39% 11.40% 19.67%
EBIT Q/Q Growth		 8.58% -20.64% -9.50% -6.42% -21.69% 16.56% -1.41% 5.62% 13.27% 29.82%
NOPAT Q/Q Growth		 8.26% -19.72% -10.04% -7.19% -20.40% 16.04% -3.32% 6.03% 14.68% 28.62%
Net Income Q/Q Growth		 8.26% -19.72% -10.04% -7.19% -20.40% 16.04% -3.32% 6.03% 14.68% 28.62%
EPS Q/Q Growth		 7.94% -22.06% -11.32% -6.38% -20.45% 17.14% -4.88% 7.69% 14.29% 27.08%
Operating Cash Flow Q/Q Growth		 -103.21% 4,112.88% -83.56% 20.00% 30.05% 120.50% -85.99% 555.29% 92.05% -86.02%
Free Cash Flow Firm Q/Q Growth		 -36.85% 39.50% -70.23% -111.25% 28.92% 17.92% 24.93% 69.39% -28.12% 118.63%
Invested Capital Q/Q Growth		 19.34% 10.05% 7.33% 20.10% -0.33% 2.13% -1.23% 2.11% 1.51% -6.73%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 48.15% 39.05% 38.33% 38.47% 33.31% 36.57% 36.28% 36.39% 39.74% 45.20%
EBIT Margin		 42.59% 32.99% 31.13% 30.88% 25.29% 28.98% 28.17% 28.59% 31.74% 39.17%
Profit (Net Income) Margin		 34.03% 26.66% 25.00% 24.60% 20.48% 23.36% 22.27% 22.69% 25.50% 31.18%
Tax Burden Percent		 79.90% 80.82% 80.33% 79.67% 80.99% 80.63% 79.06% 79.37% 80.36% 79.61%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 20.10% 19.18% 19.67% 20.33% 19.01% 19.37% 20.94% 20.63% 19.64% 20.39%
Return on Invested Capital (ROIC)		 9.28% 6.32% 5.86% 5.27% 3.98% 4.18% 3.73% 3.48% 3.97% 5.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.28% 6.32% 5.86% 5.27% 3.98% 4.18% 3.73% 3.48% 3.97% 5.14%
Return on Net Nonoperating Assets (RNNOA)		 3.45% 2.87% 2.93% 3.41% 3.05% 3.21% 3.10% 3.49% 3.90% 4.58%
Return on Equity (ROE)		 12.73% 9.19% 8.79% 8.68% 7.04% 7.40% 6.83% 6.97% 7.87% 9.72%
Cash Return on Invested Capital (CROIC)		 -23.75% -9.70% -20.30% -45.53% -29.56% -22.81% -19.42% -3.70% -5.27% 4.35%
Operating Return on Assets (OROA)		 1.71% 1.20% 1.13% 1.10% 0.84% 0.90% 0.85% 0.85% 0.94% 1.20%
Return on Assets (ROA)		 1.36% 0.97% 0.90% 0.87% 0.68% 0.72% 0.67% 0.68% 0.76% 0.95%
Return on Common Equity (ROCE)		 12.73% 9.19% 8.79% 8.68% 7.04% 7.40% 6.83% 6.97% 7.87% 9.72%
Return on Equity Simple (ROE_SIMPLE)		 11.77% 0.00% 10.10% 9.39% 8.06% 0.00% 6.82% 6.62% 6.89% 0.00%
Net Operating Profit after Tax (NOPAT)		 8.95 7.19 6.47 6.00 4.78 5.54 5.36 5.68 6.52 8.38
NOPAT Margin		 34.03% 26.66% 25.00% 24.60% 20.48% 23.36% 22.27% 22.69% 25.50% 31.18%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 37.89% 46.59% 47.06% 50.22% 54.39% 50.31% 55.80% 52.21% 52.01% 44.39%
Operating Expenses to Revenue		 51.19% 64.21% 65.47% 69.06% 73.07% 69.06% 74.14% 69.07% 68.20% 59.99%
Earnings before Interest and Taxes (EBIT)		 11 8.89 8.05 7.53 5.90 6.88 6.78 7.16 8.11 11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 13 11 9.91 9.38 7.77 8.68 8.73 9.11 10 12
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.17 1.15 1.03 0.96 0.75 1.03 0.00 0.97 1.12 1.20
Price to Tangible Book Value (P/TBV)		 1.64 1.62 1.44 1.34 1.05 1.42 0.00 1.33 1.51 1.62
Price to Revenue (P/Rev)		 3.28 3.35 3.03 2.83 2.27 3.36 0.00 3.27 3.81 3.97
Price to Earnings (P/E)		 9.97 10.57 10.20 10.21 9.32 14.35 0.00 14.73 16.24 15.55
Dividend Yield		 3.10% 3.17% 3.54% 3.83% 5.03% 3.55% 3.90% 3.74% 3.17% 3.00%
Earnings Yield		 10.03% 9.46% 9.80% 9.79% 10.73% 6.97% 0.00% 6.79% 6.16% 6.43%
Enterprise Value to Invested Capital (EV/IC)		 0.94 0.91 0.88 0.86 0.62 0.78 0.00 0.69 0.68 0.82
Enterprise Value to Revenue (EV/Rev)		 3.99 4.16 4.28 5.02 3.72 4.96 0.00 4.64 4.59 4.98
Enterprise Value to EBITDA (EV/EBITDA)		 8.38 9.14 9.93 12.25 9.95 13.50 0.00 13.02 12.32 12.59
Enterprise Value to EBIT (EV/EBIT)		 9.69 10.55 11.57 14.54 12.27 17.02 0.00 16.71 15.63 15.52
Enterprise Value to NOPAT (EV/NOPAT)		 12.11 13.13 14.42 18.14 15.25 21.18 0.00 20.90 19.57 19.49
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.58 10.50 12.42 20.76 12.31 21.79 0.00 16.79 11.18 15.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.83
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.52 0.58 0.65 0.99 0.99 0.95 1.01 1.02 0.97 0.84
Long-Term Debt to Equity		 0.52 0.58 0.65 0.99 0.99 0.95 0.92 0.93 0.89 0.84
Financial Leverage		 0.37 0.45 0.50 0.65 0.77 0.77 0.83 1.00 0.98 0.89
Leverage Ratio		 9.35 9.50 9.72 9.94 10.31 10.25 10.20 10.31 10.37 10.20
Compound Leverage Factor		 9.35 9.50 9.72 9.94 10.31 10.25 10.20 10.31 10.37 10.20
Debt to Total Capital		 34.33% 36.59% 39.42% 49.74% 49.82% 48.70% 50.15% 50.42% 49.23% 45.59%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.43% 4.18% 4.13% 0.00%
Long-Term Debt to Total Capital		 34.33% 36.59% 39.42% 49.74% 49.82% 48.70% 45.72% 46.23% 45.09% 45.59%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 65.67% 63.41% 60.58% 50.26% 50.18% 51.30% 49.85% 49.58% 50.77% 54.41%
Debt to EBITDA		 3.08 3.68 4.44 7.12 8.04 8.41 9.25 9.57 8.87 7.00
Net Debt to EBITDA		 1.49 1.78 2.90 5.36 3.87 4.35 3.73 3.84 2.10 2.54
Long-Term Debt to EBITDA		 3.08 3.68 4.44 7.12 8.04 8.41 8.43 8.77 8.12 7.00
Debt to NOPAT		 4.44 5.29 6.44 10.54 12.32 13.19 14.74 15.36 14.08 10.83
Net Debt to NOPAT		 2.15 2.56 4.22 7.93 5.93 6.82 5.95 6.17 3.33 3.93
Long-Term Debt to NOPAT		 4.44 5.29 6.44 10.54 12.32 13.19 13.44 14.08 12.89 10.83
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -111 -67 -115 -242 -172 -141 -127 -39 -50 9.29
Operating Cash Flow to CapEx		 -64.54% 2,091.72% 126.49% 112.23% 146.49% 547.16% 677.17% 1,716.96% 5,227.73% 358.02%
Free Cash Flow to Firm to Interest Expense		 -34.09 -9.71 -11.32 -18.26 -10.31 -7.70 -6.86 -1.97 -2.46 0.49
Operating Cash Flow to Interest Expense		 -0.14 2.70 0.30 0.28 0.29 0.58 0.08 0.49 0.92 0.14
Operating Cash Flow Less CapEx to Interest Expense		 -0.36 2.57 0.06 0.03 0.09 0.47 0.07 0.46 0.90 0.10
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03
Fixed Asset Turnover		 3.78 3.71 3.76 3.63 3.45 3.03 3.00 2.97 3.01 2.92
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 427 470 505 606 604 617 637 651 661 616
Invested Capital Turnover		 0.27 0.24 0.23 0.21 0.19 0.18 0.17 0.15 0.16 0.16
Increase / (Decrease) in Invested Capital		 120 75 121 248 177 147 133 45 56 -0.91
Enterprise Value (EV)		 400 427 445 519 373 483 0.00 446 452 505
Market Capitalization		 329 344 315 292 228 327 0.00 315 375 403
Book Value per Share		 $21.47 $21.91 $22.47 $22.35 $22.24 $23.16 $23.22 $23.58 $24.52 $24.47
Tangible Book Value per Share		 $15.32 $15.56 $16.12 $16.02 $15.90 $16.84 $16.91 $17.27 $18.20 $18.17
Total Capital		 427 470 505 606 604 617 637 651 661 616
Total Debt		 147 172 199 301 301 300 320 328 325 281
Total Long-Term Debt		 147 172 199 301 301 300 291 301 298 281
Net Debt		 71 83 130 227 145 156 129 132 77 102
Capital Expenditures (CapEx)		 0.72 0.89 2.43 3.29 3.28 1.93 0.22 0.57 0.36 0.73
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 147 172 199 301 301 300 320 328 325 281
Total Depreciation and Amortization (D&A)		 1.46 1.63 1.86 1.85 1.87 1.80 1.95 1.96 2.04 1.62
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.68 $0.53 $0.47 $0.44 $0.35 $0.41 $0.39 $0.42 $0.48 $0.61
Adjusted Weighted Average Basic Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Adjusted Diluted Earnings per Share		 $0.68 $0.53 $0.47 $0.44 $0.35 $0.41 $0.39 $0.42 $0.48 $0.61
Adjusted Weighted Average Diluted Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.61M 13.61M 13.63M 13.63M 13.67M 13.66M 13.68M 13.68M 13.70M 13.70M
Normalized Net Operating Profit after Tax (NOPAT)		 8.95 7.19 6.47 6.00 4.82 5.61 5.36 5.64 6.52 8.36
Normalized NOPAT Margin		 34.03% 26.66% 25.00% 24.60% 20.65% 23.65% 22.27% 22.53% 25.50% 31.12%
Pre Tax Income Margin		 42.59% 32.99% 31.13% 30.88% 25.29% 28.98% 28.17% 28.59% 31.74% 39.17%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 3.43 1.28 0.80 0.57 0.35 0.38 0.37 0.36 0.40 0.55
NOPAT to Interest Expense		 2.74 1.04 0.64 0.45 0.29 0.30 0.29 0.29 0.32 0.44
EBIT Less CapEx to Interest Expense		 3.21 1.15 0.56 0.32 0.16 0.27 0.35 0.33 0.38 0.52
NOPAT Less CapEx to Interest Expense		 2.52 0.91 0.40 0.20 0.09 0.20 0.28 0.26 0.30 0.40
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 28.94% 31.60% 34.47% 38.50% 45.94% 49.74% 52.94% 54.40% 50.92% 45.96%
Augmented Payout Ratio		 29.89% 32.55% 34.47% 39.41% 46.75% 50.70% 54.38% 56.96% 53.87% 48.52%

Key Financial Trends

Farmers & Merchants Bancorp (NASDAQ: FMAO) has shown consistent financial performance improvements over the last four years, with notable trends and fluctuations in revenue, expenses, cash flows, and balance sheet items.

Positive Highlights:

  • Net income has generally increased over the last four years, reaching $8.38 million in Q4 2024, up from $5.54 million in Q4 2023 and $7.19 million in Q4 2022, indicating improved profitability.
  • Net interest income remains strong and growing, with Q4 2024 showing $22.83 million, up from $19.94 million in Q4 2023 and $22.56 million in Q4 2022, driven primarily by loans and leases interest income.
  • Salaries and employee benefits – a major expense – are rising modestly, reflecting potential growth in the workforce and investment in human capital but remain proportional to revenue growth.
  • Cash dividends per common share have increased slightly from $0.21 in early 2023 to $0.22 in late 2024, which is favorable for income-focused investors.
  • Total assets have grown steadily, from approximately $2.78 billion in Q3 2022 to $3.39 billion in Q3 2024, indicating growth in the company’s asset base and operational scale.
  • Deposits have increased significantly, with interest-bearing deposits rising from about $1.78 billion in Q3 2022 to $2.2 billion in Q3 2024, supporting lending and income generation.
  • Net cash from continuing operating activities remains positive each quarter in 2024, reflecting strong core business cash generation capabilities.
  • Provision for credit losses remains relatively low ($226,000 in Q4 2024), indicating stable credit quality and minimal loan losses.
  • Amortization and depreciation expenses are steady, showing disciplined asset management and capital expenditure.

Neutral Observations:

  • Other non-interest income fluctuates quarterly but contributes roughly $3.6 to $4.0 million per quarter, providing some diversification to interest income.
  • Long-term debt levels are stable between $291 million and $300 million over recent periods, suggesting steady leverage but no significant deleveraging.
  • Weighted average shares outstanding remain stable around 13.6 million shares, so earnings per share changes are tied mainly to net income performance.
  • Marketing expense is steady, reflecting consistent spending to support growth and brand awareness.
  • Relationship between interest income increasing slightly and interest expense growing primarily due to deposits interest expense indicates a stable net interest margin.
  • Total non-interest expense trends upwards moderately, in line with revenues, showing controlled operational costs.

Negative Factors to Monitor:

  • The company’s net cash used in investing activities is significant each quarter (e.g., -$53.6 million in Q4 2024), mainly due to purchases of investment securities, which could pressure liquidity if sustained.
  • Repayment of debt is high relative to issuance in some periods, for example, net cash from financing activities was negative -$18.1 million in Q4 2024; this could limit flexibility if the trend continues.
  • Accumulated other comprehensive losses have widened to -$19.4 million in Q3 2024 from -$13 million two years ago, indicating some unrealized losses or other valuation adjustments that could affect equity levels.
  • Treasury stock balance is negative and increasing slightly over time, signaling ongoing share repurchases which, while generally positive for EPS, also use cash and could constrain capital.
  • The net change in cash and cash equivalents is sometimes negative (e.g., -$69.15 million in Q4 2024), driven by investing activities, which could indicate short-term liquidity pressures.
  • Provision for credit losses spiked in Q4 2024 ($226,000) compared to minimal amounts in some prior quarters, requiring monitoring to ensure asset quality remains strong.

Summary: Farmers & Merchants Bancorp exhibits steady growth in net income, revenue, and asset base over the last four years. The company manages expenses prudently with controlled increases. Lending remains strong, and deposit growth supports interest income, driving profitability up. However, the consistent heavy investment purchases and debt repayments suggest some liquidity is being used aggressively. Investors should watch the evolving credit loss provisions and cash flow trends for any signs of stress, though current results look stable and positive. The slight increase in dividends and stable share count are attractive for shareholders.

08/29/25 02:37 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Farmers & Merchants Bancorp's Financials

When does Farmers & Merchants Bancorp's fiscal year end?

According to the most recent income statement we have on file, Farmers & Merchants Bancorp's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Farmers & Merchants Bancorp's net income changed over the last 2 years?

Farmers & Merchants Bancorp's net income appears to be on a downward trend, with a most recent value of $25.94 million in 2024, falling from $32.52 million in 2022. The previous period was $22.79 million in 2023.

How has Farmers & Merchants Bancorp's revenue changed over the last 2 years?

Over the last 2 years, Farmers & Merchants Bancorp's total revenue changed from $102.58 million in 2022 to $101.53 million in 2024, a change of -1.0%.

How much debt does Farmers & Merchants Bancorp have?

Farmers & Merchants Bancorp's total liabilities were at $3.03 billion at the end of 2024, a 2.1% increase from 2023, and a 11.5% increase since 2022.

How much cash does Farmers & Merchants Bancorp have?

In the past 2 years, Farmers & Merchants Bancorp's cash and equivalents has ranged from $83.09 million in 2022 to $174.86 million in 2024, and is currently $174.86 million as of their latest financial filing in 2024.

How has Farmers & Merchants Bancorp's book value per share changed over the last 2 years?

Over the last 2 years, Farmers & Merchants Bancorp's book value per share changed from 21.91 in 2022 to 24.47 in 2024, a change of 11.7%.


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This page (NASDAQ:FMAO) was last updated on 8/29/2025 by MarketBeat.com Staff
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