Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking, retail banking, and other financial products and services to individuals and small businesses in northwest Ohio and northeast Indiana. More Details
No risks detected for FMAO from our risk checks.
Flawless balance sheet established dividend payer.
Share Price & News
How has Farmers & Merchants Bancorp's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FMAO is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: FMAO's weekly volatility (7%) has been stable over the past year.
7 Day Return
1 Year Return
Return vs Industry: FMAO exceeded the US Banks industry which returned -16.6% over the past year.
Return vs Market: FMAO underperformed the US Market which returned 22.7% over the past year.
Long-Term Price Volatility Vs. Market
How volatile is Farmers & Merchants Bancorp's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall StIs It Smart To Buy Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) Before It Goes Ex-Dividend?
3 months ago | Simply Wall StHow Does Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) Stand Up To These Simple Dividend Safety Checks?
5 months ago | Simply Wall StFarmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) Looks Interesting, And It's About To Pay A Dividend
Is Farmers & Merchants Bancorp undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: FMAO ($22.02) is trading below our estimate of fair value ($22.98)
Significantly Below Fair Value: FMAO is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: FMAO is poor value based on its PE Ratio (13.6x) compared to the US Banks industry average (11.3x).
PE vs Market: FMAO is good value based on its PE Ratio (13.6x) compared to the US market (19.4x).
Price to Earnings Growth Ratio
PEG Ratio: FMAO is poor value based on its PEG Ratio (2x)
Price to Book Ratio
PB vs Industry: FMAO's PB Ratio (1x) is in line with the US Banks industry average.
How is Farmers & Merchants Bancorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FMAO's forecast earnings growth (6.8% per year) is above the savings rate (2.2%).
Earnings vs Market: FMAO's earnings (6.8% per year) are forecast to grow slower than the US market (21.8% per year).
High Growth Earnings: FMAO's earnings are forecast to grow, but not significantly.
Revenue vs Market: FMAO's revenue (1.5% per year) is forecast to grow slower than the US market (10.2% per year).
High Growth Revenue: FMAO's revenue (1.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FMAO's Return on Equity is forecast to be low in 3 years time (7.6%).
How has Farmers & Merchants Bancorp performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FMAO has high quality earnings.
Growing Profit Margin: FMAO's current net profit margins (27.4%) are higher than last year (27.2%).
Past Earnings Growth Analysis
Earnings Trend: FMAO's earnings have grown by 13.1% per year over the past 5 years.
Accelerating Growth: FMAO's earnings growth over the past year (6.8%) is below its 5-year average (13.1% per year).
Earnings vs Industry: FMAO earnings growth over the past year (6.8%) exceeded the Banks industry -4.1%.
Return on Equity
High ROE: FMAO's Return on Equity (7.4%) is considered low.
How is Farmers & Merchants Bancorp's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: FMAO's Assets to Equity ratio (7.5x) is low.
Allowance for Bad Loans: FMAO has a sufficient allowance for bad loans (144%).
Low Risk Liabilities: 96% of FMAO's liabilities are made up of primarily low risk sources of funding.
Loan Level: FMAO has an appropriate level of Loans to Assets ratio (74%).
Low Risk Deposits: FMAO's Loans to Deposits ratio (89%) is appropriate.
Level of Bad Loans: FMAO has an appropriate level of bad loans (0.6%).
What is Farmers & Merchants Bancorp current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: FMAO's dividend (3.09%) is higher than the bottom 25% of dividend payers in the US market (1.48%).
High Dividend: FMAO's dividend (3.09%) is low compared to the top 25% of dividend payers in the US market (4.14%).
Stability and Growth of Payments
Stable Dividend: FMAO's dividends per share have been stable in the past 10 years.
Growing Dividend: FMAO's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (40.1%), FMAO's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FMAO's dividends in 3 years are forecast to be well covered by earnings (38.6% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Lars Eller (53 yo)
Mr. Lars B. Eller is President and Chief Executive Officer at Farmers & Merchants Bancorp, Inc. since February 1, 2019. Mr. Eller is President and Chief Executive Officer at Farmers & Merchants State Bank ...
CEO Compensation Analysis
Compensation vs Market: Lars's total compensation ($USD565.37K) is below average for companies of similar size in the US market ($USD1.14M).
Compensation vs Earnings: Lars's compensation has increased by more than 20% in the past year.
|Executive VP||no data||US$354.68k||0.21% |
|Executive VP & COO||16.42yrs||US$284.68k||0.21% |
|1st Senior VP of Business Development & Director||1.92yrs||US$41.30k||6.43% |
|Chief Information Officer||no data||no data||no data|
|VP and Compliance & CRA Manager||no data||no data||no data|
|VP of Sales & Retail Skills Development Manager||no data||no data||no data|
|VP & Marketing Manager||0.92yr||no data||no data|
|VP & Human Resource Manager||no data||no data||no data|
|Senior VP & Chief People Officer||1.5yrs||no data||0.0095% |
|Senior VP & Commercial Loan Manager||no data||no data||no data|
|Senior VP & Commercial Banker||no data||no data||no data|
Experienced Management: FMAO's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.
|1st Senior VP of Business Development & Director||1.92yrs||US$41.30k||6.43% |
|Independent Director||16.92yrs||US$38.70k||0.035% |
|Independent Vice Chairman of the Board||no data||US$38.80k||0.35% |
|Independent Director||17.92yrs||US$48.25k||0.18% |
|Independent Chairman of the Board||7.42yrs||US$50.50k||0.035% |
|Independent Director||12.92yrs||US$45.90k||0.18% |
|Independent Director||11.92yrs||US$37.60k||0.041% |
|Independent Director||8.75yrs||US$41.00k||0.22% |
|Independent Director||7.42yrs||US$43.80k||0.26% |
|Independent Director||4.08yrs||US$42.60k||1.46% |
Experienced Board: FMAO's board of directors are considered experienced (8.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: FMAO insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Farmers & Merchants Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources
- Name: Farmers & Merchants Bancorp, Inc.
- Ticker: FMAO
- Exchange: NasdaqCM
- Founded: 1897
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$242.973m
- Shares outstanding: 11.03m
- Website: https://www.fm.bank
Number of Employees
- Farmers & Merchants Bancorp, Inc.
- 307 North Defiance Street
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|FMAO||NasdaqCM (Nasdaq Capital Market)||Yes||Common Stock||US||USD||Nov 2004|
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking, retail banking, and other financial products and services to ...
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/12/03 00:04|
|End of Day Share Price||2020/12/02 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.