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Farmers & Merchants Bancorp

OTCPK:FMCB
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FMCB
OTCPK
$626M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides a range of banking services to businesses and individuals primarily in the mid Central Valley of California. The last earnings update was 67 days ago. More info.


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FMCB Share Price and Events
7 Day Returns
0.6%
OTCPK:FMCB
-0.2%
US Banks
1.1%
US Market
1 Year Returns
11.3%
OTCPK:FMCB
-5.9%
US Banks
4.7%
US Market
FMCB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Farmers & Merchants Bancorp (FMCB) 0.6% -5.9% 4.6% 11.3% 38.3% 79.6%
US Banks -0.2% 2.8% -0.2% -5.9% 45.5% 46.9%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • FMCB outperformed the Banks industry which returned -5.9% over the past year.
  • FMCB outperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
FMCB
Industry
5yr Volatility vs Market

FMCB Value

 Is Farmers & Merchants Bancorp undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Farmers & Merchants Bancorp to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Farmers & Merchants Bancorp.

OTCPK:FMCB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $368.90 * 10.2%
$37.53
Book Value of Equity per Share Median Book Value from the past 5 years. $368.90
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:FMCB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 21%) (2.38%))
0.735
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for OTCPK:FMCB using Excess Returns Model Model

The calculations below outline how an intrinsic value for Farmers & Merchants Bancorp is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OTCPK:FMCB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.2% – 7.5%) * $368.90)
$9.87
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $9.87 / (7.5% - 2.73%)
$207.04
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $368.90 + $207.04
$575.94
OTCPK:FMCB Discount to Share Price
Calculation Result
Value per share (USD) From above. $575.94
Current discount Discount to share price of $795.00
= -1 x ($795.00 - $575.94) / $575.94
-38%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Farmers & Merchants Bancorp is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Farmers & Merchants Bancorp's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Farmers & Merchants Bancorp's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:FMCB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $61.86
OTCPK:FMCB Share Price ** OTCPK (2019-07-16) in USD $795
United States of America Banks Industry PE Ratio Median Figure of 592 Publicly-Listed Banks Companies 12.77x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Farmers & Merchants Bancorp.

OTCPK:FMCB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OTCPK:FMCB Share Price ÷ EPS (both in USD)

= 795 ÷ 61.86

12.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Farmers & Merchants Bancorp is overvalued based on earnings compared to the US Banks industry average.
  • Farmers & Merchants Bancorp is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Farmers & Merchants Bancorp's expected growth come at a high price?
Raw Data
OTCPK:FMCB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-1.8%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.26x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Farmers & Merchants Bancorp, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Farmers & Merchants Bancorp's assets?
Raw Data
OTCPK:FMCB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $419.55
OTCPK:FMCB Share Price * OTCPK (2019-07-16) in USD $795
United States of America Banks Industry PB Ratio Median Figure of 592 Publicly-Listed Banks Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
OTCPK:FMCB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OTCPK:FMCB Share Price ÷ Book Value per Share (both in USD)

= 795 ÷ 419.55

1.89x

* Primary Listing of Farmers & Merchants Bancorp.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Farmers & Merchants Bancorp is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Farmers & Merchants Bancorp's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Farmers & Merchants Bancorp has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FMCB Future Performance

 How is Farmers & Merchants Bancorp expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Farmers & Merchants Bancorp, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Farmers & Merchants Bancorp expected to grow at an attractive rate?
  • Farmers & Merchants Bancorp's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Farmers & Merchants Bancorp's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Unable to compare Farmers & Merchants Bancorp's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OTCPK:FMCB Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:FMCB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -1.8%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 2.7%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:FMCB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:FMCB Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 141 68 49
2018-12-31 135 58 46
2018-09-30 131 58 36
2018-06-30 127 57 33
2018-03-31 124 39 30
2017-12-31 122 40 28
2017-09-30 114 40 32
2017-06-30 113 33 31
2017-03-31 110 38 30
2016-12-31 102 35 30
2016-09-30 105 -24 29
2016-06-30 102 32 29

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Farmers & Merchants Bancorp's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Farmers & Merchants Bancorp is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:FMCB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Farmers & Merchants Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FMCB Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 61.86
2018-12-31 56.82
2018-09-30 44.87
2018-06-30 40.40
2018-03-31 37.60
2017-12-31 35.03
2017-09-30 40.01
2017-06-30 38.93
2017-03-31 38.06
2016-12-31 37.44
2016-09-30 36.95
2016-06-30 36.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Farmers & Merchants Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Farmers & Merchants Bancorp's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Farmers & Merchants Bancorp has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FMCB Past Performance

  How has Farmers & Merchants Bancorp performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Farmers & Merchants Bancorp's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Farmers & Merchants Bancorp's year on year earnings growth rate has been positive over the past 5 years.
  • Farmers & Merchants Bancorp's 1-year earnings growth exceeds its 5-year average (61.2% vs 11.3%)
  • Farmers & Merchants Bancorp's earnings growth has exceeded the US Banks industry average in the past year (61.2% vs 40.7%).
Earnings and Revenue History
Farmers & Merchants Bancorp's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Farmers & Merchants Bancorp Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FMCB Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 140.62 49.14 61.09
2018-12-31 135.19 45.53 60.46
2018-09-30 130.94 36.27 59.25
2018-06-30 127.21 32.85 57.35
2018-03-31 124.35 30.49 56.31
2017-12-31 121.78 28.37 54.73
2017-09-30 114.22 32.27 54.59
2017-06-30 112.79 31.23 53.76
2017-03-31 109.61 30.37 51.98
2016-12-31 102.16 29.72 50.62
2016-09-30 104.91 29.24 50.12
2016-06-30 102.34 28.74 50.13
2016-03-31 98.70 28.16 49.40
2015-12-31 100.58 27.39 47.40
2015-09-30 97.35 26.78 46.54
2015-06-30 94.29 26.17 45.13
2015-03-31 94.42 25.52 44.28
2014-12-31 91.86 25.40 42.41
2014-09-30 89.96 24.71 41.17
2014-06-30 89.48 24.63 39.99
2014-03-31 87.69 24.09 39.57
2013-12-31 89.15 24.06 39.22
2013-09-30 87.19 23.83 38.90
2013-06-30 86.77 23.81 38.70
2013-03-31 86.62 23.41 38.25
2012-12-31 85.61 23.35 38.37
2012-09-30 86.05 23.35 38.31

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Farmers & Merchants Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Farmers & Merchants Bancorp used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Farmers & Merchants Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Farmers & Merchants Bancorp's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Farmers & Merchants Bancorp has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FMCB Health

 How is Farmers & Merchants Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Farmers & Merchants Bancorp's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Farmers & Merchants Bancorp Company Filings, last reported 3 months ago.

OTCPK:FMCB Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 330.32 10.31 97.81
2018-12-31 311.22 10.31 145.56
2018-09-30 300.09 10.31 110.78
2018-06-30 315.49 10.31 106.90
2018-03-31 305.88 10.31 134.98
2017-12-31 299.66 10.31 187.15
2017-09-30 302.63 10.31 193.27
2017-06-30 291.72 10.31 147.19
2017-03-31 288.55 10.31 164.51
2016-12-31 279.98 10.31 98.86
2016-09-30 272.40 10.31 99.30
2016-06-30 265.27 10.31 69.76
2016-03-31 262.45 10.31 73.72
2015-12-31 251.84 10.31 59.45
2015-09-30 251.12 15.81 50.30
2015-06-30 241.16 10.31 91.34
2015-03-31 241.29 10.31 143.94
2014-12-31 233.18 10.31 77.13
2014-09-30 227.24 46.31 39.22
2014-06-30 221.82 22.31 48.00
2014-03-31 217.95 10.31 173.73
2013-12-31 209.90 10.31 83.68
2013-09-30 211.04 16.21 47.63
2013-06-30 203.06 53.61 45.31
2013-03-31 209.81 10.31 43.53
2012-12-31 205.03 10.31 129.43
2012-09-30 206.33 10.79 33.46
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Farmers & Merchants Bancorp has an acceptable proportion of non-loan assets held.
  • Farmers & Merchants Bancorp's liabilities are made up of primarily low risk sources of funding.
  • Loans at Farmers & Merchants Bancorp are broadly funded by customer deposits.
  • Farmers & Merchants Bancorp's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Farmers & Merchants Bancorp has a sufficient allowance for bad loans.
  • Farmers & Merchants Bancorp has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Farmers & Merchants Bancorp's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Farmers & Merchants Bancorp has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FMCB Dividends

 What is Farmers & Merchants Bancorp's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.77%
Current annual income from Farmers & Merchants Bancorp dividends.
If you bought $2,000 of Farmers & Merchants Bancorp shares you are expected to receive $35 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Farmers & Merchants Bancorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • Farmers & Merchants Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:FMCB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:FMCB Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-21 14.100 1.758
2018-11-15 14.000 1.907
2018-11-09 13.800 1.947
2018-05-30 13.800 1.937
2017-11-21 13.600 2.047
2017-11-09 13.500 2.074
2017-05-15 13.500 2.147
2016-11-16 13.100 2.126
2016-11-08 13.100 2.046
2016-05-18 13.100 2.210
2015-11-20 13.000 2.447
2015-11-11 12.800 2.400
2015-05-28 12.800 2.450
2014-11-25 12.800 2.708
2014-11-11 12.600 2.728
2014-05-20 12.600 2.834
2013-11-25 12.600 2.991
2013-05-20 12.400 3.047
2012-12-03 12.100 2.814
2012-05-18 12.000 3.239
2011-12-09 11.750 3.305
2011-05-20 11.650 3.012
2011-04-12 11.350 2.807
2010-06-07 11.250 2.722
2009-12-07 11.000 2.898
2009-05-27 10.900 2.815
2008-11-24 10.650 2.829

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Farmers & Merchants Bancorp's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Farmers & Merchants Bancorp's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Farmers & Merchants Bancorp afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Farmers & Merchants Bancorp has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FMCB Management

 What is the CEO of Farmers & Merchants Bancorp's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kent Steinwert
COMPENSATION $4,226,569
AGE 66
TENURE AS CEO 22.5 years
CEO Bio

Mr. Kent A. Steinwert has been the Chief Executive Officer and President of Farmers & Merchants Bank of Central California, a subsidiary of Farmers & Merchants BanCorp Since August 18, 1997. Mr. Steinwert has been the Chief Executive Officer and President of Farmers & Merchants BanCorp since August 18, 1997. He served as Senior Officer at Bank of America National Trust and Savings Association. He has been the Chairman at Farmers & Merchants BanCorp and Farmers & Merchants Bank Of Central California since May 1, 2010. He serves as a Director of ABA Business Solutions, Inc. Mr. Steinwert has been a Director of Farmers & Merchants BanCorp and its subsidiary Farmers & Merchants Bank Of Central California since 1998. He was a Member of Community Depository Institutions Advisory Council of Federal Reserve Bank of San Francisco since September 3rd 2015. He has been the Director at Farmers & Merchants BanCorp and Farmers & Merchants Bank of Central California since 1998. He graduated with a degree in Economics from the University of California at Davis in 1974, obtained his MBA degree from Golden Gate University in 1980 and completed Organizational Management studies at Yale University in 1985.

CEO Compensation
  • Kent's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kent's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Farmers & Merchants Bancorp management team in years:

6.8
Average Tenure
56
Average Age
  • The average tenure for the Farmers & Merchants Bancorp management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Kent Steinwert

TITLE
Chairman
COMPENSATION
$4M
AGE
66
TENURE
22.5 yrs

Stephen Haley

TITLE
Executive VP
COMPENSATION
$2M
AGE
65
TENURE
16.3 yrs

Ken Smith

TITLE
Executive VP & Senior Credit Officer
COMPENSATION
$1M
AGE
59
TENURE
7.9 yrs

Dave Zitterow

TITLE
Executive VP & Wholesale Banking Manager of Farmers & Merchants Bank of Central California
COMPENSATION
$720K
AGE
46
TENURE
2.1 yrs

Debbie Skinner

TITLE
Chief Administrative Officer & Executive VP of Farmers & Merchants Bank of Central California
COMPENSATION
$1M
AGE
56
TENURE
18.6 yrs

Jay Colombini

TITLE
Executive VP & Wholesale Banking Manager of Farmers & Merchants Bank of Central California
COMPENSATION
$988K
AGE
56
TENURE
5.7 yrs

Ryan Misasi

TITLE
Executive VP and Retail Banking Manager of Farmers & Merchants Bank of Central California
COMPENSATION
$806K
AGE
42
TENURE
5.2 yrs

Charles Broom

TITLE
Senior VP & Director of Human Resources
TENURE
0.9 yrs
Board of Directors Tenure

Average tenure and age of the Farmers & Merchants Bancorp board of directors in years:

9.2
Average Tenure
66
Average Age
  • The tenure for the Farmers & Merchants Bancorp board of directors is about average.
Board of Directors

Kevin Sanguinetti

TITLE
Director
COMPENSATION
$213K
AGE
61
TENURE
18.5 yrs

Kent Steinwert

TITLE
Chairman
COMPENSATION
$4M
AGE
66
TENURE
9.2 yrs

Edward Corum

TITLE
Director
COMPENSATION
$252K
AGE
67
TENURE
16.5 yrs

Kelly Suess

TITLE
Director
COMPENSATION
$215K
AGE
83
TENURE
29.5 yrs

Gary Long

TITLE
Director
COMPENSATION
$209K
AGE
66
TENURE
5 yrs

Steven Green

TITLE
Director
COMPENSATION
$185K
AGE
73
TENURE
1.3 yrs

Terrence Young

TITLE
Director
COMPENSATION
$155K
AGE
66
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Dec 18 Buy Gary Long Individual 18. Dec 18 18. Dec 18 20 $700.00 $14,000
12. Dec 18 Buy Craig James Individual 12. Dec 18 12. Dec 18 33 $703.00 $23,199
19. Nov 18 Buy Ryan Misasi Individual 19. Nov 18 19. Nov 18 5 $700.00 $3,500
28. Sep 18 Buy Jay Colombini Individual 27. Sep 18 27. Sep 18 100 $690.00 $69,000
28. Sep 18 Buy Kevin Sanguinetti Individual 27. Sep 18 27. Sep 18 2,250 $690.00 $1,552,500
28. Sep 18 Buy Terrence Young Individual 27. Sep 18 27. Sep 18 50 $690.00 $34,500
X
Management checks
We assess Farmers & Merchants Bancorp's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Farmers & Merchants Bancorp has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FMCB News

Simply Wall St News

FMCB Company Info

Description

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides a range of banking services to businesses and individuals primarily in the mid Central Valley of California. The company accepts various deposit products, such as checking, savings, money market, time certificates of deposit, and individual retirement accounts. It also offers lending products, including commercial, commercial real estate, real estate construction, agribusiness, and consumer loans, as well as equipment leases and credit card services; commercial products comprising term loans, leases, lines of credit, other working capital financing, as well as letters of credit; and automobile financing, residential real estate loans, home improvement loans, and home equity lines of credit. In addition, the company provides various services consisting of credit card programs for merchants, lockbox and other collection services, account reconciliation, investment sweep, online account access, and electronic funds transfers by way of domestic and international wire and automated clearinghouse. Further, it offers investment products, such as mutual funds and annuities; and online banking services for business and personal accounts. The company serves customers through a network of 29 full-service branches, as well as a stand-alone automated teller machine. Farmers & Merchants Bancorp was founded in 1916 and is headquartered in Lodi, California.

Details
Name: Farmers & Merchants Bancorp
FMCB
Exchange: OTCPK
Founded: 1916
$625,909,065
787,307
Website: http://www.fmbonline.com
Address: Farmers & Merchants Bancorp
111 West Pine Street,
Lodi,
California, 95240,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OTCPK FMCB Common Shares Pink Sheets LLC US USD 11. Mar 1994
Number of employees
Current staff
Staff numbers
376
Farmers & Merchants Bancorp employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 23:35
End of day share price update: 2019/07/16 00:00
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.