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.
No risks detected for FMCB from our risk checks.
Solid track record with adequate balance sheet and pays a dividend.
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: FMCB has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: FMCB underperformed the US Banks industry which returned 10.6% over the past year.
Return vs Market: FMCB underperformed the US Market which returned 20.3% over the past year.
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
No news available
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: FMCB ($770) is trading below our estimate of fair value ($772.06)
Significantly Below Fair Value: FMCB is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: FMCB is good value based on its PE Ratio (11.1x) compared to the Banks industry average (12.6x).
PE vs Market: FMCB is good value based on its PE Ratio (11.1x) compared to the US market (18.3x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate FMCB's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: FMCB is overvalued based on its PB Ratio (1.7x) compared to the US Banks industry average (1.2x).
How is Farmers & Merchants Bancorp forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Forecasted Banks industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Farmers & Merchants Bancorp has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
- Examine whether Farmers & Merchants Bancorp is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on the OTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Farmers & Merchants Bancorp's filings and announcements here.
- Explore growth companies in the Banks industry.
How has Farmers & Merchants Bancorp performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FMCB has high quality earnings.
Growing Profit Margin: FMCB's current net profit margins (35.4%) are higher than last year (27.7%).
Past Earnings Growth Analysis
Earnings Trend: FMCB's earnings have grown by 15.2% per year over the past 5 years.
Accelerating Growth: FMCB's earnings growth over the past year (50.1%) exceeds its 5-year average (15.2% per year).
Earnings vs Industry: FMCB earnings growth over the past year (50.1%) exceeded the Banks industry 12.3%.
Return on Equity
High ROE: FMCB's Return on Equity (15.3%) is considered low.
Return on Assets
Return on Capital Employed
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
Inventory Level: FMCB has a low level of unsold assets or inventory.
Debt Coverage by Assets: FMCB's debt is covered by short term assets (assets are 23.6x debt).
Financial Institutions Analysis
Asset Level: FMCB's level of assets compared to its equity is moderate.
Allowance for Bad Loans: Insufficient data to determine if FMCB has a sufficient allowance for bad loans.
Low Risk Liabilities: FMCB's liabilities are made up of primarily low risk sources of funding.
Loan Level: FMCB has an acceptable proportion of non-loan assets held.
Low Risk Deposits: FMCB's loans are broadly funded by customer deposits.
Level of Bad Loans: Insufficient data to determine if FMCB has an appropriate level of bad loans.
What is Farmers & Merchants Bancorp's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: FMCB's dividend (1.86%) is higher than the bottom 25% of dividend payers in the US market (1.44%).
High Dividend: FMCB's dividend (1.86%) is low compared to the top 25% of dividend payers in the US market (3.73%).
Stability and Growth of Payments
Stable Dividend: FMCB's dividends per share have been stable in the past 10 years.
Growing Dividend: FMCB's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (20.3%), FMCB's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Kent Steinwert (66yo)
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 ...
CEO Compensation Analysis
Compensation vs Market: Kent's total compensation ($USD4.23M) is above average for companies of similar size in the US market ($USD2.50M).
Compensation vs Earnings: Kent's compensation has been consistent with company performance over the past year.
|Executive VP||16.8yrs||US$1.56m||0.56% $3.4m|
|Executive VP & Senior Credit Officer||8.5yrs||US$1.36m||0.41% $2.5m|
|Executive VP & Wholesale Banking Manager of Farmers & Merchants Bank of Central California||2.7yrs||US$719.81k||0.047% $283.4k|
|Chief Administrative Officer & Executive VP of Farmers & Merchants Bank of Central California||19.2yrs||US$1.44m||0.50% $3.0m|
|Executive VP & Wholesale Banking Manager of Farmers & Merchants Bank of Central California||6.3yrs||US$988.15k||0.57% $3.5m|
|Executive VP and Retail Banking Manager of Farmers & Merchants Bank of Central California||5.8yrs||US$805.84k||0.21% $1.3m|
|Senior VP & Director of Human Resources||1.5yrs||no data||no data|
Experienced Management: FMCB's management team is seasoned and experienced (7.4 years average tenure).
|Independent Director||30.1yrs||US$214.60k||0.43% $2.6m|
|Independent Director||19.1yrs||US$213.40k||0.94% $5.7m|
|Independent Director||17.1yrs||US$252.00k||0.24% $1.4m|
|Independent Director||5.6yrs||US$209.20k||0.18% $1.1m|
|Independent Director||1.9yrs||US$184.50k||0.053% $322.6k|
Experienced Board: FMCB's board of directors are considered experienced (9.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if 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's company bio, employee growth, exchange listings and data sources
- Name: Farmers & Merchants Bancorp
- Ticker: FMCB
- Exchange: OTCPK
- Founded: 1916
- Industry: Regional Banks
- Sector: Banks
- Market Cap: US$606.226m
- Shares outstanding: 787.31k
- Website: https://www.fmbonline.com
Number of Employees
- Farmers & Merchants Bancorp
- 111 West Pine Street
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|FMCB||OTCPK (Pink Sheets LLC)||Yes||Common Shares||US||USD||Mar 1994|
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.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/20 00:55|
|End of Day Share Price||2020/02/19 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.