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FMCB

Farmers & Merchants BancorpOTCPK:FMCB Stock Report

Last Price

US$946.00

Market Cap

US$747.0m

7D

0.5%

1Y

28.5%

Updated

21 Jan, 2022

Data

Company Financials
FMCB fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance3/6
Financial Health6/6
Dividends4/6

FMCB Stock Overview

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services primarily in the mid Central Valley of California.

Farmers & Merchants Bancorp Competitors

Independent Bank Group

NasdaqGS:IBTX

US$3.2b

CVB Financial

NasdaqGS:CVBF

US$3.2b

Sandy Spring Bancorp

NasdaqGS:SASR

US$2.1b

Banner

NasdaqGS:BANR

US$2.1b

Price History & Performance

Summary of all time highs, changes and price drops for Farmers & Merchants Bancorp
Historical stock prices
Current Share PriceUS$946.00
52 Week HighUS$1,156.00
52 Week LowUS$735.00
Beta0.28
1 Month Change-1.77%
3 Month Change3.84%
1 Year Change28.53%
3 Year Change31.39%
5 Year Change51.36%
Change since IPO1,517.97%

Recent News & Updates

Shareholder Returns

FMCBUS BanksUS Market
7D0.5%-8.1%-6.1%
1Y28.5%24.9%4.2%

Return vs Industry: FMCB matched the US Banks industry which returned 28% over the past year.

Return vs Market: FMCB exceeded the US Market which returned 6.6% over the past year.

Price Volatility

Is FMCB's price volatile compared to industry and market?
FMCB volatility
FMCB Average Weekly Movement5.6%
Banks Industry Average Movement3.9%
Market Average Movement6.7%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.4%

Stable Share Price: FMCB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: FMCB's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1916366Kent Steinwerthttps://www.fmbonline.com

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services primarily in the mid Central Valley of California. The company accepts various deposit instruments, including checking, savings, money market, time certificates of deposit, and individual retirement accounts. It also offers range of lending products comprising commercial, commercial and residential real estate, real estate construction, agribusiness, and consumer loans, as well as equipment leases and credit card services.

Farmers & Merchants Bancorp Fundamentals Summary

How do Farmers & Merchants Bancorp's earnings and revenue compare to its market cap?
FMCB fundamental statistics
Market CapUS$747.01m
Earnings (TTM)US$65.86m
Revenue (TTM)US$177.54m

11.3x

P/E Ratio

1.6x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FMCB income statement (TTM)
RevenueUS$177.54m
Cost of RevenueUS$0
Gross ProfitUS$177.54m
ExpensesUS$111.68m
EarningsUS$65.86m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)83.41
Gross Margin100.00%
Net Profit Margin37.10%
Debt/Equity Ratio2.3%

How did FMCB perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

18%

Payout Ratio

Valuation

Is Farmers & Merchants Bancorp undervalued compared to its fair value and its price relative to the market?

45.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FMCB ($946) is trading below our estimate of fair value ($1728.71)

Significantly Below Fair Value: FMCB is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FMCB is poor value based on its PE Ratio (11.3x) compared to the US Banks industry average (11x).

PE vs Market: FMCB is good value based on its PE Ratio (11.3x) compared to the US market (16.7x).


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 (1.6x) compared to the US Banks industry average (1.2x).


Future Growth

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

2.3%

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.


Past Performance

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

18.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FMCB has high quality earnings.

Growing Profit Margin: FMCB's current net profit margins (37.1%) are higher than last year (36.7%).


Past Earnings Growth Analysis

Earnings Trend: FMCB's earnings have grown by 18.4% per year over the past 5 years.

Accelerating Growth: FMCB's earnings growth over the past year (13.8%) is below its 5-year average (18.4% per year).

Earnings vs Industry: FMCB earnings growth over the past year (13.8%) underperformed the Banks industry 43.4%.


Return on Equity

High ROE: FMCB's Return on Equity (14.5%) is considered low.


Financial Health

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


Balance Sheet


Financial Institutions Analysis

Asset Level: FMCB's Assets to Equity ratio (11.2x) is moderate.

Allowance for Bad Loans: FMCB has a sufficient allowance for bad loans (11687%).

Low Risk Liabilities: 98% of FMCB's liabilities are made up of primarily low risk sources of funding.

Loan Level: FMCB has an appropriate level of Loans to Assets ratio (60%).

Low Risk Deposits: FMCB's Loans to Deposits ratio (67%) is appropriate.

Level of Bad Loans: FMCB has an appropriate level of bad loans (0%).


Dividend

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

1.65%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FMCB's dividend (1.65%) is higher than the bottom 25% of dividend payers in the US market (1.36%).

High Dividend: FMCB's dividend (1.65%) is low compared to the top 25% of dividend payers in the US market (3.55%).


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 (18%), 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.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.7yrs

Average management tenure


CEO

Kent Steinwert (68 yo)

25yrs

Tenure

US$4,622,120

Compensation

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 ($USD4.62M) is above average for companies of similar size in the US market ($USD2.38M).

Compensation vs Earnings: Kent's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: FMCB's management team is seasoned and experienced (7.7 years average tenure).


Board Members

Experienced Board: FMCB's board of directors are seasoned and experienced ( 13.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FMCB insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Farmers & Merchants Bancorp's employee growth, exchange listings and data sources


Key Information

  • Name: Farmers & Merchants Bancorp
  • Ticker: FMCB
  • Exchange: OTCPK
  • Founded: 1916
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$747.005m
  • Shares outstanding: 789.65k
  • Website: https://www.fmbonline.com

Number of Employees


Location

  • Farmers & Merchants Bancorp
  • 111 West Pine Street
  • Lodi
  • California
  • 95240
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/21 23:39
End of Day Share Price2022/01/21 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.