FMAO

Farmers & Merchants Bancorp, Inc.

$24.55

0.63

(2.63%)

Exchange:	NASDAQ
Market Cap:	336.779M
Shares Outstanding:	5.316M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in northwest Ohio and northeast Indiana. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer and credit card lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, remote deposit capture or electronic deposit processing, and merchant credit card services. It also offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.

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Revenue Segmentation

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EPS

View full analyst estimates

Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	40,804	44,791	46,829	49,337	63,571	74,866	84,827	100,366	95,693	98,903
? Cost Of Revenue	0	0	0	0	0	0	0	0	0	0
? Gross Profit	40,804	44,791	46,829	49,337	63,571	74,866	84,827	100,366	95,693	98,903
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	20,619	21,461	22,888	22,519	28,449	30,820	36,754	40,085	47,055	7,214
? Selling And Marketing Expenses	0	727	757	887	1,569	1,332	1,436	1,646	2,606	2,144
? Operating Expenses	20,619	21,461	22,889	23,406	-40,937	-49,660	-55,330	-41,656	94,691	9,358
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	33,502	37,578	41,061	46,209	68,013	70,027	76,666	100,831	138,926	162,211
? Interest Expense	3,587	4,223	5,127	6,572	14,759	10,393	7,342	14,362	58,411	77,660
? Depreciation And Amortization	374	1,787	1,858	1,884	3,034	3,267	3,410	3,873	0	6,372
? EBITDA	16,221	18,526	20,052	20,418	26,283	29,504	34,487	44,493	0	0
? EBIT
? Operating Income	19,434	22,330	24,887	24,748	22,634	25,206	29,497	58,710	28,354	-116,605
? Income Before Tax	14,159	16,320	17,903	18,176	22,634	25,206	29,497	40,475	28,354	32,573
? Income Tax Expense	3,819	4,656	5,183	3,227	4,232	5,111	6,002	7,960	5,567	6,635
? Net Income From Continuing Operations
? Net Income	10,340	11,664	12,720	14,949	18,402	20,095	23,495	32,515	22,787	25,938
? EPS (Earnings Per Share)	1.120	1.260	1.380	1.630	1.660	1.800	2.010	2.460	1.670	1.930
? EPS Diluted	1.120	1.260	1.380	1.630	1.660	1.800	2.010	2.460	1.670	1.930
? Weighted Average Shares Outstanding	9,164.116	9,144.266	9,162.161	9,179.964	11,030.441	11,061.391	11,570.218	13,091.422	13,492.903	13,684.961
? Weighted Average Shares Outstanding Diluted	9,234.116	9,220.553	9,217.391	9,179.964	11,030.441	11,061.391	11,570.218	13,091.422	13,492.903	13,684.961
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	21,333	29,263	37,498	41,511	54,446	102,932	146,398	87,527	143,657	174,855
? Short Term Investments	235,115	218,527	196,398	168,447	222,293	307,812	429,931	390,789	358,478	426,556
? Cash And Short Term Investments	256,448	247,790	233,896	209,958	276,739	410,744	576,329	478,316	499,395	601,411
? Net Receivables	0	0	0	0	0	0	0	0	0	0
? Accounts Receivables
? Inventory	0	0	0	0	0	0	0	0	0	0
? Total Current Assets	256,448	245,875	229,878	209,958	276,739	410,744	576,329	473,874	142,201	601,411
? Property Plant Equipment Net	20,587	21,457	21,726	22,615	26,351	27,063	26,913	28,659	35,790	33,828
? Goodwill	4,074	4,074	4,074	4,074	47,340	47,340	80,434	86,358	86,358	86,358
? Intangible Assets	2,056	2,192	2,299	2,385	2,629	3,320	3,157	3,549	5,648	0
? Long Term Investments	238,832	222,244	200,115	172,126	228,103	313,751	438,093	400,588	375,616	0
? Total Non Current Assets	989,068	1,055,895	1,107,009	1,116,163	304,423	391,474	548,597	114,739	503,412	120,186
? Total Assets	989,068	1,055,895	1,107,009	1,116,163	1,607,330	1,909,544	2,638,300	3,015,351	3,283,229	3,364,723
? Account Payables	0	0	0	0	0	0	0	0	0	0
? Short Term Debt	0	0	0	0	0	0	0	0	0	0
? Deferred Revenue	0	0	0	0	0	0	0	0	0	0
? Total Current Liabilities	441,809	488,213	538,513	547,236	745,990	925,592	1,157,272	1,412,226	25,367	2,996
? Long Term Debt	10,000	10,000	5,000	0	24,806	17,861	98,536	216,277	300,452	280,874
? Deferred Revenue Non Current	0	0	0	0	0	0	0	0	0	0
? Deferred Tax Liabilities Non Current	0	0	0	0	0	0	0	0	0	0
? Total Non Current Liabilities	868,971	930,318	972,872	972,876	24,806	17,861	98,536	2,717,211	2,941,319	280,874
? Total Liabilities	868,971	930,318	972,872	972,876	24,806	17,861	98,536	2,717,211	2,966,686	3,029,512
? Treasury Stock
? Preferred Stock	0	0	0	0	0	0	0	0	0	0
? Common Stock	12,086	11,947	11,546	10,823	81,535	81,804	122,674	135,497	135,515	135,565
? Retained Earnings	120,188	127,869	136,577	147,887	160,081	173,591	189,401	212,449	221,080	235,854
? Additional Paid In Capital
? Total Stockholders Equity	120,097	125,577	134,137	143,287	230,258	249,160	297,167	298,140	316,543	335,211
? Total Equity	120,097	125,577	134,137	143,287	230,258	249,160	297,167	298,140	316,543	335,211
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	989,068	1,055,895	1,107,009	1,116,163	1,607,330	1,909,544	2,638,300	3,015,351	3,283,229	3,364,723
? Total Investments	473,947	440,771	396,513	340,573	450,396	621,563	868,024	791,377	734,094	426,556
? Total Debt	10,000	10,000	5,000	32,180.999	24,806	17,861	98,536	172,071	300,452	280,874
? Net Debt	-11,333	-19,263	-32,498	-9,330.001	-29,640	-85,071	-47,862	84,544	156,795	-174,855
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	10,340	11,664	12,720	14,949	18,402	20,095	23,495	32,515	22,539	25,938
? Depreciation And Amortization	2,062	2,206	2,211	2,248	3,521	4,298	4,990	4,018	5,163	6,372
? Deferred Income Tax	760	872	497	472	227	-1,691	-1,805	171	2,228	307
? Stock Based Compensation	314	402	507	745	1,088	1,072	895	1,018.999	1,461	1,549
? Change In Working Capital	1,275	-688	1,194	-6,423	5,665	-932	2,533	-5,956	-6,588	2,812
? Accounts Receivables	0	0	0	0	0	0	0	0	0	0
? Inventory	0	0	0	0	0	0	0	0	0	0
? Accounts Payables	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Operating Activities	14,809	12,430	19,258	12,142	23,931	27,382	34,741	40,669	22,146	32,474
? Investments In Property Plant And Equipment	-1,716	-2,406	-1,794	-2,612	-3,510	-3,222	-1,965	-2,600	-10,929	0
? Acquisitions Net	-64,483	-74,554	-69,300	-23,340	-2,089	-84,698	-12,360	9,074	0	0
? Purchases Of Investments	-60,925	-114,819	-15,335	-13,866	-110,166	-183,692	-171,299	-39,992	0	-100,916
? Sales Maturities Of Investments	73,088	127,548	36,626	39,772	78,387	102,846	65,602	31,064	0	34,759
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-3,943	-4,115	-4,443	-4,956	-6,345	-7,186	-7,670	-10,276	-11,335	-11,922
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	36,886	58,064	36,669	-8,310	138,316	274,752	236,070	252,821	229,734	46,038
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-2,277	6,304	6,145	3,898	12,931	124,410	5,117	-96,414	57,792	34,150
? Cash At End Of Period	22,018	28,322	34,467	38,365	51,296	175,706	180,823	84,409	142,201	176,351
? Cash At Beginning Of Period	24,295	22,018	28,322	34,467	38,365	51,296	175,706	180,823	84,409	142,201
? Operating Cash Flow	14,809	12,430	19,258	12,142	23,931	27,382	34,741	40,669	22,146	32,474
? Capital Expenditure	-1,716	-2,406	-1,794	-2,612	-3,510	-3,222	-1,965	-2,600	-10,929	0
? Free Cash Flow	13,093	10,024	17,464	9,530	20,421	24,160	32,776	38,069	11,217	30,603
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2022	2023	2024	2025	2026
Estimated Revenue (Low)	97,782.612	95,856.356	100,146.618	111,379.937	118,008.926
Estimated Revenue (High)	109,792.988	98,381.510	100,667.381	112,620.968	121,545.657
Estimated Revenue (Avg)	103,700	96,900	100,407	112,005.667	119,484.333
Estimated Ebitda (Low)	40,316.941	44,348.632	44,944.903	49,986.316	52,961.347
Estimated Ebitda (High)	60,475.413	66,522.953	45,178.617	50,543.280	54,548.600
Estimated Ebitda (Avg)	50,396.177	55,435.793	45,061.760	50,267.138	53,623.496
Estimated Net Income (Low)	24,095.098	18,031.198	23,184.422	24,656.859	27,034.548
Estimated Net Income (High)	36,142.650	27,046.800	23,720.517	25,142.129	28,386.275
Estimated Net Income (Avg)	30,118.874	22,539	23,452.470	24,899.494	27,989.500
Estimated SGA Expense (Low)	35,462.551	39,008.805	56,370.948	62,694.005	66,425.358
Estimated SGA Expense (High)	53,193.827	58,513.208	56,664.077	63,392.562	68,416.128
Estimated SGA Expense (Avg)	44,328.189	48,761.007	56,517.513	63,046.219	67,255.842
Estimated EPS (Avg)	2.630	1.680	1.740	1.850	2.050
Estimated EPS (High)	2.830	1.730	1.750	1.860	2.100
Estimated EPS (Low)	2.430	1.630	1.720	1.820	2
Number of Analysts (Estimated Revenue)	1	1	3	3	4
Number of Analysts (Estimated EPS)	1	2	3	3	4

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Current Key Metrics

?	Revenue (TTM) :	178.375M	?	P/S (TTM) :	1.83
?	Net Income (TTM) :	25.433M	?	P/E (TTM) :	11.77
?	Enterprise Value (TTM) :	461.111M	?	EV/FCF (TTM) :	11.54
?	Dividend Yield (TTM) :	0.04	?	Payout Ratio (TTM) :	0.43
?	ROE (TTM) :	0.08	?	ROIC (TTM) :	0.04
?	Net Debt (TTM) :	139.64M	?	Debt/Equity (TTM) :	0.89
?	P/B (TTM) :	0.94	?	Current Ratio (TTM) :	0.13

Forward P/E Ratios

?

Forward P/E calculated based on:

Forward P/E 1Y	Forward P/E 2Y	Forward P/E 3Y	Forward P/E 4Y	Forward P/E 5Y
9.10	14.24	13.75	12.93	11.67

SWOT Analysis

No SWOT analysis available for this stock.

FMAO

2.63

3.05

5.98

2.88

-14.91

9.99

23.41

Trading Metrics:

Open:	24.02	Previous Close:	23.92
Day Low:	23.93	Day High:	24.67
Year Low:	20.88	Year High:	34.15
Price Avg 50:	24.03	Price Avg 200:	26.66
Volume:	8480	Average Volume:	17606