Farmers Merchant Stock Price, News & Analysis

Farmers & Merchants Bancorp (FMCB) reported strong Q1 2025 financial results with net income of $23.0 million, or $32.86 per diluted share, up 9.9% from Q4 2024 and 7.6% from Q1 2024. The company achieved a return on average assets of 1.70% and return on average equity of 15.65%.

Key highlights include net interest income of $53.1 million, a net interest margin of 4.20%, and strong liquidity position with $607.3 million in cash. The bank maintains robust capital ratios with a total risk-based capital ratio of 15.23%. Credit quality remains solid with minimal non-accrual loans of $193,000 and net charge-offs of $160,000.

Total assets reached $5.7 billion, with $3.6 billion in loans and leases. Total deposits increased by $278.8 million to $5.0 billion, while tangible book value per share grew 13.49% year-over-year to $843.33.

Farmers & Merchants Bancorp (FMCB) reported record financial results for 2024, with full-year net income of $88.5 million, or $121.02 per share, up 3.78% from $116.61 in 2023. The company achieved a net interest margin of 4.05%, with loan yield at 6.08% and cost of average total deposits at 1.35%.

Key highlights include total assets growing to $5.37 billion, loans and leases reaching $3.69 billion, and total deposits of $4.70 billion. The company maintained strong credit quality with minimal net charge-offs of $0.7 million and non-performing loans of $0.9 million. Capital ratios remained robust with a total risk-based capital ratio of 14.51%.

During 2024, FMCB repurchased 48,173 shares (6.44% of outstanding shares) and implemented a new $55.0 million share repurchase program with $19.9 million remaining as of December 31, 2024.

Farmers & Merchants Bancorp (OTCQX: FMCB) has appointed Deborah Skinner to its Board of Directors effective January 15, 2025. Skinner recently retired as Executive Vice President and Chief Administrative Officer after serving the company for 24 years until December 31, 2024.

With a 40-year banking career, Skinner brings extensive experience in overseeing Information Technology, Loan and Deposit Operations, Call Center, Electronic Banking, Compliance, BSA/Fraud, and Treasury Management Operations. She previously served on the Board of Directors and Executive Committee of the California/Western Bankers Association, including a term as Chairman, and was a member of the American Bankers Association Cyber and Information Security Working Group.

Prior to F&M Bank, Skinner held executive positions at Union Safe Deposit Bank, Stockton Savings Bank, Fannie Mae, and American Savings and Loan. She holds a Bachelor of Arts in Business Administration from the University of Washington.

Farmers & Merchants Bancorp (OTCQX: FMCB) announced the resignation of Calvin ('Kelly') Suess, its longest-serving current Board member, effective January 14, 2025. Suess served on the board for 35 years, bringing significant agricultural expertise and agri-business connections to the bank.

Chairman, President and CEO Kent A. Steinwert acknowledged Suess's contributions, particularly highlighting his role in establishing a strong community reinvestment culture that earned the bank numerous awards and an outstanding rating from regulators.

The Board's nominating committee is finalizing the appointment of a new board member, with an announcement expected before the end of January 2025. The new appointee will be subject to shareholder approval at the 2025 annual shareholders meeting.

Farmers & Merchants Bancorp (FMCB) announced the retirement of Executive Vice President and Chief Administrative Officer Deborah Skinner, effective December 31, 2024, after 24 years of service. The company has appointed Troy D. Harper as the new Executive Vice President and Chief Administrative Officer, effective December 9, 2024.

Harper brings over 30 years of financial services operational expertise, including more than 20 years in commercial and retail banking. He previously served as Executive Vice President, Chief Information & Operations Officer at HomeStreet Bank. Skinner will assist with the transition through year-end to ensure continuity.

Farmers & Merchants Bancorp (FMCB) has announced a year-end cash dividend of $9.30 per share, representing a 5.68% increase from previous dividends. The dividend will be paid on January 2, 2025, to shareholders of record as of December 4, 2024. Total cash dividends for 2024 increased 5.85% to $18.10 per share. The company reported strong financial performance with net income of $88.0 million over the trailing twelve months, or $118.46 per share. FMCB has repurchased 47,989 shares worth $45.4 million in 2024, reducing outstanding shares by 6.42%. The company maintains strong capital ratios with a total risk-based capital ratio of 14.95% and holds $1.5 billion in cash and investment securities.

Farmers & Merchants Bancorp (OTCQX: FMCB) reported record third quarter 2024 earnings with net income of $22.1 million, or $29.96 per diluted common share, up 2.50% on a per share basis from Q3 2023. The company achieved a return on average assets of 1.65% and a return on average equity of 15.03%. FMCB maintained a strong liquidity position with $1.5 billion in cash and investment securities and a $2.1 billion borrowing capacity. The company's total risk-based capital ratio was 14.95%, with a common equity tier 1 ratio of 13.47%. Credit quality remained robust with a total allowance for credit losses of 2.11%. Total assets were $5.4 billion, with loans and leases outstanding at $3.7 billion, up 4.13% year-over-year. Deposits remained stable at $4.7 billion.

Farmers & Merchants Bancorp (OTCQX: FMCB) has authorized a new $55 million share repurchase program through December 31, 2026, replacing the previous $25 million program. Since January 2021, FMCB has repurchased 51,596 shares, about 6.5% of outstanding shares. The company's strong financial performance allows for share repurchases, increased cash dividends, and maintaining a robust capital position. As of June 30, 2024, FMCB reported a tier 1 leverage capital ratio of 10.66%, a common equity tier 1 ratio of 13.09%, and a total capital ratio of 14.58%, classifying it as "well capitalized". The total allowance for credit losses stood at 2.13%.

Farmers & Merchants Bancorp (OTCQX: FMCB) reported strong second quarter 2024 earnings, with net income of $21.8 million, or $29.39 per share, up 4.85% from Q2 2023. The company achieved a return on average assets of 1.58% and a return on average equity of 15.33%. FMCB maintained a solid liquidity position with $296.0 million in cash and $1.0 billion in investment securities. Credit quality remained strong with no non-accrual loans and a total allowance for credit losses of 2.13%. The company declared a mid-year cash dividend of $8.80 per share, continuing its 89-year streak of dividend payments and 59 consecutive years of dividend increases.

For the first six months of 2024, FMCB reported net income of $44.5 million, with a return on average assets of 1.65% and return on average equity of 15.82%. The loan portfolio grew by 5.46% year-over-year, while total deposits remained stable at $4.6 billion.