Farmers & Merchants Bancorp (FMCB) Reports Record Third Quarter 2025 Earnings
Farmers & Merchants Bancorp (OTCQX: FMCB) reported record third quarter 2025 net income of $23.7 million and diluted EPS of $33.92, up from $29.96 in Q3 2024. Trailing twelve-month diluted EPS rose to $130.83 (+10.4% YoY). Net interest income was $55.4 million and net interest margin remained strong at ~4.14% (nine months). Tangible book value per share increased 9.8% to $877.13. Capital ratios strengthened with a preliminary total risk-based ratio of 15.76% and CET1 of 14.28%. Liquidity included $172.6 million cash and $1.6 billion investment securities at September 30, 2025.
Farmers & Merchants Bancorp (OTCQX: FMCB) ha riportato un utile netto record nel terzo trimestre 2025 di $23.7 million e un utile per azione diluito di $33.92, in aumento rispetto a $29.96 nel Q3 2024. L'utile per azione diluito degli ultimi 12 mesi è salito a $130.83 (+10.4% YoY). Il reddito da interessi netti è stato $55.4 million e il margine di interesse netto si è mantenuto solido a circa 4.14% (nei nove mesi). Il valore contabile tangibile per azione è aumentato del 9.8% a $877.13. Le metriche patrimoniali si sono rafforzate con un rapporto preliminare di capitale basato sul rischio totale di 15.76% e CET1 di 14.28%. La liquidità includeva $172.6 million di contante e $1.6 billion di titoli di investimento al 30 settembre 2025.
Farmers & Merchants Bancorp (OTCQX: FMCB) reportó ingresos netos récord en el tercer trimestre de 2025 de $23.7 million y un BPA diluido de $33.92, frente a $29.96 en el Q3 de 2024. El BPA diluido de los últimos doce meses aumentó a $130.83 (+10.4% interanual). Los ingresos netos por intereses fueron $55.4 million y el margen de interés neto se mantuvo fuerte en aproximadamente 4.14% (nueve meses). El BPA diluido sobre trece meses aumentó a 9.8% a $877.13 (nota: se mantiene como 130.83 para 12 meses). Las ratios de capital se fortalecieron con una razón preliminar de capital total basada en riesgo de 15.76% y CET1 de 14.28%. La liquidez incluía $172.6 million en efectivo y $1.6 billion en valores de inversión al 30 de septiembre de 2025.
Farmers & Merchants Bancorp (OTCQX: FMCB)는 2025년 3분기에 순이익이 기록적 수치를 기록했다고 보고했습니다. $23.7 million의 순이익과 희석된 주당순이익(EPS) $33.92, 2024년 3분기의 $29.96에서 증가했습니다. 지난 12개월 희석된 EPS는 $130.83으로 상승했습니다(+YoY 10.4%). 순이자수익은 $55.4 million였고 순이자마진은 9개월 기준으로 약 4.14%로 강하게 유지되었습니다. 1주당 유형장부가치(tangible book value per share)는 9.8% 증가하여 $877.13에 도달했습니다. 자본비율은 예비 총 위험가중자본비율이 15.76%로 강화되었고 CET1은 14.28%였습니다. 2025년 9월 30일 기준 유동성은 현금 $172.6 million과 $1.6 billion의 투자증권이 포함되었습니다.
Farmers & Merchants Bancorp (OTCQX: FMCB) a enregistré un résultat net record au troisième trimestre 2025 de $23.7 million et un bénéfice par action dilué de $33.92, en hausse par rapport à $29.96 au T3 2024. Le BPA dilué sur douze mois glissants a monté à $130.83 (+10.4% sur un an). Le revenu net d'intérêts s'est élevé à $55.4 million et la marge nette d'intérêt est restée robuste à environ 4.14% (neuf mois). La valeur comptable tangible par action a augmenté de 9.8% pour atteindre $877.13. Les ratios de capital se sont renforcés avec un ratio de risque total préliminaire de 15.76% et CET1 de 14.28%. La liquidité comprenait $172.6 million en espèces et $1.6 billion de titres de placement au 30 septembre 2025.
Farmers & Merchants Bancorp (OTCQX: FMCB) meldete für das dritte Quartal 2025 einen Rekordnettoeinkommen von $23.7 million und einen verwässerten Gewinn pro Aktie von $33.92, gegenüber $29.96 im Q3 2024. Der verwässerte Gewinn pro Aktie der letzten zwölf Monate stieg auf $130.83 (+YoY 10,4%). Net Interest Income betrug $55.4 million und die Nettomarge blieb mit ca. 4.14% (neun Monate) stark. Der tangible book value per share wuchs um 9.8% auf $877.13. Die Kapitalquoten festigten sich mit einer vorläufigen risikogewichteten Gesamtrisikorate von 15.76% und CET1 von 14.28%. Liquidität umfasste $172.6 million Barbestände und $1.6 billion Investment Securities per 30.09.2025.
Farmers & Merchants Bancorp (OTCQX: FMCB) أبلغت عن صافي دخل قياسي في الربع الثالث من عام 2025 قدره $23.7 million وبربح السهم المخفف البالغ $33.92، مقارنة بـ $29.96 في الربع الثالث من 2024. ارتفع بربح السهم المخفف للأثني عشر شهراً الأخيرة إلى $130.83 (+10.4% سنوياً). بلغ صافي دخل الفوائد $55.4 million وهامش الفائدة الصافي ظل قويًا عند نحو 4.14% (التسعة أشهر). ارتفع القيمة الدفترية الملموسة للسهم الواحد بنسبة 9.8% إلى $877.13. قويت نسب السيولة مع نسبة مخاطر رأس المال الإجمالية الأولية البالغة 15.76% و CET1 البالغ 14.28%. شملت السيولة $172.6 million نقدًا و $1.6 billion من أوراق مالية للاستثمار في 30 سبتمبر 2025.
Farmers & Merchants Bancorp (OTCQX: FMCB) 报告称，2025年第三季度净利润创纪录，为 $23.7 million，摊薄后每股收益为 $33.92，高于2024年第三季度的 $29.96。过去十二个月的摊薄后每股收益升至 $130.83（同比增长 +10.4%）。净利息收入为 $55.4 million，净利息收益率在（九个月）内保持强劲，约为 4.14%。每股账面价值（可辨认的且具象征意义的）增加 9.8%，达到 $877.13。资本比率加强，初步总风险加权资本比率为 15.76%，CET1 为 14.28%。流动性包括截至 2025 年 9 月 30 日的 $172.6 million 现金及 $1.6 billion 投资证券。
- Record quarterly net income of $23.7M
- Diluted EPS $33.92, up from $29.96 YoY
- Tangible book value per share +9.8% to $877.13
- Net interest income $55.4M, up $3.4M YoY
- Preliminary total risk-based capital ratio of 15.76%
- Gross loans and leases down $67.6M (1.8%) since Dec 31, 2024
- Loan-to-deposit ratio fell to 74.16% from 78.53% at year-end
- Provision for credit losses of $0.7M in Q3 2025 versus none in Q3 2024
- Efficiency ratio rose vs prior quarter to 46.48% from 44.88%
Third Quarter 2025 Highlights
- Net income of
$23.7 million , an increase of$1.6 million or7.22% compared to the third quarter of 2024; - Basic earnings per share of
$34.24 and diluted earnings per share of$33.92 ; diluted earnings per share up13.22% compared to the third quarter of 2024; - Diluted earnings per share of
$130.83 over the trailing twelve months, up10.4% compared to$118.46 over the same trailing period a year ago and up14.6% compared to$114.13 for the same period two years ago; - Tangible book value per share increased
9.8% to$877.13 compared to$799.04 as of September 30, 2024; - Achieved a return on average assets of
1.70% and a return on average equity of15.10% ; - Net interest income of
$55.4 million , up$3.4 million or6.6% compared to$52.0 million in the third quarter of 2024; net interest margin (tax equivalent basis) of4.16% , up from4.07% in the third quarter of 2024; - Continued cost discipline resulted in an efficiency ratio of
46.48% ; - Liquidity position remains strong with
$172.6 million in cash,$1.6 billion in investment securities, of which$870.2 million are available-for-sale, no borrowings and a borrowing capacity of$2.1 billion as of September 30, 2025; - Continued to grow our solid capital position with a preliminary total risk-based capital ratio of
15.76% , a common equity tier 1 ratio of14.28% , a tier 1 leverage ratio of11.60% and a tangible common equity ratio of11.26% ; - Credit quality remains resilient with an allowance for credit losses on loans and leases of
2.10% ; a net charge-off ratio of0.03% for the quarter; and a non-accrual loan and leases ratio of0.03% at quarter-end.
LODI, Calif., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record third quarter net income of
Net income over the trailing twelve months was
CEO Commentary
Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the third quarter of 2025, highlighted by record third quarter net income of
Earnings
Net interest income for the quarter ended September 30, 2025, was
Balance Sheet
Total assets at quarter-end were
Credit Quality
The Company’s credit quality remained solid with only
Capital
The Company’s regulatory capital ratios continued to strengthen during the third quarter of 2025. The growth in capital was driven by net income of
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with
Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.
In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.
In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.
In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between
In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.
F&M Bank is the 19th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.
F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago.
F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation.
Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan production levels and pricing, loan growth, the competitive environment, general economic conditions, including in the export market, and financial condition and competitive positioning. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.
For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
bolson@fmbonline.com
| FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||
| Three-Months Ended | Nine-Months Ended | |||||||||||||||||||||
| (dollars in thousands, except share and per share data) | September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||||||
| Earnings and Profitability: | ||||||||||||||||||||||
| Interest income | $ | 70,592 | $ | 70,061 | $ | 68,635 | $ | 207,791 | $ | 205,107 | ||||||||||||
| Interest expense | 15,175 | 16,193 | 16,642 | 45,365 | 50,620 | |||||||||||||||||
| Net interest income | 55,417 | 53,868 | 51,993 | 162,426 | 154,487 | |||||||||||||||||
| Provision for credit losses | 700 | 1,400 | - | 2,400 | - | |||||||||||||||||
| Non-interest income | 6,867 | 5,519 | 6,280 | 17,407 | 16,122 | |||||||||||||||||
| Non-interest expense | 28,948 | 26,651 | 27,755 | 81,108 | 78,698 | |||||||||||||||||
| Income before taxes | 32,636 | 31,336 | 30,518 | 96,325 | 91,911 | |||||||||||||||||
| Income tax expense | 8,918 | 8,281 | 8,397 | 26,543 | 25,300 | |||||||||||||||||
| Net income | $ | 23,718 | $ | 23,055 | $ | 22,121 | $ | 69,782 | $ | 66,611 | ||||||||||||
| Basic earnings per common share | $ | 34.24 | $ | 33.06 | $ | 29.96 | $ | 100.18 | $ | 89.91 | ||||||||||||
| Diluted earnings per common share | $ | 33.92 | $ | 32.94 | $ | 29.96 | $ | 99.67 | $ | 89.91 | ||||||||||||
| Weighted Average Shares Outstanding - Basic | 692,727 | 697,332 | 738,421 | 696,572 | 740,898 | |||||||||||||||||
| Weighted Average Shares Outstanding - Diluted | 699,211 | 699,852 | 738,421 | 700,128 | 740,898 | |||||||||||||||||
| Common shares outstanding | 721,411 | 725,367 | 737,995 | 721,411 | 737,995 | |||||||||||||||||
| Return on average assets | 1.70 | % | 1.65 | % | 1.65 | % | 1.68 | % | 1.65 | % | ||||||||||||
| Return on average equity | 15.10 | % | 15.09 | % | 15.03 | % | 15.28 | % | 15.55 | % | ||||||||||||
| Loan yield | 6.05 | % | 6.08 | % | 6.13 | % | 6.06 | % | 6.11 | % | ||||||||||||
| Cost of average total deposits | 1.22 | % | 1.31 | % | 1.39 | % | 1.24 | % | 1.39 | % | ||||||||||||
| Net interest margin - tax equivalent | 4.16 | % | 4.07 | % | 4.07 | % | 4.14 | % | 4.04 | % | ||||||||||||
| Effective tax rate | 27.33 | % | 26.43 | % | 27.51 | % | 27.56 | % | 27.53 | % | ||||||||||||
| Efficiency ratio | 46.48 | % | 44.88 | % | 47.63 | % | 45.10 | % | 46.13 | % | ||||||||||||
| Book value per common share(1) | $ | 894.43 | $ | 852.72 | $ | 816.67 | $ | 894.43 | $ | 816.67 | ||||||||||||
| Tangible book value per common share(2)(b) | $ | 877.13 | $ | 835.33 | $ | 799.04 | $ | 877.13 | $ | 799.04 | ||||||||||||
| Balance Sheet: | ||||||||||||||||||||||
| Total assets | $ | 5,629,867 | $ | 5,478,773 | $ | 5,418,132 | $ | 5,629,867 | $ | 5,418,132 | ||||||||||||
| Cash and cash equivalents | 172,567 | 291,752 | 293,250 | 172,567 | 293,250 | |||||||||||||||||
| of which held at Fed | 102,120 | 178,999 | 198,637 | 102,120 | 198,637 | |||||||||||||||||
| Total investment securities | 1,604,789 | 1,321,812 | 1,182,073 | 1,604,789 | 1,182,073 | |||||||||||||||||
| of which available-for-sale | 870,161 | 572,951 | 401,563 | 870,161 | 401,563 | |||||||||||||||||
| of which held-to-maturity | 734,628 | 748,861 | 780,510 | 734,628 | 780,510 | |||||||||||||||||
| Gross loans and leases | 3,622,582 | 3,635,831 | 3,713,735 | 3,622,582 | 3,713,735 | |||||||||||||||||
| Allowance for credit losses - loans and leases | 75,963 | 76,169 | 75,816 | 75,963 | 75,816 | |||||||||||||||||
| Total deposits | 4,885,014 | 4,760,364 | 4,708,682 | 4,885,014 | 4,708,682 | |||||||||||||||||
| Subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||||
| Total shareholders' equity | $ | 645,252 | $ | 618,532 | $ | 602,696 | $ | 645,252 | $ | 602,696 | ||||||||||||
| Loan-to-deposit ratio | 74.16 | % | 76.38 | % | 78.87 | % | 74.16 | % | 78.87 | % | ||||||||||||
| Percentage of checking deposits to total deposits | 48.69 | % | 49.23 | % | 50.01 | % | 48.69 | % | 50.01 | % | ||||||||||||
| Capital ratios (Bancorp)(a) | ||||||||||||||||||||||
| Common equity tier 1 capital to risk-weighted assets | 14.28 | % | 13.88 | % | 13.47 | % | 14.28 | % | 13.47 | % | ||||||||||||
| Tier 1 capital to risk-weighted assets | 14.50 | % | 14.10 | % | 13.70 | % | 14.50 | % | 13.70 | % | ||||||||||||
| Risk-based capital to risk-weighted assets | 15.76 | % | 15.36 | % | 14.95 | % | 15.76 | % | 14.95 | % | ||||||||||||
| Tier 1 leverage capital ratio | 11.60 | % | 11.18 | % | 11.32 | % | 11.60 | % | 11.32 | % | ||||||||||||
| Tangible common equity ratio(3)(b) | 11.26 | % | 11.08 | % | 10.91 | % | 11.26 | % | 10.91 | % | ||||||||||||
| (a) Capital information is preliminary for September 30, 2025 | ||||||||||||||||||||||
| (b) Non-GAAP measurement | ||||||||||||||||||||||
| Non-GAAP measurement reconciliation: | ||||||||||||||||||||||
| (Dollars in thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||||||
| Shareholders' equity | $ | 645,252 | $ | 618,532 | $ | 602,696 | ||||||||||||||||
| Less: Intangible assets | 12,478 | 12,609 | 13,007 | |||||||||||||||||||
| Tangible common equity | $ | 632,774 | $ | 605,923 | $ | 589,689 | ||||||||||||||||
| Total assets | $ | 5,629,867 | $ | 5,478,773 | $ | 5,418,132 | ||||||||||||||||
| Less: Intangible assets | 12,478 | 12,609 | 13,007 | |||||||||||||||||||
| Tangible assets | $ | 5,617,389 | $ | 5,466,164 | $ | 5,405,125 | ||||||||||||||||
| Tangible common equity ratio(3) | 11.26 | % | 11.08 | % | 10.91 | % | ||||||||||||||||
| (1) Total common equity divided by common shares outstanding | ||||||||||||||||||||||
| (2) Tangible common equity divided by common shares outstanding | ||||||||||||||||||||||
| (3) Tangible common equity divided by tangible assets | ||||||||||||||||||||||
FAQ
What drove Farmers & Merchants Bancorp (FMCB) to record Q3 2025 net income of $23.7 million?
How did FMCB's diluted EPS in Q3 2025 compare to Q3 2024?
What capital ratios did FMCB report at September 30, 2025?
Did FMCB change its dividend or repurchase programs in 2025?
What happened to FMCB's loan growth and loan-to-deposit ratio in Q3 2025?
How strong was FMCB's liquidity position at September 30, 2025?
