Farmers & Merchants Bancorp, Inc. (FMAO)

FMAO Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Interest Income	104.29	85.91	81.4	86.79	69.5
Net Interest Income Growth	21.39%	5.55%	-6.21%	24.88%	16.26%
Non-Interest Income	17.14	15.62	15.91	15.8	17.61
Non-Interest Income Growth	9.69%	-1.79%	0.69%	-10.30%	4.90%
Revenues Before Loan Losses	121.43	101.53	97.3	102.58	87.11
Provision for Credit Losses	2.09	0.27	1.74	4.6	3.44
Revenue	119.34	101.26	95.56	97.98	83.66
Revenue Growth (YoY)	17.85%	5.97%	-2.48%	17.12%	20.24%
Compensation Expenses	40.92	38.71	34.44	29.6	27.51
Selling, General & Admin	22.08	17.35	19.48	17.39	13.93
Other Non-Interest Expenses	13.82	12.63	13.29	10.52	12.74
Total Non-Interest Expense	76.81	68.69	67.2	57.51	54.17
Pretax Income	42.53	32.57	28.35	40.48	29.5
Provision for Income Taxes	9.22	6.64	5.57	7.96	6
Net Income	33.31	25.94	22.79	32.52	23.5
Net Income to Common	33.31	25.94	22.79	32.52	23.5
Net Income Growth	28.42%	13.83%	-29.92%	38.39%	16.92%
Shares Outstanding (Basic)	14	13	13	13	12
Shares Outstanding (Diluted)	14	13	13	13	12
Shares Change (YoY)	1.05%	-0.55%	3.07%	13.15%	3.80%
EPS (Basic)	2.43	1.90	1.67	2.46	2.01
EPS (Diluted)	2.43	1.90	1.67	2.46	2.01
EPS Growth	27.89%	13.77%	-32.11%	22.39%	11.67%
Shares Outstanding	13.75	13.7	13.66	13.61	13.07
Free Cash Flow	34.97	30.6	11.22	38.07	32.78
Free Cash Flow Growth	14.28%	172.83%	-70.53%	16.15%	35.66%
Free Cash Flow Per Share	2.58	2.28	0.83	2.91	2.83
Dividends Per Share	0.900	0.882	0.850	0.800	0.710
Dividend Growth	1.98%	3.82%	6.25%	12.68%	7.58%
Profit Margin	28.41%	25.68%	24.29%	34.82%	29.29%
FCF Margin	29.83%	30.30%	11.96%	40.77%	40.86%
EBITDA	6.99	6.37	5.77	4.02	4.99
EBITDA Margin	5.96%	6.31%	6.15%	4.30%	6.22%
Effective Tax Rate	21.67%	20.37%	19.63%	19.67%	20.35%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.

SEC Filings: 10-K · 10-Q