Farmers & Merchants Bancorp, Inc. (FMAO)

FMAO Income Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	145.33	129.34	94.26	71.65	65.32
Interest Income on Investments	18.24	10.46	6.89	5.2	4.85
Total Interest Income	163.57	139.81	101.15	76.84	70.17
Interest Paid on Deposits	64.46	46.92	9.88	5.42	8.64
Interest Paid on Borrowings	13.2	11.49	4.48	1.92	1.76
Total Interest Expense	77.66	58.41	14.36	7.34	10.39
Net Interest Income	85.91	81.4	86.79	69.5	59.78
Net Interest Income Growth (YoY)	5.55%	-6.21%	24.88%	16.26%	11.63%
Gain (Loss) on Sale of Investments	-	-0.89	-	0.29	0.27
Other Non-Interest Income	14.69	16.23	14.18	13.42	12.07
Total Non-Interest Income	15.55	16.04	15.54	17.61	16.36
Non-Interest Income Growth (YoY)	-3.05%	3.24%	-11.77%	7.65%	38.38%
Revenues Before Loan Losses	101.46	97.44	102.32	87.11	76.13
Provision for Loan Losses	0.27	1.74	4.6	3.44	6.98
Revenue	101.19	95.69	97.72	83.66	69.15
Revenue Growth (YoY)	5.74%	-2.08%	16.81%	20.98%	7.66%
Salaries and Employee Benefits	38.71	32.83	28.37	25.79	23.02
Occupancy Expenses	4.15	-	-	-	-
Federal Deposit Insurance	2.11	1.98	0.91	1.07	0.63
Amortization of Goodwill & Intangibles	2.6	0.61	0.15	1.58	1.03
Selling, General & Administrative	16.95	27.48	22.04	18.13	16.61
Other Non-Interest Expense	4.17	4.1	3.6	3.31	3.04
Total Non-Interest Expense	68.62	67.13	54.8	50.31	44.33
EBT Excluding Unusual Items	32.57	28.56	42.93	33.36	24.82
Other Unusual Items	-	-	-	-	0.43
Pretax Income	32.57	28.35	40.48	29.5	25.21
Income Tax Expense	6.64	5.57	7.96	6	5.11
Net Income	25.94	22.79	32.52	23.5	20.1
Preferred Dividends & Other Adjustments	-	0.25	0.28	0.19	0.15
Net Income to Common	25.94	22.54	32.23	23.3	19.94
Net Income Growth	13.83%	-29.92%	38.39%	16.92%	9.20%
Basic Shares Outstanding	14	13	13	12	11
Diluted Shares Outstanding	14	13	13	12	11
Shares Change (YoY)	1.39%	3.07%	13.15%	4.60%	0.28%
EPS (Basic)	1.90	1.67	2.46	2.01	1.80
EPS (Diluted)	1.90	1.67	2.46	2.01	1.80
EPS Growth	13.54%	-32.11%	22.39%	11.67%	8.71%
Dividend Per Share	0.882	0.850	0.800	0.710	0.660
Dividend Growth	3.82%	6.25%	12.68%	7.58%	8.20%
Effective Tax Rate	20.37%	19.63%	19.67%	20.35%	20.28%

Source: S&P Capital IQ. Banks template. Financial Sources.