Farmers & Merchants Bancorp, Inc. (FMAO)

FMAO Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	143.16	129.34	94.26	71.65	65.32	62.21
Interest Income on Investments	16.83	10.46	6.89	5.2	4.85	6.09
Total Interest Income	159.99	139.81	101.15	76.84	70.17	68.31
Interest Paid on Deposits	63.73	46.92	9.88	5.42	8.64	12.94
Interest Paid on Borrowings	13.25	11.49	4.48	1.92	1.76	1.82
Total Interest Expense	76.97	58.41	14.36	7.34	10.39	14.76
Net Interest Income	83.02	81.4	86.79	69.5	59.78	53.55
Net Interest Income Growth (YoY)	-1.19%	-6.21%	24.88%	16.26%	11.63%	34.35%
Gain (Loss) on Sale of Investments	-	-0.89	-	0.29	0.27	-0.03
Other Non-Interest Income	14.63	16.23	14.18	13.42	12.07	11.17
Total Non-Interest Income	15.5	16.04	15.54	17.61	16.36	11.82
Non-Interest Income Growth (YoY)	-4.64%	3.24%	-11.77%	7.65%	38.38%	8.80%
Revenues Before Loan Losses	98.52	97.44	102.32	87.11	76.13	65.37
Provision for Loan Losses	0.51	1.74	4.6	3.44	6.98	1.14
Revenue	98	95.69	97.72	83.66	69.15	64.23
Revenue Growth (YoY)	-0.24%	-2.08%	16.81%	20.98%	7.66%	27.45%
Salaries and Employee Benefits	36.01	32.83	28.37	25.79	23.02	20.64
Occupancy Expenses	0.43	-	-	-	-	-
Federal Deposit Insurance	2.2	1.98	0.91	1.07	0.63	0.18
Amortization of Goodwill & Intangibles	0.76	0.61	0.15	1.58	1.03	0.49
Selling, General & Administrative	25.98	27.48	22.04	18.13	16.61	16.13
Other Non-Interest Expense	3.46	4.1	3.6	3.31	3.04	2.66
Total Non-Interest Expense	68.88	67.13	54.8	50.31	44.33	40.19
EBT Excluding Unusual Items	29.13	28.56	42.93	33.36	24.82	24.04
Other Unusual Items	-	-	-	-	0.43	-
Pretax Income	28.92	28.35	40.48	29.5	25.21	22.76
Income Tax Expense	5.82	5.57	7.96	6	5.11	4.36
Net Income	23.1	22.79	32.52	23.5	20.1	18.4
Preferred Dividends & Other Adjustments	0.27	0.25	0.28	0.19	0.15	0.14
Net Income to Common	22.83	22.54	32.23	23.3	19.94	18.26
Net Income Growth	-5.45%	-29.92%	38.39%	16.92%	9.20%	23.10%
Basic Shares Outstanding	14	13	13	12	11	11
Diluted Shares Outstanding	14	13	13	12	11	11
Shares Change (YoY)	0.23%	3.07%	13.15%	4.60%	0.28%	20.16%
EPS (Basic)	1.69	1.67	2.46	2.01	1.80	1.66
EPS (Diluted)	1.69	1.67	2.46	2.01	1.80	1.66
EPS Growth	-5.31%	-32.11%	22.39%	11.67%	8.71%	2.71%
Dividend Per Share	0.881	0.850	0.800	0.710	0.660	0.610
Dividend Growth	4.91%	6.25%	12.68%	7.58%	8.20%	8.93%
Effective Tax Rate	20.13%	19.63%	19.67%	20.35%	20.28%	19.15%

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