Farmers & Merchants Bancorp
FMAONASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $37.09 Prior regular-session close from the quote source.
- $36.61–$37.19 Regular-session low and high so far today.
- 41.7K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 11 projected Projected for 2027-02-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $22.91–$38.33 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FMAO if A locally focused community bank can turn higher net interest margins and low-cost core deposits into durable earnings growth so long as credit quality in its concentrated agricultural and commercial footprint holds up.
FMAO price history
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Investment thesis
What must happen next
Sustained net interest margin expansion (via higher asset yields and stable/lower cost of deposits) will be the primary driver that converts loan growth into durable net income.StrengtheningMateriality: High
Net income (annual) rose from $25,938,000 in 2024 to $33,309,000 in 2025 (fundamentals). If NIM holds, revenue and net income can compound without risky loan underwriting; if NIM reverses, earnings will fall even with stable loan balances.
Watch: A sustained increase in local deposit pricing from competitors (regional banks or digital platforms) that raises the bank's cost of funds and compresses NIM.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income (annual) rose from $25,938,000 in 2024 to $33,309,000 in 2025 (fundamentals).
Open source ↗Growth in low-cost core deposits (reducing reliance on high-cost or volatile funding) will sustain margin improvements and fund loan growth without raising liquidity risk.HoldingMateriality: High
Liabilities (instant) increased from $3,029,512,000 at 2024-12-31 to $3,063,520,000 at 2025-12-31, consistent with balance-sheet growth. Stable core deposits allow margin expansion and loan growth without expensive funding or balance-sheet strain; loss of those deposits forces either slower growth or margin compression.
Watch: A competitor or sweep product that pulls core deposits (e.g., regional banks or brokered deposits offering materially higher rates).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities (instant) increased from $3,029,512,000 at 2024-12-31 to $3,063,520,000 at 2025-12-31, consistent with balance-sheet growth.
Open source ↗Rapid growth in agricultural and commercial lending will lift revenue but increases concentration risk such that a regional farm-income shock or sector-specific downturn would meaningfully raise provisions and reduce earnings.HoldingMateriality: Medium
Assets (instant) increased from $3,364,723,000 at 2024-12-31 to $3,434,382,000 at 2025-12-31 (fundamentals). If concentrated portfolios weaken, provisions will spike and negate margin-led earnings gains; if asset performance holds, higher yields drive repeatable profitability.
Watch: Severe regional drought or a sharp drop in commodity prices that materially reduces farm cash flows and raises delinquencies in agricultural/ elevator lines.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Assets (instant) increased from $3,364,723,000 at 2024-12-31 to $3,434,382,000 at 2025-12-31 (fundamentals).
Open source ↗Operating cash flow and retained capital generation will support dividends, conservative provisioning, and moderate organic growth without dilutive capital raises.StrengtheningMateriality: Medium
Operating cash flow (annual) increased from $32,474,000 in 2024 to $36,739,000 in 2025 (fundamentals). If operating cash flow remains strong, the bank can fund growth and absorb shocks; if cash generation weakens, capital constraints or dividend cuts could follow.
Watch: A multi-quarter rise in provisions/charge-offs that consumes operating cash and equity (forcing capital actions).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow (annual) increased from $32,474,000 in 2024 to $36,739,000 in 2025 (fundamentals).
Open source ↗
Full investment case & evidence
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Original research
Sustained net interest margin expansion (via higher asset yields and stable/lower cost of deposits) will be the primary driver that converts loan growth into durable net income. If NIM holds, revenue and net income can compound without risky loan underwriting; if NIM reverses, earnings will fall even with stable loan balances.
Growth in low-cost core deposits (reducing reliance on high-cost or volatile funding) will sustain margin improvements and fund loan growth without raising liquidity risk. Stable core deposits allow margin expansion and loan growth without expensive funding or balance-sheet strain; loss of those deposits forces either slower growth or margin compression.
Rapid growth in agricultural and commercial lending will lift revenue but increases concentration risk such that a regional farm-income shock or sector-specific downturn would meaningfully raise provisions and reduce earnings. If concentrated portfolios weaken, provisions will spike and negate margin-led earnings gains; if asset performance holds, higher yields drive repeatable profitability.
Operating cash flow and retained capital generation will support dividends, conservative provisioning, and moderate organic growth without dilutive capital raises. If operating cash flow remains strong, the bank can fund growth and absorb shocks; if cash generation weakens, capital constraints or dividend cuts could follow.
All standing thesis claims
Original report summary
A locally focused community bank can turn higher net interest margins and low-cost core deposits into durable earnings growth so long as credit quality in its concentrated agricultural and commercial footprint holds up.
Bull case and bear case
Bull case and bear case for Farmers & Merchants Bancorp
Where the evidence on Farmers & Merchants Bancorp stands: Holding on the latest evidence (Nov 9, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Sustained net interest margin expansion (via higher asset yields and stable/lower cost of deposits) will be the primary driver that converts loan growth into durable net income.
Growth in low-cost core deposits (reducing reliance on high-cost or volatile funding) will sustain margin improvements and fund loan growth without raising liquidity risk.
Rapid growth in agricultural and commercial lending will lift revenue but increases concentration risk such that a regional farm-income shock or sector-specific downturn would meaningfully raise provisions and reduce earnings.
Operating cash flow and retained capital generation will support dividends, conservative provisioning, and moderate organic growth without dilutive capital raises.
Bear case: what would count against it
A sustained increase in local deposit pricing from competitors (regional banks or digital platforms) that raises the bank's cost of funds and compresses NIM.
A competitor or sweep product that pulls core deposits (e.g., regional banks or brokered deposits offering materially higher rates).
Severe regional drought or a sharp drop in commodity prices that materially reduces farm cash flows and raises delinquencies in agricultural/ elevator lines.
Thesis-Break Engine
Thesis-break watch · Farmers & Merchants Bancorp
No break has crossed Farmers & Merchants Bancorp’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
No assessed change was returned in this research window. That can reflect a quiet period or a coverage limit.
Risks / falsifiers
What could break the thesis
- A sustained increase in local deposit pricing from competitors (regional banks or digital platforms) that raises the bank's cost of funds and compresses NIM.
- A competitor or sweep product that pulls core deposits (e.g., regional banks or brokered deposits offering materially higher rates).
- Severe regional drought or a sharp drop in commodity prices that materially reduces farm cash flows and raises delinquencies in agricultural/ elevator lines.
- A multi-quarter rise in provisions/charge-offs that consumes operating cash and equity (forcing capital actions).
FMAO news
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Financial statements
FMAO income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FMAO: quick answers
- When does Farmers & Merchants Bancorp (FMAO) report earnings next?
- Farmers & Merchants Bancorp's next results are projected for February 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 22, 2026. Earnings calendar
- What is FMAO's short interest?
- As of October 30, 2026, 191,034 FMAO shares were sold short, 1.39% of its shares outstanding, down 10.8% from the count before. At the stock's average daily volume that is 3.2 days to cover. FINRA publishes the count twice a month. FMAO short interest history