Company Reports 37.8% Year-over-Year Earnings Growth in Q1 2026

Written by Emily J. Thompson, Senior Investment Analyst

Updated: Apr 22 2026

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Should l Buy FMAO?

Net charge-offs to average loans of 0.01%. Tier 1 leverage ratio was 9.02%. Cost of interest-bearing liabilities improved to 2.54%, from 2.76%. Net interest margin increased by 39 basis points to 3.42%. Efficiency ratio improved to 60.08%, compared to 66.79%. Lars B. Eller, President and CEO, stated, "We are off to an outstanding start in 2026, delivering 37.8% year-over-year earnings growth driven by a 39-basis point expansion in net interest margin, strong levels of noninterest income, and solid balance sheet management. Our ability to generate this level of growth in profitability while maintaining excellent credit quality and disciplined expense management underscores the strength of our core franchise. We are seeing meaningful operating leverage across the business, and believe this momentum positions us well for continued earnings expansion and long-term shareholder value creation."

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Analyst Views on FMAO

Wall Street analysts forecast FMAO stock price to fall

1 Analyst Rating

0 Buy

1 Hold

0 Sell

Hold

Current: 27.670

Low

26.50

Averages

26.50

High

26.50

Current: 27.670

Low

26.50

Averages

26.50

High

26.50

Piper Sandler

Adam Kroll

Neutral

maintain

$28

2026-04-27

Reason

Piper Sandler

Adam Kroll

Price Target

$28

AI Analysis

2026-04-27

maintain

Neutral

Reason

Piper Sandler analyst Adam Kroll raised the firm's price target on Farmers & Merchants to $28.50 from $28 and keeps a Neutral rating on the shares. The firm notes the company posted a solid Q1 highlighted by 3% PPNR upside on stronger core fee income. Lighter net interest income/net interest margin was a partial offset, but fixed-rate loan repricing tailwinds and low-to-mid-single digit organic balance sheet growth should support a restoration of net interest margin expansion in Q2, adds Piper.

Piper Sandler

Neutral

downgrade

$31 -> $28

2026-04-02

Reason

Piper Sandler

Price Target

$31 -> $28

2026-04-02

downgrade

Neutral

Reason

Piper Sandler assumed coverage of Farmers & Merchants with a Neutral rating with a price target of $28, down from $31. The firm considers Farmers & Merchants a very well-managed community bank characterized by conservative underwriting and a high-quality deposit franchise.

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About FMAO

Farmers & Merchants Bancorp, Inc. is a bank holding company. The Company’s primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank. The Bank is engaged in the general commercial banking business. Its activities include commercial, agricultural, and residential mortgage as well as consumer lending activities. The Bank also provides checking account services, as well as savings and time deposit services such as certificates of deposits. Its loan portfolio is comprised of loans made to customers in the farming industry for such things as farmland, farm equipment, livestock and operating loans for seed, fertilizer, and feed. The Bank provides on-line banking access for consumer and business customers. In addition, it also provides automated teller machines (ATMs) or interactive teller machines (ITMs) at the branch locations along with other independent locations in the market area.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Farmers and Merchants Bank of Maryland Reports Q1 Basic EPS of USD 0.56

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Farmers and Merchants Bank Maryland: The bank is focused on providing financial services tailored to the needs of farmers and merchants in Maryland.
Q1 Basic EPS: The bank reported a basic earnings per share (EPS) of $0.56 for the first quarter.

Farmers and Merchants Bank of Maryland Reports Q1 Net Income of $1.825 Million

Apr 24 2026moomoo

Financial Performance: Farmers and Merchants Bank of Maryland reported a net income of $1.825 million for the first quarter.
Quarterly Results: The financial results indicate the bank's performance and profitability during the specified period.

Farmers & Merchants Bancorp Q1 Earnings Beat Expectations

Apr 22 2026seekingalpha

Strong Earnings Performance: Farmers & Merchants Bancorp reported a Q1 GAAP EPS of $0.70, beating expectations by $0.02, indicating a sustained enhancement in profitability and reflecting robust financial management and market competitiveness.
Significant Revenue Growth: The company achieved revenues of $32.44 million in Q1, representing a 17.9% year-over-year increase and exceeding expectations by $4.41 million, demonstrating effective business expansion and growth in its customer base, further solidifying its market position.
Positive Market Reaction: The financial performance exceeding expectations has bolstered market confidence in Farmers & Merchants Bancorp, potentially driving its stock price higher and attracting more investor interest.
Optimistic Future Outlook: The ongoing revenue growth and improved profitability provide a solid foundation for future business expansion and investment, which is expected to further enhance its competitive advantage in the financial services industry.

F&M Bank Appoints New Chief Information Officer

Apr 21 2026Newsfilter

Leadership Change: F&M Bank has appointed Shalini Singhal as Chief Information and Technology Officer, reflecting her leadership in advancing enterprise technology and innovation, aimed at enhancing the bank's technology strategy to support business growth.
Technology Foundation: Shalini has been with F&M for nearly six years, previously serving as Chief Information Officer, during which she successfully built a strong IT team and developed a secure, reliable technology foundation that supports both operations and customer experience.
Strategic Transformation: As CITO, Shalini will collaborate across departments to guide F&M's shift toward a more strategic, forward-looking technology approach, strengthening digital initiatives and prioritizing cybersecurity as a key business focus.
Long-term Vision: F&M Bank's CEO Lars Eller emphasized that Shalini's appointment not only reflects her leadership capabilities but also underscores the critical role technology plays in F&M's long-term strategy, helping the bank maintain resilience in a competitive market.

Farmers & Merchants Bank of Long Beach Announces First Quarter Results for 2026

Apr 20 2026moomoo

Financial Performance: Farmers & Merchants Bank of Long Beach reported its first quarter results for 2026, showcasing key financial metrics and performance indicators.
Growth Indicators: The report highlights growth in various sectors, including loan origination and deposit increases, reflecting the bank's strong market position.
Strategic Initiatives: The bank has implemented new strategic initiatives aimed at enhancing customer service and expanding its product offerings.
Future Outlook: Management provided insights into future expectations, emphasizing continued growth and adaptation to market changes.

Farmers and Merchants Bank Long Beach Reports Q1 Net Income of $21.882 Million

Apr 20 2026moomoo

Financial Performance: Farmers and Merchants Bank reported a net income of USD 21.882 million for the first quarter.
Location: The bank is based in Long Beach.

Farmers and Merchants Bank of Maryland Reports Q1 Basic EPS of USD 0.56

Apr 24 2026moomoo

Farmers and Merchants Bank Maryland: The bank is focused on providing financial services tailored to the needs of farmers and merchants in Maryland.
Q1 Basic EPS: The bank reported a basic earnings per share (EPS) of $0.56 for the first quarter.

Farmers and Merchants Bank of Maryland Reports Q1 Net Income of $1.825 Million

Apr 24 2026moomoo

Financial Performance: Farmers and Merchants Bank of Maryland reported a net income of $1.825 million for the first quarter.
Quarterly Results: The financial results indicate the bank's performance and profitability during the specified period.

Farmers & Merchants Bancorp Q1 Earnings Beat Expectations

Apr 22 2026seekingalpha

Strong Earnings Performance: Farmers & Merchants Bancorp reported a Q1 GAAP EPS of $0.70, beating expectations by $0.02, indicating a sustained enhancement in profitability and reflecting robust financial management and market competitiveness.
Significant Revenue Growth: The company achieved revenues of $32.44 million in Q1, representing a 17.9% year-over-year increase and exceeding expectations by $4.41 million, demonstrating effective business expansion and growth in its customer base, further solidifying its market position.
Positive Market Reaction: The financial performance exceeding expectations has bolstered market confidence in Farmers & Merchants Bancorp, potentially driving its stock price higher and attracting more investor interest.
Optimistic Future Outlook: The ongoing revenue growth and improved profitability provide a solid foundation for future business expansion and investment, which is expected to further enhance its competitive advantage in the financial services industry.

F&M Bank Appoints New Chief Information Officer

Apr 21 2026Newsfilter

Leadership Change: F&M Bank has appointed Shalini Singhal as Chief Information and Technology Officer, reflecting her leadership in advancing enterprise technology and innovation, aimed at enhancing the bank's technology strategy to support business growth.
Technology Foundation: Shalini has been with F&M for nearly six years, previously serving as Chief Information Officer, during which she successfully built a strong IT team and developed a secure, reliable technology foundation that supports both operations and customer experience.
Strategic Transformation: As CITO, Shalini will collaborate across departments to guide F&M's shift toward a more strategic, forward-looking technology approach, strengthening digital initiatives and prioritizing cybersecurity as a key business focus.
Long-term Vision: F&M Bank's CEO Lars Eller emphasized that Shalini's appointment not only reflects her leadership capabilities but also underscores the critical role technology plays in F&M's long-term strategy, helping the bank maintain resilience in a competitive market.

Farmers & Merchants Bank of Long Beach Announces First Quarter Results for 2026

Apr 20 2026moomoo

Financial Performance: Farmers & Merchants Bank of Long Beach reported its first quarter results for 2026, showcasing key financial metrics and performance indicators.
Growth Indicators: The report highlights growth in various sectors, including loan origination and deposit increases, reflecting the bank's strong market position.
Strategic Initiatives: The bank has implemented new strategic initiatives aimed at enhancing customer service and expanding its product offerings.
Future Outlook: Management provided insights into future expectations, emphasizing continued growth and adaptation to market changes.

Farmers and Merchants Bank Long Beach Reports Q1 Net Income of $21.882 Million

Apr 20 2026moomoo

Financial Performance: Farmers and Merchants Bank reported a net income of USD 21.882 million for the first quarter.
Location: The bank is based in Long Beach.

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