F&M Reports Q4 Tangible Book Value Increased to $20.40
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 12 2026
0mins
Should l Buy FMAO?
Reports Q4 tangible book value per share increased to $20.40. Reports Q4 provision for credit losses $567K. Reports net interest margin up 62 basis points to 3.6% vs last year. "I am proud to report that F&M ended 2025 with record quarterly earnings per share, record stockholders' equity, and record total assets, highlighting F&M's operating strength and financial consistency," said CEO Lars Eller.
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Analyst Views on FMAO
Wall Street analysts forecast FMAO stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 25.050
Low
26.50
Averages
26.50
High
26.50
Current: 25.050
Low
26.50
Averages
26.50
High
26.50
No data
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 & Merchants Bancorp Reports Strong Q4 Earnings
- Earnings Per Share: Farmers & Merchants Bancorp reported a GAAP EPS of $0.71 for Q4, indicating stable profitability despite market challenges, showcasing the company's resilience in maintaining positive growth.
- Revenue Growth: The bank achieved total revenues of $32.4 million in Q4, reflecting an increase compared to the previous year, which highlights strong performance in both lending and deposit activities, thereby enhancing its competitive position in the market.
- Financial Health: The financial data from Farmers & Merchants Bancorp indicates that it can still achieve profitability despite a complex economic environment, demonstrating robust risk management and operational efficiency.
- Dividend Performance: The company's consistent earnings capability supports future dividend payments, which is crucial for bolstering investor confidence and ensuring long-term shareholder value.
See More
Farmers & Merchants Bancorp Reports Record Earnings for 2025
- Profitability Surge: In Q4 2025, net income reached $9.8 million, a 16.8% year-over-year increase, with earnings per share at $0.71, marking a quarterly record that reflects strong core operational recovery and boosts investor confidence.
- Asset Quality Improvement: Total net loans grew by 5.9% to $2.71 billion in 2025, with loans over 30 days past due averaging 0.26%, indicating effective risk management and loan portfolio quality control, further solidifying market position.
- Equity Growth: As of December 31, 2025, total stockholders' equity increased by 10.6% to $370.9 million, reflecting sustained profitability and capital management strategies that enhance competitiveness in capital markets.
- Dividend Policy Continuation: The quarterly dividend per share was raised by 4% to $0.92 in Q4 2025, marking the 31st consecutive annual increase, demonstrating the company's commitment to shareholder returns and attracting long-term investors.
See More
F&M Bank Promotes Mike Schnitkey to Agri-Finance and Northwest Ohio Market President
- Leadership Promotion: F&M Bank has appointed Mike Schnitkey as Agri-Finance and Northwest Ohio Market President, leveraging his extensive experience since joining in 1995 and agricultural finance expertise to enhance the bank's market presence in the region.
- Market Strategy Enhancement: In his new role, Schnitkey will oversee market strategy and customer relationships, which is expected to drive continued growth in agricultural and commercial services, thereby improving customer satisfaction and market share.
- Commitment to Community Engagement: Throughout his nearly 30-year career at F&M, Schnitkey has actively participated in community affairs and held various leadership roles, reflecting the bank's long-term commitment to community service.
- Alignment with Growth Strategy: This promotion aligns with F&M Bank's strategy to expand its roster of Market Presidents in 2025, aiming to empower local decision-makers to meet unique customer needs and support long-term value creation.
See More
F&M Bank Promotes Mike Schnitkey to Agri-Finance and Northwest Ohio Market President
- Leadership Promotion: F&M Bank has promoted Mike Schnitkey to Agri-Finance and Northwest Ohio Market President, leveraging his extensive experience since joining in 1995 and deep understanding of agricultural finance, which is expected to enhance the bank's market influence in the region.
- Market Strategy: In his new role, Schnitkey will oversee market strategy and customer relationships, driving the continued growth of agricultural and commercial services, aiming to enhance customer satisfaction and business expansion through localized decision-making.
- Community Engagement: Throughout his nearly 30-year career at F&M, Schnitkey has actively participated in community affairs and held various leadership roles, reflecting the bank's commitment to community service and is expected to further strengthen trust with customers.
- Company Vision: F&M Bank's CEO Lars Eller stated that this promotion reflects the company's commitment to combining disciplined growth with community banking principles, aiming to drive long-term value creation through local market leadership.
See More
Farmers & Merchants Bancorp Increases Quarterly Cash Dividend to $0.23
- Dividend Increase: Farmers & Merchants Bancorp announces a fourth-quarter cash dividend of $0.23 per share, representing a 4.0% year-over-year increase, which reflects the company's strong financial performance and optimistic outlook for 2026.
- Consistent Returns: The company has increased its annual dividend for 31 consecutive years, demonstrating its ongoing commitment to shareholders and enhancing investor confidence.
- Asset Scale: As of September 30, 2025, F&M's total assets reached $3.39 billion, indicating a robust market position and growth potential.
- Dividend Payment Schedule: The dividend will be payable on January 20, 2026, to shareholders of record as of December 29, 2025, ensuring cash inflow and returns for investors.
See More
Farmers & Merchants Bancorp Increases Quarterly Cash Dividend to $0.23
- Dividend Increase: Farmers & Merchants Bancorp announces a fourth-quarter cash dividend of $0.23 per share, representing a 4.0% year-over-year increase, reflecting the company's strong financial performance and optimism for the future.
- Sustained Returns: This dividend marks the 31st consecutive year of increased annual dividends, demonstrating the company's commitment to returning excess capital to shareholders, thereby enhancing investor confidence.
- Asset Scale: As of September 30, 2025, Farmers & Merchants Bancorp reported total assets of $3.39 billion, providing a solid asset base that supports dividend growth and further strengthens its market position.
- Shareholder Return Strategy: CEO Lars B. Eller stated that the increase in dividends not only reflects operational success but also signifies confidence in continued growth for 2026, aiming to attract more investor attention.
See More
Farmers & Merchants Bancorp Reports Strong Q4 Earnings
- Earnings Per Share: Farmers & Merchants Bancorp reported a GAAP EPS of $0.71 for Q4, indicating stable profitability despite market challenges, showcasing the company's resilience in maintaining positive growth.
- Revenue Growth: The bank achieved total revenues of $32.4 million in Q4, reflecting an increase compared to the previous year, which highlights strong performance in both lending and deposit activities, thereby enhancing its competitive position in the market.
- Financial Health: The financial data from Farmers & Merchants Bancorp indicates that it can still achieve profitability despite a complex economic environment, demonstrating robust risk management and operational efficiency.
- Dividend Performance: The company's consistent earnings capability supports future dividend payments, which is crucial for bolstering investor confidence and ensuring long-term shareholder value.
See More
Farmers & Merchants Bancorp Reports Record Earnings for 2025
- Profitability Surge: In Q4 2025, net income reached $9.8 million, a 16.8% year-over-year increase, with earnings per share at $0.71, marking a quarterly record that reflects strong core operational recovery and boosts investor confidence.
- Asset Quality Improvement: Total net loans grew by 5.9% to $2.71 billion in 2025, with loans over 30 days past due averaging 0.26%, indicating effective risk management and loan portfolio quality control, further solidifying market position.
- Equity Growth: As of December 31, 2025, total stockholders' equity increased by 10.6% to $370.9 million, reflecting sustained profitability and capital management strategies that enhance competitiveness in capital markets.
- Dividend Policy Continuation: The quarterly dividend per share was raised by 4% to $0.92 in Q4 2025, marking the 31st consecutive annual increase, demonstrating the company's commitment to shareholder returns and attracting long-term investors.
See More
F&M Bank Promotes Mike Schnitkey to Agri-Finance and Northwest Ohio Market President
- Leadership Promotion: F&M Bank has appointed Mike Schnitkey as Agri-Finance and Northwest Ohio Market President, leveraging his extensive experience since joining in 1995 and agricultural finance expertise to enhance the bank's market presence in the region.
- Market Strategy Enhancement: In his new role, Schnitkey will oversee market strategy and customer relationships, which is expected to drive continued growth in agricultural and commercial services, thereby improving customer satisfaction and market share.
- Commitment to Community Engagement: Throughout his nearly 30-year career at F&M, Schnitkey has actively participated in community affairs and held various leadership roles, reflecting the bank's long-term commitment to community service.
- Alignment with Growth Strategy: This promotion aligns with F&M Bank's strategy to expand its roster of Market Presidents in 2025, aiming to empower local decision-makers to meet unique customer needs and support long-term value creation.
See More
F&M Bank Promotes Mike Schnitkey to Agri-Finance and Northwest Ohio Market President
- Leadership Promotion: F&M Bank has promoted Mike Schnitkey to Agri-Finance and Northwest Ohio Market President, leveraging his extensive experience since joining in 1995 and deep understanding of agricultural finance, which is expected to enhance the bank's market influence in the region.
- Market Strategy: In his new role, Schnitkey will oversee market strategy and customer relationships, driving the continued growth of agricultural and commercial services, aiming to enhance customer satisfaction and business expansion through localized decision-making.
- Community Engagement: Throughout his nearly 30-year career at F&M, Schnitkey has actively participated in community affairs and held various leadership roles, reflecting the bank's commitment to community service and is expected to further strengthen trust with customers.
- Company Vision: F&M Bank's CEO Lars Eller stated that this promotion reflects the company's commitment to combining disciplined growth with community banking principles, aiming to drive long-term value creation through local market leadership.
See More
Farmers & Merchants Bancorp Increases Quarterly Cash Dividend to $0.23
- Dividend Increase: Farmers & Merchants Bancorp announces a fourth-quarter cash dividend of $0.23 per share, representing a 4.0% year-over-year increase, which reflects the company's strong financial performance and optimistic outlook for 2026.
- Consistent Returns: The company has increased its annual dividend for 31 consecutive years, demonstrating its ongoing commitment to shareholders and enhancing investor confidence.
- Asset Scale: As of September 30, 2025, F&M's total assets reached $3.39 billion, indicating a robust market position and growth potential.
- Dividend Payment Schedule: The dividend will be payable on January 20, 2026, to shareholders of record as of December 29, 2025, ensuring cash inflow and returns for investors.
See More
Farmers & Merchants Bancorp Increases Quarterly Cash Dividend to $0.23
- Dividend Increase: Farmers & Merchants Bancorp announces a fourth-quarter cash dividend of $0.23 per share, representing a 4.0% year-over-year increase, reflecting the company's strong financial performance and optimism for the future.
- Sustained Returns: This dividend marks the 31st consecutive year of increased annual dividends, demonstrating the company's commitment to returning excess capital to shareholders, thereby enhancing investor confidence.
- Asset Scale: As of September 30, 2025, Farmers & Merchants Bancorp reported total assets of $3.39 billion, providing a solid asset base that supports dividend growth and further strengthens its market position.
- Shareholder Return Strategy: CEO Lars B. Eller stated that the increase in dividends not only reflects operational success but also signifies confidence in continued growth for 2026, aiming to attract more investor attention.
See More
