Farmers & Merchants Bancorp (FMAO)
Runs F&M Bank across community-banking markets in Ohio, Indiana, and Michigan.
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Operates one commercial-banking segment through The Farmers & Merchants State Bank, serving households and businesses with deposits, commercial and agricultural lending, residential mortgages, consumer loans, wealth advisory, and insurance. The footprint is concentrated in Northwest Ohio, Northeast Indiana, and Southeast Michigan, where agricultural customers are a meaningful part of the loan book.
Operates through The Farmers & Merchants State Bank, a local independent community bank rooted in Archbold, Ohio since 1897. The bank reports a single commercial-banking segment and serves individual and business clients with deposits, commercial and agricultural lending, residential mortgages, consumer loans, wealth advisory, and insurance.
The footprint is concentrated in Northwest Ohio, Northeast Indiana, and Southeast Michigan, with recent disclosures also identifying county-level offices in Ohio and Indiana, a Michigan presence, and loan-production offices. Agricultural borrowers matter because many offices sit in farm-oriented markets.
Execution centers on community-bank fundamentals: gathering core deposits, managing credit quality, serving local borrowers, and expanding a branch network shaped by acquisitions. The business depends on local loan demand, deposit competition, interest-rate sensitivity, and bank regulation.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 29, 2026 | Piper Sandler | Reiterate | Neutral | $32 | $36 |
| Jun 25, 2026 | Piper Sandler | Reiterate | Neutral | $28.50 | $32 |
| Apr 27, 2026 | Piper Sandler | Reiterate | Neutral | $24 | $28.50 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $155.9M · Total debt $218.2M · Total assets $3.50B · Shareholders' equity $384.7M
- Revenue
- $50.8M
- Operating income
- $14.8M
- Net income
- $11.8M
Raised for 22 straight years — most recently to $0.23 from $0.2275 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 10, 2026 | Jul 10 | Jul 20 | $0.23 | |
| Apr 2, 2026 | Apr 3 | Apr 20 | $0.23 | |
| Dec 29, 2025 | Dec 29 | Jan 20 | $0.23 | raised from $0.2275 |
| Oct 10, 2025 | Oct 10 | Oct 20 | $0.2275 | raised from $0.2213 |
| Jul 7, 2025 | Jul 7 | Jul 20 | $0.2213 | |
| Apr 4, 2025 | Apr 4 | Apr 20 | $0.2213 | |
| Dec 27, 2024 | Dec 27 | Jan 20 | $0.2213 | |
| Oct 4, 2024 | Oct 4 | Oct 20 | $0.2213 | raised from $0.22 |
| Institutions117 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 36.68% | 5.05M shares | |
| Insiders18 holders · as of Aug 18, 2026 | 5.34% | 736.1K shares | |
| Otherremainder | ≈ 57.98% | 7.99M shares |
13.77M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
BlackRock, Inc.Institution | 7.89% | 1.09M | 13Fas of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.19% | 577,302 | 13Fas of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.43% | 334,406 | 13Fas of Jun 30, 2026 |
Andrew J. BriggsInsiderdirector | 2.42% | 332,798 | Form 4filed Aug 18, 2026 ↗ |
Manufacturers Life Insurance Company, theInstitution | 2.10% | 289,178 | 13Fas of Jun 30, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · Form 4 — an insider's transaction report
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Andrew J. Briggs | director | −2,402 | $35.05 |
| Aug 17, 2026 | Andrew J. Briggs | director | −3,000 | $35.11 |
| Aug 14, 2026 | Andrew J. Briggs | director | −3,000 | $35.38 |
| Aug 13, 2026 | Andrew J. Briggs | director | −3,000 | $35.19 |
| Aug 12, 2026 | Andrew J. Briggs | director | −3,000 | $34.94 |
- Huntington Bancshares
Large Ohio-based regional bank across the three-state footprint
- First Merchants
Indiana-based community bank spanning Indiana, Ohio, and Michigan
- WesBanco
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- SB Financial Group
Defiance-based community bank with nearly identical local footprint
- Fifth Third
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- Civista Bancshares
Ohio community bank overlapping Henry, Wood, and agriculture lending
- First Financial Bancorp
Ohio-Indiana regional bank with commercial, retail, and wealth lines
- Horizon Bancorp
Indiana-Michigan community bank focused on commercial banking
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Farmers & Merchants Bancorp | $34.59 | +2.07% | $475.8M | 11.9 | 10.7 | 2.4 | +17.2% |
| Huntington Bancshares | $16.81 | −0.35% | $34.10B | 12.6 | 9.8 | 2.4 | +47.4% |
| First Merchants | $41.70 | +1.93% | $2.62B | 13.3 | 9.9 | 2.4 | +23.2% |
| WesBanco | $40.25 | −0.59% | $3.88B | 11.4 | 11.1 | 2.6 | +6.3% |
| SB Financial Group | $28.47 | +2.45% | $176.9M | 10.5 | — | 1.9 | +4.8% |
| Fifth Third | $54.31 | −0.16% | $49.30B | 18.6 | 11.9 | 3.3 | +45.2% |
| Civista Bancshares | $27.36 | −0.28% | $569.7M | 10.2 | 9.8 | 2.5 | +15.0% |
| First Financial Bancorp | $32.68 | +2.05% | $3.43B | 11.5 | 10.2 | 2.6 | +16.7% |
| Horizon Bancorp | $19.64 | −0.12% | $1.01B | — | 9.1 | 10.6 | +16.1% |
| Median | 11.5 | 9.9 | 2.5 | +16.4% |