Farmers & Merchants Bancorp Inc (FMAO) - Net Assets
Based on the latest financial reports, Farmers & Merchants Bancorp Inc (FMAO) has net assets worth $370.86 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.43 Billion) and total liabilities ($3.06 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check FMAO financial resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $370.86 Million |
| % of Total Assets | 10.8% |
| Annual Growth Rate | 5.7% |
| 5-Year Change | 34.54% |
| 10-Year Change | 179.12% |
| Growth Volatility | 177.74 |
Farmers & Merchants Bancorp Inc - Net Assets Trend (1998–2024)
This chart illustrates how Farmers & Merchants Bancorp Inc's net assets have evolved over time, based on quarterly financial data. Also explore Farmers & Merchants Bancorp Inc (FMAO) total assets for the complete picture of this company's asset base.
Annual Net Assets for Farmers & Merchants Bancorp Inc (1998–2024)
The table below shows the annual net assets of Farmers & Merchants Bancorp Inc from 1998 to 2024. For live valuation and market cap data, see Farmers & Merchants Bancorp Inc market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $335.21 Million | +5.90% |
| 2023-12-31 | $316.54 Million | +6.17% |
| 2022-12-31 | $298.14 Million | -88.26% |
| 2021-12-31 | $2.54 Billion | +919.33% |
| 2020-12-31 | $249.16 Million | +8.21% |
| 2019-12-31 | $230.26 Million | +60.70% |
| 2018-12-31 | $143.29 Million | +6.82% |
| 2017-12-31 | $134.14 Million | +6.82% |
| 2016-12-31 | $125.58 Million | +4.56% |
| 2015-12-31 | $120.10 Million | +4.89% |
| 2014-12-31 | $114.49 Million | +5.68% |
| 2013-12-31 | $108.34 Million | -1.72% |
| 2012-12-31 | $110.24 Million | +4.90% |
| 2011-12-31 | $105.09 Million | +11.32% |
| 2010-12-31 | $94.40 Million | +0.88% |
| 2009-12-31 | $93.58 Million | +3.35% |
| 2008-12-31 | $90.55 Million | +1.31% |
| 2007-12-31 | $89.38 Million | +1.87% |
| 2006-12-31 | $87.73 Million | +6.23% |
| 2005-12-31 | $82.59 Million | +4.75% |
| 2004-12-31 | $78.84 Million | +5.33% |
| 2003-12-31 | $74.86 Million | -27.72% |
| 2002-12-31 | $103.56 Million | +2.81% |
| 2001-12-31 | $100.74 Million | +10.84% |
| 2000-12-31 | $90.88 Million | +13.32% |
| 1999-12-31 | $80.20 Million | +1.00% |
| 1998-12-31 | $79.41 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Farmers & Merchants Bancorp Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 574.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $235.85 Million | 70.36% |
| Common Stock | $135.56 Million | 40.44% |
| Other Comprehensive Income | $-25.22 Million | -7.52% |
| Total Equity | $335.21 Million | 100.00% |
Farmers & Merchants Bancorp Inc Competitors by Market Cap
The table below lists competitors of Farmers & Merchants Bancorp Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Semco Technologies Sas
PA:ALSEM
|
$374.73 Million |
|
General Accident PLC
LSE:GACA
|
$374.75 Million |
|
SGL Carbon SE
XETRA:SGL
|
$374.76 Million |
|
Daeduck Co. Ltd.
KO:008060
|
$374.84 Million |
|
Enseval Putra Megatrading Tbk
JK:EPMT
|
$374.57 Million |
|
Truecaller AB (publ)
ST:TRUE-B
|
$374.49 Million |
|
Guangxi Hechi Chemical Co Ltd
SHE:000953
|
$374.49 Million |
|
Woojin
KO:105840
|
$374.32 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Farmers & Merchants Bancorp Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 316,543,000 to 335,211,000, a change of 18,668,000 (5.9%).
- Net income of 25,938,000 contributed positively to equity growth.
- Dividend payments of 11,922,000 reduced retained earnings.
- Share repurchases of 664,000 reduced equity.
- Other comprehensive income increased equity by 3,789,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $25.94 Million | +7.74% |
| Dividends Paid | $11.92 Million | -3.56% |
| Share Repurchases | $664.00K | -0.2% |
| Other Comprehensive Income | $3.79 Million | +1.13% |
| Other Changes | $1.53 Million | +0.46% |
| Total Change | $- | 5.90% |
Book Value vs Market Value Analysis
This analysis compares Farmers & Merchants Bancorp Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.09x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 1.82x to 1.09x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | $14.94 | $27.25 | x |
| 1999-12-31 | $14.42 | $27.25 | x |
| 2000-12-31 | $15.70 | $27.25 | x |
| 2001-12-31 | $17.47 | $27.25 | x |
| 2002-12-31 | $17.51 | $27.25 | x |
| 2003-12-31 | $12.25 | $27.25 | x |
| 2004-12-31 | $12.43 | $27.25 | x |
| 2005-12-31 | $7.95 | $27.25 | x |
| 2006-12-31 | $8.45 | $27.25 | x |
| 2007-12-31 | $8.77 | $27.25 | x |
| 2008-12-31 | $9.34 | $27.25 | x |
| 2009-12-31 | $9.87 | $27.25 | x |
| 2010-12-31 | $10.00 | $27.25 | x |
| 2011-12-31 | $11.14 | $27.25 | x |
| 2012-12-31 | $11.77 | $27.25 | x |
| 2013-12-31 | $11.68 | $27.25 | x |
| 2014-12-31 | $12.46 | $27.25 | x |
| 2015-12-31 | $13.01 | $27.25 | x |
| 2016-12-31 | $13.62 | $27.25 | x |
| 2017-12-31 | $14.55 | $27.25 | x |
| 2018-12-31 | $15.43 | $27.25 | x |
| 2019-12-31 | $20.88 | $27.25 | x |
| 2020-12-31 | $22.53 | $27.25 | x |
| 2021-12-31 | $25.68 | $27.25 | x |
| 2022-12-31 | $22.77 | $27.25 | x |
| 2023-12-31 | $23.21 | $27.25 | x |
| 2024-12-31 | $24.98 | $27.25 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Farmers & Merchants Bancorp Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.74%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.69%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 10.04x
- Recent ROE (7.74%) is below the historical average (9.30%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | 10.15% | 32.70% | 0.03x | 9.56x | $119.50K |
| 1999 | 11.49% | 35.15% | 0.03x | 10.22x | $1.20 Million |
| 2000 | 12.13% | 32.22% | 0.04x | 9.96x | $1.93 Million |
| 2001 | 12.23% | 37.72% | 0.03x | 9.64x | $2.24 Million |
| 2002 | 12.96% | 41.43% | 0.03x | 9.87x | $3.06 Million |
| 2003 | 10.19% | 15.53% | 0.07x | 9.43x | $140.40K |
| 2004 | 10.44% | 19.24% | 0.06x | 8.91x | $345.50K |
| 2005 | 10.38% | 19.25% | 0.06x | 8.73x | $317.20K |
| 2006 | 9.27% | 16.71% | 0.07x | 8.40x | $-637.20K |
| 2007 | 8.65% | 14.93% | 0.06x | 9.00x | $-1.20 Million |
| 2008 | 7.42% | 13.36% | 0.06x | 8.90x | $-2.33 Million |
| 2009 | 7.06% | 13.50% | 0.06x | 9.12x | $-2.75 Million |
| 2010 | 7.39% | 14.52% | 0.05x | 9.60x | $-2.46 Million |
| 2011 | 8.10% | 19.57% | 0.05x | 8.78x | $-2.00 Million |
| 2012 | 8.88% | 22.13% | 0.05x | 8.59x | $-1.24 Million |
| 2013 | 8.31% | 21.38% | 0.04x | 8.92x | $-1.83 Million |
| 2014 | 8.42% | 22.18% | 0.05x | 8.22x | $-1.80 Million |
| 2015 | 8.61% | 23.29% | 0.04x | 8.24x | $-1.67 Million |
| 2016 | 9.29% | 24.40% | 0.05x | 8.41x | $-893.70K |
| 2017 | 9.48% | 25.05% | 0.05x | 8.25x | $-693.70K |
| 2018 | 10.43% | 26.74% | 0.05x | 7.79x | $620.30K |
| 2019 | 7.99% | 23.49% | 0.05x | 6.98x | $-4.62 Million |
| 2020 | 8.07% | 23.57% | 0.04x | 7.66x | $-4.82 Million |
| 2021 | 7.91% | 25.49% | 0.03x | 8.88x | $-6.22 Million |
| 2022 | 10.91% | 28.61% | 0.04x | 10.11x | $2.70 Million |
| 2023 | 7.20% | 14.99% | 0.05x | 10.37x | $-8.87 Million |
| 2024 | 7.74% | 14.69% | 0.05x | 10.04x | $-7.58 Million |
Industry Comparison
This section compares Farmers & Merchants Bancorp Inc's net assets metrics with peer companies in the Banks - Regional industry.
Industry Context
- Industry: Banks - Regional
- Average net assets among peers: $519,829,600
- Average return on equity (ROE) among peers: 6.05%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Farmers & Merchants Bancorp Inc (FMAO) | $370.86 Million | 10.15% | 8.26x | $374.69 Million |
| Ameris Bancorp (ABCB) | $514.76 Million | 7.94% | 9.86x | $4.95 Billion |
| Ameris Bancorp (ABCB) | $148.70 Million | 9.23% | 10.41x | $5.70 Billion |
| ACNB Corporation (ACNB) | $93.75 Million | 8.98% | 9.33x | $483.21 Million |
| Affinity Bancshares Inc (AFBI) | $76.38 Million | 0.59% | 3.01x | $135.98 Million |
| Alerus Financial Corp (ALRS) | $96.99 Million | 6.06% | 10.54x | $647.19 Million |
| Amalgamated Bank (AMAL) | $585.36 Million | 15.03% | 12.62x | $1.14 Billion |
| Amerant Bancorp Inc. (AMTB) | $577.58 Million | -0.30% | 12.45x | $962.39 Million |
| Arrow Financial Corporation (AROW) | $249.60 Million | 11.75% | 10.06x | $601.02 Million |
| Associated Banc-Corp (ASB) | $2.74 Billion | -4.81% | 7.35x | $5.20 Billion |
| AmeriServ Financial Inc (ASRV) | $116.55 Million | 6.07% | 10.46x | $62.60 Million |
About Farmers & Merchants Bancorp Inc
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health… Read more