2024 Q1 Form 10-K Financial Statement

#000095017024021373 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q3
Revenue $38.65M $38.27M $36.36M
YoY Change 21.55% 29.76% 40.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.452M $2.363M
YoY Change -20.31% 7.8%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.603M $1.424M $1.470M
YoY Change 11.47% 24.26% 61.54%
% of Gross Profit
Operating Expenses $2.452M $2.363M
YoY Change -20.31% 7.8%
Operating Profit
YoY Change
Interest Expense $18.54M $18.34M $16.70M
YoY Change 83.16% 164.38% 411.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $6.778M $6.875M $5.898M
YoY Change -15.79% -22.7% -47.37%
Income Tax $1.419M $1.332M $1.121M
% Of Pretax Income 20.94% 19.37% 19.01%
Net Earnings $5.359M $5.543M $4.777M
YoY Change -17.12% -22.89% -46.65%
Net Earnings / Revenue 13.86% 14.48% 13.14%
Basic Earnings Per Share $0.39 $0.41 $0.35
Diluted Earnings Per Share $0.39 $0.41 $0.35
COMMON SHARES
Basic Shares Outstanding 13.66M 13.67M 13.63M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $187.8M $142.2M $153.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $35.01M $35.79M $31.72M
YoY Change 22.06% 26.11% 19.78%
Goodwill $86.36M $86.36M $86.36M
YoY Change 0.0% 0.0% 7.37%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.288B $3.283B $3.235B
YoY Change 7.08% 8.88% 16.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $25.93M $27.58M $21.90M
YoY Change 37.33% 43.36% 46.85%
Deferred Revenue
YoY Change
Short-Term Debt $28.22M $28.22M $30.50M
YoY Change -7.47% -47.94% -45.34%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.12M $58.77M $55.20M
YoY Change 9.41% 166.29% 212.93%
LONG-TERM LIABILITIES
Long-Term Debt $34.73M $34.70M $34.70M
YoY Change 0.34% -22.17% -22.12%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $34.73M $34.70M $34.70M
YoY Change 0.34% -22.17% -22.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.12M $58.77M $55.20M
Total Long-Term Liabilities $34.73M $34.70M $34.70M
Total Liabilities $2.970B $2.967B $2.931B
YoY Change 7.44% 9.18% 17.11%
SHAREHOLDERS EQUITY
Retained Earnings $223.6M $221.1M $218.5M
YoY Change 4.99% 4.06% 5.03%
Common Stock $135.5M $135.5M $135.2M
YoY Change 0.18% 0.01% 10.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.85M $11.04M $11.01M
YoY Change -4.06% -4.61% -4.67%
Treasury Stock Shares
Shareholders Equity $317.7M $316.5M $303.2M
YoY Change
Total Liabilities & Shareholders Equity $3.288B $3.283B $3.235B
YoY Change 7.08% 8.88% 16.2%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $5.359M $5.543M $4.777M
YoY Change -17.12% -22.89% -46.65%
Depreciation, Depletion And Amortization $1.603M $1.424M $1.470M
YoY Change 11.47% 24.26% 61.54%
Cash From Operating Activities $1.483M $10.58M $4.790M
YoY Change -51.77% -43.41% -1127.9%
INVESTING ACTIVITIES
Capital Expenditures $219.0K $1.934M $3.280M
YoY Change -90.99% 116.33% -554.29%
Acquisitions
YoY Change
Other Investing Activities $42.57M -$46.06M -$1.350M
YoY Change -164.69% -53.3% -98.77%
Cash From Investing Activities $42.35M -$48.00M -$4.620M
YoY Change -162.06% -51.77% -95.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.746M 26.44M 81.81M
YoY Change -96.13% -72.05% -25.71%
NET CHANGE
Cash From Operating Activities 1.483M 10.58M 4.790M
Cash From Investing Activities 42.35M -48.00M -4.620M
Cash From Financing Activities 1.746M 26.44M 81.81M
Net Change In Cash 45.58M -10.98M 81.98M
YoY Change -326.95% -179.93% -10760.6%
FREE CASH FLOW
Cash From Operating Activities $1.483M $10.58M $4.790M
Capital Expenditures $219.0K $1.934M $3.280M
Free Cash Flow $1.264M $8.648M $1.510M
YoY Change 96.27% -51.43% 489.84%

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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of loan servicing rights, interest rate swaps and the valuation of goodwill. Actual results could differ from those estimates.</span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The determination of the adequacy of the allowance for credit losses is based on estimates that are particularly susceptible to significant changes in the economic environment and market conditions. In connection with the determination of the estimated losses on loans, management obtains independent appraisals for significant collateral.</span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Bank’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Bank has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions in the communities we serve.</span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">While management uses available information to recognize losses on loans, further reductions in the carrying amounts of loans may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated.</span></p>
CY2023 fmao Period For Federal Funds Sold Outstanding
PeriodForFederalFundsSoldOutstanding
P1D
CY2023 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
10200000
CY2022 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
8600000
CY2023 fmao Delinquent Loan Is Well Secured And Process Of Collection
DelinquentLoanIsWellSecuredAndProcessOfCollection
P90D
CY2023 fmao Mortgage Loans Charged Off Days Past Due
MortgageLoansChargedOffDaysPastDue
P180D
CY2023 fmao Consumer And Credit Card Loans To Accrue Interest Charged Off
ConsumerAndCreditCardLoansToAccrueInterestChargedOff
P120D
CY2023 fmao Unrecognized Interest Income Until Loan Balance Reduced
UnrecognizedInterestIncomeUntilLoanBalanceReduced
0
CY2023 fmao Number Of Peer Group Banks
NumberOfPeerGroupBanks
307
CY2023 us-gaap Allowance For Loan And Lease Losses Period Increase Decrease
AllowanceForLoanAndLeaseLossesPeriodIncreaseDecrease
400000
CY2022 us-gaap Allowance For Loan And Lease Losses Period Increase Decrease
AllowanceForLoanAndLeaseLossesPeriodIncreaseDecrease
2000000
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Derivative Financial Instruments</span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company uses derivative financial instruments to help manage exposure to interest rate risk and the effects that changes in interest rates may have on net income and the fair value of assets and liabilities. The Company enters into interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Designating an interest rate swap as an accounting hedge allows the Company to recognize gains and losses, less any ineffectiveness, in the Company's consolidated statements of income within the same period that the hedged item affects earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related interest rate swaps. The fair value of interest rate swaps with a positive fair value are reported in other assets in the Company's consolidated balance sheets while interest rate swaps with a negative fair value are reported in accrued expenses and other liabilities in the Company's consolidated balance sheets.</span></p>
CY2023Q3 us-gaap Reporting Unit Amount Of Fair Value In Excess Of Carrying Amount
ReportingUnitAmountOfFairValueInExcessOfCarryingAmount
8800000
CY2023Q3 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
ReportingUnitPercentageOfFairValueInExcessOfCarryingAmount
0.027
CY2023 fmao Fair Value Of Capital In Excess Of Carrying Value Of Goodwill Description
FairValueOfCapitalInExcessOfCarryingValueOfGoodwillDescription
over 0.1 times
CY2023 us-gaap Foreclosed Real Estate Expense
ForeclosedRealEstateExpense
0
CY2022 us-gaap Foreclosed Real Estate Expense
ForeclosedRealEstateExpense
0
CY2022 fmao Business Acquisitions Pro Forma Noninterest Expense
BusinessAcquisitionsProFormaNoninterestExpense
58105000
CY2023 fmao Percentage Of Likelihood Of Realization Of Recognized Tax Benefit Minimum
PercentageOfLikelihoodOfRealizationOfRecognizedTaxBenefitMinimum
0.50
CY2023 fmao Percentage Of Likelihood Of Realization Of Recognized Tax Benefit Minimum
PercentageOfLikelihoodOfRealizationOfRecognizedTaxBenefitMinimum
0.50
CY2023 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
10781000
CY2022 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-44366000
CY2021 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-10948000
CY2023 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
-891000
CY2021 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
293000
CY2023 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
11672000
CY2022 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-44366000
CY2021 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-11241000
CY2023 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
2451000
CY2022 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
-9317000
CY2021 us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent
-2360000
CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
9221000
CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-35049000
CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8881000
CY2023Q2 fmao Captives Provision Existence Period
CaptivesProvisionExistencePeriod
P10Y
CY2023 fmao Business Acquisitions Pro Forma Net Interest Income Before Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeBeforeProvisionForLoanLossesAndUnfunded
81397000
CY2022 fmao Business Acquisitions Pro Forma Net Interest Income Before Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeBeforeProvisionForLoanLossesAndUnfunded
90754000
CY2021 fmao Business Acquisitions Pro Forma Net Interest Income Before Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeBeforeProvisionForLoanLossesAndUnfunded
84749000
CY2023 fmao Business Acquisitions Pro Forma Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaProvisionForLoanLossesAndUnfunded
1682000
CY2022 fmao Business Acquisitions Pro Forma Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaProvisionForLoanLossesAndUnfunded
4513000
CY2021 fmao Business Acquisitions Pro Forma Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaProvisionForLoanLossesAndUnfunded
3445000
CY2023 fmao Business Acquisitions Pro Forma Net Interest Income After Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeAfterProvisionForLoanLossesAndUnfunded
79715000
CY2022 fmao Business Acquisitions Pro Forma Net Interest Income After Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeAfterProvisionForLoanLossesAndUnfunded
86241000
CY2021 fmao Business Acquisitions Pro Forma Net Interest Income After Provision For Loan Losses And Unfunded
BusinessAcquisitionsProFormaNetInterestIncomeAfterProvisionForLoanLossesAndUnfunded
81304000
CY2023 fmao Business Acquisitions Pro Forma Noninterest Income
BusinessAcquisitionsProFormaNoninterestIncome
16040000
CY2022 fmao Business Acquisitions Pro Forma Noninterest Income
BusinessAcquisitionsProFormaNoninterestIncome
14100000
CY2021 fmao Business Acquisitions Pro Forma Noninterest Income
BusinessAcquisitionsProFormaNoninterestIncome
18931000
CY2023 fmao Business Acquisitions Pro Forma Noninterest Expense
BusinessAcquisitionsProFormaNoninterestExpense
67193000
CY2021 fmao Business Acquisitions Pro Forma Noninterest Expense
BusinessAcquisitionsProFormaNoninterestExpense
58300000
CY2023 fmao Business Acquisitions Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionsProFormaIncomeLossBeforeIncomeTaxes
28562000
CY2022 fmao Business Acquisitions Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionsProFormaIncomeLossBeforeIncomeTaxes
42236000
CY2021 fmao Business Acquisitions Pro Forma Income Loss Before Income Taxes
BusinessAcquisitionsProFormaIncomeLossBeforeIncomeTaxes
41935000
CY2023 fmao Business Acquisitions Pro Forma Income Taxes Expense Benefit
BusinessAcquisitionsProFormaIncomeTaxesExpenseBenefit
5609000
CY2022 fmao Business Acquisitions Pro Forma Income Taxes Expense Benefit
BusinessAcquisitionsProFormaIncomeTaxesExpenseBenefit
8141000
CY2021 fmao Business Acquisitions Pro Forma Income Taxes Expense Benefit
BusinessAcquisitionsProFormaIncomeTaxesExpenseBenefit
8397000
CY2023 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
22953000
CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
34095000
CY2021 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
33538000
CY2023 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.68
CY2023 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.68
CY2022 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.51
CY2022 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.51
CY2021 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.48
CY2021 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.48
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
677000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
395203000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
136000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
36861000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
358478000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
439186000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
69000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
48466000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
390789000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
26000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
5797000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
36835000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
345911000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
6965000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
99357000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
41501000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
286095000
CY2023 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
22000000
CY2021 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
9300000
CY2023 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
990000
CY2023 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
439000
CY2023Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
25024000
CY2021 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
293000
CY2023 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
891000
CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
-891000
CY2021 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
293000
CY2023 fmao Available For Sale Securities Gross Realized Gain Loss Tax Expenses Benefit
AvailableForSaleSecuritiesGrossRealizedGainLossTaxExpensesBenefit
-187000
CY2021 fmao Available For Sale Securities Gross Realized Gain Loss Tax Expenses Benefit
AvailableForSaleSecuritiesGrossRealizedGainLossTaxExpensesBenefit
62000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
24878000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
24274000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
244319000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
223135000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
31945000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
28937000
CY2023Q4 fmao Available For Sale Debt Securities Amortized Cost Basis Excluding Mortgage Backed Securities
AvailableForSaleDebtSecuritiesAmortizedCostBasisExcludingMortgageBackedSecurities
301142000
CY2023Q4 fmao Available For Sale Securities Debt Maturities Fair Value Excluding Mortgage Backed Securities
AvailableForSaleSecuritiesDebtMaturitiesFairValueExcludingMortgageBackedSecurities
276346000
CY2023Q4 fmao Mortgage Backed Securities Available For Sale Amortized Cost
MortgageBackedSecuritiesAvailableForSaleAmortizedCost
94061000
CY2023Q4 us-gaap Mortgage Backed Securities Available For Sale Fair Value Disclosure
MortgageBackedSecuritiesAvailableForSaleFairValueDisclosure
82132000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
395203000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
358478000
CY2023Q4 us-gaap Debt Securities
DebtSecurities
255800000
CY2022Q4 us-gaap Debt Securities
DebtSecurities
134800000
CY2023Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
1600000
CY2022Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
827000
CY2023Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
2580674000
CY2022Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
2357903000
CY2023Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
517000
CY2022Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-1516000
CY2023Q4 fmao Loan And Leases Receivable Excluding Fair Vale Adjustment For Interest Swap Hedges
LoanAndLeasesReceivableExcludingFairValeAdjustmentForInterestSwapHedges
2581191000
CY2022Q4 fmao Loan And Leases Receivable Excluding Fair Vale Adjustment For Interest Swap Hedges
LoanAndLeasesReceivableExcludingFairValeAdjustmentForInterestSwapHedges
2356387000
CY2023Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
25024000
CY2022Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20313000
CY2023Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
2556167000
CY2022Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
2336074000
CY2023 fmao Fair Value Adjustment Of Derivative
FairValueAdjustmentOfDerivative
2700000
CY2022 fmao Fair Value Adjustment Of Derivative
FairValueAdjustmentOfDerivative
0
CY2023Q4 fmao Loans And Leases Receivable Excluding Fair Value Adjustments Amount
LoansAndLeasesReceivableExcludingFairValueAdjustmentsAmount
2586216000
CY2023Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
2578472000
CY2022Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
2356387000
CY2022Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
4689000
CY2023Q4 fmao Financial Collateral Dependent Loans
FinancialCollateralDependentLoans
22676000
CY2023 fmao Delinquent Period For Charging Down Or Allocated Commercial And Agricultural Credits
DelinquentPeriodForChargingDownOrAllocatedCommercialAndAgriculturalCredits
P120D
CY2022Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
4194000
CY2022Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
4663000
CY2022Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
8857000
CY2022Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1996000
CY2022Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
4689000
CY2022Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
CY2022 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10710000
CY2021 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
12247000
CY2022 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
361000
CY2021 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
292000
CY2022 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
97000
CY2021 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
188000
CY2022Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
3600000
CY2023 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
1
CY2023 us-gaap Financing Receivable Troubled Debt Restructuring Increase Decrease From Modification
FinancingReceivableTroubledDebtRestructuringIncreaseDecreaseFromModification
411000
CY2022 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
3
CY2022 fmao Financing Receivables Impaired Number Of Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedNumberOfTroubledDebtRestructuringWriteDown
1
CY2022Q2 fmao Financing Receivables Impaired Number Of Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedNumberOfTroubledDebtRestructuringWriteDown
2
CY2023 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
0
CY2022 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
0
CY2023 fmao Maximum Time For Reevaluation
MaximumTimeForReevaluation
P12M
CY2023 fmao Re Evaluation Period For Real Estate
ReEvaluationPeriodForRealEstate
P2Y
CY2023 fmao Unsecured Consumer Loans Credit Card Credits And Overdraft
UnsecuredConsumerLoansCreditCardCreditsAndOverdraft
P90D
CY2023 fmao Delinquent Period For Charging Down Consumer Loans
DelinquentPeriodForChargingDownConsumerLoans
P90D
CY2023 fmao Litigation And Any Deficiency Charged Off Period
LitigationAndAnyDeficiencyChargedOffPeriod
P150D
CY2022Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20313000
CY2023 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1698000
CY2021Q4 fmao Financing Receivable Allowance For Expected Credit Losses
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EarningsPerShareBasic
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11207000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8894000
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NetIncomeLoss
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NetIncomeLoss
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CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
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EarningsPerShareBasic
0.62
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EarningsPerShareDiluted
0.62
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EarningsPerShareBasic
0.63
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EarningsPerShareDiluted
0.63
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EarningsPerShareBasic
0.68
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EarningsPerShareDiluted
0.68
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EarningsPerShareBasic
0.53
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EarningsPerShareDiluted
0.53
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12983307
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13606876
CY2023 dei Auditor Name
AuditorName
FORVIS, LLP
CY2023 dei Auditor Location
AuditorLocation
Fort Wayne, Indiana
CY2023 dei Auditor Firm
AuditorFirmId
686

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