$FMAO
FARMERS & MERCHANTS BANCORP INC

2024 Q2 Form 10-Q Financial Statement

#000095017024055094 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $41.17M $38.65M
YoY Change 23.34% 21.55%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.495M $2.452M
YoY Change -43.44% -20.31%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.620M $1.603M
YoY Change 12.42% 11.47%
% of Gross Profit
Operating Expenses $1.495M $2.452M
YoY Change -43.44% -20.31%
Operating Profit
YoY Change
Interest Expense $19.79M $18.54M
YoY Change 49.26% 83.16%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.159M $6.778M
YoY Change -4.95% -15.79%
Income Tax $1.477M $1.419M
% Of Pretax Income 20.63% 20.94%
Net Earnings $5.682M $5.359M
YoY Change -4.26% -17.12%
Net Earnings / Revenue 13.8% 13.86%
Basic Earnings Per Share $0.42 $0.39
Diluted Earnings Per Share $0.42 $0.39
COMMON SHARES
Basic Shares Outstanding 13.68M 13.66M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $193.1M $187.8M
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 $34.51M $35.01M
YoY Change 5.56% 22.06%
Goodwill $86.36M $86.36M
YoY Change 0.0% 0.0%
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 $3.323B $3.288B
YoY Change 5.57% 7.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $27.83M $25.93M
YoY Change 53.08% 37.33%
Deferred Revenue
YoY Change
Short-Term Debt $27.22M $28.22M
YoY Change -47.22% -7.47%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.02M $57.12M
YoY Change -20.06% 9.41%
LONG-TERM LIABILITIES
Long-Term Debt $34.76M $34.73M
YoY Change 0.33% 0.34%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $34.76M $34.73M
YoY Change 0.33% 0.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.02M $57.12M
Total Long-Term Liabilities $34.76M $34.73M
Total Liabilities $3.000B $2.970B
YoY Change 5.53% 7.44%
SHAREHOLDERS EQUITY
Retained Earnings $226.4M $223.6M
YoY Change 4.71% 4.99%
Common Stock $135.8M $135.5M
YoY Change 0.13% 0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.01M $10.85M
YoY Change -2.58% -4.06%
Treasury Stock Shares
Shareholders Equity $322.7M $317.7M
YoY Change
Total Liabilities & Shareholders Equity $3.323B $3.288B
YoY Change 5.57% 7.08%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $5.682M $5.359M
YoY Change -4.26% -17.12%
Depreciation, Depletion And Amortization $1.620M $1.603M
YoY Change 12.42% 11.47%
Cash From Operating Activities $9.718M $1.483M
YoY Change 163.36% -51.77%
INVESTING ACTIVITIES
Capital Expenditures $566.0K $219.0K
YoY Change -82.79% -90.99%
Acquisitions
YoY Change
Other Investing Activities -$28.84M $42.57M
YoY Change -58.77% -164.69%
Cash From Investing Activities -$29.41M $42.35M
YoY Change -59.84% -162.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.97M 1.746M
YoY Change -67.31% -96.13%
NET CHANGE
Cash From Operating Activities 9.718M 1.483M
Cash From Investing Activities -29.41M 42.35M
Cash From Financing Activities 24.97M 1.746M
Net Change In Cash 5.286M 45.58M
YoY Change -23.03% -326.95%
FREE CASH FLOW
Cash From Operating Activities $9.718M $1.483M
Capital Expenditures $566.0K $219.0K
Free Cash Flow $9.152M $1.264M
YoY Change 2176.62% 96.27%

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CY2024Q1 us-gaap Dividends Common Stock Cash
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Net Income Loss
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6466000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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306000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q1 us-gaap Profit Loss
ProfitLoss
5359000
CY2023Q1 us-gaap Profit Loss
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6466000
CY2024Q1 us-gaap Depreciation Nonproduction
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990000
CY2023Q1 us-gaap Depreciation Nonproduction
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834000
CY2024Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2023Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2024Q1 fmao Capitalized Additions To Servicing Rights
CapitalizedAdditionsToServicingRights
75000
CY2023Q1 fmao Capitalized Additions To Servicing Rights
CapitalizedAdditionsToServicingRights
1595000
CY2024Q1 fmao Amortization Accretion Of Mortgage Servicing Rights Ms Rs
AmortizationAccretionOfMortgageServicingRightsMSRs
168000
CY2023Q1 fmao Amortization Accretion Of Mortgage Servicing Rights Ms Rs
AmortizationAccretionOfMortgageServicingRightsMSRs
159000
CY2024Q1 us-gaap Amortization Of Intangible Assets
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414000
CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2024Q1 fmao Amortization Of Customer List Intangible
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31000
CY2023Q1 fmao Amortization Of Customer List Intangible
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31000
CY2024Q1 fmao Amortization Accretion Of Fair Value Adjustments
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CY2023Q1 fmao Amortization Accretion Of Fair Value Adjustments
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CY2024Q1 us-gaap Amortization Of Financing Costs
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CY2023Q1 us-gaap Amortization Of Financing Costs
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Provision For Loan And Lease Losses
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CY2024Q1 fmao Provision For Credit Lossesoff Balance Sheet Credit Exposures
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CY2023Q1 fmao Provision For Credit Lossesoff Balance Sheet Credit Exposures
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62000
CY2024Q1 us-gaap Gain Loss On Sales Of Loans Net
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107000
CY2023Q1 us-gaap Gain Loss On Sales Of Loans Net
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67000
CY2024Q1 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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CY2023Q1 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
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CY2024Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
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CY2023Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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CY2024Q1 us-gaap Gain Loss On Sale Of Derivatives
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CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
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CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2024Q1 fmao Increase In Cash Surrender Value Of Bank Owned Life Insurance
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CY2023Q1 fmao Increase In Cash Surrender Value Of Bank Owned Life Insurance
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CY2024Q1 us-gaap Increase Decrease In Other Operating Capital Net
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CY2023Q1 us-gaap Increase Decrease In Other Operating Capital Net
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2024Q1 fmao Payments To Acquire Available For Sale Securities Debt Including Adjustment For Securities Acquired In Acquisition
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316000
CY2023Q1 fmao Proceeds To Acquire Sales Of Other Securities
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CY2024Q1 fmao Payments To Acquire Sales Of Other Securities
PaymentsToAcquireSalesOfOtherSecurities
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CY2023Q1 fmao Payments To Acquire Sales Of Other Securities
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CY2024Q1 us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
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CY2024Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
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CY2023Q1 us-gaap Proceeds From Payments For In Interest Bearing Deposits In Banks
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Payments For Proceeds From Loans And Leases
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CY2023Q1 us-gaap Payments For Proceeds From Loans And Leases
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Increase Decrease In Deposits
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CY2023Q1 us-gaap Increase Decrease In Deposits
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CY2023Q1 us-gaap Increase Decrease In Federal Funds Purchased And Securities Sold Under Agreements To Repurchase Net
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CY2023Q1 us-gaap Proceeds From Federal Home Loan Bank Borrowings
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CY2023Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
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CY2023Q1 us-gaap Repayments Of Other Debt
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CY2024Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2024Q1 us-gaap Payments Of Dividends Common Stock
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Interest Paid Net
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CY2024Q1 us-gaap Income Taxes Paid
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CY2023Q1 us-gaap Income Taxes Paid
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CY2024Q1 us-gaap Dividends
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CY2023Q1 us-gaap Dividends
Dividends
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CY2022Q4 us-gaap Stock Repurchased During Period Shares
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CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2024Q1 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q1 us-gaap Debt Securities Available For Sale Realized Loss
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CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2023Q1 fmao Available For Sale Securities Gross Realized Gain Loss Tax Expenses Benefit
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CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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CY2024Q1 fmao Available For Sale Debt Securities Amortized Cost Basis Excluding Mortgage Backed Securities
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CY2024Q1 fmao Available For Sale Securities Debt Maturities Fair Value Excluding Mortgage Backed Securities
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CY2024Q1 fmao Unsecured Consumer Loans Credit Card Credits And Overdraft
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CY2024Q1 fmao Delinquent Period For Charging Down Consumer Loans
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CY2024Q1 fmao Mortgage Backed Securities Available For Sale Amortized Cost
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CY2024Q1 us-gaap Mortgage Backed Securities Available For Sale Fair Value Disclosure
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CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q1 us-gaap Available For Sale Securities Debt Securities
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CY2024Q1 us-gaap Debt Securities
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CY2023Q4 us-gaap Debt Securities
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CY2023Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
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CY2024Q1 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
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CY2024Q1 fmao Loan And Leases Receivable Excluding Fair Vale Adjustment For Interest Swap Hedges
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CY2024Q1 fmao Fair Value Adjustment Of Derivative
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CY2023 fmao Fair Value Adjustment Of Derivative
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CY2024Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
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CY2023Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
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CY2024Q1 fmao Financial Collateral Dependent Loans
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CY2023Q4 fmao Financial Collateral Dependent Loans
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CY2024Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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CY2024Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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CY2023Q1 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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CY2024Q1 fmao Maximum Time For Reevaluation
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CY2024Q1 fmao Re Evaluation Period For Real Estate
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CY2024Q1 fmao Delinquent Period For Charging Down Or Allocated Commercial And Agricultural Credits
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CY2024Q1 us-gaap Provision For Loan And Lease Losses
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CY2024Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2024Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2024Q1 us-gaap Loans And Leases Receivable Allowance
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CY2022Q4 us-gaap Loans And Leases Receivable Allowance
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CY2023Q1 us-gaap Provision For Loan And Lease Losses
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CY2023Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2023Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2023Q1 us-gaap Loans And Leases Receivable Allowance
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CY2022Q4 us-gaap Loans And Leases Receivable Allowance
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CY2023 us-gaap Provision For Loan And Lease Losses
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CY2023 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2023 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2023Q4 us-gaap Loans And Leases Receivable Allowance
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CY2024Q1 us-gaap Lessee Operating Lease Option To Extend
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CY2024Q1 us-gaap Lessee Operating Lease Option To Terminate
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CY2024Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
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CY2024Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Payments
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CY2023Q2 fmao Number Of Directors Received Shares
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2024Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2024Q1 us-gaap Qualified Affordable Housing Project Investments Commitment
QualifiedAffordableHousingProjectInvestmentsCommitment
3900000
CY2024Q1 fmao Unfunded Commitments Related To The Investments In Qualified Affordable Housing Projects
UnfundedCommitmentsRelatedToTheInvestmentsInQualifiedAffordableHousingProjects
1400000
CY2023Q4 us-gaap Qualified Affordable Housing Project Investments Commitment
QualifiedAffordableHousingProjectInvestmentsCommitment
2400000
CY2023Q4 fmao Funded Commitments Related To The Investments In Qualified Affordable Housing Projects
FundedCommitmentsRelatedToTheInvestmentsInQualifiedAffordableHousingProjects
4000000
CY2024Q1 us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
AmortizationMethodQualifiedAffordableHousingProjectInvestmentsAmortization
110000
CY2024Q1 us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
108000
CY2024Q1 us-gaap Affordable Housing Project Investment Nature Of Write Down
AffordableHousingProjectInvestmentNatureOfWriteDown
no
CY2023 us-gaap Servicing Asset At Amortized Value Valuation Allowance
ServicingAssetAtAmortizedValueValuationAllowance
7000
CY2024Q1 us-gaap Federal Funds Purchased
FederalFundsPurchased
0
CY2023Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
0
CY2024Q1 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
28218000
CY2023Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
28218000
CY2021Q3 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
semi-annually
CY2021Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0263
CY2021Q3 us-gaap Debt Instrument Term
DebtInstrumentTerm
P5Y
CY2021Q3 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
1
CY2023Q2 fmao Captives Provision Existence Period
CaptivesProvisionExistencePeriod
P10Y
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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