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Farmers & Merchants Bancorp
FMCBFinancial ServicesOTCUS
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Farmers & Merchants Bancorp remains a Buy, supported by robust operational metrics, conservative lending, and exceptional credit quality. FMCB's Q1 2026 results showed 7.6% EPS growth, a 15% tangible book value increase, and strong capital ratios, outpacing peers. The bank's disciplined loan-to-deposit ratio (71%) and low deposit costs underpin superior net interest margin and profitability.
LODI, Calif., May 12, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), declared a quarterly cash dividend of $5.35 per share, up 4.9% from $5.10 for the previous quarter which was paid on April 1, 2026. Over the trailing twelve months the total cash dividend declared was $20.50 compared to $18.60 for the same trailing period a year earlier. The cash dividend is payable on July 1, 2026, to shareholders of record on June 12, 2026. Based on the Company's financial performance through March 31, 2026, net income over the trailing twelve months was $94.7 million compared with $88.7 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $136.49, up 10.7% compared with $123.32 for the same trailing period a year ago.
Dividend Kings are outperforming SPY year-to-date, with 36 of 58 beating the index with an average gain of 7.03% versus SPY's 4.18%. Twenty-seven Dividend Kings are both potentially undervalued and offer a long-term annualized expected return of at least 10%. Recent dividend increases among Kings have been modest, with the average 2026 dividend growth rate rising to 3.11%.
First Quarter 2026 Highlights Net income of $24.1 million, or basic earnings per common share of $35.91 and diluted earnings per common share of $35.34; diluted earnings per common share up 7.6% compared to the first quarter of 2025; Diluted earnings per common share of $136.49 over the trailing twelve months, up 10.68% versus $123.32 over the same trailing period a year ago and $116.37 for the same period two years ago; Tangible book value per common share increased 15.01% to $928.99 compared to $807.72 as of March 31, 2025; Achieved return on average assets of 1.68% and return on average equity of 14.69%; Net interest income of $56.9 million, up $3.8 million, or 7.08% compared to the first quarter of 2025; net interest margin (tax equivalent basis) of 4.25%, up from 4.20% in the first quarter of 2025; Total assets grew $146.6 million, or 2.6%, to $5.84 billion, and deposits grew $138.4 million, or 2.8%, to $5.12 billion as of March 31, 2026 compared to December 31, 2025; Liquidity position remains strong with $384.2 million in cash, $1.6 billion in investment securities, of which $901.9 million are available-for-sale, no borrowings and a borrowing capacity of $2.2 billion as of March 31, 2026; Continued to grow our solid capital position with a total risk-based capital ratio of 15.71%, common equity tier 1 ratio of 14.23%, tier 1 leverage ratio of 11.35% and a tangible common equity ratio of 11.05%; Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.12%; net recoveries for the quarter of $43,000 and only one non-accrual loan of $730,000 at quarter-end. LODI, Calif.
ACNB (NASDAQ: ACNB - Get Free Report) and Farmers and Merchants Bancorp (OTCMKTS:FMCB - Get Free Report) are both small-cap finance companies, but which is the superior investment? We will contrast the two businesses based on the strength of their profitability, risk, dividends, valuation, analyst recommendations, earnings and institutional ownership. Valuation and Earnings This table compares
