The beat was driven by core NIM expansion and expense discipline, not one-time items. With loan repricing opportunities extending through 2028 and deposit costs declining, margin trajectory remains favorable. Monitor Q4 for continued NIM expansion and loan growth sustainability.
Price Chart
Executive Summary
Farmers & Merchants Bancorp reported Q3 2026 EPS of $0.84, beating the $0.80 consensus by 5.0%, with net income up 30.3% YoY to $11.5M. Net interest margin expanded 17 bps to 3.57%, and the efficiency ratio improved to 58.09% from 63.11%, reflecting strong operational performance and credit quality.
Key Financial Metrics
Key Facts
- Q3 2026 EPS of $0.84 vs $0.64 YoY, beating consensus of $0.80 by 5.0%
- Net income rose 30.3% to $11.5M from $8.9M YoY
- Net interest margin expanded 17 bps to 3.57% from 3.40% YoY
- Efficiency ratio improved to 58.09% from 63.11% YoY
- Net charge-offs to average loans were 0.00% for the quarter
- Tier 1 leverage ratio improved to 9.14% from 8.74% YoY
- Annual dividend increased 5.5% to $0.96 per share; special dividend of $0.01 declared
- Total deposits grew 7.7% YoY to $2.96B
Financial Impact
EPS beat of $0.04 vs consensus on strong NIM expansion and expense control
Risk Factors
- Potential margin compression if deposit costs re-accelerate in a competitive environment
- CRE concentration at 48.2% of loan portfolio could face stress in a downturn
- Nonperforming loans increased to $6.2M from $5.2M YoY, though still low at 0.23% of total loans
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3386934 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 8-K | $35.89 | awaiting T+1 | — | $36.54 (+1.81%) |
Oct 22, 2026 3d ago | Press Release | $35.89 | awaiting T+1 | — | $36.54 (+1.81%) |
Sep 29, 2026 26d ago | Press Release | $34.62 $34.91 | ▲ +0.84% | ▲ +0.66% | $36.54 (+5.55%) |
Aug 14, 2026 10w ago | Insider Cluster | $35.11 $35.03 | ▼ −0.23% | ▲ +0.24% | $36.54 (+4.07%) |
Aug 12, 2026 10w ago | Insider Cluster | $35.33 $35.11 | ▼ −0.62% | ▼ −0.42% | $36.54 (+3.42%) |
Aug 7, 2026 11w ago | Insider Cluster | $34.38 $35.06 | ▲ +1.98% | ▲ +2.30% | $36.54 (+6.28%) |
Aug 6, 2026 11w ago | Insider Cluster | $34.67 $34.14 | ▼ −1.55% | ▼ −1.52% | $36.54 (+5.39%) |
Aug 5, 2026 11w ago | Insider Cluster | $34.04 $34.67 | ▲ +1.87% | ▲ +1.26% | $36.54 (+7.35%) |
Aug 3, 2026 11w ago | Insider Cluster | $34.52 $33.92 | ▲ +1.75% | ▲ +1.55% | $36.54 (−5.84%) |
Jul 27, 2026 12w ago | Press Release | $34.44 $35.07 | ▲ +1.83% | ▲ +3.37% | $36.54 (+6.10%) |
US Market Status
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