The 15% annual increase in tangible book value per share and sustained net interest margin expansion above 4.25% suggest strong franchise value growth; monitor loan pipeline commentary for signs of improved credit demand in agricultural sectors.
Price Chart
Executive Summary
Farmers & Merchants Bancorp (FMCB) reported record first quarter 2026 net income of $24.1 million, up 4.8% year-over-year, driven by net interest margin expansion and strong capital growth. Diluted EPS rose 7.6% to $35.34, with tangible book value per share increasing 15% annually.
Key Financial Metrics
Key Facts
- Record Q1 2026 net income of $24.1 million, up 4.8% YoY
- Diluted EPS of $35.34, up 7.6% YoY
- Tangible book value per share increased 15.01% to $928.99
- Net interest margin expanded 5 basis points to 4.25% (tax equivalent)
- Investment securities yield increased to 3.70% from 3.20% YoY
Financial Impact
Net income increased $1.1 million YoY with 7.6% EPS growth and 15% tangible book value expansion
Risk Factors
- Efficiency ratio increased to 47.0% from 43.9% YoY due to one-time transition expenses
- Agricultural loan portfolio exposed to export market volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-015683 |
| Document: ef20071006_8k.htm | 0001140361-26-015683 |
| Document: 0001140361-26-015683-index-headers.html | 0001140361-26-015683 |
| Document: 0001140361-26-015683-index.html | 0001140361-26-015683 |
| Document: 0001140361-26-015683.txt | 0001140361-26-015683 |
| 8-K Data (Synthetic) | 0001140361-26-015683 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $1,468.99 | awaiting T+60 | — | $1,440.00 (−1.97%) |
Oct 20, 2026 7d ago | 8-K | $1,445.00 | awaiting T+60 | — | $1,440.00 (−0.35%) |
Jul 23, 2026 13w ago | 8-K | $1,378.00 $1,437.10 | ▲ +4.29% | ▲ +0.09% | $1,440.00 (+4.50%) |
Jun 11, 2026 19w ago | 8-K | $1,321.00 $1,435.00 | ▲ +8.63% | ▲ +5.10% | $1,440.00 (+9.01%) |
May 12, 2026 23w ago | 8-K | $1,310.01 $1,380.00 | ▲ +5.34% | ▲ +0.90% | $1,440.00 (+9.92%) |
Apr 20, 2026 27w ago | 8-K | $1,225.00 $1,350.00 | ▲ +10.20% | ▲ +3.31% | $1,440.00 (+17.55%) |
US Market Status
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