This is a routine mid-year investor update with no new guidance or material events. Monitor upcoming quarterly filings for any changes in loan growth, NIM trajectory, or credit quality trends, particularly in the CRE and Ag portfolios.
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Executive Summary
Farmers & Merchants Bancorp (FMCB) released a mid-year 2026 investor presentation via an 8-K (Item 7.01) on July 23, 2026. The presentation highlights strong financial metrics as of June 30, 2026, including $5.8 billion in assets, a net interest margin of 4.22%, ROA of 1.70%, and ROE of 14.75%, with no comparative prior-period figures provided. The filing is a routine business update with no material new events or guidance changes, making it neutral for the stock.
Key Facts
- Assets of $5.8 billion as of June 30, 2026.
- Net interest margin (NIM) of 4.22% on a tax-equivalent basis.
- Return on assets (ROA) of 1.70% and return on equity (ROE) of 14.75% for YTD June 30, 2026.
- Risk-based capital (RBC) ratio of 16.04% and tangible common equity (TCE) ratio of 11.45%.
- Allowance for Credit Losses (ACL) of $77.3 million, or 2.08% of total loans and leases.
- Non-performing loans of $2.7 million, or 0.07% of total loans and leases.
- Net charge-offs of $122,000, or 0.003% of average loans and leases YTD 2026.
- Loan-to-deposit ratio of 73.07% as of June 30, 2026.
- YTD cost of average total deposits was 1.19%.
- Repurchased 240 shares during the six months ended June 30, 2026.
- 91 consecutive years of dividends with 61 years of continuous increases.
Financial Impact
No new financial guidance or material changes disclosed. Key metrics as of 6/30/26: Assets $5.8B, NIM 4.22%, ROA 1.70%, ROE 14.75%.
Risk Factors
- Potential impact of interest rate changes on net interest margin.
- Credit risk in the CRE and agricultural loan portfolios, though current metrics are strong.
- Geographic concentration in California's Central Valley and Bay Area.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (FMCB) — Batch item 1 | 0001140361-26-029401 |
| Document: ef20078645_8k.htm | 0001140361-26-029401 |
| Document: 0001140361-26-029401-index-headers.html | 0001140361-26-029401 |
| Document: 0001140361-26-029401-index.html | 0001140361-26-029401 |
| Document: 0001140361-26-029401.txt | 0001140361-26-029401 |
| 8-K Filing (FMCB) — Batch item 6 | 0001140361-26-029401 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $1,468.99 | awaiting T+60 | — | $1,459.95 (−0.62%) |
Oct 20, 2026 7d ago | 8-K | $1,445.00 | awaiting T+60 | — | $1,459.95 (+1.03%) |
Jul 23, 2026 13w ago | 8-K | $1,378.00 $1,437.10 | ▲ +4.29% | ▲ +0.09% | $1,459.95 (+5.95%) |
Jun 11, 2026 19w ago | 8-K | $1,321.00 $1,435.00 | ▲ +8.63% | ▲ +5.10% | $1,459.95 (+10.52%) |
May 12, 2026 24w ago | 8-K | $1,310.01 $1,380.00 | ▲ +5.34% | ▲ +0.90% | $1,459.95 (+11.45%) |
Apr 20, 2026 27w ago | 8-K | $1,225.00 $1,350.00 | ▲ +10.20% | ▲ +3.31% | $1,459.95 (+19.18%) |
US Market Status
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