Continued NIM expansion and zero credit provisions are the key drivers — watch for further margin commentary on deposit competition and deposit costs in the next 10-Q. The rise in NPAs to 0.37% from 0.19% at mid-year warrants monitoring for credit normalization.
Price Chart
Executive Summary
Farmers & Merchants Bancshares reported Q3 2026 net income of $2.0M ($0.62 EPS), up from $1.7M ($0.53 EPS) in Q3 2025, driven by net interest income growth and a widening net yield. For the nine months, net income rose 41% to $5.7M ($1.76 EPS) vs $4.1M ($1.28 EPS) a year ago, with no provision for credit losses in 2026. The sequential improvement in ROAA (0.92% vs 0.80%) and ROAE (12.48% vs 11.23%) confirms the bank's operating momentum, though nonperforming assets increased to $3.2M (0.37% of assets) from $1.7M at year-end 2025.
Key Financial Metrics
Key Facts
- Q3 2026 net income $2.0M ($0.62 EPS) vs $1.7M ($0.53 EPS) in Q3 2025 — EPS +17% YoY
- Nine-month 2026 net income $5.7M ($1.76 EPS) vs $4.1M ($1.28 EPS) — +41% YoY
- Net interest income Q3 2026 $7.2M vs $6.4M Q3 2025 — +13% YoY
- Net yield on interest-earning assets widened to 3.42% from 3.15% Q3 2025
- No provision for credit losses in Q3 2026 vs $327K in Q3 2025
- Nonperforming assets rose to $3.2M (0.37% of assets) from $1.7M at Dec 2025
- Loan growth: net loans $655.0M vs $633.1M at Dec 2025 — +3.5%
- Book value $20.70/share vs $20.02 at Dec 2025 — +3.4%
- Dividend $0.36/share declared vs $0.34 in Q3 2025
Financial Impact
Q3 net income increased $319K YoY; nine-month net income up $1.7M YoY
Risk Factors
- Nonperforming assets increased to $3.2M from $1.7M at Dec 2025 — potential credit quality normalization
- Deposits declined to $716.0M from $720.5M at Dec 2025 — slight deposit outflow
- AFS securities unrealized loss grew to $15.0M from $12.9M at Dec 2025 — rate sensitivity
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-033188 |
| Document: fmfg20261021_8k.htm | 0001437749-26-033188 |
| Document: 0001437749-26-033188-index-headers.html | 0001437749-26-033188 |
| Document: 0001437749-26-033188-index.html | 0001437749-26-033188 |
| Document: 0001437749-26-033188.txt | 0001437749-26-033188 |
| 8-K Data (Synthetic) | 0001437749-26-033188 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $18.70 $18.70 | · 0.00% | ▲ +0.52% | $19.00 (+1.60%) |
Jul 23, 2026 13w ago | 8-K | $19.01 $19.01 | · 0.00% | ▼ −0.10% | $19.00 (−0.05%) |
Jun 16, 2026 19w ago | 8-K | $17.50 $17.88 | ▲ +2.17% | ▲ +1.13% | $19.00 (+8.57%) |
May 19, 2026 23w ago | 8-K | $16.93 $16.93 | · 0.00% | ▼ −0.19% | $19.00 (+12.21%) |
Apr 24, 2026 26w ago | 8-K | $17.97 $18.00 | ▲ +0.17% | ▲ +0.00% | $19.00 (+5.73%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers