Farmers & Merchants Bancorp, Inc. (FMAO) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	194.9M	189.1M	176.6M	152.0M	113.7M
Cost of Revenue	68.4M	71.3M	77.9M	60.2M	19.0M
Gross Profit	126.5M	117.8M	98.6M	91.9M	94.7M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	30.9M	10.1M	48.4M	45.4M	38.0M
General & Admin Expense	29.1M	7.9M	46.2M	42.8M	36.4M
Selling & Marketing Expense	1.8M	2.2M	2.1M	2.6M	1.6M
Other Expenses	44.4M	65.2M	17.7M	18.1M	16.2M
Total Operating Expenses	75.3M	75.2M	66.1M	63.5M	54.2M
Cost and Expenses	143.8M	146.6M	144.0M	123.7M	73.2M
Operating Income (EBIT)	51.2M	42.5M	32.6M	28.4M	40.5M
Non-Operating
Interest Income	177.7M	173.5M	162.2M	138.9M	100.8M
Interest Expense	67.0M	69.3M	77.7M	58.4M	14.4M
Net Interest Income	110.7M	104.3M	84.6M	80.5M	86.5M
Other Non-Op Income/Expense	—	—	—	—	—
Non-Operating Income (excl Interest)	—	—	—	—	—
EBT (Pre-Tax Income)	51.2M	42.5M	32.6M	28.4M	40.5M
Income Tax Expense	11.1M	9.2M	6.6M	5.6M	8.0M
Bottom Line
Net Income	40.0M	33.3M	25.9M	22.8M	32.5M
Earnings from Cont. Ops	40.0M	33.3M	25.9M	22.8M	32.5M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	39.9M	46.6M	25.4M	22.5M	32.2M
Per Share
Basic EPS	$2.91	$3.41	$1.90	$1.67	$2.46
Diluted EPS	$2.91	$3.41	$1.90	$1.67	$2.46
Revenue Per Share	$14.18	$13.84	$13.16	$11.15	$8.68
Shares
Basic Shares Outstanding	13.7M	13.7M	13.4M	13.6M	13.1M
Diluted Shares Outstanding	13.8M	13.7M	13.4M	13.6M	13.1M
Profitability Metrics
EBITDA	56.7M	49.5M	38.9M	34.1M	44.5M
D&A	5.6M	7.0M	6.4M	5.8M	4.0M
EBIT	51.2M	42.5M	32.6M	28.4M	40.5M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026