FMAO FINANCIAL STATEMENTS

Farmers & Merchants Bancorp Inc — balance sheet, income statement and cash flow trends

FMAOFarmers & Merchants Bancorp Inc

🇺🇸 USA · NASDAQ · Financial Services · Banks - Regional

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue191.3 M $+6.6%

Gross Profit121.4 M $+19.1%

Operating Income46.1 M $+33.4%

EBITDA53.3 M $+30.5%

Net Income35.9 M $+30.5%

Peer Comparison· Banks - Regional

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FMAO	—	—	—	18.8%
ICBCT	—	—	—	24.7%
ISBTR	—	—	—	28.1%
TSKB	—	—	—	54.9%
NWG	—	—	—	20.1%
LLOY	—	—	—	25.9%
Industry median	—	67.2%	20.4%	20.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity375.9 M $11%
Current Liabilities2.8 B $81%
Long-term Liabilities282.1 M $8%

Key Figures

YoY change

Total Assets3.5 B $+2.9%

Total Liabilities3.1 B $+2.1%

Total Equity375.9 M $+9.1%

Cash & ST Investments357.2 M $-2.3%

Total Debt268.7 M $-12.6%

Net Debt94.6 M $-28.9%

Peer Comparison· Banks - Regional

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FMAO	0.13	71.5%	-1.66	10.8%
ICBCT	—	0.0%	-20.34	4.0%
ISBTR	—	0.0%	-28.33	8.5%
TSKB	—	0.0%	-0.47	13.4%
NWG	0.25	17.0%	-14.68	5.2%
LLOY	0.12	209.8%	5.39	5.0%
Industry median	0.31	38.0%	-0.58	11.0%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FMAO	0.13	71.5%	-1.66	10.8%
PBFS	0.11	—	—	14.8%
PLBC	0.33	54.3%	-8.40	12.1%
CZNC	1.23	57.5%	5.87	10.6%
CBAN	0.45	67.9%	4.86	10.2%
PCB	0.68	17.2%	-2.09	11.7%
Industry median	0.31	38.0%	-0.58	11.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow34 M $-19.0%

Capital Expenditures2 M $+0.3%

Free Cash Flow32 M $-20.0%

Dividends Paid-12.2 M $-202.3%

Peer Comparison· Banks - Regional

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FMAO	17.8%	16.7%	1.1%	94.6%
ICBCT	24.7%	29.9%	5.1%	100.0%
ISBTR	28.1%	-3.3%	31.4%	100.0%
TSKB	54.9%	71.9%	17.0%	100.0%
NWG	—	—	0.0%	—
LLOY	—	—	0.0%	—
Industry median	23.6%	22.1%	1.5%	111.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FMAO	17.8%	16.7%	1.1%	94.6%
PBFS	11.2%	10.0%	1.2%	73.1%
PLBC	19.5%	18.4%	1.1%	73.0%
CZNC	23.6%	22.7%	0.9%	224.5%
CBAN	15.5%	15.2%	0.8%	103.1%
PCB	21.2%	20.5%	0.7%	111.3%
Industry median	23.6%	22.1%	1.5%	111.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 8, 26. This content is for informational purposes only and is not investment advice.