FMCB Posts Record Q3 Net Income of $25.1M, EPS Up 8.3%
FMCB sits 46% above its 52-week low of $985.25.
Summary
Farmers & Merchants Bancorp reported record Q3 2026 net income of $25.1M ($36.75 diluted EPS, up 8.34%) on a 4.24% net interest margin. A $5.0M tax benefit and a $6.9M expense increase shaped the result, while unrealized securities losses trimmed tangible book value.
Key Events · Earnings and Guidance · FMCB
-
Record Q3 Net Income of $25.1M
Net income rose 5.75% from $23.7M a year ago, and diluted EPS of $36.75 was up 8.34% from $33.92. Nine-month net income reached $73.9M, up 5.88%.
-
Margin Expansion Lifted Revenue
Net interest income of $58.3M rose 5.25% YoY, and net interest margin (tax equivalent) widened to 4.24% from 4.16%, helped by a 3.75% investment securities yield versus 3.50% a year ago.
-
Expenses and Tax Benefit Distort EPS
Non-interest expense jumped $6.9M to $35.8M, lifting the efficiency ratio to 55.49% from 46.48%. Income tax expense fell $6.8M, including a $5.0M benefit from reversing previously non-deductible items.
-
Tangible Book Value Slips Sequentially
Tangible book value per share of $932.14 was up 6.27% YoY but down from $963.82 at June 30, 2026, as a $33.0M increase in accumulated other comprehensive loss from unrealized securities losses reduced equity to $663.1M.
Analysis · FMCB · Finance
Record quarterly profit, a wider net interest margin and a still-strong capital base — but the quality of the beat is mixed. A $5.0M tax benefit flattered EPS, non-interest expense jumped $6.9M and pushed the efficiency ratio to 55.49% from 46.48%, and a $33.0M swing in unrealized securities losses cut tangible book value per share to $932.14 from $963.82 at June 30. With no borrowings and $2.1B of borrowing capacity, the bank remains well capitalized; the story here is margin resilience and cost discipline, not balance-sheet stress.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 29.2% of the 1466 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FMCB was trading at $1,438.88 on OTC in the Finance sector, with a market capitalization of approximately $995.6M. The 52-week trading range was $985.25 to $1,540.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.