Farmers & Merchants Bancorp (FMCB) Stock Analysis
Educational signal · not a buy or sell recommendation · How to read this
P/E 10.09 means the share price is 10.09 times one year of earnings per share; the S&P 500 usually sits near 20-25. Market cap $990M is the value of all shares combined.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gpt-4o-mini, generated Jun 14, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerFarmers & Merchants Bancorp (FMCB) trades at $1429.99 with MoonshotScore 51/100 (Grade B). Market cap: $990M, Sector: Financial services.
Price as of Sep 10, 2026 · Last analyzed: Jun 14, 2026Analyst Coverage for FMCB: FMCB does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates FMCB against Financial Services peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
These figures come from statements filed 12 months ago — the most recent this company has published.
FMCB: 1/3 scored disciplines lean bullish. Dominant signal: Seth Klarman bullish.
How is this calculated? →AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
Farmers & Merchants Bancorp (FMCB) Financial Services Profile
Farmers & Merchants Bancorp (FMCB) is a regional bank holding company that offers a diverse range of banking services, including commercial and consumer lending, deposit accounts, and investment products, primarily serving the Central California market.
What Is the Investment Thesis for FMCB?
The bank boasts a market capitalization of $990M and a P/E ratio of 10.09, indicating a potentially attractive valuation compared to industry peers. With a profit margin of 30.7% and a gross margin of 79.0%, the company demonstrates operational efficiency and profitability. The bank's diversified product offerings, including commercial and consumer loans, position it well to capitalize on the growing demand for banking services in Central California. Furthermore, the company has opportunities for growth through expansion of its online banking services and investment products. However, potential risks include economic fluctuations that could impact loan performance and competition from larger financial institutions in the region. Overall, the bank's solid financial foundation and strategic focus on customer service provide a robust platform for future growth.
Based on FMP financials and quantitative analysis
FMCB Key Highlights
Market capitalization of $990M reflects a stable regional banking presence.
- P/E ratio of 10.09 suggests potential undervaluation compared to sector averages.
- Profit margin of 30.7% indicates strong operational performance.
- Gross margin of 79.0% showcases effective cost management.
- Dividend yield of 1.55% provides a return to shareholders.
Who Are FMCB's Competitors?
FMCB is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| HACBY The Hachijuni Bank, Ltd. | $32.27 | 0.00% | $7.35B | — |
| CPF Central Pacific Financial Corp. | $37.28 | -0.27% | $973M | 905-pillar |
| CAC Camden National Corporation | $57.30 | +0.21% | $969M | 925-pillar |
| HAFC Hanmi Financial Corporation | $31.89 | +1.37% | $946M | 945-pillar |
| CFFN Capitol Federal Financial, Inc. | $8.80 | +0.34% | $1.09B | 915-pillar |
| AMTB Amerant Bancorp Inc. | $29.26 | +1.32% | $1.15B | 945-pillar |
| SHBI Shore Bancshares, Inc. | $23.32 | +0.84% | $780M | 925-pillar |
| HBT HBT Financial, Inc. | $36.29 | +0.39% | $1.32B | 925-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FMCB's Key Strengths?
Established brand with over a century of experience in banking.
- Strong financial performance with high profit margins.
- Diverse product offerings catering to a wide range of customer needs.
- Robust local presence in key markets.
What Are FMCB's Weaknesses?
Limited geographic reach compared to larger national banks.
- Dependence on regional economic conditions.
- Potential vulnerability to economic downturns affecting loan performance.
What Could Drive FMCB Stock Higher?
Expansion of digital banking services to enhance customer engagement.
- Strong loan growth driven by demand for commercial and consumer lending.
- Continued focus on community engagement initiatives to strengthen brand loyalty.
- Introduction of new investment products to diversify revenue streams.
- Strategic partnerships with local businesses to enhance service offerings.
What Are the Key Risks for FMCB?
Financial-distress signal — its Altman Z-Score of -0.61 sits in the distress zone (elevated bankruptcy risk).
- Economic downturns impacting loan performance and demand.
- Intense competition from larger banks and fintech companies.
- Regulatory changes that could affect operational costs.
- Vulnerability to local economic conditions affecting customer base.
What Are the Growth Opportunities for FMCB?
- Expansion of Online Banking Services: Farmers & Merchants Bancorp can enhance its digital banking capabilities to attract younger customers and improve customer retention. The online banking market is expected to grow significantly, with estimates suggesting a CAGR of 10% over the next five years. By investing in user-friendly platforms and mobile applications, the bank can tap into this growing segment and increase its customer base.
- Diversification of Investment Products: The bank can expand its offerings of investment products such as mutual funds and annuities. The investment management industry is projected to grow to $5 trillion by 2028. By providing a wider range of investment options, Farmers & Merchants Bancorp can attract higher net worth clients and increase fee-based revenue.
- Growth in Agribusiness Lending: With a strong presence in Central California, Farmers & Merchants Bancorp can capitalize on the growing agribusiness sector. The agribusiness market is expected to expand as demand for food products increases. By enhancing its lending products tailored for agribusiness, the bank can strengthen its market position and drive loan growth.
- Real Estate Development Financing: As the housing market continues to recover, there is an opportunity for Farmers & Merchants Bancorp to increase its real estate construction loans. The U.S. real estate market is projected to grow by 5% annually over the next five years. By providing competitive financing options for developers, the bank can capture a larger share of this lucrative market.
- Community Engagement Initiatives: By investing in community development and engagement initiatives, Farmers & Merchants Bancorp can strengthen its brand and customer loyalty. Programs that support local businesses and community projects can enhance the bank's reputation and attract new customers, contributing to long-term growth.
What Are FMCB's Competitive Advantages?
- Strong local presence with established relationships in the community.
- Diverse range of banking products tailored to meet the needs of various customer segments.
- High profit margins indicating operational efficiency and cost management.
- Commitment to customer service, enhancing customer loyalty and retention.
- Specialized services that differentiate it from larger financial institutions.
What Does FMCB Do?
Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California. Founded in 1916, the company has evolved to become a significant player in the regional banking sector, providing various banking services to both businesses and individuals. The bank accepts a variety of deposit instruments, including checking accounts, savings accounts, money market accounts, time certificates of deposit, and individual retirement accounts. In addition to deposit services, Farmers & Merchants Bancorp offers an extensive range of lending products. These include commercial loans, residential and commercial real estate loans, real estate construction loans, agribusiness loans, consumer loans, equipment leases, and credit card services. The bank also provides specialized commercial products such as term loans, lines of credit, and letters of credit. Furthermore, it offers financing products for automobiles, home improvements, and home equity lines of credit. Farmers & Merchants Bancorp also emphasizes providing various specialized services, including credit card programs for merchants, lockbox services, account reconciliation, investment sweep services, online account access, and electronic funds transfers. With a network of 29 full-service branches and three stand-alone automated teller machines, the bank serves a diverse customer base in the mid Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties, as well as the eastern region of the San Francisco Bay Area, which encompasses Napa, Alameda, and Contra Costa counties. The company is headquartered in Lodi, California, and continues to focus on delivering quality banking services to its customers.
What Products and Services Does FMCB Offer?
- Provide various deposit accounts including checking, savings, and money market accounts.
- Offer a range of lending products, including commercial and consumer loans.
- Facilitate real estate financing for both residential and commercial properties.
- Deliver specialized banking services such as credit card programs and lockbox services.
- Provide online banking services for easy access to accounts and transactions.
- Offer investment products including mutual funds and annuities.
How Does FMCB Make Money?
- Generate revenue through interest income from loans and mortgages.
- Earn fees from various banking services, including account maintenance and transaction fees.
- Provide investment products that yield management fees.
- Facilitate credit card services that generate transaction fees.
- Offer specialized services that cater to business clients, enhancing fee income.
What Industry Does FMCB Operate In?
The regional banking industry in the United States is characterized by a competitive landscape where banks focus on providing personalized services to local communities. Farmers & Merchants Bancorp operates within a growing market, with increasing demand for both commercial and consumer banking services. The industry is expected to benefit from economic recovery and rising interest rates, which could enhance net interest margins for banks. As larger financial institutions continue to expand, regional banks like Farmers & Merchants Bancorp must leverage their local knowledge and customer relationships to maintain a competitive edge. The overall market for regional banks is projected to grow, driven by increasing consumer confidence and business investments.
Who Are FMCB's Key Customers?
- Individuals seeking personal banking services such as loans and savings accounts.
- Small to medium-sized businesses requiring commercial banking solutions.
- Agribusiness clients needing specialized lending products.
- Real estate developers looking for financing options.
- Investors interested in mutual funds and other investment products.
Research confidence
Enough evidence to be useful, with gaps worth knowing about.
- ● Scoring coverage unknown
- ● Price is current
- ● Latest filing 35 days ago
- ● No analyst coverage
Why 51?
This rating comes from our nine-signal model, which produces a score but not a per-factor breakdown. The sector-relative five-pillar model, which explains its own contributions, does not cover this listing yet. How the score is built →
MoonshotScore History
Recorded daily since 2026-08-23 · 19 snapshots
| 2026-08-23 | 51 |
| 2026-08-26 | 51 |
| 2026-08-29 | 51 |
| 2026-09-01 | 51 |
| 2026-09-04 | 51 |
| 2026-09-07 | 51 |
| 2026-09-10 | 51 |
What changed?
The score has stayed at 51.
Over the same 18 days the stock moved -0.3%.
Insider Activity
Over the past six months, Farmers & Merchants Bancorp insiders filed 32 SEC Form 4 transactions — 7 sales and 25 purchases. On net that is roughly 11K shares acquired (about $14.2M) — insiders putting money in tends to read as conviction.
Financial Health
Farmers & Merchants Bancorp's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of -0.61 places it in the distress zone, a signal of elevated financial risk.
Key Financial Metrics
Return on equity for Farmers & Merchants Bancorp stands at 14.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 1.6%, showing how much profit it generates from its asset base. FMCB trades at a trailing price-to-earnings ratio of 10.09, below the Financial Services sector average of ~17.50x. Its free cash flow yield is 9.6%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.08 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 10.6%, the inverse of the P/E and a quick read on earnings relative to price.
Farmers & Merchants Bancorp (FMCB) Valuation Context
Valued at $990M, FMCB is classified as a small-cap stock. Relative to its peer group, FMCB's quantitative score of 51/100 is below the peer average of 92/100.
FMCB Revenue & Earnings Trend
In Q2 FY2026, FMCB generated $77.5M in top-line revenue, marking a sequential increase of 0.8%. The company recorded net income of $24.7M, with diluted EPS of $36.39. Quarter-over-quarter revenue has been mixed, typical for a small-cap company operating in Financial Services. Across the four most recent quarters, FMCB averaged $34.93 in diluted EPS.
Company Profile
Farmers & Merchants Bancorp operates in the Banks - Regional industry within the Financial Services sector. It is headquartered in Lodi, US. The company is led by CEO Kent A. Steinwert. FMCB has traded publicly since 1999.
FMCB Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Established brand with over a century of experience in banking.
- Strong financial performance with high profit margins.
- Diverse product offerings catering to a wide range of customer needs.
- Robust local presence in key markets.
Bear Case
- Limited geographic reach compared to larger national banks.
- Dependence on regional economic conditions.
- Potential vulnerability to economic downturns affecting loan performance.
- Potential: Economic downturns impacting loan performance and demand.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · June 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 FY2026 | $78M | $25M | $36.39 |
| Q1 FY2026 | $77M | $24M | $35.34 |
| Q4 FY2025 | $81M | $24M | $34.08 |
| Q3 FY2025 | $76M | $24M | $33.92 |
Q2 FY2026 · filed 7 Aug 2026 · SEC EDGAR →
Based on FMP financials and quantitative analysis
FMCB Latest News
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The 5 Safest Dividend Kings Are the Place to Be If We Have a 10%-20% Fall Sell-Off
247wallst.com · Aug 25, 2026
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How Farmers & Merchants Bancorp’s Dividend Hike Shapes FMCB’s Capital Return Strategy for Investors
Simply Wall St. · Aug 24, 2026
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Farmers & Merchants Bancorp (FMCB) Lifts Dividend And Keeps Valuation In Focus
Yahoo! Finance: FMCB News · Aug 20, 2026
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Farmers & Merchants Bancorp (FMCB) Lifts Dividend And Keeps Valuation In Focus
Simply Wall St. · Aug 20, 2026
FMCB Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for FMCB.
Price Targets
Wall Street price target analysis for FMCB.
FMCB MoonshotScore
What does this score mean?
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. FMCB scores 51/100 (Grade B): the number comes from the legacy nine-factor engine (quantitative signals from revenue growth to news sentiment), written once, not refreshed.
Latest News
The 5 Safest Dividend Kings Are the Place to Be If We Have a 10%-20% Fall Sell-Off
How Farmers & Merchants Bancorp’s Dividend Hike Shapes FMCB’s Capital Return Strategy for Investors
Farmers & Merchants Bancorp (FMCB) Lifts Dividend And Keeps Valuation In Focus
Farmers & Merchants Bancorp (FMCB) Lifts Dividend And Keeps Valuation In Focus
Leadership: Kent A. Steinwert
CEO
Kent A. Steinwert has been instrumental in leading Farmers & Merchants Bancorp since his appointment as CEO. With a strong background in finance and banking, he has dedicated his career to serving the financial needs of the Central California community. Kent holds a degree in Business Administration and has extensive experience in various banking roles, contributing to the bank's strategic direction and growth.
Track Record: Under Kent's leadership, Farmers & Merchants Bancorp has achieved significant financial milestones, including consistent profit growth and expansion of its service offerings. His focus on customer service and community engagement has strengthened the bank's reputation and market position.
FMCB OTC Market Information
The OTC Other tier represents companies that trade on the over-the-counter market but do not meet the listing requirements of major exchanges like NYSE or NASDAQ. This tier typically includes smaller companies and those with less liquidity, often resulting in wider bid-ask spreads and less transparency.
- OTC Tier: OTC Other
- Lower liquidity compared to stocks traded on major exchanges, which can affect trading efficiency.
- Potential for higher volatility due to lower trading volumes.
- Limited analyst coverage compared to larger, publicly traded companies.
- Increased risk of fraud or less reliable information compared to regulated exchanges.
- Review financial statements and annual reports for accuracy.
- Verify the company's regulatory filings with the SEC.
- Assess the management team's experience and track record.
- Evaluate market conditions and economic factors affecting the bank.
- Research the competitive landscape and market positioning.
- Long-standing history and established presence in the banking industry.
- Transparent financial reporting and accessible investor communications.
- Regulatory compliance and oversight by banking authorities.
- Positive customer reviews and community engagement initiatives.
Common Questions About FMCB (Financial Services)
What does the AI Score mean for FMCB?
FMCB holds an AI Score of 51/100 (Grade: B). This is an educational research signal, not a buy or sell recommendation. The number comes from the legacy nine-factor engine (quantitative signals from revenue growth to news sentiment), written once, not refreshed.
Is FMCB a good stock?
Stock Expert AI does not rate FMCB buy, sell or hold. Farmers & Merchants Bancorp carries a MoonshotScore of 51/100 on the legacy nine-factor engine, a research rating against its peers. Whether it fits is your call: check what it sells, whether it earns, what the price assumes, and what would prove you wrong.
What does Farmers & Merchants Bancorp do?
Farmers & Merchants Bancorp operates as a bank holding company, providing a wide range of banking services through its subsidiary, Farmers & Merchants Bank of Central California. The bank offers various deposit accounts, commercial and consumer loans, real estate financing, and investment products.
What are the key factors to evaluate for FMCB?
Farmers & Merchants Bancorp (FMCB) holds an AI score of 51/100 (moderate). P/E: 10.09x vs the S&P 500's ~20-25x. Not financial advice.
How frequently does FMCB data refresh on this page?
FMCB's price was last updated on Sep 10, 2026 and refreshes on page view during U.S. market hours; the quote is a provider snapshot, not an exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven FMCB's recent stock price performance?
Farmers & Merchants Bancorp (FMCB) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Established brand with over a century of experience in banking. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider FMCB overvalued or undervalued right now?
Farmers & Merchants Bancorp (FMCB) trades at 10.09x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Can I buy fractional shares of FMCB?
Yes, most major brokerages offer fractional shares of Farmers & Merchants Bancorp (FMCB) with no minimum purchase requirement. This means you can invest any dollar amount regardless of the share price. Check your brokerage platform for specific terms, fees, and fractional share availability.
How can I track FMCB's earnings and financial reports?
Farmers & Merchants Bancorp (FMCB) reports quarterly earnings approximately 4-6 weeks after each fiscal quarter ends. You can track earnings dates, revenue and EPS estimates, and actual results on this page's Financials tab. Earnings surprises (beats or misses) often cause significant short-term price moves. Your brokerage can send alerts for FMCB earnings announcements.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is based on the latest available reports and may be subject to change.