FMAOHIGH SIGNALFINANCIAL10-K

FMAO experienced extraordinary growth with net interest income surging 290% and net income jumping 276%, suggesting either a major acquisition, business transformation, or significant market expansion.

The dramatic increases across all major income statement metrics, combined with a 250% spike in interest expense, indicate either a transformative acquisition or major business scaling that fundamentally changed the company's size and operations. While the growth appears positive, the magnitude of change warrants close scrutiny of the underlying drivers and sustainability of these results.

Comparing 2026-02-27 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

FMAO delivered explosive financial growth with net interest income soaring 290% to $173.5M and net income jumping 276% to $33.3M, though this came with a proportional 250% increase in interest expense to $58.4M. The company strengthened its balance sheet with stockholders' equity growing 11% to $370.9M and cash increasing 26% to $24.3M, while reducing share buybacks by 46%. The extraordinary magnitude of these changes suggests either a major acquisition or fundamental business transformation that dramatically expanded the company's scale and operations.

FINANCIAL STATEMENT CHANGES
Net Interest Income
P&L
+290.1%
$44.5M→$173.5M

Net interest income grew 290.1% — benefiting from rate environment or loan book expansion.

Net Income
P&L
+276.2%
$8.9M→$33.3M

Net income grew 276.2% — bottom-line growth signals improving overall business health.

Provision for Credit Losses
P&L
+269.1%
$460K→$1.7M

Credit loss provisions surged 269.1% — management flagging significant deterioration in loan quality ahead.

Interest Expense
P&L
+249.8%
$16.7M→$58.4M

Interest expense surged 249.8% — significant debt increase or rising rates materially impacting earnings.

Share Buybacks
Cash Flow
-45.5%
$664K→$362K

Buyback activity reduced 45.5% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
+26.1%
$19.3M→$24.3M

Cash grew 26.1% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
+13.1%
$32.5M→$36.7M

Operating cash flow grew 13.1% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+10.6%
$335.2M→$370.9M

Equity base grew 10.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-26
ADDED
As of February 20, 2026, the Registrant had 14,564,425 shares of common stock issued of which 13,748,074 shares are outstanding.
Changes In and Disagreements on Accounting and Financial Disclosure 119 Item9a.
Form 10-K Summary 126 Signatures 127 Exhibit 10.9 Farmers Merchants Bancorp, Inc.
Certifications Under Section 906 150 Exhibit 101.INS Inline XBRL Instance Document The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Total Pages: 151 2 Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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REMOVED
As of February 21, 2025, the Registrant had 14,564,425 shares of common stock issued of which 13,700,311 shares are outstanding.
Changes In and Disagreements on Accounting and Financial Disclosure 120 Item9a.
Form 10-K Summary 128 Signatures 129 Exhibit 10.5 Form of Restricted Stock Award with Non-solicit Covenants 130 Exhibit 10.6 Form of Restricted Stock Award for Senior Officers with Non-competition Covenants 134 Exhibit 10.8 Change in Control Agreement 138 Exhibit 19.
Clawback Policy 156 Exhibit 101.INS Inline XBRL Instance Document The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Total Pages: 158 3 Forward Looking Statements Statements contained in the Company's Annual Report on Form 10-K may be forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995.
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