Net interest margin expansion/contraction driven by Fed policy and deposit pricing competition
Loan portfolio growth in commercial and agricultural segments within Northwest Ohio footprint
Credit quality trends and provision expense, particularly in agricultural loan book
Deposit retention and cost of funds relative to regional competitors
moderate-to-high - Regional bank performance correlates strongly with local economic conditions in Northwest Ohio agricultural and small business markets. Agricultural lending exposure creates sensitivity to commodity prices and farm income. Commercial loan demand tied to regional business investment and expansion. However, diversified loan portfolio and conservative underwriting provide some downside protection during recessions.
High positive sensitivity to rising rates through net interest margin expansion, as loan yields reprice faster than deposit costs in typical cycle. However, current environment (February 2026) with rates potentially stabilizing or declining could pressure NIM if deposit costs remain sticky. Asset-sensitive balance sheet structure means declining rates would compress margins. Duration of securities portfolio and loan repricing characteristics are critical.
Community bank consolidation pressure as sub-$1B institutions struggle with regulatory costs and technology investment requirements, potentially forcing sale at unfavorable valuations
Digital banking disruption eroding deposit franchise as customers shift to national online banks offering higher rates and superior mobile platforms
Agricultural sector structural challenges including climate volatility, trade policy uncertainty, and commodity price cycles affecting core lending market
value - Trading at 1.1x book value and 2.1x sales with 9.3% ROE attracts value investors seeking undervalued community bank franchises with potential for margin expansion or M&A premium. Recent 23% three-month return suggests momentum interest emerging. Likely dividend-focused given traditional bank shareholder base, though specific yield not provided. Not a growth story given 7% revenue growth and regional constraints.
Trend
+2.9% vs SMA 50 · +24.6% vs SMA 200
Momentum
Heavy distribution on elevated volume — institutions appear to be exiting. Squeeze setups unlikely while selling pressure persists.
Based on volume distribution analysis. Direct short interest data (short float %, days to cover) is not available in current data sources.
ANALYST ESTIMATES
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2023 | $95.4M $95.1M–$95.8M | — | $1.56 | — | ±0% | Low2 |
FY2024 | $100.4M $100.1M–$100.7M | ▲ +5.2% | $1.74 | ▲ +11.0% | ±1% | Moderate3 |
FY2025 | $120.5M $120.4M–$120.5M | ▲ +20.0% | $2.38 | ▲ +36.9% | ±0% | Low2 |
Dividend per payment — last 8 periods
INSTITUTIONAL OWNERSHIP
FMAO News
About
founded in 1897 in archbold, ohio, farmers & merchants state bank has been a stable financial institution for our communities. f&m is committed to ensure that communuity banking continues to grow and prosper by providing quality customer service and supplying the financial needs to individuals, farmers, businesses and industries in our market. f&m has 22 office locations in archbold, bryan, defiance, delta, hicksville, montpelier, napoleon, perrysburg, stryker, swanton, sylvania, wauseon, and west unity in ohio and angola, auburn, and butler in indiana. member fdic
| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
FMAO◀ | $26.44 | -1.08% | $364M | 10.1 | +709.8% | 1761.5% | 1500 |
| $297.81 | -0.70% | $798.0B | 14.1 | — | — | 1501 | |
| $325.75 | +1.00% | $624.4B | 28.0 | +1134.0% | 5014.5% | 1501 | |
| $494.20 | +0.87% | $436.7B | 28.3 | +1641.6% | 4564.7% | 1492 | |
| $49.77 | +0.00% | $353.2B | — | -45.1% | — | 1496 | |
| $192.51 | -1.04% | $303.6B | 16.6 | +1147.7% | 1466.4% | 1528 | |
| $948.47 | -2.11% | $279.8B | 15.9 | -138.4% | 1373.0% | 1524 | |
| Sector avg | — | -0.44% | — | 18.9 | +741.6% | 2836.0% | 1506 |