--- title: "Farmers & Merchants | 10-Q: FY2026 Q1 Revenue: USD 48.3 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284620243.md" datetime: "2026-04-29T17:54:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284620243.md) - [en](https://longbridge.com/en/news/284620243.md) - [zh-HK](https://longbridge.com/zh-HK/news/284620243.md) --- # Farmers & Merchants | 10-Q: FY2026 Q1 Revenue: USD 48.3 M Revenue: As of FY2026 Q1, the actual value is USD 48.3 M. EPS: As of FY2026 Q1, the actual value is USD 0.7, beating the estimate of USD 0.68. EBIT: As of FY2026 Q1, the actual value is USD -15.11 M. ### Financial Performance Overview #### Net Income and Comprehensive Income Net income for the three months ended March 31, 2026, was $9,578 thousand, an increase from $6,952 thousand for the same period in 2025. Comprehensive income was $7,940 thousand for the three months ended March 31, 2026, compared to $12,058 thousand for the three months ended March 31, 2025. #### Interest Income and Expense Total interest income increased to $43,298 thousand for the three months ended March 31, 2026, from $41,002 thousand in the prior year period. Interest income from loans, including fees, rose to $39,827 thousand in 2026 from $37,072 thousand in 2025. Total interest expense decreased to $15,854 thousand for the three months ended March 31, 2026, from $17,093 thousand for the same period in 2025. Interest expense on deposits decreased to $13,249 thousand from $13,988 thousand year-over-year. #### Net Interest Income and Credit Loss Provision Net interest income before provision for credit losses was $27,444 thousand for the three months ended March 31, 2026, up from $23,909 thousand in 2025. The provision for credit losses on loans decreased to $302 thousand in 2026 from $811 thousand in 2025. The provision for credit losses on off-balance sheet credit exposures was $6 thousand in 2026, compared to a recovery of - $260 thousand in 2025. Net interest income after provision for credit losses was $27,136 thousand for the three months ended March 31, 2026, an increase from $23,358 thousand in 2025. #### Noninterest Income Total noninterest income increased to $5,000 thousand for the three months ended March 31, 2026, from $4,162 thousand in the prior year period. Key increases include customer service fees ($483 thousand vs. $381 thousand), other service charges and fees ($1,283 thousand vs. $1,124 thousand), interchange income ($1,513 thousand vs. $1,421 thousand), loan servicing income ($838 thousand vs. $762 thousand), and net gain on sale of loans ($575 thousand vs. $284 thousand). The increase in cash surrender value of bank owned life insurance also rose to $655 thousand from $244 thousand. Farmers & Merchants Bancorp, Inc. reported a loss on sale of available-for-sale securities of - $347 thousand in 2026, with no such loss in 2025. #### Noninterest Expense Total noninterest expense increased to $19,801 thousand for the three months ended March 31, 2026, from $18,760 thousand in 2025. Notable changes include salaries and wages ($8,267 thousand vs. $7,878 thousand), furniture and equipment ($1,566 thousand vs. $1,278 thousand), data processing ($994 thousand vs. $557 thousand), and servicing rights amortization - net ($523 thousand vs. $127 thousand). Consulting fees decreased to $254 thousand from $745 thousand. #### Cash Flows Net cash provided by operating activities decreased to $7,651 thousand for the three months ended March 31, 2026, from $11,009 thousand for the same period in 2025. Net cash provided by investing activities was $23,706 thousand for the three months ended March 31, 2026, a significant change from net cash used in investing activities of - $24,278 thousand in 2025. Net cash provided by financing activities increased to $44,395 thousand for the three months ended March 31, 2026, from $9,955 thousand in 2025. #### Loan Portfolio and Credit Quality Total loans, net of allowance for credit losses, were $2,654,135 thousand as of March 31, 2026, decreasing from $2,685,990 thousand as of December 31, 2025. Loans held for sale increased to $5,579 thousand at March 31, 2026, from $3,934 thousand at December 31, 2025. The allowance for credit losses (ACL) increased to $27,830 thousand at March 31, 2026, from $27,688 thousand at December 31, 2025. Total past due loans were $16,050 thousand at March 31, 2026, compared to $7,874 thousand at December 31, 2025. Nonaccrual loans totaled $11,070 thousand at March 31, 2026, down from $11,256 thousand at December 31, 2025. Farmers & Merchants Bancorp, Inc. had $319 thousand in foreclosed residential real estate property at March 31, 2026, compared to none at December 31, 2025. #### Mortgage Servicing Rights Net servicing rights were $4,972 thousand at March 31, 2026, compared to $5,805 thousand at March 31, 2025. The valuation allowance for servicing rights increased to - $1,187 thousand at March 31, 2026, from - $48 thousand at March 31, 2025. Impairment on loan servicing rights was $1.2 million at March 31, 2026, with $5 thousand related to 1-4 family real estate loans and the remainder to agricultural real estate loans. #### Intangible Assets Amortization expense of core deposit intangible was $274 thousand for the three months ended March 31, 2026. Amortization expense of customer list intangible was $31 thousand for the three months ended March 31, 2026. #### Future Outlook Farmers & Merchants Bancorp, Inc. expects $1,096 thousand to be expensed for core deposit intangible assets and $123 thousand for customer list intangible assets for the full year 2026. The fair value of securities with unrealized losses is anticipated to recover as the bonds approach maturity, assuming the Company intends and is able to hold them. ### Related Stocks - [FMAO.US](https://longbridge.com/en/quote/FMAO.US.md) ## Related News & Research - [Torrid Reports First Quarter 2026 Results and Fiscal 2026 Guidance | CURV Stock News](https://longbridge.com/en/news/288766232.md) - [Ferrellgas Partners, L.P. 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