Farmers & Merchants Bancorp Inc. Files 2023 Annual Report

TL;DR

<b>Farmers & Merchants Bancorp Inc. has filed its 2023 10-K annual report.</b>

AI Summary

FARMERS & MERCHANTS BANCORP INC (FMAO) filed a Annual Report (10-K) with the SEC on February 27, 2024. Filing is a 10-K annual report for Farmers & Merchants Bancorp Inc. (FMAO). The report covers the fiscal year ending December 31, 2023. The company is incorporated in Ohio and operates in the Savings Institution sector. Key dates include the filing date of February 27, 2024, and the reporting period ending December 31, 2023. The filing is publicly available and contains 153 documents.

Why It Matters

For investors and stakeholders tracking FARMERS & MERCHANTS BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FMAO's financial performance and business operations for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial data within the report will allow stakeholders to analyze trends, risks, and strategic decisions made by Farmers & Merchants Bancorp Inc. during the reporting period.

Risk Assessment

Risk Level: medium — FARMERS & MERCHANTS BANCORP INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate high risk without further analysis of the specific financial data and risk factors presented within the full document.

Analyst Insight

Review the full 10-K filing for Farmers & Merchants Bancorp Inc. to analyze its financial statements, risk factors, and management discussion for investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240227 — Filing Date (Filed as of date)
• 153 — Public Document Count (Number of documents in the filing)
• 6035 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• FARMERS & MERCHANTS BANCORP INC (company) — Filer name
• FMAO (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• OH (location) — State of incorporation
• ARCHBOLD (location) — Business address city
• 4194462501 (phone) — Business phone
• 001-38084 (other) — SEC file number

FAQ

Industry Context

Farmers & Merchants Bancorp Inc. operates within the savings institution sector, a part of the broader financial services industry focused on deposit-taking and lending activities.

Regulatory Implications

As a federally chartered savings institution, FMAO is subject to regulations from federal banking authorities, including oversight by the SEC for its public filings.

What Investors Should Do

1. Access and thoroughly review the complete 10-K filing for Farmers & Merchants Bancorp Inc. (FMAO).
2. Analyze the financial statements, including balance sheets, income statements, and cash flow statements, for the fiscal year ended December 31, 2023.
3. Examine the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections for insights into the company's challenges and strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so a comparison to a previous filing is not possible with the given data.

Filing Documents

• fmao-20231231.htm (10-K) — 7624KB
• fmao-ex3_1b.htm (EX-3.1B) — 12KB
• fmao-ex21.htm (EX-21) — 11KB
• fmao-ex23.htm (EX-23) — 9KB
• fmao-ex31_1.htm (EX-31.1) — 12KB
• fmao-ex31_2.htm (EX-31.2) — 11KB
• fmao-ex32_1.htm (EX-32.1) — 8KB
• fmao-ex32_2.htm (EX-32.2) — 7KB
• img45953366_0.jpg (GRAPHIC) — 12KB
• img45953366_1.jpg (GRAPHIC) — 2KB
• img45953366_2.jpg (GRAPHIC) — 12KB
• img45953366_3.jpg (GRAPHIC) — 2KB
• img89735615_0.jpg (GRAPHIC) — 12KB
• 0000950170-24-021373.txt (&nbsp;) — 34057KB
• fmao-20231231.xsd (EX-101.SCH) — 3332KB
• fmao-20231231_htm.xml (XML) — 9088KB

Business

Business 3 - 11 Item 1a.

Risk Factors

Risk Factors 11 - 17 Item 1b. Unresolved Staff Comments 17 Item 1c. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 21 - 22 Item 6. Reserved 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 - 47 Item 7a.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes In and Disagreements on Accounting and Financial Disclosure 118 Item9a.

Controls and Procedures

Controls and Procedures 118 Item 9b. Other Information 121 Item 9c. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 121 Item 10. Directors and Executive Officers of the Registrant 121 - 123 Item 11.

Executive Compensation

Executive Compensation 124 Item 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 124 Item 13. Certain Relationships and Related Transactions 125 Item 14. Principal Accountant Fees and Services 125 Item 15. Exhibits, Financial Schedules and Reports on Form 8-K 126 - 127 Item 16. Form 10-K Summary 127

Signatures

Signatures 128 Exhibit 3.1b Amended Articles of Incorporation of the Registrant 129 Exhibit 21. Subsidiaries of Farmers & Merchants Bancorp, Inc. 130 Exhibit 23. Consent of FORVIS, LLP 131 Exhibit 31. Certifications Under Section 302 132 Exhibit 32. Certifications Under Section 906 134 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. (1) Exhibit 101.SCH Inline XBRL Taxonomy Extension Schema Document (1) Exhibit 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document (1) Exhibit 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document (1) Exhibit 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document (1) Exhibit 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document (1) (1) Pursuant to Rule 406T of Regulation S-T, the interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. Total Pages: 135 2

Forward Looking Statements

Forward Looking Statements PART I

BUSINESS

ITEM 1. BUSINESS General Farmers & Merchants Bancorp, Inc. (Company) is a bank holding company incorporated under the laws of Ohio in 1985 and elected to become a financial holding company under the Federal Reserve in 2014. Our primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that has been primarily serving Northwest Ohio and Northeast Indiana since 1897. Our other subsidiary, Farmers & Merchants Risk Management (Captive) was a captive insurance company formed in December 2014 and located in Nevada. The Captive was dissolved in December 2023. We report our financial condition and net income on a consolidated basis and we report only one segment. Our executive offices are located at 307 North Defiance Street, Archbold, Ohio 43502, and our telephone number is (419) 446-2501. For a discussion of the general development of the Company's business throughout 2023, please see the portion of Management's Discussion and Analysis of Financial Condition and Results of Operations captioned "2023 in Review." Nature of Activities The Farmers & Merchants State Bank engages in general commercial banking business. Our activities include commercial, agricultural and residential mortgage as well as consumer lending activities. Because the majority of the Bank's offices are located in Northwest Ohio, Northeast Indiana and Southern Michigan, a substantial amount of the loan portfolio is comprised of loans made to customers in the farming industry for such things as farm land, farm equipment, livestock and operating loans for seed, fertilizer, and feed. Other types of lending activities include loans for home improvements and loans for such items as autos, trucks, recreational vehicles and motorcycles. With the expansion into newer market areas, the most recent increases in loan activity have been in commercial real estate, providing operating lines of credit and machinery purchases. Consumer real estate also increased subst

View Full Filing

View this 10-K filing on SEC EDGAR