Farmers & Merchants Bancorp: Looking Interesting For Long-Term Investors (Rating Upgrade) [Seeking Alpha]
FRMRS&MER BNCORP LODI CA (FMCB)
NASDAQ:AMEX Investor Relations:
farmers.com
Company Research
Source: Seeking Alpha
Non-interest-bearing deposits have stabilized, while interest-bearing deposit cost growth is likewise moderating. Credit quality remains excellent. With the shares now below 1.4x tangible book value, the stock trades at its lowest premium in a long time, excluding COVID-hit 2020. Tucked away on the pink sheets with pretty thin trading volume, life can often move quite slowly for the shares of Farmers & Merchants Bancorp ( OTCQX:FMCB ). Indeed, just as this California-based lender avoided the sell-off that hit other regional banks in the early part of 2023, it also missed out on the end-of-year rally, ultimately resulting in around 20ppt of underperformance since my last update in September. Headwinds to income stemming from higher funding costs and weak loan growth drove my Hold rating back then. While quality was/is not an issue with this bank, a then-valuation of 1.45x tangible book value per share ("TBVPS") looked about right given FMCB's mid-teens return on tangible common
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FMCB
News
- Farmers & Merchants Bank of Central California (FMCB) ranked #4 Best-Performing Community Bank in the United States for 2023GlobeNewswire
- Farmers & Merchants Bancorp (FMCB) Reports Strong First Quarter 2024 EarningsGlobeNewswire
- Farmers & Merchants Bancorp: A Dividend King At An Attractive Valuation [Seeking Alpha]Seeking Alpha
FMCB
Sec Filings
- 4/17/24 - Form 8-K
- 4/5/24 - Form 8-K
- 4/5/24 - Form 8-A12G/A
- FMCB's page on the SEC website