Farmers & Merchants Bancorp: Record Earnings Meets A Historically Cheap Valuation

2025-11-21 22:18:29 ET

Farmers & Merchants Bancorp ( OTCQX:FMCB ) has remained a fairly quiet performer in recent months, delivering a roughly flat return since my last update in the summer. While that is consistent with the returns of the wider small bank space, this Lodi, California-based player has been treading water for a few years now – a frustrating performance given the extent of its earnings and balance sheet growth in that time....

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