Farmers & Merchants Bancorp: Shares Still Attractive Despite Recent Gains Shares of Farmers & Merch...

Farmers & Merchants Bancorp: Shares Still Attractive Despite Recent Gains Shares of Farmers & Merchants Bancorp have finally woken up, returning around 50% since my previous update last November. Cheaper funding and fixed-asset repricing have contributed to FMCB's recent margin expansion. While the former will fade now that rates are rising again, the latter still has room to run. Credit quality remains excellent, with net charge-offs and non-performing assets at trivial levels relative to total loans.