XML 48 R34.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Combination & Asset Purchase (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Business Acquisition [Line Items] |
Schedule of Pro-forma Results | The following schedule includes pro-forma results for the years ended December 31, 2023, 2022 and 2021 as if all three acquisitions had occurred as of the beginning of the comparable prior reporting periods.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Summary of Operations |  |  |  |  |  |  |  |  |
Net Interest Income - Before Provision for Credit Losses and Unfunded* |  | $ | 81,397 |  |  | $ | 90,754 |  |  | $ | 84,749 |
Provision for Credit Losses and Unfunded* |  |  | 1,682 |  |  |  | 4,513 |  |  |  | 3,445 |
Net Interest Income After Provision for Credit Losses and Unfunded* |  |  | 79,715 |  |  |  | 86,241 |  |  |  | 81,304 |
Noninterest Income |  |  | 16,040 |  |  |  | 14,100 |  |  |  | 18,931 |
Noninterest Expense |  |  | 67,193 |  |  |  | 58,105 |  |  |  | 58,300 |
Income Before Income Taxes |  |  | 28,562 |  |  |  | 42,236 |  |  |  | 41,935 |
Income Taxes |  |  | 5,609 |  |  |  | 8,141 |  |  |  | 8,397 |
Net Income |  | $ | 22,953 |  |  | $ | 34,095 |  |  | $ | 33,538 |
Basic and Diluted Earnings Per Share |  | $ | 1.68 |  |  | $ | 2.51 |  |  | $ | 2.48 |
*ASU 2016-13 adopted during the first quarter of 2023; therefore, 2022 and 2021 provision amounts reflect the incurred loss method.
Schedule of Future Amortization of Core Deposit Intangible Assets | Future amortization expense of core deposit intangible assets is as follows:
|  | Geneva |  | Ossian |  | Perpetual |  | Peoples |  | Total |
|  | (In thousands) |
2024 |  | $ | 560 |  | $ | 140 |  | $ | 95 |  | $ | 861 |  | $ | 1,656 |
2025 |  |  | 560 |  |  | 140 |  |  | 95 |  |  | 861 |  |  | 1,656 |
2026 |  |  | - |  |  | 140 |  |  | 95 |  |  | 861 |  |  | 1,096 |
2027 |  |  | - |  |  | 140 |  |  | 95 |  |  | 861 |  |  | 1,096 |
2028 |  |  | - |  |  | 47 |  |  | 73 |  |  | 861 |  |  | 981 |
Thereafter |  |  | - |  |  | - |  |  | - |  |  | 646 |  |  | 646 |
Total |  | $ | 1,120 |  | $ | 607 |  | $ | 453 |  | $ | 4,951 |  | $ | 7,131 |
Customer Lists [Member] |
Business Acquisition [Line Items] |
Schedule of Future Amortization of Core Deposit Intangible Assets | Future amortization expense of customer list intangible is as follows:
|  | (In thousands) |
2024 |  | $ | 123 |
2025 |  |  | 123 |
2026 |  |  | 123 |
2027 |  |  | 48 |
2028 |  |  | - |
Thereafter |  |  | - |
Total |  | $ | 417 |
Peoples Federal Savings and Loan [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Peoples Federal Savings and Loan Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |
|  | (In Thousands) |
Cash |  | $ | 9,806 |
Common Shares (500,426 shares) |  |  | 13,446 |
Treasury stock repurchased (125 shares) |  |  | (3 | )
Total |  | $ | 23,249 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Assets |  |  |
Cash and cash equivalents |  | $ | 18,881 |
Other securities, at cost |  |  | 1,271 |
Loans, net |  |  | 101,755 |
Premises and equipment |  |  | 1,906 |
Goodwill |  |  | 5,924 |
Other assets |  |  | 12,081 |
Total Assets Purchased |  | $ | 141,818 |
Liabilities |  |  |
Deposits |  |  |
Noninterest bearing |  | $ | 7,139 |
Interest bearing |  |  | 104,719 |
Total deposits |  |  | 111,858 |
Federal Home Loan Bank (FHLB) advances |  |  | 896 |
Accrued expenses and other liabilities |  |  | 5,815 |
Total Liabilities Assumed |  | $ | 118,569 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2023 |  |  | 2022 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 798 |  |  | $ | - |
Additions |  |  | 6 |  |  |  | 856 |
Accretion |  |  | (232 | ) |  |  | (58 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | (6 | ) |  |  | - |
Ending Balance |  | $ | 566 |  |  | $ | 798 |
Perpetual Federal Savings Bank [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Perpetual Federal Savings Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |
|  | (In Thousands) |
Cash |  | $ | 59,234 |
Common Shares (1,833,845 shares) |  |  | 41,078 |
Total |  | $ | 100,312 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Assets |  |  |
Cash and cash equivalents |  | $ | 44,975 |
Federal funds sold |  |  | 1,672 |
Interest-bearing time deposits |  |  | 6,250 |
Other securities, at cost |  |  | 2,794 |
Loans, net |  |  | 334,661 |
Premises and equipment |  |  | 615 |
Goodwill |  |  | 25,220 |
Other assets |  |  | 3,975 |
Total Assets Purchased |  | $ | 420,162 |
Liabilities |  |  |
Deposits |  |  |
Noninterest bearing |  | $ | 2,018 |
Interest bearing |  |  | 309,090 |
Total deposits |  |  | 311,108 |
Federal Home Loan Bank (FHLB) advances |  |  | 6,218 |
Accrued expenses and other liabilities |  |  | 2,524 |
Total Liabilities Assumed |  | $ | 319,850 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2023 |  |  | 2022 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 4,236 |  |  | $ | 5,262 |
Additions |  |  | 39 |  |  |  | 294 |
Accretion |  |  | (1,480 | ) |  |  | (1,318 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | (2 | )
Ending Balance |  | $ | 2,795 |  |  | $ | 4,236 |
Ossian Financial Services, Inc. [Member] |
Business Acquisition [Line Items] |
Summary of Consideration Paid and Amounts of Assets Acquired and Liabilities Assumed Recognized | The following table summarizes the consideration paid for Ossian State Bank and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.
Fair Value of Consideration Transferred |  |  |
|  | (In Thousands) |
Cash |  | $ | 20,001 |
Total |  | $ | 20,001 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Assets |  |  |
Cash and cash equivalents |  | $ | 20,229 |
Interest-bearing time deposits |  |  | 20,226 |
Securities - available-for-sale |  |  | 30,243 |
Other securities, at cost |  |  | 281 |
Loans, net |  |  | 52,403 |
Premises and equipment |  |  | 494 |
Goodwill |  |  | 7,874 |
Other assets |  |  | 5,308 |
Total Assets Purchased |  | $ | 137,058 |
Liabilities |  |  |
Deposits |  |  |
Noninterest bearing |  | $ | 34,509 |
Interest bearing |  |  | 81,535 |
Total deposits |  |  | 116,044 |
Accrued expenses and other liabilities |  |  | 1,013 |
Total Liabilities Assumed |  | $ | 117,057 |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, are as follows:
|  | 2023 |  |  | 2022 |
|  | (In Thousands) |  |  | (In Thousands) |
Beginning Balance |  | $ | 470 |  |  | $ | 645 |
Additions |  |  | - |  |  |  | 1 |
Accretion |  |  | (176 | ) |  |  | (176 | )
Reclassification from nonaccretable difference |  |  | - |  |  |  | - |
Disposals |  |  | - |  |  |  | - |
Ending Balance |  | $ | 294 |  |  | $ | 470 |
Limberlost Bancshares, Inc. [Member] |
Business Acquisition [Line Items] |
Summary of Changes in Accretable Yield or Income Expected to be Collected | Changes in accretable yield, or income expected to be collected, for the acquisition of Bank of Geneva completed in 2019, are as follows:
|  | 2023 |  | 2022 |
|  | (In Thousands) |  | (In Thousands) |
Beginning Balance |  | $ | 785 |  | $ | 1,198 |
Additions |  |  | 11 |  |  | 13 |
Accretion |  |  | (433 | ) |  | (426 | )
Reclassification from nonaccretable difference |  |  | - |  |  | - |
Disposals |  |  | - |  |  | - |
Ending Balance |  | $ | 363 |  | $ | 785 |

X
- Definition Certain loans acquired in transfer accounted for as debt securities accretable yield movement. + References No definition available. + Details
Name: | fmao_CertainLoansAcquiredInTransferAccountedForAsDebtSecuritiesAccretableYieldMovementTableTextBlock
Namespace Prefix: | fmao_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 + Details
Name: | us-gaap_BusinessAcquisitionLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerListsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=fmao_PeoplesFederalSavingsAndLoanMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=fmao_PerpetualFederalSavingBankMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=fmao_OssianFinancialServiceIncorporatedMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=fmao_LimberlostBancsharesIncMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |