Farmers & Merchants Bancorp jumps after Q2 profit beat

Community lender Farmers & Merchants Bancorp's FMAO.O shares jump 10.4% to $34.44

FMAO late Monday topped Wall Street estimates for Q2 profit on strong revenue growth and lower credit costs

The company delivered an exceptionally strong quarter for pre-provision net revenue, a key metric followed by Wall Street, driven by better-than-expected net interest margin, disciplined expenses, and fee income, according to Hovde Group analyst Brendan Nosal

Credit was clean, too, and capital build persisted with M&A the likely preferred outlet, he added

All three brokerages covering the stock rate "hold"; median PT $29 - data compiled by LSEG

As of last close, FMAO stock up 26.2% YTD