# The Yamagata Bank, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第214期(2025/04/01－2026/03/31) (S100YE2M)
> Page: https://vizora.meequs.com/en/company/yamagata-bank
> Retrieved: 2026-09-30T21:11:18.895Z

## Company

The Yamagata Bank, founded in 1896, is a company in Regional Banks listed on TSE Prime. It has 1,178 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Yamagata Bank, Ltd. |
| Ticker | 8344 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8344.T) |
| Listing | TSE Prime |
| Head office | 山形県山形市七日町三丁目1番2号 (本店建替えのため一時移転し、実際の業務は下記の場所で行っております。)山形県山形市旅篭町二丁目2番31号 |
| Representative (per filing) | 取締役頭取 佐藤英司 |
| Founded | Apr 1896 |
| Employees (consolidated) | 1,178 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.yamagatabank.co.jp (https://www.yamagatabank.co.jp/) |
| Corporate number | 5390001002010 |
| EDINET | E03549 |
| Industries (Vizora) | Regional Banks, Credit Cards & Consumer Credit, Leasing |

> Profile source: annual securities report (S100YE2M, filed 2026-06-18). As of filing

## Key points (generated from figures)

- About 87% of The Yamagata Bank's ordinary revenue comes from Banking, with Leasing and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥14 is left as ordinary profit.
- Ordinary revenue changed +19.8% from the prior year, ordinary profit +39.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥63.3B |  |
| Ordinary income | ¥9.05B | Margin 14.3% |
| Net income | ¥6.53B | Margin 10.3% |
| Employees (consolidated) | 1,178 |  |
| EPS | ¥199.61 |  |
| Book value per share | ¥4478.99 |  |
| Equity ratio | 4.6% |  |
| Shares outstanding | 32,216,000 |  |
| Treasury shares | 787,100 |  |
| Shareholders | 13,887 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 4.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41225000000 | ¥63330000000 | +53.6% |
| Employees | 1,300 people | 1,178 people | -9.4% |
| Cash and equivalents | ¥381927000000 | ¥186286000000 | -51.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 銀行業 → 銀行業 | 82.0% |
| リース業 → リース業 | 10.2% |
| リース業 → 事業再編・廃止 | 4.1% |
| 信用保証業 → 信用保証業 | 0.3% |
| 信用保証業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 2.3% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 銀行業 | 5.1% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking | 5 years | +10.3% | ¥55168000000 | 15.2% | 2 |
| Leasing | 5 years | +1.9% | ¥6490000000 | 3.7% | 2 |
| Other | 5 years | +3.3% | ¥1465000000 | 17.9% | 2 |
| Credit guarantee business | 5 years | -3.2% | ¥212000000 | 296.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 63,330 | 100.0% | S100YE2M |
| Ordinary expenses | 54,283 | 85.7% | S100YE2M |
| Ordinary income | 9,046 | 14.3% | S100YE2M |
| Extraordinary income | 0 | 0.0% | S100YE2M |
| Extraordinary loss | 18 | 0.0% | S100YE2M |
| Pretax income | 9,028 | 14.3% | S100YE2M |
| Income tax | 2,497 | 3.9% | S100YE2M |
| Net income | 6,531 | 10.3% | S100YE2M |
| Net income attributable to owners | 6,528 | 10.3% | S100YE2M |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 86 |
| Ordinary income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Ordinary margin 14.3% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.8%; Core profit growth: +39.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 52,861 | 63,330 | 10,469 | +19.8% |
| Net income attributable to owners | 4,412 | 6,528 | 2,116 | +48.0% |
| Operating cash flow | -42,758 | 26,449 | 69,207 | — |
| Free cash flow | -46,278 | 18,107 | 64,385 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 45,886 | — | — | 5,473 | 35,898 | — | S100M6P4 |
| FY ending Mar 2018 | 42,488 | — | — | 4,988 | -52,166 | — | S100OC0E |
| FY ending Mar 2019 | 47,354 | — | — | 4,020 | -46,581 | — | S100QZCI |
| FY ending Mar 2020 | 44,041 | — | — | 2,537 | 100,034 | 96,899 | S100M6P4 |
| FY ending Mar 2021 | 41,225 | — | — | 2,852 | 440,197 | 438,091 | S100OC0E |
| FY ending Mar 2022 | 44,026 | — | — | 3,398 | 450,231 | 445,887 | S100QZCI |
| FY ending Mar 2023 | 51,184 | — | — | 3,435 | -469,312 | -471,083 | S100TORS |
| FY ending Mar 2024 | 55,097 | — | — | 2,080 | -145,352 | -147,203 | S100VZWT |
| FY ending Mar 2025 | 52,861 | — | — | 4,412 | -42,758 | -46,278 | S100YE2M |
| FY ending Mar 2026 | 63,330 | — | — | 6,528 | 26,449 | 18,107 | S100YE2M |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.8M |
| Net income per employee (consolidated) | ¥5.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,257 | 1,215 | 1,175 | 1,175 | 1,178 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.6M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 40.5 years | 40.8 years | 41.0 years | 41.2 years | 41.0 years |
| Average tenure (parent company) | 17.5 years | 17.8 years | 17.9 years | 18.0 years | 17.8 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +19.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 55,168 | 87.1% | 8,411 | 15.2% |
| Leasing | 6,490 | 10.2% | 241 | 3.7% |
| Credit guarantee business | 212 | 0.3% | 629 | 296.7% |
| Other | 1,465 | 2.3% | 262 | 17.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Banking | 87.1% |
| Leasing | 10.2% |
| Credit guarantee business | 0.3% |
| Other | 2.3% |

Segment → industry: Banking → Regional Banks / Credit guarantee business → Credit Cards & Consumer Credit / Leasing → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 26,449 | 41.8% | S100YE2M |
| Capital expenditure | 8,342 | 13.2% | S100YE2M |
| Free cash flow | 18,107 | 28.6% | 算出 |
| Investing cash flow | -37,832 | -59.7% | S100YE2M |
| Financing cash flow | -3,479 | -5.5% | S100YE2M |
| Dividends paid | 1,778 | 2.8% | S100YE2M |
| Share buyback | 1,701 | 2.7% | S100YE2M |
| Change in cash | -14,862 | -23.5% | S100YE2M |
| Cash and equivalents | 186,286 | 294.2% | S100YE2M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.1% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.9% | 2026-03-31 |
| 両羽協和株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社合同資源 | Major shareholder | 1.3% | 2026-03-31 |
| 山形銀行従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第214期(2025/04/01－2026/03/31) | S100YE2M | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE2M,, |
| 有価証券報告書－第213期(2024/04/01－2025/03/31) | S100VZWT | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZWT,, |
| 有価証券報告書－第212期(2023/04/01－2024/03/31) | S100TORS | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TORS,, |
| 有価証券報告書－第211期(2022/04/01－2023/03/31) | S100QZCI | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZCI,, |
| 有価証券報告書－第210期(令和3年4月1日－令和4年3月31日) | S100OC0E | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC0E,, |
| 訂正有価証券報告書－第209期(令和2年4月1日－令和3年3月31日) | S100M6P4 | 2021-08-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M6P4,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).