Farmers & Merchants Bancorp (FMCB) Increases Cash Dividend for the 59th Consecutive Year

LODI, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), the Board of Directors declared a mid-year cash dividend of $8.80 per share, an increase of 6.0% over the $8.30 per share paid in July of 2023. The cash dividend is payable on July 1, 2024, to shareholders of record on June 11, 2024. The Company’s trailing twelve months net income through the 1^st quarter of 2024 was $116.37 per share, up 10.15% compared with $105.65 per share over the same period a year earlier. During the first quarter, the Company continued to concentrate the shareholders’ ownership percentage by repurchasing and retiring 5,201 shares, or approximately 21.6% of the board approved share repurchase plan and 0.70% of shares outstanding as of the beginning of the first quarter.

For the quarter ended March 31, 2024, Farmers & Merchants Bancorp reported net income of $22.7 million, or $30.56 per diluted common share, compared with $23.5 million earned in the first quarter of 2023. Annualized return on average assets for the first quarter of 2024 was 1.71% and return on average equity was 16.33%. Total assets at quarter-end were $5.7 billion. The Company’s credit quality remained solid with no non-accrual loans and leases and a negligible delinquency ratio of only 0.31% to total loans and leases as of March 31, 2024. At quarter-end, the Company’s allowance for credit losses was $75.0 million, or 2.02% of total loans and leases, with no provision recorded during the first quarter of 2024. The Company’s tier 1 leverage capital ratio was 10.83% at March 31, 2024, and the total risk-based capital ratio was 14.21%. The Company’s operating subsidiary, Farmers & Merchants Bank of Central California exceeded all regulatory requirements to be classified as “well-capitalized.” For further details on our first quarter results please see our press release dated April 17, 2024.

Kent A. Steinwert, Chairman, President and CEO noted, “The Board is very pleased with the Company’s strong first quarter 2024 and record full-year 2023 financial results and unanimously approved the cash dividend. This year marks the 89^th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 59^th consecutive year we have increased dividends. As a result of the reliability of our cash dividends over many decades, we remain a member of a select group of only 56 publicly traded companies designated as “Dividend Kings” by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17^th.”