$FMCB

FARMERS & MERCHANTS BANCORP

CIK:0001085913|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans and leases	$ 55,707	$ 54,839	$ 110,389	$ 108,874
Interest and dividends on investment securities	14,926	11,036	30,670	21,498
Interest on deposits with others	1,845	4,186	3,129	6,827
Total interest income	72,478	70,061	144,188	137,199
Interest expense
Deposits	14,951	15,999	29,582	29,804
Subordinated debentures	177	194	353	386
Total interest expense	15,128	16,193	29,935	30,190
Net interest income	57,350	53,868	114,253	107,009
Provision for credit losses	500	1,400	1,000	1,700
Net interest income after provision for credit losses	56,850	52,468	113,253	105,309
Non-interest income
Card processing	1,888	1,789	3,622	3,456
Service charges on deposit accounts	793	744	1,612	1,516
Increase in cash surrender value of BOLI	662	627	1,300	1,230
Net gain on sale of securities available-for-sale	45	0	45	0
Net gain on deferred compensation benefits	0	764	0	1,597
Other	1,648	1,595	3,616	2,741
Total non-interest income	5,036	5,519	10,195	10,540
Non-interest expense
Salaries and employee benefits	19,220	18,432	39,653	35,576
Data processing	1,798	1,784	3,662	3,422
Occupancy	1,318	1,293	2,561	2,595
Deposit insurance	837	750	1,677	1,498
Professional services	1,596	694	2,735	1,616
Marketing	412	452	990	919
Net gain on deferred compensation benefits	0	764	0	1,597
Other	2,959	2,482	6,040	4,937
Total non-interest expense	28,140	26,651	57,318	52,160
INCOME BEFORE INCOME TAXES	33,746	31,336	66,130	63,689
Income tax expense	9,014	8,281	17,327	17,625
NET INCOME	$ 24,732	$ 23,055	$ 48,803	$ 46,064
Earnings per common share:
Basic (in Dollars per share)	$ 36.77	$ 33.06	$ 72.68	$ 65.94
Diluted (in Dollars per share)	$ 36.39	$ 32.94	$ 71.46	$ 65.8
Weighted average number of common shares
Basic (in Shares)	672,666	697,332	671,472	698,527
Diluted (in Shares)	679,560	699,852	682,912	700,102

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 48,803	$ 46,064
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,000	1,700
Depreciation and amortization	1,539	1,530
Net accretion of securities premiums and discounts	(2,095)	(560)
Stock based compensation expense	6,609	5,192
Increase in cash surrender value of BOLI	(1,300)	(1,230)
Net gain on sale of OREO	(340)	0
Decrease in deferred income taxes, net	10,990	1,125
Realized gain on sale of securities available-for-sale	(45)	0
Net changes in:
Other assets	8,075	2,943
Other liabilities	489	4,246
Net cash provided by operating activities	73,725	61,010
Cash flows from investing activities:
Net (increase)/decrease in loans and leases held for investment	(60,815)	54,064
Purchase of available-for-sale securities	(78,311)	(123,285)
Purchase of held-to-maturity securities	(2,435)	(6,351)
Proceeds from sales, maturities, calls and pay downs of available-for-sale securities	87,420	24,099
Proceeds from maturities, calls and pay downs of held-to-maturity securities	24,821	26,867
Purchase of premises and equipment	(13,036)	(3,266)
Purchase of other investments	(4,723)	(3,441)
Proceeds from sale of OREO	5,840	0
Proceeds from sale of assets	0	60
Net cash used in investing activities	(41,239)	(31,253)
Cash flows from financing activities:
Net increase in deposits	115,137	61,225
Cash dividends paid	(7,264)	(6,481)
Restricted stock vesting distribution	(6,303)	0
Cash used in share repurchase program	0	(2,934)
Purchase of treasury stock	(279)	(2,378)
Net cash provided by financing activities	101,291	49,432
Net change in cash and cash equivalents	133,777	79,189
Cash and cash equivalents, beginning of period	144,864	212,563
Cash and cash equivalents, end of period	278,641	291,752
Supplemental disclosures of cash flow information:
Cash paid for interest	30,853	32,930
Income taxes paid	8	10,002
Supplemental disclosures of non-cash transactions:
Accrued cash dividend on restricted stock	(107)	(287)
Net (increase)/decrease in unrealized losses on available-for-sale securities	$ (11,314)	$ 8,935

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 92,632	$ 60,622
Interest-bearing deposits with banks	186,009	84,242
Total cash and cash equivalents	278,641	144,864
Securities available-for-sale, amortized cost $948,141 and $955,203 respectively	932,778	951,154
Securities held-to-maturity, fair value $568,644 and $592,736, respectively	696,464	718,641
Allowance for credit losses - securities held-to-maturity	(450)	(450)
Total investment securities	1,628,792	1,669,345
Non-marketable securities	15,549	15,549
Loans and leases held for investment, net of unearned income	3,703,857	3,648,945
Allowance for credit losses - loans and leases	(77,253)	(76,375)
Loans held for investment, net	3,626,604	3,572,570
Bank-owned life insurance	77,914	76,614
Premises and equipment, net	67,270	55,847
Deferred income tax assets and income taxes receivevable	27,521	38,775
Accrued interest receivable	28,807	29,996
Goodwill	11,183	11,183
Other intangibles	922	1,165
Other real estate owned	1,015	0
Other assets	71,241	74,202
Total Assets	5,835,459	5,690,110
Deposits:
Non-interest bearing	1,596,642	1,642,119
Interest-bearing:
Demand	893,360	802,352
Savings and money market	1,859,920	1,790,274
Certificates of deposit	743,041	743,081
Total interest-bearing	3,496,321	3,335,707
Total deposits	5,092,963	4,977,826
Subordinated debentures	10,310	10,310
Interest payable and other liabilities	53,169	56,460
Total Liabilities	5,156,442	5,044,596
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS’ EQUITY
Preferred shares, no par value, 1,000,000 shares authorized and none issued or outstanding	0	0
Common shares, $0.01 par value, 7,500,000 authorized, 722,840 and 728,560 issued and 691,944 and 697,904 outstanding at June 30, 2026 and December 31, 2025, respectively	7	7
Additional paid-in capital	11,856	11,550
Retained earnings	710,694	669,262
Accumulated other comprehensive loss, net of taxes	(11,468)	(3,512)
Treasury stock, at cost; 30,896 shares at June 30, 2026 and 30,656 shares at December 31, 2025	(32,072)	(31,793)
TOTAL SHAREHOLDERS’ EQUITY	679,017	645,514
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 5,835,459	$ 5,690,110