Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Statements of Parent Company [Abstract]

Balance Sheets

Financial information pertaining only to Farmers and Merchants Bancorp (“FMCB”), on a parent-only basis, is as follows:

	December 31,
(Dollars in thousands)	2021		2020
Balance Sheets
Assets
Cash and cash equivalents	$	1,535	$	4,551
Investment in subsidiaries		472,573		429,347
Other assets		241		956
Total assets	$	474,349	$	434,854
Liabilities and shareholders’ equity
Subordinated debentures	$	10,310	$	10,310
Other liabilities		903		879
Shareholders’ equity		463,136		423,665
Total liabilities and shareholders’ equity	$	474,349	$	434,854

Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2021		2020		2019
Statements of Income
Dividend and other income from subsidiaries	$	9,900	$	19,874	$	13,166
Interest and dividends		9		11		17
Total income		9,909		19,885		13,183
Reimbursement of expenses from subsidiaries		780		821		800
Other expenses		1,469		1,656		1,616
Total expense		2,249		2,477		2,416
Income before income taxes		7,660		17,408		10,767
Income tax benefit		660		729		698
		8,320		18,137		11,465
Equity in undistributed net income of subsidiaries		58,016		40,597		44,571
Net income	$	66,336	$	58,734	$	56,036

Statements of Cash Flows

(Dollars in thousands)	Year Ended December 31,
Statements of Cash Flows	2021			2020			2019
Cash flows from operating activities:
Net income	$	66,336		$	58,734		$	56,036
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of the Bank		(58,016	)		(40,597	)		(44,571	)
Change in other assets and liabilities		739			(393	)		62
Net cash provided by operating activities		9,059			17,744			11,527
Cash flows from investing activities:
Payments for investments in non-qualified retirement plans		-			(403	)		(6,273	)
Net cash used in investing activities		-			(403	)		(6,273	)
Cash flows from financing activities:
Common stock repurchases		-			(2,834	)		-
Issuance of common stock		-			403			6,973
Cash dividends paid		(12,075	)		(11,700	)		(11,221	)
Net used in financing activities		(12,075	)		(14,131	)		(4,248	)
Net change in cash and cash equivalents		(3,016	)		3,210			1,006
Cash and cash equivalents, beginning of year		4,551			1,341			335
Cash and cash equivalents, end of year	$	1,535		$	4,551		$	1,341