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|
|
(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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None
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Not Applicable
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Not Applicable
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Item 2.02 |
Results of Operations and Financial Condition
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Item 9.01 |
Financial Statements and Exhibits
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(c) |
Exhibit:
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Press release concerning financial results for the first quarter ending March 31, 2024.
|
FARMERS & MERCHANTS BANCORP
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|||
By
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/s/ Bart R. Olson | ||
|
Bart R. Olson | ||
|
Executive Vice President | ||
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& Chief Financial Officer | ||
Date: April 17, 2024
|
■ |
Net income of $22.7 million, or $30.56 per share;
|
■ |
Achieved return on average assets of 1.71% and return on average equity of 16.33%;
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■ |
Strong liquidity position with $738.4 million in cash, $239.9 million in available-for-sale investment securities and a borrowing capacity of $1.9 billion as of March 31, 2024;
|
■ |
Strengthening capital position with a total risk-based capital ratio of 14.23%, common equity tier 1 ratio of 12.75%, tier 1 leverage ratio of 10.85% and a tangible common equity ratio of 9.68%;
|
■ |
Credit quality remains solid with net recoveries of $53,000; no non-accrual loans or leases at quarter-end; and a total allowance for credit losses of 2.12%.
|
Three Months Ended
|
||||||||||||
(dollars in thousands, except per share amounts)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Earnings and Profitability:
|
||||||||||||
Interest income
|
$
|
66,641
|
$
|
67,392
|
$
|
59,632
|
||||||
Interest expense
|
14,928
|
13,592
|
3,910
|
|||||||||
Net interest income
|
51,713
|
53,800
|
55,722
|
|||||||||
Provision for credit losses
|
-
|
2,350
|
1,500
|
|||||||||
Noninterest income
|
5,075
|
2,401
|
3,460
|
|||||||||
Noninterest expense
|
25,521
|
24,866
|
28,183
|
|||||||||
Income before taxes
|
31,267
|
28,985
|
29,499
|
|||||||||
Income tax expense
|
8,544
|
7,560
|
5,952
|
|||||||||
Net income
|
$
|
22,723
|
$
|
21,425
|
$
|
23,547
|
||||||
Diluted earnings per share
|
$
|
30.56
|
$
|
28.55
|
$
|
30.80
|
||||||
Return on average assets
|
1.71
|
%
|
1.63
|
%
|
1.80
|
%
|
||||||
Return on average equity
|
16.33
|
%
|
16.54
|
%
|
18.93
|
%
|
||||||
Loan yield
|
6.09
|
%
|
6.10
|
%
|
5.69
|
%
|
||||||
Cost of average total deposits - core deposits
|
1.27
|
%
|
1.14
|
%
|
0.32
|
%
|
||||||
Net interest margin - tax equivalent
|
4.14
|
%
|
4.24
|
%
|
4.55
|
%
|
||||||
Effective tax rate
|
27.33
|
%
|
26.08
|
%
|
20.18
|
%
|
||||||
Efficiency ratio
|
44.94
|
%
|
44.24
|
%
|
47.62
|
%
|
||||||
Book value per share
|
$
|
760.96
|
$
|
735.00
|
$
|
667.04
|
||||||
Balance Sheet:
|
||||||||||||
Total assets
|
$
|
5,714,573
|
$
|
5,308,928
|
$
|
5,133,771
|
||||||
Cash and cash equivalents
|
738,397
|
410,642
|
529,593
|
|||||||||
of which held at Fed
|
672,601
|
338,375
|
461,315
|
|||||||||
Total securities
|
1,046,827
|
1,000,200
|
968,824
|
|||||||||
of which available for sale
|
239,856
|
182,512
|
118,437
|
|||||||||
of which held to maturity
|
806,971
|
817,688
|
850,387
|
|||||||||
Gross Loans
|
3,706,437
|
3,665,397
|
3,437,591
|
|||||||||
Allowance for credit losses - Loans
|
75,018
|
74,965
|
68,573
|
|||||||||
Total deposits
|
4,959,589
|
4,668,095
|
4,539,162
|
|||||||||
Borrowings
|
100,000
|
-
|
-
|
|||||||||
Subordinated debentures
|
10,310
|
10,310
|
10,310
|
|||||||||
Total shareholders’ equity
|
$
|
565,217
|
$
|
549,755
|
$
|
508,902
|
||||||
Loan-to-deposit ratio
|
74.73
|
%
|
78.52
|
%
|
75.73
|
%
|
||||||
Percentage of checking deposits to total deposits
|
49.39
|
%
|
51.76
|
%
|
55.89
|
%
|
||||||
Capital ratios (Bancorp) (1)
|
||||||||||||
Common equity tier 1 capital to risk-weighted assets
|
12.75
|
%
|
12.30
|
%
|
12.19
|
%
|
||||||
Tier 1 capital to risk-weighted assets
|
12.97
|
%
|
12.53
|
%
|
12.43
|
%
|
||||||
Risk-based capital to risk-weighted assets
|
14.23
|
%
|
13.78
|
%
|
13.68
|
%
|
||||||
Tier 1 leverage capital ratio
|
10.85
|
%
|
10.38
|
%
|
9.94
|
%
|
||||||
Tangible Common Equity Ratio (2)
|
9.68
|
%
|
10.13
|
%
|
9.67
|
%
|
(1) |
Capital information is preliminary March 31, 2024
|
(2) |
Non-GAAP measurement
|
(Dollars in thousands)
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
Shareholders’ equity
|
$
|
565,217
|
$
|
549,755
|
$
|
508,902
|
||||||
Less: Intangible assets
|
13,282
|
13,419
|
13,849
|
|||||||||
Tangible common equity
|
$
|
551,935
|
$
|
536,336
|
$
|
495,053
|
||||||
Total Assets
|
$
|
5,714,573
|
$
|
5,308,928
|
$
|
5,133,771
|
||||||
Less: Intangible assets
|
13,282
|
13,419
|
13,849
|
|||||||||
Tangible assets
|
$
|
5,701,291
|
$
|
5,295,509
|
$
|
5,119,922
|
||||||
Tangible common equity ratio(1)
|
9.68
|
%
|
10.13
|
%
|
9.67
|
%
|
(1)
|
Tangible common equity divided by tangible assets
|
G7I4\LBQ1M)(<(H+,3V KQC6#=VMWIOB
Document and Entity Information |
Apr. 17, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 17, 2024 |
Entity File Number | 000-26099 |
Entity Registrant Name | Farmers & Merchants Bancorp |
Entity Central Index Key | 0001085913 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-3327828 |
Entity Address, Address Line One | 111 West Pine Street |
Entity Address, City or Town | Lodi |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95240 |
City Area Code | 209 |
Local Phone Number | 367-2300 |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |