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Farmers & Merchants Bancorp (FMCB) Announces Quarterly Cash Dividend

LODI, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the 鈥淐ompany鈥� or 鈥淔MCB鈥�), the parent company of Farmers & Merchants Bank of Central California (the 鈥淏ank鈥� or 鈥淔&M Bank鈥�), announced today that the Company is changing its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly. The unanimous decision to change the frequency of the cash dividend was done after the Board of Directors completed a thorough analysis of the Company鈥檚 overall financial condition and performance. This current decision only impacts the frequency of dividend payments, which is subject to change in the future, if deemed necessary or appropriate by the Board. Consistent with past dividends, the amount of each future cash dividend will be determined by the Board at each dividend period and is based on the Company鈥檚 financial performance and many factors which can change from time to time for reasons both within and outside of the Company鈥檚 control. There can be no assurance that the Company鈥檚 Board of Directors, in fact, will declare a dividend in any future quarterly period. The decision to move to a quarterly dividend is also designed to align more closely with banking industry practices while providing a more frequent return to shareholders.

In conjunction with the above, on August 12, 2025, the Board of Directors declared a quarterly cash dividend of $5.00 per share. The cash dividend is payable on October 1, 2025, to shareholders of record on September 11, 2025. The Company鈥檚 last semi-annual cash dividend of $9.30 was paid on July 1, 2025. Based on the Company鈥檚 financial performance through June 30, 2025, net income over the trailing twelve months was $90.0 million compared with $87.9 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $126.87, up 7.8% compared with $117.73 for the same trailing period a year ago.

For the quarter ended June 30, 2025, Farmers & Merchants Bancorp reported net income of $23.1 million, or $32.94 per diluted common share. For the second quarter of 2025, annualized return on average assets was 1.65% and return on average equity was 15.09%. Total assets at quarter-end were $5.5 billion. The Company鈥檚 credit quality remained solid with no non-accrual loans and leases as of June 30, 2025, while maintaining an allowance for credit losses on loans and leases of $76.2 million, or 2.09% of total loans and leases. At June 30, 2025, the Company鈥檚 common equity tier 1 ratio was 13.88% and the total risk-based capital ratio was 15.36%. All F&M Bank capital ratios exceeded the regulatory requirements to be classified as 鈥渨ell-capitalized鈥� at June 30, 2025. For further details on our second quarter and year-to-date results, please see our press release dated July 17, 2025.

Kent A. Steinwert, Chairman, President and CEO noted, 鈥淭he Board is very pleased with the Company鈥檚 strong financial results in the first six months of 2025 and, given the Company鈥檚 consistent and reliable earnings performance over many years, decided it was an appropriate time to move to a quarterly cash dividend. In addition to approving this change in the frequency of the dividend, the Board also unanimously approved our first quarterly cash dividend. This year marks the 90^th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 60^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 55 publicly traded companies designated as 鈥淒ividend Kings鈥� by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17^th.鈥�

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.5 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as 鈥淒ividend Kings,鈥� and is ranked 17^th in that group based on consecutive years of dividend increases. A 鈥淒ividend King鈥� is a stock with 50 or more consecutive years of dividend increase.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director鈥檚 Magazine as the #3 best performing bank in the nation across all asset categories in their annual 鈥淩anking Banking鈥� study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director鈥檚 Magazine as the #2 best performing bank in the nation across all asset categories in their annual 鈥淩anking Banking鈥� study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director鈥檚 Magazine as the #1 best performing bank in the nation across all asset categories in their annual 鈥淩anking Banking鈥� study of the top performing banks for 2022.

In April 2024, F&M Bank was ranked 6^th on Forbes Magazine鈥檚 list of "America鈥檚 Best Banks" in 2023. Forbes鈥� annual 鈥淎merica鈥檚 Best Banks鈥� list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

In December 2023, F&M Bank was ranked 4^th on S&P Global Market Intelligence's 鈥淭op 50 List of Best-Performing Community Banks鈥� in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was named the 鈥淏est Community Bank in California鈥� by Newsweek magazine. Newsweek鈥檚 ranking recognizes those financial institutions that best serve their customers鈥� needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

F&M Bank is the 18^th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

F&M Bank was inducted into the National Agriculture Science Center鈥檚 鈥淎g Hall of Fame鈥� at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago.

F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (鈥淐RA鈥�) evaluation.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company鈥檚 financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渆stimate鈥� or words of similar meaning, or future or conditional verbs such as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渟hould,鈥� 鈥渃ould鈥� or 鈥渕ay.鈥� Forward-looking statements in this press release include, without limitation, statements regarding earnings performance and the frequency and amount of future dividend payments (if any). Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets; and other relevant risks detailed in the Company鈥檚 Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company鈥檚 website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Investor Relations Contact

Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485