Farmers & Merchants Bancorp (FMCB) Reports Strong First Quarter 2024 Earnings

First Quarter 2024 Highlights

LODI, Calif., April 17, 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”), reported net income of $22.7 million, or $30.56 per diluted common share for the first quarter of 2024 compared with $23.5 million, or $30.80 per diluted common share, for the first quarter of 2023. The first quarter of 2023 benefited from cash proceeds from a non-taxable death benefit on bank-owned life insurance (BOLI) of $4.3 million which was partially offset by a $5.7 million loss on the sale of securities based on the decision to reposition the securities portfolio given the interest rate environment. Excluding these first quarter 2023 items, net income for the first quarter of 2024 of $22.7 million was higher than the first quarter of 2023 of $22.5 million while earnings per share of $30.56 in the first quarter of 2024 was higher than the $29.44 in the first quarter of 2023. Annualized return on average assets was 1.71% and return on average equity was 16.33% for the first quarter of 2024 compared with 1.80% and 18.93% for the first quarter of 2023. The expense efficiency ratio for first quarter was 44.94% down from 47.62% for the first quarter of 2023.

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