Farmers & Merchants Bancorp (FMCB) Reports Record Year-End 2022 Financial Results

2022 Highlights

LODI, Calif., Jan. 27, 2023 (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 $75.1 million, or $96.55 per diluted common share for all of 2022, up 14.93%, compared with $66.3 million, or $84.01 per diluted common share, for all of 2021.   For the year ended December 31, 2022, return on average assets was 1.41% and return on average equity was 16.04% compared with 1.35% and 15.00% for the same respective measures a year earlier. In anticipation of a weakening economy, during 2022 the Company recorded a provision for credit losses of $6.5 million and a provision for unused commitments of $1.0 million, resulting in an allowance for credit losses of 1.90% of total loans at December 31, 2022.

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