Farmers & Merchants Bancorp (FMCB) Announces Increase in the Year-End Cash Dividend

LODI, Calif., Nov. 15, 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”), declared a year-end cash dividend of $8.80 per share, an increase of 6.02% over the cash dividends declared in May of 2023 and November of 2022. The cash dividend will be payable on January 2, 2024 to shareholders of record as of December 6, 2023. Total cash dividends declared in 2023 increased 5.88% to $17.10 per share compared with $16.15 declared in 2022. The Company’s trailing twelve months net income through the 3^rd quarter of 2023 was $114.13 per share, up 25.83% over the same period a year earlier and results in a dividend payout ratio of 15.0%. In addition to the $17.10 per share in cash dividends paid to shareholders over the past year, the Company has further concentrated the shareholders’ ownership percentage by repurchasing and retiring 17,126 shares, or approximately 2.23% of outstanding shares at November 30, 2022.

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