Farmers & Merchants Bancorp (FMCB) Reports Second Quarter and Record Year-to-Date Earnings

Second Quarter 2023 Highlights

LODI, Calif., July 19, 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 second quarter net income of $21.3 million, or $28.03 per diluted common share for the second quarter of 2023 compared with $18.4 million, or $23.58 per diluted common share, for the second quarter of 2022 an increase of 15.5% or 18.9% on a per share basis. Annualized return on average assets was 1.65% and return on average equity was 16.60% for the second quarter of 2023 compared with 1.38% and 15.94% for the same period the prior year. The expense efficiency ratio for the second quarter was 46.35% compared with 47.75% for the same period the prior year.

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