Farmers & Merchants Bancorp · OTC:FMCB
Farmers & Merchants Bancorp — Q3 2025 Earnings Presentation
24 slides from Farmers & Merchants Bancorp's earnings presentation, Oct 29, 2025
Slide 1: 2025 Third Quarter Update
2025 Third Quarter Update (OTCQX: FMCB) October 28, 2025
Slide 2: Our Story
(FMCB) Our Story Founded in 1916; Headquartered in Lodi, CA Serving Central California; 33 locations; 380 employees Expanded into San Francisco Bay Area in 2013 Expertise in Ag Lending >100 years; 19th largest in US Unique premier region; CA 4th largest economy in the world Full complement of produc
Slide 3: #1 Performing Bank in the U.S. in 2022, #2 in 2023 and #3 in 2024
(FMCB) #1 Performing Bank in the U.S. in 2022, #2 in 2023 and #3 in 2024 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 4: Our Geographic Markets
(FMCB) Our Geographic Markets Market Area Metrics: 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Population of 6.6 million (1) GDP of $539 billion (2) Median household income of $97,861 (1) Diversified industries Territory stretches 100 miles north to south and 60 mil
Slide 5: Financial Highlights
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Third Quarter and YTD Financial Highlights Net income $ 23,718 $ 23,055 $ 22,121 $ 69,782 $ 66,611 Diluted earnings per common share $ 33.92 $ 32.94 $ 29.96 $ 99.67 $ 89.91 Tangible book value per common share (1) $
Slide 6: History of Steady & Reliable Growth
(FMCB) History of Steady & Reliable Growth 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 7: Superior Long Term EPS Track Record
(FMCB) 3-Year 5-Year 10.9% (1.3%) 7-Year 16.4% 5.6% 10-Year 14.1% 4.7% 15-Year 11.6% 10.5% 20-Year 9.9% 2.8% KRX Median 13.8% (8.8%) Superior Long Term EPS Track Record Core EPS CAGR (%)(1) Source: S&P Global. Financial data as of the year ended 12/31 for each respective year through 12/31/2024. Not
Slide 8: Top Tier TBV Compounded Growth
(FMCB) KRX Median 3-Year 12.1% (1.6%) 5-Year 12.4% 0.7% 7-Year 11.7% 2.9% 10-Year 10.4% 3.6% 15-Year 9.3% 4.3% CAGRs calculated through 2024. Non-GAAP measurement – see appendix for reconciliation 20-Year 9.1% 4.1% Top Tier TBV Compounded Growth TBVPS CAGR (%)(1) Source: S&P Global. Financial data a
Slide 9: Balance Sheet Highlights
(FMCB) Balance Sheet Highlights 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 10: Earnings Highlights
(FMCB) Earnings Highlights NIM is on a tax equivalent basis 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 11: Strong Returns and Capital Position
(FMCB) Strong Returns and Capital Position 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 12: Strong Liquidity Position
(FMCB) Strong Liquidity Position Investment portfolio as of 9/30/25: $1.6 billion Tax Equivalent Yield – 3.34% Weighted Average Life – 6.8 years Effective Duration – 5.1 years YTD 2025 purchases of $429.4 million (Avg. Yield of 5.03%; WAL of 7.2 years) No other borrowings as of 9/30/25 No brokered C
Slide 13: Composition of Loans & Deposits
(FMCB) Composition of Loans & Deposits As of or YTD ended September 30, 2025 Loan composition – 58% fixed; 42% variable Loan-to-deposit ratio – 74.16% as of 9/30/25 Cost of average total deposits – 1.24% for YTD 2025 Cost of total interest bearing deposits – 1.80% for YTD 2025 10 ©2025 Farmers & Mer
Slide 14: Our Expertise in Agriculture
(FMCB) Our Expertise in Agriculture 19th largest Ag lender in the US Uniquely located in the premier agricultural region of the Central Valley from a climate, soil and water perspective Ag lender for over 100 years Diversified Ag portfolio Ag related lending is approximately $1.0 billion or 26.6% of
Slide 15: CRE & Construction Portfolio
(FMCB) CRE & Construction Portfolio CRE & Construction portfolio represents 44.1% of total loan portfolio as of 9/30/2025 Operate below the regulatory thresholds of 100% for construction and 300% for total CRE; as of 9/30/25: Construction concentration – 25.9% Total CRE concentration – 168.2% Well-d
Slide 16: Strong Credit Quality
(FMCB) Strong Credit Quality Net recoveries of $3.0 million over the last 10 years (2015-2024); Adopted CECL on 1/1/22 Net charge-offs of $1.6 million, or 0.04% for YTD 2025; $682,000, or 0.02% for full year 2024 of average loans and leases Non-performing loans of $955,000 or 0.03% as of 9/30/25; $9
Slide 17: Shareholder Returns
(FMCB) Shareholder Returns Average annual total shareholders’ return of 12.88% over the last 28 years; through 12/31/24 Annual cash dividend growth rate of 10.80% over the last 28 years; through 12/31/24 Since 12/31/19 reduced the number of outstanding shares by 11.76% through 12/31/24 In 2024, repu
Slide 18: Awards & Recognition
(FMCB) Awards & Recognition F&M Bank is rated as one of the nation’s safest banks by nationally recognized bank rating firms(1) : BauerFinancial, Inc. – “5-Star, Superior Bank” & “Best of Bauer” The Findley Reports – “Super Premier Performer” VERIBANC® – “Blue Ribbon Bank Commendation of Excellence”
Slide 19: Recent/Future Locations
(FMCB) Recent/Future Locations Danville – Opened October 2024 Downtown Walnut Creek (under construction) Elk Grove – Corner of Laguna and Big Horn (pre-construction phase) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 20: FMCB Investment Thesis
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. FMCB Investment Thesis Consistent earnings growth and superior shareholder returns Steady and strong growth in tangible book value per share History of 90 consecutive years of dividends with 60 years of increases Un
Slide 21: Appendix
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Appendix
Slide 22: Non-GAAP Measurements
(FMCB) Non-GAAP Measurements (1) Tangible common equity divided by tangible assets. (2) Total common equity divided by common shares outstanding. (3) Tangible common equity divided by common shares outstanding. (4) In 2025, replaced Non-Qualified Retirement Plan with a Restricted Stock Plan Tangible
Slide 23: Forward-Looking Statements
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Forward-Looking Statements This presentation may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statemen
Slide 24: ©2025 Farmers &
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
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