Farmers & Merchants Bancorp · OTC:FMCB
Farmers & Merchants Bancorp — Investor Presentation (February 2026)
24 slides from Farmers & Merchants Bancorp's investor presentation, Feb 2, 2026
Slide 1: 2025 Year-End Update
(OTCQX: FMCB) February 2, 2026 2025 Year-End Update
Slide 2: Our Story
Our Story Founded in 1916; Headquartered in Lodi, CA Serving Central California; 33 locations; 383 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 products & se
Slide 3: #1 Performing Bank in the U.S. in 2022, #2 in 2023 and #3 in 2024
#1 Performing Bank in the U.S. in 2022, #2 in 2023 and #3 in 2024 (1) Source: Bank Director’s Magazine Annual “Ranking Banking” Study
Slide 4: Our Geographic Markets
Our Geographic Markets Market Area Metrics: 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 miles east to west Majority of the State’s watershed occurs in the Bank’s territory Sour
Slide 5: Annual Financial Highlights
Annual Financial Highlights
Slide 6: History of Steady & Reliable Growth
History of Steady & Reliable Growth
Slide 7: Superior Long Term EPS Track Record
KRX Median Superior Long Term EPS Track Record Source: S&P Global. Financial data as of the year ended 12/31 for each respective year through 12/31/2025. Note I: KRX calculated as the median of the current 50 KRX constituents. Note II: Core net income after taxes and before extraordinary items, less
Slide 8: Top Tier TBV Compounded Growth
Top Tier TBV Compounded Growth Source: S&P Global. Financial data as of the year ended 12/31 for each respective year through 12/31/2025. Note: KRX calculated as the median of the current 50 KRX constituents. KRX Median TBVPS CAGR (%)(1) CAGRs calculated through 2025. Non-GAAP measurement – see appe
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights $55 $50 $4 sao 335 $30 325 $20 sis 510 Assets Gross Loans & Leases po 7 sz wo S252 ss - sas oe. 32 ss s20 sus : suo rom momma aS 2ou0 2001 2002223042005 — Shareholders’ Equity sess $50 re ree) ssaoe SSB san s1as.a $4634 $500 537 $00 $300 $20 $100 2on0 2021202220232 2005, TRU
Slide 10: Earnings Highlights
Earnings Highlights NIM is on a tax equivalent basis
Slide 11: Strong Returns and Capital Position
Strong Returns and Capital Position
Slide 12: Strong Liquidity Position
Strong Liquidity Position Investment portfolio as of 12/31/25: $1.7 billion Tax Equivalent Yield – 3.44% Weighted Average Life – 6.7 years Effective Duration – 5.1 years 2025 purchases of $567.5 million (Avg. Yield of 4.94%; WAL of 6.9 years) No other borrowings as of 12/31/25 No brokered CDs as of
Slide 13: Composition of Loans & Deposits
Composition of Loans & Deposits As of December 31, 2025 Loan composition – 58% fixed; 42% variable Loan-to-deposit ratio – 73.67% Cost of average total deposits – 1.22% Cost of total interest bearing deposits – 1.79%
Slide 14: Our Expertise in Agriculture
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 the lo
Slide 15: CRE & Construction Portfolio
CRE & Construction Portfolio CRE & Construction portfolio represents 43.9% of total loan portfolio as of 12/31/25 Operated below the regulatory thresholds of 100% for construction and 300% for total CRE; as of 12/31/25: Construction concentration – 20.1% Total CRE concentration – 172.5% Well-diversi
Slide 16: Strong Credit Quality
Strong Credit Quality Net charge-offs of $4.2 million over the last 10 years (2016-2025); Adopted CECL on 1/1/22 Net charge-offs of $1.8 million, or 0.05% of average loans and leases for 2025; $682,000, or 0.02% for 2024 Non-performing loans of $750,000 or 0.02% of total loans and leases as of 12/31
Slide 17: Shareholder Returns
Shareholder Returns Average annual total shareholders’ return of 14.70% over the last 29 years; through 12/31/25 Annual cash dividend growth rate of 11.11% over the last 29 years; through 12/31/25 Since 12/31/19 reduced the number of outstanding shares by 8.13% through 12/31/25 In 2025, repurchased
Slide 18: Awards & Recognition
Awards & Recognition F&M Bank is rated as one of the nation’s safest banksby 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” (1) Bau
Slide 19: Future Locations
Future Locations Lafayette (remodel phase) Downtown Walnut Creek (under construction) Elk Grove – Corner of Laguna and Big Horn (pre-construction phase)
Slide 20: FMCB Investment Thesis
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 Unique expertise in Ag lending results in a more diversified loan portfolio resulting i
Slide 21: Appendix
FARMERS & MERCHANTS BANCORP ZA Appendix TRUSTED FOR GENERATIONS
Slide 22: Non-GAAP Measurements
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
Slide 23: Forward-Looking Statements
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 statements can be identified by the fact that they do not relate strictly to historical or cu
Slide 24: Farmers & Merchants Bancorp
FARMERS & MERCHANTS BANCORP F&M BANK Where Banking is Easy! TRUSTED FOR GENERATIONS
Farmers & Merchants Bancorp — Investor Presentation (February 2026) on 6ix