Farmers & Merchants Bancorp · OTC:FMCB
Farmers & Merchants Bancorp — Q1 2025 Earnings Presentation
21 slides from Farmers & Merchants Bancorp's earnings presentation, Apr 30, 2025
Slide 1: 2025 First Quarter Update
2025 First Quarter Update (OTCQX: FMCB) April 30, 2025
Slide 2: Our Story
(FMCB) Our Story Founded in 1916; Headquartered in Lodi, CA Serving Central California; 33 locations; 380 employees Expertise in Ag Lending >100 years; 15th largest in US Uniquely located in premier region; CA 4th largest economy in the world Strategic focus on superior client service; steady profit
Slide 3: #1 Performing Bank in the U.S. in 2022 and #2 in 2023
(FMCB) #1 Performing Bank in the U.S. in 2022 and #2 in 2023 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 4: Our Geographic Markets
(FMCB) Our Geographic Markets Market Area Metrics: Population of 6.6 million GDP of $539 billion Median household income of $97,861 Diversified industries Territory stretches 100 miles north to south and 60 miles east to west 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserv
Slide 5: History of Steady & Reliable Growth
(FMCB) History of Steady & Reliable Growth 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 6: Balance Sheet Highlights
(FMCB) Balance Sheet Highlights 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 7: Earnings Highlights
(FMCB) Earnings Highlights NIM is on a tax equivalent basis 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 8: Strong Returns and Capital Position
(FMCB) Strong Returns and Capital Position 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 9: Strong Liquidity Position
(FMCB) Strong Liquidity Position Investment portfolio as of 3/31/25: $1.3 billion Tax Equivalent Yield – 3.25% Weighted Average Life – 10.7 years Effective Duration – 6.2 years Q1-25 purchases of $33.2 million (Avg. Yield of 5.83%; WAL of 8.3 years) No other borrowings as of 3/31/25 10 ©2025 Farmers
Slide 10: Composition of Loans & Deposits
(FMCB) Composition of Loans & Deposits As of March 31, 2025 Loan composition – 58% fixed; 42% variable Loan-to-deposit ratio – 72.23% as of 3/31/25 Cost of average total deposits – 1.17% for Q1-25 Cost of total interest bearing deposits – 1.73% for Q1-25 10 ©2025 Farmers & Merchants Bank of Central
Slide 11: Our Expertise in Agriculture
(FMCB) Our Expertise in Agriculture 15th largest Ag lender in the US as of 12/31/24 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 $1.3 billion or 27.7% o
Slide 12: CRE & Construction Portfolio
(FMCB) CRE & Construction Portfolio CRE & Construction portfolio represents 42.9% of total loan portfolio as of 3/31/25 Operate below the regulatory thresholds of 100% for construction and 300% for total CRE; as of 3/31/25: Construction concentration – 28.9% Total CRE concentration – 164.5% Well-div
Slide 13: 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 $161,000 for Q1-25; $682,000 for 2024 Non-performing loans of $193,000 or 0.01% as of 3/31/2025; $929,000 or 0.03% as of 12/31/24 Allowance for Credit Losses (ACL
Slide 14: 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, repur
Slide 15: Awards & Recognition
(FMCB) Awards & Recognition In addition to this recent ranking, F&M Bank is rated as one of the nation’s safest banks by nationally recognized bank rating firms1: BauerFinancial, Inc. – “5-Star, Superior Bank” & “Best of Bauer” The Findley Reports – “Super Premier Performer” VERIBANC® – “Blue Ribbon
Slide 16: Recent/Future Locations
(FMCB) Recent/Future Locations Danville – Opened October 2024 Walnut Creek near Target Elk Grove – Corner of Laguna and Big Horn 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
Slide 17: Why Invest in FMCB
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Why Invest in FMCB Consistent earnings growth and superior shareholder returns History of 89 consecutive years of dividends with 59 years of increases Unique expertise in Ag lending results in a more diversified loa
Slide 18: Appendix
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Appendix
Slide 19: Non-GAAP Measurements
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Non-GAAP Measurements Tangible Common Equity Ratio and December 31, March 31, Tangible Book Value Per Common Share 2020 2021 2022 2023 2024 2025 (Dollars in thousands, except per share data) Shareholders' equity $ 4
Slide 20: 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 21: ©2025 Farmers &
(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.
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