Farmers & Merchants Bancorp · OTC:FMCB
Farmers & Merchants Bancorp — Q1 2026 Earnings Presentation
25 slides from Farmers & Merchants Bancorp's earnings presentation, Apr 23, 2026
Slide 1: 2026 First Quarter Update
(OTCQX: FMCB) April 22, 2026 2026 First Quarter Update
Slide 2: Our Story
Our Story Founded in 1916; Headquartered in Lodi, CA Serving Central California; 33 locations; 382 employees Expanded into San Francisco Bay Area in 2013 Expertise in Ag Lending >100 years; 20th 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 $559 billion (2) Median household income of $99,975 (1) Diversified industries Territory stretches 105 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: Financial Highlights
Financial Highlights 4 FARMERS & MERCHANTS BANCORP y Three Months Ended Year Ended (Dottarsin rousends, except per share dato) March 31, 2026 March 31, 2025 December 31, 2025 Net income Ss 24071 $ 23009 § 93,605 Diluted earnings percommon share $ 35.34 § 32.85 133.96 Tangible book value per common s
Slide 6: History of Steady & Reliable Growth
History of Steady & Reliable Growth
Slide 7: Long Term EPS Growth Track Record
Long Term EPS Growth Track Record Note: Core net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain on the sale of held to maturity and available for sale securities, amortization of intangibles, goodwill and nonrecurring items.
Slide 8: Top Tier TBV Compounded Growth
Top Tier TBV Compounded Growth (1) Non-GAAP measurement – see Appendix for reconciliation
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights Assets 37 SS $2. S83. ort 202220232028 2S Mar 26 Deposits 2 985 sso Sa Biso sas, gay sar B sas sao 335 $30 325 $20 sis sto 2021-2022 2023-20282 Man 2G TRUSTED FOR GENERATIONS ants Bank of Central Calin. Al Fight Millions $100 Gross Loans & Leases $32 zor 20222023 20282025 Ma
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 Capital information is preliminary for March 31, 2026
Slide 12: Strong Liquidity Position
Strong Liquidity Position Investment portfolio as of 3/31/26: $1.6 billion Tax Equivalent Yield – 3.70% Weighted Average Life – 6.5 years Effective Duration – 5.1 years No other borrowings as of 3/31/26 No brokered CDs as of 3/31/26
Slide 13: Composition of Loans & Deposits
Composition of Loans & Deposits As of March 31, 2026 Loan composition – 58% fixed; 42% variable Loan-to-deposit ratio – 71.04% Cost of average total deposits – 1.18% Cost of total interest bearing deposits – 1.73%
Slide 14: Agriculture & Ag RE Portfolios
Agriculture & Ag RE Portfolios 20th 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 $951.3 billion or 26.3% of the loan portfol
Slide 15: CRE & Construction Portfolio
CRE & Construction Portfolio CRE & Construction portfolio represents 45.0% of total loan portfolio as of 3/31/26 Operated below the regulatory thresholds of 100% for construction and 300% for total CRE; as of 3/31/26: Construction concentration – 20.2% Total CRE concentration – 172.4% Well-diversifi
Slide 16: C&I, Consumer, & Leasing Portfolios
C&I, Consumer, & Leasing Portfolios No non-performing C&I loans, consumer loans or leases as of 3/31/26 Net charge-offs of $684,000 for C&I loans over the last 5 years from 2021 to 2025; Net recoveries of $12,000 for Q1-2026 Net charge-offs of $140,000 for consumer loans over the last 5 years from 2
Slide 17: 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 recoveries of $43,000, or (0.001%) of average loans and leases for Q1-26; $1.8 million net charge-offs, or 0.05% for 2025 One non-performing CRE loan of $730,000 or 0.02% of total loa
Slide 18: Shareholder Returns
Shareholder Returns Average annual total shareholders’ return of 12.74% 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 19: 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 20: Future Locations
Future Locations Lafayette – 3529 Mt. Diablo Boulevard (Opening in Q2-2027) Downtown Walnut Creek – 1823 N. Main St. (Opening Q3-2026) Elk Grove – Corner of Laguna and Big Horn (Opening late 2027 / early 2028) Livingston – 503 Main St. (Opening Q3-2026) Lockeford – 19000 E. Highway 12 (Opening Q3-20
Slide 21: Why FMCB
Why FMCB Consistent earnings growth and superior shareholder returns Steady and strong growth in tangible book value per common share History of 91 consecutive years of dividends with 61 years of increases Unique expertise in Ag lending results in a more diversified loan portfolio resulting in a low
Slide 22: Appendix
FARMERS & MERCHANTS BANCORP ZA Appendix TRUSTED FOR GENERATIONS
Slide 23: 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 24: 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 25: Farmers & Merchants Bancorp
FARMERS & MERCHANTS BANCORP F&M BANK Where Banking is Easy! TRUSTED FOR GENERATIONS
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