Farmers & Merchants Bancorp 8-K, filed May 15, 2020
Farmers & Merchants Bancorp (FMCB)
8-K
2020-05-15
For: 2020-05-14
View Original
Added on
April 04, 2026
About this 8-K
Farmers & Merchants Bancorp filed this 8-K on May 15, 2020, reporting on events of May 14, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 14, 2020
(Date of earliest event reported)
Farmers & Merchants Bancorp
(Exact name of registrant as specified in its charter)
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Delaware
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000 – 26099
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94-3327828
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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111 West Pine Street, Lodi, California 95240
(Address of principal executive offices) (Zip Code)
(209) 367-2300
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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FMCB
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OTCQX
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| Item 8.01 |
Other Events
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On May 14, 2020, Farmers & Merchants Bancorp announced the Board of Directors’ declaration of a mid-year cash dividend in the amount of $7.25 per share to be paid on July 1, 2020 to stockholders of record as of
the close of business on June 12, 2020. A copy of this press release is included as Exhibit 99 and incorporated herein by reference.
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Financial Statements and Exhibits
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(c)
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Exhibits:
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| 99 |
Press release announcing the Board of Directors of Farmers & Merchants Bancorp’s declaration of a mid-year cash dividend.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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FARMERS & MERCHANTS BANCORP
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By
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/s/ Stephen W. Haley
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Date: May 14, 2020
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Stephen W. Haley
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Executive Vice President
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& Chief Financial Officer
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Exhibit 99
Farmers & Merchants Bancorp Announces Increased Cash Dividend for the 55th Consecutive Year
The Board of Directors of Farmers & Merchants Bancorp (OTCQX: FMCB), a bank holding company headquartered in Lodi, California, declared a mid-year cash dividend of $7.25 per share, an increase over the $7.05 per
share declared in May of 2019. The cash dividend will be paid on July 1, 2020, to shareholders of record on June 12, 2020. Kent A. Steinwert, Chairman, President and CEO noted, “The Board is pleased with the Company’s record first quarter 2020 and
record full-year 2019 financial results and unanimously approved the cash dividend. This year marks the 85th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 55th consecutive year we have
increased dividends. As a result of the reliability of our cash dividends over many decades, we remain a member of a select group of only 30 publicly traded companies designated as “Dividend Kings” by Sure Dividend.
For the quarter ending March 31, 2020, Farmers & Merchants Bancorp reported net income of $14.1 million, or $17.80 per share, a 4.2% increase from net income of $13.5 million earned in
the first quarter of 2019. Return on average assets for the first quarter of 2020 was 1.53% and return on average equity was 14.90%. Total assets at quarter-end were $3.7 billion, up 9.6% from the first quarter of 2019. The Company’s credit
quality remained strong with only $549,000 of non-performing loans and leases as of March 31, 2020. As a result, there was no provision for credit losses for the first quarter of 2020, and at quarter-end, the Company’s allowance for credit losses was
$54.8 million, or 2.05% of total loans and leases. The Company’s tier 1 leverage capital ratio was 10.19% at March 31, 2020, and the total capital ratio was 12.83%, resulting in the highest possible regulatory classification of “well capitalized.”
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About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp, traded on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded
in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 32 convenient locations. We are the 13th largest bank lender
to agriculture in the United States, and the largest community bank lender to agriculture west of the Rocky Mountains. In 2013, the Bank began an expansion into the San Francisco Bay Area with new full-service branches in Walnut Creek and Concord.
That same year the Bank entered the equipment leasing market to satisfy customer needs and enhance our product offerings. In early 2018, a loan production office opened in Napa and was converted to a full-service branch in September 2018. The Bank
offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their
last CRA evaluation. Additionally, the Bank has maintained a 5-Star rating from BauerFinancial for 29 consecutive years, longer than any other commercial bank in the state of California. For more information about Farmers & Merchants Bancorp
and F&M Bank, visit fmbonline.com.
Forward-Looking Statements
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are
subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, levels of net interest margin, the ability to
control costs and expenses, interest rate changes, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions. Additional information on these
and other factors that could affect financial results are included in our Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any
forward-looking statements contained herein to reflect future events or developments.