Farmers & Merchants Bancorp 8-K, filed May 17, 2022
Farmers & Merchants Bancorp (FMCB)
8-K
2022-05-17
For: 2022-05-16
View Original
Added on
July 04, 2026
About this 8-K
Farmers & Merchants Bancorp filed this 8-K on May 17, 2022, reporting on events of May 16, 2022.
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
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
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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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(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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OTCQX
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| Item 8.01 |
Other Events
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On May 16, 2022, Farmers & Merchants Bancorp announced the Board of Directors’ declaration of a mid-year cash dividend in the amount of $7.85 per share to be paid on
July 1, 2022 to stockholders of record as of the close of business on June 10, 2022. 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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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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Stephen W. Haley
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Executive Vice President
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& Chief Financial Officer
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Date: May 17, 2022
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EXHIBIT 99
Farmers & Merchants Bancorp (OTCQX: FMCB) Increases Cash Dividend for the 57th 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
$7.85 per share, an increase of 4.7% over the $7.50 per share paid in July of 2021. The cash dividend is payable on July 1, 2022, to shareholders of record on June 10, 2022. Kent A. Steinwert, Chairman, President and CEO noted, “The Board is pleased
with the Company’s record first quarter 2022 and record full-year 2021 financial results and unanimously approved the cash dividend. This year marks the 87th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and
the 57th 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 44 publicly traded companies designated as “Dividend Kings” by Sure
Dividend where Farmers & Merchants Bancorp is ranked 17th.”
For the quarter ended March 31, 2022, Farmers & Merchants Bancorp
reported net income of $17.1 million, or $21.70 per share, compared with $16.7 million earned in the first quarter of 2021. Earnings per share over the trailing 12 months total $84.54, up 9.2% compared with $77.40 per share for the same trailing
period a year ago. Return on average assets for the first quarter of 2022 was 1.29% and return on average equity was 14.65%. Total assets at quarter-end were $5.4 billion, up
14.6% from the first quarter of 2021. The Company’s credit quality remained strong with only $437,000 of non-performing loans and leases as of March 31, 2022. At quarter-end, the Company’s allowance for credit losses was $61.0 million, or 1.89% of
total loans and leases. The Company’s tier 1 leverage capital ratio was 8.45% at March 31, 2022, and the total risk-based capital ratio was 13.14%. The Company’s operating subsidiary, Farmers & Merchants Bank of Central California exceeded all
regulatory requirements to be classified as “well capitalized”.
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and 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. F&M Bank is financially strong, with over $5.4 billion in assets, and is consistently
recognized as one of the nation's safest banks by national bank rating firms.
F&M Bank is the 12th largest bank lender to agriculture in the United States, and the largest community bank lender to agriculture west of the Rocky
Mountains. F&M Bank operates in the mid-Central Valley of California including, Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Alameda, Napa and Contra Costa counties.
F&M 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 most recent CRA evaluation.
F&M Bank has recently been named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best
serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.
F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and
support to the agribusiness communities as well as to students in the next generation of the agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with
the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding 105 years ago.
Farmers & Merchants Bancorp has paid dividends for 87 consecutive years and has increased dividends for 57 consecutive years. As a result, Farmers & Merchants
Bancorp is member of a select group of only 44 publicly traded companies referred to as “Dividend Kings”. Additionally, the Bank has maintained a 5-Star rating from BauerFinancial for 30 consecutive years, longer than any other commercial bank in the
State of California.
Forward-Looking Statements
This press release 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 current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional
verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production (including any growth representations), 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, the COVID-19 pandemic, water management
issues in California and general economic conditions, natural disasters, general economic conditions, economic uncertainty in the United States, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions,
competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting the
Company's operations, pricing, products and services. These and other important factors are detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from
the Company’s website. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as required by law.