Farmers & Merchants Bancorp Files 2023 10-K

TL;DR

F&M Bancorp dropped its 2023 10-K. All systems go.

AI Summary

Farmers & Merchants Bancorp filed its 2023 10-K on March 14, 2024, reporting financial results for the fiscal year ending December 31, 2023. The company, headquartered in Lodi, California, operates within the national commercial banks sector. Key financial data and operational details for the year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Farmers & Merchants Bancorp's financial health, performance, and strategic positioning for the fiscal year 2023.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a well-established financial institution, with no immediate red flags apparent in the provided snippet.

Key Numbers

• 2023 — Fiscal Year (Reporting period for the 10-K)
• 1231 — Fiscal Year End (December 31st is the end of the reporting period)
• 20240314 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• FARMERS & MERCHANTS BANCORP (company) — Filer and subject of the report
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-14 (date) — Filing date
• LODI, CA (location) — Company headquarters location
• NATIONAL COMMERCIAL BANKS [6021] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 Par Value Per Share Indicate by check
• $83,985 — edian Household Income of approximately $83,985. Significant employment sectors include
• $82,837 — edian Household Income of approximately $82,837. Significant employment sectors include
• $97,037 — edian Household Income of approximately $97,037. Significant employment in the followin
• $74,872 — edian Household Income of approximately $74,872. Significant employment in the followin
• $64,772 — edian Household Income of approximately $64,772. Significant employment in the followin
• $122,488 — edian Household Income of approximately $122,488. Significant employment in the followin
• $110,455 — edian Household Income of approximately $110,455. The Significant employment in the foll
• $105,809 — edian Household Income of approximately $105,809. Significant employment in the followin
• $71 m — s and employee benefits expense totaled $71 million, representing 68% of our total no
• $500,000 — ruiting and placement was approximately $500,000 for the period ended December 31, 2023.

Filing Documents

• ef20015353_10k.htm (10-K) — 6166KB
• ef20015353_ex31-a.htm (EX-31.A) — 12KB
• ef20015353_ex31-b.htm (EX-31.B) — 12KB
• ef20015353_ex32.htm (EX-32) — 6KB
• image00001.jpg (GRAPHIC) — 4KB
• image00002.jpg (GRAPHIC) — 2KB
• image00003.jpg (GRAPHIC) — 23KB
• 0001140361-24-013280.txt ( ) — 25281KB
• fmcb-20231231.xsd (EX-101.SCH) — 79KB
• fmcb-20231231_cal.xml (EX-101.CAL) — 153KB
• fmcb-20231231_def.xml (EX-101.DEF) — 401KB
• fmcb-20231231_lab.xml (EX-101.LAB) — 1086KB
• fmcb-20231231_pre.xml (EX-101.PRE) — 696KB
• ef20015353_10k_htm.xml (XML) — 6877KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. Reserved 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 73 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accounting Fees and Services 128 PART IV Item 15. Exhibits and Financial Statement Schedules 129 Item 16. Form 10-K Summary 130

Signatures

Signatures 131 2 Table of Contents Introduction – Forward Looking Statements This Annual Report on Form 10-K may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act. These forward-looking statements reflect our current views and are not historical facts. These statements may include statements regarding projected performance for periods following the date of this report. These statements can generally be identified by use of phrases such as "believe," "expect," "will," "seek," "should," "anticipate," "estimate," "intend," "plan," "target," "project," "commit" or other words of similar import. Similarly, statements that describe our future financial condition, results of operations, objectives, strategies, plans, goals or future performance and business are also forward-looking statements. Statements that project future financial conditions, results of operations, and shareholder value are not guarantees of performance and many of the factors that will determine these results and values are beyond our ability to control or predict. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, those described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and other parts of this Annual Report on Form 10-K ("Form 10-K"), and our actual results may differ materially from those anticipated in these forward-looking statements. The following is a non-exclusive list of factors which could cause actual results to differ materially from forward-looking statements in this Form 10-K: changes in general economic conditions, either nationally, in California, or in

forward-looking statements, except as required by law

forward-looking statements, except as required by law. 3 Table of Contents PART I Item 1.

Business

Business Organizational Structure Farmers & Merchants Bancorp is a Delaware registered bank holding company organized in 1999. As a registered bank holding company, FMCB is subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve System ("Federal Reserve") and by the California Department of Financial Protection and Innovation ("DFPI"). The Company's principal business is to serve as a holding company for the Bank and for other banking or banking related subsidiaries, which the Company may establish or acquire. As a legal entity separate and distinct from its subsidiary, the Company's principal source of funds is, and will continue to be, dividends paid by and other funds received from the Bank. Legal limitations are imposed on the amount of dividends that may be paid and loans that may be made by the Bank to the Company. See "Supervision and Regulation - Dividends and Other Transfer of Funds." The Company's outstanding common stock as of December 31, 2023, consisted of 747,971 shares of common stock, $0.01 par value. No shares of preferred stock were issued or outstanding as of December 31, 2023. The Company operates all financial service activities through its wholly-owned banking subsidiary, Farmers & Merchants Bank of Central California, which was organized in 1916. The Bank was incorporated under the laws of the State of California as a non-Federal Reserve member, California state-chartered bank subject to primary regulation, supervision and examination by the Federal Deposit Insurance Corporation ("FDIC") and by the DFPI. The Bank's two wholly-owned subsidiaries are Farmers & Merchants Investment Corporation and Farmers/Merchants Corporation. Farmers & Merchants Investment Corporation is currently dormant, and Farmers/Merchants Corporation acts as trustee on deeds of trust originated by the Bank. The Bank's deposit accounts are insured under the Federal Deposit Insurance Act, as amended ("FDIA"), up to applicable

View Full Filing

View this 10-K filing on SEC EDGAR