Farmers & Merchants Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Farmers & Merchants Bancorp filed its Q1 2024 10-Q, detailing financial positions and securities holdings.</b>

AI Summary

FARMERS & MERCHANTS BANCORP (FMCB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filing is a 10-Q for Farmers & Merchants Bancorp (FMCB) for the period ending March 31, 2024. The company's principal business address is 121 West Pine St, Lodi, CA 95240-2184. The filing includes data related to retained earnings, accumulated other comprehensive income, additional paid-in capital, and common stock for various periods. Securities data includes US Government Sponsored Securities, Mortgage Backed Securities, Collateralized Mortgage Obligations, Corporate Debt Securities, Municipal Bonds, and Other Debt Securities as of March 31, 2024 and December 31, 2023. The filing references Accounting Standard Update 2023-02, impacting retained earnings.

Why It Matters

For investors and stakeholders tracking FARMERS & MERCHANTS BANCORP, this filing contains several important signals. This filing provides a snapshot of FMCB's financial health and capital structure as of the end of the first quarter of 2024. Investors can analyze changes in equity accounts and the composition of the company's investment portfolio, which may indicate shifts in strategy or market conditions.

Risk Assessment

Risk Level: low — FARMERS & MERCHANTS BANCORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Review the detailed breakdown of securities and equity accounts to understand the company's financial positioning and potential investment trends.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2023-12-31 — Previous Year End Date (Fiscal year end for comparison)
• 2023-01-01 — Previous Year Start Date (Start of comparative period)
• 2024-01-01 — Current Year Start Date (Start of current reporting period)

Key Players & Entities

• FARMERS & MERCHANTS BANCORP (company) — Filer name
• FMCB (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 121 WEST PINE ST (address) — Business address street 1
• LODI (location) — Business address city
• CA (location) — Business address state
• 95240-2184 (postal_code) — Business address zip

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Indicates the company's ability to reinvest profits back into the business.)

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 Par Value Per Share Indicate by check

Filing Documents

• ef20026298_10q.htm (10-Q) — 5078KB
• ef20026298_ex10-1.htm (EX-10.1) — 171KB
• ef20026298_ex10-2.htm (EX-10.2) — 171KB
• ef20026298_ex10-3.htm (EX-10.3) — 150KB
• ef20026298_ex10-4.htm (EX-10.4) — 152KB
• ef20026298_ex10-5.htm (EX-10.5) — 144KB
• ef20026298_ex10-6.htm (EX-10.6) — 143KB
• ef20026298_ex10-7.htm (EX-10.7) — 144KB
• ef20026298_ex31-a.htm (EX-31.A) — 9KB
• ef20026298_ex31-b.htm (EX-31.B) — 9KB
• ef20026298_ex32.htm (EX-32) — 7KB
• 0001140361-24-025234.txt (&nbsp;) — 21909KB
• fmcb-20240331.xsd (EX-101.SCH) — 39KB
• fmcb-20240331_cal.xml (EX-101.CAL) — 99KB
• fmcb-20240331_def.xml (EX-101.DEF) — 247KB
• fmcb-20240331_lab.xml (EX-101.LAB) — 657KB
• fmcb-20240331_pre.xml (EX-101.PRE) — 425KB
• ef20026298_10q_htm.xml (XML) — 6188KB

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION Page

- Financial Statements

Item 1 - Financial Statements Unaudited Consolidated Balance Sheets 3 Unaudited Consolidated Statements of Income 4 Unaudited Consolidated Statements of Comprehensive Income 5 Unaudited Consolidated Statements of Changes in Shareholders' Equity 6 Unaudited Consolidated Statements of Cash Flows 7 Notes to Unaudited Consolidated Financial Statements 8

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

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 30

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 50

- Controls and Procedures

Item 4 - Controls and Procedures 52

- OTHER INFORMATION

PART II. - OTHER INFORMATION

– Legal Proceedings

Item 1 – Legal Proceedings 53

– Risk Factors

Item 1A – Risk Factors 53

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 53

– Defaults upon Senior Securities

Item 3 – Defaults upon Senior Securities 53

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 53

– Other Information

Item 5 – Other Information 54

– Exhibits

Item 6 – Exhibits 54

Signatures

Signatures 55 2 Table of Contents PART 1. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements FARMERS & MERCHANTS BANCORP UNAUDITED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 65,796 $ 72,267 Interest bearing deposits with banks 672,601 338,375 Total cash and cash equivalents 738,397 410,642 Securities available-for-sale, amortized cost $ 259,318 and $ 199,374 , respectively 239,856 182,512 Securities held-to-maturity, fair value $ 649,775 and $ 671,585 respectively 806,971 817,688 Allowance for credit losses - securities held-to-maturity ( 450 ) ( 450 ) Total investment securities 1,046,377 999,750 Non-marketable securities 15,549 15,549 Loans and leases held-for-investment, net of unearned income 3,696,295 3,654,689 Allowance for credit losses - loans and leases ( 75,018 ) ( 74,965 ) Loans and leases held for investment, net 3,621,277 3,579,724 Bank-owned life insurance 75,525 74,931 Premises and equipment, net 51,618 51,907 Deferred income tax assets 34,818 39,979 Accrued interest receivable 23,740 28,520 Goodwill 11,183 11,183 Other intangibles 2,099 2,236 Other real estate owned 873 873 Other assets 93,117 93,634 Total Assets $ 5,714,573 $ 5,308,928 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest bearing $ 1,410,487 $ 1,482,571 Interest bearing: Demand 1,038,920 933,417 Savings and money market 1,632,720 1,607,479 Certificates of deposit 877,462 644,628 Total interest bearing 3,549,102 3,185,524 Total deposits 4,959,589 4,668,095 Federal Home Loan Bank advances 100,000 - Subordinated debentures 10,310 10,310 Interest payable and other liabilities 79,457 80,768 Total Liabilities 5,149,356 4,759,173 SHAREHOLDERS' EQUITY Preferred shares, no par value, 1,000,000 shares authorized and, none issued or outstanding - - Common shares, $

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Note 1—Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of Farmers & Merchants Bancorp ("FMCB" or "Bancorp"), a bank holding company incorporated in the State of Delaware and its wholly owned subsidiary, Farmers & Merchants Bank of Central Californi a ("F&M Bank" or the "Bank") collectively (the "Company"). These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission ("SEC"). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2024 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim

financial statements. All significant intercompany transactions and balances have been eliminated

financial statements. All significant intercompany transactions and balances have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company's accounting policies, by their nature, are inherently significant to an understanding of Bank's financial statements. These policies relate to: (i) the methodology for the recognition of interest income; (ii) the determination of the provision and allowance for credit losses; (iii) the valuation of financial assets and liabilities recorded at fair value; (iv) the valuation of intangibles, such as goodwill and core deposit intangibles ("CDI"); (v) the valuation of other real estate owned ("OREO"); and (vi) the valuation or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Audited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations, Summary of Critical Accounting Policies and Estimates, in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 14, 2024 and Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Critical Accounting Policies and Estimates included in this Quarterly Report on Form 10-Q. The information included in this Form 10-Q should be read in conjunction with our 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year or any other interim period. Recently Adopted Accounting Standards — The Accounting Stan

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View this 10-Q filing on SEC EDGAR