# EDGAR Filing Document

**Accession Number:** 0001085913
**File Stem:** 0001140361-25-030707
**Filing Date:** 2025-8
**Character Count:** 15197
**Document Hash:** 4a94646e30c202a75be4b6483742bcc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-030707.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001140361-25-030707

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250813

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FARMERS & MERCHANTS BANCORP
- **CENTRAL INDEX KEY:** 0001085913
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 943327828
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26099
- **FILM NUMBER:** 251209166

**BUSINESS ADDRESS:**
- **STREET 1:** FARMERS AND MERCHANTS BANCORP
- **STREET 2:** 121 WEST PINE ST
- **CITY:** LODI
- **STATE:** CA
- **ZIP:** 95240-2184
- **BUSINESS PHONE:** 2093672411

**MAIL ADDRESS:**
- **STREET 1:** FARMERS AND MERCHANTS BANCORP
- **STREET 2:** 121 WEST PINE ST
- **CITY:** LODI
- **STATE:** CA
- **ZIP:** 95240-2184

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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#### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of Earliest Event Reported): August 13, 2025

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## Farmers & Merchants Bancorp
(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware**<br>| **000-26099**<br>| **94-3327828**<br>|
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |

---

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| | |
|:---|:---|
| **111 West Pine Street, Lodi, California** | **95240**  |
| **(Address of principal executive offices)**<br>| **(Zip Code)** |

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#### Registrant's telephone number, including area code: (209) 367-2300

#### Former name or former address, if changed since last report
Not Applicable

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading<br> Symbol(s) | Name of each exchange<br> on which registered |
| None | Not applicable | Not applicable |

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. ☐

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| | |
|:---|:---|
| **Item 8.01** | **<u>Other Events</u>** |

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On August 13, 2025, Farmers & Merchants Bancorp announced a shift from a semi-annual cash dividend to a quarterly cash dividend and the Board of Directors' declaration of a quarterly cash dividend, a copy of which is included as Exhibit 99 and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **<u>Financial Statements and Exhibits</u>** |

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(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. <br>| Description of Exhibits |
| [99](ef20053821_ex99.htm)<br>| Press release announcing Farmers & Merchants Bancorp's shift from a semi-annual cash dividend to a quarterly cash dividend and the Board of Directors' declaration of a quarterly cash dividend. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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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** | **FARMERS & MERCHANTS BANCORP** |
|  | By | /s/ Bart R. Olson |
|  |  | Bart R. Olson |
|  |  | Executive Vice President |
|  |  | & Chief Financial Officer |
| Date: August 13, 2025 |  | |

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## Ex-99

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Exhibit 99

![](image00002.jpg)

#### Farmers & Merchants Bancorp (FMCB)

#### Announces Quarterly Cash Dividend

**Farmers & Merchants Bancorp (OTCQX:** **FMCB**) (the "Company" or "FMCB"), the parent company of Farmers & Merchants Bank of Central California (the "Bank" or "F&M Bank"), announced today that the Company is changing its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly. The unanimous decision to change the frequency of the cash dividend was done after the Board of Directors completed a thorough analysis of the Company's overall financial condition and performance. This current decision only impacts the frequency of dividend payments, which is subject to change in the future, if deemed necessary or appropriate by the Board. Consistent with past dividends, the amount of each future cash dividend will be determined by the Board at each dividend period and is based on the Company's financial performance and many factors which can change from time to time for reasons both within and outside of the Company's control. There can be no assurance that the Company's Board of Directors, in fact, will declare a dividend in any future quarterly period. The decision to move to a quarterly dividend is also designed to align more closely with banking industry practices while providing a more frequent return to shareholders.

In conjunction with the above, on August 12, 2025, the Board of Directors declared a quarterly cash dividend of $5.00 per share. The cash dividend is payable on October 1, 2025, to shareholders of record on September 11, 2025. The Company's last semi-annual cash dividend of $9.30 was paid on July 1, 2025. Based on the Company's financial performance through June 30, 2025, net income over the trailing twelve months was $90.0 million compared with $87.9 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $126.87, up 7.8% compared with $117.73 for the same trailing period a year ago.

For the quarter ended June 30, 2025, Farmers & Merchants Bancorp reported net income of $23.1 million, or $32.94 per diluted common share. For the second quarter of 2025, annualized return on average assets was 1.65% and return on average equity was 15.09%. Total assets at quarter-end were $5.5 billion. The Company's credit quality remained solid with no non-accrual loans and leases as of June 30, 2025, while maintaining an allowance for credit losses on loans and leases of $76.2 million, or 2.09% of total loans and leases. At June 30, 2025, the Company's common equity tier 1 ratio was 13.88% and the total risk-based capital ratio was 15.36%. All F&M Bank capital ratios exceeded the regulatory requirements to be classified as "well-capitalized" at June 30, 2025. For further details on our second quarter and year-to-date results, please see our press release dated July 17, 2025.

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Kent A. Steinwert, Chairman, President and CEO noted, "The Board is very pleased with the Company's strong financial results in the first six months of 2025 and, given the Company's consistent and reliable earnings performance over many years, decided it was an appropriate time to move to a quarterly cash dividend. In addition to approving this change in the frequency of the dividend, the Board also unanimously approved our first quarterly cash dividend. This year marks the 90<sup>th</sup> consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 60<sup>th</sup> 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 55 publicly traded companies designated as "Dividend Kings" by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17<sup>th</sup>."

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#### 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 33 convenient locations. F&M Bank is financially strong, with $5.5 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as "Dividend Kings," and is ranked 17<sup>th</sup> in that group based on consecutive years of dividend increases. A "Dividend King" is a stock with 50 or more consecutive years of dividend increase.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director's Magazine as the #3 best performing bank in the nation across all asset categories in their annual "Ranking Banking" study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director's Magazine as the #2 best performing bank in the nation across all asset categories in their annual "Ranking Banking" study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director's Magazine as the #1 best performing bank in the nation across all asset categories in their annual "Ranking Banking" study of the top performing banks for 2022.

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In April 2024, F&M Bank was ranked 6<sup>th</sup> on Forbes Magazine's list of "America's Best Banks" in 2023. Forbes' annual "America's Best Banks" list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

In December 2023, F&M Bank was ranked 4<sup>th</sup> on S&P Global Market Intelligence's "Top 50 List of Best-Performing Community Banks" in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was 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 is the 18<sup>th</sup> largest bank lender to agriculture in the United States. 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 Napa, Alameda and Contra Costa counties.

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 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 over 109 years ago.

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 last Community Reinvestment Act ("CRA") evaluation.

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#### 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 words such as "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 earnings performance and the frequency and amount of future dividend payments (if any). Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets; and other relevant risks 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. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

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