When markets turn ugly, not every dividend payer holds its ground, but a small group of battle-tested companies has kept raising payouts through every crash since 1987. Five Dividend Kings stand apart right now, and the reasons they qualify may…
The Dividend Kings are the 58 companies that have raised their dividends for at least 50 years, reflecting their dependability and reliability. They are two “must-have” options for investors who rely on passive income to boost overall returns. Unlike the Dividend Aristocrats, the Dividend Kings do not have to be members of the S&P 500. One of the top reasons to be a long-term Dividend Kings stockholder is that many of these companies have raised their dividends through every market crash and meltdown since the Black Monday crash of 1987, when the Dow Jones Industrial Average fell a stunning 22% in one day.
Although no official ranking exists for the safest Dividend Kings, analysts most often emphasize criteria such as low payout ratios, strong free cash flow that covers the dividend, wide economic moats with little or no threat to products or services, and conservative balance sheets with low debt. A handful of names consistently rank toward the more defensive, lower-risk end of the current 57-company list. We found five that screen especially well on these measures, and we explain why they stand out.
Why Do We Cover the Dividend Kings?
Companies that have raised dividends for shareholders for 50 years or more are the kinds of investments passive income investors need. Dependability is crucial for individuals seeking to grow their annual income through dividend stock investments.
S&P Global Founded in 1860, S&P Global (NYSE: SPGI | SPGI Price Prediction) offers critical insights and data for markets worldwide, providing credit ratings and analytics, maintaining indices like the Dow Jones, and paying a 0.89% dividend. This company has a wide economic moat and a notably conservative target payout ratio of just 20–30% of earnings, which analysts highlight as evidence of strong balance-sheet health in a business model that generates abundant free cash flow.
Its operations consist of five businesses:
S&P Global Market Intelligence S&P Global Ratings S&P Global Commodity Insights S&P Global Mobility S&P Dow Jones Indices Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.
Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings, and benchmarks.
Commodity Insights is an independent provider of information and benchmark prices for the commodity and energy markets.
Mobility provides solutions for the entire automotive value chain, including vehicle manufacturers and retailers.
Indices is a global index provider that maintains a variety of valuation and index benchmarks for investment advisors, wealth managers, and institutional investors.
National Fuel Gas This top company distributes and transports natural gas to hundreds of thousands of customers in Western New York and Northwestern Pennsylvania. National Fuel Gas (NYSE: NFG) is a diversified energy company that pays a 2.57% dividend. Utilities typically generate stable, regulated cash flows, and this one currently trades at one of the lowest forward earnings multiples among Dividend Kings, suggesting the market is not pricing in any dividend risk.
It operates through four segments:
Exploration and Production Pipeline and Storage Gathering Utility The Exploration and Production segment explores, develops, and produces natural gas and oil. The Pipeline and Storage segment provides interstate natural gas transportation services through an integrated gas pipeline system in Pennsylvania and New York, and it owns and operates underground natural gas storage fields. This segment also transports natural gas for the National Fuel Gas Distribution Corporation and other utilities, industrial companies, and power producers in New York State.
The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, providing gathering services to Seneca. The Utility segment sells natural gas or provides natural gas utility services to various customers in:
Buffalo Niagara Falls Jamestown Erie and Sharon in Pennsylvania Bank of America has a Buy rating with a $107 target price.
ABM Industries This is likely the most off-the-radar stock in the Dividend Kings lineup. ABM Industries (NYSE: ABM) is a provider of integrated facility, engineering, and infrastructure solutions. The company has a very low 31% payout ratio, a 2.36% yield, and a solid safety and growth grade, giving a substantial cushion if earnings decline in a downturn.
The company’s segments include:
Business & Industry (B&I) Manufacturing & Distribution (M&D) Education Aviation Technical Solutions The B&I segment encompasses janitorial, facilities engineering, and parking services for commercial real estate properties, sports and entertainment venues, and other facilities. Meanwhile, the M&D segment provides integrated facility services, engineering, janitorial, and other specialized services.
The Education segment delivers janitorial, custodial, landscaping and grounds, facilities engineering, and parking services. The Aviation segment supports airlines and airports with services ranging from parking and janitorial to passenger assistance, catering logistics, air cabin maintenance, and transportation. The Technical Solutions segment specializes in facility infrastructure and mechanical and electrical services.
Farmers & Merchants Bank This name likely doesn’t ring a bell, but with a solid 1.48% dividend, it’s another safe choice. Farmers & Merchants Bank (OTC: FMCB) is the parent company of Farmers & Merchants Bank of Central California. This small regional bank, which is not as widely followed, currently trades at the lowest trailing earnings multiple among all the Dividend Kings.
The company offers a range of deposit products, including checking, savings, money market accounts, time certificates of deposit, individual retirement accounts, and online banking services for both business and personal accounts. It offers a range of lending products, including commercial, commercial real estate, construction, and other products. Commercial products include term loans, leases, lines of credit, other working capital financing, and letters of credit.
Its financing products for individuals include automobile financing, lines of credit, residential real estate, and others. It also offers specialized services tailored to commercial accounts. These services include a credit card program for merchants, lockbox and other collection services, account reconciliation, investment sweep, online account access, and electronic funds.
Pentair This Dividend King is based in London and pays a 1.63% dividend. Pentair (NYSE: PNR) delivers a comprehensive range of smart, sustainable water solutions for homes, businesses, and industries worldwide. Providing these smart and sustainable water solutions globally is more defensive than typical industrial cyclicals.
The company’s segments include the Flow segment, which designs, manufactures, and sells a variety of fluid treatment and pump products and systems, including:
Pressure vessels Gas recovery solutions Membrane bioreactors Wastewater reuse systems Advanced membrane filtration and separation systems Water disposal pumps Water supply pumps Fluid transfer pumps Its Water Solutions segment designs, manufactures, and sells commercial and residential water treatment products and systems, including pressure tanks, control valves, and activated carbon products.
The Pool segment designs, manufactures, and sells a complete line of energy-efficient residential and commercial pool equipment and accessories, including pumps, filters, heaters, lights, automatic controls, automatic cleaners, and maintenance equipment.
Contact [email protected] for any questions or corrections.
LODI, Calif., Aug. 12, 2026 (GLOBE NEWSWIRE) -- 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”), declared a quarterly cash dividend of $5.60 per share, up 4.7% from $5.35 for the previous quarter which was paid on July 1, 2026. The cash dividend is payable on October 1, 2026, to shareholders of record on September 11, 2026. Based on the Company's financial performance through June 30, 2026, net income over the trailing twelve months was $96.3 million compared with $90.0 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $139.94, up 10.30% compared with $126.87 for the same trailing period a year ago. This dividend represents a 15.4% payout ratio. This year marks the 91st consecutive year that the Company has paid cash dividends and the 61st consecutive year the Company has increased dividends. As a result of the consistency of the Company's cash dividends over many decades, the Company remains a member of a select group of only 58 publicly traded companies referred to as “Dividend Kings” by Sure Dividend where the Company is currently ranked 17t h.
Farmers & Merchants Bancorp (OTCMKTS:FMCB – Get Free Report)’s share price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1,331.02 and traded as high as $1,391.25. Farmers & Merchants Bancorp shares last traded at $1,391.25, with a volume of 102 shares.
Farmers & Merchants Bancorp Stock Up 1.0% The firm has a 50-day moving average of $1,331.02 and a two-hundred day moving average of $1,233.57. The firm has a market cap of $959.96 million, a price-to-earnings ratio of 9.94 and a beta of 0.48. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.02.
Farmers & Merchants Bancorp (OTCMKTS:FMCB – Get Free Report) last issued its quarterly earnings results on Monday, July 20th. The bank reported $36.39 EPS for the quarter. The company had revenue of $62.39 million for the quarter. Farmers & Merchants Bancorp had a return on equity of 14.85% and a net margin of 31.10%.
About Farmers & Merchants Bancorp (Get Free Report)
Farmers & Merchants Bancorp, Inc is a bank holding company that operates through its wholly owned subsidiary, Farmers & Merchants Bank of Central California. Headquartered in Hanford, California, the company provides a broad range of commercial and consumer banking services tailored to individuals, businesses and agricultural enterprises in the San Joaquin Valley region.
The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.
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Net income of $24.7 million, up $1.7 million or 7.3% compared to the second quarter of 2025; resulting in basic earnings per common share of $36.77 and diluted earnings per common share of $36.39, up 10.47% compared to the second quarter of 2025;Achieved an annualized return on average assets of 1.71% and return on average equity of 14.84%;Basic earnings per common share of $141.71 over the trailing twelve months, up 11.57% from $127.01 over the trailing period a year ago and up 20.37% versus $117.73 for the same period two years ago;Diluted earnings per common share of $139.94 over the trailing twelve months, up 10.30% from $126.87 over the same trailing period a year ago and up 18.9% versus $117.73 for the same period two years ago;Tangible book value per common share increased 15.38% to $963.82 compared to $835.33 as of June 30, 2025;Net interest income of $57.4 million, up $3.5 million, or 6.46%, compared to the second quarter of 2025; net interest margin (tax equivalent basis) of 4.20%, up from 4.07% in the second quarter of 2025;Total loans and leases grew $80.2 million, or 2.2%, to $3.70 billion, and deposits grew $332.6 million, or 7.0%, to $5.09 billion as of June 30, 2026 compared to June 30, 2025;Capital position strengthened with a total risk-based capital ratio of 16.04%, common equity tier 1 ratio of 14.56%, tier 1 leverage ratio of 11.68% and a tangible common equity ratio of 11.45%;Credit quality remained resilient during the quarter with an allowance for credit losses on gross loans and leases of 2.08%; net charge offs for the quarter of $165,000, a provision for credit losses of $500,000 and non-accrual loans of $2.7 million at quarter-end.
LODI, Calif., July 20, 2026 (GLOBE NEWSWIRE) -- 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”), reported record second quarter net income of $24.7 million, or $36.39 per diluted common share, up 10.47% when compared with $23.1 million, or $32.94 per diluted common share, for the second quarter of 2025. The annualized return on average assets was 1.71% and the return on average equity was 14.84% for the second quarter of 2026. Tangible book value per common share increased to $963.82 at June 30, 2026, up 15.38% compared with $835.33 as of June 30, 2025.
Net income for the first six months of 2026 was $48.8 million up $2.7 million or 5.95% compared to $46.1 million in the same period a year ago. The annualized return on average assets was 1.70% and the return on average equity was 14.75% for the first half of 2026.
Net income over the trailing twelve months was $96.3 million compared with $90.0 million for the same trailing period a year earlier. Diluted earnings per common share over the trailing twelve months totaled $139.94, up 10.30% compared with $126.87 for the same trailing period a year ago and up 18.9% compared with $117.73 for the same period two years ago. Basic earnings per common share over the trailing twelve months totaled $141.71, up 11.57% compared with $127.01 for the same trailing period a year ago and up 20.37% compared with $117.73 for the same period two years ago.
CEO Commentary
Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the second quarter of 2026 highlighted by another record quarter with net income of $24.7 million and a return on average assets of 1.71% and return on average equity of 14.84%. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter-end with $278.6 million in cash, $1.6 billion in investment securities of which $932.8 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity. Capital levels continued to strengthen and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Deposits increased $332.6 million or 7.0% compared to June 30, 2025 as we continued our focus on growing deposits with both our longstanding established client relationships while developing new client relationships. We also experienced solid loan growth of $87.0 million or 2.4% for the quarter. Overall credit quality remained resilient during the second quarter of 2026. Our Company remains in excellent financial condition at quarter-end and should be well positioned to navigate the challenges ahead as we have for the past 110 years.”
Earnings
Net interest income for the quarter ended June 30, 2026 was $57.4 million compared with $53.9 million in the same quarter in 2025 and $56.9 million in the first quarter of 2026. Net interest income for the six months ended June 30, 2026 was $114.3 million, an increase of $7.2 million, or 6.8%, when compared with $107.0 million for the same period in 2025. The Company’s net interest margin (tax equivalent basis) increased to 4.22% for the six months ended June 30, 2026 compared with 4.13% for the same period in 2025. Loan yields increased 3 basis points to 6.10% and the cost of average total deposits decreased 6 basis points to 1.19% for the six months ended June 30, 2026 compared to the same period in 2025. The primary driver for the increase in the net interest margin was related to the 46 basis point increase in yield on the investment securities portfolio to 3.71% during the six months ended June 30, 2026 compared to 3.25% for the same period in 2025. In addition, the average balances of the investment security portfolio increased $349.3 million for the six months ended June 30, 2026 compared to the six months ended 2025. Non-interest income was $5.0 million for the second quarter of 2026, down slightly from $5.5 million for the second quarter of 2025. Non-interest expense was $28.1 million for the quarter ended June 30, 2026, up $1.5 million from $26.7 million compared to the quarter ended June 30, 2025, primarily due to an increase of $0.9 million in non-recurring professional fees. As a result, the efficiency ratio for the second quarter of 2026 was 45.1%, up slightly from 44.9% in the second quarter of 2025. Despite the increase in operating expenses, primarily due to non-recurring professional fees during the quarter, net income increased $1.7 million or 7.3% to $24.7 million for the second quarter of 2026 compared to the second quarter of 2025.
Balance Sheet
Total assets at quarter-end were $5.8 billion, up 6.5% from $5.5 billion as of June 30, 2025. Total cash and cash equivalents were $278.6 million, down slightly from $291.8 million as of June 30, 2025. Total loans and leases outstanding were $3.7 billion, an increase of $80.2 million, or 2.2%, from June 30, 2025. As of June 30, 2026, the Company’s total investment securities portfolio was $1.6 billion, an increase of $307.4 million from June 30, 2025. The portfolio is comprised of $932.8 million in available-for-sale securities and $696.5 million in held-to-maturity securities. Total deposits increased $332.6 million, or 7.0%, to $5.1 billion at June 30, 2026 compared to June 30, 2025. The Company’s loan to deposit ratio was 73.1% as of June 30, 2026, down from 76.4% as of June 30, 2025, as deposit growth outpaced loan growth.
Credit Quality
The Company’s credit quality remained solid during the second quarter of 2026 with a negligible delinquency ratio of only 0.1% of gross loans and leases. Total special mention loans and substandard loans were $17.6 million and $3.1 million as of June 30, 2026 compared to $29.1 million and $1.4 million as of June 30, 2025, respectively. Net charge-offs were $165,000 or 0.005% of average loans and leases in the second quarter of 2026 compared to net charge-offs of $544,000 or 0.015% for the second quarter of 2025. The total allowance for credit losses on total loans and leases and unfunded commitments was $80.6 million as of June 30, 2026, compared to $79.7 million as of December 31, 2025. The allowance for credit losses on gross loans and leases increased by $0.9 million to $77.3 million, or 2.08%, as of June 30, 2026 compared with $76.4 million, or 2.08%, as of December 31, 2025. A provision for credit losses of $500,000 was recorded during the second quarter of 2026 compared to a $1.4 million provision during the second quarter of 2025. Provision for credit losses totaled $1.0 million for the first six months of 2026 compared to $1.7 million in the first six months of 2025.
Capital
The Company’s regulatory capital ratios continued to strengthen during the second quarter of 2026. At June 30, 2026, the Company’s preliminary total risk-based capital ratio was 16.04%, the common equity tier 1 capital ratio was 14.56% and the tier 1 leverage capital ratio was 11.68%, an increase from 15.29%, 13.81% and 11.00% as of December 31, 2025, respectively. At June 30, 2026, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At June 30, 2026, the tangible common equity ratio was 11.45%, up from 11.08% as of June 30, 2025.
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 $5.8 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 36 consecutive years, longer than any other commercial bank in the State of California.
Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 58 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.
In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of "America’s Best Banks" for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" for 2023.
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.
In December 2023, F&M Bank was ranked 4th 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 their clients.
F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of March 31, 2026, by American Bankers Association. 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 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.
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 the Company’s financial condition, competitive positioning, and expectations regarding future performance and results. 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; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; 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.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
FINANCIAL HIGHLIGHTS
Three-Months Ended Six-Months Ended(dollars in thousands, except per share amounts) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025Earnings and Profitability: Interest income $72,478 $71,710 $70,061 $144,188 $137,199 Interest expense 15,128 14,807 16,193 29,935 30,190 Net interest income 57,350 56,903 53,868 114,253 107,009 Provision for credit losses 500 500 1,400 1,000 1,700 Non-interest income 5,036 5,159 5,519 10,195 10,540 Non-interest expense 28,140 29,178 26,651 57,318 52,160 Income before taxes 33,746 32,384 31,336 66,130 63,689 Income tax expense 9,014 8,313 8,281 17,327 17,625 Net income $24,732 $24,071 $23,055 $48,803 $46,064 Basic earnings per common share $36.77 $35.91 $33.06 $72.68 $65.94 Diluted earnings per common share $36.39 $35.34 $32.94 $71.46 $65.80 Weighted Average Shares Outstanding - Basic 672,666 670,265 697,332 671,472 698,527 Weighted Average Shares Outstanding - Diluted 679,560 681,179 699,852 682,912 700,102 Common shares outstanding 691,944 693,043 725,367 691,944 725,367 Return on average assets 1.71% 1.68% 1.65% 1.70% 1.67% Return on average equity 14.84% 14.69% 15.09% 14.75% 15.37% Loan yield 6.11% 6.08% 6.08% 6.10% 6.07% Investment securities yield 3.72% 3.70% 3.31% 3.71% 3.25% Cost of average total deposits 1.19% 1.18% 1.31% 1.19% 1.25% Net interest margin - tax equivalent 4.20% 4.25% 4.07% 4.22% 4.13% Effective tax rate 26.71% 25.67% 26.43% 26.20% 27.67% Efficiency ratio 45.11% 47.01% 44.88% 46.06% 44.37% Book value per common share(1) $981.32 $946.63 $852.72 $981.32 $852.72 Tangible book value per common share(2)(b) $963.82 $928.99 $835.33 $963.82 $835.33 Balance Sheet: Total assets $5,835,459 $5,836,664 $5,478,773 $5,835,459 $5,478,773 Cash and cash equivalents 278,641 384,224 291,752 278,641 291,752 of which held at Fed 186,009 318,125 178,999 186,009 178,999 Total investment securities 1,629,242 1,610,188 1,321,812 1,629,242 1,321,812 of which available-for-sale 932,778 901,915 572,951 932,778 572,951 of which held-to-maturity 696,464 708,273 748,861 696,464 748,861 Gross loans and leases 3,721,425 3,634,556 3,635,831 3,721,425 3,635,831 Loans and leases held for investment, net of unearned income 3,703,857 3,616,871 3,623,636 3,703,857 3,623,636 Allowance for credit losses - loans and leases 77,253 76,918 76,169 77,253 76,169 Total deposits 5,092,963 5,116,273 4,760,364 5,092,963 4,760,364 Subordinated debentures 10,310 10,310 10,310 10,310 10,310 Total shareholders' equity $679,017 $656,055 $618,532 $679,017 $618,532 Loan-to-deposit ratio 73.07% 71.04% 76.38% 73.07% 76.38% Percentage of checking deposits to total deposits 48.89% 46.93% 49.23% 48.89% 49.23% Capital ratios (Bancorp)(a) Common equity tier 1 capital to risk-weighted assets 14.56% 14.23% 13.88% 14.56% 13.88% Tier 1 capital to risk-weighted assets 14.78% 14.45% 14.10% 14.78% 14.10% Risk-based capital to risk-weighted assets 16.04% 15.71% 15.36% 16.04% 15.36% Tier 1 leverage capital ratio 11.68% 11.35% 11.18% 11.68% 11.18% Tangible common equity ratio(3)(b) 11.45% 11.05% 11.08% 11.45% 11.08% (a) Capital information is preliminary for June 30, 2026
(b) Non-GAAP measurement
Non-GAAP measurement reconciliation: (Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2025 Shareholders' equity $679,017 $656,055 $618,532 Less: Intangible assets 12,105 12,227 12,609 Tangible common equity $666,912 $643,828 $605,923 Total assets $5,835,459 $5,836,664 $5,478,773 Less: Intangible assets 12,105 12,227 12,609 Tangible assets $5,823,354 $5,824,437 $5,466,164 Tangible common equity ratio(3) 11.45% 11.05% 11.08% (1) Total common equity divided by common shares outstanding
(2) Tangible common equity divided by common shares outstanding
(3) Tangible common equity divided by tangible assets
Net income of $24.1 million, or basic earnings per common share of $35.91 and diluted earnings per common share of $35.34; diluted earnings per common share up 7.6% compared to the first quarter of 2025;Diluted earnings per common share of $136.49 over the trailing twelve months, up 10.68% versus $123.32 over the same trailing period a year ago and $116.37 for the same period two years ago;Tangible book value per common share increased 15.01% to $928.99 compared to $807.72 as of March 31, 2025;Achieved return on average assets of 1.68% and return on average equity of 14.69%;Net interest income of $56.9 million, up $3.8 million, or 7.08% compared to the first quarter of 2025; net interest margin (tax equivalent basis) of 4.25%, up from 4.20% in the first quarter of 2025;Total assets grew $146.6 million, or 2.6%, to $5.84 billion, and deposits grew $138.4 million, or 2.8%, to $5.12 billion as of March 31, 2026 compared to December 31, 2025;Liquidity position remains strong with $384.2 million in cash, $1.6 billion in investment securities, of which $901.9 million are available-for-sale, no borrowings and a borrowing capacity of $2.2 billion as of March 31, 2026;Continued to grow our solid capital position with a total risk-based capital ratio of 15.71%, common equity tier 1 ratio of 14.23%, tier 1 leverage ratio of 11.35% and a tangible common equity ratio of 11.05%;Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.12%; net recoveries for the quarter of $43,000 and only one non-accrual loan of $730,000 at quarter-end. LODI, Calif., April 20, 2026 (GLOBE NEWSWIRE) -- 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”), reported net income of $24.1 million, or $35.34 per diluted common share, for the first quarter of 2026 compared with $23.0 million, or $32.86 per diluted common share, for the first quarter of 2025. The annualized return on average assets was 1.68% and return on average equity was 14.69% for the first quarter of 2026.
Net income over the trailing twelve months was $94.7 million compared with $88.7 million for the same trailing period a year earlier. Diluted earnings per common share over the trailing twelve months totaled $136.49, up 10.68% compared with $123.32 for the same trailing period a year ago and $116.37 for the same period two years ago. Basic earnings per common share over the trailing twelve months totaled $138.00, up 11.89% compared with $123.34 for the same trailing period a year ago and $116.37 for the same period two years ago. Tangible book value per common share increased to $928.99 at March 31, 2026, up 15.01% compared with $807.72 as of March 31, 2025.
CEO Commentary
Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the first quarter of 2026 highlighted by record quarterly net income of $24.1 million and a return on average assets of 1.68% and return on average equity of 14.69%. After eight consecutive years of record-setting annual earnings, we begin 2026 with another high-performing first quarter. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter end with $384.2 million in cash, $1.6 billion in investment securities of which $901.9 million are available-for-sale, no borrowings and access to $2.2 billion in borrowing capacity. Capital levels continued to strengthen and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Core deposits increased $88.4 million in the first quarter from December 31, 2025 as we continued our focus on growing deposits with both our longstanding established client relationships while developing new client relationships. Total loans and leases were $3.6 billion at the end of the first quarter, down $32.1 million or 0.88% from December 31, 2025 due primarily to seasonality in agricultural lending. Importantly, we continued to be selective in booking longer duration loans. The relatively flat interest rate yield curve, combined with aggressive loan pricing and credit structure by competitors, has diminished the attractiveness of longer duration loan assets. Overall credit quality remained resilient during the first quarter of 2026. We are still working closely with a few borrowers as they work through the current economic cycle, particularly in certain agricultural commodities where prices have been adversely impacted by negative conditions in the export market. Our Company remains in excellent financial condition and should be well positioned to navigate the challenges ahead as we have for the past 109 years.”
Earnings
Net interest income for the quarter ended March 31, 2026 was $56.9 million, an increase of $3.8 million when compared with $53.1 million for the first quarter of 2025. The Company’s net interest margin increased to 4.25% in the first quarter of 2026, compared to 4.20% in the first quarter of 2025. Loan yields increased 1 bps to 6.08% and deposit costs were flat at 1.18%. The primary driver for the increase in the net interest margin was related to the increase in yield on the investment securities portfolio from 3.20% in the first quarter of 2025 to 3.70% in the first quarter of 2026. In addition, the average balances of the investment security portfolio increased $375.9 million from the first quarter of 2025 to the first quarter of 2026. Non-interest income was $5.2 million for the first quarter of 2026, up slightly from $5.0 million when compared to the first quarter of 2025. Non-interest expense was $29.2 million for the quarter ending March 31, 2026, up $3.7 million from $25.5 million compared to the quarter ended March 31, 2025. The majority of the increase was $2.8 million in higher compensation expense primarily due to the one-time transition expenses for the new long term incentive plan. Overall operating expenses were impacted by ongoing inflation. As a result, the efficiency ratio for the first quarter of 2026 was 47.0%, up from 43.9% in the first quarter of 2025. Despite the one-time increase in operating expenses for the quarter, net income increased $1.1 million from $23.0 million for the first quarter of 2025 to $24.1 million for the first quarter of 2026.
Balance Sheet
Total assets at quarter-end were $5.8 billion, up from $5.7 billion as of December 31, 2025. Total cash and cash equivalents were $384.2 million, an increase of $239.4 million from December 31, 2025. Total loans and leases outstanding were $3.6 billion, a decrease of $32.1 million, or 0.88%, from December 31, 2025. As of March 31, 2026, our total investment securities portfolio was $1.6 billion, a decrease of $59.6 million from December 31, 2025. The portfolio is comprised of $901.9 million in available-for-sale securities and $708.3 million in held-to-maturity securities. Total deposits increased $138.4 million, or 2.78%, to $5.1 billion at March 31, 2026 compared to December 31, 2025. Our loan to deposit ratio was 71.04% as of March 31, 2026, down from 73.67% as of December 31, 2025 due to an increase in total deposits and a modest decrease in total loans and leases.
Credit Quality
The Company’s credit quality remained solid with only one $730,000 non-accrual loan as of March 31, 2026, and a negligible delinquency ratio of 0.01% of total loans and leases. Net recoveries were $43,000 in the first quarter of 2026 compared to net charge-offs of $160,000 in the first quarter of 2025. Net charge-offs over the trailing twelve months were $1.6 million or 0.04% of average total loans and leases. The total allowance for credit losses on loans and leases and unfunded commitments was $80.2 million as of March 31, 2026, compared to $79.7 million as of December 31, 2025. The allowance for credit losses on loans and leases increased by $0.5 million to $76.9 million, or 2.12%, as of March 31, 2026 compared with $76.4 million, or 2.08%, as of December 31, 2025. A provision for credit losses of $500,000 was recorded during the first quarter of 2026 compared to a $300,000 provision during the first quarter of 2025.
Capital
The Company’s regulatory capital ratios continued to strengthen during the first quarter of 2026. At March 31, 2026, the Company’s preliminary total risk-based capital ratio was 15.71%, the common equity tier 1 capital ratio was 14.23% and the tier 1 leverage capital ratio was 11.35%, an increase from 15.29%, 13.81% and 11.00% as of December 31, 2025, respectively. At March 31, 2026, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At March 31, 2026, the tangible common equity ratio was 11.05%, up from 10.40% as of March 31, 2025.
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 $5.8 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 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.
In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of "America’s Best Banks" for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" for 2023.
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.
In December 2023, F&M Bank was ranked 4th 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 their clients.
F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. 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 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.
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 the Company’s strategic focus and priorities, and the anticipated results therefrom, financial condition, liquidity position and balance sheet, competitive positioning, and credit quality. 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; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; 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.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
FINANCIAL HIGHLIGHTS Three Months Ended(dollars in thousands, except share and per share data) March 31, 2026 December 31, 2025 March 31, 2025Earnings and Profitability: Interest income $ 71,710 $ 71,701 $ 67,138 Interest expense 14,807 14,967 13,997 Net interest income 56,903 56,734 53,141 Provision for credit losses 500 1,100 300 Noninterest income 5,159 6,226 5,021 Noninterest expense 29,178 29,409 25,509 Income before taxes 32,384 32,451 32,353 Income tax expense 8,313 8,628 9,344 Net income $ 24,071 $ 23,823 $ 23,009 Basic earnings per common share $ 35.91 $ 34.79 $ 32.88 Diluted earnings per common share $ 35.34 $ 34.29 $ 32.86 Weighted average shares outstanding - Basic 670,265 684,735 699,736 Weighted average shares outstanding - Diluted 681,179 694,662 700,215 Common shares outstanding 693,043 697,904 729,913 Return on average assets 1.68% 1.66% 1.70%Return on average equity 14.69% 14.64% 15.65%Loan yield 6.08% 6.06% 6.07%Investment securities yield 3.70% 3.69% 3.20%Cost of average total deposits 1.18% 1.18% 1.18%Net interest margin - tax equivalent 4.25% 4.18% 4.20%Effective tax rate 25.67% 26.59% 28.88%Efficiency ratio 47.01% 46.71% 43.86%Book value per common share (1) $ 946.63 $ 924.93 $ 825.18 Tangible book value per common share (2)(b) $ 928.99 $ 907.24 $ 807.72 Balance Sheet: Total assets $ 5,836,664 $ 5,690,110 $ 5,680,024 Cash and cash equivalents 384,224 144,864 607,254 of which held at Fed 318,125 84,242 515,758 Total investment securities 1,610,188 1,669,795 1,255,204 of which available-for-sale 901,915 951,154 495,433 of which held-to-maturity 708,273 718,641 759,771 Gross loans and leases 3,634,556 3,667,325 3,595,511 Allowance for credit losses - loans and leases 76,918 76,375 75,423 Total deposits 5,116,273 4,977,826 4,977,968 Subordinated debentures 10,310 10,310 10,310 Total shareholders' equity $ 656,055 $ 645,514 $ 602,306 Loan-to-deposit ratio 71.04% 73.67% 72.23%Percentage of checking deposits to total deposits 46.93% 49.11% 45.76% Capital ratios (Bancorp) (a) Common equity tier 1 capital to risk-weighted assets 14.23% 13.81% 13.75%Tier 1 capital to risk-weighted assets 14.45% 14.04% 13.97%Risk-based capital to risk-weighted assets 15.71% 15.29% 15.23%Tier 1 leverage capital ratio 11.35% 11.00% 11.32%Tangible common equity ratio (3)(b) 11.05% 11.15% 10.40% (a) Capital information is preliminary for March 31, 2026
(b) Non-GAAP measurement
Non-GAAP measurement reconciliation: (Dollars in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Shareholders' equity $ 656,055 $ 645,514 $ 602,306 Less: Intangible assets 12,227 12,348 12,740 Tangible common equity $ 643,828 $ 633,166 $ 589,566 Total assets $ 5,836,664 $ 5,690,110 $ 5,680,024 Less: Intangible assets 12,227 12,348 12,740 Tangible assets $ 5,824,437 $ 5,677,762 $ 5,667,284 Tangible common equity ratio (1) 11.05% 11.15% 10.40% (1) Total common equity divided by common shares outstanding
(2) Tangible common equity divided by common shares outstanding
(3) Tangible common equity divided by tangible assets
Dividend Kings are outperforming SPY year-to-date, with 36 of 58 beating the index with an average gain of 7.03% versus SPY's 4.18%. Twenty-seven Dividend Kings are both potentially undervalued and offer a long-term annualized expected return of at least 10%. Recent dividend increases among Kings have been modest, with the average 2026 dividend growth rate rising to 3.11%.
LODI, Calif., May 12, 2026 (GLOBE NEWSWIRE) -- 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”), declared a quarterly cash dividend of $5.35 per share, up 4.9% from $5.10 for the previous quarter which was paid on April 1, 2026. Over the trailing twelve months the total cash dividend declared was $20.50 compared to $18.60 for the same trailing period a year earlier. The cash dividend is payable on July 1, 2026, to shareholders of record on June 12, 2026. Based on the Company’s financial performance through March 31, 2026, net income over the trailing twelve months was $94.7 million compared with $88.7 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $136.49, up 10.7% compared with $123.32 for the same trailing period a year ago.
For the quarter ended March 31, 2026, Farmers & Merchants Bancorp reported record net income of $24.1 million, or $35.34 per diluted common share, a 7.6% increase over the prior year. For the first quarter of 2026, annualized return on average assets was 1.68% and return on average equity was 14.69%. Total assets at quarter-end were $5.8 billion. The Company’s credit quality remained solid with an allowance for credit losses on loans and leases at quarter-end of 2.12% and a negligible delinquency ratio of 0.01% of total loans and leases as of March 31, 2026. The Company’s regulatory capital ratios continued to strengthen during the first quarter of 2026. At March 31, 2026, the Company’s common equity tier 1 ratio was 14.23% and the total risk-based capital ratio was 15.71%. All F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized” at March 31, 2026. For further details on our first quarter results, please see our press release dated April 20, 2026.
Kent A. Steinwert, Chairman, President and CEO noted, “The Board is very pleased with the Company’s strong financial results during the first quarter of 2026 and as a result, on May 11, 2026, the Board unanimously approved our fourth quarterly cash dividend since the Company moved from a semi-annual dividend to a quarterly dividend. This year marks the 91st consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 61st consecutive year we have increased dividends. As a result of the consistency of our cash dividends over many decades, we remain a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings” by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17th.”
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 $5.8 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 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.
In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of “America’s Best Banks” for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” for 2023.
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.
In December 2023, F&M Bank was ranked 4th 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 their clients.
F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. 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 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.
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; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; 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.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
Farmers & Merchants Bancorp remains a Buy, supported by robust operational metrics, conservative lending, and exceptional credit quality. FMCB's Q1 2026 results showed 7.6% EPS growth, a 15% tangible book value increase, and strong capital ratios, outpacing peers. The bank's disciplined loan-to-deposit ratio (71%) and low deposit costs underpin superior net interest margin and profitability.
LODI, Calif., June 11, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) announced today that Jehna Silva was appointed to the Board of Directors effective as of June 8, 2026. Ms. Silva brings more than 15 years of commercial banking experience to the Board, including extensive knowledge of relationship banking, lending and risk mitigation. Most recently, she served as Vice President, Shareholder Relations, of the Company where she managed shareholder communications, supported governance and managed shareholder reporting. That combination of community banking depth and shareholder-facing experience positions her to contribute to the Board’s strategic oversight while strengthening governance and continued growth.
Throughout her career, Ms. Silva has actively supported local communities by serving on boards as well as raising funds for United Way and other local charities. Currently, Ms. Silva serves on the board for the St. Joseph’s Foundation of San Joaquin and has previously served on the boards of Lodi Adopt-A-Child as Chair and the Leadership Stockton Alumni Association. She earned her Bachelor of Science degree in Business Administration from the University of the Pacific as well as attended Southern Methodist University’s Graduate Banking program at the Cox School of Business.
"On behalf of the Board of Directors, I want to welcome Jehna to the Board. She brings a history of professional experience, leadership, and commitment to exceptional corporate governance practices to our Board,” said Kent A. Steinwert, Chairman, President, and Chief Executive Officer of FMCB. “I look forward to working with her as we continue to serve the needs of the Company’s five key constituents, which are the shareholders, customers, employees, the communities we serve, and government, in a balanced manner.”
Ms. Silva has been appointed to serve on the CRA, Budget and Finance, and ALCO Committees of F&M Bank.
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 that proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 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 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 57 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.
In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of “America’s Best Banks” for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” for 2023.
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.
In December 2023, F&M Bank was ranked 4th 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 their clients.
F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of December 31, 2025, by American Bankers Association. 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 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.
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 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; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; 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.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
