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Farmers & Merchants Bancorp (FMCB) announced a mid-year cash dividend increase to $8.80 per share, a 6% rise from the previous year's $8.30. This marks FMCB's 59th consecutive year of dividend increases. The dividend will be paid on July 1, 2024, to shareholders recorded by June 11, 2024. The company's net income for the trailing twelve months through Q1 2024 was $116.37 per share, a 10.15% increase from $105.65 a year earlier. FMCB repurchased and retired 5,201 shares in Q1 2024, reducing outstanding shares by approximately 0.70%. Net income for Q1 2024 was $22.7 million, down from $23.5 million in Q1 2023. As of March 31, 2024, FMCB's total assets were $5.7 billion, with a return on average assets of 1.71% and a return on average equity of 16.33%. The company's tier 1 leverage capital ratio was 10.83%, and its total risk-based capital ratio was 14.21%.
Farmers & Merchants Bancorp (OTCQX: FMCB), the parent company of Farmers & Merchants Bank of Central California, announced that it has been ranked 6th on Forbes Magazine's list of 'America's Best Banks' for 2023. The ranking evaluates metrics like growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance through March 18, 2024. CEO Kent A. Steinwert emphasized the bank's conservative business practices and consistent financial performance, noting their 58 consecutive years of cash dividend increases, earning them the title of 'Dividend King'. Steinwert also highlighted the bank's strong liquidity, solid credit quality, and overall portfolio performance.
Farmers & Merchants Bank of Central California (FMCB) has been ranked 4th on S&P Global Market Intelligence's 'Top 50 List of Best-Performing Community Banks' in the US for 2023. The bank's strong financial performance, growth, and balance sheet risk profile contributed to this recognition. With a history of conservative business practices, the bank has maintained consistent growth in net profits, leading to a 58-year streak of increasing cash dividend payouts. This acknowledgment solidifies the bank's position as a 'Dividend King' and reflects its commitment to financial stability and community trust over its 108-year history.
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