Kent A. Steinwert, President/CEO of Farmers & Merchants Bancorp, surrendered 2,117 common shares on August 4, 2026 to satisfy tax withholding on accelerated vesting of Restricted Stock Awards granted February 3, 2025. The $1,385 per-share value reflects the August 3, 2026 closing price. After this, he holds 3,333 shares directly, plus 5,099 in a trust, 19,000 via an LLC, and 5 as custodian for a minor child. A prior shift of 1,996 shares from direct to indirect ownership did not change his total beneficial ownership, and an earlier 5-share overstatement of trust holdings was corrected.
Farmers & Merchants Bancorp reported net income of $24.7 million for the three months ended June 30, 2026, and $48.8 million for the first half of 2026. Basic EPS was $36.77 for the quarter and $72.68 year-to-date. Net interest income reached $57.4 million in the quarter and $114.3 million for six months, with a $0.5 million quarterly provision for credit losses. Non-interest income was $5.0 million and non-interest expense $28.1 million in the quarter.
At June 30, 2026, total assets were $5.84 billion, up from $5.69 billion at December 31, 2025. Loans and leases held for investment, net of unearned income, were $3.70 billion, and total investment securities were $1.63 billion. Cash and cash equivalents stood at $278.6 million. Total deposits were $5.09 billion, including $1.60 billion of non-interest-bearing deposits. Shareholders’ equity was $679.0 million, with 691,944 common shares outstanding.
Credit quality metrics remained conservative, with total past due and non-accrual loans of $5.2 million on a $3.70 billion portfolio and an allowance for credit losses on loans of $77.3 million. Net charge-offs were $0.6 million for the first half of 2026. Loans modified for borrowers experiencing financial difficulty totaled $4.8 million, or 0.13% of the portfolio by amortized cost. Other comprehensive income reflected a $1.1 million quarterly loss, driven by unrealized losses on securities.
FARMERS & MERCHANTS BANCORP Executive Vice President and CFO Bart R Olson reported a tax-related share disposition. On August 4, 2026, he surrendered 486 shares of common stock to the issuer at 1385.0000 per share to satisfy tax withholding on accelerated vesting of restricted stock awards originally granted on February 3, 2025. Following this, he holds 822 shares directly and 1,356 shares indirectly through a family trust; 666 shares had previously been reclassified from direct to indirect ownership without changing his overall stake.
Farmers & Merchants Bancorp executive David Zitterow reported a tax-withholding disposition of 236 shares of common stock on August 4, 2026, surrendering them to the issuer at 1385.0000 per share to satisfy tax obligations from accelerated vesting of Restricted Stock Awards. The acceleration was approved by the issuer's Personnel Committee, and he now directly holds 2186.0000 shares.
Farmers & Merchants Bancorp EVP and Chief Credit Officer John W. Weubbe surrendered 209 shares of common stock on August 4, 2026 to the issuer to satisfy tax withholding obligations arising from accelerated vesting and settlement of Restricted Stock Awards originally granted on February 3, 2025 and scheduled to vest fully on February 3, 2027. The surrendered shares were valued at $1,385 per share, reflecting the August 3, 2026 market closing price. After this tax-withholding disposition, he holds 421 shares directly and 625 shares indirectly in a family trust.
Farmers & Merchants Bancorp executive J. Ryan Misasi, EVP and Retail Banking Division Manager, surrendered 496 shares of common stock on August 4, 2026 at $1,385 per share as a tax-withholding disposition. The shares were delivered to the issuer to satisfy tax withholding obligations tied to the accelerated vesting and settlement of Restricted Stock Awards originally granted on February 3, 2025, which had a final vesting date of February 3, 2027 and were fully accelerated on August 4, 2026 with Personnel Committee approval. After this transaction, Misasi holds 812 shares directly, plus 60 shares indirectly held by a spouse and 3,585 shares indirectly held in a family trust, with a prior transfer of 650 shares from direct to indirect ownership not changing overall beneficial ownership.
Farmers & Merchants Bancorp executive Bennett Thomas A, EVP and Enterprise Risk Officer, surrendered 131 shares of Common Stock to the issuer on August 4, 2026 to satisfy tax withholding obligations tied to accelerated vesting and settlement of Restricted Stock Awards granted February 3, 2025.
The surrendered shares were valued at $1,385 per share, the August 3, 2026 market close, and he now directly holds 241 shares of Common Stock after this tax-withholding disposition, which was approved by the issuer's Personnel Committee.
Farmers & Merchants Bancorp EVP, Chief Admin. Officer Troy Harper reported a tax-withholding disposition of 144 shares of common stock on August 4, 2026. The shares were surrendered to the issuer to satisfy tax obligations tied to the accelerated vesting and settlement of restricted stock awards originally granted on February 3, 2025. The value used was the $1,385 market closing price on August 3, 2026. After this transaction, Harper directly holds 382 shares of common stock. The transaction was not reported as made under a Rule 10b5-1 trading plan and does not reflect an open-market sale.
Farmers & Merchants Bancorp furnished an investor presentation providing a mid‑year 2026 update on its financial position and strategy. As of or year‑to‑date June 30, 2026, the bank reports assets of $5.8bn, ROA 1.70%, ROE 14.75%, NIM 4.22%, TCE 11.45% and RBC 16.04%.
The franchise serves Central California and the San Francisco Bay Area with 33 locations and a diversified commercial and agricultural lending focus. Loans are 55% fixed and 45% variable, with a loan‑to‑deposit ratio of 73.07% and a year‑to‑date cost of average total deposits of 1.19%. Credit quality metrics are strong, including non‑performing loans of $2.7 million, or 0.07% of total loans and leases, and an allowance for credit losses of $77.3 million, or 2.08%. The company highlights an average annual total shareholder return of 12.74% and dividend growth of 11.11% over 29 years, along with planned new branches in Walnut Creek, Lafayette, Elk Grove, Livingston and Lockeford.
Farmers & Merchants Bancorp reported record second‑quarter 2026 net income of $24.7 million, or $36.39 per diluted share, up 10.47% from $23.1 million, or $32.94, a year earlier. Six‑month net income was $48.8 million, up 5.95% year over year. ROA was 1.71% and ROE 14.84% for the quarter.
Net interest income rose to $57.4 million, and the net interest margin on a tax‑equivalent basis reached 4.22% for the first half of 2026, helped by a 3.71% yield on investment securities and lower deposit costs of 1.19%. Non‑interest expense increased to $28.1 million, including $0.9 million of non‑recurring professional fees, while the efficiency ratio was 45.1%.
Total assets were $5.8 billion at June 30, 2026, with loans of $3.7 billion and deposits of $5.1 billion, a 7.0% increase from June 30, 2025. Credit metrics remained strong, with net charge‑offs of $165,000 and an allowance for credit losses of $77.3 million, or 2.08% of loans. Capital ratios improved, with a total risk‑based capital ratio of 16.04% and tangible book value per share of $963.82, up 15.38% from a year earlier.