Farmers & Merchants Bancorp (FMCB) Reports Record Fourth Quarter and Annual 2025 Financial Results
Full Year 2025 Highlights Record annual net income of $93.6 million, an increase of $5.1 million compared to 2024; basic earnings per common share of $134.96, up 11.52% from the prior year; and diluted earnings per common share of $133.96, up 10.69% from the prior year; Record fourth quarter net income of $23.8 million, up 9.05% from $21.8 million in the fourth quarter of 2024; basic earnings per common share of $34.79, up 11.83% from the fourth quarter 2024; and diluted earnings per common share of $34.29, up 10.22% from the fourth quarter 2024; Achieved return on average assets of 1.67% and return on average equity of 15.11%; Tangible book value per share of $907.24, up from $800.52 or 13.33%, year-over-year; Net interest margin (tax equivalent basis) of 4.15%, up from 4.05% in 2024; loan yield of 6.06%, down from 6.08% in 2024; and cost of average total deposits of 1.22%, down from 1.35% in 2024; Effectively managed operating expenses with an efficiency ratio of 45.52%, down from 46.24% in 2024; Total assets at year-end grew to $5.7 billion from $5.4 billion, or 5.96%, year-over-year; Total deposits at year-end grew to $5.0 billion; up $278.7 million, or 5.93%, year-over-year; Loans and leases held for investment at year-end were $3.7 billion; down slightly, or 0.62%, year-over-year; Total investment securities at year-end grew to $1.7 billion from $1.2 billion, or 35.3%, year-over-year; Strong liquidity position as of December 31, 2025, with $1.8 billion in cash and investment securities, of which $951.2 million were available-for-sale securities; and a borrowing capacity of $2.1 billion with no outstanding borrowings; Strong capital position as of December 31, 2025, with a total risk-based capital ratio of 15.29%, common equity tier 1 ratio of 13.81%, tier 1 leverage ratio of 11.00% and a tangible common equity ratio of 11.15%; all increases from the prior year-end; Credit quality remained resilient with an allowance for credit losses on loans and leases at year-end of 2.08%; a net charge-off ratio of 0.05% at year-end; and a non-accrual loan and lease ratio of 0.02% at year-end. LODI, Calif.
