---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-019223"
form_type: "8-K"
ticker: "FMCB"
cik: "0001085913"
company_name: "FARMERS & MERCHANTS BANCORP"
filed_at: "2023-04-20T23:59:59+00:00"
generated_at: "2026-06-16T22:10:00.853681+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Farmers & Merchants Bancorp reports record Q1 net income of $23.5M, EPS $30.80

## Summary
- Net income $23.5M (diluted EPS $30.80) vs $17.1M ($21.70) in Q1 2022, up 37%.
- Net interest income rose 32% to $55.7M; net interest margin improved to 4.53% from 3.39% YoY.
- Total deposits fell 4.62% to $4.5B from Dec 31, 2022, citing agricultural seasonality.
- Credit quality strong: non-performing loans only $387K, net recoveries of $188K in Q1.
- Tangible book value per share increased 13.15% YoY to $648.88; capital ratios all above well-capitalized thresholds.

## SEC filing metadata
- accession: 0001140361-23-019223
- form_type: 8-K
- ticker: FMCB
- cik: 0001085913
- company_name: FARMERS & MERCHANTS BANCORP
- filed_at: 2023-04-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1085913/000114036123019223/0001140361-23-019223-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1085913/000114036123019223/brhc20051641_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-019223
- JSON: https://secwatch.observer/filing/0001140361-23-019223.json
- Plain text: https://secwatch.observer/filing/0001140361-23-019223.txt

## Key facts
- Earnings Releases
  FARMERS & MERCHANTS BANCORP reported first quarter of 2023 results: net income $23.5 million, EPS $30.80 per diluted common share.
  - Period: first quarter of 2023
  - Net income: $23.5 million
  - EPS: $30.80 per diluted common share
  - Result: reported results
  source text: 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 net income of $23.5 million, or $30.80 per diluted common share for the first quarter of 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1085913/000114036123019223/0001140361-23-019223-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.