---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-003594"
form_type: "8-K"
ticker: "FMCB"
cik: "0001085913"
company_name: "FARMERS & MERCHANTS BANCORP"
filed_at: "2024-01-24T23:59:59+00:00"
generated_at: "2026-06-06T19:01:43.132172+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Farmers & Merchants Bancorp reports record 2023 net income of $88.3M; EPS up 20.8% YoY

## Summary
- Record net income of $88.3M ($116.61/diluted share) vs $75.1M ($96.55) in 2022; net income up 17.6%.
- Net interest margin expanded to 4.30% from 3.81%; total deposits fell 1.9% to $4.67B with no brokered deposits.
- Loans and leases grew 4.05% to $3.65B; net recoveries of $0.3M; no nonperforming loans at year-end.
- Total risk-based capital ratio improved to 13.84%; tangible book value per share up 16.9% to $717.05; repurchased 20,366 shares for $20.2M.

## SEC filing metadata
- accession: 0001140361-24-003594
- form_type: 8-K
- ticker: FMCB
- cik: 0001085913
- company_name: FARMERS & MERCHANTS BANCORP
- filed_at: 2024-01-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1085913/000114036124003594/0001140361-24-003594-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1085913/000114036124003594/ef20019457_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-003594
- JSON: https://secwatch.observer/filing/0001140361-24-003594.json
- Plain text: https://secwatch.observer/filing/0001140361-24-003594.txt

## Key facts
- Earnings Releases
  FARMERS & MERCHANTS BANCORP reported the full year of 2023 results: revenue Total revenue increased 15.29% to $230.3 million, net income Record net income of $88.3 million, EPS $116.61 per diluted common share.
  - Period: the full year of 2023
  - Revenue: Total revenue increased 15.29% to $230.3 million
  - Net income: Record net income of $88.3 million
  - EPS: $116.61 per diluted common share
  - Result: reported results
  source text: income for the year ended December 31, 2023 was $215.4 million, an increase of $21.8 million, or 11.27%, when compared with $193.6 million one year ago. Total revenue increased 15.29% to $230.3 million in 2023 compared with $199.8 million in 2022. The Company’s net interest margin increased to 4.30% in 2023, compared to 3.81% in 2022. The increase was
  evidence_url: https://www.sec.gov/Archives/edgar/data/1085913/000114036124003594/0001140361-24-003594-index.htm

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