Dividends and Basic Earnings Per Common Share

6 Months Ended

Jun. 30, 2020

Dividends and Basic Earnings Per Common Share [Abstract]

Dividends and Basic Earnings Per Common Share

8. Dividends and Basic Earnings Per Common Share

Farmers & Merchants Bancorp common stock is not traded on any exchange. The shares are primarily held by local residents and are not actively traded. However, trades are reported on the OTCQX under the symbol “FMCB”.

On May 14, 2020, the Board of Directors declared a mid-year cash dividend of $7.25 per share, a 2.8% increase over the $7.05 per share paid on June 27, 2019. The cash dividend was paid on July 1, 2020, to shareholders of record on June 12, 2020.

Basic earnings per common share amounts are computed by dividing net income by the weighted average number of common shares outstanding for the period. There are no common stock equivalent shares. Therefore diluted and basic earnings per common share are the same.

The following table calculates the basic earnings per common share for the three and six months ended June 30, 2020 and 2019.

	Three Months Ended June 30,				Six Months Ended June 30,
(net income in thousands)	2020		2019		2020		2019
Net Income	$	14,309	$	14,105	$	28,431	$	27,654
Weighted Average Number of Common Shares Outstanding		793,556		787,307		793,530		785,881
Basic and Diluted Earnings Per Common Share	$	18.03	$	17.92	$	35.83	$	35.19