Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Statements of Parent Company [Abstract]

Balance Sheets

Financial information pertaining only to Farmers and Merchants Bancorp (“FMCB”), on a parent-only basis, is as follows:

	December 31,
(Dollars in thousands)	2022		2021
Balance Sheets
Assets
Cash and cash equivalents	$	1,582	$	1,535
Investment in subsidiaries		495,019		472,573
Other assets		304		241
Total assets	$	496,905	$	474,349
Liabilities and shareholders’ equity
Subordinated debentures	$	10,310	$	10,310
Other liabilities		1,287		903
Shareholders’ equity		485,308		463,136
Total liabilities and shareholders’ equity	$	496,905	$	474,349

Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Statements of Income
Dividend and other income from subsidiaries	$	34,700	$	9,900	$	19,874
Interest and dividends		14		9		11
Total income		34,714		9,909		19,885
Reimbursement of expenses from subsidiaries		714		780		821
Other expenses		2,388		1,469		1,656
Total expense		3,102		2,249		2,477
Income before income taxes		31,612		7,660		17,408
Income tax benefit		913		660		729
		32,525		8,320		18,137
Equity in undistributed net income of subsidiaries		42,565		58,016		40,597
Net income	$	75,090	$	66,336	$	58,734

Statements of Cash Flows

(Dollars in thousands)	Year Ended December 31,
Statements of Cash Flows	2022			2021			2020
Cash flows from operating activities:
Net income	$	75,090		$	66,336		$	58,734
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of the Bank		(42,565	)		(58,016	)		(40,597	)
Change in other assets and liabilities		197			739			(393	)
Net cash provided by operating activities		32,722			9,059			17,744
Cash flows from investing activities:
Payments for investments in non-qualified retirement plans		-			-			(403	)
Securities sold or matured		124			-			-
Net cash used in investing activities		124			-			(403	)
Cash flows from financing activities:
Common stock repurchases		(20,310	)		-			(2,834	)
Issuance of common stock		-			-			403
Cash dividends paid		(12,489	)		(12,075	)		(11,700	)
Net used in financing activities		(32,799	)		(12,075	)		(14,131	)
Net change in cash and cash equivalents		47			(3,016	)		3,210
Cash and cash equivalents, beginning of year		1,535			4,551			1,341
Cash and cash equivalents, end of year	$	1,582		$	1,535		$	4,551