Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Statements of Parent Company [Abstract]

Condensed Financial Statements of Parent Company

Note 15—Condensed Financial Statements of Parent Company

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

	December 31,
(Dollars in thousands)	2023		2022
Balance Sheets
Assets
Cash and cash equivalents	$	130	$	1,582
Investment in subsidiaries		561,521		495,019
Other assets		47		304
Total assets	$	561,698	$	496,905
Liabilities and shareholders’ equity
Subordinated debentures	$	10,310	$	10,310
Other liabilities		1,633		1,287
Shareholders’ equity		549,755		485,308
Total liabilities and shareholders’ equity	$	561,698	$	496,905

	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Statements of Income
Dividend and other income from subsidiaries	$	33,300	$	34,700	$	9,900
Interest and dividends		25		14		9
Total income		33,325		34,714		9,909
Reimbursement of expenses from subsidiaries		705		714		780
Other expenses		2,321		2,388		1,469
Total expense		3,026		3,102		2,249
Income before income taxes		30,299		31,612		7,660
Income tax benefit		887		913		660
		31,186		32,525		8,320
Equity in undistributed net income of subsidiaries		57,128		42,565		58,016
Net income	$	88,314	$	75,090	$	66,336

	Year Ended December 31,
(Dollars in thousands)	2023			2022			2021
Statements of Cash Flows
Cash flows from operating activities:
Net income	$	88,314		$	75,090		$	66,336
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of the Bank		(57,128	)		(42,565	)		(58,016	)
Change in other assets and liabilities		603			197			739
Net cash provided by operating activities		31,789			32,722			9,059
Cash flows from investing activities:
Securities sold or matured		-			124			-
Net cash used in investing activities		-			124			-
Cash flows from financing activities:
Common stock repurchases		(20,355	)		(20,310	)		-
Cash dividends paid		(12,886	)		(12,489	)		(12,075	)
Net used in financing activities		(33,241	)		(32,799	)		(12,075	)
Net change in cash and cash equivalents		(1,452	)		47			(3,016	)
Cash and cash equivalents, beginning of year		1,582			1,535			4,551
Cash and cash equivalents, end of year	$	130		$	1,582		$	1,535