Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2024

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, on a parent-only basis, is as follows:

	December 31,
(Dollars in thousands)	2024		2023
Balance Sheets
Assets
Cash and cash equivalents	$	285	$	130
Investment in subsidiaries		584,851		561,521
Other assets		163		47
Total assets	$	585,299	$	561,698
Liabilities and shareholders’ equity
Subordinated debentures	$	10,310	$	10,310
Other liabilities		1,917		1,633
Shareholders’ equity		573,072		549,755
Total liabilities and shareholders’ equity	$	585,299	$	561,698

	Year Ended December 31,
(Dollars in thousands)	2024		2023		2022
Statements of Income
Dividend and other income from subsidiaries	$	60,900	$	33,300	$	34,700
Interest and dividends		26		25		14
Total income		60,926		33,325		34,714
Reimbursement of expenses from subsidiaries		746		705		714
Other expenses		2,994		2,321		2,388
Total expense		3,740		3,026		3,102
Income before income taxes		57,186		30,299		31,612
Income tax benefit		1,078		887		913
		58,264		31,186		32,525
Equity in undistributed net income of subsidiaries		30,193		57,128		42,565
Net income	$	88,457	$	88,314	$	75,090

	Year Ended December 31,
(Dollars in thousands)	2024			2023			2022
Statements of Cash Flows
Cash flows from operating activities:
Net income	$	88,457		$	88,314		$	75,090
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of the Bank		(30,193	)		(57,128	)		(42,565	)
Change in other assets and liabilities		169			603			197
Net cash provided by operating activities		58,433			31,789			32,722
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		(45,261	)		(20,355	)		(20,310	)
Cash dividends paid		(13,017	)		(12,886	)		(12,489	)
Net used in financing activities		(58,278	)		(33,241	)		(32,799	)
Net change in cash and cash equivalents		155			(1,452	)		47
Cash and cash equivalents, beginning of year		130			1,582			1,535
Cash and cash equivalents, end of year	$	285		$	130		$	1,582