FARMERS & MERCHANTS BANCORP Business Summary

Farmers & Merchants Bancorp (FMCB) operates as the bank holding company for Farmers & Merchants Bank of Central California, generating revenue primarily through net interest income derived from a diversified portfolio of commercial, industrial, agricultural, and real estate loans. Its business model centers on traditional community banking, supplemented by non-interest income from service charges, treasury management fees, and wealth management services. As of February 2026, the company manages approximately $5.7 billion in assets and operates 33 branches across California’s Central Valley and East Bay. FMCB competes directly with regional peers such as CVB Financial Corp, Westamerica Bancorporation, and TriCo Bancshares. Within this landscape, FMCB maintains a dominant niche in agricultural lending and is recognized as a "Dividend King" with 61 consecutive years of dividend increases, supported by a superior efficiency ratio of 45.52%. The leadership team is led by Kent A. Steinwert, who has served as Chairman, President, and CEO since 1997, bringing over 40 years of banking experience to the firm's conservative growth strategy. Key executive officers include Bart R. Olson, Executive Vice President and Chief Financial Officer, and Troy D. Harper, who serves as Executive Vice President and Chief Administrative Officer following his appointment in late 2024. Other senior leaders include Ryan J. Misasi (EVP, Retail Banking) and John W. Weubbe (EVP, Chief Credit Officer). Founded in 1916, the bank maintains a board of directors with an average tenure of over 11 years, reflecting a stable governance structure that prioritizes long-term shareholder value and high asset quality.