FMCB - Farmers & Merchants Bancorp: A Class Act

• Well known among dividend growth investors, Farmers & Merchants Bancorp is a class act: conservatively run and very profitable.
• 2021 was another solid year for the firm, with pre-provision earnings, net income and tangible book value per share all up around 9-10%.
• Looking ahead, the run-off of PPP balances will be a slight headwind to interest income, though interest rates are rising and the bank is expanding into the Bay Area.
• At just under 1.7x tangible book value, these shares really aren't all that expensive for long-term investors, and I expect to see double-digit annualized returns ahead.

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