Farmers & Merchants Bancorp Q3 Profit Rises 5.75% to $25.1 Million

Farmers & Merchants Bancorp’s third-quarter net income rose 5.75% to $25.082 million from a year earlier, as a large tax reduction more than offset lower income before taxes.

Net income was $23.718 million in the third quarter of 2025. Diluted earnings per common share increased to $36.75 from $33.92, an 8.34% rise. Basic earnings per common share were $37.21, compared with $34.24 a year earlier.

Income before taxes fell to $27.241 million from $32.636 million. Income tax expense declined to $2.159 million from $8.918 million. Most of the tax decrease came from a $5.0 million benefit related to the reversal of earlier tax treatment for certain items.

Net interest income was $58.324 million, while noninterest income was $6.251 million. Together, those two categories totaled $64.575 million. Noninterest expense increased to $35.834 million from $28.948 million a year earlier.

At Sept. 30, the company had $5.7 billion in assets, $3.74 billion in loans and leases, and $5.0 billion in deposits. Farmers & Merchants Bancorp is the parent of Farmers & Merchants Bank of Central California, which operates 33 locations in California.

Chairman, President and CEO Kent Steinwert called the results “another record quarter with net income of $25.1 million.”