{"url_path":"/sec/fmcb/10-q/2026/item-2","section_key":"item-2","section_title":"Item 2 Unregistered Sales of Equity Securities and Use of Proceeds","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1085913/0001140361-26-020057-index.html","accession_number":"0001140361-26-020057","cik":"0001085913","ticker":"FMCB","issuer_name":"FARMERS & MERCHANTS BANCORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1085913/0001140361-26-020057-index.html","primary_entity_key":"0001085913","primary_entity_name":"FARMERS & MERCHANTS BANCORP"},"word_count":350,"has_tables":true,"body_markdown":"Item 2.\n\nUnregistered Sales of Equity Securities and Use of Proceeds\n\nThe following table reports information regarding repurchases of our common stock during the three months ended March 31, 2026:\n\nPeriod\n\n \n\nTotal number\n\nof shares\n\npurchased\n\n \n \n\nAverage price\n\npaid per share(1)\n\n \n \n\nTotal number of shares\n\npurchased as part of\n\npublicly announced\n\nplans or programs\n\n \n \n\nMaximum number (or\n\napproximate dollar\n\nvalue) of shares that\n\nmay yet be purchased\n\nunder the plans or\n\nprograms (In\n\nthousands)\n\n \n\nJanuary 1, 2026 to January 31, 2026\n\n \n \n\n70\n\n \n \n\n$\n\n1,080.78\n\n \n \n \n\n70\n\n \n \n\n$\n\n30,232\n\n \n\nFebruary 1, 2026 to February 28, 2026\n\n \n \n\n41\n\n \n \n \n\n1,066.23\n\n \n \n \n\n41\n\n \n \n \n\n30,188\n\n \n\nMarch 1, 2026 to March 31, 2026\n\n \n \n\n70\n\n \n \n \n\n1,139.23\n\n \n \n \n\n70\n\n \n \n \n\n30,109\n\n \n\nTotal 1st Quarter 2026\n\n \n \n\n181\n\n \n \n\n$\n\n1,100.09\n\n \n \n \n\n181\n\n \n \n\n$\n\n30,109\n\n \n\n(1)The aggregate purchase price and weighted average price per share does not\ninclude the effect of excise tax expense incurred on net stock repurchases. For the three months ended March 31, 2026, the excise tax expense accrual totaled $2,000.\n\nOn September 10, 2024 the Board of Directors authorized a new share repurchase program (the “Repurchase Plan”) for $55.0 million of the Company’s common stock, which represented approximately\n9% of outstanding shareholders’ equity at the time of approval. On August 14, 2025, the Board of Directors authorized an increase of $45.0 million to the existing share repurchase program along with an extension of the program through\nDecember 31, 2027.\n\nRepurchases by the Company under the Repurchase Plan may be made from time to time through open market purchases, trading plans established in accordance with SEC rules, privately negotiated\ntransactions, or by other means. In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted. Among other things, the IRA imposes an excise tax equal to 1% of the fair market value of any stock repurchased by covered\ncorporations during a taxable year, subject to certain limits and provisions.\n\nDuring the three months ended March 31, 2026, the Company repurchased 181 shares under the Repurchase Plan, for a total of $202,000, inclusive of the excise tax. As of March 31, 2026, there\nremains $30.1 million authorized for repurchases under the Repurchase Plan."}