FARMERS & MERCHANTS BANCORP 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The following table reports information regarding repurchases of our common stock during the three months ended March 31, 2026: Period Total number of shares purchased Average price paid per share (1) Total number of shares purchased as part of publicly announced plans or programs Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs ( In thousands ) January 1, 2026 to January 31, 2026 70 $ 1,080.78 70 $ 30,232 February 1, 2026 to February 28, 2026 41 1,066.23 41 30,188 March 1, 2026 to March 31, 2026 70 1,139.23 70 30,109 Total 1st Quarter 2026 181 $ 1,100.09 181 $ 30,109 (1) The aggregate purchase price and weighted average price per share does not include 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. On 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 9% 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 December 31, 2027. Repurchases 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 transactions, 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 corporations during a taxable year, subject to certain limits and provisions. During 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 remains $30.1 million authorized for repurchases under the Repurchase Plan. Item 3. Defaults Upon Senior Securities Not Applicable Item 4. Mine Safety Disclosures Not Applicable