Exhibit 99.2
KEY FINANCIAL PERFORMANCE
Five Year Period: 1999 through 2003 and 1st Quarter 2004
Farmers & Merchants Bancorp
Selected Financial Data
(dollars in thousands, except per share data)
1999 2000 2001 2002 2003 Q1 '04
Total Assets $819,881 $905,551 $970,883 $1,021,907 $1,148,565 $1,121,561
Net Income $9,216 $11,020 $12,317 $13,419 $14,775 $3,902
Earnings Per Share $11.53 $13.88 $15.57 $17.34 $19.30 $5.12
Return on Average Assets 1.19% 1.29% 1.35% 1.41% 1.36% 1.38%
Return on Average Equity 10.95% 12.38% 13.14% 13.51% 13.88% 14.07%
Efficiency Ratio 65.66% 60.92% 57.71% 58.71% 58.41% 57.31%
Total Market Capitalization $138,808 $168,435 $179,817 $183,255 $287,037
Total Dividends Per Share $4.50 $5.00 $5.45 $6.00 $6.20
Total Investor Return Over Five Year Period 230% +
KEY COMPETITOR PERFORMANCE
Financial Data as of December 31, 2003
Selected Financial Data
(dollars in thousands, except per share data)
F & M Bank of Union River Bank of
Bank Stockton Safe City Lodi
Net Income $15,202 $15,293 $12,698 $6,690 $1,672
Annualized Return on Assets 1.41% 1.07% 1.16% 0.98% 0.64%
Annualized Return on Equity 14.47% 10.49% 13.47% 11.86% 7.81%
Overhead Expense to Average Assets 2.96% 3.33% 3.64% 3.27% 4.94%
Efficiency Ratio 57.75% 66.60% 71.58% 76.04% 83.85%
Net Chargeoffs to Total Loans 0.01% 0.03% 0.04% 0.03% 0.06%
Bauer's Star Rating* 5 4 4 4 4
Note:
1. Data source is Bauer Financial Bank Comparative Analysis Report.
2. Financial data is for bank only.