2025 First Quarter Update (OTCQX: FMCB) April 30, 2025

(FMCB) Our Story Founded in 1916; Headquartered in Lodi, CA Serving Central California; 33 locations; 380 employees Expertise in Ag Lending >100 years; 15th largest in US Uniquely located in premier region; CA 4th largest economy in the world Strategic focus on superior client service; steady profitable growth Serve our constituents – customers, shareholders, communities, employees Assets $5.7bn RBC 15.23% NIM 4.20% TCE 10.40% ROA 1.70% ROE 15.65% Full compliment of products & services; commercial middle market; relationship driven Expanded into San Francisco Bay Area in 2013 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Note: All figures as of March 31, 2025

(FMCB) Our Geographic Markets Market Area Metrics: Population of 6.6 million GDP of $539 billion Median household income of $97,861 Diversified industries Territory stretches 100 miles north to south and 60 miles east to west 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Strong Liquidity Position Investment portfolio as of 3/31/25: $1.3 billion Tax Equivalent Yield – 3.25% Weighted Average Life – 10.7 years Effective Duration – 6.2 years Q1-25 purchases of $33.2 million (Avg. Yield of 5.83%; WAL of 8.3 years) No other borrowings as of 3/31/25 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Composition of Loans & Deposits As of March 31, 2025 Loan composition – 58% fixed; 42% variable Loan-to-deposit ratio – 72.23% as of 3/31/25 Cost of average total deposits – 1.17% for Q1-25 Cost of total interest bearing deposits – 1.73% for Q1-25 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Our Expertise in Agriculture 15th largest Ag lender in the US as of 12/31/24 Uniquely located in the premier agricultural region of the Central Valley from a climate, soil and water perspective Ag lender for over 100 years Diversified Ag portfolio Ag related lending is $1.3 billion or 27.7% of our loan portfolio as of 3/31/25 Ag related deposits of $312.9 million or 6.29% of deposits as of 3/31/25 Strong credit culture Net recoveries totaled $2K over the last 10 years from 2015 to 2024 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) CRE & Construction Portfolio CRE & Construction portfolio represents 42.9% of total loan portfolio as of 3/31/25 Operate below the regulatory thresholds of 100% for construction and 300% for total CRE; as of 3/31/25: Construction concentration – 28.9% Total CRE concentration – 164.5% Well-diversified; strong credit culture Net charge-offs of $170,000 for CRE and zero for construction over the last 5 years from 2020 to 2024 No non-performing loans 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Strong Credit Quality Net recoveries of $3.0 million over the last 10 years (2015-2024); Adopted CECL on 1/1/22 Net charge-offs of $161,000 for Q1-25; $682,000 for 2024 Non-performing loans of $193,000 or 0.01% as of 3/31/2025; $929,000 or 0.03% as of 12/31/24 Allowance for Credit Losses (ACL) on loans and leases of $75.4 million or 2.10% as of 3/31/25 Experienced lenders, conservative and disciplined credit culture 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Shareholder Returns Average annual total shareholders return of 12.88% over the last 28 years; through 12/31/24 Annual cash dividend growth rate of 10.80% over the last 28 years; through 12/31/24 Since 12/31/19 reduced the number of outstanding shares by 11.76% through 12/31/24 In 2024, repurchased 48,173 shares or 6.44% of outstanding shares; repurchased 703 shares in Q1-25 Ranked 17th out of 55 public companies to be considered a “Dividend King”; requires 50+ years of consecutive dividends; have delivered 89 years of consecutive dividends and 59 years of continuous increases Based on the dividend record date 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Awards & Recognition In addition to this recent ranking, F&M Bank is rated as one of the nation’s safest banks by nationally recognized bank rating firms1: BauerFinancial, Inc. – “5-Star, Superior Bank” & “Best of Bauer” The Findley Reports – “Super Premier Performer” VERIBANC® – “Blue Ribbon Bank Commendation of Excellence” 1 BauerFinancial rating as of 1/26/2025. The Findley Reports rating is an annual award as of 12/31/2024. The Veribanc rating is an annual award as of 9/30/2024. 2022 #1 – Performing Bank in the U.S. All Asset Classes • Rating as of July 2023 2023 #2 – Performing Bank in the U.S. All Asset Classes • Rating as of July 2024 2022 #1 Community Bank in California Rating as of October 2021 2023 #4 Community Bank in the U.S. Assets of $3-10B • Rating as of December 2023 2024 #2 Dividend Champion Based on expected returns over the next 5 years Rating as of October 2024 “Dividend King” #17 out of 55 companies 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) Recent/Future Locations Danville – Opened October 2024 Walnut Creek near Target Elk Grove – Corner of Laguna and Big Horn 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved.

(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Why Invest in FMCB Consistent earnings growth and superior shareholder returns History of 89 consecutive years of dividends with 59 years of increases Unique expertise in Ag lending results in a more diversified loan portfolio resulting in a lower CRE concentration Geographically located in a premier location of the Central Valley and Bay Area of California Seasoned management team with deep and diverse banking experience Highly efficient branch network with premier locations Strong and disciplined credit culture Well-positioned, diversified and strong balance sheet

(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Non-GAAP Measurements Tangible Common Equity Ratio and December 31, March 31, Tangible Book Value Per Common Share 2020 2021 2022 2023 2024 2025 (Dollars in thousands, except per share data) Shareholders' equity $ 423,665 $ 463,136 $ 485,308 $ 549,755 $ 573,072 $ 602,306 Less: Intangible assets 15,196 14,585 13,992 13,419 12,870 12,740 Tangible common equity $ 408,469 $ 448,551 $ 471,316 $ 536,336 $ 560,202 $ 589,566 Total Assets $ 4,550,453 $ 5,177,720 $ 5,327,399 $ 5,308,928 $ 5,370,196 $ 5,680,024 Less: Intangible assets 15,196 14,585 13,992 13,419 12,870 12,740 Tangible assets $ 4,535,257 $ 5,163,135 $ 5,313,407 $ 5,295,509 $ 5,357,326 $ 5,667,284 Tangible common equity ratio(1) 9.01% 8.69% 8.87% 10.13% 10.46% 10.40% Book value per common share(2) $ 536.53 $ 586.51 $ 631.63 $ 735.00 $ 818.91 $ 861.55 Tangible book value per common share(3) $ 517.28 $ 568.04 $ 613.42 $ 717.05 $ 800.52 $ 843.33 Common shares outstanding 789,646 789,646 768,337 747,971 699,798 699,095 (1) Tangible common equity divided by tangible assets. (2) Total common equity divided by common shares outstanding. (3) Tangible common equity divided by common shares outstanding.

(FMCB) 10 ©2025 Farmers & Merchants Bank of Central California. All Rights Reserved. Forward-Looking Statements This presentation may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this presentation include, without limitation, statements regarding loan and deposit production levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, general economic conditions, inflation, recessions, tariffs, economic uncertainty in the United States, and changes in interest rates. Forward-looking statements in this presentation include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this presentation or otherwise, except as may be required by applicable law.