Lodi, Calif.-based Farmers & Merchants Bancorp declared a midyear cash dividend of $7.05 per share, up from the previous dividend of $7.00.

The dividend will be paid July 1 to shareholders of record June 14.

For the quarter ended March 31, the company reported net income of $13.5 million, up from net income of $9.9 million earned a year earlier.