Form 8-K

8-K — FARMERS & MERCHANTS BANCORP INC

Accession: 0001193125-26-318198

Filed: 2026-07-27

Period: 2026-07-27

CIK: 0000792966

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fmao-20260727.htm (Primary)

EX-99 (fmao-ex99.htm)

GRAPHIC (img27245342_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fmao-20260727.htm · Sequence: 1

8-K

0000792966false00007929662026-07-272026-07-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 27, 2026

Farmers & Merchants Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

Ohio

001-38084

34-1469491

(State or Other Jurisdiction

(Commission

(IRS Employer

of Incorporation)

File Number)

Identification No.)

307 North Defiance Street, Archbold, Ohio

43502

(Address of Principal Executive Offices)

(Zip Code)

Registrant's Telephone Number, including Area Code (419) 446-2501

N/A

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17-CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. Results of Operation and Financial Condition

On July 27, 2026, Farmers & Merchants Bancorp, Inc. issued a press release (the “Release”) announcing its earnings for the three and six months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99 and is incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit

Number

Exhibit

Company Press Release dated July 27, 2026

104

The Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto authorized.

FARMERS & MERCHANTS BANCORP, INC.

(Registrant)

Dated: July 27, 2026

/s/ Lars B. Eller

Lars B. Eller

President and Chief Executive Officer

/s/ Barbara J. Britenriker

Barbara J. Britenriker

Executive Vice President and Chief Financial Officer

EX-99

Filename: fmao-ex99.htm · Sequence: 2

EX-99

Exhibit 99

Post Office Box 216

307 North Defiance Street

Archbold, Ohio 43502

NEWS RELEASE

Company Contact:

Investor and Media Contact:

Lars B. Eller

President and Chief Executive Officer

Farmers & Merchants Bancorp, Inc.

(419) 446-2501

leller@fm.bank

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

Farmers & Merchants Bancorp, Inc. Reports

2026 Second-Quarter and Year-to-Date Financial Results

ARCHBOLD, OHIO, July 27, 2026, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 second quarter and year-to-date ended June 30, 2026, on a consolidated basis.

2026 Second-Quarter Financial and Operating Highlights

(at June 30, 2026, and on a year-over-year basis unless noted)

•

93 consecutive quarters of profitability

•

Net income increased 53.0% to a quarterly record of $11.8 million, or $0.86 per basic and diluted share

•

Strong profitability drives ROAA to 1.34%, compared to 0.92%

•

Net charge-offs to average loans of 0.00%

•

Tier 1 leverage ratio was 8.99%

•

Cost of interest-bearing liabilities improved to 2.56%, from 2.83%

•

Net interest margin increased by 26 basis points to 3.48%

•

Efficiency ratio improved to 56.08%, compared to 64.93%

•

Second quarter dividend per share increased 4.0% to $0.92 annualized

Lars B. Eller, President and Chief Executive Officer, stated, “I am proud to report the second quarter of 2026 was the most profitable quarter in our 129-year history. Our record performance builds upon the strong start we established in the first quarter and demonstrates the meaningful operating leverage across our business. With growing earnings momentum, a solid balance sheet and continued investments in our people, technology, and markets, we believe F&M is well positioned to deliver sustained profitable growth and long-term value for our shareholders.”

Income Statement

Net income for the quarter ended June 30, 2026, was $11.8 million, compared to $7.7 million for the same period last year. Net income per basic and diluted share for the 2026 second quarter was $0.86, compared to $0.56 for the same period last year. Net income for the 2026 first half ended June 30, 2026, was $21.4 million, compared to $14.7 million for the same period last year. Net income per basic and diluted share for the 2026 first half was $1.55, compared to $1.07 for the same period last year.

“Second quarter 2026, net income increased 53% year-over-year and 23% sequentially, reflecting continued net interest margin expansion, strong levels of noninterest income, disciplined expense management, and effective balance sheet execution. Record levels of net income drove a significant expansion in our return on average assets at June 30, 2026, to 1.34%, the highest quarterly level in 23 quarters. We achieved these levels of profitability, while maintaining excellent credit quality, underscoring the strength and consistency of our core banking franchise,” continued Mr. Eller.

Deposits

At June 30, 2026, total deposits were $2.87 billion, an increase of 5.9%, or $159.1 million from June 30, 2025. For the three months ended June 30, 2026, F&M’s cost of interest-bearing liabilities was 2.56%, compared to 2.83% in the same period last year.

Mr. Eller continued: “We continue to see favorable business and economic trends across our Ohio, Indiana, and Michigan markets, supporting higher year-over-year levels of both loans and deposits. We believe this growth reflects the value customers place on our relationship-based approach, local decision-making and ability to deliver responsive, tailored financial solutions. Our deposit growth was also accompanied by improved funding costs, with the cost of interest-bearing liabilities declining 27 basis points from the prior-year period. Together, these trends demonstrate the strength of our local franchise and our continued ability to attract, retain, and deepen high-quality customer relationships across the communities we serve.”

Loan Portfolio and Asset Quality

Total loans, net at June 30, 2026, increased 3.0%, or by $79.5 million to $2.70 billion, compared to $2.62 billion at June 30, 2025. The year-over-year increase was driven primarily by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans continue to normalize on a quarter-over-quarter basis and were $7.4 million, or 0.27% of total loans at June 30, 2026, compared to $11.1 million, or 0.42% of total loans at March 31, 2026, and $3.7 million, or 0.14% of total loans at June 30, 2025.

F&M maintains a well-balanced, diverse, and high performing CRE portfolio. CRE loans represented 48.4% of the Company’s total loan portfolio at June 30, 2026. F&M’s CRE portfolio included the following categories at June 30, 2026 (*):

CRE Category

Dollar

Balance

Percent of

CRE

Portfolio

Percent of

Total Loan

Portfolio

Multi-family

241,662

18.5

8.9

Retail

233,404

17.8

8.6

Industrial

216,907

16.6

8.0

Hotels

165,848

12.7

6.1

Office

134,215

10.3

5.0

Gas Stations

77,758

5.9

2.9

Food Service

50,067

3.8

1.9

Development

37,698

2.9

1.4

Auto Dealers

25,347

1.9

0.9

Senior Living

20,843

1.6

0.8

Other

104,851

8.0

3.9

Total CRE

1,308,600

100.0

48.4

* Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands.

At June 30, 2026, the Company’s total allowance for credit losses to total loans was 1.08%, compared to 1.08% at June 30, 2025.

Mr. Eller concluded, “Our record second-quarter and year-to-date profitability demonstrate the strength of the platform we have built and the progress we are making across F&M. As we execute our new three-year strategic plan, we remain focused on building upon this momentum, while preserving the relationship-based service, local decision-making and tailored financial solutions that distinguish F&M across our markets. We believe this combination positions us to achieve the next level of profitable growth and create increasing long-term value for our customers, communities, and shareholders.”

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 9.7% to $384.7 million, or $27.92 per share at June 30, 2026, from $350.8 million, or $25.56 per share at June 30, 2025. The Company had a Tier 1 leverage ratio of 8.99% at June 30, 2026, compared to 8.50% at June 30, 2025.

Tangible stockholders’ equity increased to $295.0 million at June 30, 2026, compared to $259.6 million at June 30, 2025. On a per share basis, tangible stockholders’ equity at June 30, 2026, was $21.41 per share, compared to $18.91 per share at June 30, 2025. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.”

F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 31 consecutive years. For the six months ended June 30, 2026, the Company declared cash dividends of $0.46 per share, representing a 4.0% increase over the same period last year. For the six months ended June 30, 2026, the dividend payout ratio was 29.27% compared to 40.90% for the same period last year.

About Farmers & Merchants Bancorp, Inc.

Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is a financial holding company headquartered in Archbold, Ohio, and the parent company of The Farmers & Merchants State Bank.

About Farmers & Merchants State Bank:

F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking, and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben, and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Use of Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures, including tangible stockholders’ equity and tangible book value per share. Management believes these measures facilitate period-to-period comparisons of the Company’s performance and provide useful supplemental information to investors; however, they should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Basis of Presentation

The financial information in this release is preliminary, based on management’s current expectations, and is subject to change pending completion of customary quarterly closing processes and review. Unless otherwise indicated, all figures are presented on a consolidated basis and comparisons are to the same period of the prior year. Averages may be annualized. Totals may not foot due to rounding.

Safe Harbor Statement

Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “goal,” “will,” “would,” and similar expressions. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, deposit flows and pricing, liquidity and access to wholesale funding, interest rate and asset-liability management, credit quality (including commercial real estate exposures), collateral values, inflation and macroeconomic conditions, changes in laws and regulations (including capital and liquidity requirements and the implementation of “Basel III Endgame”), FDIC assessments, stress testing and supervisory expectations, cybersecurity and third-party/vendor risks, competition and technological change, geopolitical events, severe weather and natural disasters, agricultural sector conditions, the accuracy of CECL estimates and other accounting judgments, capital and dividend restrictions, and other risks described in F&M’s filings with the SEC. F&M undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

(Unaudited) (in thousands of dollars, except per share data)

Three Months Ended

Six Months Ended

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

June

30, 2026

June

30, 2025

Interest Income

Loans, including fees

40,839

39,827

40,999

41,013

39,530

80,666

76,602

Debt securities:

U.S. Treasury and

government

agencies

2,712

2,305

2,259

2,224

2,231

5,017

4,328

Municipalities

347

349

362

366

369

696

751

Dividends

239

245

250

309

311

484

649

Federal funds sold and

other

1,510

572

696

572

1,051

2,082

2,164

Total interest income

45,647

43,298

44,566

44,484

43,492

88,945

84,494

Interest Expense

Deposits

14,432

13,249

14,318

15,060

14,813

27,681

28,801

Federal funds purchased

and securities sold

under agreement to

repurchase

118

145

226

273

272

263

543

Borrowed funds

1,894

2,176

1,966

2,411

4,070

4,961

Subordinated notes

285

284

285

284

285

569

Total interest

expense

16,729

15,854

16,795

17,583

17,781

32,583

34,874

Net Interest Income -

Before Provision for

Credit Losses

28,918

27,444

27,771

26,901

25,711

56,362

49,620

Provision for Credit

Losses - Loans

173

302

567

557

661

475

1,472

Provision for (Recovery of)

Credit Losses - Off

Balance Sheet Credit

Exposures

148

)

(272

)

154

(233

)

Net Interest Income

After Provision for

Credit Losses

28,597

27,136

27,205

26,616

25,023

55,733

48,381

Noninterest Income

Customer service fees

544

483

337

370

330

1,027

711

Other service charges

and fees

1,301

1,283

1,311

1,349

1,206

2,584

2,330

Interchange income

1,347

1,513

1,275

1,273

1,259

2,860

2,680

Loan servicing income

846

838

814

674

629

1,684

1,391

Net gain on sale of loans

683

575

306

444

257

1,258

541

Increase in cash surrender

value of bank owned

life insurance

681

655

640

247

239

1,336

483

Net gain (loss) on sale

of other assets owned

)

(39

)

Net loss on sale of

available-for-sale

securities

(347

)

(347

)

Total noninterest

income

5,432

5,000

4,681

4,357

3,935

10,432

8,097

(continued)

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

(Unaudited) (in thousands of dollars, except per share data)

Three Months Ended

Six Months Ended

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

June

30, 2026

June

30, 2025

Noninterest Expense

Salaries and wages

8,381

8,267

8,037

8,108

7,567

16,648

15,445

Employee benefits

2,338

2,379

2,386

2,273

2,265

4,717

4,669

Net occupancy expense

931

1,169

1,052

1,104

1,075

2,100

2,274

Furniture and equipment

1,594

1,566

1,352

1,532

1,414

3,160

2,692

Data processing

778

994

964

1,109

1,057

1,772

1,614

Franchise taxes

395

400

397

795

794

ATM expense

561

576

676

665

761

1,137

1,252

Advertising

363

472

666

674

356

835

859

FDIC assessment

389

396

377

428

448

785

913

Servicing rights

amortization - net

328

523

637

586

234

851

361

Loan expense

578

309

292

362

328

887

556

Consulting fees

325

254

182

242

494

579

1,239

Professional fees

425

500

352

516

502

925

1,061

Intangible asset

amortization

304

305

446

445

444

609

889

Other general and

administrative

1,574

1,691

1,237

1,298

1,918

3,265

3,402

Total noninterest

expense

19,264

19,801

19,053

19,739

19,260

39,065

38,020

Income Before Income

Taxes

14,765

12,335

12,833

11,234

9,698

27,100

18,458

Income Taxes

2,968

2,757

3,040

2,380

1,988

5,725

3,796

Net Income

11,797

9,578

9,793

8,854

7,710

21,375

14,662

Other Comprehensive

Income (Loss) (Net of

Tax):

Net unrealized gain

(loss) on available-

for-sale securities

(545

)

(2,420

)

2,657

6,610

1,149

(2,965

)

7,613

Reclassification

adjustment for realized

loss on sale of available-

for-sale securities

347

Net unrealized gain

(loss) on available-

for-sale securities

(545

)

(2,073

)

2,657

6,610

1,149

(2,618

)

7,613

Tax expense (benefit)

(115

)

(435

)

558

1,388

241

(550

)

1,599

Other comprehensive

income (loss)

(430

)

(1,638

)

2,099

5,222

908

(2,068

)

6,014

Comprehensive Income

11,367

7,940

11,892

14,076

8,618

19,307

20,676

Basic Earnings

Per Share

0.86

0.70

0.71

0.64

0.56

1.55

1.07

Diluted Earnings

Per Share

0.86

0.70

0.71

0.64

0.56

1.55

1.07

Dividends Declared

0.23000

0.22750

0.22125

0.46000

0.44250

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (in thousands of dollars, except share data)

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

(Unaudited)

Assets

Cash and due from banks

155,879

172,847

97,249

116,448

87,596

Federal funds sold

511

623

469

582

635

Total cash and cash equivalents

156,390

173,470

97,718

117,030

88,231

Interest-bearing time deposits

518

1,253

1,498

1,992

Securities - available-for-sale

441,254

429,623

422,072

422,773

431,102

Other securities, at cost

10,681

12,672

13,032

11,509

13,994

Loans held for sale

2,994

5,579

3,934

3,003

6,359

Loans, net of allowance for credit losses

2,677,072

2,654,135

2,685,990

2,632,668

2,599,917

Premises and equipment

30,334

31,534

31,864

32,321

32,885

Goodwill

86,358

Loan servicing rights

5,085

4,972

5,175

5,537

5,810

Bank owned life insurance

48,021

45,407

47,410

35,602

35,355

Other assets

43,411

40,247

39,331

42,453

43,760

Total Assets

3,502,118

3,485,569

3,434,382

3,390,752

3,345,763

Liabilities and Stockholders' Equity

Liabilities

Deposits

Noninterest-bearing

506,119

520,348

527,327

500,742

497,804

Interest-bearing

NOW accounts

898,902

910,723

876,151

920,099

899,602

Savings

771,379

753,289

729,472

713,391

691,468

Time

693,008

625,302

597,785

617,679

621,455

Total deposits

2,869,408

2,809,662

2,730,735

2,751,911

2,710,329

Federal funds purchased and securities

sold under agreements to repurchase

14,771

14,762

37,718

22,718

27,562

Federal Home Loan Bank (FHLB)

advances

168,447

218,987

227,377

187,913

188,445

Subordinated notes, net of unamortized

issuance costs

34,991

34,962

34,933

34,904

34,875

Dividend payable

3,130

3,128

3,125

3,091

3,000

Accrued expenses and other liabilities

26,655

28,120

29,632

28,435

30,760

Total liabilities

3,117,402

3,109,621

3,063,520

3,028,972

2,994,971

Commitments and Contingencies

Stockholders' Equity

Common stock - No par value; authorized 40,000,000

shares; issued 14,564,425 shares; outstanding

13,779,385 shares 6/30/26 and 13,748,074

shares 12/31/25

135,510

135,270

135,531

135,170

135,805

Treasury stock - 785,040 shares 6/30/26

and 816,351 shares 12/31/25

(10,293

)

(10,403

)

(10,636

)

(10,584

)

(10,674

)

Retained earnings

273,455

264,607

257,855

251,181

244,870

Accumulated other comprehensive

loss

(13,956

)

(13,526

)

(11,888

)

(13,987

)

(19,209

)

Total stockholders' equity

384,716

375,948

370,862

361,780

350,792

Total Liabilities and Stockholders' Equity

3,502,118

3,485,569

3,434,382

3,390,752

3,345,763

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

For the Three Months Ended

For the Six Months Ended

Selected financial data

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

June

30, 2026

June

30, 2025

Return on average

assets

1.34

1.14

1.05

0.92

1.24

0.88

Return on average

equity

12.37

10.31

10.55

9.83

8.88

11.29

8.55

Yield on earning assets

5.48

5.38

5.55

5.62

5.45

5.44

5.32

Cost of interest-bearing

liabilities

2.56

2.54

2.69

2.83

2.55

2.84

Net interest spread

2.92

2.84

2.86

2.79

2.62

2.89

2.48

Net interest margin

3.48

3.42

3.46

3.40

3.22

3.45

3.13

Efficiency ratio

56.08

60.08

58.38

63.11

64.93

58.18

65.84

Dividend payout ratio

26.53

32.62

31.90

34.90

38.91

29.27

40.90

Tangible book value

per share

21.41

20.76

20.40

19.71

18.91

Tier 1 leverage ratio

8.99

9.02

8.81

8.74

8.50

Average shares

outstanding

13,773,387

13,754,684

13,749,420

13,733,858

13,720,339

13,764,087

13,713,211

Loans

June

30, 2026

March

31, 2026

December

30, 2025

September

30, 2025

June

30, 2025

(Dollar amounts in thousands)

Commercial real estate

1,308,600

1,315,549

1,355,571

1,355,166

1,345,953

Agricultural real estate

208,223

215,846

217,034

222,145

221,004

Consumer real estate

533,438

534,987

526,439

522,416

523,781

Commercial and industrial

337,487

309,046

314,405

296,084

293,826

Agricultural

244,611

228,730

218,050

179,361

157,870

Consumer

50,953

55,576

58,838

60,469

59,348

Other

22,574

22,564

23,133

24,086

24,653

Less: Net deferred loan fees

costs and other (1)

(1,419

)

(1,436

)

(1,511

)

(1,452

)

(1,488

)

Total loans, net

2,704,467

2,680,862

2,711,959

2,658,275

2,624,947

(1) Excludes carrying value adjustments of $546 thousand as of June 30, 2026, $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025 and $1.9 million as of June 30, 2025 related to interest rate swaps associated with fixed rate loans

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

Asset quality data

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

(Dollar amounts in thousands)

Nonaccrual loans

7,383

11,070

11,256

5,155

3,745

90 day past due and accruing

Nonperforming loans

7,383

11,070

11,256

5,155

3,745

Other real estate owned

319

Nonperforming assets

7,383

11,389

11,256

5,151

3,745

Allowance for credit losses - loans

27,941

27,830

27,688

27,475

26,977

Allowance for credit losses - off

balance sheet credit exposures

1,189

1,041

1,035

1,037

1,308

Total allowance for

credit losses

29,130

28,871

28,723

28,512

28,285

Total allowance for credit losses/

total loans

1.08

1.06

1.07

1.08

Net charge-offs:

Quarter-to-date

160

354

Year-to-date

222

160

734

380

321

Net charge-offs to average loans

Quarter-to-date

0.00

0.01

0.00

Year-to-date

0.01

0.03

0.01

Nonperforming loans/total loans

0.27

0.42

0.19

0.14

Allowance for credit losses/

nonperforming loans

378.45

251.40

245.98

532.98

720.35

NPA coverage ratio

378.45

244.36

245.98

532.98

720.35

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES

(in thousands of dollars, except percentages)

For the Three Months Ended

June 30, 2026

June 30, 2025

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Interest Earning Assets:

Loans

2,690,938

40,839

6.07

2,617,278

39,530

6.04

Taxable investment securities

458,152

3,231

2.82

459,298

2,837

2.47

Tax-exempt investment securities

12,746

2.66

16,682

2.25

Fed funds sold & other

170,491

1,510

3.54

99,964

1,051

4.21

Total Interest Earning Assets

3,332,327

45,647

5.48

3,193,222

43,492

5.45

Nonearning Assets

193,132

175,969

Total Assets

3,525,459

3,369,191

Interest-Bearing Liabilities:

NOW accounts and savings deposits

1,708,669

9,398

2.20

1,599,067

9,479

2.37

Time deposits

666,485

5,034

3.02

626,036

5,334

3.41

Other borrowed money

187,035

1,894

4.05

228,708

2,411

4.22

Fed funds purchased & securities

sold under agreement to repurchase

14,818

118

3.19

27,301

272

3.99

Subordinated notes

34,972

285

3.26

34,856

285

3.27

Total Interest-Bearing Liabilities

2,611,979

16,729

2.56

2,515,968

17,781

2.83

Noninterest-Bearing Liabilities

530,896

505,129

Stockholders' Equity

382,584

348,094

Net Interest Income and

Interest Rate Spread

28,918

2.92

25,711

2.62

Net Interest Margin

3.48

3.22

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

For the Six Months Ended

June 30, 2026

June 30, 2025

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Interest Earning Assets:

Loans

2,695,268

80,666

5.99

2,598,011

76,602

5.90

Taxable investment securities

448,472

6,061

2.70

458,903

5,576

2.43

Tax-exempt investment securities

12,988

136

2.65

17,501

152

2.20

Fed funds sold & other

118,892

2,082

3.50

102,851

2,164

4.21

Total Interest Earning Assets

3,275,620

88,945

5.44

3,177,266

84,494

5.32

Nonearning Assets

192,946

171,324

Total Assets

3,468,566

3,348,590

Interest-Bearing Liabilities:

NOW accounts and savings deposits

1,667,233

17,929

2.15

1,524,965

18,043

2.37

Time deposits

634,430

9,752

3.07

626,767

10,758

3.43

Other borrowed money

201,463

4,070

4.04

237,185

4,961

4.18

Fed funds purchased & securities

sold under agreement to repurchase

16,051

263

3.28

27,391

543

3.96

Subordinated notes

34,958

569

3.26

34,842

569

3.27

Total Interest-Bearing Liabilities

2,554,135

32,583

2.55

2,451,150

34,874

2.84

Noninterest-Bearing Liabilities

534,662

553,686

Stockholders' Equity

379,769

343,754

Net Interest Income and

Interest Rate Spread

56,362

2.89

49,620

2.48

Net Interest Margin

3.45

3.13

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

For the Three Months Ended

June 30, 2026

June 30, 2025

As Reported

Excluding Accretion/Amortization

Difference

As Reported

Excluding Accretion/Amortization

Difference

Yield

Interest Earning Assets:

Loans

40,839

6.07

40,609

6.04

230

0.03

39,530

6.04

38,928

5.95

602

0.09

Taxable investment securities

3,231

2.82

3,231

2.82

0.00

2,837

2.47

2,837

2.47

0.00

Tax-exempt investment securities

2.66

0.00

2.25

0.00

Fed funds sold & other

1,510

3.54

1,510

3.54

0.00

1,051

4.21

1,051

4.21

0.00

Total Interest Earning Assets

45,647

5.48

45,417

5.46

230

0.02

43,492

5.45

42,890

5.38

602

0.07

Interest-Bearing Liabilities:

NOW accounts and savings deposits

9,398

2.20

9,398

2.20

0.00

9,479

2.37

9,479

2.37

0.00

Time deposits

5,034

3.02

5,034

3.02

0.00

5,334

3.41

5,334

3.41

0.00

Other borrowed money

1,894

4.05

1,890

4.04

0.01

2,411

4.22

2,407

4.21

0.01

Fed funds purchased and securities

sold under agreement to repurchase

118

3.19

118

3.19

0.00

272

3.99

272

3.99

0.00

Subordinated notes

285

3.26

285

3.26

0.00

285

3.27

285

3.27

0.00

Total Interest-Bearing Liabilities

16,729

2.56

16,725

2.56

0.00

17,781

2.83

17,777

2.83

0.00

Interest/Dividend income/yield

45,647

5.48

45,417

5.46

230

0.02

43,492

5.45

42,890

5.38

602

0.07

Interest Expense / yield

16,729

2.56

16,725

2.56

0.00

17,781

2.83

17,777

2.83

0.00

Net Interest Spread

28,918

2.92

28,692

2.90

226

0.02

25,711

2.62

25,113

2.55

598

0.07

Net Interest Margin

3.48

3.45

0.03

3.22

3.15

0.07

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

For the Six Months Ended

June 30, 2026

June 30, 2025

As Reported

Excluding Accretion/Amortization

Difference

As Reported

Excluding Accretion/Amortization

Difference

Yield

Interest Earning Assets:

Loans

80,666

5.99

80,056

5.95

610

0.04

76,602

5.90

75,396

5.80

1,206

0.10

Taxable investment securities

6,061

2.70

6,061

2.70

0.00

5,576

2.43

5,576

2.43

0.00

Tax-exempt investment securities

136

2.65

136

2.65

0.00

152

2.20

152

2.20

0.00

Fed funds sold & other

2,082

3.50

2,082

3.50

0.00

2,164

4.21

2,164

4.21

0.00

Total Interest Earning Assets

88,945

5.44

88,335

5.40

610

0.04

84,494

5.32

83,288

5.25

1,206

0.07

Interest-Bearing Liabilities:

NOW accounts and savings deposits

17,929

2.15

17,929

2.15

0.00

18,043

2.37

18,043

2.37

0.00

Time deposits

9,752

3.07

9,752

3.07

0.00

10,758

3.43

10,758

3.43

0.00

Other borrowed money

4,070

4.04

4,063

4.03

0.01

4,961

4.18

4,954

4.18

0.00

Fed funds purchased and securities

sold under agreement to repurchase

263

3.28

263

3.28

0.00

543

3.96

543

3.96

0.00

Subordinated notes

569

3.26

569

3.26

0.00

569

3.27

569

3.27

0.00

Total Interest-Bearing Liabilities

32,583

2.55

32,576

2.55

0.00

34,874

2.84

34,867

2.85

-0.01

Interest/Dividend income/yield

88,945

5.44

88,335

5.40

610

0.04

84,494

5.32

83,288

5.25

1,206

0.07

Interest Expense / yield

32,583

2.55

32,576

2.55

0.00

34,874

2.84

34,867

2.85

-0.01

Net Interest Spread

56,362

2.89

55,759

2.85

603

0.04

49,620

2.48

48,421

2.40

1,199

0.08

Net Interest Margin

3.45

3.41

0.04

3.13

3.05

0.08

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF TANGIBLE COMMON EQUITY

(in thousands of dollars)

For the Three Months Ended

Reconciliation of Common Stockholders'

Equity to Tangible Common Equity

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

Stockholders' Equity

384,716

375,948

370,862

361,780

350,792

Less Goodwill and Other Intangibles

89,738

90,043

90,347

90,792

91,237

Tangible Common Equity

294,978

285,905

280,515

270,988

259,555

Average Stockholders' Equity

382,584

376,923

368,235

357,394

348,094

Less average Goodwill and Other Intangibles

89,933

90,234

90,629

91,076

91,516

Average Tangible Common Equity

292,651

286,689

277,606

266,318

256,578

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Document and Entity Information

Jul. 27, 2026

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Entity Incorporation State Country Code

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