Form 8-K

8-K — FARMERS & MERCHANTS BANCORP INC

Accession: 0001193125-26-170660

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0000792966

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fmao-20260422.htm (Primary)

EX-99 (fmao-ex99.htm)

GRAPHIC (img27245342_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fmao-20260422.htm · Sequence: 1

8-K

0000792966false00007929662026-04-222026-04-22

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) April 22, 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 April 22, 2026, Farmers & Merchants Bancorp, Inc. issued a press release (the “Release”) announcing its earnings for the three months ended March 31, 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 April 22, 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: April 22, 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 First-Quarter Financial Results

ARCHBOLD, OHIO, April 22, 2026, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 first quarter ended March 31, 2026, on a consolidated basis.

2026 First-Quarter Financial and Operating Highlights

(at March 31, 2026, and on a year-over-year basis unless noted)

•

92 consecutive quarters of profitability

•

Net income increased 37.8% to a first quarter record of $9.6 million, or $0.70 per basic and diluted share

•

Strong profitability drives ROAA to 1.14%, compared to 0.85%

•

Net charge-offs to average loans of 0.01%

•

Tier 1 leverage ratio was 9.02%

•

Cost of interest-bearing liabilities improved to 2.54%, from 2.76%

•

Net interest margin increased by 39 basis points to 3.42%

•

Efficiency ratio improved to 60.08%, compared to 66.79%

•

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

Lars B. Eller, President and Chief Executive Officer, stated, “We are off to an outstanding start in 2026, delivering 37.8% year-over-year earnings growth driven by a 39-basis point expansion in net interest margin, strong levels of noninterest income, and solid balance sheet management. Our ability to generate this level of growth in profitability while maintaining excellent credit quality and disciplined expense management underscores the strength of our core franchise. We are seeing meaningful operating leverage across the business, and believe this momentum positions us well for continued earnings expansion and long-term shareholder value creation.”

Income Statement

Net income for the quarter ended March 31, 2026, was $9.6 million, compared to $7.0 million for the same period last year. Net income per basic and diluted share for the 2026 first quarter was $0.70, compared to $0.51 for the same period last year.

Deposits

At March 31, 2026, total deposits were $2.81 billion, an increase of 4.1%, or $109.4 million from March 31, 2025. For the three months ended March 31, 2026, F&M’s cost of interest-bearing liabilities was 2.54%, compared to 2.76% in the same period last year.

“Deposit growth in the quarter demonstrates the early success of our new three-year, growth-oriented strategic plan, including our renewed focus on strengthening core deposit generation and expanding our treasury management and retail offerings. In addition, asset quality within the loan portfolio remains strong, with low levels of nonperforming assets, historically low charge-offs, and continued stability across our markets. We successfully resolved a number of watch list credits during the quarter, reflecting the effectiveness of our proactive credit management team. Importantly, underlying loan demand remains strong, with approximately $60 million in approved loans within our pipeline, providing a solid foundation for continued portfolio growth. These trends reflect our local decision-making, disciplined underwriting and proactive risk management practices,” continued Mr. Eller.

Loan Portfolio and Asset Quality

Total loans, net at March 31, 2026, increased 3.9%, or by $100.7 million to $2.68 billion, compared to $2.58 billion at March 31, 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 $11.1 million, or 0.42% of total loans at March 31, 2026, compared to $11.3 million, or 0.42% of total loans at December 31, 2025, and $4.5 million, or 0.17% of total loans at March 31, 2025.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 49.0% of the Company’s total loan portfolio at March 31, 2026. F&M’s CRE portfolio included the following categories at March 31, 2026 (*):

CRE Category

Dollar

Balance

Percent of

CRE

Portfolio

Percent of

Total Loan

Portfolio

Industrial

241,208

18.4

9.0

Multi-family

233,030

17.7

8.7

Retail

224,629

17.1

8.4

Hotels

163,217

12.4

6.1

Office

133,398

10.1

4.9

Gas Stations

75,874

5.8

2.8

Food Service

51,638

3.9

1.9

Development

34,204

2.6

1.3

Auto Dealers

26,819

2.0

1.0

Senior Living

21,382

1.6

0.8

Other

110,150

8.4

4.1

Total CRE

1,315,549

100.0

49.0

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

At March 31, 2026, the Company’s total allowance for credit losses to total loans was 1.08%, compared to 1.07% at March 31, 2025.

Mr. Eller concluded, “We have built a strong and scalable platform that positions F&M to deliver consistent performance while continuing to provide local banking solutions to the individuals and businesses we serve across Ohio, Indiana, and Michigan communities. This is an exciting time as we execute on our new three-year strategic plan, which is designed to build on our momentum and take F&M to the next level of growth, profitability, and long-term value creation.”

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 9.1% to $375.9 million, or $27.30 per share at March 31, 2026, from $344.6 million, or $25.12 per share at March 31, 2025. The Company had a Tier 1 leverage ratio of 9.02% at March 31, 2026, compared to 8.44% at March 31, 2025.

Tangible stockholders’ equity increased to $285.9 million at March 31, 2026, compared to $252.9 million at March 31, 2025. On a per share basis, tangible stockholders’ equity at March 31, 2026, was $20.76 per share, compared to $18.44 per share at March 31, 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 quarter ended March 31, 2026, the Company declared cash dividends of $0.23 per share, representing a 4.0% increase over 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

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

March

31, 2025

Interest Income

Loans, including fees

39,827

40,999

41,013

39,530

37,072

Debt securities:

U.S. Treasury and

government

agencies

2,305

2,259

2,224

2,231

2,097

Municipalities

349

362

366

369

382

Dividends

245

250

309

311

338

Federal funds sold and other

572

696

572

1,051

1,113

Total interest income

43,298

44,566

44,484

43,492

41,002

Interest Expense

Deposits

13,249

14,318

15,060

14,813

13,988

Federal funds purchased

and securities sold

under agreement to

repurchase

145

226

273

272

271

Borrowed funds

2,176

1,966

2,411

2,550

Subordinated notes

284

285

284

285

284

Total interest

expense

15,854

16,795

17,583

17,781

17,093

Net Interest Income -

Before Provision for

Credit Losses

27,444

27,771

26,901

25,711

23,909

Provision for Credit

Losses - Loans

302

567

557

661

811

Provision for (Recovery of)

Credit Losses - Off

Balance Sheet Credit

Exposures

)

(272

)

(260

)

Net Interest Income

After Provision for

Credit Losses

27,136

27,205

26,616

25,023

23,358

Noninterest Income

Customer service fees

483

337

370

330

381

Other service charges

and fees

1,283

1,311

1,349

1,206

1,124

Interchange income

1,513

1,275

1,273

1,259

1,421

Loan servicing income

838

814

674

629

762

Net gain on sale of loans

575

306

444

257

284

Increase in cash surrender

value of bank owned

life insurance

655

640

247

239

244

Net gain (loss) on sale

of other assets owned

)

(54

)

Net loss on sale of

available-for-sale

securities

(347

)

Total noninterest

income

5,000

4,681

4,357

3,935

4,162

(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

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

March

31, 2025

Noninterest Expense

Salaries and wages

8,267

8,037

8,108

7,567

7,878

Employee benefits

2,379

2,386

2,273

2,265

2,404

Net occupancy expense

1,169

1,052

1,104

1,075

1,199

Furniture and equipment

1,566

1,352

1,532

1,414

1,278

Data processing

994

964

1,109

1,057

557

Franchise taxes

400

397

ATM expense

576

676

665

761

491

Advertising

472

666

674

356

503

FDIC assessment

396

377

428

448

465

Servicing rights

amortization - net

523

637

586

234

127

Loan expense

309

292

362

328

228

Consulting fees

254

182

242

494

745

Professional fees

500

352

516

502

559

Intangible asset

amortization

305

446

445

444

445

Other general and

administrative

1,691

1,237

1,298

1,918

1,484

Total noninterest

expense

19,801

19,053

19,739

19,260

18,760

Income Before Income

Taxes

12,335

12,833

11,234

9,698

8,760

Income Taxes

2,757

3,040

2,380

1,988

1,808

Net Income

9,578

9,793

8,854

7,710

6,952

Other Comprehensive

Income (Loss) (Net of

Tax):

Net unrealized gain

(loss) on available-

for-sale securities

(2,420

)

2,657

6,610

1,149

6,464

Reclassification

adjustment for realized

loss on sale of available-

for-sale securities

347

Net unrealized gain

(loss) on available-

for-sale securities

(2,073

)

2,657

6,610

1,149

6,464

Tax expense (benefit)

(435

)

558

1,388

241

1,358

Other comprehensive

income (loss)

(1,638

)

2,099

5,222

908

5,106

Comprehensive Income

7,940

11,892

14,076

8,618

12,058

Basic Earnings

Per Share

0.70

0.71

0.64

0.56

0.51

Diluted Earnings

Per Share

0.70

0.71

0.64

0.56

0.51

Dividends Declared

0.23000

0.22750

0.22125

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

March

31, 2025

(Unaudited)

Assets

Cash and due from banks

172,847

97,249

116,448

87,596

172,612

Federal funds sold

623

469

582

635

425

Total cash and cash equivalents

173,470

97,718

117,030

88,231

173,037

Interest-bearing time deposits

1,253

1,498

1,992

Securities - available-for-sale

429,623

422,072

422,773

431,102

438,568

Other securities, at cost

12,672

13,032

11,509

13,994

14,062

Loans held for sale

5,579

3,934

3,003

6,359

2,331

Loans, net of allowance for credit losses

2,654,135

2,685,990

2,632,668

2,599,917

2,555,552

Premises and equipment

31,534

31,864

32,321

32,885

33,163

Goodwill

86,358

Loan servicing rights

4,972

5,175

5,537

5,810

5,805

Bank owned life insurance

45,407

47,410

35,602

35,355

35,116

Other assets

40,247

39,331

42,453

43,760

42,802

Total Assets

3,485,569

3,434,382

3,390,752

3,345,763

3,388,786

Liabilities and Stockholders' Equity

Liabilities

Deposits

Noninterest-bearing

520,348

527,327

500,742

497,804

502,318

Interest-bearing

NOW accounts

910,723

876,151

920,099

899,602

874,881

Savings

753,289

729,472

713,391

691,468

696,635

Time

625,302

597,785

617,679

621,455

626,450

Total deposits

2,809,662

2,730,735

2,751,911

2,710,329

2,700,284

Federal funds purchased and securities

sold under agreements to repurchase

14,762

37,718

22,718

27,562

27,258

Federal Home Loan Bank (FHLB)

advances

218,987

227,377

187,913

188,445

245,474

Subordinated notes, net of unamortized

issuance costs

34,962

34,933

34,904

34,875

34,846

Dividend payable

3,128

3,125

3,091

3,000

2,997

Accrued expenses and other liabilities

28,120

29,632

28,435

30,760

33,326

Total liabilities

3,109,621

3,063,520

3,028,972

2,994,971

3,044,185

Commitments and Contingencies

Stockholders' Equity

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

shares 3/31/26 and 12/31/25; issued 14,564,425

shares 3/31/26 and 12/31/25; outstanding

13,768,667 shares 3/31/26 and 13,748,074

shares 12/31/25

135,270

135,531

135,170

135,805

135,407

Treasury stock - 795,758 shares 12/31/25

and 816,351 shares 12/31/25

(10,403

)

(10,636

)

(10,584

)

(10,674

)

(10,768

)

Retained earnings

264,607

257,855

251,181

244,870

240,079

Accumulated other comprehensive

loss

(13,526

)

(11,888

)

(13,987

)

(19,209

)

(20,117

)

Total stockholders' equity

375,948

370,862

361,780

350,792

344,601

Total Liabilities and Stockholders' Equity

3,485,569

3,434,382

3,390,752

3,345,763

3,388,786

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

For the Three Months Ended

Selected financial data

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

March

31, 2025

Return on average

assets

1.14

1.05

0.92

0.85

Return on average

equity

10.31

10.55

9.83

8.88

8.31

Yield on earning assets

5.38

5.55

5.62

5.45

5.19

Cost of interest-bearing

liabilities

2.54

2.69

2.83

2.76

Net interest spread

2.84

2.86

2.79

2.62

2.43

Net interest margin

3.42

3.46

3.40

3.22

3.03

Efficiency ratio

60.08

58.38

63.11

64.93

66.79

Dividend payout ratio

32.62

31.90

34.90

38.91

43.10

Tangible book value

per share

20.76

20.40

19.71

18.91

18.44

Tier 1 leverage ratio

9.02

8.81

8.74

8.50

8.44

Average shares

outstanding

13,754,684

13,749,420

13,733,858

13,720,339

13,706,003

Loans

March

31, 2026

December

30, 2025

September

30, 2025

June

30, 2025

March

31, 2025

(Dollar amounts in thousands)

Commercial real estate

1,315,549

1,355,571

1,355,166

1,345,953

1,325,698

Agricultural real estate

215,846

217,034

222,145

221,004

215,898

Consumer real estate

534,987

526,439

522,416

523,781

523,383

Commercial and industrial

309,046

314,405

296,084

293,826

278,254

Agricultural

228,730

218,050

179,361

157,870

153,607

Consumer

55,576

58,838

60,469

59,348

60,115

Other

22,564

23,133

24,086

24,653

24,985

Less: Net deferred loan fees

costs and other (1)

(1,436

)

(1,511

)

(1,452

)

(1,488

)

(1,748

)

Total loans, net

2,680,862

2,711,959

2,658,275

2,624,947

2,580,192

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

Asset quality data

March

31, 2026

December

31, 2025

September

30, 2025

June

30, 2025

March

31, 2025

(Dollar amounts in thousands)

Nonaccrual loans

11,070

11,256

5,155

3,745

4,492

90 day past due and accruing

Nonperforming loans

11,070

11,256

5,155

3,745

4,492

Other real estate owned

319

Nonperforming assets

11,389

11,256

5,151

3,745

4,492

Allowance for credit losses - loans

27,830

27,688

27,475

26,977

26,352

Allowance for credit losses - off

balance sheet credit exposures

1,041

1,035

1,037

1,308

1,281

Total allowance for

credit losses

28,871

28,723

28,512

28,285

27,633

Total allowance for credit losses/

total loans

1.08

1.06

1.07

1.08

1.07

Net charge-offs:

Quarter-to-date

160

354

285

Year-to-date

160

734

380

321

285

Net charge-offs to average loans

Quarter-to-date

0.01

0.00

0.01

Year-to-date

0.01

0.03

0.01

Nonperforming loans/total loans

0.42

0.19

0.14

0.17

Allowance for credit losses/

nonperforming loans

251.40

245.98

532.98

720.35

586.64

NPA coverage ratio

244.36

245.98

532.98

720.35

586.64

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

March 31, 2026

March 31, 2025

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Interest Earning Assets:

Loans

2,699,645

39,827

5.90

2,578,531

37,072

5.75

Taxable investment securities

438,799

2,830

2.58

458,519

2,739

2.39

Tax-exempt investment securities

13,228

2.64

18,310

2.16

Fed funds sold & other

66,720

572

3.40

105,770

1,113

4.21

Total Interest Earning Assets

3,218,392

43,298

5.38

3,161,130

41,002

5.19

Nonearning Assets

192,648

166,630

Total Assets

3,411,040

3,327,760

Interest-Bearing Liabilities:

NOW accounts and savings deposits

1,625,117

8,531

2.10

1,543,665

8,564

2.22

Time deposits

602,375

4,718

3.13

627,498

5,424

3.46

Other borrowed money

215,937

2,176

4.03

245,734

2,550

4.15

Fed funds purchased & securities

sold under agreement to repurchase

17,285

145

3.36

27,480

271

3.94

Subordinated notes

34,943

284

3.25

34,828

284

3.26

Total Interest-Bearing Liabilities

2,495,657

15,854

2.54

2,479,205

17,093

2.76

Noninterest-Bearing Liabilities

538,460

509,190

Stockholders' Equity

376,923

339,365

Net Interest Income and

Interest Rate Spread

27,444

2.84

23,909

2.43

Net Interest Margin

3.42

3.03

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

March 31, 2026

March 31, 2025

As Reported

Excluding Accretion/Amortization

Difference

As Reported

Excluding Accretion/Amortization

Difference

Yield

Interest Earning Assets:

Loans

39,827

5.90

39,447

5.85

380

0.05

37,072

5.75

36,468

5.66

604

0.09

Taxable investment securities

2,830

2.58

2,830

2.58

0.00

2,739

2.39

2,739

2.39

0.00

Tax-exempt investment securities

2.64

0.00

2.16

0.00

Fed funds sold & other

572

3.40

572

3.40

0.00

1,113

4.21

1,113

4.21

0.00

Total Interest Earning Assets

43,298

5.38

42,918

5.34

380

0.04

41,002

5.19

40,398

5.11

604

0.08

Interest-Bearing Liabilities:

NOW accounts and savings deposits

8,531

2.10

8,531

2.10

0.00

8,564

2.22

8,564

2.22

0.00

Time deposits

4,718

3.13

4,718

3.13

0.00

5,424

3.46

5,424

3.46

0.00

Other borrowed money

2,176

4.03

2,173

4.03

0.00

2,550

4.15

2,547

4.15

0.00

Fed funds purchased and securities

sold under agreement to repurchase

145

3.36

145

3.36

0.00

271

3.94

271

3.94

0.00

Subordinated notes

284

3.25

284

3.25

0.00

284

3.26

284

3.26

0.00

Total Interest-Bearing Liabilities

15,854

2.54

15,851

2.54

0.00

17,093

2.76

17,090

2.76

0.00

Interest/Dividend income/yield

43,298

5.38

42,918

5.34

380

0.04

41,002

5.19

40,398

5.11

604

0.08

Interest Expense / yield

15,854

2.54

15,851

2.54

0.00

17,093

2.76

17,090

2.76

0.00

Net Interest Spread

27,444

2.84

27,067

2.80

377

0.04

23,909

2.43

23,308

2.35

601

0.08

Net Interest Margin

3.42

3.37

0.05

3.03

2.95

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

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Document and Entity Information

Apr. 22, 2026

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