# EDGAR Filing Document

**Accession Number:** 0000792966
**File Stem:** 0001193125-26-048918
**Filing Date:** 2026-2
**Character Count:** 57529
**Document Hash:** ed6a5c04482da60b834cee51edee78cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-048918.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001193125-26-048918

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260212

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FARMERS & MERCHANTS BANCORP INC
- **CENTRAL INDEX KEY:** 0000792966
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 341469491
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38084
- **FILM NUMBER:** 26627154

**BUSINESS ADDRESS:**
- **STREET 1:** 307-11 N DEFIANCE ST
- **CITY:** ARCHBOLD
- **STATE:** OH
- **ZIP:** 43502
- **BUSINESS PHONE:** 4194462501

**MAIL ADDRESS:**
- **STREET 1:** 307-11 NORTH DEFIANCE ST
- **CITY:** ARCHBOLD
- **STATE:** OH
- **ZIP:** 43502

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT Pursuant**

**to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported)** February 12, 2026

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Farmers & Merchants Bancorp, Inc.

**(Exact Name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;001-38084 | &nbsp;&nbsp;34-1469491 |
| &nbsp;&nbsp;**(State or Other Jurisdiction** | &nbsp;&nbsp;**(Commission** | &nbsp;&nbsp;**(IRS Employer** |
| &nbsp;&nbsp;**of Incorporation)** | &nbsp;&nbsp;**File Number)** | &nbsp;&nbsp;**Identification No.)** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;307 North Defiance Street**,** Archbold**,** Ohio | &nbsp;&nbsp;43502 |
| &nbsp;&nbsp;**(Address of Principal Executive Offices)** | &nbsp;&nbsp;**(Zip Code)** |

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

**N/A**

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

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of Each Exchange |
| &nbsp;&nbsp;Common Stock, No Par Value | &nbsp;&nbsp;FMAO | &nbsp;&nbsp;NASDAQ Capital Market |

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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. ☐

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ITEM 2.02. Results of Operation and Financial Condition

On February 12, 2026, Farmers & Merchants Bancorp, Inc. issued a press release (the "Release") announcing its earnings for the three and twelve months ended December 31, 2025. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br>**<u>Number</u>** | &nbsp;&nbsp;**<u>Exhibit</u>** |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;[<u>Company Press Release dated February 12, 2026</u>](fmao-ex99.htm) |

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

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**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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**FARMERS & MERCHANTS BANCORP, INC.** | &nbsp;&nbsp;**FARMERS & MERCHANTS BANCORP, INC.** |
|  | &nbsp;&nbsp;(Registrant) |
| &nbsp;&nbsp;Dated: February 12, 2026 | &nbsp;&nbsp;/s/ Lars B. Eller |
|  | &nbsp;&nbsp;Lars B. Eller |
|  | &nbsp;&nbsp;President and Chief Executive Officer |
|  | &nbsp;&nbsp;/s/ Barbara J. Britenriker |
|  | &nbsp;&nbsp;Barbara J. Britenriker |
|  | &nbsp;&nbsp;Executive Vice President and Chief Financial Officer |

---

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## Ex-99

**Exhibit 99**

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| | |
|:---|:---|
| &nbsp;&nbsp;![img27245342_0.gif](img27245342_0.gif)<br>Post Office Box 216<br>307 North Defiance Street<br>Archbold, Ohio 43502 | ***NEWS RELEASE*** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Company Contact:** | &nbsp;&nbsp;**Investor and Media Contact:** |
| &nbsp;&nbsp;Lars B. Eller<br>President and Chief Executive Officer<br>Farmers & Merchants Bancorp, Inc.<br>(419) 446-2501 <br><u>leller@fm.bank</u> | &nbsp;&nbsp;Andrew M. Berger<br>Managing Director<br>SM Berger & Company, Inc. <br>(216) 464-6400<br><u>andrew@smberger.com</u>  |

---

**Farmers & Merchants Bancorp, Inc. Reports**

**2025 Fourth-Quarter and Full-Year Financial Results**

ARCHBOLD, OHIO, February 12, 2026, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 fourth quarter and twelve months ended December 31, 2025, on a consolidated basis.

**2025 Fourth-Quarter Financial and Operating Highlights**

(at December 31, 2025, and on a year-over-year basis unless noted)

&nbsp;&nbsp;&nbsp;&nbsp;•91 consecutive quarters of profitability

&nbsp;&nbsp;&nbsp;&nbsp;•Net income increased 16.8% to a quarterly record of $9.8 million, or $0.71 per basic and diluted share

&nbsp;&nbsp;&nbsp;&nbsp;•Net charge-offs to average loans of 0.01%

&nbsp;&nbsp;&nbsp;&nbsp;•Tier 1 leverage ratio was 8.81%

&nbsp;&nbsp;&nbsp;&nbsp;•Cost of interest-bearing liabilities improved to 2.69%, from 3.01%

&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin increased by 62 basis points year-over-year to 3.46%

&nbsp;&nbsp;&nbsp;&nbsp;•Efficiency ratio improved to 58.38%, compared to 59.82%

&nbsp;&nbsp;&nbsp;&nbsp;•Fourth quarter dividend per share increased 4.0% to $0.92 annualized, reflecting two dividend increases in 2025 and the 31<sup>st</sup> consecutive annual increase in the Company's regular dividend payment

**2025 Full-Year Financial and Operating Highlights**

(at December 31, 2025, and on a year-over-year basis unless noted)

&nbsp;&nbsp;&nbsp;&nbsp;•Net income increased 28.4% to $33.3 million, or $2.43 per basic and diluted share

&nbsp;&nbsp;&nbsp;&nbsp;•Return on average assets was 0.99%, compared to 0.78%

&nbsp;&nbsp;&nbsp;&nbsp;•Total loans, net increased 5.9% to $2.71 billion, from $2.56 billion at December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;•Loans over 30 days past due to total loans averaged 0.26% for 2025, compared to 0.46% for 2024

&nbsp;&nbsp;&nbsp;&nbsp;•Total assets increased 2.1% to $3.43 billion

&nbsp;&nbsp;&nbsp;&nbsp;•Deposits increased 1.6% to $2.73 billion

&nbsp;&nbsp;&nbsp;&nbsp;•Cost of interest-bearing liabilities improved to 2.80%, from 3.12%

&nbsp;&nbsp;&nbsp;&nbsp;•Stockholders' equity increased 10.6% to a record $370.9 million

&nbsp;&nbsp;&nbsp;&nbsp;•Tangible book value increased 15.0% to $20.40 per share

&nbsp;&nbsp;&nbsp;&nbsp;•Net interest income after provision for credit losses increased 19.3% to $102.2 million

------

Lars B. Eller, President and Chief Executive Officer, stated, "I am proud to report that F&M ended 2025 with record quarterly earnings per share, record stockholders' equity, and record total assets, highlighting F&M's operating strength and financial consistency. Our performance throughout the year and in the fourth quarter reflects sustained organic growth and the continued expansion of our local market presence across Ohio, Indiana, and Michigan. These results demonstrate the effectiveness of our relationship-driven approach and our ongoing investments in people and capabilities. Most importantly, this record performance would not be possible without the dedication and professionalism of our team, whose commitment continues to differentiate F&M."

**Income Statement**

Net income for the 2025 fourth quarter ended December 31, 2025, was $9.8 million, compared to $8.4 million for the same period last year. Net income per basic and diluted share for the 2025 fourth quarter was $0.71, compared to $0.61 for the same period last year. Net income for the twelve months ended December 31, 2025, was $33.3 million, compared to $25.9 million for the same period last year. Net income per basic and diluted share for the 2025 twelve months was $2.43, compared to $1.90 for the same period last year.

Mr. Eller commented, "Profitability has returned to levels not seen since the period of extraordinary industry support during the COVID era, this time driven entirely by core operating performance, prudent balance sheet management, and sustainable growth across our markets. These results underscore the earnings power of our business and provide confidence in our ability to deliver attractive, consistent returns. Based on our current momentum and operating fundamentals, we believe F&M is well positioned to sustain elevated levels of profitability throughout 2026."

**Deposits**

At December 31, 2025, total deposits were $2.73 billion, an increase of 1.6% from December 31, 2024. For the 2025 twelve months ended December 31, 2025, F&M's cost of interest-bearing liabilities was 2.80%, compared to 3.12% in the prior year.

**Loan Portfolio and Asset Quality**

"Throughout 2025, we made targeted investments to strengthen F&M's operating capabilities and support both current performance and future growth, while maintaining disciplined expense management. We enhanced our leadership team, expanded local decision-making authority across our markets, and established a new office in Troy, Michigan to support growth in a strategically important region. Together, these actions improve execution, enhance scalability, and enable us to grow profitably while remaining closely connected to the communities we serve," continued Mr. Eller.

Total loans, net at December 31, 2025, increased 5.9%, or by $152.9 million to $2.71 billion, compared to $2.56 billion at December 31, 2024. The year-over-year increase was driven primarily by higher commercial real estate, agricultural real estate, consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $11.3 million, or 0.42% of total loans at December 31, 2025, compared to $3.1 million, or 0.12% of total loans at December 31, 2024.

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F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 50.0% of the Company's total loan portfolio at December 31, 2025. F&M's CRE portfolio included the following categories at December 31, 2025 <sup>(\*)</sup>:

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| | | | |
|:---|:---|:---|:---|
| CRE Category | Dollar<br>Balance | Percent of <br>CRE <br>Portfolio | Percent of <br>Total Loan <br>Portfolio |
| Industrial | $265009 | 19.6% | 9.8% |
| Multi-family | 237902 | 17.5% | 8.8% |
| Retail | 234754 | 17.3% | 8.7% |
| Hotels | 163855 | 12.1% | 6.0% |
| Office | 136564 | 10.1% | 5.0% |
| Gas Stations | 78701 | 5.8% | 2.9% |
| Food Service | 51561 | 3.8% | 1.9% |
| Development | 40705 | 3.0% | 1.5% |
| Auto Dealers | 28490 | 2.1% | 1.0% |
| Senior Living | 21787 | 1.6% | 0.8% |
| Other | 96243 | 7.1% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CRE | $1355571 | 100.0% | 50.0% |

---

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

At December 31, 2025, the Company's total allowance to total loans was 1.02%, compared to 1.07% at December 31, 2024. Including accretable yield adjustments, associated with the Company's prior acquisitions, F&M's allowance for credit losses to total loans was 1.03% at December 31, 2025, compared to 1.08% at December 31, 2024.

Mr. Eller concluded, "F&M enters 2026 from a position of strength, supported by a sound balance sheet, a scalable operating model, and a culture focused on long-term value creation. As we look ahead, we are approaching growth intentionally, allocating capital thoughtfully, investing in our business, and expanding within our markets in line with our strategic priorities. During the fall, we began developing a new three-year strategic plan that will establish a clear roadmap for the Company's next phase of progress. Anchored in our community-banking heritage and informed by the opportunities across Ohio, Indiana, and Michigan, this plan is designed to drive sustainable performance and create enduring value for shareholders. I am excited about the opportunities in 2026 and confident in F&M's long-term growth potential."

**Stockholders' Equity and Dividends**

Total stockholders' equity increased 10.6% to $370.9 million, or $26.98 per share at December 31, 2025, from $335.2 million, or $24.47 per share at December 31, 2024. The Company had a Tier 1 leverage ratio of 8.81% at December 31, 2025, compared to 8.12% at December 31, 2024.

Tangible stockholders' equity increased to $280.5 million at December 31, 2025, compared to $243.1 million at December 31, 2024. On a per share basis, tangible stockholders' equity at December 31, 2025, was $20.40 per share, compared to $17.74 per share at December 31, 2024. 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 December 31, 2025, the Company declared cash dividends of $0.23 per share, representing a 4.0% increase over the same period last year.

For the twelve months ended December 31, 2025, the Company declared cash dividends of $0.90 per share, representing a 2.0% increase over the same period last year. For the twelve months ended December 31, 2025, the dividend payout ratio was 36.67% compared to 46.07% for the same period last year.

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**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.

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | December<br> 31, 2025 | December<br> 31, 2024 |
| **Interest Income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $40999 | $41013 | $39530 | $37072 | $36663 | $158614 | $145329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and <br> government <br> agencies | 2259 | 2224 | 2231 | 2097 | 1882 | 8811 | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipalities | 362 | 366 | 369 | 382 | 384 | 1479 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 250 | 309 | 311 | 338 | 367 | 1208 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | - | - | - | - | 24 | - | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 696 | 572 | 1051 | 1113 | 2531 | 3432 | 9741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 44566 | 44484 | 43492 | 41002 | 41851 | 173544 | 163572 |
| **Interest Expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 14318 | 15060 | 14813 | 13988 | 15749 | 58179 | 64463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased <br> and securities sold <br> under agreement to <br> repurchase | 226 | 273 | 272 | 271 | 274 | 1042 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowed funds | 1966 | 1966 | 2411 | 2550 | 2713 | 8893 | 10948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes | 285 | 284 | 285 | 284 | 285 | 1138 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest <br> expense | 16795 | 17583 | 17781 | 17093 | 19021 | 69252 | 77660 |
| **Net Interest Income - <br> Before Provision for <br> Credit Losses** | 27771 | 26901 | 25711 | 23909 | 22830 | 104292 | 85912 |
| **Provision for Credit<br> Losses - Loans** | 567 | 557 | 661 | 811 | 346 | 2596 | 944 |
| **Provision for (Recovery of) <br> Credit Losses - Off <br> Balance Sheet Credit<br> Exposures** | (1) | (272) | 27 | (260) | (120) | (506) | (671) |
| **Net Interest Income <br> After Provision for <br> Credit Losses** | 27205 | 26616 | 25023 | 23358 | 22604 | 102202 | 85639 |
| **Noninterest Income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 337 | 370 | 330 | 381 | 237 | 1418 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges<br> and fees | 1311 | 1349 | 1206 | 1124 | 1176 | 4990 | 4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange income | 1275 | 1273 | 1259 | 1421 | 1322 | 5228 | 5396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing income | 814 | 674 | 629 | 762 | 771 | 2879 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of loans | 306 | 444 | 257 | 284 | 223 | 1291 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender<br> value of bank owned <br> life insurance | 640 | 247 | 239 | 244 | 248 | 1370 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sale <br> of other assets owned | (2) | - | 15 | (54) | 22 | (41) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> income | 4681 | 4357 | 3935 | 4162 | 3999 | 17135 | 15621 |
| (continued) | (continued) | (continued) | (continued) | (continued) | (continued) | (continued) | (continued) |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | December<br> 31, 2025 | December<br> 31, 2024 |
| **Noninterest Expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | 8037 | 8108 | 7567 | 7878 | 7020 | 31590 | 30168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 2386 | 2273 | 2265 | 2404 | 2148 | 9328 | 8543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy expense | 1052 | 1104 | 1075 | 1199 | 1072 | 4430 | 4152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 1352 | 1532 | 1414 | 1278 | 1032 | 5576 | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 964 | 1109 | 1057 | 557 | 160 | 3687 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise taxes | 397 | 397 | 397 | 397 | 312 | 1588 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATM expense | 676 | 665 | 761 | 491 | 328 | 2593 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 666 | 674 | 356 | 503 | 498 | 2199 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessment | 377 | 428 | 448 | 465 | 505 | 1718 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing rights<br> amortization - net | 637 | 586 | 234 | 127 | 244 | 1584 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan expense | 292 | 362 | 328 | 228 | 236 | 1210 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 182 | 242 | 494 | 745 | 242 | 1663 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 352 | 516 | 502 | 559 | 368 | 1929 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset<br> amortization | 446 | 445 | 444 | 445 | 446 | 1780 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and <br> administrative | 1237 | 1298 | 1918 | 1484 | 1465 | 5937 | 5421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> expense | 19053 | 19739 | 19260 | 18760 | 16076 | 76812 | 68687 |
| **Income Before Income<br> Taxes** | 12833 | 11234 | 9698 | 8760 | 10527 | 42525 | 32573 |
| **Income Taxes** | 3040 | 2380 | 1988 | 1808 | 2146 | 9216 | 6635 |
| **Net Income** | 9793 | 8854 | 7710 | 6952 | 8381 | 33309 | 25938 |
| **Other Comprehensive <br> Income (Loss) (Net of <br> Tax):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain<br> (loss) on available-<br> for-sale securities | 2657 | 6610 | 1149 | 6464 | (7403) | 16880 | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification <br> adjustment for realized <br> (gain) loss on sale of <br> available-for-sale <br> securities | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain <br> (loss) on available-<br> for-sale securities | 2657 | 6610 | 1149 | 6464 | (7403) | 16880 | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) | 558 | 1388 | 241 | 1358 | (1554) | 3545 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive<br> income (loss) | 2099 | 5222 | 908 | 5106 | (5849) | 13335 | 3789 |
| **Comprehensive Income** | $11892 | $14076 | $8618 | $12058 | $2532 | $46644 | $29727 |
| **Basic Earnings <br> Per Share** | $0.71 | $0.64 | $0.56 | $0.51 | $0.61 | $2.43 | $1.90 |
| **Diluted Earnings<br> Per Share** | $0.71 | $0.64 | $0.56 | $0.51 | $0.61 | $2.43 | $1.90 |
| **Dividends Declared** | $0.23000 | $0.22750 | $0.22125 | $0.22125 | $0.22125 | $0.90000 | $0.88250 |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 |
|  |  | (Unaudited) | (Unaudited) | (Unaudited) |  |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $97249 | $116448 | $87596 | $172612 | $174855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 469 | 582 | 635 | 425 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 97718 | 117030 | 88231 | 173037 | 176351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing time deposits | 1498 | 1498 | 1992 | 1992 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - available-for-sale | 422072 | 422773 | 431102 | 438568 | 426556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities, at cost | 13032 | 11509 | 13994 | 14062 | 14400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 3934 | 3003 | 6359 | 2331 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 2685990 | 2632668 | 2599917 | 2555552 | 2536043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 31864 | 32321 | 32885 | 33163 | 33828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 86358 | 86358 | 86358 | 86358 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing rights | 5175 | 5537 | 5810 | 5805 | 5656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 47410 | 35602 | 35355 | 35116 | 34872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 39331 | 42453 | 43760 | 42802 | 45181 |
| **Total Assets** | $3434382 | $3390752 | $3345763 | $3388786 | $3364723 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $527327 | $500742 | $497804 | $502318 | $516904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | 876151 | 920099 | 899602 | 874881 | 850462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 729472 | 713391 | 691468 | 696635 | 671818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 597785 | 617679 | 621455 | 626450 | 647581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2730735 | 2751911 | 2710329 | 2700284 | 2686765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased and securities <br> sold under agreements to repurchase | 37718 | 22718 | 27562 | 27258 | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank (FHLB) <br> advances | 227377 | 187913 | 188445 | 245474 | 246056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes, net of unamortized<br> issuance costs | 34933 | 34904 | 34875 | 34846 | 34818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 3125 | 3091 | 3000 | 2997 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 29632 | 28435 | 30760 | 33326 | 31659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3063520 | 3028972 | 2994971 | 3044185 | 3029512 |
| **Commitments and Contingencies** |  |  |  |  |  |
| **Stockholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - No par value authorized 40,000,000 <br> shares 12/31/25 and 20,00,000 shares 12/31/24; <br> issued 14,564,425 shares 12/31/25 and 12/31/24; <br> outstanding 13,748,074 shares 12/31/25 and <br> 13,699,536 shares 12/31/24 | 135531 | 135170 | 135805 | 135407 | 135565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock - 816,351 shares 12/31/25<br> and 864,889 shares 12/31/24 | (10636) | (10584) | (10674) | (10768) | (10985) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 257855 | 251181 | 244870 | 240079 | 235854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive <br> loss | (11888) | (13987) | (19209) | (20117) | (25223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 370862 | 361780 | 350792 | 344601 | 335211 |
| **Total Liabilities and Stockholders' Equity** | $3434382 | $3390752 | $3345763 | $3388786 | $3364723 |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
| **Selected financial data** | December<br>31, 2025 | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 | December<br>31, 2024 | December<br>31, 2025 | December<br>31, 2024 |
| Return on average <br> assets | 1.14% | 1.05% | 0.92% | 0.85% | 0.99% | 0.99% | 0.78% |
| Return on average <br> equity | 10.55% | 9.83% | 8.88% | 8.31% | 10.00% | 9.43% | 7.98% |
| Yield on earning assets | 5.55% | 5.62% | 5.45% | 5.19% | 5.20% | 5.45% | 5.17% |
| Cost of interest-bearing <br> liabilities | 2.69% | 2.83% | 2.83% | 2.76% | 3.01% | 2.80% | 3.12% |
| Net interest spread | 2.86% | 2.79% | 2.62% | 2.43% | 2.19% | 2.65% | 2.05% |
| Net interest margin | 3.46% | 3.40% | 3.22% | 3.03% | 2.84% | 3.28% | 2.72% |
| Efficiency ratio | 58.38% | 63.11% | 64.93% | 66.79% | 59.82% | 63.12% | 67.54% |
| Dividend payout ratio | 31.90% | 34.90% | 38.91% | 43.10% | 35.75% | 36.67% | 46.07% |
| Tangible book value <br> per share | $20.40 | $19.71 | $18.91 | $18.44 | $17.74 |  |  |
| Tier 1 leverage ratio | 8.81% | 8.74% | 8.50% | 8.44% | 8.12% |  |  |
| Average shares <br> outstanding | 13749420 | 13733858 | 13720339 | 13706003 | 13699869 | 13727541 | 13679955 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loans** | December<br> 30, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Commercial real estate | $1355571 | $1355166 | $1345953 | $1325698 | $1310811 |
| Agricultural real estate | 217034 | 222145 | 221004 | 215898 | 216401 |
| Consumer real estate | 526439 | 522416 | 523781 | 523383 | 520114 |
| Commercial and industrial | 314405 | 296084 | 293826 | 278254 | 275152 |
| Agricultural | 218050 | 179361 | 157870 | 153607 | 152080 |
| Consumer | 58838 | 60469 | 59348 | 60115 | 63009 |
| Other | 23133 | 24086 | 24653 | 24985 | 24978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net deferred loan fees <br>&nbsp;&nbsp;&nbsp;&nbsp; costs and other <sup>(1)</sup> | (1511) | (1452) | (1488) | (1748) | (1750) |
| Total loans, net | $2711959 | $2658275 | $2624947 | $2580192 | $2560795 |
| <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025 and $1.1 million as of December 31, 2024 related to interest rate swaps associated with fixed rate loans |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset quality data** | December<br>31, 2025 | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 | December<br>31, 2024 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Nonaccrual loans | $11256 | $5155 | $3745 | $4494 | $3124 |
| 90 day past due and accruing | $- | $- | $- | $- | $- |
| Nonperforming loans | $11256 | $5155 | $3745 | $4494 | $3124 |
| Other real estate owned | $- | $- | $- | $- | $- |
| Nonperforming assets | $11256 | $5151 | $3745 | $4494 | $3124 |
| Allowance for credit losses - loans | $27688 | $27475 | $26977 | $26352 | $25826 |
| &nbsp;&nbsp;Allowance for credit losses - off<br> balance sheet credit exposures | 1035 | 1037 | 1308 | 1281 | 1541 |
| Total allowance for <br> credit losses | $28723 | $28512 | $28285 | $27633 | $27367 |
| Total allowance for credit losses/<br> total loans | 1.02% | 1.07% | 1.08% | 1.07% | 1.07% |
| Adjusted credit losses with <br> accretable yield/total loans | 1.03% | 1.06% | 1.07% | 1.08% | 1.08% |
| Net charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | $354 | $59 | $36 | $285 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | $734 | $380 | $321 | $285 | $142 |
| Net charge-offs to average loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | 0.01% | 0.00% | 0.00% | 0.01% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | 0.03% | 0.01% | 0.01% | 0.01% | 0.01% |
| Nonperforming loans/total loans | 0.42% | 0.19% | 0.14% | 0.17% | 0.12% |
| Allowance for credit losses/ <br> nonperforming loans | 245.98% | 532.98% | 720.35% | 586.38% | 826.70% |
| NPA coverage ratio | 245.98% | 532.98% | 720.35% | 586.38% | 826.70% |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES

(in thousands of dollars, except percentages)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | Average <br>Balance | Average <br>Balance | Interest/<br>Dividends | Interest/<br>Dividends | Annualized<br>Yield/Rate | Average <br>Balance | Average <br>Balance | Interest/<br>Dividends | Interest/<br>Dividends | Annualized<br>Yield/Rate |
| Interest Earning Assets: |  |  |  |  |  |  |  |  |  |  |
| Loans | $| 2682900 | $| 40999 | 6.11% | $| 2543628 | $| 36663 | 5.77% |
| Taxable investment securities |  | 439705 |  | 2799 | 2.55% |  | 450648 |  | 2554 | 2.27% |
| Tax-exempt investment securities |  | 14809 |  | 72 | 2.46% |  | 18571 |  | 79 | 2.15% |
| Fed funds sold & other |  | 74851 |  | 696 | 3.72% |  | 209307 |  | 2555 | 4.88% |
| Total Interest Earning Assets |  | 3212265 | $ | 44566 | 5.55% |  | 3222154 | $ | 41851 | 5.20% |
| Nonearning Assets |  | 197226 |  |  |  |  | 174172 |  |  |  |
| Total Assets | $ | 3409491 |  |  |  | $ | 3396326 |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | $| 1642731 | $| 9305 | 2.27% | $| 1548638 | $| 9459 | 2.44% |
| Time deposits |  | 609541 |  | 5013 | 3.29% |  | 666896 |  | 6290 | 3.77% |
| Other borrowed money |  | 188448 |  | 1966 | 4.17% |  | 255490 |  | 2713 | 4.25% |
| Fed funds purchased & securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase |  | 22997 |  | 226 | 3.93% |  | 27341 |  | 274 | 4.01% |
| Subordinated notes |  | 34914 |  | 285 | 3.27% |  | 34799 |  | 285 | 3.28% |
| Total Interest-Bearing Liabilities | $| 2498631 | $ | 16795 | 2.69% | $| 2533164 | $ | 19021 | 3.01% |
| Noninterest-Bearing Liabilities |  | 542625 |  |  |  |  | 527751 |  |  |  |
| Stockholders' Equity | $ | 368235 |  |  |  | $ | 335411 |  |  |  |
| Net Interest Income and <br> Interest Rate Spread |  |  | $ | 27771 | 2.86% |  |  | $ | 22830 | 2.19% |
| Net Interest Margin |  |  |  |  | 3.46% |  |  |  |  | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | Average <br>Balance | Average <br>Balance | Interest/<br>Dividends | Interest/<br>Dividends | Annualized<br>Yield/Rate | Average <br>Balance | Average <br>Balance | Interest/<br>Dividends | Interest/<br>Dividends | Annualized<br>Yield/Rate |
| Interest Earning Assets: |  |  |  |  |  |  |  |  |  |  |
| Loans | $| 2632363 | $| 158614 | 6.03% | $| 2557213 | $| 145329 | 5.68% |
| Taxable investment securities |  | 450636 |  | 11202 | 2.49% |  | 410764 |  | 8129 | 1.98% |
| Tax-exempt investment securities |  | 16473 |  | 296 | 2.27% |  | 20154 |  | 328 | 2.06% |
| Fed funds sold & other |  | 84017 |  | 3432 | 4.08% |  | 176307 |  | 9786 | 5.55% |
| Total Interest Earning Assets |  | 3183489 | $ | 173544 | 5.45% |  | 3164438 | $ | 163572 | 5.17% |
| Nonearning Assets |  | 180558 |  |  |  |  | 164464 |  |  |  |
| Total Assets | $ | 3364047 |  |  |  | $ | 3328902 |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | $| 1579552 | $| 37314 | 2.36% | $| 1502365 | $| 39750 | 2.65% |
| Time deposits |  | 618230 |  | 20865 | 3.37% |  | 663320 |  | 24713 | 3.73% |
| Other borrowed money |  | 212720 |  | 8893 | 4.18% |  | 262094 |  | 10948 | 4.18% |
| Fed funds purchased & securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase |  | 26263 |  | 1042 | 3.97% |  | 27750 |  | 1111 | 4.00% |
| Subordinated notes |  | 34871 |  | 1138 | 3.26% |  | 34755 |  | 1138 | 3.27% |
| Total Interest-Bearing Liabilities | $| 2471636 | $ | 69252 | 2.80% | $| 2490284 | $ | 77660 | 3.12% |
| Noninterest-Bearing Liabilities |  | 539111 |  |  |  |  | 513588 |  |  |  |
| Stockholders' Equity | $ | 353300 |  |  |  | $ | 325030 |  |  |  |
| Net Interest Income and <br> Interest Rate Spread |  |  | $ | 104292 | 2.65% |  |  | $ | 85912 | 2.05% |
| Net Interest Margin |  |  |  |  | 3.28% |  |  |  |  | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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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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** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **As Reported** | **As Reported** | **Excluding Accretion/Amortization** | **Excluding Accretion/Amortization** | **Difference** | **Difference** | **As Reported** | **As Reported** | **Excluding Accretion/Amortization** | **Excluding Accretion/Amortization** | **Difference** | **Difference** |
|  | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield |
| Interest Earning Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| Loans | 40999 | 6.11% | 40428 | 6.03% | 571 | 0.08% | 36663 | 5.77% | 36039 | 5.67% | 624 | 0.10% |
| Taxable investment securities | 2799 | 2.55% | 2799 | 2.55% | - | 0.00% | 2554 | 2.27% | 2554 | 2.27% | - | 0.00% |
| Tax-exempt investment securities | 72 | 2.46% | 72 | 2.46% | - | 0.00% | 79 | 2.15% | 79 | 2.15% | - | 0.00% |
| Fed funds sold & other | 696 | 3.72% | 696 | 3.72% | - | 0.00% | 2555 | 4.88% | 2555 | 4.88% | - | 0.00% |
| Total Interest Earning Assets | 44566 | 5.55% | 43995 | 5.48% | 571 | 0.07% | 41851 | 5.20% | 41227 | 5.12% | 624 | 0.08% |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | 9305 | 2.27% | 9305 | 2.27% | - | 0.00% | 9459 | 2.44% | 9459 | 2.44% | - | 0.00% |
| Time deposits | 5013 | 3.29% | 5013 | 3.29% | - | 0.00% | 6290 | 3.77% | 6290 | 3.77% | - | 0.00% |
| Other borrowed money | 1966 | 4.17% | 1963 | 4.17% | 3 | 0.00% | 2713 | 4.25% | 2710 | 4.24% | 3 | 0.01% |
| Fed funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase | 226 | 3.93% | 226 | 3.93% | - | 0.00% | 274 | 4.01% | 274 | 4.01% | - | 0.00% |
| Subordinated notes | 285 | 3.27% | 285 | 3.27% | - | 0.00% | 285 | 3.28% | 285 | 3.28% | - | 0.00% |
| Total Interest-Bearing Liabilities | 16795 | 2.69% | 16792 | 2.69% | 3 | 0.00% | 19021 | 3.01% | 19018 | 3.00% | 3 | 0.01% |
| Interest/Dividend income/yield | 44566 | 5.55% | 43995 | 5.48% | 571 | 0.07% | 41851 | 5.20% | 41227 | 5.12% | 624 | 0.08% |
| Interest Expense / yield | 16795 | 2.69% | 16792 | 2.69% | 3 | 0.00% | 19021 | 3.01% | 19018 | 3.00% | 3 | 0.01% |
| Net Interest Spread | 27771 | 2.86% | 27203 | 2.79% | 568 | 0.07% | 22830 | 2.19% | 22209 | 2.12% | 621 | 0.07% |
| Net Interest Margin |  | 3.46% |  | 3.39% |  | 0.07% |  | 2.84% |  | 2.76% |  | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **As Reported** | **As Reported** | **Excluding Accretion/Amortization** | **Excluding Accretion/Amortization** | **Difference** | **Difference** | **As Reported** | **As Reported** | **Excluding Accretion/Amortization** | **Excluding Accretion/Amortization** | **Difference** | **Difference** |
|  | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield | $ | Yield |
| Interest Earning Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
| Loans | 158614 | 6.03% | 156183 | 5.94% | 2431 | 0.09% | 145329 | 5.68% | 142627 | 5.58% | 2702 | 0.10% |
| Taxable investment securities | 11202 | 2.49% | 11202 | 2.49% | - | 0.00% | 8129 | 1.98% | 8129 | 1.98% | - | 0.00% |
| Tax-exempt investment securities | 296 | 2.27% | 296 | 2.27% | - | 0.00% | 328 | 2.06% | 328 | 2.06% | - | 0.00% |
| Fed funds sold & other | 3432 | 4.08% | 3432 | 4.08% | - | 0.00% | 9786 | 5.55% | 9786 | 5.55% | - | 0.00% |
| Total Interest Earning Assets | 173544 | 5.45% | 171113 | 5.38% | 2431 | 0.07% | 163572 | 5.17% | 160870 | 5.09% | 2702 | 0.08% |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | 37314 | 2.36% | 37314 | 2.36% | - | 0.00% | 39750 | 2.65% | 39750 | 2.65% | - | 0.00% |
| Time deposits | 20865 | 3.37% | 20865 | 3.37% | - | 0.00% | 24713 | 3.73% | 24713 | 3.73% | - | 0.00% |
| Other borrowed money | 8893 | 4.18% | 8880 | 4.17% | 13 | 0.01% | 10948 | 4.18% | 10964 | 4.18% | (16) | 0.00% |
| Fed funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase | 1042 | 3.97% | 1042 | 3.97% | - | 0.00% | 1111 | 4.00% | 1111 | 4.00% | - | 0.00% |
| Subordinated notes | 1138 | 3.26% | 1138 | 3.26% | - | 0.00% | 1138 | 3.27% | 1138 | 3.27% | - | 0.00% |
| Total Interest-Bearing Liabilities | 69252 | 2.80% | 69239 | 2.80% | 13 | 0.00% | 77660 | 3.12% | 77676 | 3.12% | (16) | 0.00% |
| Interest/Dividend income/yield | 173544 | 5.45% | 171113 | 5.38% | 2431 | 0.07% | 163572 | 5.17% | 160870 | 5.09% | 2702 | 0.08% |
| Interest Expense / yield | 69252 | 2.80% | 69239 | 2.80% | 13 | 0.00% | 77660 | 3.12% | 77676 | 3.12% | (16) | 0.00% |
| Net Interest Spread | 104292 | 2.65% | 101874 | 2.58% | 2418 | 0.07% | 85912 | 2.05% | 83194 | 1.97% | 2718 | 0.08% |
| Net Interest Margin |  | 3.28% |  | 3.20% |  | 0.08% |  | 2.72% |  | 2.63% |  | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;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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