# EDGAR Filing Document

**Accession Number:** 0000792966
**File Stem:** 0001193125-25-250828
**Filing Date:** 2025-10
**Character Count:** 57530
**Document Hash:** 93d88dff4b4e0de048869c80d0de7586
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-250828.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-250828

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20251027

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**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:** 251417699

**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)** October 27, 2025

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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 October 27, 2025, Farmers & Merchants Bancorp, Inc. issued a press release (the "Release") announcing its earnings for the three and nine months ended September 30, 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 October 27, 2025</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: October 27, 2025 | &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.jpg](img27245342_0.jpg)<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 Third-Quarter and Year-to-Date Financial Results**

ARCHBOLD, OHIO, October 27, 2025, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 third quarter and year-to-date ended September 30, 2025 on a consolidated basis.

**2025 Third Quarter Financial and Operating Highlights**

(at September 30, 2025 and on a year-over-year basis unless noted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•90 consecutive quarters of profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income increased 35.9% to $8.9 million, or $0.64 per basic and diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin increased 69 basis points year-over-year to 3.40%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total loans, net increased by $123.0 million, or 4.9% to $2.66 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total deposits increased by $67.1 million, or 2.5% to $2.75 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Efficiency ratio improved to 63.11%, compared to 67.98%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Asset quality remains at historically strong levels with nonperforming loans of only $5.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net charge-offs to average loans of 0.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tier 1 leverage ratio was 8.74%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Opened second full-service office in the State of Michigan in Troy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Promoted Curtis Metz to Market President for Northern Indiana

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Declared the 31<sup>st</sup> consecutive annual increase in the Company's regular dividend payment

Lars B. Eller, President and Chief Executive Officer, stated, "The continued progress we are making to leverage recent investments, drive growth, and expand profitability is encouraging. Strong financial performance and sustained operating momentum during the 2025 third quarter produced one of the most profitable quarters in our 128-year history. Our results reflect the strength of F&M's diversified business model and our longstanding commitment to create lasting value for our communities, customers, employees and shareholders. I am also proud of our recent dividend increase, marking the 31<sup>st</sup> consecutive annual increase in F&M's dividend."

**Income Statement**

Net income for the 2025 third quarter ended September 30, 2025, was $8.9 million, compared to $6.5 million for the same period last year. Net income per basic and diluted share for the 2025 third quarter was $0.64, compared to $0.48 for the same period last year. Net income for the nine months ended September 30, 2025, was $23.5 million, compared to $17.6 million for the same period last year. Net income per basic and diluted share for the 2025 nine months was $1.71, compared to $1.28 for the same period last year.

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**Deposits**

At September 30, 2025, total deposits were $2.75 billion, an increase of 2.5% from September 30, 2024. The Company's cost of interest-bearing liabilities was 2.83% for the quarter ended September 30, 2025, compared to 3.21% for the quarter ended September 30, 2024.

Mr. Eller commented, "We remain focused on growing core deposits by expanding our relationship-based banking solutions across our Ohio, Indiana, and Michigan markets. These efforts have supported year-over-year deposit growth, while we continue to actively manage our cost of funds. I am encouraged that our cost of interest-bearing liabilities improved 32 basis points to 2.84% for the nine months ended September 30, 2025, reflecting our disciplined approach to deposit pricing and balance sheet management."

**Loan Portfolio and Asset Quality**

"We are experiencing stable demand for loans, supported by the success of our recently opened offices, the addition of new team members, and the advantages of our community-oriented banking model. This includes the opening of our newest office in Troy, Michigan during the third quarter, which is the second full-service location in the state. We also continue to add experienced market presidents throughout our footprint to maintain our local decision-making and during the quarter we promoted Curtis Metz to Market President for Northern Indiana. As F&M grows, we are committed to prioritizing asset quality. Net charge-offs to average loans have remained below 0.03% for 18 consecutive quarters, underscoring the strength and growing sophistication of our credit culture and risk management capabilities," continued Mr. Eller.

Total loans, net at September 30, 2025, increased 4.9%, or by $123.0 million to $2.66 billion, compared to $2.54 billion at September 30, 2024. The year-over-year increase was driven primarily by higher commercial real estate, agricultural real estate, commercial and industrial, and agricultural loans, partially offset primarily by lower consumer real estate and consumer loans. Compared to December 31, 2024, total loans, net at September 30, 2025, increased by 3.8% or $97.5 million.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $5.2 million, or 0.19% of total loans at September 30, 2025, compared to $2.9 million, or 0.11% of total loans at September 30, 2024, and $3.1 million, or 0.12% at December 31, 2024.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.0% of the Company's total loan portfolio at September 30, 2025. F&M's CRE portfolio included the following categories at September 30, 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 | $277274 | 20.5% | 10.4% |
| Multi-family | 238311 | 17.6% | 9.0% |
| Retail | 207301 | 15.3% | 7.8% |
| Hotels | 173411 | 12.8% | 6.5% |
| Office | 142111 | 10.5% | 5.4% |
| Gas Stations | 77013 | 5.7% | 2.9% |
| Food Service | 52695 | 3.9% | 2.0% |
| Senior Living | 30672 | 2.2% | 1.2% |
| Development | 29392 | 2.2% | 1.1% |
| Auto Dealers | 27644 | 2.0% | 1.0% |
| Other | 99342 | 7.3% | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CRE | $1355166 | 100.0% | 51.0% |

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

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At September 30, 2025, the Company's total allowance to total loans was 1.07%, compared to 1.07% at September 30, 2024. Including accretable yield adjustments, associated with the Company's prior acquisitions, F&M's allowance for credit losses to total loans was 1.06% at September 30, 2025, compared to 1.10% at September 30, 2024.

Mr. Eller concluded, "We continue to believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to grow our business profitably. This fall, we will begin developing a new three-year strategic plan that will define our growth priorities and guide our next phase of success. The plan will leverage the solid foundation we have established and the community-banking values that continue to distinguish F&M across our Ohio, Indiana, and Michigan markets. We believe these initiatives will enable the Company to capitalize on opportunities within our footprint, enhance shareholder value, and further strengthen our role as a trusted financial partner to the communities we proudly serve. I look forward to updating our shareholders on our new strategic priorities."

**Stockholders' Equity and Dividends**

Total stockholders' equity increased 7.9% to $361.8 million, or $26.31 per share at September 30, 2025, from $335.4 million, or $24.48 per share at September 30, 2024. The Company had a Tier 1 leverage ratio of 8.74% at September 30, 2025, compared to 8.04% at September 30, 2024.

Tangible stockholders' equity increased to $271.0 million at September 30, 2025, compared to $242.8 million at September 30, 2024. On a per share basis, tangible stockholders' equity at September 30, 2025, was $19.71 per share, compared to $17.72 per share at September 30, 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 September 30, 2025, the Company declared cash dividends of $0.2275 per share, representing a 2.8% increase over the same period last year.

For the nine months ended September 30, 2025, the Company declared cash dividends of $0.67 per share, representing a 1.3% increase over the same period last year. For the nine months ended September 30, 2025, the dividend payout ratio was 38.64% compared to 50.99% 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 the efficiency ratio, 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. Definitions of these measures and reconciliations to the most directly comparable GAAP measures are provided in the accompanying tables.

**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.

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**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 <u>www.fm.bank</u>.

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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** | **Nine Months Ended** | **Nine Months Ended** |
|  | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | September<br> 30, 2024 | September<br> 30, 2025 | September<br> 30, 2024 |
| **Interest Income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $41013 | $39530 | $37072 | $36663 | $36873 | $117615 | $108666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and <br> government <br> agencies | 2224 | 2231 | 2097 | 1882 | 1467 | 6552 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipalities | 366 | 369 | 382 | 384 | 387 | 1117 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 309 | 311 | 338 | 367 | 334 | 958 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | - | - | - | 24 | 7 | - | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 572 | 1051 | 1113 | 2531 | 2833 | 2736 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 44484 | 43492 | 41002 | 41851 | 41901 | 128978 | 121721 |
| **Interest Expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 15060 | 14813 | 13988 | 15749 | 16947 | 43861 | 48714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased <br> and securities sold <br> under agreement to <br> repurchase | 273 | 272 | 271 | 274 | 277 | 816 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowed funds | 1966 | 2411 | 2550 | 2713 | 2804 | 6927 | 8235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes | 284 | 285 | 284 | 285 | 284 | 853 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest <br> expense | 17583 | 17781 | 17093 | 19021 | 20312 | 52457 | 58639 |
| **Net Interest Income - <br> Before Provision for <br> Credit Losses** | 26901 | 25711 | 23909 | 22830 | 21589 | 76521 | 63082 |
| **Provision for Credit<br> Losses - Loans** | 557 | 661 | 811 | 346 | 282 | 2029 | 598 |
| **Provision for (Recovery of) <br> Credit Losses - Off <br> Balance Sheet Credit<br> Exposures** | (272) | 27 | (260) | (120) | (267) | (505) | (551) |
| **Net Interest Income <br> After Provision for <br> Credit Losses** | 26616 | 25023 | 23358 | 22604 | 21574 | 74997 | 63035 |
| **Noninterest Income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 370 | 330 | 381 | 237 | 300 | 1081 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges<br> and fees | 1349 | 1206 | 1124 | 1176 | 1155 | 3679 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange income | 1273 | 1259 | 1421 | 1322 | 1315 | 3953 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing income | 674 | 629 | 762 | 771 | 710 | 2065 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of loans | 444 | 257 | 284 | 223 | 215 | 985 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender<br> value of bank owned <br> life insurance | 247 | 239 | 244 | 248 | 265 | 730 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sale <br> of other assets owned | - | 15 | (54) | 22 | - | (39) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> income | 4357 | 3935 | 4162 | 3999 | 3960 | 12454 | 11622 |
| (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** | **Nine Months Ended** | **Nine Months Ended** |
|  | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | September<br> 30, 2024 | September<br> 30, 2025 | September<br> 30, 2024 |
| **Noninterest Expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | 8108 | 7567 | 7878 | 7020 | 7713 | 23553 | 23148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 2273 | 2265 | 2404 | 2148 | 2112 | 6942 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy expense | 1104 | 1075 | 1199 | 1072 | 1054 | 3378 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 1532 | 1414 | 1278 | 1032 | 1472 | 4224 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 1109 | 1057 | 557 | 160 | 339 | 2723 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise taxes | 397 | 397 | 397 | 312 | 410 | 1191 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATM expense | 665 | 761 | 491 | 328 | 472 | 1917 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 674 | 356 | 503 | 498 | 597 | 1533 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessment | 428 | 448 | 465 | 505 | 516 | 1341 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing rights<br> amortization - net | 586 | 234 | 127 | 244 | 219 | 947 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan expense | 362 | 328 | 228 | 236 | 244 | 918 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 242 | 494 | 745 | 242 | 251 | 1481 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 516 | 502 | 559 | 368 | 453 | 1577 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset<br> amortization | 445 | 444 | 445 | 446 | 445 | 1334 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and <br> administrative | 1298 | 1918 | 1484 | 1465 | 1128 | 4700 | 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> expense | 19739 | 19260 | 18760 | 16076 | 17425 | 57759 | 52611 |
| **Income Before Income<br> Taxes** | 11234 | 9698 | 8760 | 10527 | 8109 | 29692 | 22046 |
| **Income Taxes** | 2380 | 1988 | 1808 | 2146 | 1593 | 6176 | 4489 |
| **Net Income** | 8854 | 7710 | 6952 | 8381 | 6516 | 23516 | 17557 |
| **Other Comprehensive <br> Income (Loss) (Net of <br> Tax):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain<br> (loss) on available-<br> for-sale securities | 6610 | 1149 | 6464 | (7403) | 11664 | 14223 | 12200 |
| &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 | 6610 | 1149 | 6464 | (7403) | 11664 | 14223 | 12200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) | 1388 | 241 | 1358 | (1554) | 2449 | 2987 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive<br> income (loss) | 5222 | 908 | 5106 | (5849) | 9215 | 11236 | 9638 |
| **Comprehensive Income** | $14076 | $8618 | $12058 | $2532 | $15731 | $34752 | $27195 |
| **Basic Earnings <br> Per Share** | $0.64 | $0.56 | $0.51 | $0.61 | $0.48 | $1.71 | $1.28 |
| **Diluted Earnings<br> Per Share** | $0.64 | $0.56 | $0.51 | $0.61 | $0.48 | $1.71 | $1.28 |
| **Dividends Declared** | $0.22750 | $0.22125 | $0.22125 | $0.22125 | $0.22125 | $0.67000 | $0.66125 |

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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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | September<br> 30, 2024 |
|  | (Unaudited) | (Unaudited) | (Unaudited) |  | (Unaudited) |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $116448 | $87596 | $172612 | $174855 | $244572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 582 | 635 | 425 | 1496 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 117030 | 88231 | 173037 | 176351 | 245504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing time deposits | 1498 | 1992 | 1992 | 2482 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - available-for-sale | 422773 | 431102 | 438568 | 426556 | 404881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities, at cost | 11509 | 13994 | 14062 | 14400 | 15028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 3003 | 6359 | 2331 | 2996 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 2632668 | 2599917 | 2555552 | 2536043 | 2512852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 32321 | 32885 | 33163 | 33828 | 33779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | - | - | - | - | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 86358 | 86358 | 86358 | 86358 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing rights | 5537 | 5810 | 5805 | 5656 | 5644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 35602 | 35355 | 35116 | 34872 | 34624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 42453 | 43760 | 42802 | 45181 | 46047 |
| **Total Assets** | $3390752 | $3345763 | $3388786 | $3364723 | $3389185 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $500742 | $497804 | $502318 | $516904 | $481444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | 920099 | 899602 | 874881 | 850462 | 865617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 713391 | 691468 | 696635 | 671818 | 661565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 617679 | 621455 | 626450 | 647581 | 676187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2751911 | 2710329 | 2700284 | 2686765 | 2684813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased and securities <br> sold under agreements to repurchase | 22718 | 27562 | 27258 | 27218 | 27292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank (FHLB) <br> advances | 187913 | 188445 | 245474 | 246056 | 263081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes, net of unamortized<br> issuance costs | 34904 | 34875 | 34846 | 34818 | 34789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 3091 | 3000 | 2997 | 2996 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 28435 | 30760 | 33326 | 31659 | 40832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3028972 | 2994971 | 3044185 | 3029512 | 3053805 |
| **Commitments and Contingencies** |  |  |  |  |  |
| **Stockholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - No par value authorized 40,000,000 <br> shares 9/30/25 and 20,00,000 shares 12/31/24; <br> issued 14,564,425 shares 9/30/25 and 12/31/24; <br> outstanding 13,749,827 shares 9/30/25 and <br> 13,699,536 shares 12/31/24 | 135170 | 135805 | 135407 | 135565 | 135193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock - 814,598 shares 9/30/25<br> and 864,889 shares 12/31/24 | (10584) | (10674) | (10768) | (10985) | (10904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 251181 | 244870 | 240079 | 235854 | 230465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive <br> loss | (13987) | (19209) | (20117) | (25223) | (19374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 361780 | 350792 | 344601 | 335211 | 335380 |
| **Total Liabilities and Stockholders' Equity** | $3390752 | $3345763 | $3388786 | $3364723 | $3389185 |

---

------

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Nine Months Ended** | **For the Nine Months Ended** |
| **Selected financial data** | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 | December<br>31, 2024 | September<br>30, 2024 | September<br>30, 2025 | September<br>30, 2024 |
| Return on average <br> assets | 1.05% | 0.92% | 0.85% | 0.99% | 0.78% | 0.94% | 0.71% |
| Return on average <br> equity | 9.83% | 8.88% | 8.31% | 10.00% | 7.93% | 8.99% | 7.28% |
| Yield on earning assets | 5.62% | 5.45% | 5.19% | 5.20% | 5.27% | 5.42% | 5.17% |
| Cost of interest-bearing <br> liabilities | 2.83% | 2.83% | 2.76% | 3.01% | 3.21% | 2.84% | 3.16% |
| Net interest spread | 2.79% | 2.62% | 2.43% | 2.19% | 2.06% | 2.58% | 2.01% |
| Net interest margin | 3.40% | 3.22% | 3.03% | 2.84% | 2.71% | 3.22% | 2.68% |
| Efficiency ratio | 63.11% | 64.93% | 66.79% | 59.82% | 67.98% | 64.87% | 70.36% |
| Dividend payout ratio | 34.90% | 38.91% | 43.10% | 35.75% | 45.99% | 38.64% | 50.99% |
| Tangible book value <br> per share | $19.71 | $18.91 | $18.44 | $17.74 | $17.72 |  |  |
| Tier 1 leverage ratio | 8.74% | 8.50% | 8.44% | 8.12% | 8.04% |  |  |
| Average shares <br> outstanding | 13733858 | 13720339 | 13706003 | 13699869 | 13687119 | 13720168 | 13679955 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loans** | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 | December<br> 31, 2024 | September<br> 30, 2024 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Commercial real estate | $1355166 | $1345953 | $1325698 | $1310811 | $1301160 |
| Agricultural real estate | 222145 | 221004 | 215898 | 216401 | 220328 |
| Consumer real estate | 522416 | 523781 | 523383 | 520114 | 524055 |
| Commercial and industrial | 296084 | 293826 | 278254 | 275152 | 260732 |
| Agricultural | 179361 | 157870 | 153607 | 152080 | 137252 |
| Consumer | 60469 | 59348 | 60115 | 63009 | 67394 |
| Other | 24086 | 24653 | 24985 | 24978 | 25916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net deferred loan fees <br>&nbsp;&nbsp;&nbsp;&nbsp; costs and other <sup>(1)</sup> | (1452) | (1488) | (1748) | (1750) | (1546) |
| Total loans, net | $2658275 | $2624947 | $2580192 | $2560795 | $2535291 |
| <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 2024 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million as of December 31, 2024 and $3.0 million as of September 30, 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)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset quality data** | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 | December<br>31, 2024 | September<br>30, 2024 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Nonaccrual loans | $5155 | $3745 | $4494 | $3124 | $2898 |
| 90 day past due and accruing | $- | $- | $- | $- | $- |
| Nonperforming loans | $5155 | $3745 | $4494 | $3124 | $2898 |
| Other real estate owned | $- | $- | $- | $- | $- |
| Nonperforming assets | $5151 | $3745 | $4494 | $3124 | $2898 |
| Allowance for credit losses - loans | $27475 | $26977 | $26352 | $25826 | $25484 |
| &nbsp;&nbsp;Allowance for credit losses - off<br> balance sheet credit exposures | 1037 | 1308 | 1281 | 1541 | 1661 |
| Total allowance for <br> credit losses | $28512 | $28285 | $27633 | $27367 | $27145 |
| Total allowance for credit losses/<br> total loans | 1.07% | 1.08% | 1.07% | 1.07% | 1.07% |
| Adjusted credit losses with <br> accretable yield/total loans | 1.06% | 1.07% | 1.08% | 1.08% | 1.10% |
| Net charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | $59 | $36 | $285 | $4 | $68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | $380 | $321 | $285 | $142 | $138 |
| Net charge-offs to average loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | 0.00% | 0.00% | 0.01% | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Nonperforming loans/total loans | 0.19% | 0.14% | 0.17% | 0.12% | 0.11% |
| Allowance for credit losses/ <br> nonperforming loans | 532.98% | 720.35% | 586.38% | 826.70% | 879.37% |
| NPA coverage ratio | 532.98% | 720.35% | 586.38% | 826.70% | 879.37% |

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------

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** | **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** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 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 | $| 2649409 | $| 41013 | 6.19% | $| 2551899 | $| 36873 | 5.78% |
| Taxable investment securities |  | 445088 |  | 2827 | 2.54% |  | 415943 |  | 2107 | 2.03% |
| Tax-exempt investment securities |  | 16066 |  | 72 | 2.27% |  | 19661 |  | 81 | 2.09% |
| Fed funds sold & other |  | 56131 |  | 572 | 4.08% |  | 197258 |  | 2840 | 5.76% |
| Total Interest Earning Assets |  | 3166694 | $ | 44484 | 5.62% |  | 3184761 | $ | 41901 | 5.27% |
| Nonearning Assets |  | 182320 |  |  |  |  | 168055 |  |  |  |
| Total Assets | $ | 3349014 |  |  |  | $ | 3352816 |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | $| 1620026 | $| 9966 | 2.46% | $| 1538387 | $| 10691 | 2.78% |
| Time deposits |  | 609844 |  | 5094 | 3.34% |  | 667224 |  | 6256 | 3.75% |
| Other borrowed money |  | 188123 |  | 1966 | 4.18% |  | 264539 |  | 2804 | 4.24% |
| Fed funds purchased & securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase |  | 27274 |  | 273 | 4.00% |  | 27481 |  | 277 | 4.03% |
| Subordinated notes |  | 34885 |  | 284 | 3.26% |  | 34769 |  | 284 | 3.27% |
| Total Interest-Bearing Liabilities | $| 2480152 | $ | 17583 | 2.83% | $| 2532400 | $ | 20312 | 3.21% |
| Noninterest-Bearing Liabilities |  | 511468 |  |  |  |  | 491851 |  |  |  |
| Stockholders' Equity | $ | 357394 |  |  |  | $ | 328565 |  |  |  |
| Net Interest Income and <br> Interest Rate Spread |  |  | $ | 26901 | 2.79% |  |  | $ | 21589 | 2.06% |
| Net Interest Margin |  |  |  |  | 3.40% |  |  |  |  | 2.71% |
| &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 |

---

------

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 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 | $| 2615332 | $| 117615 | 6.00% | $| 2561774 | $| 108666 | 5.66% |
| Taxable investment securities |  | 454288 |  | 8403 | 2.47% |  | 397466 |  | 5575 | 1.87% |
| Tax-exempt investment securities |  | 17025 |  | 224 | 2.22% |  | 20684 |  | 249 | 2.03% |
| Fed funds sold & other |  | 87106 |  | 2736 | 4.19% |  | 165227 |  | 7231 | 5.84% |
| Total Interest Earning Assets |  | 3173751 | $ | 128978 | 5.42% |  | 3145151 | $ | 121721 | 5.17% |
| Nonearning Assets |  | 174982 |  |  |  |  | 161113 |  |  |  |
| Total Assets | $ | 3348733 |  |  |  | $ | 3306264 |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | $| 1557564 | $| 28009 | 2.40% | $| 1487809 | $| 30291 | 2.71% |
| Time deposits |  | 621126 |  | 15852 | 3.40% |  | 662129 |  | 18423 | 3.71% |
| Other borrowed money |  | 220820 |  | 6927 | 4.18% |  | 264310 |  | 8235 | 4.15% |
| Fed funds purchased & securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase |  | 27352 |  | 816 | 3.98% |  | 27887 |  | 837 | 4.00% |
| Subordinated notes |  | 34856 |  | 853 | 3.26% |  | 34741 |  | 853 | 3.27% |
| Total Interest-Bearing Liabilities | $| 2461718 | $ | 52457 | 2.84% | $| 2476876 | $ | 58639 | 3.16% |
| Noninterest-Bearing Liabilities |  | 538665 |  |  |  |  | 507843 |  |  |  |
| Stockholders' Equity | $ | 348350 |  |  |  | $ | 321545 |  |  |  |
| Net Interest Income and <br> Interest Rate Spread |  |  | $ | 76521 | 2.58% |  |  | $ | 63082 | 2.01% |
| Net Interest Margin |  |  |  |  | 3.22% |  |  |  |  | 2.68% |
| &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 |

---

------

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** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 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 | 41013 | 6.19% | 40359 | 6.09% | 654 | 0.10% | 36593 | 5.73% | 35914 | 5.62% | 679 | 0.11% |
| Taxable investment securities | 2827 | 2.54% | 2827 | 2.54% | - | 0.00% | 1782 | 1.82% | 1782 | 1.82% | - | 0.00% |
| Tax-exempt investment securities | 72 | 2.27% | 72 | 2.27% | - | 0.00% | 82 | 1.99% | 82 | 1.99% | - | 0.00% |
| Fed funds sold & other | 572 | 4.08% | 572 | 4.08% | - | 0.00% | 2709 | 5.77% | 2709 | 5.77% | - | 0.00% |
| Total Interest Earning Assets | 44484 | 5.62% | 43830 | 5.54% | 654 | 0.08% | 41166 | 5.22% | 40487 | 5.13% | 679 | 0.09% |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | 9966 | 2.46% | 9966 | 2.46% | - | 0.00% | 10193 | 2.73% | 10193 | 2.73% | - | 0.00% |
| Time deposits | 5094 | 3.34% | 5094 | 3.34% | - | 0.00% | 6295 | 3.77% | 6295 | 3.77% | - | 0.00% |
| Other borrowed money | 1966 | 4.18% | 1963 | 4.17% | 3 | 0.01% | 2742 | 4.14% | 2747 | 4.14% | (5) | 0.00% |
| Fed funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase | 273 | 4.00% | 273 | 4.00% | - | 0.00% | 276 | 3.98% | 276 | 3.98% | - | 0.00% |
| Subordinated notes | 284 | 3.26% | 284 | 3.26% | - | 0.00% | 285 | 3.28% | 285 | 3.28% | - | 0.00% |
| Total Interest-Bearing Liabilities | 17583 | 2.83% | 17580 | 2.84% | 3 | -0.01% | 19791 | 3.18% | 19796 | 3.18% | (5) | 0.00% |
| Interest/Dividend income/yield | 44484 | 5.62% | 43830 | 5.54% | 654 | 0.08% | 41166 | 5.22% | 40487 | 5.13% | 679 | 0.09% |
| Interest Expense / yield | 17583 | 2.83% | 17580 | 2.84% | 3 | -0.01% | 19791 | 3.18% | 19796 | 3.18% | (5) | 0.00% |
| Net Interest Spread | 26901 | 2.79% | 26250 | 2.70% | 651 | 0.09% | 21375 | 2.04% | 20691 | 1.95% | 684 | 0.09% |
| Net Interest Margin |  | 3.40% |  | 3.32% |  | 0.08% |  | 2.71% |  | 2.62% |  | 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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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 Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 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 | 117615 | 6.00% | 115755 | 5.90% | 1860 | 0.10% | 108666 | 5.66% | 106588 | 5.55% | 2078 | 0.11% |
| Taxable investment securities | 8403 | 2.47% | 8403 | 2.47% | - | 0.00% | 5575 | 1.87% | 5575 | 1.87% | - | 0.00% |
| Tax-exempt investment securities | 224 | 2.22% | 224 | 2.22% | - | 0.00% | 249 | 2.03% | 249 | 2.03% | - | 0.00% |
| Fed funds sold & other | 2736 | 4.19% | 2736 | 4.19% | - | 0.00% | 7231 | 5.84% | 7231 | 5.84% | - | 0.00% |
| Total Interest Earning Assets | 128978 | 5.42% | 127118 | 5.34% | 1860 | 0.08% | 121721 | 5.17% | 119643 | 5.08% | 2078 | 0.09% |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | 28009 | 2.40% | 28009 | 2.40% | - | 0.00% | 30291 | 2.71% | 30291 | 2.71% | - | 0.00% |
| Time deposits | 15852 | 3.40% | 15852 | 3.40% | - | 0.00% | 18423 | 3.71% | 18423 | 3.71% | - | 0.00% |
| Other borrowed money | 6927 | 4.18% | 6917 | 4.18% | 10 | 0.00% | 8235 | 4.15% | 8254 | 4.16% | (19) | -0.01% |
| Fed funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase | 816 | 3.98% | 816 | 3.98% | - | 0.00% | 837 | 4.00% | 837 | 4.00% | - | 0.00% |
| Subordinated notes | 853 | 3.26% | 853 | 3.26% | - | 0.00% | 853 | 3.27% | 853 | 3.27% | - | 0.00% |
| Total Interest-Bearing Liabilities | 52457 | 2.84% | 52447 | 2.84% | 10 | 0.00% | 58639 | 3.16% | 58658 | 3.16% | (19) | 0.00% |
| Interest/Dividend income/yield | 128978 | 5.42% | 127118 | 5.34% | 1860 | 0.08% | 121721 | 5.17% | 119643 | 5.08% | 2078 | 0.09% |
| Interest Expense / yield | 52457 | 2.84% | 52447 | 2.84% | 10 | 0.00% | 58639 | 3.16% | 58658 | 3.16% | (19) | 0.00% |
| Net Interest Spread | 76521 | 2.58% | 74671 | 2.50% | 1850 | 0.08% | 63082 | 2.01% | 60985 | 1.92% | 2097 | 0.09% |
| Net Interest Margin |  | 3.22% |  | 3.14% |  | 0.08% |  | 2.68% |  | 2.59% |  | 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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