# EDGAR Filing Document

**Accession Number:** 0000792966
**File Stem:** 0001193125-26-170660
**Filing Date:** 2026-4
**Character Count:** 43243
**Document Hash:** c053e889b5bcae15e79f0eaea313c987
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-170660.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001193125-26-170660

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260422

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**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:** 26884443

**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)** April 22, 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.)** |

---

---

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

---

**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 April 22, 2026, Farmers & Merchants Bancorp, Inc. issued a press release (the "Release") announcing its earnings for the three months ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99 and is incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits

&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 April 22, 2026</u>](fmao-ex99.htm) |

---

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: April 22, 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**

**2026 First-Quarter Financial Results**

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

**2026 First-Quarter Financial and Operating Highlights**

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

&nbsp;&nbsp;&nbsp;&nbsp;•92 consecutive quarters of profitability

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

&nbsp;&nbsp;&nbsp;&nbsp;•Strong profitability drives ROAA to 1.14%, compared to 0.85%

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

&nbsp;&nbsp;&nbsp;&nbsp;•Tier 1 leverage ratio was 9.02%

&nbsp;&nbsp;&nbsp;&nbsp;•Cost of interest-bearing liabilities improved to 2.54%, from 2.76%

&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin increased by 39 basis points to 3.42%

&nbsp;&nbsp;&nbsp;&nbsp;•Efficiency ratio improved to 60.08%, compared to 66.79%

&nbsp;&nbsp;&nbsp;&nbsp;•First quarter dividend per share increased 4.0% to $0.92 annualized

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

**Income Statement**

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

**Deposits**

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

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

**Loan Portfolio and Asset Quality**

Total loans, net at March 31, 2026, increased 3.9%, or by $100.7 million to $2.68 billion, compared to $2.58 billion at March 31, 2025. The year-over-year increase was driven primarily by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans continue to normalize on a quarter-over-quarter basis and were $11.1 million, or 0.42% of total loans at March 31, 2026, compared to $11.3 million, or 0.42% of total loans at December 31, 2025, and $4.5 million, or 0.17% of total loans at March 31, 2025.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 49.0% of the Company's total loan portfolio at March 31, 2026. F&M's CRE portfolio included the following categories at March 31, 2026 <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 | $241208 | 18.4% | 9.0% |
| Multi-family | 233030 | 17.7% | 8.7% |
| Retail | 224629 | 17.1% | 8.4% |
| Hotels | 163217 | 12.4% | 6.1% |
| Office | 133398 | 10.1% | 4.9% |
| Gas Stations | 75874 | 5.8% | 2.8% |
| Food Service | 51638 | 3.9% | 1.9% |
| Development | 34204 | 2.6% | 1.3% |
| Auto Dealers | 26819 | 2.0% | 1.0% |
| Senior Living | 21382 | 1.6% | 0.8% |
| Other | 110150 | 8.4% | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CRE | $1315549 | 100.0% | 49.0% |

---

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

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

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

------

**Stockholders' Equity and Dividends**

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

Tangible stockholders' equity increased to $285.9 million at March 31, 2026, compared to $252.9 million at March 31, 2025. On a per share basis, tangible stockholders' equity at March 31, 2026, was $20.76 per share, compared to $18.44 per share at March 31, 2025. Tangible stockholders' equity and tangible book value per share are non-GAAP financial measures; see "Use of Non-GAAP Financial Measures."

F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 31 consecutive years. For the quarter ended March 31, 2026, the Company declared cash dividends of $0.23 per share, representing a 4.0% increase over the same period last year.

**About Farmers & Merchants Bancorp, Inc.:**

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

**About Farmers & Merchants State Bank:** 

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

**Use of Non-GAAP Financial Measures**

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

**Basis of Presentation**

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

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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 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** |
|  | March<br> 31, 2026 | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 |
| **Interest Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, including fees | $39827 | $40999 | $41013 | $39530 | $37072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury and <br> government <br> agencies | 2305 | 2259 | 2224 | 2231 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipalities | 349 | 362 | 366 | 369 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 245 | 250 | 309 | 311 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold and other | 572 | 696 | 572 | 1051 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 43298 | 44566 | 44484 | 43492 | 41002 |
| **Interest Expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 13249 | 14318 | 15060 | 14813 | 13988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased <br> and securities sold <br> under agreement to <br> repurchase | 145 | 226 | 273 | 272 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowed funds | 2176 | 1966 | 1966 | 2411 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes | 284 | 285 | 284 | 285 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest <br> expense | 15854 | 16795 | 17583 | 17781 | 17093 |
| **Net Interest Income - <br> Before Provision for <br> Credit Losses** | 27444 | 27771 | 26901 | 25711 | 23909 |
| **Provision for Credit<br> Losses - Loans** | 302 | 567 | 557 | 661 | 811 |
| **Provision for (Recovery of) <br> Credit Losses - Off <br> Balance Sheet Credit<br> Exposures** | 6 | (1) | (272) | 27 | (260) |
| **Net Interest Income <br> After Provision for <br> Credit Losses** | 27136 | 27205 | 26616 | 25023 | 23358 |
| **Noninterest Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer service fees | 483 | 337 | 370 | 330 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other service charges<br> and fees | 1283 | 1311 | 1349 | 1206 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interchange income | 1513 | 1275 | 1273 | 1259 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing income | 838 | 814 | 674 | 629 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of loans | 575 | 306 | 444 | 257 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash surrender<br> value of bank owned <br> life insurance | 655 | 640 | 247 | 239 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain (loss) on sale <br> of other assets owned | - | (2) | - | 15 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of <br> available-for-sale <br> securities | (347) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> income | 5000 | 4681 | 4357 | 3935 | 4162 |
| (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** |
|  | March<br> 31, 2026 | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 |
| **Noninterest Expense** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Salaries and wages | 8267 | 8037 | 8108 | 7567 | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 2379 | 2386 | 2273 | 2265 | 2404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net occupancy expense | 1169 | 1052 | 1104 | 1075 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture and equipment | 1566 | 1352 | 1532 | 1414 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data processing | 994 | 964 | 1109 | 1057 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise taxes | 400 | 397 | 397 | 397 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATM expense | 576 | 676 | 665 | 761 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising | 472 | 666 | 674 | 356 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDIC assessment | 396 | 377 | 428 | 448 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing rights<br> amortization - net | 523 | 637 | 586 | 234 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan expense | 309 | 292 | 362 | 328 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 254 | 182 | 242 | 494 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 500 | 352 | 516 | 502 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset<br> amortization | 305 | 446 | 445 | 444 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and <br> administrative | 1691 | 1237 | 1298 | 1918 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest <br> expense | 19801 | 19053 | 19739 | 19260 | 18760 |
| **Income Before Income<br> Taxes** | 12335 | 12833 | 11234 | 9698 | 8760 |
| **Income Taxes** | 2757 | 3040 | 2380 | 1988 | 1808 |
| **Net Income** | 9578 | 9793 | 8854 | 7710 | 6952 |
| **Other Comprehensive <br> Income (Loss) (Net of <br> Tax):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain<br> (loss) on available-<br> for-sale securities | (2420) | 2657 | 6610 | 1149 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification <br> adjustment for realized <br> loss on sale of available-<br> for-sale securities | 347 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain <br> (loss) on available-<br> for-sale securities | (2073) | 2657 | 6610 | 1149 | 6464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense (benefit) | (435) | 558 | 1388 | 241 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive<br> income (loss) | (1638) | 2099 | 5222 | 908 | 5106 |
| **Comprehensive Income** | $7940 | $11892 | $14076 | $8618 | $12058 |
| **Basic Earnings <br> Per Share** | $0.70 | $0.71 | $0.64 | $0.56 | $0.51 |
| **Diluted Earnings<br> Per Share** | $0.70 | $0.71 | $0.64 | $0.56 | $0.51 |
| **Dividends Declared** | $0.23000 | $0.23000 | $0.22750 | $0.22125 | $0.22125 |

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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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | March<br> 31, 2026 | December<br> 31, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 |
|  |  |  | (Unaudited) | (Unaudited) | (Unaudited) |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and due from banks | $172847 | $97249 | $116448 | $87596 | $172612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 623 | 469 | 582 | 635 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 173470 | 97718 | 117030 | 88231 | 173037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing time deposits | 1253 | 1498 | 1498 | 1992 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities - available-for-sale | 429623 | 422072 | 422773 | 431102 | 438568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities, at cost | 12672 | 13032 | 11509 | 13994 | 14062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 5579 | 3934 | 3003 | 6359 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net of allowance for credit losses | 2654135 | 2685990 | 2632668 | 2599917 | 2555552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment | 31534 | 31864 | 32321 | 32885 | 33163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 86358 | 86358 | 86358 | 86358 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan servicing rights | 4972 | 5175 | 5537 | 5810 | 5805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank owned life insurance | 45407 | 47410 | 35602 | 35355 | 35116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 40247 | 39331 | 42453 | 43760 | 42802 |
| **Total Assets** | $3485569 | $3434382 | $3390752 | $3345763 | $3388786 |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $520348 | $527327 | $500742 | $497804 | $502318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | 910723 | 876151 | 920099 | 899602 | 874881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings | 753289 | 729472 | 713391 | 691468 | 696635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time | 625302 | 597785 | 617679 | 621455 | 626450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 2809662 | 2730735 | 2751911 | 2710329 | 2700284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased and securities <br> sold under agreements to repurchase | 14762 | 37718 | 22718 | 27562 | 27258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank (FHLB) <br> advances | 218987 | 227377 | 187913 | 188445 | 245474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated notes, net of unamortized<br> issuance costs | 34962 | 34933 | 34904 | 34875 | 34846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend payable | 3128 | 3125 | 3091 | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 28120 | 29632 | 28435 | 30760 | 33326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3109621 | 3063520 | 3028972 | 2994971 | 3044185 |
| **Commitments and Contingencies** |  |  |  |  |  |
| **Stockholders' Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock - No par value authorized 40,000,000 <br> shares 3/31/26 and 12/31/25; issued 14,564,425 <br> shares 3/31/26 and 12/31/25; outstanding <br> 13,768,667 shares 3/31/26 and 13,748,074<br> shares 12/31/25 | 135270 | 135531 | 135170 | 135805 | 135407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock - 795,758 shares 12/31/25<br> and 816,351 shares 12/31/25 | (10403) | (10636) | (10584) | (10674) | (10768) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 264607 | 257855 | 251181 | 244870 | 240079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive <br> loss | (13526) | (11888) | (13987) | (19209) | (20117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 375948 | 370862 | 361780 | 350792 | 344601 |
| **Total Liabilities and Stockholders' Equity** | $3485569 | $3434382 | $3390752 | $3345763 | $3388786 |

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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** |
| **Selected financial data** | March<br>31, 2026 | December<br>31, 2025 | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 |
| Return on average <br> assets | 1.14% | 1.14% | 1.05% | 0.92% | 0.85% |
| Return on average <br> equity | 10.31% | 10.55% | 9.83% | 8.88% | 8.31% |
| Yield on earning assets | 5.38% | 5.55% | 5.62% | 5.45% | 5.19% |
| Cost of interest-bearing <br> liabilities | 2.54% | 2.69% | 2.83% | 2.83% | 2.76% |
| Net interest spread | 2.84% | 2.86% | 2.79% | 2.62% | 2.43% |
| Net interest margin | 3.42% | 3.46% | 3.40% | 3.22% | 3.03% |
| Efficiency ratio | 60.08% | 58.38% | 63.11% | 64.93% | 66.79% |
| Dividend payout ratio | 32.62% | 31.90% | 34.90% | 38.91% | 43.10% |
| Tangible book value <br> per share | $20.76 | $20.40 | $19.71 | $18.91 | $18.44 |
| Tier 1 leverage ratio | 9.02% | 8.81% | 8.74% | 8.50% | 8.44% |
| Average shares <br> outstanding | 13754684 | 13749420 | 13733858 | 13720339 | 13706003 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loans** | March<br> 31, 2026 | December<br> 30, 2025 | September<br> 30, 2025 | June<br> 30, 2025 | March<br> 31, 2025 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Commercial real estate | $1315549 | $1355571 | $1355166 | $1345953 | $1325698 |
| Agricultural real estate | 215846 | 217034 | 222145 | 221004 | 215898 |
| Consumer real estate | 534987 | 526439 | 522416 | 523781 | 523383 |
| Commercial and industrial | 309046 | 314405 | 296084 | 293826 | 278254 |
| Agricultural | 228730 | 218050 | 179361 | 157870 | 153607 |
| Consumer | 55576 | 58838 | 60469 | 59348 | 60115 |
| Other | 22564 | 23133 | 24086 | 24653 | 24985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net deferred loan fees <br>&nbsp;&nbsp;&nbsp;&nbsp; costs and other <sup>(1)</sup> | (1436) | (1511) | (1452) | (1488) | (1748) |
| Total loans, net | $2680862 | $2711959 | $2658275 | $2624947 | $2580192 |
| <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans | <sup>(1)</sup> Excludes carrying value adjustments of $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025, $1.9 million as of September 30, 2025, $1.9 million as of June 30, 2025 and $1.7 million as of March 31, 2025 related to interest rate swaps associated with fixed rate loans |

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FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset quality data** | March<br>31, 2026 | December<br>31, 2025 | September<br>30, 2025 | June<br>30, 2025 | March<br>31, 2025 |
| *(Dollar amounts in thousands)* |  |  |  |  |  |
| Nonaccrual loans | $11070 | $11256 | $5155 | $3745 | $4492 |
| 90 day past due and accruing | $- | $- | $- | $- | $- |
| Nonperforming loans | $11070 | $11256 | $5155 | $3745 | $4492 |
| Other real estate owned | $319 | $- | $- | $- | $- |
| Nonperforming assets | $11389 | $11256 | $5151 | $3745 | $4492 |
| Allowance for credit losses - loans | $27830 | $27688 | $27475 | $26977 | $26352 |
| &nbsp;&nbsp;Allowance for credit losses - off<br> balance sheet credit exposures | 1041 | 1035 | 1037 | 1308 | 1281 |
| Total allowance for <br> credit losses | $28871 | $28723 | $28512 | $28285 | $27633 |
| Total allowance for credit losses/<br> total loans | 1.08% | 1.06% | 1.07% | 1.08% | 1.07% |
| Net charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | $160 | $354 | $59 | $36 | $285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | $160 | $734 | $380 | $321 | $285 |
| Net charge-offs to average loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Quarter-to-date | 0.01% | 0.01% | 0.00% | 0.00% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | 0.01% | 0.03% | 0.01% | 0.01% | 0.01% |
| Nonperforming loans/total loans | 0.42% | 0.42% | 0.19% | 0.14% | 0.17% |
| Allowance for credit losses/ <br> nonperforming loans | 251.40% | 245.98% | 532.98% | 720.35% | 586.64% |
| NPA coverage ratio | 244.36% | 245.98% | 532.98% | 720.35% | 586.64% |

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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** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | 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 | $| 2699645 | $| 39827 | 5.90% | $| 2578531 | $| 37072 | 5.75% |
| Taxable investment securities |  | 438799 |  | 2830 | 2.58% |  | 458519 |  | 2739 | 2.39% |
| Tax-exempt investment securities |  | 13228 |  | 69 | 2.64% |  | 18310 |  | 78 | 2.16% |
| Fed funds sold & other |  | 66720 |  | 572 | 3.40% |  | 105770 |  | 1113 | 4.21% |
| Total Interest Earning Assets |  | 3218392 | $ | 43298 | 5.38% |  | 3161130 | $ | 41002 | 5.19% |
| Nonearning Assets |  | 192648 |  |  |  |  | 166630 |  |  |  |
| Total Assets | $ | 3411040 |  |  |  | $ | 3327760 |  |  |  |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | $| 1625117 | $| 8531 | 2.10% | $| 1543665 | $| 8564 | 2.22% |
| Time deposits |  | 602375 |  | 4718 | 3.13% |  | 627498 |  | 5424 | 3.46% |
| Other borrowed money |  | 215937 |  | 2176 | 4.03% |  | 245734 |  | 2550 | 4.15% |
| Fed funds purchased & securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase |  | 17285 |  | 145 | 3.36% |  | 27480 |  | 271 | 3.94% |
| Subordinated notes |  | 34943 |  | 284 | 3.25% |  | 34828 |  | 284 | 3.26% |
| Total Interest-Bearing Liabilities | $| 2495657 | $ | 15854 | 2.54% | $| 2479205 | $ | 17093 | 2.76% |
| Noninterest-Bearing Liabilities |  | 538460 |  |  |  |  | 509190 |  |  |  |
| Stockholders' Equity | $ | 376923 |  |  |  | $ | 339365 |  |  |  |
| Net Interest Income and <br> Interest Rate Spread |  |  | $ | 27444 | 2.84% |  |  | $ | 23909 | 2.43% |
| Net Interest Margin |  |  |  |  | 3.42% |  |  |  |  | 3.03% |
| &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 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** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **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 | 39827 | 5.90% | 39447 | 5.85% | 380 | 0.05% | 37072 | 5.75% | 36468 | 5.66% | 604 | 0.09% |
| Taxable investment securities | 2830 | 2.58% | 2830 | 2.58% | - | 0.00% | 2739 | 2.39% | 2739 | 2.39% | - | 0.00% |
| Tax-exempt investment securities | 69 | 2.64% | 69 | 2.64% | - | 0.00% | 78 | 2.16% | 78 | 2.16% | - | 0.00% |
| Fed funds sold & other | 572 | 3.40% | 572 | 3.40% | - | 0.00% | 1113 | 4.21% | 1113 | 4.21% | - | 0.00% |
| Total Interest Earning Assets | 43298 | 5.38% | 42918 | 5.34% | 380 | 0.04% | 41002 | 5.19% | 40398 | 5.11% | 604 | 0.08% |
| Interest-Bearing Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
| NOW accounts and savings deposits | 8531 | 2.10% | 8531 | 2.10% | - | 0.00% | 8564 | 2.22% | 8564 | 2.22% | - | 0.00% |
| Time deposits | 4718 | 3.13% | 4718 | 3.13% | - | 0.00% | 5424 | 3.46% | 5424 | 3.46% | - | 0.00% |
| Other borrowed money | 2176 | 4.03% | 2173 | 4.03% | 3 | 0.00% | 2550 | 4.15% | 2547 | 4.15% | 3 | 0.00% |
| Fed funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold under agreement to repurchase | 145 | 3.36% | 145 | 3.36% | - | 0.00% | 271 | 3.94% | 271 | 3.94% | - | 0.00% |
| Subordinated notes | 284 | 3.25% | 284 | 3.25% | - | 0.00% | 284 | 3.26% | 284 | 3.26% | - | 0.00% |
| Total Interest-Bearing Liabilities | 15854 | 2.54% | 15851 | 2.54% | 3 | 0.00% | 17093 | 2.76% | 17090 | 2.76% | 3 | 0.00% |
| Interest/Dividend income/yield | 43298 | 5.38% | 42918 | 5.34% | 380 | 0.04% | 41002 | 5.19% | 40398 | 5.11% | 604 | 0.08% |
| Interest Expense / yield | 15854 | 2.54% | 15851 | 2.54% | 3 | 0.00% | 17093 | 2.76% | 17090 | 2.76% | 3 | 0.00% |
| Net Interest Spread | 27444 | 2.84% | 27067 | 2.80% | 377 | 0.04% | 23909 | 2.43% | 23308 | 2.35% | 601 | 0.08% |
| Net Interest Margin |  | 3.42% |  | 3.37% |  | 0.05% |  | 3.03% |  | 2.95% |  | 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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