Form 8-K

8-K — FARMERS & MERCHANTS BANCORP INC

Accession: 0001193125-26-429065

Filed: 2026-10-22

Period: 2026-10-22

CIK: 0000792966

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fmao-20261022.htm (Primary)

EX-99 (fmao-ex99.htm)

GRAPHIC (img27245342_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fmao-20261022.htm · Sequence: 1

8-K

0000792966false00007929662026-10-222026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 22, 2026

Farmers & Merchants Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)

Ohio

001-38084

34-1469491

(State or Other Jurisdiction

(Commission

(IRS Employer

of Incorporation)

File Number)

Identification No.)

307 North Defiance Street, Archbold, Ohio

43502

(Address of Principal Executive Offices)

(Zip Code)

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

N/A

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

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

Title of each class

Trading Symbol(s)

Name of Each Exchange

Common Stock, No Par Value

FMAO

NASDAQ Capital Market

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

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

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

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

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

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

Emerging growth company ☐

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

ITEM 2.02. Results of Operation and Financial Condition

On October 22, 2026, Farmers & Merchants Bancorp, Inc. issued a press release (the “Release”) announcing its earnings for the three and nine months ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99 and is incorporated by reference herein.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit

Number

Exhibit

Company Press Release dated October 22, 2026

104

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

Signatures

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

FARMERS & MERCHANTS BANCORP, INC.

(Registrant)

Dated: October 22, 2026

/s/ Lars B. Eller

Lars B. Eller

President and Chief Executive Officer

/s/ Barbara J. Britenriker

Barbara J. Britenriker

Executive Vice President and Chief Financial Officer

EX-99

Filename: fmao-ex99.htm · Sequence: 2

EX-99

Exhibit 99

Post Office Box 216

307 North Defiance Street

Archbold, Ohio 43502

NEWS RELEASE

Company Contact:

Investor and Media Contact:

Lars B. Eller

President and Chief Executive Officer

Farmers & Merchants Bancorp, Inc.

(419) 446-2501

leller@fm.bank

Andrew M. Berger

Managing Director

SM Berger & Company, Inc.

(216) 464-6400

andrew@smberger.com

Farmers & Merchants Bancorp, Inc. Reports

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

ARCHBOLD, OHIO, October 22, 2026, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 third quarter and year-to-date ended September 30, 2026, on a consolidated basis.

2026 Third-Quarter Financial and Operating Highlights

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

•

94 consecutive quarters of profitability

•

Net income increased 30.3% to $11.5 million, or $0.84 per basic and diluted share

•

Strong profitability drives ROAA to 1.29%, compared to 1.05%

•

Net charge-offs to average loans of 0.00%

•

Tier 1 leverage ratio was 9.14%

•

Cost of interest-bearing liabilities improved to 2.59%, from 2.83%

•

Net interest margin increased by 17 basis points to 3.57%

•

Efficiency ratio improved to 58.09%, compared to 63.11%

•

Third quarter regular dividend per share increased 5.5% to $0.96 annualized

•

Company declared an additional $0.01 per share special dividend, bringing total third-quarter payment to $0.250 per share

Lars B. Eller, President and Chief Executive Officer, stated, “2026 is shaping up to be a historic year of profitability and growth with year-to-date earnings per share increasing 39.8% to $2.39. Throughout the 2026 nine-month period, our team has worked hard to expand our net interest margin, control operating expenses, grow our balance sheet, and maintain excellent asset quality. We are encouraged by the progress we have made across these key priorities and believe we are well positioned to sustain our positive momentum through the remainder of 2026 and into 2027.”

Income Statement

Net income for the quarter ended September 30, 2026, was $11.5 million, compared to $8.9 million for the same period last year. Net income per basic and diluted share for the 2026 third quarter was $0.84, compared to $0.64 for the same period last year. Net income for the nine months ended September 30, 2026, was $32.9 million, compared to $23.5 million for the same period last year. Net income per basic and diluted share for the 2026 nine months was $2.39, compared to $1.71 for the same period last year.

Mr. Eller continued: “We believe F&M is well positioned to navigate a higher interest rate environment and capitalize on opportunities to further expand our net interest margin. With loan repricing opportunities extending through 2028, we believe we have a favorable backdrop to support interest income growth in the coming quarters and years. Combined

with our disciplined approach to deposit pricing and funding costs, we remain optimistic about our ability to maintain the significant improvement in net interest margin achieved over the past year.”

Deposits

At September 30, 2026, total deposits were $2.96 billion, an increase of 7.7%, or $210.6 million from September 30, 2025. For the three months ended September 30, 2026, F&M’s cost of interest-bearing liabilities was 2.59%, compared to 2.83% in the same period last year.

Loan Portfolio and Asset Quality

Total loans, net at September 30, 2026, increased 3.0%, or by $79.0 million to $2.74 billion, compared to $2.66 billion at September 30, 2025. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and consumer real estate loans, partially offset by lower commercial real estate, consumer, and agricultural real estate 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 year-over-year basis and were $6.2 million, or 0.23% of total loans at September 30, 2026, compared to $7.4 million, or 0.27% of total loans at June 30, 2026, and $5.2 million, or 0.19% of total loans at September 30, 2025.

F&M maintains a well-balanced, diverse, and high performing CRE portfolio. CRE loans represented 48.2% of the Company’s total loan portfolio at September 30, 2026. F&M’s CRE portfolio included the following categories at September 30, 2026 (*):

CRE Category

Dollar

Balance

Percent of

CRE

Portfolio

Percent of

Total Loan

Portfolio

Multi-family

248,851

18.8

9.1

Retail

241,155

18.3

8.8

Industrial

211,320

16.0

7.7

Hotels

176,727

13.4

6.5

Office

125,283

9.5

4.6

Gas Stations

83,361

6.3

3.0

Food Service

53,045

4.0

1.9

Development

35,527

2.7

1.3

Auto Dealers

26,163

2.0

1.0

Senior Living

17,205

1.3

0.6

Other

102,384

7.7

3.7

Total CRE

1,321,021

100.0

48.2

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

At September 30, 2026, the Company’s total allowance for credit losses to total loans was 1.08%, compared to 1.07% at September 30, 2025.

Mr. Eller concluded, “Our relationship-based banking model and local decision-making continue to differentiate F&M across our Ohio, Indiana, and Michigan markets. We maintain a healthy lending pipeline, reflecting continued opportunities to support businesses and consumers throughout our communities. Our local market knowledge and disciplined underwriting practices allow us to remain selective in pursuing new business while maintaining strong asset quality. We believe this balanced approach to profitable growth, combined with our continued focus on operational efficiency and shareholder returns, positions F&M to build upon our strong financial performance.”

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 6.9% to $386.9 million, or $28.12 per share at September 30, 2026, from $361.8 million, or $26.31 per share at September 30, 2025. The Company had a Tier 1 leverage ratio of 9.14% at September 30, 2026, compared to 8.74% at September 30, 2025.

Tangible stockholders’ equity increased to $297.5 million at September 30, 2026, compared to $271.0 million at September 30, 2025. On a per share basis, tangible stockholders’ equity at September 30, 2026, was $21.62 per share, compared to $19.71 per share at September 30, 2025. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.”

F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 32 consecutive years. For the nine months ended September 30, 2026, the Company declared cash dividends of $0.71 per share, representing a 6.0% increase over the same period last year. For the nine months ended September 30, 2026, the dividend payout ratio was 29.34% compared to 38.64% for the same period last year.

As part of F&M’s disciplined approach to capital management, the Company has continued to actively repurchase shares of F&M common stock. These repurchases are intended, in part, to help offset dilution associated with equity-based management compensation while supporting F&M’s broader objective of managing capital in a manner that enhances long-term shareholder value.

Mr. Eller concluded, “One of the most rewarding aspects of our continued financial success is the ability to share that success with our shareholders. Our 32ndconsecutive annual dividend increase, and third quarter special dividend, are testaments to the strength of our franchise, the consistency of our financial performance, and our disciplined approach to capital management. We believe the combination of profitable growth, a strong balance sheet, and consistent capital returns positions F&M to create meaningful long-term value for our shareholders.”

About Farmers & Merchants Bancorp, Inc.

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

About Farmers & Merchants State Bank:

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

Use of Non-GAAP Financial Measures

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

Basis of Presentation

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

Safe Harbor Statement

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

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

Three Months Ended

Nine Months Ended

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

September

30, 2026

September

30, 2025

Interest Income

Loans, including fees

42,061

40,839

39,827

40,999

41,013

122,727

117,615

Debt securities:

U.S. Treasury and

government

agencies

3,057

2,712

2,305

2,259

2,224

8,074

6,552

Municipalities and

corporate bonds

346

347

349

362

366

1,042

1,117

Dividends

207

239

245

250

309

691

958

Federal funds sold and

other

1,321

1,510

572

696

572

3,403

2,736

Total interest income

46,992

45,647

43,298

44,566

44,484

135,937

128,978

Interest Expense

Deposits

14,758

14,432

13,249

14,318

15,060

42,439

43,861

Federal funds purchased

and securities sold

under agreement to

repurchase

120

118

145

226

273

383

816

Borrowed funds

1,694

1,894

2,176

1,966

5,764

6,927

Subordinated notes

480

285

284

285

284

1,049

853

Total interest

expense

17,052

16,729

15,854

16,795

17,583

49,635

52,457

Net Interest Income -

Before Provision for

Credit Losses

29,940

28,918

27,444

27,771

26,901

86,302

76,521

Provision for (Recovery of)

Credit Losses - Loans

(104

)

173

302

567

557

371

2,029

Provision for (Recovery of)

Credit Losses - Off

Balance Sheet Credit

Exposures

479

148

)

(272

)

633

(505

)

Net Interest Income

After Provision for

Credit Losses

29,565

28,597

27,136

27,205

26,616

85,298

74,997

Noninterest Income

Customer service fees

380

544

483

337

370

1,407

1,081

Other service charges

and fees

1,331

1,301

1,283

1,311

1,349

3,915

3,679

Interchange income

1,339

1,347

1,513

1,275

1,273

4,199

3,953

Loan servicing income

686

846

838

814

674

2,370

2,065

Net gain on sale of loans

399

683

575

306

444

1,657

985

Increase in cash surrender

value of bank owned

life insurance

731

681

655

640

247

2,067

730

Net gain (loss) on sale

of other assets owned

)

(39

)

Net loss on sale of

available-for-sale

securities

(347

)

(347

)

Total noninterest

income

4,867

5,432

5,000

4,681

4,357

15,299

12,454

(continued)

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

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

Three Months Ended

Six Months Ended

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

September

30, 2026

September

30, 2025

Noninterest Expense

Salaries and wages

8,594

8,381

8,267

8,037

8,108

25,242

23,553

Employee benefits

2,458

2,338

2,379

2,386

2,273

7,175

6,942

Net occupancy expense

1,081

931

1,169

1,052

1,104

3,181

3,378

Furniture and equipment

1,685

1,594

1,566

1,352

1,532

4,845

4,224

Data processing

840

778

994

964

1,109

2,612

2,723

Franchise taxes

394

395

400

397

1,189

1,191

ATM expense

576

561

576

676

665

1,713

1,917

Advertising

906

363

472

666

674

1,741

1,533

FDIC assessment

413

389

396

377

428

1,198

1,341

Servicing rights

amortization - net

349

328

523

637

586

1,200

947

Loan expense

530

578

309

292

362

1,417

918

Consulting fees

312

325

254

182

242

891

1,481

Professional fees

447

425

500

352

516

1,372

1,577

Intangible asset

amortization

305

304

305

446

445

914

1,334

Other general and

administrative

1,328

1,574

1,691

1,237

1,298

4,593

4,700

Total noninterest

expense

20,218

19,264

19,801

19,053

19,739

59,283

57,759

Income Before Income

Taxes

14,214

14,765

12,335

12,833

11,234

41,314

29,692

Income Taxes

2,676

2,968

2,757

3,040

2,380

8,401

6,176

Net Income

11,538

11,797

9,578

9,793

8,854

32,913

23,516

Other Comprehensive

Income (Loss) (Net of

Tax):

Net unrealized gain

(loss) on available-

for-sale securities

(5,915

)

(545

)

(2,420

)

2,657

6,610

(8,880

)

14,223

Reclassification

adjustment for realized

loss on sale of available-

for-sale securities

347

Net unrealized gain

(loss) on available-

for-sale securities

(5,915

)

(545

)

(2,073

)

2,657

6,610

(8,533

)

14,223

Tax expense (benefit)

(1,242

)

(115

)

(435

)

558

1,388

(1,792

)

2,987

Other comprehensive

income (loss)

(4,673

)

(430

)

(1,638

)

2,099

5,222

(6,741

)

11,236

Comprehensive Income

6,865

11,367

7,940

11,892

14,076

26,172

34,752

Basic Earnings

Per Share

0.84

0.86

0.70

0.71

0.64

2.39

1.71

Diluted Earnings

Per Share

0.84

0.86

0.70

0.71

0.64

2.39

1.71

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

(Unaudited)

Assets

Cash and due from banks

205,125

155,879

172,847

97,249

116,448

Federal funds sold

686

511

623

469

582

Total cash and cash equivalents

205,811

156,390

173,470

97,718

117,030

Interest-bearing time deposits

518

1,253

1,498

Securities - available-for-sale

455,977

441,254

429,623

422,072

422,773

Other securities, at cost

10,681

12,672

13,032

11,509

Loans held for sale

2,527

2,994

5,579

3,934

3,003

Loans, net of allowance for credit losses

2,709,358

2,677,072

2,654,135

2,685,990

2,632,668

Premises and equipment

29,590

30,334

31,534

31,864

32,321

Goodwill

86,358

Loan servicing rights

5,034

5,085

4,972

5,175

5,537

Bank owned life insurance

48,751

48,021

45,407

47,410

35,602

Other assets

44,450

43,411

40,247

39,331

42,453

Total Assets

3,599,055

3,502,118

3,485,569

3,434,382

3,390,752

Liabilities and Stockholders' Equity

Liabilities

Deposits

Noninterest-bearing

518,286

506,119

520,348

527,327

500,742

Interest-bearing

NOW accounts

952,573

898,902

910,723

876,151

920,099

Savings

803,763

771,379

753,289

729,472

713,391

Time

687,870

693,008

625,302

597,785

617,679

Total deposits

2,962,492

2,869,408

2,809,662

2,730,735

2,751,911

Federal funds purchased and securities

sold under agreements to repurchase

15,168

14,771

14,762

37,718

22,718

Federal Home Loan Bank (FHLB)

advances

167,903

168,447

218,987

227,377

187,913

Subordinated notes, net of unamortized

issuance costs

35,000

34,991

34,962

34,933

34,904

Dividend payable

3,399

3,130

3,128

3,125

3,091

Accrued expenses and other liabilities

28,166

26,655

28,120

29,632

28,435

Total liabilities

3,212,128

3,117,402

3,109,621

3,063,520

3,028,972

Commitments and Contingencies

Stockholders' Equity

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

shares; issued 14,564,425 shares; outstanding

13,762,268 shares 9/30/26 and 13,748,074

shares 12/31/25

134,761

135,510

135,270

135,531

135,170

Treasury stock - 802,157 shares 9/30/26

and 816,351 shares 12/31/25

(11,651

)

(10,293

)

(10,403

)

(10,636

)

(10,584

)

Retained earnings

282,446

273,455

264,607

257,855

251,181

Accumulated other comprehensive

loss

(18,629

)

(13,956

)

(13,526

)

(11,888

)

(13,987

)

Total stockholders' equity

386,927

384,716

375,948

370,862

361,780

Total Liabilities and Stockholders' Equity

3,599,055

3,502,118

3,485,569

3,434,382

3,390,752

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

For the Three Months Ended

For the Nine Months Ended

Selected financial data

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

September

30, 2026

September

30, 2025

Return on average

assets

1.29

1.34

1.14

1.05

1.25

0.94

Return on average

equity

11.76

12.37

10.31

10.55

9.83

11.45

8.99

Yield on earning assets

5.61

5.48

5.38

5.55

5.62

5.50

5.42

Cost of interest-bearing

liabilities

2.59

2.56

2.54

2.69

2.83

2.56

2.84

Net interest spread

3.02

2.92

2.84

2.86

2.79

2.94

2.58

Net interest margin

3.57

3.48

3.42

3.46

3.40

3.50

3.22

Efficiency ratio

58.09

56.08

60.08

58.38

63.11

58.15

64.87

Dividend payout ratio

29.45

26.53

32.62

31.90

34.90

29.34

38.64

Tangible book value

per share

21.62

21.41

20.76

20.40

19.71

Tier 1 leverage ratio

9.14

8.99

9.02

8.81

8.74

Average shares

outstanding

13,779,936

13,773,387

13,754,684

13,749,420

13,733,858

13,769,428

13,720,168

Loans

September

30, 2026

June

30, 2026

March

31, 2026

December

30, 2025

September

30, 2025

(Dollar amounts in thousands)

Commercial real estate

1,321,021

1,308,600

1,315,549

1,355,571

1,355,166

Agricultural real estate

210,321

208,223

215,846

217,034

222,145

Consumer real estate

548,913

533,438

534,987

526,439

522,416

Commercial and industrial

343,720

337,487

309,046

314,405

296,084

Agricultural

245,639

244,611

228,730

218,050

179,361

Consumer

47,251

50,953

55,576

58,838

60,469

Other

22,089

22,574

22,564

23,133

24,086

Less: Net deferred loan fees

costs and other (1)

(1,635

)

(1,419

)

(1,436

)

(1,511

)

(1,452

)

Total loans, net

2,737,319

2,704,467

2,680,862

2,711,959

2,658,275

(1) Excludes carrying value adjustments of ($159) thousand as of September 30, 2026, $546 thousand as of June 30, 2026, $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025 and $1.9 million as of September 30, 2025 related to interest rate swaps associated with fixed rate loans

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

Asset quality data

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

(Dollar amounts in thousands)

Nonaccrual loans

6,219

7,383

11,070

11,256

5,155

90 day past due and accruing

Nonperforming loans

6,219

7,383

11,070

11,256

5,155

Other real estate owned

319

Nonperforming assets

6,219

7,383

11,389

11,256

5,151

Allowance for credit losses - loans

27,802

27,941

27,830

27,688

27,475

Allowance for credit losses - off

balance sheet credit exposures

1,668

1,189

1,041

1,035

1,037

Total allowance for

credit losses

29,470

29,130

28,871

28,723

28,512

Total allowance for credit losses/

total loans

1.08

1.06

1.07

Net charge-offs:

Quarter-to-date

160

354

Year-to-date

257

222

160

734

380

Net charge-offs to average loans

Quarter-to-date

0.00

0.01

0.00

Year-to-date

0.01

0.03

0.01

Nonperforming loans/total loans

0.23

0.27

0.42

0.19

Allowance for credit losses/

nonperforming loans

447.05

378.45

251.40

245.98

532.98

NPA coverage ratio

447.05

378.45

244.36

245.98

532.98

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

September 30, 2026

September 30, 2025

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Interest Earning Assets:

Loans

2,726,585

42,061

6.18

2,649,409

41,013

6.19

Taxable investment securities

473,448

3,545

3.00

445,088

2,827

2.54

Tax-exempt investment securities

12,202

2.70

16,066

2.27

Fed funds sold & other

145,409

1,321

3.63

56,131

572

4.08

Total Interest Earning Assets

3,357,644

46,992

5.61

3,166,694

44,484

5.62

Nonearning Assets

191,469

182,320

Total Assets

3,549,113

3,349,014

Interest-Bearing Liabilities:

NOW accounts and savings deposits

1,730,869

9,749

2.25

1,620,026

9,966

2.46

Time deposits

684,990

5,009

2.93

609,844

5,094

3.34

Other borrowed money

168,106

1,694

4.03

188,123

1,966

4.18

Fed funds purchased & securities

sold under agreement to repurchase

14,835

120

3.24

27,274

273

4.00

Subordinated notes

34,997

480

5.49

34,885

284

3.26

Total Interest-Bearing Liabilities

2,633,797

17,052

2.59

2,480,152

17,583

2.83

Noninterest-Bearing Liabilities

526,148

511,468

Stockholders' Equity

389,168

357,394

Net Interest Income and

Interest Rate Spread

29,940

3.02

26,901

2.79

Net Interest Margin

3.57

3.40

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

September 30, 2026

September 30, 2025

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Average

Balance

Interest/

Dividends

Annualized

Yield/Rate

Interest Earning Assets:

Loans

2,705,821

122,727

6.06

2,615,332

117,615

6.00

Taxable investment securities

456,789

9,606

2.80

454,288

8,403

2.47

Tax-exempt investment securities

12,729

201

2.67

17,025

224

2.22

Fed funds sold & other

127,828

3,403

3.55

87,106

2,736

4.19

Total Interest Earning Assets

3,303,167

135,937

5.50

3,173,751

128,978

5.42

Nonearning Assets

192,543

174,982

Total Assets

3,495,710

3,348,733

Interest-Bearing Liabilities:

NOW accounts and savings deposits

1,688,457

27,678

2.19

1,557,564

28,009

2.40

Time deposits

651,283

14,761

3.02

621,126

15,852

3.40

Other borrowed money

190,338

5,764

4.04

220,820

6,927

4.18

Fed funds purchased & securities

sold under agreement to repurchase

15,646

383

3.26

27,352

816

3.98

Subordinated notes

34,971

1,049

4.00

34,856

853

3.26

Total Interest-Bearing Liabilities

2,580,695

49,635

2.56

2,461,718

52,457

2.84

Noninterest-Bearing Liabilities

532,079

538,665

Stockholders' Equity

382,936

348,350

Net Interest Income and

Interest Rate Spread

86,302

2.94

76,521

2.58

Net Interest Margin

3.50

3.22

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

For the Three Months Ended

September 30, 2026

September 30, 2025

As Reported

Excluding Accretion/Amortization

Difference

As Reported

Excluding Accretion/Amortization

Difference

Yield

Interest Earning Assets:

Loans

42,061

6.18

42,054

6.18

0.00

41,013

6.19

40,359

6.09

654

0.10

Taxable investment securities

3,545

3.00

3,545

3.00

0.00

2,827

2.54

2,827

2.54

0.00

Tax-exempt investment securities

2.70

0.00

2.27

0.00

Fed funds sold & other

1,321

3.63

1,321

3.63

0.00

572

4.08

572

4.08

0.00

Total Interest Earning Assets

46,992

5.61

46,985

5.60

0.01

44,484

5.62

43,830

5.54

654

0.08

Interest-Bearing Liabilities:

NOW accounts and savings deposits

9,749

2.25

9,749

2.25

0.00

9,966

2.46

9,966

2.46

0.00

Time deposits

5,009

2.93

5,009

2.93

0.00

5,094

3.34

5,094

3.34

0.00

Other borrowed money

1,694

4.03

1,691

4.02

0.01

1,966

4.18

1,963

4.17

0.01

Fed funds purchased and securities

sold under agreement to repurchase

120

3.24

120

3.24

0.00

273

4.00

273

4.00

0.00

Subordinated notes

480

5.49

480

5.49

0.00

284

3.26

284

3.26

0.00

Total Interest-Bearing Liabilities

17,052

2.59

17,049

2.59

0.00

17,583

2.83

17,580

2.84

-0.01

Interest/Dividend income/yield

46,992

5.61

46,985

5.60

0.01

44,484

5.62

43,830

5.54

654

0.08

Interest Expense / yield

17,052

2.59

17,049

2.59

0.00

17,583

2.83

17,580

2.84

-0.01

Net Interest Spread

29,940

3.02

29,936

3.01

0.01

26,901

2.79

26,250

2.70

651

0.09

Net Interest Margin

3.57

0.00

3.40

3.32

0.08

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

For the Nine Months Ended

September 30, 2026

September 30, 2025

As Reported

Excluding Accretion/Amortization

Difference

As Reported

Excluding Accretion/Amortization

Difference

Yield

Interest Earning Assets:

Loans

122,727

6.06

122,110

6.03

617

0.03

117,615

6.00

115,755

5.90

1,860

0.10

Taxable investment securities

9,606

2.80

9,606

2.80

0.00

8,403

2.47

8,403

2.47

0.00

Tax-exempt investment securities

201

2.67

201

2.67

0.00

224

2.22

224

2.22

0.00

Fed funds sold & other

3,403

3.55

3,403

3.55

0.00

2,736

4.19

2,736

4.19

0.00

Total Interest Earning Assets

135,937

5.50

135,320

5.47

617

0.03

128,978

5.42

127,118

5.34

1,860

0.08

Interest-Bearing Liabilities:

NOW accounts and savings deposits

27,678

2.19

27,678

2.19

0.00

28,009

2.40

28,009

2.40

0.00

Time deposits

14,761

3.02

14,761

3.02

0.00

15,852

3.40

15,852

3.40

0.00

Other borrowed money

5,764

4.04

5,754

4.03

0.01

6,927

4.18

6,917

4.18

0.00

Fed funds purchased and securities

sold under agreement to repurchase

383

3.26

383

3.26

0.00

816

3.98

816

3.98

0.00

Subordinated notes

1,049

4.00

1,049

4.00

0.00

853

3.26

853

3.26

0.00

Total Interest-Bearing Liabilities

49,635

2.56

49,625

2.56

0.00

52,457

2.84

52,447

2.84

0.00

Interest/Dividend income/yield

135,937

5.50

135,320

5.47

617

0.03

128,978

5.42

127,118

5.34

1,860

0.08

Interest Expense / yield

49,635

2.56

49,625

2.56

0.00

52,457

2.84

52,447

2.84

0.00

Net Interest Spread

86,302

2.94

85,695

2.91

607

0.03

76,521

2.58

74,671

2.50

1,850

0.08

Net Interest Margin

3.50

3.47

0.03

3.22

3.14

0.08

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF TANGIBLE COMMON EQUITY

(in thousands of dollars)

For the Three Months Ended

Reconciliation of Common Stockholders'

Equity to Tangible Common Equity

September

30, 2026

June

30, 2026

March

31, 2026

December

31, 2025

September

30, 2025

Stockholders' Equity

386,927

384,716

375,948

370,862

361,780

Less Goodwill and Other Intangibles

89,433

89,738

90,043

90,347

90,792

Tangible Common Equity

297,494

294,978

285,905

280,515

270,988

Average Stockholders' Equity

389,168

382,584

376,923

368,235

357,394

Less average Goodwill and Other Intangibles

89,633

89,933

90,234

90,629

91,076

Average Tangible Common Equity

299,535

292,651

286,689

277,606

266,318

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Document and Entity Information

Oct. 22, 2026

Cover [Abstract]

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Entity Incorporation State Country Code

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