Farmers & Merchants Bancorp preliminary Q3 profit: $11.5M

Deposit growth and a 17-basis-point year-over-year increase in net interest margin accompanied the quarterly earnings report.

Rhea-AI Filing Summary

Farmers & Merchants Bancorp, Inc. (FMAO) reported preliminary third-quarter 2026 net income of $11.5 million, up 30.3% from $8.9 million a year earlier; earnings per basic and diluted share were $0.84 versus $0.64. For the nine months ended September 30, 2026, net income was $32.9 million versus $23.5 million, and earnings per share were $2.39 versus $1.71, up 39.8%. The preliminary results remain subject to completion of customary quarterly closing processes and review.

At September 30, 2026, deposits totaled $2.96 billion, up 7.7% ($210.6 million) year over year, and net loans were $2.74 billion, up 3.0% ($79.0 million). Third-quarter net interest margin was 3.57%, compared with 3.40%; the cost of interest-bearing liabilities was 2.59%, versus 2.83%. Nonperforming loans were $6.2 million, or 0.23% of total loans, compared with $5.2 million, or 0.19%, at September 30, 2025. The regular third-quarter dividend increased 5.5% to $0.96 annualized per share; an additional $0.01 special dividend brought the total third-quarter payment to $0.250 per share.

2 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointQuarterly net income rose 30.3% to $11.5 million year over year.
• Minor pointRegular annualized dividend increased 5.5% to $0.96 per share.

Negative

• None.

Filing Explained

The release calls nonperforming loans “normalizing” year over year, but reports $6.2 million at September 30, 2026, versus $5.2 million a year earlier; they had declined from $7.4 million at June 30, 2026.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $11.5 million Basic and diluted earnings per share: $0.84 per share Net interest margin: 3.57% +4 more

7 metrics

Net income $11.5 million Three months ended September 30, 2026; up 30.3% year over year

Basic and diluted earnings per share $0.84 per share Three months ended September 30, 2026; compared with $0.64 a year earlier

Net interest margin 3.57% Three months ended September 30, 2026; compared with 3.40% a year earlier

Total deposits $2.96 billion At September 30, 2026; up 7.7% year over year

Total loans, net $2.74 billion At September 30, 2026; up 3.0% year over year

Nonperforming loans $6.2 million At September 30, 2026; 0.23% of total loans

Total third-quarter dividend payment $0.250 per share Third quarter 2026

Key Terms

net interest margin, allowance for credit losses, tangible book value per share, nonperforming loans

4 terms

net interest margin financial

"Net interest margin increased by 17 basis points to 3.57%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

allowance for credit losses financial

"total allowance for credit losses to total loans was 1.08%"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

tangible book value per share financial

"tangible book value per share at September 30, 2026"

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

nonperforming loans financial

"Nonperforming loans continue to normalize on a year-over-year basis"

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

Earnings Snapshot

Net income: $11.5 million

Three months ended September 30, 2026

Net income $11.5 million 30.3% increase year over year

Basic and diluted earnings per share $0.84 per share Compared with $0.64 a year earlier

Net interest margin 3.57% 17-basis-point increase year over year

Total deposits $2.96 billion 7.7% increase year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did FMAO earn in the third quarter of 2026?

FMAO reported net income of $11.5 million for the three months ended September 30, 2026, up 30.3% from $8.9 million a year earlier. Earnings per basic and diluted share were $0.84, compared with $0.64.

How much was FMAO’s third-quarter dividend?

The total third-quarter payment was $0.250 per share, including a $0.01-per-share special dividend. The regular dividend increased 5.5% to $0.96 annualized per share.

What share of FMAO’s loans were commercial real estate?

Commercial real estate loans were 48.2% of total loans at September 30, 2026. The commercial real estate portfolio balance was $1.321 billion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/22/2026 - 04:52 PM EDT Accepted by SEC EDGAR 10/22/2026 - 04:52 PM EDT Learn about SEC filing dates

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
99	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

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				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				6				(1	)			(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			1				30				-				(2	)			-				31				(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				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				-				-				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)				(Unaudited)				(Unaudited)								(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				518				1,253				1,498				1,498
Securities - available-for-sale			455,977				441,254				429,623				422,072				422,773
Other securities, at cost			10,681				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				86,358				86,358				86,358				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	%				1.14	%				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	%				1.08	%				1.08	%				1.06	%				1.07	%
Net charge-offs:
Quarter-to-date		$		35			$		62			$		160			$		354			$		59
Year-to-date		$		257			$		222			$		160			$		734			$		380
Net charge-offs to average loans
Quarter-to-date				0.00	%				0.00	%				0.01	%				0.01	%				0.00	%
Year-to-date				0.01	%				0.01	%				0.01	%				0.03	%				0.01	%
Nonperforming loans/total loans				0.23	%				0.27	%				0.42	%				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												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				65				2.70	%			16,066				72				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												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																								For the Three Months Ended
		September 30, 2026																								September 30, 2025
		As Reported							Excluding Accretion/Amortization									Difference								As Reported							Excluding Accretion/Amortization									Difference
		$				Yield				$				Yield				$				Yield				$				Yield				$				Yield				$				Yield
Interest Earning Assets:
Loans		$	42,061				6.18	%		$	42,054				6.18	%		$	7				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			65				2.70	%			65				2.70	%			-				0.00	%			72				2.27	%			72				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	%			7				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	%			3				0.01	%			1,966				4.18	%			1,963				4.17	%			3				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	%			3				0.00	%			17,583				2.83	%			17,580				2.84	%			3				-0.01	%
Interest/Dividend income/yield			46,992				5.61	%			46,985				5.60	%			7				0.01	%			44,484				5.62	%			43,830				5.54	%			654				0.08	%
Interest Expense / yield			17,052				2.59	%			17,049				2.59	%			3				0.00	%			17,583				2.83	%			17,580				2.84	%			3				-0.01	%
Net Interest Spread			29,940				3.02	%			29,936				3.01	%			4				0.01	%			26,901				2.79	%			26,250				2.70	%			651				0.09	%
Net Interest Margin							3.57	%							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																								For the Nine Months Ended
		September 30, 2026																								September 30, 2025
		As Reported							Excluding Accretion/Amortization									Difference								As Reported							Excluding Accretion/Amortization									Difference
		$				Yield				$				Yield				$				Yield				$				Yield				$				Yield				$				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	%			10				0.01	%			6,927				4.18	%			6,917				4.18	%			10				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	%			10				0.00	%			52,457				2.84	%			52,447				2.84	%			10				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	%			10				0.00	%			52,457				2.84	%			52,447				2.84	%			10				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

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99 EX-99 2.7 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 29.1 KB