FMAO

ARCHBOLD, Ohio, July 27, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 second quarter and year-to-date ended June 30, 2026, on a consolidated basis. 2026 Second-Quarter Financial and Operating Highlights(at June 30, 2026, and on a year-over-year basis unless noted) 93 consecutive quarters of profitability Net income increased 53.0% to a quarterly record of $11.8 million, or $0.86 per basic and diluted share Strong profitability drives ROAA to 1.34%, compared to 0.92% Net charge-offs to average loans of 0.00% Tier 1 leverage ratio was 8.99% Cost of interest-bearing liabilities improved to 2.56%, from 2.83% Net interest margin increased by 26 basis points to 3.48% Efficiency ratio improved to 56.08%, compared to 64.93% Second quarter dividend per share increased 4.0% to $0.92 annualized Lars B. Eller, President and Chief Executive Officer, stated, “I am proud to report the second quarter of 2026 was the most profitable quarter in our 129-year history. Our record performance builds upon the strong start we established in the first quarter and demonstrates the meaningful operating leverage across our business. With growing earnings momentum, a solid balance sheet and continued investments in our people, technology, and markets, we believe F&M is well positioned to deliver sustained profitable growth and long-term value for our shareholders.” Income StatementNet income for the quarter ended June 30, 2026, was $11.8 million, compared to $7.7 million for the same period last year. Net income per basic and diluted share for the 2026 second quarter was $0.86, compared to $0.56 for the same period last year. Net income for the 2026 first half ended June 30, 2026, was $21.4 million, compared to $14.7 million for the same period last year. Net income per basic and diluted share for the 2026 first half was $1.55, compared to $1.07 for the same period last year. “Second quarter 2026, net income increased 53% year-over-year and 23% sequentially, reflecting continued net interest margin expansion, strong levels of noninterest income, disciplined expense management, and effective balance sheet execution. Record levels of net income drove a significant expansion in our return on average assets at June 30, 2026, to 1.34%, the highest quarterly level in 23 quarters. We achieved these levels of profitability, while maintaining excellent credit quality, underscoring the strength and consistency of our core banking franchise,” continued Mr. Eller. DepositsAt June 30, 2026, total deposits were $2.87 billion, an increase of 5.9%, or $159.1 million from June 30, 2025. For the three months ended June 30, 2026, F&M’s cost of interest-bearing liabilities was 2.56%, compared to 2.83% in the same period last year. Mr. Eller continued: “We continue to see favorable business and economic trends across our Ohio, Indiana, and Michigan markets, supporting higher year-over-year levels of both loans and deposits. We believe this growth reflects the value customers place on our relationship-based approach, local decision-making and ability to deliver responsive, tailored financial solutions. Our deposit growth was also accompanied by improved funding costs, with the cost of interest-bearing liabilities declining 27 basis points from the prior-year period. Together, these trends demonstrate the strength of our local franchise and our continued ability to attract, retain, and deepen high-quality customer relationships across the communities we serve.” Loan Portfolio and Asset Quality Total loans, net at June 30, 2026, increased 3.0%, or by $79.5 million to $2.70 billion, compared to $2.62 billion at June 30, 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 $7.4 million, or 0.27% of total loans at June 30, 2026, compared to $11.1 million, or 0.42% of total loans at March 31, 2026, and $3.7 million, or 0.14% of total loans at June 30, 2025. F&M maintains a well-balanced, diverse, and high performing CRE portfolio. CRE loans represented 48.4% of the Company’s total loan portfolio at June 30, 2026. F&M’s CRE portfolio included the following categories at June 30, 2026 (*): * Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands. At June 30, 2026, the Company’s total allowance for credit losses to total loans was 1.08%, compared to 1.08% at June 30, 2025. Mr. Eller concluded, “Our record second-quarter and year-to-date profitability demonstrate the strength of the platform we have built and the progress we are making across F&M. As we execute our new three-year strategic plan, we remain focused on building upon this momentum, while preserving the relationship-based service, local decision-making and tailored financial solutions that distinguish F&M across our markets. We believe this combination positions us to achieve the next level of profitable growth and create increasing long-term value for our customers, communities, and shareholders.” Stockholders’ Equity and DividendsTotal stockholders’ equity increased 9.7% to $384.7 million, or $27.92 per share at June 30, 2026, from $350.8 million, or $25.56 per share at June 30, 2025. The Company had a Tier 1 leverage ratio of 8.99% at June 30, 2026, compared to 8.50% at June 30, 2025. Tangible stockholders’ equity increased to $295.0 million at June 30, 2026, compared to $259.6 million at June 30, 2025. On a per share basis, tangible stockholders’ equity at June 30, 2026, was $21.41 per share, compared to $18.91 per share at June 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 31 consecutive years. For the six months ended June 30, 2026, the Company declared cash dividends of $0.46 per share, representing a 4.0% increase over the same period last year. For the six months ended June 30, 2026, the dividend payout ratio was 29.27% compared to 40.90% for the same period last year. About Farmers & Merchants Bancorp, Inc.Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is a financial holding company headquartered in Archbold, Ohio, and the parent company of The Farmers & Merchants State Bank. About Farmers & Merchants State Bank: F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking, and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben, and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Muncie, Indiana; and Perrysburg and Bryan, Ohio. Use of Non-GAAP Financial MeasuresThis 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 PresentationThe 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 StatementFarmers & 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.

ARCHBOLD, Ohio, June 30, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO), the holding company of F&M Bank, with total assets of $3.49 billion at March 31, 2026, today announced that it has approved the Company’s quarterly cash dividend of $0.23 per share, a 4.0% year-over-year increase, reflecting the Bank’s continued strong momentum, solid financial performance, and commitment to creating long-term value to shareholders. The second-quarter dividend is payable on July 20, 2026, to shareholders of record as of July 10, 2026. 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. Safe Harbor statementFarmers & 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.

ARCHBOLD, Ohio, April 22, 2026 (GLOBE NEWSWIRE) -- 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) 92 consecutive quarters of profitability Net income increased 37.8% to a first quarter record of $9.6 million, or $0.70 per basic and diluted share Strong profitability drives ROAA to 1.14%, compared to 0.85% Net charge-offs to average loans of 0.01% Tier 1 leverage ratio was 9.02% Cost of interest-bearing liabilities improved to 2.54%, from 2.76% Net interest margin increased by 39 basis points to 3.42% Efficiency ratio improved to 60.08%, compared to 66.79% 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. “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 (*): * 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. 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.

Regular quarterly dividend increased 4.0% year-over-year, to $0.23 per share ARCHBOLD, Ohio, March 24, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.43 billion at December 31, 2025, today announced that it has approved the Company’s quarterly cash dividend of $0.23 per share, a 4.0% year-over-year increase. The first-quarter dividend is payable on April 20, 2026, to shareholders of record as of April 3, 2026. 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. 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.

ARCHBOLD, Ohio, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 fourth quarter and twelve months ended December 31, 2025, on a consolidated basis. 2025 Fourth-Quarter Financial and Operating Highlights (at December 31, 2025, and on a year-over-year basis unless noted) 91 consecutive quarters of profitability Net income increased 16.8% to a quarterly record of $9.8 million, or $0.71 per basic and diluted share Net charge-offs to average loans of 0.01% Tier 1 leverage ratio was 8.81% Cost of interest-bearing liabilities improved to 2.69%, from 3.01% Net interest margin increased by 62 basis points year-over-year to 3.46% Efficiency ratio improved to 58.38%, compared to 59.82% Fourth quarter dividend per share increased 4.0% to $0.92 annualized, reflecting two dividend increases in 2025 and the 31st consecutive annual increase in the Company’s regular dividend payment 2025 Full-Year Financial and Operating Highlights (at December 31, 2025, and on a year-over-year basis unless noted) Net income increased 28.4% to $33.3 million, or $2.43 per basic and diluted share Return on average assets was 0.99%, compared to 0.78% Total loans, net increased 5.9% to $2.71 billion, from $2.56 billion at December 31, 2024 Loans over 30 days past due to total loans averaged 0.26% for 2025, compared to 0.46% for 2024 Total assets increased 2.1% to $3.43 billion Deposits increased 1.6% to $2.73 billion Cost of interest-bearing liabilities improved to 2.80%, from 3.12% Stockholders’ equity increased 10.6% to a record $370.9 million Tangible book value increased 15.0% to $20.40 per share Net interest income after provision for credit losses increased 19.3% to $102.2 million Lars B. Eller, President and Chief Executive Officer, stated, “I am proud to report that F&M ended 2025 with record quarterly earnings per share, record stockholders’ equity, and record total assets, highlighting F&M’s operating strength and financial consistency. Our performance throughout the year and in the fourth quarter reflects sustained organic growth and the continued expansion of our local market presence across Ohio, Indiana, and Michigan. These results demonstrate the effectiveness of our relationship-driven approach and our ongoing investments in people and capabilities. Most importantly, this record performance would not be possible without the dedication and professionalism of our team, whose commitment continues to differentiate F&M.” Income Statement Net income for the 2025 fourth quarter ended December 31, 2025, was $9.8 million, compared to $8.4 million for the same period last year. Net income per basic and diluted share for the 2025 fourth quarter was $0.71, compared to $0.61 for the same period last year. Net income for the twelve months ended December 31, 2025, was $33.3 million, compared to $25.9 million for the same period last year. Net income per basic and diluted share for the 2025 twelve months was $2.43, compared to $1.90 for the same period last year. Mr. Eller commented, “Profitability has returned to levels not seen since the period of extraordinary industry support during the COVID era, this time driven entirely by core operating performance, prudent balance sheet management, and sustainable growth across our markets. These results underscore the earnings power of our business and provide confidence in our ability to deliver attractive, consistent returns. Based on our current momentum and operating fundamentals, we believe F&M is well positioned to sustain elevated levels of profitability throughout 2026.” Deposits At December 31, 2025, total deposits were $2.73 billion, an increase of 1.6% from December 31, 2024. For the 2025 twelve months ended December 31, 2025, F&M’s cost of interest-bearing liabilities was 2.80%, compared to 3.12% in the prior year. Loan Portfolio and Asset Quality “Throughout 2025, we made targeted investments to strengthen F&M’s operating capabilities and support both current performance and future growth, while maintaining disciplined expense management. We enhanced our leadership team, expanded local decision-making authority across our markets, and established a new office in Troy, Michigan to support growth in a strategically important region. Together, these actions improve execution, enhance scalability, and enable us to grow profitably while remaining closely connected to the communities we serve,” continued Mr. Eller. Total loans, net at December 31, 2025, increased 5.9%, or by $152.9 million to $2.71 billion, compared to $2.56 billion at December 31, 2024. The year-over-year increase was driven primarily by higher commercial real estate, agricultural real estate, consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower consumer loans. F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $11.3 million, or 0.42% of total loans at December 31, 2025, compared to $3.1 million, or 0.12% of total loans at December 31, 2024. F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 50.0% of the Company’s total loan portfolio at December 31, 2025. F&M’s CRE portfolio included the following categories at December 31, 2025 (*): * Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands. At December 31, 2025, the Company’s total allowance to total loans was 1.02%, compared to 1.07% at December 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.03% at December 31, 2025, compared to 1.08% at December 31, 2024. Mr. Eller concluded, “F&M enters 2026 from a position of strength, supported by a sound balance sheet, a scalable operating model, and a culture focused on long-term value creation. As we look ahead, we are approaching growth intentionally, allocating capital thoughtfully, investing in our business, and expanding within our markets in line with our strategic priorities. During the fall, we began developing a new three-year strategic plan that will establish a clear roadmap for the Company’s next phase of progress. Anchored in our community-banking heritage and informed by the opportunities across Ohio, Indiana, and Michigan, this plan is designed to drive sustainable performance and create enduring value for shareholders. I am excited about the opportunities in 2026 and confident in F&M’s long-term growth potential.” Stockholders’ Equity and Dividends Total stockholders’ equity increased 10.6% to $370.9 million, or $26.98 per share at December 31, 2025, from $335.2 million, or $24.47 per share at December 31, 2024. The Company had a Tier 1 leverage ratio of 8.81% at December 31, 2025, compared to 8.12% at December 31, 2024. Tangible stockholders’ equity increased to $280.5 million at December 31, 2025, compared to $243.1 million at December 31, 2024. On a per share basis, tangible stockholders’ equity at December 31, 2025, was $20.40 per share, compared to $17.74 per share at December 31, 2024. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.” F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 31 consecutive years. For the quarter ended December 31, 2025, the Company declared cash dividends of $0.23 per share, representing a 4.0% increase over the same period last year. For the twelve months ended December 31, 2025, the Company declared cash dividends of $0.90 per share, representing a 2.0% increase over the same period last year. For the twelve months ended December 31, 2025, the dividend payout ratio was 36.67% compared to 46.07% for the same period last year. 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.

Regular quarterly dividend increased 4.0% year-over-year to $0.23 per share ARCHBOLD, Ohio, Dec. 16, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Farmers & Merchants Bancorp, Inc., (Nasdaq: FMAO) the holding company of F&M Bank, with total assets of $3.39 billion at September 30, 2025, today announced that it has approved the Company’s quarterly cash dividend of $0.23 per share. The fourth-quarter dividend is payable on January 20, 2026, to shareholders of record as of December 29, 2025. The $0.23 per share dividend represents a $0.00875 per share, or 4.0% increase year-over-year, and a $0.0025 per share, or 1.1% increase from the third-quarter dividend. Lars B. Eller, President and Chief Executive Officer stated, “After raising our dividend in the third quarter, I am pleased to announce another increase to our regular quarterly dividend. This growth demonstrates our strong financial and operating performance in 2025, and our growing optimism for 2026. Most importantly it underscores our continued commitment to return excess capital to our shareholders.” For over 50 years, F&M has paid a quarterly dividend and has increased its annual dividend for 31 consecutive years. 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. 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.

LODI, Calif., Nov. 24, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), has amended their record date for the fourth quarter dividend from December 15, 2025 to December 4, 2025. The quarterly cash dividend declared amount of $5.05 per share and the cash dividend pay date of January 2, 2026 both remain unchanged from the original announcement on November 12, 2025. The declaration of this quarterly dividend brings the total year to date cash dividends per share of common stock declared to $19.35 per share, up 6.9% compared to a total of $18.10 per share for 2024. About Farmers & Merchants Bancorp Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.6 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California. Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase. In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile. In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients. F&M Bank is the 19th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties. F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago. F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation. Forward-Looking Statements This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan production levels and pricing, loan growth, the competitive environment, general economic conditions, including in the export market, and financial condition and competitive positioning. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law. For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com. Investor Relations Contact Farmers & Merchants Bancorp Bart R. Olson Executive Vice President and Chief Financial Officer Phone: 209-367-2485 [email protected]

LODI, Calif., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), declared a quarterly cash dividend of $5.05 per share. The cash dividend is payable on January 2, 2026, to shareholders of record on December 15, 2025. The declaration of this quarterly dividend brings the total year to date cash dividends per share of common stock declared to $19.35 per share, up 6.9% compared to a total of $18.10 per share for 2024. The Company’s last quarterly cash dividend of $5.00 was paid on October 1, 2025. Based on the Company’s financial performance through September 30, 2025, net income over the trailing twelve months was $91.6 million compared with $88.0 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $130.83, up 10.4% compared with $118.46 for the same trailing period a year ago and up 14.6% compared with $114.13 for the same period two years ago. As previously announced in August 2025, Farmers & Merchants Bancorp changed its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly beginning last quarter. For the quarter ended September 30, 2025, Farmers & Merchants Bancorp reported net income of $23.7 million, or $33.92 per diluted common share, a 13.2% increase over the prior year. For the third quarter of 2025, annualized return on average assets was 1.70% and return on average equity was 15.10%. Total assets at quarter-end were $5.6 billion. The Company’s credit quality remained solid with $955,000, or 0.03%, in non-accrual loans and leases as of September 30, 2025, while maintaining an allowance for credit losses on loans and leases of $76.0 million, or 2.10% of total loans and leases. At September 30, 2025, the Company’s common equity tier 1 ratio was 14.26% and the total risk-based capital ratio was 15.74%. All F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized” at September 30, 2025. For further details on our third quarter and year-to-date results, please see our press release dated October 16, 2025. Kent A. Steinwert, Chairman, President and CEO noted, “The Board is very pleased with the Company’s strong financial results in the first nine months of 2025, and given the Company’s consistent and reliable earnings performance over many years, the Board decided it was an appropriate time to move to a quarterly cash dividend, in August of 2025. On November 12, 2025, the Board unanimously approved our second quarterly cash dividend. This year marks the 90th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 60th consecutive year we have increased dividends. As a result of the reliability of our cash dividends over many decades, we remain a member of a select group of only 55 publicly traded companies designated as “Dividend Kings” by Sure Dividend where Farmers & Merchants Bancorp is currently ranked 17th.” About Farmers & Merchants Bancorp Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.6 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California. Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase. In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile. In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients. F&M Bank is the 19th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties. F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago. F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation. Forward-Looking Statements This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan production levels and pricing, loan growth, the competitive environment, general economic conditions, including in the export market, and financial condition and competitive positioning. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law. For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com. Investor Relations Contact Farmers & Merchants Bancorp Bart R. Olson Executive Vice President and Chief Financial Officer Phone: 209-367-2485 [email protected]

Farmers & Merchants Bancorp (FMAO) posted standout earnings, with net income climbing 37.5% over the past year, a sharp acceleration compared to its 4.7% annualized growth rate over the last five years. Net profit margins strengthened to 27.5%, up from 23.3%, and forward guidance is upbeat, with earnings forecast to grow at about 8% annually. With shares trading at a Price-to-Earnings ratio of 10.3x, below both industry and peer averages, and a current price of $23.90 sitting well below an estimated fair value of $37.47, the outlook is positive for value-focused investors. See our full analysis for Farmers & Merchants Bancorp. Next, we’ll see how this latest set of numbers holds up when put side-by-side with Simply Wall St’s widely followed market narratives. Sometimes the consensus gets confirmed, and sometimes the results upend expectations. Curious how numbers become stories that shape markets? Explore Community Narratives Net profit margins reached 27.5%, improving from 23.3% last year. This signals rising profitability even as many banks face compressed spreads. Rising margins strongly support the view that the bank’s careful approach to managing costs and risk keeps it resilient during sector volatility. The latest margin level is comfortably above the regional banking average. This reinforces optimism that stable operations and disciplined management give FMAO a positive edge. Bulls highlight that robust margin growth along with earnings expansion strengthens the bank’s defensive profile compared to peers experiencing fading profitability. No major risks were flagged and high-quality earnings were cited in the filing. Strong dividend safety is implied, which stands out in a sector still facing broader economic headwinds. FMAO’s record of steady profit growth and attractive dividend appeal draws in income-seeking investors, who see its conservative strategy as a haven for reliable returns. What’s notable this year is the acceleration in annual net income growth (37.5%), well above the 4.7% five-year average. This supports investor confidence in future payout stability. Income-focused buyers argue that high dividend consistency, combined with ongoing profit expansion, offers a rare combination of yield and earnings reliability in this market segment. Shares are currently priced at $23.90, representing a sizable gap below the DCF fair value of $37.47 and trading at a 10.3x P/E, which is below both the US Banks industry average (11.2x) and peer benchmarks (12.9x). This valuation gap lends support to those who see FMAO as a relative value opportunity not just on P/E, but also when factoring in the improved earnings trend and sector-wide pressure on multiples. Compared to both its peers and the DCF model, the discount suggests the market may be undervaluing future growth potential, especially with guidance pointing to roughly 8% annual earnings growth ahead. While income and valuation-focused investors may view this as a compelling entry point, some may remain cautious until the broader sector stabilizes. This creates a tension between value and sentiment for bank stocks at present. Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Farmers & Merchants Bancorp's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. While Farmers & Merchants Bancorp looks attractively valued, ongoing sector headwinds create uncertainty and could challenge share price stability until broader sentiment improves. If you prefer to sidestep volatility and seek consistent returns, check out stable growth stocks screener (2117 results) to discover companies with reliable expansion regardless of market conditions. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FMAO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

ARCHBOLD, Ohio, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 third quarter and year-to-date ended September 30, 2025 on a consolidated basis. 2025 Third Quarter Financial and Operating Highlights (at September 30, 2025 and on a year-over-year basis unless noted) 90 consecutive quarters of profitability Net income increased 35.9% to $8.9 million, or $0.64 per basic and diluted share Net interest margin increased 69 basis points year-over-year to 3.40% Total loans, net increased by $123.0 million, or 4.9% to $2.66 billion Total deposits increased by $67.1 million, or 2.5% to $2.75 billion Efficiency ratio improved to 63.11%, compared to 67.98% Asset quality remains at historically strong levels with nonperforming loans of only $5.2 million Net charge-offs to average loans of 0.00% Tier 1 leverage ratio was 8.74% Opened second full-service office in the State of Michigan in Troy Promoted Curtis Metz to Market President for Northern Indiana Declared the 31st consecutive annual increase in the Company’s regular dividend payment Lars B. Eller, President and Chief Executive Officer, stated, “The continued progress we are making to leverage recent investments, drive growth, and expand profitability is encouraging. Strong financial performance and sustained operating momentum during the 2025 third quarter produced one of the most profitable quarters in our 128-year history. Our results reflect the strength of F&M’s diversified business model and our longstanding commitment to create lasting value for our communities, customers, employees and shareholders. I am also proud of our recent dividend increase, marking the 31st consecutive annual increase in F&M’s dividend.” Income Statement Net income for the 2025 third quarter ended September 30, 2025, was $8.9 million, compared to $6.5 million for the same period last year. Net income per basic and diluted share for the 2025 third quarter was $0.64, compared to $0.48 for the same period last year. Net income for the nine months ended September 30, 2025, was $23.5 million, compared to $17.6 million for the same period last year. Net income per basic and diluted share for the 2025 nine months was $1.71, compared to $1.28 for the same period last year. Deposits At September 30, 2025, total deposits were $2.75 billion, an increase of 2.5% from September 30, 2024. The Company’s cost of interest-bearing liabilities was 2.83% for the quarter ended September 30, 2025, compared to 3.21% for the quarter ended September 30, 2024. Mr. Eller commented, “We remain focused on growing core deposits by expanding our relationship-based banking solutions across our Ohio, Indiana, and Michigan markets. These efforts have supported year-over-year deposit growth, while we continue to actively manage our cost of funds. I am encouraged that our cost of interest-bearing liabilities improved 32 basis points to 2.84% for the nine months ended September 30, 2025, reflecting our disciplined approach to deposit pricing and balance sheet management.” Loan Portfolio and Asset Quality “We are experiencing stable demand for loans, supported by the success of our recently opened offices, the addition of new team members, and the advantages of our community-oriented banking model. This includes the opening of our newest office in Troy, Michigan during the third quarter, which is the second full-service location in the state. We also continue to add experienced market presidents throughout our footprint to maintain our local decision-making and during the quarter we promoted Curtis Metz to Market President for Northern Indiana. As F&M grows, we are committed to prioritizing asset quality. Net charge-offs to average loans have remained below 0.03% for 18 consecutive quarters, underscoring the strength and growing sophistication of our credit culture and risk management capabilities,” continued Mr. Eller. Total loans, net at September 30, 2025, increased 4.9%, or by $123.0 million to $2.66 billion, compared to $2.54 billion at September 30, 2024. The year-over-year increase was driven primarily by higher commercial real estate, agricultural real estate, commercial and industrial, and agricultural loans, partially offset primarily by lower consumer real estate and consumer loans. Compared to December 31, 2024, total loans, net at September 30, 2025, increased by 3.8% or $97.5 million. F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $5.2 million, or 0.19% of total loans at September 30, 2025, compared to $2.9 million, or 0.11% of total loans at September 30, 2024, and $3.1 million, or 0.12% at December 31, 2024. F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.0% of the Company’s total loan portfolio at September 30, 2025. F&M’s CRE portfolio included the following categories at September 30, 2025 (*): * Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands. At September 30, 2025, the Company’s total allowance to total loans was 1.07%, compared to 1.07% at September 30, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.06% at September 30, 2025, compared to 1.10% at September 30, 2024. Mr. Eller concluded, “We continue to believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to grow our business profitably. This fall, we will begin developing a new three-year strategic plan that will define our growth priorities and guide our next phase of success. The plan will leverage the solid foundation we have established and the community-banking values that continue to distinguish F&M across our Ohio, Indiana, and Michigan markets. We believe these initiatives will enable the Company to capitalize on opportunities within our footprint, enhance shareholder value, and further strengthen our role as a trusted financial partner to the communities we proudly serve. I look forward to updating our shareholders on our new strategic priorities.” Stockholders’ Equity and Dividends Total stockholders’ equity increased 7.9% to $361.8 million, or $26.31 per share at September 30, 2025, from $335.4 million, or $24.48 per share at September 30, 2024. The Company had a Tier 1 leverage ratio of 8.74% at September 30, 2025, compared to 8.04% at September 30, 2024. Tangible stockholders’ equity increased to $271.0 million at September 30, 2025, compared to $242.8 million at September 30, 2024. On a per share basis, tangible stockholders’ equity at September 30, 2025, was $19.71 per share, compared to $17.72 per share at September 30, 2024. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.” F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 31 consecutive years. For the quarter ended September 30, 2025, the Company declared cash dividends of $0.2275 per share, representing a 2.8% increase over the same period last year. For the nine months ended September 30, 2025, the Company declared cash dividends of $0.67 per share, representing a 1.3% increase over the same period last year. For the nine months ended September 30, 2025, the dividend payout ratio was 38.64% compared to 50.99% for the same period last year. About Farmers & Merchants Bancorp, Inc. Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is a financial holding company headquartered in Archbold, Ohio, and the parent company of The Farmers & Merchants State Bank. About Farmers & Merchants State Bank: F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Muncie, Indiana; and Perrysburg and Bryan, Ohio. Use of Non-GAAP Financial Measures This release contains certain non-GAAP financial measures, including the efficiency ratio, tangible stockholders’ equity and tangible book value per share. Management believes these measures facilitate period-to-period comparisons of the Company’s performance and provide useful supplemental information to investors; however, they should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Definitions of these measures and reconciliations to the most directly comparable GAAP measures are provided in the accompanying tables. Basis of Presentation The financial information in this release is preliminary, based on management’s current expectations, and is subject to change pending completion of customary quarterly closing processes and review. Unless otherwise indicated, all figures are presented on a consolidated basis and comparisons are to the same period of the prior year. Averages may be annualized. Totals may not foot due to rounding. 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.

Third Quarter 2025 Highlights Net income of $23.7 million, an increase of $1.6 million or 7.22% compared to the third quarter of 2024; Basic earnings per share of $34.24 and diluted earnings per share of $33.92; diluted earnings per share up 13.22% compared to the third quarter of 2024; Diluted earnings per share of $130.83 over the trailing twelve months, up 10.4% compared to $118.46 over the same trailing period a year ago and up 14.6% compared to $114.13 for the same period two years ago; Tangible book value per share increased 9.8% to $877.13 compared to $799.04 as of September 30, 2024; Achieved a return on average assets of 1.70% and a return on average equity of 15.10%; Net interest income of $55.4 million, up $3.4 million or 6.6% compared to $52.0 million in the third quarter of 2024; net interest margin (tax equivalent basis) of 4.16%, up from 4.07% in the third quarter of 2024; Continued cost discipline resulted in an efficiency ratio of 46.48%; Liquidity position remains strong with $172.6 million in cash, $1.6 billion in investment securities, of which $870.2 million are available-for-sale, no borrowings and a borrowing capacity of $2.1 billion as of September 30, 2025; Continued to grow our solid capital position with a preliminary total risk-based capital ratio of 15.76%, a common equity tier 1 ratio of 14.28%, a tier 1 leverage ratio of 11.60% and a tangible common equity ratio of 11.26%; Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.10%; a net charge-off ratio of 0.03% for the quarter; and a non-accrual loan and leases ratio of 0.03% at quarter-end. LODI, Calif., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record third quarter net income of $23.7 million, or $33.92 per diluted common share compared with $22.1 million, or $29.96 per diluted common share, for the third quarter of 2024 and $23.1 million, or $32.94 per diluted common share, for the second quarter of 2025. The record third quarter net income is the highest quarterly net income in the history of the Company. The annualized return on average assets was 1.70% and the return on average equity was 15.10% for the third quarter of 2025 compared with 1.65% and 15.03% for the third quarter of 2024, and 1.65% and 15.09% for the second quarter of 2025, respectively. The expense efficiency ratio for third quarter was 46.48% down from 47.63% for the third quarter of 2024 and up from 44.88% for the second quarter of 2025. Net income over the trailing twelve months was $91.6 million compared with $88.0 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $130.83, up 10.4% compared with $118.46 for the same trailing period a year ago and up 14.6% compared with $114.13 for the same period two years ago. Basic earnings per share over the trailing twelve months totaled $131.29, up 10.8% compared with $118.46 for the same trailing period a year ago and up 15.0% compared with $114.13 for the same period two years ago. CEO Commentary Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the third quarter of 2025, highlighted by record third quarter net income of $23.7 million, a return on average assets of 1.70%, and a return on average equity of 15.10%. Net income for the first nine months of 2025 of $69.8 million is the best-performing nine-month period in the history of the Company. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter-end with $172.6 million in cash, $1.6 billion in investment securities, of which $870.2 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity, while maintaining a conservative loan-to-deposit ratio of 74.16%. Capital levels continued to grow and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Total deposits increased $185.9 million, or 4.0%, to $4.9 billion at September 30, 2025, compared to December 31, 2024, as we continued our focus on growing deposits with our longstanding client relationships and developing new client relationships. Gross loans and leases were $3.6 billion at the end of the third quarter, down $67.6 million or 1.8% from December 31, 2024, with most of the decrease coming in the first quarter of 2025 before growth in the second quarter followed by a relatively flat third quarter, as we continued to prioritize risk appropriate loan pricing and loan structure over loan growth. Given the unprecedented length of the inverted yield curve, together with the lack of movement in either the long or short term market interest rates, we believe market rates are not providing sufficient net interest margin to adequately compensate for duration risk on loans. Thus, we have favored investing in lower risk government guaranteed securities rather than loans with duration. These current market pricing conditions could exist for some time making it challenging to maintain and grow loans without reducing current loan portfolio spreads. Credit quality remained resilient as we continued to work closely with our borrowers while they work through the current economic cycle, particularly in a few agricultural products adversely impacted by negative conditions in the export market. Our Company remains in excellent financial condition, continues to perform at a high-level and is well positioned to navigate the challenges ahead as we have for the past 109 years.” Earnings Net interest income for the quarter ended September 30, 2025, was $55.4 million compared with $52.0 million in the same quarter in 2024 and $53.9 million in the second quarter of 2025. Net interest income for the nine months ended September 30, 2025, was $162.4 million, an increase of $7.9 million, or 5.1%, when compared with $154.5 million for the same period in 2024. The Company’s net interest margin increased to 4.14% for the nine months ended September 30, 2025, compared with 4.04% for the same period in 2024. The increase in the net interest margin was driven primarily by a decrease in deposit costs. Tangible book value per share increased to $877.13 at September 30, 2025, up 9.8% compared with $799.04 a year ago. Balance Sheet Total assets at quarter-end were $5.6 billion, up from $5.4 billion as of December 31, 2024. Total cash and cash equivalents were $172.6 million, a decrease of $40.0 million from December 31, 2024, and a decrease of $119.2 million compared to June 30, 2025, as management proactively moved excess cash into investment securities in anticipation of lower market rates in the future. Total loans and leases outstanding were $3.6 billion, a decrease of $67.6 million or 1.8% from December 31, 2024, and a decrease of $13.2 million or 0.4% from June 30, 2025. As of September 30, 2025, our total investment securities portfolio was $1.6 billion, an increase of $371.0 million from December 31, 2024, and an increase of $283.0 million from June 30, 2025, primarily due to purchases of $303.4 million during the quarter. As of September 30, 2025, the portfolio was comprised of $870.2 million in available-for-sale securities and $734.6 million in held-to-maturity securities. Total deposits increased $185.9 million to $4.9 billion compared to December 31, 2024, and increased $124.7 million or 2.6% from June 30, 2025. Our loan to deposit ratio was 74.16% as of September 30, 2025, down from 78.53% as of December 31, 2024, due to an increase in total deposits and a decrease in total loans and leases. Credit Quality The Company’s credit quality remained solid with only $1.0 million, or 0.03%, in non-accrual loans and leases as of September 30, 2025, and a negligible delinquency ratio of 0.03% of total loans and leases. Net charge-offs were $0.9 million or 0.03% of average loans and leases for the third quarter of 2025 and $1.6 million or 0.04% for the first nine months of 2025. The total allowance for credit losses on loans and leases as well as unfunded commitments was $78.8 million as of September 30, 2025, compared to $79.0 million as of June 30, 2025. The allowance for credit losses on loans and leases decreased by $0.2 million to $76.0 million, or 2.10%, as of September 30, 2025, compared with $76.2 million or 2.09% as of June 30, 2025. A provision for credit losses of $0.7 million was recorded during the third quarter of 2025 compared to no provision for credit losses during the third quarter of 2024. Provision for credit losses totaled $2.4 million for the first nine months of 2025 compared to no provision for credit losses in the first nine months of 2024. Capital The Company’s regulatory capital ratios continued to strengthen during the third quarter of 2025. The growth in capital was driven by net income of $23.7 million offset by stock repurchases of $2.5 million and dividends paid of $3.6 million. On August 13, 2025, the Company announced that it changed its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly. The first quarterly dividend was declared on August 12, 2025 and was paid on October 1, 2025. The Company repurchased 2,540 shares during the quarter, reducing total outstanding shares to 721,411. On August 14, 2025, the Company announced the authorization of an increase of $45.0 million to the existing share repurchase program along with an extension of the program through December 31, 2027. As of September 30, 2025, there remained $57.1 million authorized for repurchases under the board-approved repurchase plan. At September 30, 2025, the Company’s preliminary total risk-based capital ratio was 15.76% and the common equity tier 1 capital ratio was 14.28%, an increase from 15.36% and 13.88% as of June 30, 2025, respectively. At September 30, 2025, the Company’s preliminary tier 1 leverage capital ratio was 11.60%, an increase from 11.18% as of June 30, 2025, as a result of higher average assets. At September 30, 2025, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized.” At September 30, 2025, the tangible common equity ratio was 11.26%, up from 11.08% compared to June 30, 2025. About Farmers & Merchants Bancorp Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.6 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California. Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase. In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile. In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients. F&M Bank is the 19th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties. F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago. F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation. Forward-Looking Statements This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan production levels and pricing, loan growth, the competitive environment, general economic conditions, including in the export market, and financial condition and competitive positioning. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law. For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com. Investor Relations Contact Farmers & Merchants Bancorp Bart R. Olson Executive Vice President and Chief Financial Officer Phone: 209-367-2485 [email protected]