Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024. 2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted): 87 consecutive quarters of profitabilityNet income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted shareAsset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023Net charge-offs to average loans were 0.00%Allowance for credit losses was 826.70% of nonperforming loansTier 1 leverage ratio was 8.12%Net interest margin increased 27 basis points to 2.84%Efficiency ratio improved to 59.82%, compared to 69.23% for the same period a year ago 2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted): Total loans, net were $2.56 billion at December 31, 2024, compared to $2.58 billion at December 31, 2023 and $2.54 billion at September 30, 2024Total assets increased 2.5% to $3.36 billionDeposits increased 3.0% to a record $2.69 billionStockholders’ equity increased 5.9% to $335.2 millionNet interest income after provision for credit losses increased 7.5% to $85.6 millionReturn on average tangible equity was 8.91%F&M ended 2024 with excellent liquidity levels, and over $690 million in contingent funding sources, and a cash-to-assets ratio of 5.3%, compared to 4.3% at December 31, 2023Dividend raised 3.8% year-over-year, representing the 30th consecutive annual increase in the Company’s regular dividend payment since 1994 Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Michigan markets we serve.” Mr. Eller continued, “Strong earnings growth in 2024 was driven by the success of ongoing strategies aimed at expanding our net interest margin, maintaining excellent asset quality, and driving efficiencies across our business. Core earnings for the 2024 fourth quarter were strong as net interest income after provision for credit losses increased 16.1% year-over-year to a quarterly record of $22.6 million, and noninterest income expanded 4.1% year-over-year to $4.0 million. We believe these trends highlight the improvements we have made to profitability, and we expect these trends to continue in the second half 2025.” Income StatementNet income for the 2024 fourth quarter ended December 31, 2024, was $8.4 million, compared to $5.5 million for the same period last year. Net income per basic and diluted share for the 2024 fourth quarter was $0.61, compared to $0.41 for the same period last year. Net income for the 2024 twelve months ended December 31, 2024, was $25.9 million, compared to $22.8 million for the same period last year. Net income per basic and diluted share for the 2024 twelve months was $1.90, compared to $1.67 for the same period last year. DepositsAt December 31, 2024, total deposits were a record $2.69 billion, an increase of 3.0% from December 31, 2023. The Company’s cost of interest-bearing liabilities was 3.01% for the quarter ended December 31, 2024, compared to 3.02% for the quarter ended December 31, 2023. For the 2024 twelve months ended December 31, 2024, F&M’s cost of interest-bearing liabilities was 3.12%, compared to 2.53% in the prior year reflecting the higher rate environment and growth in interest-bearing checking and savings accounts. Mr. Eller commented, “Throughout 2024, we pursued strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we added nearly 7,500 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended 2024 with a loan-to-deposit ratio of 94.4%, compared to 98.0% at December 31, 2023.” Loan Portfolio and Asset Quality“While the demand for loans is high across our markets, our approach to risk and pricing remains prudent. This strategy has contributed to historically strong asset quality over the past two quarters and is a testament to F&M’s risk, lending, and compliance capabilities and high-performing teams. We expect loan growth to increase modestly in 2025, with growth weighted in the back half of the year. In addition, 31.4% of our loan portfolio is subject to reprice in the next 12 months. We believe these favorable trends will contribute to higher net interest income in 2025,” continued Mr. Eller. Total loans, net at December 31, 2024, decreased 0.7%, or by $19.3 million to $2.56 billion, compared to $2.58 billion at December 31, 2023. The year-over-year decline was driven primarily by lower consumer real estate, consumer, and agricultural real estate loans, partially offset primarily by higher commercial and industrial and agricultural loans. Compared to the quarter ended September 30, 2024, total loans, net at December 31, 2024 increased by 0.9% or $23.5 million. F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $3.1 million, or 0.12% of total loans at December 31, 2024, compared to $22.4 million, or 0.87% of total loans at December 31, 2023, and $2.9 million, or 0.11% at September 30, 2024. F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.2% of the Company’s total loan portfolio at December 31, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.2% of the Company's total loan portfolio at December 31, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $958,100. F&M’s CRE portfolio included the following categories at December 31, 2024: CRE Category Dollar Balance Percent ofCREPortfolio(*) Percent of Total LoanPortfolio(*) Industrial $269,315 20.6% 10.5%Multi-family 233,868 17.8% 9.1%Retail 219,395 16.7% 8.6%Hotels 141,514 10.8% 5.5%Office 134,139 10.2% 5.2%Gas Stations 70,767 5.4% 2.8%Food Service 49,246 3.8% 1.9%Senior Living 31,799 2.4% 1.3%Development 29,491 2.3% 1.2%Auto Dealers 28,081 2.1% 1.1%Other 103,196 7.9% 4.0%Total CRE $1,310,811 100.0% 51.2% * Numbers have been rounded At December 31, 2024, the Company’s allowance for credit losses to nonperforming loans was 826.70%, compared to 111.95% at December 31, 2023. The allowance to total loans was 1.07% at December 31, 2024, compared to 1.06% at December 31, 2023. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at December 31, 2024, compared to 1.13% at December 31, 2023. Mr. Eller concluded, “Throughout the new year, we will leverage F&M’s strong banking platform, while continuing to make strategic investments that expanded our operations, capabilities, and services. We believe this will expand operating efficiencies and produce better outcomes for our customers. I am proud of our strong performance in 2024, and expect 2025 to be another good year for F&M.” Stockholders’ Equity and DividendsTotal stockholders’ equity increased 5.9% to $335.2 million, or $24.47 per share at December 31, 2024, from $316.5 million, or $23.17 per share at December 31, 2023. The Company’s Tier 1 leverage ratio of 8.12%, remained stable compared to December 31, 2023. Tangible stockholders’ equity increased to $270.0 million at December 31, 2024, compared to $254.2 million at December 31, 2023. On a per share basis, tangible stockholders’ equity at December 31, 2024, was $17.74 per share, compared to $16.29 per share at December 31, 2023. For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.8825 per share, representing a 3.8% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the twelve months ended December 31, 2024, the dividend payout ratio was 46.07% compared to 50.65% for the same period last year. 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 Troy, Michigan; 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 21B of the Securities Exchange Act of 1934, as amended. 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, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. 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. Non-GAAP Financial Measures This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release. FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data) Three Months Ended Twelve Months Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023 Interest Income Loans, including fees$36,663 $36,873 $36,593 $35,200 $34,493 $145,329 $129,344 Debt securities: U.S. Treasury and government agencies1,882 1,467 1,148 1,045 987 5,542 4,090 Municipalities384 387 389 394 397 1,554 1,598 Dividends367 334 327 333 365 1,361 882 Federal funds sold24 7 7 7 8 45 44 Other2,531 2,833 2,702 1,675 2,020 9,741 3,850 Total interest income41,851 41,901 41,166 38,654 38,270 163,572 139,808 Interest Expense Deposits15,749 16,947 16,488 15,279 15,015 64,463 46,923 Federal funds purchased and securities sold under agreements to repurchase274 277 276 284 293 1,111 1,474 Borrowed funds2,713 2,804 2,742 2,689 2,742 10,948 8,876 Subordinated notes285 284 285 284 285 1,138 1,138 Total interest expense19,021 20,312 19,791 18,536 18,335 77,660 58,411 Net Interest Income - Before Provision for Credit Losses22,830 21,589 21,375 20,118 19,935 85,912 81,397 Provision for (Recovery of) Credit Losses - Loans346 282 605 (289) 278 944 1,698 Provision for (Recovery of) Credit Losses - Off Balance Sheet Credit Exposures(120) (267) (18) (266) 189 (671) 46 Net Interest Income After Provision for Credit Losses22,604 21,574 20,788 20,673 19,468 85,639 79,653 Noninterest Income Customer service fees237 300 189 598 415 1,324 1,332 Other service charges and fees1,176 1,155 1,085 1,057 1,090 4,473 4,343 Interchange income1,322 1,315 1,330 1,429 1,310 5,396 5,318 Loan servicing income771 710 513 539 666 2,533 4,405 Net gain on sale of loans223 215 314 107 230 859 699 Increase in cash surrender value of bank owned life insurance248 265 236 216 216 965 834 Net gain (loss) on sale of other assets owned22 - 49 - (86) 71 (135)Net loss on sale of available-for-sale securities- - - - - - (891)Total noninterest income3,999 3,960 3,716 3,946 3,841 15,621 15,905 Noninterest Expense Salaries and wages7,020 7,713 7,589 7,846 6,981 30,168 26,915 Employee benefits2,148 2,112 2,112 2,171 1,218 8,543 7,520 Net occupancy expense1,072 1,054 999 1,027 1,187 4,152 3,833 Furniture and equipment1,032 1,472 1,407 1,353 1,370 5,264 5,022 Data processing160 339 448 500 785 1,447 3,147 Franchise taxes312 410 265 555 308 1,542 1,487 ATM expense328 472 397 473 665 1,670 2,611 Advertising498 597 519 530 397 2,144 2,606 FDIC assessment505 516 507 580 594 2,108 1,982 Servicing rights amortization - net244 219 187 168 182 818 611 Loan expense236 244 251 229 246 960 1,055 Consulting fees242 251 198 186 192 877 832 Professional fees368 453 527 445 331 1,793 1,430 Intangible asset amortization446 445 444 445 446 1,780 1,780 Other general and administrative1,465 1,128 1,495 1,333 1,532 5,421 6,373 Total noninterest expense16,076 17,425 17,345 17,841 16,434 68,687 67,204 Income Before Income Taxes10,527 8,109 7,159 6,778 6,875 32,573 28,354 Income Taxes2,146 1,593 1,477 1,419 1,332 6,635 5,567 Net Income8,381 6,516 5,682 5,359 5,543 25,938 22,787 Other Comprehensive Income (Loss) (Net of Tax): Net unrealized gain (loss) on available-for-sale securities(7,403) 11,664 2,531 (1,995) 13,261 4,797 10,781 Reclassification adjustment for realized loss on sale of available-for-sale securities- - - - - - 891 Net unrealized gain (loss) on available-for-sale securities(7,403) 11,664 2,531 (1,995) 13,261 4,797 11,672 Tax expense (benefit)(1,554) 2,449 531 (418) 2,784 1,008 2,451 Other comprehensive income (loss)(5,849) 9,215 2,000 (1,577) 10,477 3,789 9,221 Comprehensive Income$2,532 $15,731 $7,682 $3,782 $16,020 $29,727 $32,008 Basic Earnings Per Share$0.61 $0.48 $0.42 $0.39 $0.41 $1.90 $1.67 Diluted Earnings Per Share$0.61 $0.48 $0.42 $0.39 $0.41 $1.90 $1.67 Dividends Declared$0.22125 $0.22125 $0.22 $0.22 $0.22 $0.88250 $0.85 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data) December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (Unaudited) (Unaudited) (Unaudited) Assets Cash and due from banks$ 174,855 $ 244,572 $ 191,785 $ 186,541 $ 140,917 Federal funds sold1,496 932 1,283 1,241 1,284 Total cash and cash equivalents176,351 245,504 193,068 187,782 142,201 Interest-bearing time deposits2,482 2,727 3,221 2,735 2,740 Securities - available-for-sale426,556 404,881 365,209 347,516 358,478 Other securities, at cost14,400 15,028 14,721 14,744 17,138 Loans held for sale2,996 1,706 1,628 2,410 1,576 Loans, net of allowance for credit losses of $25,826 12/31/24 and $25,024 12/31/232,536,043 2,512,852 2,534,468 2,516,687 2,556,167 Premises and equipment33,828 33,779 34,507 35,007 35,790 Construction in progress- 35 38 9 8 Goodwill86,358 86,358 86,358 86,358 86,358 Loan servicing rights5,656 5,644 5,504 5,555 5,648 Bank owned life insurance34,872 34,624 34,359 34,123 33,907 Other assets45,181 46,047 49,552 54,628 43,218 Total Assets$ 3,364,723 $ 3,389,185 $ 3,322,633 $ 3,287,554 $ 3,283,229 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest-bearing$ 516,904 $ 481,444 $ 479,069 $ 510,731 $ 528,465 Interest-bearing NOW accounts850,462 865,617 821,145 829,236 816,790 Savings671,818 661,565 673,284 635,430 599,191 Time647,581 676,187 667,592 645,985 663,017 Total deposits2,686,765 2,684,813 2,641,090 2,621,382 2,607,463 Federal funds purchased and securities sold under agreements to repurchase27,218 27,292 27,218 28,218 28,218 Federal Home Loan Bank (FHLB) advances246,056 263,081 266,102 256,628 265,750 Subordinated notes, net of unamortized issuance costs34,818 34,789 34,759 34,731 34,702 Dividend payable2,996 2,998 2,975 2,975 2,974 Accrued expenses and other liabilities31,659 40,832 27,825 25,930 27,579 Total liabilities3,029,512 3,053,805 2,999,969 2,969,864 2,966,686 Commitments and Contingencies Stockholders' Equity Common stock - No par value 20,000,000 shares authorized; issued 14,564,425 shares 12/31/24 and 12/31/23; outstanding 13,699,536135,565 135,193 135,829 135,482 135,515 shares 12/31/24 and 13,664,641 shares 12/31/23 Treasury stock - 864,889 shares 12/31/24 and 899,784 shares 12/31/23(10,985) (10,904) (11,006) (10,851) (11,040)Retained earnings235,854 230,465 226,430 223,648 221,080 Accumulated other comprehensive loss(25,223) (19,374) (28,589) (30,589) (29,012)Total stockholders' equity335,211 335,380 322,664 317,690 316,543 Total Liabilities and Stockholders' Equity$ 3,364,723 $ 3,389,185 $ 3,322,633 $ 3,287,554 $ 3,283,229 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESSELECT FINANCIAL DATA For the Three Months Ended For the Twelve Months EndedSelected financial data December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 December 31,2024 December 31,2023Return on average assets 0.99% 0.78% 0.69% 0.66% 0.67% 0.78% 0.71%Return on average equity 10.00% 7.93% 7.13% 6.76% 7.27% 7.98% 7.46%Yield on earning assets 5.20% 5.27% 5.22% 5.00% 4.93% 5.17% 4.67%Cost of interest bearing liabilities 3.01% 3.21% 3.18% 3.06% 3.02% 3.12% 2.53%Net interest spread 2.19% 2.06% 2.04% 1.94% 1.91% 2.05% 2.14%Net interest margin 2.84% 2.71% 2.71% 2.60% 2.57% 2.72% 2.72%Efficiency 59.82% 67.98% 69.03% 74.08% 69.23% 67.54% 68.48%Dividend payout ratio 35.75% 45.99% 52.35% 55.52% 54.23% 46.07% 50.65%Tangible book value per share $17.74 $17.72 $16.79 $16.39 $16.29 Tier 1 leverage ratio 8.12% 8.04% 8.02% 8.40% 8.20% Average shares outstanding 13,699,869 13,687,119 13,681,501 13,671,166 13,665,773 13,679,955 13,641,336 Loans December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (Dollar amounts in thousands) Commercial real estate $1,310,811 $1,301,160 $1,303,598 $1,304,400 $1,337,766 Agricultural real estate 216,401 220,328 222,558 227,455 223,791 Consumer real estate 520,114 524,055 525,902 525,178 521,895 Commercial and industrial 275,152 260,732 268,426 256,051 254,935 Agricultural 152,080 137,252 142,909 127,670 132,560 Consumer 63,009 67,394 70,918 74,819 79,591 Other 24,978 25,916 26,449 26,776 30,136 Less: Net deferred loan fees, costs and other (1) (676) 1,499 (1,022) (982) 517 Total loans, net $2,561,869 $2,538,336 $2,559,738 $2,541,367 $2,581,191 Asset quality data December 31,2024 September 30,2024 June 30,2024 March 31,2024 December 31,2023 (Dollar amounts in thousands) Nonaccrual loans $3,124 $2,898 $2,487 $19,391 $22,353 90 day past due and accruing $- $- $- $- $- Nonperforming loans $3,124 $2,898 $2,487 $19,391 $22,353 Other real estate owned $- $- $- $- $- Nonperforming assets $3,124 $2,898 $2,487 $19,391 $22,353 Allowance for credit losses $25,826 $25,484 $25,270 $24,680 $25,024 Allowance for unfunded 1,541 1,661 1,928 1,946 2,212 Total allowance for credit losses $27,367 $27,145 $27,198 $26,626 $27,236 Total allowance for credit losses/total loans 1.07% 1.07% 1.06% 1.05% 1.06% Adjusted credit losses with accretable yield/total loans 1.08% 1.10% 1.10% 1.11% 1.13% Net charge-offs: Quarter-to-date $4 $68 $15 $55 $531 Year-to-date $142 $138 $70 $55 $551 Net charge-offs to average loans Quarter-to-date 0.00% 0.00% 0.00% 0.00% 0.02% Year-to-date 0.01% 0.01% 0.00% 0.00% 0.02% Nonperforming loans/total loans 0.12% 0.11% 0.10% 0.76% 0.87% Allowance for credit losses/nonperforming loans 826.70% 879.37% 1016.08% 127.28% 111.95% NPA coverage ratio 826.70% 879.37% 1016.08% 127.28% 111.95% (1) Includes carrying value adjustments of $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESAVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) For the Three Months Ended For the Three Months Ended December 31, 2024 December 31, 2023 Interest Earning Assets:AverageBalance Interest/Dividends AnnualizedYield/Rate AverageBalance Interest/Dividends AnnualizedYield/Rate Loans$ 2,543,628 $ 36,663 5.77% $ 2,553,023 $ 34,493 5.41%Taxable investment securities450,648 2,554 2.27% 386,931 1,660 1.72%Tax-exempt investment securities18,571 79 2.15% 24,145 89 1.87%Fed funds sold & other209,307 2,555 4.88% 142,642 2,028 5.69%Total Interest Earning Assets3,222,154 $ 41,851 5.20% 3,106,741 $ 38,270 4.93% Nonearning Assets174,172 189,202 Total Assets$ 3,396,326 $ 3,295,943 Interest Bearing Liabilities: Savings deposits$ 1,548,638 $ 9,459 2.44% $ 1,392,304 $ 8,570 2.46%Other time deposits666,896 6,290 3.77% 701,347 6,445 3.68%Other borrowed money255,490 2,713 4.25% 265,948 2,742 4.12%Fed funds purchased & securities sold under agreement to repurchase27,341 274 4.01% 28,739 293 4.08%Subordinated notes34,799 285 3.28% 34,683 285 3.29%Total Interest Bearing Liabilities$ 2,533,164 $ 19,021 3.01% $ 2,423,021 $ 18,335 3.02% Noninterest Bearing Liabilities527,751 567,813 Stockholders' Equity$ 335,411 $ 305,109 Net Interest Income and Interest Rate Spread $ 22,830 2.19% $ 19,935 1.91% Net Interest Margin 2.84% 2.57% Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts For the Twelve Months Ended For the Twelve Months Ended December 31, 2024 December 31, 2023 Interest Earning Assets:AverageBalance Interest/Dividends AnnualizedYield/Rate AverageBalance Interest/Dividends AnnualizedYield/Rate Loans$ 2,557,213 $ 145,329 5.68% $ 2,491,502 $ 129,344 5.19%Taxable investment securities410,764 8,129 1.98% 394,424 6,204 1.57%Tax-exempt investment securities20,154 328 2.06% 24,686 366 1.88%Fed funds sold & other176,307 9,786 5.55% 85,018 3,894 4.58%Total Interest Earning Assets3,164,438 $ 163,572 5.17% 2,995,630 $ 139,808 4.67% Nonearning Assets164,464 197,726 Total Assets$ 3,328,902 $ 3,193,356 Interest Bearing Liabilities: Savings deposits$ 1,502,365 $ 39,750 2.65% $ 1,376,318 $ 27,424 1.99%Other time deposits663,320 24,713 3.73% 640,390 19,499 3.04%Other borrowed money262,094 10,948 4.18% 220,175 8,876 4.03%Fed funds purchased & securities sold under agreement to repurchase27,750 1,111 4.00% 35,421 1,474 4.16%Subordinated notes34,755 1,138 3.27% 34,640 1,138 3.29%Total Interest Bearing Liabilities$ 2,490,284 $ 77,660 3.12% $ 2,306,944 $ 58,411 2.53% Noninterest Bearing Liabilities513,588 580,931 Stockholders' Equity$ 325,030 $ 305,481 Net Interest Income and Interest Rate Spread $ 85,912 2.05% $ 81,397 2.14% Net Interest Margin 2.72% 2.72% Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESAVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages) For the Three Months Ended December 31, 2024 For the Three Months Ended December 31, 2023 As Reported Excluding Acc/Amort Difference As Reported Excluding Acc/Amort Difference $Yield $Yield $ Yield $Yield $Yield $ Yield Interest Earning Assets: Loans$ 36,6635.77% $ 36,0395.67% $ 624 0.10% $ 34,4935.41% $ 33,7695.29% $ 724 0.12%Taxable investment securities2,5542.27% 2,5542.27% - 0.00% 1,6601.72% 1,6601.72% - 0.00%Tax-exempt investment securities792.15% 792.15% - 0.00% 891.87% 891.87% - 0.00%Fed funds sold & other2,5554.88% 2,5554.88% - 0.00% 2,0285.69% 2,0285.69% - 0.00%Total Interest Earning Assets41,8515.20% 41,2275.12% 624 0.08% 38,2704.93% 37,5464.84% 724 0.09% Interest Bearing Liabilities: Savings deposits$ 9,4592.44% $ 9,4592.44% $ - 0.00% $ 8,5702.46% $ 8,5702.46% $ - 0.00%Other time deposits6,2903.77% 6,2903.77% - 0.00% 6,4453.68% 6,3813.64% 64 0.04%Other borrowed money2,7134.25% 2,7104.24% 3 0.01% 2,7424.12% 2,7604.15% (18)-0.03%Federal funds purchased and securities sold under agreement to repurchase2744.01% 2744.01% - 0.00% 2934.08% 2934.08% - 0.00%Subordinated notes2853.28% 2853.28% - 0.00% 2853.29% 2853.29% - 0.00%Total Interest Bearing Liabilities19,0213.01% 19,0183.00% 3 0.01% 18,3353.02% 18,2893.02% 46 0.00% Interest/Dividend income/yield41,8515.20% 41,2275.12% 624 0.08% 38,2704.93% 37,5464.84% 724 0.09%Interest Expense / yield19,0213.01% 19,0183.00% 3 0.01% 18,3353.02% 18,2893.02% 46 0.00%Net Interest Spread22,8302.19% 22,2092.12% 621 0.07% 19,9351.91% 19,2571.82% 678 0.09%Net Interest Margin 2.84% 2.76% 0.08% 2.57% 2.48% 0.09% For the Twelve Months Ended December 31, 2024 For the Twelve Months Ended December 31, 2023 As Reported Excluding Acc/Amort Difference As Reported Excluding Acc/Amort Difference $Yield $Yield $ Yield $Yield $Yield $ Yield Interest Earning Assets: Loans$ 145,3295.68% $ 142,6275.58% $ 2,702 0.10% $ 129,3445.19% $ 126,1335.06% $ 3,211 0.13%Taxable investment securities8,1291.98% 8,1291.98% - 0.00% 6,2041.57% 6,2041.57% - 0.00%Tax-exempt investment securities3282.06% 3282.06% - 0.00% 3661.88% 3661.88% - 0.00%Fed funds sold & other9,7865.55% 9,7865.55% - 0.00% 3,8944.58% 3,8944.58% - 0.00%Total Interest Earning Assets163,5725.17% 160,8705.09% 2,702 0.08% 139,8084.67% 136,5974.57% 3,211 0.10% Interest Bearing Liabilities: Savings deposits$ 39,7502.65% $ 39,7502.65% $ - 0.00% $ 27,4241.99% $ 27,4241.99% $ - 0.00%Other time deposits24,7133.73% 24,7133.73% - 0.00% 19,4993.04% 19,8393.10% (340)-0.06%Other borrowed money10,9484.18% 10,9644.18% (16)0.00% 8,8764.03% 8,9474.06% (71)-0.03%Federal funds purchased and securities sold under agreement to repurchase1,1114.00% 1,1114.00% - 0.00% 1,4744.16% 1,4744.16% - 0.00%Subordinated notes1,1383.27% 1,1383.27% - 0.00% 1,1383.29% 1,1383.29% - 0.00%Total Interest Bearing Liabilities77,6603.12% 77,6763.12% (16)0.00% 58,4112.53% 58,8222.55% (411)-0.02% Interest/Dividend income/yield163,5725.17% 160,8705.09% 2,702 0.08% 139,8084.67% 136,5974.57% 3,211 0.10%Interest Expense / yield77,6603.12% 77,6763.12% (16)0.00% 58,4112.53% 58,8222.55% (411)-0.02% Net Interest Spread85,9122.05% 83,1941.97% 2,718 0.08% 81,3972.14% 77,7752.02% 3,622 0.12%Net Interest Margin 2.72% 2.63% 0.09% 2.72% 2.60% 0.12% Company Contact:Investor and Media Contact:Lars B. EllerPresident and Chief Executive OfficerFarmers & Merchants Bancorp, Inc.(419) 446-2501 leller@fm.bankAndrew M. BergerManaging DirectorSM Berger & Company, Inc. (216) 464-6400andrew@smberger.com

Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

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