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Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

1. First-quarter net income rose 29.7%, reaching $7 million. 2. Total loans increased by 1.6%, up to $2.58 billion. 3. Efficiency ratio improved to 66.79%, denoting better cost management. 4. Nonperforming loans remained historically low at 0.17% of total loans. 5. Total assets rose to $3.39 billion, indicating strong growth.

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Increasing net income and improved efficiency suggest strong financial health. Historically, such metrics have correlated with rising stock values.

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Strong quarterly results are likely to attract investors. Successful quarter performance supports company growth outlook.

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MBCNHAFCFISI
ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025. 2025 First Quarter Financial and Operating Highlights(at March 31, 2025 and on a year-over-year basis unless noted) 88 consecutive quarters of profitabilityTotal interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balanceTotal loans increased by $40.5 million, or 1.6% to $2.58 billionTotal assets increased by $101.2 million, or 3.1% to $3.39 billionTotal deposits increased by $78.9 million, or 3.0% to $2.70 billionEfficiency ratio improved to 66.79%, compared to 74.08%Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 millionNet income increased 29.7% to $7.0 million, or $0.51 per basic and diluted shareAsset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%Tier 1 leverage ratio was 8.44% Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.” Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.” Income StatementNet income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year. DepositsAt March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024. Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.” Loan Portfolio and Asset Quality“Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller. Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million. F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 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 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company's total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366. F&M’s CRE portfolio included the following categories at March 31, 2025: CRE Category Dollar Balance Percent of CRE Portfolio(*) Percent of Total Loan Portfolio(*)       Industrial $281,484 21.2% 10.9%Multi-family  217,903 16.4% 8.4%Retail  213,281 16.1% 8.3%Hotels  157,139 11.8% 6.1%Office  139,069 10.5% 5.4%Gas Stations  70,983 5.3% 2.7%Food Service  52,827 4.0% 2.0%Senior Living  31,400 2.4% 1.2%Development  29,907 2.3% 1.2%Auto Dealers  27,294 2.1% 1.1%Other  104,411 7.9% 4.0%Total CRE $1,325,698 100.0% 51.3%         * Numbers have been rounded At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024. Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.” Stockholders’ Equity and DividendsTotal stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024. Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024. For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% 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 three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% 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 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024Interest Income         Loans, including fees$37,072  $36,663  $36,873  $36,593  $35,200 Debt securities:         U.S. Treasury and government agencies 2,097   1,882   1,467   1,148   1,045 Municipalities 382   384   387   389   394 Dividends 338   367   334   327   333 Federal funds sold -   24   7   7   7 Other 1,113   2,531   2,833   2,702   1,675 Total interest income 41,002   41,851   41,901   41,166   38,654 Interest Expense         Deposits 13,988   15,749   16,947   16,488   15,279 Federal funds purchased and securities sold under agreements to repurchase 271   274   277   276   284 Borrowed funds 2,550   2,713   2,804   2,742   2,689 Subordinated notes 284   285   284   285   284 Total interest expense 17,093   19,021   20,312   19,791   18,536 Net Interest Income - Before Provision for Credit Losses 23,909   22,830   21,589   21,375   20,118 Provision for (Recovery of) Credit Losses - Loans 811   346   282   605   (289)Recovery of Credit Losses - Off Balance Sheet Exposures (260)  (120)  (267)  (18)  (266)Net Interest Income After Provision for Credit Losses 23,358   22,604   21,574   20,788   20,673 Noninterest Income         Customer service fees 381   237   300   189   598 Other service charges and fees 1,124   1,176   1,155   1,085   1,057 Interchange income 1,421   1,322   1,315   1,330   1,429 Loan servicing income 762   771   710   513   539 Net gain on sale of loans 284   223   215   314   107 Increase in cash surrender value of bank owned life insurance 244   248   265   236   216 Net gain (loss) on sale of other assets owned (54)  22   -   49   - Total noninterest income 4,162   3,999   3,960   3,716   3,946 Noninterest Expense         Salaries and wages 7,878   7,020   7,713   7,589   7,846 Employee benefits 2,404   2,148   2,112   2,112   2,171 Net occupancy expense 1,199   1,072   1,054   999   1,027 Furniture and equipment 1,278   1,032   1,472   1,407   1,353 Data processing 557   160   339   448   500 Franchise taxes 397   312   410   265   555 ATM expense 491   328   472   397   473 Advertising 503   498   597   519   530 FDIC assessment 465   505   516   507   580 Servicing rights amortization - net 127   244   219   187   168 Loan expense 228   236   244   251   229 Consulting fees 745   242   251   198   186 Professional fees 559   368   453   527   445 Intangible asset amortization 445   446   445   444   445 Other general and administrative 1,484   1,465   1,128   1,495   1,333 Total noninterest expense 18,760   16,076   17,425   17,345   17,841 Income Before Income Taxes 8,760   10,527   8,109   7,159   6,778 Income Taxes 1,808   2,146   1,593   1,477   1,419 Net Income 6,952   8,381   6,516   5,682   5,359 Other Comprehensive Income (Loss) (Net of Tax):         Net unrealized gain (loss) on available-for-sale securities 6,464   (7,403)  11,664   2,531   (1,995)Reclassification adjustment for realized loss on sale of available-for-sale securities -   -   -   -   - Net unrealized gain (loss) on available-for-sale securities 6,464   (7,403)  11,664   2,531   (1,995)Tax expense (benefit) 1,358   (1,554)  2,449   531   (418)Other comprehensive income (loss) 5,106   (5,849)  9,215   2,000   (1,577)Comprehensive Income$12,058  $2,532  $15,731  $7,682  $3,782 Basic Earnings Per Share$0.51  $0.61  $0.48  $0.42  $0.39 Diluted Earnings Per Share$0.51  $0.61  $0.48  $0.42  $0.39 Dividends Declared$0.22125  $0.22125  $0.22125  $0.22  $0.22            FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (in thousands of dollars, except share data)  March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (Unaudited)   (Unaudited) (Unaudited) (Unaudited)Assets         Cash and due from banks$172,612  $174,855  $244,572  $191,785  $186,541 Federal funds sold 425   1,496   932   1,283   1,241 Total cash and cash equivalents 173,037   176,351   245,504   193,068   187,782           Interest-bearing time deposits 1,992   2,482   2,727   3,221   2,735 Securities - available-for-sale 438,568   426,556   404,881   365,209   347,516 Other securities, at cost 14,062   14,400   15,028   14,721   14,744 Loans held for sale 2,331   2,996   1,706   1,628   2,410 Loans, net of allowance for credit losses 2,555,552   2,536,043   2,512,852   2,534,468   2,516,687 Premises and equipment 33,163   33,828   33,779   34,507   35,007 Construction in progress -   -   35   38   9 Goodwill 86,358   86,358   86,358   86,358   86,358 Loan servicing rights 5,805   5,656   5,644   5,504   5,555 Bank owned life insurance 35,116   34,872   34,624   34,359   34,123 Other assets 42,802   45,181   46,047   49,552   54,628           Total Assets$3,388,786  $3,364,723  $3,389,185  $3,322,633  $3,287,554           Liabilities and Stockholders' Equity         Liabilities         Deposits         Noninterest-bearing$502,318  $516,904  $481,444  $479,069  $510,731 Interest-bearing         NOW accounts 874,881   850,462   865,617   821,145   829,236 Savings 696,635   671,818   661,565   673,284   635,430 Time 626,450   647,581   676,187   667,592   645,985 Total deposits 2,700,284   2,686,765   2,684,813   2,641,090   2,621,382           Federal funds purchased and securities         sold under agreements to repurchase 27,258   27,218   27,292   27,218   28,218 Federal Home Loan Bank (FHLB) advances 245,474   246,056   263,081   266,102   256,628 Subordinated notes, net of unamortized issuance costs 34,846   34,818   34,789   34,759   34,731 Dividend payable 2,997   2,996   2,998   2,975   2,975 Accrued expenses and other liabilities 33,326   31,659   40,832   27,825   25,930 Total liabilities 3,044,185   3,029,512   3,053,805   2,999,969   2,969,864           Commitments and Contingencies                   Stockholders' Equity         Common stock - No par value 20,000,000 shares authorized; issued         14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24 135,407   135,565   135,193   135,829   135,482 Treasury stock - 846,089 shares 3/31/25 and 864,889 shares 12/31/24 (10,768)  (10,985)  (10,904)  (11,006)  (10,851)Retained earnings 240,079   235,854   230,465   226,430   223,648 Accumulated other comprehensive loss (20,117)  (25,223)  (19,374)  (28,589)  (30,589)Total stockholders' equity 344,601   335,211   335,380   322,664   317,690           Total Liabilities and Stockholders' Equity$3,388,786  $3,364,723  $3,389,185  $3,322,633  $3,287,554            FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESSELECT FINANCIAL DATA                  For the Three Months EndedSelected financial data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024Return on average assets  0.85%  0.99%  0.78%  0.69%  0.66%Return on average equity  8.31%  10.00%  7.93%  7.13%  6.76%Yield on earning assets  5.19%  5.20%  5.27%  5.22%  5.00%Cost of interest bearing liabilities  2.76%  3.01%  3.21%  3.18%  3.06%Net interest spread  2.43%  2.19%  2.06%  2.04%  1.94%Net interest margin  3.03%  2.84%  2.71%  2.71%  2.60%Efficiency ratio  66.79%  59.82%  67.98%  69.03%  74.08%Dividend payout ratio  43.10%  35.75%  45.99%  52.35%  55.52%Tangible book value per share $17.71  $17.74  $17.72  $16.79  $16.51 Tier 1 leverage ratio  8.44%  8.12%  8.04%  8.02%  8.40%Average shares outstanding  13,706,003   13,699,869   13,687,119   13,681,501   13,671,166                 Loans March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024(Dollar amounts in thousands)               Commercial real estate $1,325,698  $1,310,811  $1,301,160  $1,303,598  $1,304,400 Agricultural real estate  215,898   216,401   220,328   222,558   227,455 Consumer real estate  523,383   520,114   524,055   525,902   525,178 Commercial and industrial  278,254   275,152   260,732   268,426   256,051 Agricultural  153,607   152,080   137,252   142,909   127,670 Consumer  60,115   63,009   67,394   70,918   74,819 Other  24,985   24,978   25,916   26,449   26,776 Less: Net deferred loan fees, costs and other (1)  (36)  (676)  1,499   (1,022)  (982)Total loans, net $2,581,904  $2,561,869  $2,538,336  $2,559,738  $2,541,367                                 Asset quality data March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024(Dollar amounts in thousands)               Nonaccrual loans $4,494  $3,124  $2,898  $2,487  $19,391 90 day past due and accruing $-  $-  $-  $-  $- Nonperforming loans $4,494  $3,124  $2,898  $2,487  $19,391 Other real estate owned $-  $-  $-  $-  $- Nonperforming assets $4,494  $3,124  $2,898  $2,487  $19,391                                 Allowance for credit losses - loans $26,352  $25,826  $25,484  $25,270  $24,680 Allowance for credit losses - off balance sheet credit exposures  1,281   1,541   1,661   1,928   1,946 Total allowance for credit losses $27,633  $27,367  $27,145  $27,198  $26,626 Total allowance for credit losses/total loans  1.07%  1.07%  1.07%  1.06%  1.05%Adjusted credit losses with accretable yield/total loans  1.08%  1.08%  1.10%  1.10%  1.11%Net charge-offs:               Quarter-to-date $285  $4  $68  $15  $55 Year-to-date $285  $142  $138  $70  $55 Net charge-offs to average loans               Quarter-to-date  0.01%  0.00%  0.00%  0.00%  0.00%Year-to-date  0.01%  0.01%  0.01%  0.00%  0.00%Nonperforming loans/total loans  0.17%  0.12%  0.11%  0.10%  0.76%Allowance for credit losses/nonperforming loans  586.38%  826.70%  879.37%  1016.08%  127.28%NPA coverage ratio  586.38%  826.70%  879.37%  1016.08%  127.28%                (1) Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans                 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 March 31, 2025 March 31, 2024Interest Earning Assets:Average Balance Interest/Dividends Annualized Yield/Rate Average Balance Interest/Dividends Annualized Yield/RateLoans$2,578,531 $37,072 5.75% $2,577,114 $35,200 5.46%Taxable investment securities 458,519  2,739 2.39%  384,928  1,686 1.75%Tax-exempt investment securities 18,310  78 2.16%  21,109  86 2.06%Fed funds sold & other 105,770  1,113 4.21%  110,388  1,682 6.09%Total Interest Earning Assets 3,161,130 $41,002 5.19%  3,093,539 $38,654 5.00%            Nonearning Assets 166,630      159,240                Total Assets$3,327,760     $3,252,779                Interest Bearing Liabilities:           Savings deposits$1,543,665 $8,564 2.22% $1,443,530 $9,407 2.61%Other time deposits 627,498  5,424 3.46%  650,580  5,872 3.61%Other borrowed money 245,734  2,550 4.15%  263,280  2,689 4.09%Fed funds purchased & securities           sold under agreement to repurchase 27,480  271 3.94%  28,458  284 3.99%Subordinated notes 34,828  284 3.26%  34,712  284 3.27%Total Interest Bearing Liabilities$2,479,205 $17,093 2.76% $2,420,560 $18,536 3.06%            Noninterest Bearing Liabilities 509,190      514,986                Stockholders' Equity$339,365     $317,233                Net Interest Income and Interest Rate Spread  $23,909 2.43%   $20,118 1.94%            Net Interest Margin    3.03%     2.60%            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 March 31, 2025 For the Three Months Ended March 31, 2024 As Reported Excluding Acc/AmortDifference As Reported Excluding Acc/AmortDifference $Yield $Yield $Yield $Yield $Yield $YieldInterest Earning Assets:                 Loans$37,0725.75% $36,4685.66% $6040.09% $35,2005.46% $34,5255.36% $675 0.10%Taxable investment securities 2,7392.39%  2,7392.39%  -0.00%  1,6861.75%  1,6861.75%  - 0.00%Tax-exempt investment securities 782.16%  782.16%  -0.00%  862.06%  862.06%  - 0.00%Fed funds sold & other 1,1134.21%  1,1134.21%  -0.00%  1,6826.09%  1,6826.09%  - 0.00%Total Interest Earning Assets 41,0025.19%  40,3985.11%  6040.08%  38,6545.00%  37,9794.92%  675 0.08%                  Interest Bearing Liabilities:                 Savings deposits$8,5642.22% $8,5642.22% $-0.00% $9,4072.61% $9,4072.61% $- 0.00%Other time deposits 5,4243.46%  5,4243.46%  -0.00%  5,8723.61%  5,8723.61%  - 0.00%Other borrowed money 2,5504.15%  2,5474.15%  30.00%  2,6894.09%  2,7074.11%  (18)-0.02%Federal funds purchased and                 securities sold under agreement to                 repurchase 2713.94%  2713.94%  -0.00%  2843.99%  2843.99%  - 0.00%Subordinated notes 2843.26%  2843.26%  -0.00%  2843.27%  2843.27%  - 0.00%Total Interest Bearing Liabilities 17,0932.76%  17,0902.76%  3-0.00%  18,5363.06%  18,5543.07%  (18)-0.01%                  Interest/Dividend income/yield 41,0025.19%  40,3985.11%  6040.08%  38,6545.00%  37,9794.92%  675 0.08%Interest Expense / yield 17,0932.76%  17,0902.76%  3-0.00%  18,5363.06%  18,5543.07%  (18)-0.01%Net Interest Spread 23,9092.43%  23,3082.35%  6010.08%  20,1181.94%  19,4251.85%  693 0.09%Net Interest Margin 3.03%  2.95%  0.08%  2.60%  2.52%  0.08%                   Company Contact:Investor and Media Contact:Lars B. EllerPresident and Chief Executive Officer Farmers & Merchants Bancorp, Inc.(419) 446-2501 leller@fm.bankAndrew M. BergerManaging DirectorSM Berger & Company, Inc. (216) 464-6400andrew@smberger.com

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