Farmers & Merchants Bancorp, Inc. Reports 2025 Second-Quarter and Year-to-Date Financial Results

ARCHBOLD, Ohio, July 28, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 second quarter and year-to-date ended June 30, 2025. 2025 Second Quarter Financial and Operating Highlights(at June 30, 2025 and on a year-over-year basis unless noted) 89 consecutive quarters of profitabilityNet income increased 35.7% to $7.7 million, or $0.56 per basic and diluted shareNet interest margin expands for fourth consecutive quarter, up 51 basis points year-over-year to 3.22%Total loans increased by $67.2 million, or 2.6% to $2.63 billionTotal assets increased by $23.1 million, or 0.7% to $3.35 billionTotal deposits increased by $69.2 million, or 2.6% to $2.71 billionEfficiency ratio improved to 64.93%, compared to 69.03%Asset quality remains at historically strong levels with nonperforming loans of only $3.7 millionNet charge-offs to average loans of 0.00%Tier 1 leverage ratio was 8.50% Lars B. Eller, President and Chief Executive Officer, stated, “Net income for the 2025 second quarter was one of the most profitable quarters and our second-strongest second quarter in F&M’s 128-year history. This performance was driven by strong levels of core profitability, continued growth in our net interest margin, and the successful execution of our multi-year strategic plan. Over the past 12 months, we have enhanced our product offerings, simplified account openings, and continued our focus on attracting and developing proven talent across our regions. The positive momentum we are experiencing today is a direct result of these efforts, as well as our team’s commitment to helping people in our communities live their best lives.” Mr. Eller continued, “Total revenue growth, which is defined by net interest income plus noninterest income, grew by 18.2% year-over-year in the 2025 second quarter, compared to 16.7% in the 2025 first quarter. This growth continues to significantly outpace the rise in noninterest expenses, contributing to a more favorable efficiency ratio and ongoing improvements in core profitability.” “Supporting this revenue momentum is the ongoing expansion of our net interest margin, which increased 51 basis points year-over-year and 19 basis points from the 2025 first quarter. Net interest margin is benefiting from higher asset yields as existing loans reprice and new originations are booked at more favorable rates. At the same time, our growing customer relationships and a more stable interest rate environment have improved our cost of funds.” Income StatementNet income for the 2025 second quarter ended June 30, 2025, was $7.7 million, compared to $5.7 million for the same period last year. Net income per basic and diluted share for the 2025 second quarter was $0.56, compared to $0.42 for the same period last year. Net income for the 2025 first half ended June 30, 2025, was $14.7 million, compared to $11.0 million for the same period last year. Net income per basic and diluted share for the 2025 first half was $1.07, compared to $0.81 for the same period last year. DepositsAt June 30, 2025, total deposits were $2.71 billion, an increase of 2.6% from June 30, 2024. The Company’s cost of interest-bearing liabilities was 2.83% for the quarter ended June 30, 2025, compared to 3.18% for the quarter ended June 30, 2024. Mr. Eller commented, “We ended the second quarter with $2.71 billion in deposits, reflecting the success of our efforts to expand relationship-based banking across the Ohio, Indiana, and Michigan markets. Building on recent product enhancements, we are also investing in new tools and capabilities to expand our marketing efforts and better communicate the value of F&M’s offerings.” Loan Portfolio and Asset Quality“Loan demand remains strong, with total loans, net increasing sequentially by $45.0 million, or at a 7.0% annualized rate. We are managing growth with disciplined pricing and remain focused on maintaining strong asset quality. Net charge offs to average loans have been under 0.03% for 17 consecutive quarters, demonstrating the growing sophistication of our credit cultural and risk management capabilities,” continued Mr. Eller. Total loans, net at June 30, 2025, increased 2.6%, or by $67.2 million to $2.63 billion, compared to $2.56 billion at June 30, 2024. The year-over-year increase was driven primarily by higher commercial real estate, commercial and industrial, and agricultural loans, partially offset primarily by lower agricultural real estate, consumer real estate, and consumer loans. Compared to the quarter ended December 31, 2024, total loans, net at June 30, 2025, increased by 2.5% or $65.0 million. F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $3.7 million, or 0.14% of total loans at June 30, 2025, compared to $2.5 million, or 0.10% of total loans at June 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 51.2% of the Company’s total loan portfolio at June 30, 2025. F&M’s CRE portfolio included the following categories at June 30, 2025: CRE Category Dollar Balance Percent of CRE Portfolio(*) Percent of Total Loan Portfolio(*) Industrial $281,599 20.9% 10.7%Retail 213,309 15.8% 8.1%Multi-family 213,029 15.8% 8.1%Hotels 172,026 12.8% 6.5%Office 139,844 10.4% 5.3%Gas Stations 77,527 5.8% 3.0%Food Service 52,205 3.9% 2.0%Senior Living 31,088 2.3% 1.2%Development 28,565 2.1% 1.1%Auto Dealers 26,744 2.0% 1.0%Other 110,017 8.2% 4.2%Total CRE $1,345,953 100.0% 51.2%* Numbers have been rounded At June 30, 2025, the Company’s allowance for credit losses to nonperforming loans was 720.35%, compared to 1,016% at June 30, 2024, and up from 586.38% at March 31, 2025. The allowance to total loans was 1.08% at June 30, 2025, compared to 1.06% at June 30, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.07% at June 30, 2025, compared to 1.10% at June 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 profitability. We expect continued loan growth, stable asset quality, and further expansion in our net interest margin to support increasing levels of profitability in the back half of 2025. As a result, we continue to believe 2025 will be another good year for F&M.” Stockholders’ Equity and DividendsTotal stockholders’ equity increased 8.7% to $350.8 million, or $25.56 per share at June 30, 2025, from $322.7 million, or $23.59 per share at June 30, 2024. The Company had a Tier 1 leverage ratio of 8.50% at June 30, 2025, compared to 8.02% at June 30, 2024. Tangible stockholders’ equity increased to $259.6 million at June 30, 2025, compared to $229.6 million at June 30, 2024. On a per share basis, tangible stockholders’ equity at June 30, 2025, was $18.91 per share, compared to $16.79 per share at June 30, 2024. For the six months ended June 30, 2025, the Company declared cash dividends of $0.44250 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 six months ended June 30, 2025, the dividend payout ratio was 40.90% compared to 53.89% 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. FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME(Unaudited) (in thousands of dollars, except per share data) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024Interest Income Loans, including fees$39,530 $37,072 $36,663 $36,873 $36,593 $76,602 $71,793 Debt securities: U.S. Treasury and government agencies 2,231 2,097 1,882 1,467 1,148 4,328 2,193 Municipalities 369 382 384 387 389 751 783 Dividends 311 338 367 334 327 649 660 Federal funds sold - - 24 7 7 - 14 Other 1,051 1,113 2,531 2,833 2,702 2,164 4,377 Total interest income 43,492 41,002 41,851 41,901 41,166 84,494 79,820 Interest Expense Deposits 14,813 13,988 15,749 16,947 16,488 28,801 31,767 Federal funds purchased and securities sold under agreements to repurchase 272 271 274 277 276 543 560 Borrowed funds 2,411 2,550 2,713 2,804 2,742 4,961 5,431 Subordinated notes 285 284 285 284 285 569 569 Total interest expense 17,781 17,093 19,021 20,312 19,791 34,874 38,327 Net Interest Income - Before Provision for Credit Losses 25,711 23,909 22,830 21,589 21,375 49,620 41,493 Provision for Credit Losses - Loans 661 811 346 282 605 1,472 316 Provision for (Recovery of) Credit Losses - Off Balance Sheet Exposures 27 (260) (120) (267) (18) (233) (284)Net Interest Income After Provision for Credit Losses 25,023 23,358 22,604 21,574 20,788 48,381 41,461 Noninterest Income Customer service fees 330 381 237 300 189 711 787 Other service charges and fees 1,206 1,124 1,176 1,155 1,085 2,330 2,142 Interchange income 1,259 1,421 1,322 1,315 1,330 2,680 2,759 Loan servicing income 629 762 771 710 513 1,391 1,052 Net gain on sale of loans 257 284 223 215 314 541 421 Increase in cash surrender value of bank owned life insurance 239 244 248 265 236 483 452 Net gain (loss) on sale of other assets owned 15 (54) 22 - 49 (39) 49 Total noninterest income 3,935 4,162 3,999 3,960 3,716 8,097 7,662 Noninterest Expense Salaries and wages 7,567 7,878 7,020 7,713 7,589 15,445 15,435 Employee benefits 2,265 2,404 2,148 2,112 2,112 4,669 4,283 Net occupancy expense 1,075 1,199 1,072 1,054 999 2,274 2,026 Furniture and equipment 1,414 1,278 1,032 1,472 1,407 2,692 2,760 Data processing 1,057 557 160 339 448 1,614 948 Franchise taxes 397 397 312 410 265 794 820 ATM expense 761 491 328 472 397 1,252 870 Advertising 356 503 498 597 519 859 1,049 FDIC assessment 448 465 505 516 507 913 1,087 Servicing rights amortization - net 234 127 244 219 187 361 355 Loan expense 328 228 236 244 251 556 480 Consulting fees 494 745 242 251 198 1,239 384 Professional fees 502 559 368 453 527 1,061 972 Intangible asset amortization 444 445 446 445 444 889 889 Other general and administrative 1,918 1,484 1,465 1,128 1,495 3,402 2,828 Total noninterest expense 19,260 18,760 16,076 17,425 17,345 38,020 35,186 Income Before Income Taxes 9,698 8,760 10,527 8,109 7,159 18,458 13,937 Income Taxes 1,988 1,808 2,146 1,593 1,477 3,796 2,896 Net Income 7,710 6,952 8,381 6,516 5,682 14,662 11,041 Other Comprehensive Income (Loss) (Net of Tax): Net unrealized gain (loss) on available-for-sale securities 1,149 6,464 (7,403) 11,664 2,531 7,613 536 Reclassification adjustment for realized (gain) loss on sale of available-for-sale securities - - - - - - - Net unrealized gain (loss) on available-for-sale securities 1,149 6,464 (7,403) 11,664 2,531 7,613 536 Tax expense (benefit) 241 1,358 (1,554) 2,449 531 1,599 113 Other comprehensive income (loss) 908 5,106 (5,849) 9,215 2,000 6,014 423 Comprehensive Income$8,618 $12,058 $2,532 $15,731 $7,682 $20,676 $11,464 Basic Earnings Per Share$0.56 $0.51 $0.61 $0.48 $0.42 $1.07 $0.81 Diluted Earnings Per Share$0.56 $0.51 $0.61 $0.48 $0.42 $1.07 $0.81 Dividends Declared$0.22125 $0.22125 $0.22125 $0.22125 $0.22000 $0.44250 $0.44000 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) (in thousands of dollars, except share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited)Assets Cash and due from banks$87,596 $172,612 $174,855 $244,572 $191,785 Federal funds sold 635 425 1,496 932 1,283 Total cash and cash equivalents 88,231 173,037 176,351 245,504 193,068 Interest-bearing time deposits 1,992 1,992 2,482 2,727 3,221 Securities - available-for-sale 431,102 438,568 426,556 404,881 365,209 Other securities, at cost 13,994 14,062 14,400 15,028 14,721 Loans held for sale 6,359 2,331 2,996 1,706 1,628 Loans, net of allowance for credit losses 2,599,917 2,555,552 2,536,043 2,512,852 2,534,468 Premises and equipment 32,885 33,163 33,828 33,779 34,507 Construction in progress - - - 35 38 Goodwill 86,358 86,358 86,358 86,358 86,358 Loan servicing rights 5,810 5,805 5,656 5,644 5,504 Bank owned life insurance 35,355 35,116 34,872 34,624 34,359 Other assets 43,760 42,802 45,181 46,047 49,552 Total Assets$3,345,763 $3,388,786 $3,364,723 $3,389,185 $3,322,633 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest-bearing$497,804 $502,318 $516,904 $481,444 $479,069 Interest-bearing NOW accounts 899,602 874,881 850,462 865,617 821,145 Savings 691,468 696,635 671,818 661,565 673,284 Time 621,455 626,450 647,581 676,187 667,592 Total deposits 2,710,329 2,700,284 2,686,765 2,684,813 2,641,090 Federal funds purchased and securities sold under agreements to repurchase 27,562 27,258 27,218 27,292 27,218 Federal Home Loan Bank (FHLB) advances 188,445 245,474 246,056 263,081 266,102 Subordinated notes, net of unamortized issuance costs 34,875 34,846 34,818 34,789 34,759 Dividend payable 3,000 2,997 2,996 2,998 2,975 Accrued expenses and other liabilities 30,760 33,326 31,659 40,832 27,825 Total liabilities 2,994,971 3,044,185 3,029,512 3,053,805 2,999,969 Commitments and Contingencies Stockholders' Equity Common stock - No par value authorized 40,000,000 shares at 6/30/25 and 20,000,000 shares at 12/31/24; issued 14,564,425 shares 6/30/25 and 12/31/24; outstanding 13,725,998 shares 6/30/25 and 13,699,536 shares 12/31/24 135,805 135,407 135,565 135,193 135,829 Treasury stock - 838,427 shares 6/30/25 and 864,889 shares 12/31/24 (10,674) (10,768) (10,985) (10,904) (11,006)Retained earnings 244,870 240,079 235,854 230,465 226,430 Accumulated other comprehensive loss (19,209) (20,117) (25,223) (19,374) (28,589) Total stockholders' equity 350,792 344,601 335,211 335,380 322,664 Total Liabilities and Stockholders' Equity$3,345,763 $3,388,786 $3,364,723 $3,389,185 $3,322,633 FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIESSELECT FINANCIAL DATA For the Three Months Ended For the Six Months EndedSelected financial data June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 June 30, 2025 June 30, 2024Return on average assets 0.92% 0.85% 0.99% 0.78% 0.69% 0.88% 0.67%Return on average equity 8.88% 8.31% 10.00% 7.93% 7.13% 8.55% 6.94%Yield on earning assets 5.45% 5.19% 5.20% 5.27% 5.22% 5.32% 5.11%Cost of interest bearing liabilities 2.83% 2.76% 3.01% 3.21% 3.18% 2.84% 3.12%Net interest spread 2.62% 2.43% 2.19% 2.06% 2.04% 2.48% 1.99%Net interest margin 3.22% 3.03% 2.84% 2.71% 2.71% 3.13% 2.66%Efficiency ratio 64.93% 66.79% 59.82% 67.98% 69.03% 65.84% 71.50%Dividend payout ratio 38.91% 43.10% 35.75% 45.99% 52.35% 40.90% 53.89%Tangible book value per share $18.91 $18.44 $17.74 $17.72 $16.79 Tier 1 leverage ratio 8.50% 8.44% 8.12% 8.04% 8.02% Average shares outstanding 13,720,339 13,706,003 13,699,869 13,687,119 13,681,501 13,713,211 13,676,333 Loans June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 (Dollar amounts in thousands) Commercial real estate $1,345,953 $1,325,698 $1,310,811 $1,301,160 $1,303,598 Agricultural real estate 221,004 215,898 216,401 220,328 222,558 Consumer real estate 523,781 523,383 520,114 524,055 525,902 Commercial and industrial 293,826 278,254 275,152 260,732 268,426 Agricultural 157,870 153,607 152,080 137,252 142,909 Consumer 59,348 60,115 63,009 67,394 70,918 Other 24,653 24,985 24,978 25,916 26,449 Less: Net deferred loan fees, costs and other (1) 459 (36) (676) 1,499 (1,022) Total loans, net $2,626,894 $2,581,904 $2,561,869 $2,538,336 $2,559,738 Asset quality data June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 (Dollar amounts in thousands) Nonaccrual loans $3,745 $4,494 $3,124 $2,898 $2,487 90 day past due and accruing $- $- $- $- $- Nonperforming loans $3,745 $4,494 $3,124 $2,898 $2,487 Other real estate owned $- $- $- $- $- Nonperforming assets $3,745 $4,494 $3,124 $2,898 $2,487 Allowance for credit losses - loans $26,977 $26,352 $25,826 $25,484 $25,270 Allowance for credit losses - off balance sheet credit exposures 1,308 1,281 1,541 1,661 1,928 Total allowance for credit losses $28,285 $27,633 $27,367 $27,145 $27,198 Total allowance for credit losses/total loans 1.08% 1.07% 1.07% 1.07% 1.06% Adjusted credit losses with accretable yield/total loans 1.07% 1.08% 1.08% 1.10% 1.10% Net charge-offs: Quarter-to-date $36 $285 $4 $68 $15 Year-to-date $321 $285 $142 $138 $70 Net charge-offs to average loans Quarter-to-date 0.00% 0.01% 0.00% 0.00% 0.00% Year-to-date 0.01% 0.01% 0.01% 0.01% 0.00% Nonperforming loans/total loans 0.14% 0.17% 0.12% 0.11% 0.10% Allowance for credit losses/nonperforming loans 720.35% 586.38% 826.70% 879.37% 1016.08% NPA coverage ratio 720.35% 586.38% 826.70% 879.37% 1016.08% (1) Includes carrying value adjustments of $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, and $612 thousand as of June 30, 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 June 30, 2025 June 30, 2024Interest Earning Assets:Average Balance Interest/Dividends Annualized Yield/Rate Average Balance Interest/Dividends Annualized Yield/RateLoans$2,617,278 $39,530 6.04% $2,556,417 $36,593 5.73%Taxable investment securities 459,298 2,837 2.47% 391,439 1,782 1.82%Tax-exempt investment securities 16,682 74 2.25% 20,907 82 1.99%Fed funds sold & other 99,964 1,051 4.21% 187,682 2,709 5.77%Total Interest Earning Assets 3,193,222 $43,492 5.45% 3,156,445 $41,166 5.22% Nonearning Assets 175,969 156,239 Total Assets$3,369,191 $3,312,684 Interest Bearing Liabilities: NOW accounts and savings deposits$1,599,067 $9,479 2.37% $1,492,831 $10,193 2.73%Time deposits 626,036 5,334 3.41% 668,583 6,295 3.77%Other borrowed money 228,708 2,411 4.22% 265,229 2,742 4.14%Fed funds purchased & securities sold under agreement to repurchase 27,301 272 3.99% 27,721 276 3.98%Subordinated notes 34,856 285 3.27% 34,740 285 3.28%Total Interest Bearing Liabilities$2,515,968 $17,781 2.83% $2,489,104 $19,791 3.18% Noninterest Bearing Liabilities 505,129 504,821 Stockholders' Equity$348,094 $318,759 Net Interest Income and Interest Rate Spread $25,711 2.62% $21,375 2.04% Net Interest Margin 3.22% 2.71% 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 Six Months Ended For the Six Months Ended June 30, 2025 June 30, 2024Interest Earning Assets:Average Balance Interest/Dividends Annualized Yield/Rate Average Balance Interest/Dividends Annualized Yield/RateLoans$2,598,011 $76,602 5.90% $2,566,765 $71,793 5.60%Taxable investment securities 458,903 5,576 2.43% 388,225 3,468 1.79%Tax-exempt investment securities 17,501 152 2.20% 21,196 168 2.01%Fed funds sold & other 102,851 2,164 4.21% 149,035 4,391 5.89%Total Interest Earning Assets 3,177,266 $84,494 5.32% 3,125,221 $79,820 5.11% Nonearning Assets 171,324 157,510 Total Assets$3,348,590 $3,282,731 Interest Bearing Liabilities: NOW accounts and savings deposits$1,524,965 $18,043 2.37% $1,467,669 $19,600 2.67%Time deposits 626,767 10,758 3.43% 659,581 12,167 3.69%Other borrowed money 237,185 4,961 4.18% 264,217 5,431 4.11%Fed funds purchased & securities sold under agreement to repurchase 27,391 543 3.96% 28,089 560 3.99%Subordinated notes 34,842 569 3.27% 34,726 569 3.28%Total Interest Bearing Liabilities$2,451,150 $34,874 2.84% $2,454,282 $38,327 3.12% Noninterest Bearing Liabilities 553,686 510,453 Stockholders' Equity$343,754 $317,996 Net Interest Income and Interest Rate Spread $49,620 2.48% $41,493 1.99% Net Interest Margin 3.13% 2.66% 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 June 30, 2025 For the Three Months Ended June 30, 2024 As Reported Excluding Acc/AmortDifference As Reported Excluding Acc/AmortDifference $Yield $Yield $Yield $Yield $Yield $YieldInterest Earning Assets: Loans$39,530 6.04% $38,928 5.95% $602 0.09% $36,593 5.73% $35,914 5.62% $679 0.11%Taxable investment securities 2,837 2.47% 2,837 2.47% - 0.00% 1,782 1.82% 1,782 1.82% - 0.00%Tax-exempt investment securities 74 2.25% 74 2.25% - 0.00% 82 1.99% 82 1.99% - 0.00%Fed funds sold & other 1,051 4.21% 1,051 4.21% - 0.00% 2,709 5.77% 2,709 5.77% - 0.00%Total Interest Earning Assets 43,492 5.45% 42,890 5.38% 602 0.07% 41,166 5.22% 40,487 5.13% 679 0.09% Interest Bearing Liabilities: NOW accounts and savings deposits$9,479 2.37% $9,479 2.37% $- 0.00% $10,193 2.73% $10,193 2.73% $- 0.00%Time deposits 5,334 3.41% 5,334 3.41% - 0.00% 6,295 3.77% 6,295 3.77% - 0.00%Other borrowed money 2,411 4.22% 2,407 4.21% 4 0.01% 2,742 4.14% 2,747 4.14% (5) 0.00%Federal funds purchased and securities sold under agreement to repurchase 272 3.99% 272 3.99% - 0.00% 276 3.98% 276 3.98% - 0.00%Subordinated notes 285 3.27% 285 3.27% - 0.00% 285 3.28% 285 3.28% - 0.00%Total Interest Bearing Liabilities 17,781 2.83% 17,777 2.83% 4 0.00% 19,791 3.18% 19,796 3.18% (5) 0.00% Interest/Dividend income/yield 43,492 5.45% 42,890 5.38% 602 0.07% 41,166 5.22% 40,487 5.13% 679 0.09%Interest Expense / yield 17,781 2.83% 17,777 2.83% 4 0.00% 19,791 3.18% 19,796 3.18% (5) 0.00%Net Interest Spread 25,711 2.62% 25,113 2.55% 598 0.07% 21,375 2.04% 20,691 1.95% 684 0.09%Net Interest Margin 3.22% 3.15% 0.07% 2.71% 2.62% 0.09% For the Six Months Ended June 30, 2025 For the Six Months Ended June 30, 2024 As Reported Excluding Acc/AmortDifference As Reported Excluding Acc/AmortDifference $Yield $Yield $Yield $Yield $Yield $YieldInterest Earning Assets: Loans$76,602 5.90% $75,396 5.80% $1,206 0.10% $71,793 5.60% $70,439 5.49% $1,354 0.11%Taxable investment securities 5,576 2.43% 5,576 2.43% - 0.00% 3,468 1.79% 3,468 1.79% - 0.00%Tax-exempt investment securities 152 2.20% 152 2.20% - 0.00% 168 2.01% 168 2.01% - 0.00%Fed funds sold & other 2,164 4.21% 2,164 4.21% - 0.00% 4,391 5.89% 4,391 5.89% - 0.00%Total Interest Earning Assets 84,494 5.32% 83,288 5.25% 1,206 0.07% 79,820 5.11% 78,466 5.03% 1,354 0.08% Interest Bearing Liabilities: NOW accounts and savings deposits$18,043 2.37% $18,043 2.37% $- 0.00% $19,600 2.67% $19,600 2.67% $- 0.00%Time deposits 10,758 3.43% 10,758 3.43% - 0.00% 12,167 3.69% 12,167 3.69% - 0.00%Other borrowed money 4,961 4.18% 4,954 4.18% 7 0.00% 5,431 4.11% 5,454 4.13% (23) -0.02%Federal funds purchased and securities sold under agreement to repurchase 543 3.96% 543 3.96% - 0.00% 560 3.99% 560 3.99% - 0.00%Subordinated notes 569 3.27% 569 3.27% - 0.00% 569 3.28% 569 3.28% - 0.00%Total Interest Bearing Liabilities 34,874 2.84% 34,867 2.85% 7 -0.01% 38,327 3.12% 38,350 3.13% (23) -0.01% Interest/Dividend income/yield 84,494 5.32% 83,288 5.25% 1,206 0.07% 79,820 5.11% 78,466 5.03% 1,354 0.08%Interest Expense / yield 34,874 2.84% 34,867 2.85% 7 -0.01% 38,327 3.12% 38,350 3.13% (23) -0.01%Net Interest Spread 49,620 2.48% 48,421 2.40% 1,199 0.08% 41,493 1.99% 40,116 1.90% 1,377 0.09%Net Interest Margin 3.13% 3.05% 0.08% 2.66% 2.57% 0.09% Company Contact:Lars B. EllerPresident and Chief Executive Officer Farmers & Merchants Bancorp, Inc.(419) 446-2501 leller@fm.bankInvestor and Media Contact: Andrew M. BergerManaging DirectorSM Berger & Company, Inc. (216) 464-6400andrew@smberger.com

Farmers & Merchants Bancorp, Inc. Reports 2025 Second-Quarter and Year-to-Date Financial Results

FAQ

Why Very Bullish?

How important is it?

Why Long Term?

Related Companies

Related News