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

Written by Customer Service on April 28, 2025. Posted in Earnings Releases And Operating Results.

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 profitability
Total 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 balance
Total loans increased by $40.5 million, or 1.6% to $2.58 billion
Total assets increased by $101.2 million, or 3.1% to $3.39 billion
Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
Efficiency ratio improved to 66.79%, compared to 74.08%
Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
Asset 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 Statement
Net 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.

Deposits
At 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 Dividends
Total 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 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 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 SUBSIDIARIES
CONSOLIDATED 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, 2024
Interest 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 SUBSIDIARIES
CONDENSED 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 SUBSIDIARIES
SELECT FINANCIAL DATA

	For the Three Months Ended
Selected financial data	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Return 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 SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)


	For the Three Months Ended					For the Three Months Ended
	March 31, 2025					March 31, 2024
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate	Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	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 SUBSIDIARIES
AVERAGE 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/Amort				Difference				As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$		Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	37,072	5.75	%	$	36,468	5.66	%	$	604	0.09	%	$	35,200	5.46	%	$	34,525	5.36	%	$	675		0.10	%
Taxable investment securities		2,739	2.39	%		2,739	2.39	%		–	0.00	%		1,686	1.75	%		1,686	1.75	%		–		0.00	%
Tax-exempt investment securities		78	2.16	%		78	2.16	%		–	0.00	%		86	2.06	%		86	2.06	%		–		0.00	%
Fed funds sold & other		1,113	4.21	%		1,113	4.21	%		–	0.00	%		1,682	6.09	%		1,682	6.09	%		–		0.00	%
Total Interest Earning Assets		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%

Interest Bearing Liabilities:
Savings deposits	$	8,564	2.22	%	$	8,564	2.22	%	$	–	0.00	%	$	9,407	2.61	%	$	9,407	2.61	%	$	–		0.00	%
Other time deposits		5,424	3.46	%		5,424	3.46	%		–	0.00	%		5,872	3.61	%		5,872	3.61	%		–		0.00	%
Other borrowed money		2,550	4.15	%		2,547	4.15	%		3	0.00	%		2,689	4.09	%		2,707	4.11	%		(18	)	-0.02	%
Federal funds purchased and
securities sold under agreement to
repurchase		271	3.94	%		271	3.94	%		–	0.00	%		284	3.99	%		284	3.99	%		–		0.00	%
Subordinated notes		284	3.26	%		284	3.26	%		–	0.00	%		284	3.27	%		284	3.27	%		–		0.00	%
Total Interest Bearing Liabilities		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%

Interest/Dividend income/yield		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%
Interest Expense / yield		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%
Net Interest Spread		23,909	2.43	%		23,308	2.35	%		601	0.08	%		20,118	1.94	%		19,425	1.85	%		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. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

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

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