Farmers & Merchants Bancorp (FMAO) investor relations material

Executive summary

• Achieved 92 consecutive quarters of profitability, with net income rising 37.8% year-over-year to $9.6 million for Q1 2026, a record for the first quarter.

• Earnings per share increased to $0.70 from $0.51 year-over-year, driven by higher net interest margin and strong noninterest income.

• Deposit growth of 4.1% and loan growth of 3.9% year-over-year reflect successful execution of a new three-year strategic plan.

Financial highlights

• Net interest margin expanded by 39 basis points to 3.42% year-over-year.

• Efficiency ratio improved to 60.08% from 66.79% year-over-year.

• Return on average assets (ROAA) increased to 1.14% from 0.85% year-over-year.

• Tier 1 leverage ratio rose to 9.02% from 8.44% year-over-year.

• Total stockholders’ equity grew 9.1% to $375.9 million, and tangible book value per share increased to $20.76.

Outlook and guidance

• Management expects continued earnings expansion and long-term shareholder value creation, supported by strong operating leverage and a scalable platform.

• Loan demand remains robust, with $60 million in approved loans in the pipeline.