Farmers & Merchants Bancorp (FMAO) investor relations material

Executive summary

• Q3 2026 net income rose 30.3% YoY to $11.5 million, or $0.84 per diluted share; nine-month net income increased to $32.9 million and EPS to $2.39.

• 94 consecutive profitable quarters; priorities included expanding net interest margin, controlling expenses, growing the balance sheet and preserving asset quality.

Financial highlights

• Q3 net interest income before credit-loss provision was $29.9 million vs. $26.9 million YoY; nine-month NII was $86.3 million vs. $76.5 million.

• Q3 total interest income was $47.0 million and interest expense was $17.1 million; nine-month net income was $32.9 million vs. $23.5 million.

• Q3 noninterest income was $4.9 million vs. $4.4 million YoY; nine-month noninterest income was $15.3 million vs. $12.5 million.

• Q3 noninterest expense was $20.2 million vs. $19.7 million YoY; nine-month expense was $59.3 million vs. $57.8 million.

Outlook and guidance

• Loan repricing opportunities extend through 2028; management expects a favorable backdrop for interest-income growth in coming quarters and years.

• Disciplined deposit pricing and funding-cost management underpin optimism about sustaining the NIM improvement achieved over the past year; positive momentum expected through 2026 and into 2027.

• A healthy lending pipeline and selective underwriting support continued profitable growth across Ohio, Indiana and Michigan markets.