Exhibit 99

Post Office Box 216 307 North Defiance Street Archbold, Ohio 43502 NEWS RELEASE

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 Second-Quarter and Year-to-Date Financial Results

ARCHBOLD, OHIO, July 28, 2025, 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 profitability

•Net income increased 35.7% to $7.7 million, or $0.56 per basic and diluted share

•Net 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 billion

•Total assets increased by $23.1 million, or 0.7% to $3.35 billion

•Total deposits increased by $69.2 million, or 2.6% to $2.71 billion

•Efficiency ratio improved to 64.93%, compared to 69.03%

•Asset quality remains at historically strong levels with nonperforming loans of only $3.7 million

•Net 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 Statement

Net 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.

Deposits

At 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 Dividends

Total 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 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.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED 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, 2024
Interest 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 agreement 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 Credit 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
(continued)

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

(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, 2024
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	$	0.22	$	0.44250	$	0.44

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED 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 6/30/25 and 20,00,000 shares 12/31/24;    issued 14,564,425 shares 6/30/25 and 12/31/24;    outstanding 13,725,898 shares 6/30/25 and    13,699,536 shares 12/31/24		135,805			135,407			135,565			135,193			135,829
Treasury stock - 838,427shares 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 SUBSIDIARIES

SELECT FINANCIAL DATA

	For the Three Months Ended															For the Six Months Ended
Selected financial data	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Return 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
(1) Includes carrying value adjustments of $1.9 million as of June 30, 2025, $1.7 million as of March 31, 2025, $1.1million 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 SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

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	%

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
	June 30, 2025							June 30, 2024
	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Interest Earning Assets:
Loans	$	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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Six Months Ended							For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Interest Earning Assets:
Loans	$	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 SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Three Months Ended																For the Three Months Ended
	June 30, 2025																June 30, 2024
	As Reported					Excluding Accretion/Amortization						Difference					As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$		Yield			$		Yield				$		Yield			$			Yield
Interest 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	%
Fed 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	%
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 (continued)

(in thousands of dollars, except percentages)

	For the Six Months Ended																For the Six Months Ended
	June 30, 2025																June 30, 2024
	As Reported					Excluding Accretion/Amortization						Difference					As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$		Yield			$		Yield				$		Yield			$			Yield
Interest 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	%
Fed 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	%
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