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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay vs. Performance


Year			Summary Compensation Table Total for PEO ($)⁽¹⁾			Compensation Actually Paid to PEO ($)⁽³⁾			Average Summary Compensation Table Total for Non-PEO NEOs ($)⁽²⁾			Average Compensation Actually Paid to Non-PEO NEOs ($)⁽³⁾			Value of Initial Fixed $100 Investment Based On: ⁽⁴⁾						Net Income ($)⁽⁵⁾ (000’s)			Return on Average Assets⁽⁶⁾
Year			Summary Compensation Table Total for PEO ($)⁽¹⁾			Compensation Actually Paid to PEO ($)⁽³⁾						Average Compensation Actually Paid to Non-PEO NEOs ($)⁽³⁾			Total Shareholder Return ($)⁽⁴⁾			Peer Group Total Shareholder Return ($)⁽⁴⁾			Net Income ($)⁽⁵⁾ (000’s)			Return on Average Assets⁽⁶⁾
2025			$969,335			$913,080			$350,738			$331,843			$126			$146			$33,309			0.99%
2024			$910,158			$1,004,203			$394,005			$415,696			$142			$137			$25,938			0.78%
2023			$701,875			$666,819			$337,707			$322,661			$118			$116			$22,787			0.71%
2022			$753,619			$708,932			$380,612			$361,563			$125			$120			$32,515			1.17%
2021			$717,791			$811,841			$372,176			$413,630			$146			$143			$23,495			1.05%

(1)	Lars B. Eller was the Registrant’s PEO for each of the 2025, 2024, 2023, 2022 and 2021 fiscal years.

(2)

For the 2021, 2022 and 2023 fiscal years, the Registrant’s Non-PEO NEOs were: Barbara J. Britenriker; Rex D. Rice; and Benet S. Rupp. For the 2024 fiscal year, the Registrant’s Non-PEO NEOs were: Barbara J. Britenriker; David R. Gerken, Eric D. Faust and Shalini Singhal. Rex D. Rice and Benet S. Rupp both retired during 2024. For the 2025 fiscal year, the Registrants Non-PEO NEOs were: Barbara J. Britenriker, David R. Gerken, Eric D. Faust and Andrew S. Baker. Andrew S. Baker replaced Shalini Singhal based on additional responsibility as Chief Strategy Officer and compensation level.

(3)	The amounts disclosed reflect the amounts listed in the Compensation Actually Paid Adjustments Table presented below.

(4)	Computed based upon a hypothetical investment of $100 in common stock on December 31, 2020 with dividends paid reinvested and compared to the Company’s Peer Group Total Shareholder Return which is the Nasdaq Bank Index.

(5)	As reported on Registrant’s Consolidated Statements of Income for the applicable reporting year, as provided under Part II Item 8 of Registrant’s Annual Report on Form 10-K.

(6)

Reflects the Company’s return on average assets (ROAA), which in the Company’s assessment represents the most important financial performance measure (not otherwise required to be disclosed in the table) used to link compensation actually paid NEOs. ROAA is a common performance metric used in the banking industry to show how efficiently a company uses its assets to generate profits and represents the ratio resulting from dividing the Company’s net income by its average total assets for the period.


			2025						2024						2023						2022						2021
Adjustment			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)
Less Grant date value of equity awards			(109,148)			(50,732)			(129,440)			(39,648)			(124,320)			(50,937)			(122,560)			(48,003)			(68,100)			(30,267)
Year-end fair value of current year award			103,075			47,909			166,834			39,610			119,040			48,782			108,720			42,582			98,490			43,762
Year-over-year change in fair value of unvested awards			(54,209)			(17,156)			40,920			16,432			(16,660)			(6,902)			(33,900)			(14,974)			58,980			26,053
Change in value of awards vesting during the current year			(10,800)			(4,230)			2,250			1,000			(23,910)			(10,494)			(4,290)			(1,907)						(800)
Dividends paid on unvested awards			14,827			5,314			13,481			4,297			10,794			4,505			7,343			3,253			4,680			2,706
Total adjustments			(56,255)			(18,895)			94,045			21,691			(35,056)			(15,046)			(44,687)			(19,049)			94,050			41,454

Company Selected Measure Name

return on average assets

Named Executive Officers, Footnote

(1)	Lars B. Eller was the Registrant’s PEO for each of the 2025, 2024, 2023, 2022 and 2021 fiscal years.

(2)

For the 2021, 2022 and 2023 fiscal years, the Registrant’s Non-PEO NEOs were: Barbara J. Britenriker; Rex D. Rice; and Benet S. Rupp. For the 2024 fiscal year, the Registrant’s Non-PEO NEOs were: Barbara J. Britenriker; David R. Gerken, Eric D. Faust and Shalini Singhal. Rex D. Rice and Benet S. Rupp both retired during 2024. For the 2025 fiscal year, the Registrants Non-PEO NEOs were: Barbara J. Britenriker, David R. Gerken, Eric D. Faust and Andrew S. Baker. Andrew S. Baker replaced Shalini Singhal based on additional responsibility as Chief Strategy Officer and compensation level.

Peer Group Issuers, Footnote

(4)	Computed based upon a hypothetical investment of $100 in common stock on December 31, 2020 with dividends paid reinvested and compared to the Company’s Peer Group Total Shareholder Return which is the Nasdaq Bank Index.

PEO Total Compensation Amount

$ 969,335

$ 910,158

$ 701,875

$ 753,619

$ 717,791

PEO Actually Paid Compensation Amount

$ 913,080

1,004,203

666,819

708,932

811,841

Adjustment To PEO Compensation, Footnote

(3)	The amounts disclosed reflect the amounts listed in the Compensation Actually Paid Adjustments Table presented below.


			2025						2024						2023						2022						2021
Adjustment			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)
Less Grant date value of equity awards			(109,148)			(50,732)			(129,440)			(39,648)			(124,320)			(50,937)			(122,560)			(48,003)			(68,100)			(30,267)
Year-end fair value of current year award			103,075			47,909			166,834			39,610			119,040			48,782			108,720			42,582			98,490			43,762
Year-over-year change in fair value of unvested awards			(54,209)			(17,156)			40,920			16,432			(16,660)			(6,902)			(33,900)			(14,974)			58,980			26,053
Change in value of awards vesting during the current year			(10,800)			(4,230)			2,250			1,000			(23,910)			(10,494)			(4,290)			(1,907)						(800)
Dividends paid on unvested awards			14,827			5,314			13,481			4,297			10,794			4,505			7,343			3,253			4,680			2,706
Total adjustments			(56,255)			(18,895)			94,045			21,691			(35,056)			(15,046)			(44,687)			(19,049)			94,050			41,454

Non-PEO NEO Average Total Compensation Amount

$ 350,738

394,005

337,707

380,612

372,176

Non-PEO NEO Average Compensation Actually Paid Amount

$ 331,843

415,696

322,661

361,563

413,630

Adjustment to Non-PEO NEO Compensation Footnote

(3)	The amounts disclosed reflect the amounts listed in the Compensation Actually Paid Adjustments Table presented below.


			2025						2024						2023						2022						2021
Adjustment			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)			PEO ($)			Non-PEO NEOs ($)
Less Grant date value of equity awards			(109,148)			(50,732)			(129,440)			(39,648)			(124,320)			(50,937)			(122,560)			(48,003)			(68,100)			(30,267)
Year-end fair value of current year award			103,075			47,909			166,834			39,610			119,040			48,782			108,720			42,582			98,490			43,762
Year-over-year change in fair value of unvested awards			(54,209)			(17,156)			40,920			16,432			(16,660)			(6,902)			(33,900)			(14,974)			58,980			26,053
Change in value of awards vesting during the current year			(10,800)			(4,230)			2,250			1,000			(23,910)			(10,494)			(4,290)			(1,907)						(800)
Dividends paid on unvested awards			14,827			5,314			13,481			4,297			10,794			4,505			7,343			3,253			4,680			2,706
Total adjustments			(56,255)			(18,895)			94,045			21,691			(35,056)			(15,046)			(44,687)			(19,049)			94,050			41,454

Compensation Actually Paid vs. Total Shareholder Return

Comparison of Compensation Actually Paid (CAP) to Cumulative Total Shareholder Return (TSR)

(Value of Initial $100 Investment)


			2025 ($)			2024 ($)			Percentage change 2025-2024 (%)			2023 ($)			Percentage change 2024-2023 (%)			2022 ($)			Percentage change 2023-2022 (%)			2021 ($)			Percentage change 2022-2021 (%)
F&M TSR			126			142			(11.72)			118			20.37			125			(5.33)			146			(14.43)
CAP to PEO (in thousands)			913			1,004			(9.06)			667			50.52			709			(5.92)			812			(12.68)
Average CAP to Other NEOs (in thousands)			332			416			(20.19)			323			28.79			381			(15.22)			372			2.42

The PEO compensation actually paid increased/(decreased) (9.06%), 50.52%, (5.92%), and (12.68%) for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the TSR of the Company of (11.72%), 20.37%, (5.33%), and (14.43%) for the same periods.

The Other NEOs compensation actually paid increased/(decreased) (20.19%), 28.79%, (15.22%), and 2.42% for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the TSR of the Company of (11.72%), 20.37%, (5.33%), and (14.43%) for the same periods.

Compensation Actually Paid vs. Net Income

Comparison of Compensation Actually Paid (CAP) to Net Income


			2025 ($)			2024 ($)			Percentage change 2025-2024 (%)			2023 ($)			Percentage change 2024-2023 (%)			2022 ($)			Percentage change 2023-2022 (%)			2021 ($)			Percentage change 2022-2021 (%)
CAP to PEO (in thousands)			913			1,004			(9.06)			667			50.52			709			(5.92)			812			(12.68)
Average CAP to Other NEOs (in thousands)			332			416			(20.19)			323			28.79			381			(15.22)			372			2.42
Net Income (in millions)			33			26			28.57			23			13.60			33			(29.85)			23			38.89

The PEO compensation actually paid increased/(decreased) (9.06%), 50.52%, (5.92%), and (12.68%) for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the net income of the Company of 28.57%, 13.60%, (29.85%), and 38.89% for the same periods.

The Other NEOs compensation actually paid increased/(decreased) (20.19%), 28.79%, (15.22%), and 2.42% for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the net income of the Company of 28.57%, 13.60%, (29.85%), and 38.89% for the same periods.

Compensation Actually Paid vs. Company Selected Measure

Comparison of Compensation Actually Paid (CAP) to Return on Average Assets


			2025			2024			Percentage change 2025-2024 (%)			2023			Percentage change 2024-2023 (%)			2022			Percentage change 2023-2022 (%)			2021			Percentage change 2022-2021 (%)
CAP to PEO (in thousands)			$913			$1,004			(9.06)			$667			50.52			$709			(5.92)			$812			(12.68)
Average CAP to Other NEOs (in thousands)			$332			$416			(20.19)			$323			28.79			$381			(15.22)			$372			2.42
Return on Average Assets			0.99%			0.78%			27.00			0.71%			10.00			1.17%			(40.00)			1.05%			12.00

The PEO compensation actually paid increased/(decreased) (9.06%), 50.52%, (5.92%), and (12.68%) for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the return on average assets of the Company of 27%, 10.0%, (40%), and 12% for the same periods.

The Other NEOs compensation actually paid increased/(decreased) (20.19%), 28.79%, (15.22%), and 2.42% for the years 2025, 2024, 2023, and 2022, respectively, as compared to the increases/(decreases) in the return on average assets of the Company of 27%, 10.0%, (40%), and 12% for the same periods.

Tabular List, Table

Tabular List of Most Important Performance Measures

The following table presents the financial performance measures that the Company considers to be the most important in linking Compensation Actually Paid to our PEO and other NEOs for 2025 to Company performance. The measures in this table are not ranked.

As discussed in the Compensation Discussion and Analysis, for the annual cash bonus purposes, the metrics used are the Return on Average Assets and the Earnings per share as compared to target numbers for the year. The other metrics in the table are considered in overall performance.


	Net Income
	Net Interest Margin
	Return on Average Assets
	Return on Average Equity
	Efficiency Ratio
	Earnings per Share

Total Shareholder Return Amount

$ 126

142

118

125

146

Peer Group Total Shareholder Return Amount

146

137

116

120

143

Net Income (Loss)

$ 33,309,000

$ 25,938,000

$ 22,787,000

$ 32,515,000

$ 23,495,000

Company Selected Measure Amount

0.0099

0.0078

0.0071

0.0117

0.0105

Lars B. Eller

Lars B. Eller

Lars B. Eller

Lars B. Eller

Lars B. Eller

Pay vs Performance Disclosure

Net Income

Pay vs Performance Disclosure

Net Interest Margin

Pay vs Performance Disclosure

Return on Average Assets

Pay vs Performance Disclosure

Return on Average Equity

Pay vs Performance Disclosure

Efficiency Ratio

Pay vs Performance Disclosure

Earnings per Share

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (56,255)

$ 94,045

$ (35,056)

$ (44,687)

$ 94,050

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(109,148)

(129,440)

(124,320)

(122,560)

(68,100)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

103,075

166,834

119,040

108,720

98,490

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(54,209)

40,920

(16,660)

(33,900)

58,980

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(10,800)

2,250

(23,910)

(4,290)

PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

14,827

13,481

10,794

7,343

4,680

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(18,895)

21,691

(15,046)

(19,049)

41,454

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(50,732)

(39,648)

(50,937)

(48,003)

(30,267)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

47,909

39,610

48,782

42,582

43,762

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(17,156)

16,432

(6,902)

(14,974)

26,053

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,230)

1,000

(10,494)

(1,907)

(800)

Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 5,314

$ 4,297

$ 4,505

$ 3,253

$ 2,706