Farmers & Merchants Bancorp, Inc. · NASDAQ:FMAO
Farmers & Merchants Bancorp — Q4 2025 Earnings Presentation
23 slides from Farmers & Merchants Bancorp's earnings presentation, 2026
Slide 1: 2025 Fourth Quarter Investor Presentation
2025 Fourth Quarter Investor Presentation NASDAQ: FMAO
Slide 2: Forward Looking Statement
Forward Looking Statement Statements contained in any portion of the Company’s annual meeting may be forward-looking statements, as that term is defined in the private securities litigation reform act of 1995. Forward- looking statements may be identified by the use of such words as “intend,” “belie
Slide 3: Vision and Mission
VISION Community vested to help people realize their best lives. MISSION We nurture lasting relationships. NASDAQ: FMAO Slide 3
Slide 4: About F&M
About F&M • Farmers & Merchants Bancorp, Inc. is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897 • Top 100 Farm Lending Bank and Top 200 Publicly Traded Community Bank, according to American Banker • Twice named Top 50 Social Media
Slide 5: Compelling Opportunities Across Strong Markets
F&M is headquartered in Compelling Opportunities Across Strong Markets Archbold, Ohio Full service independent community bank, with offices serving customers F&M Market Ohio Indiana in Northwest Ohio, Highlights Northeast Indiana, and Offices 25 13 Southern Michigan, along the corridors of Interstat
Slide 6: Leading Market Share
Leading Market Share (data from FDIC June 2025 Market Share Report) F&M Total Market Share (1) Total Deposit Growth Market share in 13 communities of 2025 2024 2023 2022 2021 7.4% #1 our 38 retail locations (2) $2,645 $2,714 $2,473 8.5% $2,227 $1,855 10.1% F&M’s total deposits have increased 10.5% 1
Slide 7: Profitable Financial Model
Profitable Financial Model $ in millions Stockholders’ Equity $400 11.9% CAGR in Stockholders’ Equity From 2015 - 2025 $350 Proven earnings model supported by geographic $300 expansion, strong loan growth $250 and pricing, controlled operating expenses, accretive $200 acquisitions, and the contribut
Slide 8: Legacy of Value Creation
On December 16, 2025, F&M’s board declared a quarterly cash dividend of $0.23 per share, up Legacy of Value Creation 4.0% year-over-year, and 1.1% sequentially from the third Annual Dividends(1) Total Shareholder Return(1) quarter. (12/31/11 – 12/31/2025) $1.00 $500 F&M’s annual dividend per $0.90 $
Slide 9: Financial Highlights
Financial Highlights Total Assets ($ in millions) 5-Year Growth YoY Growth: 2.1% CAGR: 12.5% • Total loans, net at December 31, 2025, increased 6.0%, or by $152.9 million to $2.71 billion, compared to $2.56 billion at December 31, 2024. $3,365 $3,434 $3,434 The year-over-year increase was driven pri
Slide 10: Growth Oriented Strategy
Growth Oriented Strategy F&M is following a new 3-year strategic plan focused on growing earnings and creating value for its shareholders After successfully completing its prior strategic plan and Grow Deposits & Fund Loan Growth growing assets to over $3 • Strengthen core deposit generation, expand
Slide 11: Deploying Digital Strategies for Future Growth
Deploying Digital Strategies for Future Growth Improve the Leverage Enhance Align Customer Modern Systems and Reskill Leadership Experience Technologies Processes Workforce and Culture NASDAQ: FMAO Slide 11
Slide 12: Committed and Highly Experienced Leadership Team
Committed and Highly Experienced Leadership Team Lars B. Eller Eller joined F&M in September 2018. He has Barbara J. Britenriker Britenriker has been with F&M for 40 years, President, Chief more than 30 years of banking experience, EVP & Chief Financial beginning in the new accounts department Execu
Slide 13: F&M Bank Leadership Development Approach
F&M Bank Leadership Development Approach Executive Level Focus areas: • Company wide leadership Sr. Manager/Director Level • Executive Success Focus areas: Profile • Moving from operational • Competencies First Time Supervisor leadership to strategic • Inspire a vision for Focus areas: • Leadership
Slide 14: Proven Board of Directors
Proven Board of Directors Kevin J. Sauder Chairman of the Board as of July Lars B. Eller President and CEO of the Chairman 18, 2025. Previously served as Chief Director Company and The Farmers & Executive Officer and President of Merchants State Bank Sauder Woodworking Company Andrew J. Briggs Previ
Slide 15: Track Record of Deposit Growth
Track Record of Deposit Growth Cumulative Number of DDA Opened Deposits From 2020– 2025, total ($ in millions) deposits increased at a 11.3% 8,000 $2,687 $2,735 CAGR $2,607 $2,469 7,000 Growing new demand deposit $2,193 6,000 accounts (“DDA”) is an important near-term initiative 5,000 $1,596 4,000 S
Slide 16: Liquidity and Capital Position at December 31, 2025
Liquidity and Capital Position at December 31, 2025 $725 million $519.8 million 12.97% Contingent Liability Total Cash, Cash Total Risk-Based Availability Equivalents and Capital Securities Available for Sale 2.8% 12.8% 8.81% Cash-to-Assets Uninsured Deposits / Tier 1 leverage Ratio Total Deposits R
Slide 17: CRE Dashboard at December 31, 2025
CRE Overview at December 31, 2025 CRE Dashboard at December 31, 2025 • CRE was 50.0% of total loan portfolio CRE Breakdown CRE Categories CRE Locations • Zero non-recourse office CRE 3% 2% 2% 7% 5% 3% 6% • 87% of office CRE is in 18% 19% 4% suburbs 10% 39% 36% 6% • 61% average hotel LTV 9% 10% 18% •
Slide 18: Fixed vs. Variable Loan Mix at December 31, 2025
Compelling Variable Loan Mix Fixed vs. Variable Loan Mix at December 31, 2025 F&M has proactively Loan Maturity and Repricing Variable Loans by balanced the amount of as a % of Total Loan Portfolio Product Category fixed vs. variable loans on its balance sheet. CRE 44% 12% At December 31, 2025, 3 mo
Slide 19: Strong Allowance Combined with Robust Asset Quality
Strong Allowance Combined with Robust Asset Quality Credit Quality Highlights Great Financial Crisis and Pandemic • Portfolio risk mitigated through diversification and • During the pandemic, F&M did not grant any full payment standardization of lending policies and procedures deferrals, and only gr
Slide 20: Supporting Our Communities
Supporting Our Communities PPP Lending • F&M funded in a two-year period $142.3 million in PPP loans, including $53.8 million in 2021 • PPP Lending by F&M is estimated to have impacted more than 18,000 jobs in our communities Community Involvement • Provided $530,000 of charitable donations to suppo
Slide 21: Agriculture Supports Business and Market Diversity
Agriculture Supports Business and Market Diversity Diversifies portfolio and historically inverse cycle with commercial loan performance • Concentrated in three Midwest states to leverage soil quality Total Agriculture Loans ~40% of all F&M Ag real estate lending is sold on the secondary market Incl
Slide 22: Consistent M&A Strategy Paired with Organic Growth
Consistent M&A Strategy Paired with Organic Growth Acquisition Acquisition Total Asset Growth ($ in Billions) June 2022 October 2021 $3.43 $133 Million in Assets $395 Million in Assets $3.28 $3.36 $3.02 Acquisition Asset Purchase $2.64 $1.91 $1.61 April 2021 December 2020 $130 Million in Assets $83
Slide 23: 2026 Priorities
2026 Priorities Enhance Profitability Control Growth • Leverage prior year • Focus on growing low-cost investments deposits • Accelerate new office • Prudent underwriting and risk productivity management to drive • Benefits of loan repricing controlled loan growth Continually Innovate Operational Ef
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