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Farmers & Merchants Bancorp
Farmers & Merchants Bancorp (FMAO) investor relations material
Farmers & Merchants Bancorp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
Net income for Q3 2025 rose 35.9% year-over-year to $8.9 million, with EPS at $0.64, driven by higher net interest income and improved margin performance.
For the nine months ended September 30, 2025, net income increased to $23.5 million, up from $17.6 million year-over-year, with EPS at $1.71.
Achieved 90 consecutive quarters of profitability and declared the 31st consecutive annual dividend increase.
Opened a new full-service branch in Troy, Michigan and promoted a new Market President for Northern Indiana.
Financial highlights
Net interest income for Q3 2025 was $26.9 million, up 24.6% year-over-year; net interest margin improved to 3.40%, up 69 basis points from Q3 2024.
Total loans, net increased 4.9% year-over-year to $2.66 billion; total deposits up 2.5% to $2.75 billion.
Noninterest income for Q3 2025 was $4.4 million, up 10% year-over-year; noninterest expense increased 13.3% to $19.7 million, mainly due to higher salaries, benefits, and data processing costs.
Efficiency ratio improved to 63.11% from 67.98% year-over-year.
Total assets reached $3.39 billion, up 0.8% from year-end 2024.
Outlook and guidance
Management anticipates continued improvement in net interest margin as loans reprice and funding costs decrease.
Modest loan growth and focus on core deposit expansion remain strategic priorities for the remainder of 2025.
A new three-year strategic plan is in development to define growth priorities.
Focus remains on expanding relationship-based banking and disciplined deposit pricing.
Asset quality is expected to remain favorable, though inflation and tariffs are monitored as potential headwinds.
Explain NPL coverage ratio decrease
New strategic plan: growth priorities
Strategy for declining consumer loan portfolio
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Next Farmers & Merchants Bancorp earnings date
Q4 202513 Feb, 2026
Farmers & Merchants Bancorp
Next Farmers & Merchants Bancorp earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Farmers & Merchants Bancorp, Inc. operates as the holding company for Farmers & Merchants State Bank, a community bank that offers a range of commercial and retail banking services. The bank primarily serves individuals and small businesses in Northwest Ohio, Northeast Indiana, and parts of Michigan. Its services include checking and savings accounts, certificates of deposit, and custodial services for retirement and health savings accounts. The company also provides various lending options, including commercial, agricultural, residential mortgage, consumer, and home improvement loans. Additionally, Farmers & Merchants Bancorp offers online and mobile banking, along with other digital financial services like remote deposit capture. The company is headquartered in Archbold, Ohio, and its shares are listed on the NASDAQ.
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