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Farmers & Merchants Bank

Lakeland, GA · Cert 5716 · Lowndes Bancshares Inc.

State charter, non-member · FDIC · 2 affiliate banks · 6 branches (12 in holding)

Q2 2026

$862.0MAssets
$620.8MLoans
$784.7MDeposits
$74.0MEquity
Loan mix
83%RE $492.1M12%C&I $69.9M5%Consumer $29.2MQ2 2025Q2 2026
Deposit mix
84%Interest-bearing $662.5M16%Noninterest $122.2MQ2 2025Q2 2026

NIM

6.53%Q2 ’246.60%Q2 ’256.28%Q2 ’26+0%-2%

Non-interest income vs. expense

3.03%Q2 ’242.60%Q2 ’252.24%Q2 ’26-9%-16%

Market Position · Valdosta, GA · 2026 SOD (annual) · 9.8% share · #4 of 16 inst. · $0.4B of $3.8B

6.9% Lowndes
53.5% Berrien
89.7% Clinch
100.0% Lanier

Executive Summary

  • Earnings: ROA of 1.63%, up 15 bps year over year; NIM at 4.42%.
  • Asset quality: problem loans at 1.86% of loans (-91 bps YoY), with net charge-offs at 0.22%.
  • Capital: tier 1 leverage ratio of 9.74%, up 26 bps from a year ago.
  • Funding: loans stand at 79.12% of deposits as of Q2 2026.

Financial Results

Return on Assets (YTD, annualized)

1.63%+15 bps YoY

Net Interest Margin (YTD, annualized)

4.42%-9 bps YoY

Efficiency Ratio (YTD, annualized)

48.07%-679 bps YoY

Tier 1 Leverage Ratio

9.74%+26 bps YoY

Year to date, annualized, through each quarter.

MetricQ2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets1.48%1.58%1.55%1.59%1.63%+15 bps
Return on Equity18.72%19.51%18.80%17.98%18.63%-9 bps
Net Interest Margin4.51%4.44%4.51%4.44%4.42%-9 bps
Efficiency Ratio54.87%52.16%53.85%49.94%48.07%-679 bps
Non-Interest Burden2.37%2.06%2.22%2.09%2.00%-37 bps
Growth
Asset Growth (YoY)9.49%9.31%3.76%7.44%13.33%+385 bps
Loan Growth (YoY)13.55%8.33%13.76%11.16%7.46%-609 bps
Deposit Growth (YoY)12.12%13.87%-0.65%4.68%12.79%+67 bps
Asset Quality
Nonperforming Loans / Loans2.76%1.83%1.82%2.22%1.86%-91 bps
Net Charge-Offs / Loans0.19%0.31%0.35%0.24%0.22%+2 bps
Allowance / Loans1.17%1.27%1.17%1.17%1.24%+7 bps
Allowance Coverage of NPLs0.4x0.7x0.6x0.5x0.7x+0.2x
Capital
Tier 1 Leverage Ratio9.47%9.56%9.97%9.92%9.74%+26 bps
Total Risk-Based Capital9.47%9.56%9.97%9.92%9.74%+26 bps
Equity / Assets8.16%8.57%8.90%8.84%8.58%+43 bps
Liquidity & Funding
Loans / Deposits83.04%82.25%89.43%85.73%79.12%-392 bps
Liquid Assets / Assets6.87%7.73%4.38%7.84%13.58%+671 bps
CRE / Total Capitaln/a361%397%406%n/an/a