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Farmers & Merchants State Bank, The

Archbold, OH · Cert 5969 · Farmers&Merchants Bcorp Inc.

State charter, non-member · FDIC · 39 branches

Q2 2026

$3.5BAssets
$2.7BLoans
$2.9BDeposits
$400.8MEquity
Loan mix
85%RE $2.1B13%C&I $0.3B2%Consumer $0.1BQ3 2024Q2 2026
Deposit mix
82%Interest-bearing $2.4B18%Noninterest $0.5BQ3 2024Q2 2026

Market Position · Toledo, OH · 2026 SOD (annual) · 6.7% share · #6 of 22 inst. · $1.1B of $16.1B

51.5% Fulton
31.9% Williams
23.5% Adams
2.2% Allen

Executive Summary

  • Earnings: ROA of 1.28%, up 35 bps year over year; NIM at 3.30%.
  • Asset quality: problem loans at 0.27% of loans (+13 bps YoY), with net charge-offs at 0.02%.
  • Capital: tier 1 leverage ratio of 9.44%, up 29 bps from a year ago.
  • Funding: loans stand at 94.24% of deposits as of Q2 2026.

Return on Assets (YTD, annualized)

1.28%+35 bps YoY

Net Interest Margin (YTD, annualized)

3.30%+26 bps YoY

Efficiency Ratio (YTD, annualized)

55.51%-676 bps YoY

Tier 1 Leverage Ratio

9.44%+29 bps YoY

NIM

4.77%Q2 ’244.98%Q2 ’255.03%Q2 ’26+18%+9%

Non-interest income vs. expense

2.03%Q2 ’242.18%Q2 ’252.13%Q2 ’26+8%-9%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.76%0.83%0.88%0.93%0.98%1.03%1.15%1.28%+35 bps
Return on Equity7.32%7.91%8.14%8.54%8.93%9.32%10.12%11.22%+268 bps
Net Interest Margin2.59%2.61%2.96%3.04%3.14%3.16%3.33%3.30%+26 bps
Efficiency Ratio66.23%63.90%63.52%62.27%61.43%59.85%57.62%55.51%-676 bps
Non-Interest Burden1.57%1.52%1.71%1.72%1.76%1.71%1.66%1.57%-15 bps
Growth
Asset Growth (YoY)4.87%2.54%3.07%0.66%0.02%2.04%2.94%4.61%+394 bps
Loan Growth (YoY)0.37%-0.69%1.59%2.81%4.85%5.96%4.00%2.84%+3 bps
Deposit Growth (YoY)4.31%3.07%2.95%2.60%2.51%1.64%4.18%5.88%+328 bps
Asset Quality
Nonperforming Loans / Loans0.11%0.12%0.17%0.14%0.19%0.41%0.41%0.27%+13 bps
Net Charge-Offs / Loans0.01%0.01%0.04%0.02%0.02%0.03%0.02%0.02%-1 bps
Allowance / Loans1.00%1.01%1.02%1.02%1.03%1.02%1.04%1.03%+1 bps
Allowance Coverage of NPLs8.8x8.3x5.9x7.2x5.3x2.5x2.5x3.8x-3.4x
Capital
Tier 1 Leverage Ratio8.74%8.81%9.10%9.16%9.41%9.47%9.57%9.44%+29 bps
Total Risk-Based Capital12.28%12.40%12.40%12.43%12.55%12.53%12.81%12.91%+48 bps
Equity / Assets10.60%10.67%10.86%11.18%11.35%11.46%11.35%11.48%+31 bps
Liquidity & Funding
Loans / Deposits94.48%95.31%95.61%97.03%96.64%99.36%95.45%94.24%-279 bps
Liquid Assets / Assets5.88%3.66%3.75%1.17%2.33%1.60%3.87%3.10%+194 bps
CRE / Total Capitaln/an/an/an/a445%436%419%n/an/a