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Letter portraitLegal landscapeQuarterYTD

Farmers & Merchants Bank

Timberville, VA · Cert 8668 · F&M Bank Corp.

State charter, Fed member · FED · 16 branches

Q2 2026

$1.4BAssets
$927.9MLoans
$1.3BDeposits
$116.0MEquity
Loan mix
84%RE $733.3M7%C&I $59.8M9%Consumer $82.1MQ3 2024Q2 2026
Deposit mix
76%Interest-bearing $963.6M24%Noninterest $303.3MQ3 2024Q2 2026

Market Position · Harrisonburg, VA · 2026 SOD (annual) · 26.2% share · #1 of 15 inst. · $0.9B of $3.5B

50.9% Rockingham
11.9% Harrisonburg (City)
17.3% Shenandoah
13.1% Augusta

Executive Summary

  • Earnings: ROA of 1.24%, up 44 bps year over year; NIM at 3.42%.
  • Asset quality: problem loans at 0.43% of loans (-47 bps YoY), with net charge-offs at 0.07%.
  • Capital: tier 1 leverage ratio of 9.10%, up 42 bps from a year ago.
  • Funding: loans stand at 73.24% of deposits as of Q2 2026.

Return on Assets (YTD, annualized)

1.24%+44 bps YoY

Net Interest Margin (YTD, annualized)

3.42%+38 bps YoY

Efficiency Ratio (YTD, annualized)

58.18%-1,252 bps YoY

Tier 1 Leverage Ratio

9.10%+42 bps YoY

NIM

4.66%Q2 ’244.96%Q2 ’255.03%Q2 ’26+23%+13%

Non-interest income vs. expense

2.38%Q2 ’242.65%Q2 ’252.81%Q2 ’26+14%-28%

Year to date, annualized, through each quarter.

MetricQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026YoY ΔTrend
Earnings
Return on Assets0.51%0.56%0.74%0.80%0.82%0.85%0.94%1.24%+44 bps
Return on Equity8.00%8.61%10.70%11.40%11.49%11.56%12.04%15.54%+414 bps
Net Interest Margin2.48%2.51%2.86%3.04%3.04%3.02%3.31%3.42%+38 bps
Efficiency Ratio79.05%76.27%76.29%70.70%70.31%69.34%70.82%58.18%-1,252 bps
Non-Interest Burden1.81%1.75%2.00%1.93%1.93%1.88%2.14%1.39%-54 bps
Growth
Asset Growth (YoY)4.84%0.57%-0.27%0.17%1.05%5.56%7.39%6.53%+636 bps
Loan Growth (YoY)3.15%2.31%0.05%2.50%4.87%5.61%8.81%9.03%+653 bps
Deposit Growth (YoY)7.31%5.40%3.85%0.91%1.49%4.30%6.45%5.35%+444 bps
Asset Quality
Nonperforming Loans / Loans0.79%0.84%1.08%0.90%0.85%0.68%0.54%0.43%-47 bps
Net Charge-Offs / Loans0.26%0.31%0.09%0.17%0.27%0.33%0.09%0.07%-10 bps
Allowance / Loans0.96%0.97%0.94%0.98%0.90%0.88%0.88%0.87%-11 bps
Allowance Coverage of NPLs1.2x1.1x0.9x1.1x1.1x1.3x1.6x2.0x+1.0x
Capital
Tier 1 Leverage Ratio8.20%8.23%8.50%8.68%8.69%8.73%8.84%9.10%+42 bps
Total Risk-Based Capital13.23%13.39%13.50%13.73%13.70%14.04%14.10%14.43%+70 bps
Equity / Assets6.83%6.74%7.07%7.31%7.56%7.87%7.80%8.31%+100 bps
Liquidity & Funding
Loans / Deposits68.15%70.23%68.63%70.77%70.42%71.11%70.15%73.24%+247 bps
Liquid Assets / Assets0.04%0.01%0.02%0.03%0.04%0.05%0.05%0.08%+5 bps
CRE / Total Capitaln/an/an/an/a251%247%242%n/an/a