Exhibit 99

  Post Office Box 216 307 North Defiance Street Archbold, Ohio 43502 NEWS RELEASE

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

Farmers & Merchants Bancorp, Inc. Reports

2024 Second-Quarter and Year-to-Date Financial Results

ARCHBOLD, OHIO, August 1, 2024, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 second quarter and year-to-date ended June 30, 2024.

2024 Second Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

•85 consecutive quarters of profitability

•Net income was $5.7 million, or $0.42 per basic and diluted share

•Proceeds from collateral sales of $6.4 million were received from an agricultural based relationship. The proceeds enabled paydowns and payoffs on nonaccrual loans during the second quarter that included $5.3 million in principal paydown, and $1.0+ million pre-tax benefit to interest and fee income

•Net interest income after provision for credit losses increased 6.8% from December 31, 2023, primarily due to a stabilizing net interest margin, solid asset quality and the collection of a nonaccrual loan

•Net interest margin, adjusted for the collection of a nonaccrual loan, improved 2 basis points from the 2024 first quarter

•Total loans increased 1.75% to $2.56 billion at June 30, 2024

•Total cash and cash equivalents increased by $121.9 million, or 171% to $193.1 million

•Total assets increased 5.6% to a record $3.32 billion

•Deposits increased 7.0% to a record $2.64 billion

•F&M joins OHIO HOMEBUYER PLUS Saver program, helping perspective Ohio home buyers save for a home purchase over the next five years by offering a higher than market interest rate to qualified depositors

•Stockholders’ equity increased 5.9% to a record $322.7 million

•Asset quality at historically strong levels with nonperforming loans of only $2.5 million at June 30, 2024, compared to $19.4 million at March 31, 2024 and $6.3 million at June 30, 2023

•Allowance for credit losses was 1,016% of nonperforming loans

Lars B. Eller, President and Chief Executive Officer, stated, “Our second quarter results reflect the talent of our associates, as we continue to work hard to drive operating improvements at F&M, serve our local Ohio, Indiana, and Michigan communities, and position F&M for long-term success. As a result, F&M produced its 85thconsecutive quarter of profitability, ended the quarter with a historically low level of nonperforming loans, and we are on pace to pay a record amount of dividends per share in 2024.”

Mr. Eller continued, “As expected, profitability and asset quality benefited during the second quarter from a refinance and paydown on a $16.2 million agricultural based relationship that was in nonaccrual status. Even without this added benefit, core levels of profitability, including our net interest margin, improved over the past three months as we remain focused on maintaining excellent underwriting standards, managing our cost of funds, and controlling operating

expenses. In addition, I am encouraged by the year-over-year and sequential improvement in our efficiency ratio as we continue to pursue opportunities that manage operating costs and expand productivity.”

Income Statement

Net income for the 2024 second quarter ended June 30, 2024, was $5.7 million, compared to $6.0 million for the same period last year. Net income per basic and diluted share for the 2024 second quarter was $0.42, compared to $0.44 for the same period last year. Net income for the 2024 first half ended June 30, 2024, was $11.0 million, compared to $12.5 million for the same period last year. Net income per basic and diluted share for the 2024 first half was $0.81, compared to $0.92 for the same period last year.

“I am pleased with the progress we are making in a difficult operating environment managing our cost of funds, loan pricing, deposit growth and overall net interest margin. Since the December 31, 2023 quarter, our yield on earning assets has increased by 29 basis points, compared to a 16 basis point increase in our cost of interest bearing liabilities. In fact, over the past three consecutive quarters, our yield on earning assets has outpaced our cost of interest bearing liabilities. We expect this trend will continue as more of our loan portfolio reprices in 2024. In addition, with expected flat loan growth in 2024, we continue to enhance liquidity levels and at June 30, 2024, we had $193.1 million in cash and cash equivalents, compared to $71.2 million at June 30, 2023. We also continue to make progress growing deposits with a prudent focus on managing the interest rates on deposit accounts. On a year-over-year basis, total deposits increased 7.0% to a record $2.64 billion,” continued Mr. Eller.

Deposits

At June 30, 2024, total deposits were $2.64 billion, an increase of 7.0% from June 30, 2023. The Company’s cost of interest-bearing liabilities was 3.18% for the quarter ended June 30, 2024, compared to 2.35% for the quarter ended June 30, 2023, and 3.02% for the 2023 fourth quarter ended December 31, 2023.

Loan Portfolio and Asset Quality

Mr. Eller concluded, “Our asset quality remains at historically strong levels, with only $2.5 million of nonperforming assets, compared to total assets of $3.32 billion at June 30, 2024. With nonperforming assets at unprecedented low levels, we expect trends to normalize in the coming quarters, especially as economic uncertainty remains elevated. In addition, we are starting to see some early signs of stress within our consumer lending and home loan portfolios, as higher insurance premiums and larger property taxes compound inflationary trends that have impacted consumers over the past several years. We continue to proactively monitor our loan portfolio for any signs of stress, including engaging independent third parties to review our loan portfolio. Overall, F&M is in a strong financial and operating position that we believe is well positioned to create lasting value for our communities, customers, team members, and shareholders.”

Total loans, net at June 30, 2024, increased 1.75%, or by $43.9 million to $2.56 billion, compared to $2.52 billion at June 30, 2023. The year-over-year improvement resulted from the contribution of continued organic loan growth.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $2.5 million, or 0.10% of total loans at June 30, 2024, compared to $6.3 million, or 0.25% of total loans at June 30, 2023, and $22.4 million, or 0.87% at December 31, 2023. As expected, one large relationship in nonaccrual status last quarter was made current in the second quarter, resulting in a $5.3 million paydown in principal on the relationship, with another $3.8 million in principal balances expected to be retired in the third quarter.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 50.9% of the Company’s total loan portfolio at June 30, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.3% of the Company's total loan portfolio at June 30, 2024, with a weighted average loan-to-value of approximately 63.1% and an average loan of approximately $900,000.

F&M’s CRE portfolio included the following categories at June 30, 2024:

CRE Category	Dollar Balance		Percent of CRE Portfolio			Percent of Total Loan Portfolio
Industrial	$	261,436		20.1	%		10.2	%
Multi-family		225,638		17.3	%		8.8	%
Retail		221,011		17.0	%		8.6	%
Hotels		144,548		11.1	%		5.6	%
Office		135,607		10.4	%		5.3	%
Gas Stations		63,077		4.8	%		2.5	%
Food Service		45,976		3.5	%		1.8	%
Development		34,757		2.7	%		1.4	%
Senior Living		30,050		2.3	%		1.2	%
Auto Dealers		25,025		1.9	%		1.0	%
Other		116,473		8.9	%		4.5	%
Total CRE	$	1,303,598		100.0	%		50.9	%

* Numbers have been rounded

At June 30, 2024, the Company’s allowance for credit losses to nonperforming loans was 1,016%, compared to 395.71% at June 30, 2023, and 111.95% at December 31, 2023. The allowance to total loans was 0.99% at June 30, 2024, compared to 0.99% at June 30, 2023. Including accretable yield adjustments, associated with the Company’s recent acquisitions, F&M’s allowance for credit losses to total loans was 1.10% at June 30, 2024, compared to 1.20% at June 30, 2023.

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 5.9% to $322.7 million at June 30, 2024, from $304.7 million at June 30, 2023. At June 30, 2024, the Company had a Tier 1 leverage ratio of 8.02%, compared to 9.85% at June 30, 2023.

Based on a regulatory basis, tangible stockholders’ equity increased to $259.9 million at June 30, 2024, compared to $248.3 million at June 30, 2023. On a per share basis, tangible stockholders’ equity at June 30, 2024, was $19.00 per share, compared to $18.21 per share at June 30, 2023.

For the six months ended June 30, 2024, the Company has declared cash dividends of $0.44 per share, which is a 4.8% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 29 consecutive years. For the six months ended June 30, 2024, the dividend payout ratio was 53.89% compared to 45.44% for the same period last year.

About Farmers & Merchants State Bank:

Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is the holding company of F&M Bank, a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in West Bloomfield, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe Harbor Statement

Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s

SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Non-GAAP Financial Measures

This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

(Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended														Six Months Ended
	June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023			June  30, 2023			June  30, 2024			June  30, 2023
Interest Income
Loans, including fees	$	36,593		$	35,200		$	34,493	$	33,783		$	31,365		$	71,793		$	61,068
Debt securities:
U.S. Treasury and    government    agencies		1,148			1,045			987		1,005			1,030			2,193			2,098
Municipalities		389			394			397		392			401			783			809
Dividends		327			333			365		246			148			660			271
Federal funds sold		7			7			8		6			9			14			30
Other		2,702			1,675			2,020		927			424			4,377			903
Total interest income		41,166			38,654			38,270		36,359			33,377			79,820			65,179
Interest Expense
Deposits		16,488			15,279			15,015		13,323			10,434			31,767			18,585
Federal funds purchased    and securities sold    under agreement to    repurchase		276			284			293		349			427			560			832
Borrowed funds		2,742			2,689			2,742		2,741			2,113			5,431			3,393
Subordinated notes		285			284			285		284			285			569			569
Total interest    expense		19,791			18,536			18,335		16,697			13,259			38,327			23,379
Net Interest Income -    Before Provision for    Credit Losses		21,375			20,118			19,935		19,662			20,118			41,493			41,800
Provision for Credit    Losses - Loans		605			(289	)		278		460			143			316			960
Provision for Credit    Losses - Off Balance    Sheet Credit Exposures		(18	)		(266	)		189		(76	)		(129	)		(284	)		(67	)
Net Interest Income    After Provision for    Credit Losses		20,788			20,673			19,468		19,278			20,104			41,461			40,907
Noninterest Income
Customer service fees		189			598			415		248			369			787			669
Other service charges    and fees		1,085			1,057			1,090		1,133			1,092			2,142			2,120
Interchange income		1,330			1,429			1,310		1,266			1,323			2,759			2,742
Loan servicing income		513			539			666		502			1,179			1,052			3,237
Net gain on sale of loans		314			107			230		294			108			421			175
Increase in cash surrender    value of bank owned    life insurance		236			216			216		221			201			452			397
Net loss on sale of    available-for-sale    securities		-			-			-		-			-			-			(891	)
Total noninterest    income		3,667			3,946			3,927		3,664			4,272			7,613			8,449

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

(Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended														Six Months Ended
	June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023			June  30, 2023			June  30, 2024			June  30, 2023
Noninterest Expense
Salaries and wages		7,589			7,846			6,981		6,777			6,500			15,435			13,157
Employee benefits		2,112			2,171			1,218		2,066			2,071			4,283			4,236
Net occupancy expense		999			1,027			1,187		950			840			2,026			1,696
Furniture and equipment		1,407			1,353			1,370		1,189			1,211			2,760			2,463
Data processing		448			500			785		840			796			948			1,522
Franchise taxes		265			555			308		434			379			820			745
ATM expense		397			473			665		640			683			870			1,306
Advertising		519			530			397		865			830			1,049			1,344
Net (gain) loss on sale    of other assets owned		(49	)		-			86		49			-			(49	)		-
FDIC assessment		507			580			594		586			496			1,087			802
Servicing rights    amortization - net		187			168			182		106			164			355			323
Loan expense		251			229			246		241			233			480			568
Consulting fees		198			186			192		179			231			384			461
Professional fees		527			445			331		358			325			972			741
Intangible asset    amortization		444			445			446		445			444			889			889
Other general and    administrative		1,495			1,333			1,532		1,319			1,641			2,828			3,522
Total noninterest    expense		17,296			17,841			16,520		17,044			16,844			35,137			33,775
Income Before Income    Taxes		7,159			6,778			6,875		5,898			7,532			13,937			15,581
Income Taxes		1,477			1,419			1,332		1,121			1,531			2,896			3,114
Net Income		5,682			5,359			5,543		4,777			6,001			11,041			12,467
Other Comprehensive    Income (Loss) (Net of    Tax):
Net unrealized gain    (loss) on available-    for-sale securities		2,531			(1,995	)		13,261		(4,514	)		(5,996	)		536			2,034
Reclassification    adjustment for realized    loss on sale of    available-for-sale    securities		-			-			-		-			-			-			891
Net unrealized gain    (loss) on available-    for-sale securities		2,531			(1,995	)		13,261		(4,514	)		(5,996	)		536			2,925
Tax expense (benefit)		531			(418	)		2,784		(947	)		(1,260	)		113			614
Other comprehensive    income (loss)		2,000			(1,577	)		10,477		(3,567	)		(4,736	)		423			2,311
Comprehensive Income	$	7,682		$	3,782		$	16,020	$	1,210		$	1,265		$	11,464		$	14,778
Basic Earnings    Per Share	$	0.42		$	0.39		$	0.41	$	0.35		$	0.44		$	0.81		$	0.92
Diluted Earnings    Per Share	$	0.42		$	0.39		$	0.41	$	0.35		$	0.44		$	0.81		$	0.92
Dividends Declared	$	0.22		$	0.22		$	0.22	$	0.21		$	0.21		$	0.44		$	0.42

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (in thousands of dollars, except share data)

	June  30, 2024			March  31, 2024			December  31, 2023			September  30, 2023			June  30, 2023
	(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	191,785		$	186,541		$	140,917		$	151,711		$	69,760
Federal funds sold		1,283			1,241			1,284			1,471			1,433
Total cash and cash equivalents		193,068			187,782			142,201			153,182			71,193
Interest-bearing time deposits		3,221			2,735			2,740			2,989			3,485
Securities - available-for-sale		365,209			347,516			358,478			348,255			363,225
Other securities, at cost		14,721			14,744			17,138			16,995			17,535
Loans held for sale		1,628			2,410			1,576			1,039			1,459
Loans, net of allowance for credit losses of $25,270   6/30/24 and $25,024 12/31/23		2,534,468			2,516,687			2,556,167			2,504,329			2,490,883
Premises and equipment		34,507			35,007			35,790			31,723			30,398
Construction in progress		38			9			8			3,044			2,290
Goodwill		86,358			86,358			86,358			86,358			86,358
Loan servicing rights		5,504			5,555			5,648			5,687			5,635
Bank owned life insurance		34,359			34,123			33,907			33,691			33,470
Other assets		49,552			54,628			43,218			47,388			41,512
Total Assets	$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680		$	3,147,443
Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing	$	479,069		$	510,731		$	528,465		$	505,358		$	488,678
Interest-bearing
NOW accounts		821,145			829,236			816,790			778,133			770,113
Savings		673,284			635,430			599,191			591,344			581,192
Time		667,592			645,985			663,017			700,445			628,757
Total deposits		2,641,090			2,621,382			2,607,463			2,575,280			2,468,740
Federal funds purchased and securities    sold under agreements to repurchase		27,218			28,218			28,218			30,527			51,567
Federal Home Loan Bank (FHLB)    advances		266,102			256,628			265,750			266,286			266,818
Subordinated notes, net of unamortized    issuance costs		34,759			34,731			34,702			34,673			34,644
Dividend payable		2,975			2,975			2,974			2,838			2,834
Accrued expenses and other liabilities		27,825			25,930			27,579			21,892			18,177
Total liabilities		2,999,969			2,969,864			2,966,686			2,931,496			2,842,780
Commitments and Contingencies
Stockholders' Equity
Common stock - No par value 20,000,000    shares authorized; issued and outstanding    14,564,425 shares 6/30/24 and 12/31/23		135,829			135,482			135,515			135,171			135,647
Treasury stock - 884,481 shares 6/30/24    and 899,784 shares 12/31/23		(11,006	)		(10,851	)		(11,040	)		(11,008	)		(11,298	)
Retained earnings		226,430			223,648			221,080			218,510			216,236
Accumulated other comprehensive    loss		(28,589	)		(30,589	)		(29,012	)		(39,489	)		(35,922	)
Total stockholders' equity		322,664			317,690			316,543			303,184			304,663
Total Liabilities and Stockholders' Equity	$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680		$	3,147,443

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

	For the Three Months Ended															For the Six Months Ended
Selected financial data	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			June 30, 2024			June 30, 2023
Return on average assets		0.69	%		0.66	%		0.67	%		0.59	%		0.77	%		0.67	%		0.81	%
Return on average equity		7.13	%		6.76	%		7.27	%		6.26	%		7.84	%		6.94	%		8.21	%
Yield on earning assets		5.22	%		5.00	%		4.93	%		4.79	%		4.53	%		5.11	%		4.47	%
Cost of interest bearing   liabilities		3.18	%		3.06	%		3.02	%		2.82	%		2.35	%		3.12	%		2.10	%
Net interest spread		2.04	%		1.94	%		1.91	%		1.97	%		2.18	%		1.99	%		2.37	%
Net interest margin		2.71	%		2.60	%		2.57	%		2.59	%		2.73	%		2.66	%		2.87	%
Efficiency		69.03	%		74.08	%		69.23	%		73.07	%		69.06	%		71.50	%		66.04	%
Dividend payout ratio		52.35	%		55.52	%		54.23	%		60.07	%		47.22	%		53.89	%		45.44	%
Tangible book value    per share (1)		19.00			18.75			18.60		$	18.36		$	18.21
Tier 1 leverage ratio		8.02	%		8.40	%		8.20	%		8.02	%		9.85	%
Average shares outstanding		13,681,501			13,671,166			13,665,773			13,650,823			13,632,440			13,676,333			13,624,094
(1)  Tangible Equity = Stockholder Equity less goodwill, other intangibles (core deposit intangible, mortgage servicing rights and unrealized gain/loss on securities) plus CECL adjustment

Loans	June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023			June  30, 2023
(Dollar amounts in thousands)
Commercial real estate	$	1,303,598		$	1,304,400		$	1,337,766	$	1,304,118		$	1,280,902
Agricultural real estate		222,558			227,455			223,791		225,672			230,837
Consumer real estate		525,902			525,178			521,895		512,973			506,866
Commercial and industrial		268,426			256,051			254,935		250,891			253,444
Agricultural		142,909			127,670			132,560		123,735			128,344
Consumer		70,918			74,819			79,591		83,024			88,312
Other		26,449			26,776			30,136		31,083			28,996
Less: Net deferred loan fees       costs andd other (2)		(1,022	)		(982	)		517		(1,890	)		(1,908	)
Total loans, net	$	2,559,738		$	2,541,367		$	2,581,191	$	2,529,606		$	2,515,793
(2) Includes carrying value adjustments of $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps associated with fixed rate loans

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA (continued)

Asset quality data	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
(Dollar amounts in thousands)
Nonaccrual loans	$	2,487		$	19,391		$	22,353		$	22,447		$	6,295
90 day past due and accruing	$	-		$	-		$	-		$	-		$	-
Nonperforming loans	$	2,487		$	19,391		$	22,353		$	22,447		$	6,295
Other real estate owned	$	-		$	-		$	-		$	-		$	-
Nonperforming assets	$	2,487		$	19,391		$	22,353		$	22,447		$	6,295
Allowance for credit losses	$	25,270		$	24,680		$	25,024		$	25,277		$	24,910
Allowance for unfunded		1,928			1,946			2,212			2,023			2,099
Total allowance for    credit losses	$	27,198		$	26,626		$	27,236		$	27,300		$	27,009
Allowance for credit losses/    total loans		0.99	%		0.97	%		0.97	%		1.00	%		0.99	%
Adjusted credit losses with    accretable yield/total loans		1.10	%		1.11	%		1.13	%		1.18	%		1.20	%
Net charge-offs:
Quarter-to-date	$	15		$	55		$	454		$	93		$	(133	)
Year-to-date	$	70		$	55		$	551		$	97		$	(73	)
Net charge-offs to average loans
Quarter-to-date		0.00	%		0.00	%		0.02	%		0.00	%		-0.01	%
Year-to-date		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%
Nonperforming loans/total loans		0.10	%		0.76	%		0.87	%		0.89	%		0.25	%
Allowance for credit losses/    nonperforming loans		1016.08	%		127.28	%		111.95	%		112.61	%		395.71	%
NPA coverage ratio		1016.08	%		127.28	%		111.95	%		112.61	%		395.71	%

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES

(in thousands of dollars, except percentages)

	For the Three Months Ended							For the Three Months Ended
	June 30, 2024							June 30, 2023
Interest Earning Assets:	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Loans	$	2,556,417	$	36,593		5.73	%	$	2,476,795	$	31,365		5.07	%
Taxable investment securities		391,439		1,782		1.82	%		399,257		1,486		1.49	%
Tax-exempt investment securities		20,907		82		1.99	%		24,259		93		1.94	%
Fed funds sold & other		187,682		2,709		5.77	%		49,160		433		3.52	%
Total Interest Earning Assets		3,156,445	$	41,166		5.22	%		2,949,471	$	33,377		4.53	%
Nonearning Assets		156,239							169,599
Total Assets	$	3,312,684						$	3,119,070
Interest Bearing Liabilities:
Savings deposits	$	1,492,831	$	10,193		2.73	%	$	1,356,798	$	6,238		1.84	%
Other time deposits		668,583		6,295		3.77	%		612,929		4,196		2.74	%
Other borrowed money		265,229		2,742		4.14	%		215,884		2,113		3.92	%
Fed funds purchased & securities
sold under agreement to repurchase		27,721		276		3.98	%		39,966		427		4.27	%
Subordinated notes		34,740		285		3.28	%		34,625		285		3.29	%
Total Interest Bearing Liabilities	$	2,489,104	$	19,791		3.18	%	$	2,260,202	$	13,259		2.35	%
Noninterest Bearing Liabilities		504,821							552,867
Stockholders' Equity	$	318,759						$	306,001
Net Interest Income and    Interest Rate Spread			$	21,375		2.04	%			$	20,118		2.18	%
Net Interest Margin						2.71	%						2.73	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Six Months Ended							For the Six Months Ended
	June 30, 2024							June 30, 2023
Interest Earning Assets:	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Loans	$	2,566,765	$	71,793		5.60	%	$	2,437,148	$	61,068		5.01	%
Taxable investment securities		388,225		3,468		1.79	%		398,383		2,985		1.50	%
Tax-exempt investment securities		21,196		168		2.01	%		25,303		193		1.93	%
Fed funds sold & other		149,035		4,391		5.89	%		58,853		933		3.17	%
Total Interest Earning Assets		3,125,221	$	79,820		5.11	%		2,919,687	$	65,179		4.47	%
Nonearning Assets		157,510							174,702
Total Assets	$	3,282,731						$	3,094,389
Interest Bearing Liabilities:
Savings deposits	$	1,467,669	$	19,600		2.67	%	$	1,378,518	$	11,181		1.62	%
Other time deposits		659,581		12,167		3.69	%		596,168		7,404		2.48	%
Other borrowed money		264,217		5,431		4.11	%		174,171		3,393		3.90	%
Fed funds purchased & securities
sold under agreement to repurchase		28,089		560		3.99	%		39,409		832		4.22	%
Subordinated notes		34,726		569		3.28	%		34,610		569		3.29	%
Total Interest Bearing Liabilities	$	2,454,282	$	38,327		3.12	%	$	2,222,876	$	23,379		2.10	%
Noninterest Bearing Liabilities		510,453							567,878
Stockholders' Equity	$	317,996						$	303,635
Net Interest Income and    Interest Rate Spread			$	41,493		1.99	%			$	41,800		2.37	%
Net Interest Margin						2.66	%						2.87	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Three Months Ended																	For the Three Months Ended
	June 30, 2024																	June 30, 2023
	As Reported					Excluding Accretion/Amortization						Difference						As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$			Yield			$		Yield				$		Yield			$			Yield
Interest Earning Assets:
Loans	$	36,593		5.73	%		$	35,914		5.62	%	$	679			0.11	%	$	31,365		5.07	%		$	30,697		4.96	%	$	668			0.11	%
Taxable investment securities		1,782		1.82	%			1,782		1.82	%		-			0.00	%		1,486		1.49	%			1,486		1.49	%		-			0.00	%
Tax-exempt investment securities		82		1.99	%			82		1.99	%		-			0.00	%		93		1.94	%			93		1.94	%		-			0.00	%
Fed funds sold & other		2,709		5.77	%			2,709		5.77	%		-			0.00	%		433		3.52	%			433		3.52	%		-			0.00	%
Total Interest Earning Assets		41,166		5.22	%			40,487		5.13	%		679			0.09	%		33,377		4.53	%			32,709		4.44	%		668			0.09	%
Interest Bearing Liabilities:
Savings deposits	$	10,193		2.73	%		$	10,193		2.73	%	$	-			0.00	%	$	6,238		1.84	%		$	6,238		1.84	%	$	-			0.00	%
Other time deposits		6,295		3.77	%			6,295		3.77	%		-			0.00	%		4,196		2.74	%			4,291		2.80	%		(95	)		-0.06	%
Other borrowed money		2,742		4.14	%			2,747		4.14	%		(5	)		0.00	%		2,113		3.92	%			2,130		3.95	%		(17	)		-0.03	%
Fed funds purchased and securities
sold under agreement to repurchase		276		3.98	%			276		3.98	%		-			0.00	%		427		4.27	%			427		4.27	%		-			0.00	%
Subordinated notes		285		3.28	%			285		3.28	%		-			0.00	%		285		3.29	%			285		3.29	%		-			0.00	%
Total Interest Bearing Liabilities		19,791		3.18	%			19,796		3.18	%		(5	)		0.00	%		13,259		2.35	%			13,371		2.37	%		(112	)		-0.02	%
Interest/Dividend income/yield		41,166		5.22	%			40,487		5.13	%		679			0.09	%		33,377		4.53	%			32,709		4.44	%		668			0.09	%
Interest Expense / yield		19,791		3.18	%			19,796		3.18	%		(5	)		0.00	%		13,259		2.35	%			13,371		2.37	%		(112	)		-0.02	%
Net Interest Spread		21,375		2.04	%			20,691		1.95	%		684			0.09	%		20,118		2.18	%			19,338		2.07	%		780			0.11	%
Net Interest Margin				2.71	%					2.62	%					0.09	%				2.73	%					2.63	%					0.10	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Six Months Ended																	For the Six Months Ended
	June 30, 2024																	June 30, 2023
	As Reported					Excluding Accretion/Amortization						Difference						As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$			Yield			$		Yield				$		Yield			$			Yield
Interest Earning Assets:
Loans	$	71,793		5.60	%		$	70,439		5.49	%	$	1,354			0.11	%	$	61,068		5.01	%		$	59,733		4.90	%	$	1,335			0.11	%
Taxable investment securities		3,468		1.79	%			3,468		1.79	%		-			0.00	%		2,985		1.50	%			2,985		1.50	%		-			0.00	%
Tax-exempt investment securities		168		2.01	%			168		2.01	%		-			0.00	%		193		1.93	%			193		1.93	%		-			0.00	%
Fed funds sold & other		4,391		5.89	%			4,391		5.89	%		-			0.00	%		933		3.17	%			933		3.17	%		-			0.00	%
Total Interest Earning Assets		79,820		5.11	%			78,466		5.03	%		1,354			0.08	%		65,179		4.47	%			63,844		4.38	%		1,335			0.09	%
Interest Bearing Liabilities:
Savings deposits	$	19,600		2.67	%		$	19,600		2.67	%	$	-			0.00	%	$	11,181		1.62	%		$	11,181		1.62	%	$	-			0.00	%
Other time deposits		12,167		3.69	%			12,167		3.69	%		-			0.00	%		7,404		2.48	%			7,958		2.67	%		(554	)		-0.19	%
Other borrowed money		5,431		4.11	%			5,454		4.13	%		(23	)		-0.02	%		3,393		3.90	%			3,428		3.94	%		(35	)		-0.04	%
Fed funds purchased and securities
sold under agreement to repurchase		560		3.99	%			560		3.99	%		-			0.00	%		832		4.22	%			832		4.22	%		-			0.00	%
Subordinated notes		569		3.28	%			569		3.28	%		-			0.00	%		569		3.29	%			569		3.29	%		-			0.00	%
Total Interest Bearing Liabilities		38,327		3.12	%			38,350		3.13	%		(23	)		-0.01	%		23,379		2.10	%			23,968		2.16	%		(589	)		-0.06	%
Interest/Dividend income/yield		79,820		5.11	%			78,466		5.03	%		1,354			0.08	%		65,179		4.47	%			63,844		4.38	%		1,335			0.09	%
Interest Expense / yield		38,327		3.12	%			38,350		3.13	%		(23	)		-0.01	%		23,379		2.10	%			23,968		2.16	%		(589	)		-0.06	%
Net Interest Spread		41,493		1.99	%			40,116		1.90	%		1,377			0.09	%		41,800		2.37	%			39,876		2.22	%		1,924			0.15	%
Net Interest Margin				2.66	%					2.57	%					0.09	%				2.87	%					2.74	%					0.13	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION OF TANGIBLE BOOK VALUE

	Actual End of Period						Regulatory End of Period
Non-GAAP Reconciliation of Tangible Book Value	Year to Date						Year to Date
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Shares Outstanding		13,679,944			13,634,912			13,679,944			13,634,912
Tangible Equity
Equity	$	322,664		$	304,663		$	322,664		$	304,663
Goodwill		86,358			86,358			86,358			86,358
Other Intangible		6,658			8,437			6,658			8,437
Comprehensive Loss Adjustment*		-			-			28,589			35,922
CECL Adjustment**		-			-			1,685			2,528
Tangible Equity	$	229,648		$	209,868		$	259,922		$	248,318
Shares Outstanding		13,680			13,635			13,680			13,635
Tangible Book Equity per Share	$	16.79		$	15.39		$	19.00		$	18.21
	Actual Average						Regulatory Average
	Year to Date						Year to Date
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net Income	$	11,041		$	12,467		$	11,041		$	12,467
Acquisition Costs - Tax Adjusted		-			147			-			147
Average Shares Outstanding		13,676,333			13,624,094			13,676,333			13,624,094
Average Tangible Equity
Average Equity	$	317,996		$	303,635		$	317,996		$	303,635
Average Goodwill		86,358			86,358			86,358			86,358
Average Other Intangible		7,167			8,942			7,167			8,942
Average Comprehensive Loss Adjustment*		-			-			31,346			34,921
Average CECL Adjustment**		-			-			1,685			2,528
Average Tangible Equity	$	224,471		$	208,335		$	257,501		$	245,784
Average Shares Outstanding		13,676			13,624			13,676			13,624
Average Tangible Book Equity per Share	$	16.41		$	15.29		$	18.83		$	18.04
Return on Average Tangible Equity		9.84	%		11.97	%		8.58	%		10.14	%
Return on Average Tangible Equity w/o Acquisition		9.84	%		12.11	%		8.58	%		10.26	%
*The Bank has adopted the Accumulated Other Comprehensive Income (AOCI) opt out election which removed AOCI from the calculation of tangible equity for regulatory purposes.
**ASU 2016-13 adopted during the first quarter of 2023. The Bank has elected to spread the capital adjustment over three years. The first year permits 75% of the capital adjustment and the second year permits 50% of the capital adjustment to be removed from the calculation of tangible equity for regulatory purposes.