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 Third-Quarter and Year-to-Date Financial Results

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

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

•86 consecutive quarters of profitability

•Net income increased 36.4% to $6.5 million, or $0.48 per basic and diluted share, from $4.8 million, or $0.35 per basic and diluted share, and net income expanded 14.7% from the 2024 second quarter

•Net interest margin increased 12 basis points to 2.71%

•Efficiency ratio improved to 67.98%, compared to 73.07% for the same period a year ago, and 69.03% for the 2024 second quarter

•Total net loans remain stable at $2.54 billion at September 30, 2024

•Total assets increased 4.8% to a record $3.39 billion

•Deposits increased 4.3% to a record $2.68 billion

•Stockholders’ equity increased 10.6% to a record $335.4 million

•Asset quality remains at historically strong levels with nonperforming loans of only $2.9 million at September 30, 2024, compared to $22.4 million at September 30, 2023

•Allowance for credit losses was 879.37% of nonperforming loans

•F&M ended the quarter with excellent liquidity levels, and over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%

•According to the FDIC, F&M continued to have the third largest share of deposits out of the 58 financial institutions that are also operating within its local markets

Lars B. Eller, President and Chief Executive Officer, stated, “F&M produced excellent earnings growth on a year-over-year and sequential basis, driven by higher net interest income, historically strong asset quality, and prudent expense management. Most importantly, our third 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. In addition, I am pleased to report that F&M was the third largest bank out of 58 financial institutions within the markets we compete, according to the FDIC, reflecting the leading value we provide to our local communities. In fact, F&M is the number one bank, based on deposits, in almost half of the communities in which we operate.”

Income Statement

Net income for the 2024 third quarter ended September 30, 2024, was $6.5 million, compared to $4.8 million for the same period last year. Net income per basic and diluted share for the 2024 third quarter was $0.48, compared to $0.35 for the same period last year. Net income for the 2024 nine months ended September 30, 2024, was $17.6 million,

compared to $17.2 million for the same period last year. Net income per basic and diluted share for the 2024 nine months was $1.28, compared to $1.26 for the same period last year.

Mr. Eller continued, “Our 2024 third quarter and year-to-date performance demonstrate the success of the near-term strategies we are pursuing to navigate a complex operating environment and improve earnings. Most importantly, while the demand for loans is high across our markets, our approach to risk and pricing remains conservative. This near-term strategy has contributed to excellent asset quality. In addition, we continue to focus on strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we have added over 5,600 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended the quarter with a loan-to-deposit ratio of 93.6%, compared to 97.2% at September 30, 2023, and 96.0% at June 30, 2024. Our third quarter of 2024 loan-to-deposit ratio was the lowest quarterly value in two years. The final near-term strategy we are pursuing is focused on controlling expenses, and I am encouraged by the continued year-over-year and sequential improvement in our efficiency ratio. This reflects the opportunities we are pursuing to manage operating costs and expand productivity.”

Deposits

At September 30, 2024, total deposits were $2.68 billion, an increase of 4.3% from September 30, 2023. The Company’s cost of interest-bearing liabilities was 3.2% for the quarter ended September 30, 2024, compared to 2.82% for the quarter ended September 30, 2023, and 3.02% for the 2023 fourth quarter ended December 31, 2023.

Loan Portfolio and Asset Quality

“F&M’s teams continue to do an excellent job managing our cost of funds, loan pricing, deposit growth and overall net interest margin. Since the quarter ended December 31, 2023, our yield on earning assets has increased by 34 basis points, compared to a 19 basis point increase in our cost of interest bearing liabilities – representing the third consecutive quarter 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,” continued Mr. Eller.

Total loans, net at September 30, 2024, increased 0.3%, or by $8.7 million to $2.54 billion, compared to $2.53 billion at September 30, 2023. The year-over-year growth was driven by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $2.9 million, or 0.11% of total loans at September 30, 2024, compared to $22.4 million, or 0.89% of total loans at September 30, 2023, and $22.4 million, or 0.87% at December 31, 2023.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at September 30, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.3% of the Company's total loan portfolio at September 30, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $880,000.

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

CRE Category	Dollar Balance		Percent of CRE Portfolio			Percent of Total Loan Portfolio
Industrial	$	274,953		21.1	%		10.8	%
Retail		237,622		18.2	%		9.4	%
Multi-family		223,926		17.2	%		8.8	%
Hotels		141,642		10.9	%		5.6	%
Office		134,973		10.4	%		5.3	%
Gas Stations		62,028		4.8	%		2.5	%
Food Service		46,526		3.6	%		1.8	%
Development		30,999		2.4	%		1.2	%
Senior Living		29,866		2.3	%		1.2	%
Auto Dealers		25,068		1.9	%		1.0	%
Other		93,557		7.2	%		3.7	%
Total CRE	$	1,301,160		100.0	%		51.3	%

* Numbers have been rounded

At September 30, 2024, the Company’s allowance for credit losses to nonperforming loans was 879.37%, compared to 112.61% at September 30, 2023, and 111.95% at December 31, 2023. The allowance to total loans was 1.01% at September 30, 2024, compared to 1.00% at September 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 September 30, 2024, compared to 1.18% at September 30, 2023.

Mr. Eller concluded, “With two months remaining in 2024, I am encouraged by F&M’s strong financial and operating performance to date. F&M ended the quarter with record stockholders’ equity, historically strong asset quality, record deposits, and excellent liquidity levels with over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%. We remain focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. As a result, F&M’s financial and operating performance continues to strengthen and I believe the Company is well positioned to create lasting value for our communities, customers, team members, and shareholders.”

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 10.6% to $335.4 million, or $24.48 per share at September 30, 2024, from $303.2 million, or $22.19 per share at September 30, 2023. The Company’s Tier 1 leverage ratio of 8.04%, remained stable compared to September 30, 2023.

Tangible stockholders’ equity increased to $242.8 million at September 30, 2024, compared to $208.8 million at September 30, 2023. On a per share basis, tangible stockholders’ equity at September 30, 2024, was $17.72 per share, compared to $15.28 per share at September 30, 2023.

For the nine months ended September 30, 2024, the Company has declared cash dividends of $0.66125 per share, which is a 5.0% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the nine months ended September 30, 2024, the dividend payout ratio was 50.99% compared to 49.50% 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														Nine Months Ended
	September  30, 2024			June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023			September  30, 2024			September  30, 2023
Interest Income
Loans, including fees	$	36,873		$	36,593		$	35,200		$	34,493	$	33,783		$	108,666		$	94,851
Debt securities:
U.S. Treasury and    government    agencies		1,467			1,148			1,045			987		1,005			3,660			3,103
Municipalities		387			389			394			397		392			1,170			1,201
Dividends		334			327			333			365		246			994			517
Federal funds sold		7			7			7			8		6			21			36
Other		2,833			2,702			1,675			2,020		927			7,210			1,830
Total interest income		41,901			41,166			38,654			38,270		36,359			121,721			101,538
Interest Expense
Deposits		16,947			16,488			15,279			15,015		13,323			48,714			31,908
Federal funds purchased    and securities sold    under agreement to    repurchase		277			276			284			293		349			837			1,181
Borrowed funds		2,804			2,742			2,689			2,742		2,741			8,235			6,134
Subordinated notes		284			285			284			285		284			853			853
Total interest    expense		20,312			19,791			18,536			18,335		16,697			58,639			40,076
Net Interest Income -    Before Provision for    Credit Losses		21,589			21,375			20,118			19,935		19,662			63,082			61,462
Provision for Credit    Losses - Loans		282			605			(289	)		278		460			598			1,420
Provision for Credit    Losses - Off Balance    Sheet Credit Exposures		(267	)		(18	)		(266	)		189		(76	)		(551	)		(143	)
Net Interest Income    After Provision for    Credit Losses		21,574			20,788			20,673			19,468		19,278			63,035			60,185
Noninterest Income
Customer service fees		300			189			598			415		248			1,087			917
Other service charges    and fees		1,155			1,085			1,057			1,090		1,133			3,297			3,253
Interchange income		1,315			1,330			1,429			1,310		1,266			4,074			4,008
Loan servicing income		710			513			539			666		502			1,762			3,739
Net gain on sale of loans		215			314			107			230		294			636			469
Increase in cash surrender    value of bank owned    life insurance		265			236			216			216		221			717			618
Net loss on sale of    available-for-sale    securities		-			-			-			-		-			-			(891	)
Total noninterest    income		3,960			3,667			3,946			3,927		3,664			11,573			12,113
(continued)

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													Nine Months Ended
	September  30, 2024		June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023			September  30, 2024			September  30, 2023
Noninterest Expense
Salaries and wages		7,713		7,589			7,846			6,981		6,777			23,148			19,934
Employee benefits		2,112		2,112			2,171			1,218		2,066			6,395			6,302
Net occupancy expense		1,054		999			1,027			1,187		950			3,080			2,646
Furniture and equipment		1,472		1,407			1,353			1,370		1,189			4,232			3,652
Data processing		339		448			500			785		840			1,287			2,362
Franchise taxes		410		265			555			308		434			1,230			1,179
ATM expense		472		397			473			665		640			1,342			1,946
Advertising		597		519			530			397		865			1,646			2,209
Net (gain) loss on sale    of other assets owned		-		(49	)		-			86		49			(49	)		49
FDIC assessment		516		507			580			594		586			1,603			1,388
Servicing rights    amortization - net		219		187			168			182		106			574			429
Loan expense		244		251			229			246		241			724			809
Consulting fees		251		198			186			192		179			635			640
Professional fees		453		527			445			331		358			1,425			1,099
Intangible asset    amortization		445		444			445			446		445			1,334			1,334
Other general and    administrative		1,128		1,495			1,333			1,532		1,319			3,956			4,841
Total noninterest    expense		17,425		17,296			17,841			16,520		17,044			52,562			50,819
Income Before Income    Taxes		8,109		7,159			6,778			6,875		5,898			22,046			21,479
Income Taxes		1,593		1,477			1,419			1,332		1,121			4,489			4,235
Net Income		6,516		5,682			5,359			5,543		4,777			17,557			17,244
Other Comprehensive    Income (Loss) (Net of    Tax):
Net unrealized gain    (loss) on available-    for-sale securities		11,664		2,531			(1,995	)		13,261		(4,514	)		12,200			(2,480	)
Reclassification    adjustment for realized    loss on sale of    available-for-sale    securities		-		-			-			-		-			-			891
Net unrealized gain    (loss) on available-    for-sale securities		11,664		2,531			(1,995	)		13,261		(4,514	)		12,200			(1,589	)
Tax expense (benefit)		2,449		531			(418	)		2,784		(947	)		2,562			(333	)
Other comprehensive    income (loss)		9,215		2,000			(1,577	)		10,477		(3,567	)		9,638			(1,256	)
Comprehensive Income	$	15,731	$	7,682		$	3,782		$	16,020	$	1,210		$	27,195		$	15,988
Basic Earnings    Per Share	$	0.48	$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Diluted Earnings    Per Share	$	0.48	$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Dividends Declared	$	0.22125	$	0.22		$	0.22		$	0.22	$	0.21		$	0.66125		$	0.63

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	September  30, 2024			June  30, 2024			March  31, 2024			December  31, 2023			September  30, 2023
	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and due from banks	$	244,572		$	191,785		$	186,541		$	140,917		$	151,711
Federal funds sold		932			1,283			1,241			1,284			1,471
Total cash and cash equivalents		245,504			193,068			187,782			142,201			153,182
Interest-bearing time deposits		2,727			3,221			2,735			2,740			2,989
Securities - available-for-sale		404,881			365,209			347,516			358,478			348,255
Other securities, at cost		15,028			14,721			14,744			17,138			16,995
Loans held for sale		1,706			1,628			2,410			1,576			1,039
Loans, net of allowance for credit losses of $25,484   9/30/24 and $25,024 12/31/23		2,512,852			2,534,468			2,516,687			2,556,167			2,504,329
Premises and equipment		33,779			34,507			35,007			35,790			31,723
Construction in progress		35			38			9			8			3,044
Goodwill		86,358			86,358			86,358			86,358			86,358
Loan servicing rights		5,644			5,504			5,555			5,648			5,687
Bank owned life insurance		34,624			34,359			34,123			33,907			33,691
Other assets		46,047			49,552			54,628			43,218			47,388
Total Assets	$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680
Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing	$	481,444		$	479,069		$	510,731		$	528,465		$	505,358
Interest-bearing
NOW accounts		865,617			821,145			829,236			816,790			778,133
Savings		661,565			673,284			635,430			599,191			591,344
Time		676,187			667,592			645,985			663,017			700,445
Total deposits		2,684,813			2,641,090			2,621,382			2,607,463			2,575,280
Federal funds purchased and securities    sold under agreements to repurchase		27,292			27,218			28,218			28,218			30,527
Federal Home Loan Bank (FHLB)    advances		263,081			266,102			256,628			265,750			266,286
Subordinated notes, net of unamortized    issuance costs		34,789			34,759			34,731			34,702			34,673
Dividend payable		2,998			2,975			2,975			2,974			2,838
Accrued expenses and other liabilities		40,832			27,825			25,930			27,579			21,892
Total liabilities		3,053,805			2,999,969			2,969,864			2,966,686			2,931,496
Commitments and Contingencies
Stockholders' Equity
Common stock - No par value 20,000,000    shares authorized; issued 14,564,425    shares 9/30/24 and 12/31/23; outstanding    13,702,593 shares 9/30/24 and 13,664,641    shares 12/31/23		135,193			135,829			135,482			135,515			135,171
Treasury stock - 861,832 shares 9/30/24    and 899,784 shares 12/31/23		(10,904	)		(11,006	)		(10,851	)		(11,040	)		(11,008	)
Retained earnings		230,465			226,430			223,648			221,080			218,510
Accumulated other comprehensive    loss		(19,374	)		(28,589	)		(30,589	)		(29,012	)		(39,489	)
Total stockholders' equity		335,380			322,664			317,690			316,543			303,184
Total Liabilities and Stockholders' Equity	$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

SELECT FINANCIAL DATA

	For the Three Months Ended															For the Nine Months Ended
Selected financial data	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Return on average assets		0.78	%		0.69	%		0.66	%		0.67	%		0.59	%		0.71	%		0.73	%
Return on average equity		7.93	%		7.13	%		6.76	%		7.27	%		6.26	%		7.28	%		7.52	%
Yield on earning assets		5.27	%		5.22	%		5.00	%		4.93	%		4.79	%		5.17	%		4.57	%
Cost of interest bearing   liabilities		3.21	%		3.18	%		3.06	%		3.02	%		2.82	%		3.16	%		2.35	%
Net interest spread		2.06	%		2.04	%		1.94	%		1.91	%		1.97	%		2.01	%		2.22	%
Net interest margin		2.71	%		2.71	%		2.60	%		2.57	%		2.59	%		2.68	%		2.77	%
Efficiency		67.98	%		69.03	%		74.08	%		69.23	%		73.07	%		70.36	%		68.24	%
Dividend payout ratio		45.99	%		52.35	%		55.52	%		54.23	%		60.07	%		50.99	%		49.50	%
Tangible book value    per share	$	17.72		$	16.79		$	16.39		$	16.29		$	15.28
Tier 1 leverage ratio		8.04	%		8.02	%		8.40	%		8.20	%		8.02	%
Average shares outstanding		13,687,119			13,681,501			13,671,166			13,665,773			13,650,823			13,679,955			13,633,101

Loans	September  30, 2024		June  30, 2024			March  31, 2024			December  31, 2023		September  30, 2023
(Dollar amounts in thousands)
Commercial real estate	$	1,301,160	$	1,303,598		$	1,304,400		$	1,337,766	$	1,304,118
Agricultural real estate		220,328		222,558			227,455			223,791		225,672
Consumer real estate		524,055		525,902			525,178			521,895		512,973
Commercial and industrial		260,732		268,426			256,051			254,935		250,891
Agricultural		137,252		142,909			127,670			132,560		123,735
Consumer		67,394		70,918			74,819			79,591		83,024
Other		25,916		26,449			26,776			30,136		31,083
Less: Net deferred loan fees       costs and other (1)		1,499		(1,022	)		(982	)		517		(1,890	)
Total loans, net	$	2,538,336	$	2,559,738		$	2,541,367		$	2,581,191	$	2,529,606
(1) Includes carrying value adjustments of $3.0 million as of September 30, 2024, $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	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
(Dollar amounts in thousands)
Nonaccrual loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
90 day past due and accruing	$	-		$	-		$	-		$	-		$	-
Nonperforming loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
Other real estate owned	$	-		$	-		$	-		$	-		$	-
Nonperforming assets	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
Allowance for credit losses	$	25,484		$	25,270		$	24,680		$	25,024		$	25,277
Allowance for unfunded		1,661			1,928			1,946			2,212			2,023
Total allowance for    credit losses	$	27,145		$	27,198		$	26,626		$	27,236		$	27,300
Allowance for credit losses/    total loans		1.01	%		0.99	%		0.97	%		0.97	%		1.00	%
Adjusted credit losses with    accretable yield/total loans		1.10	%		1.10	%		1.11	%		1.13	%		1.18	%
Net charge-offs:
Quarter-to-date	$	68		$	15		$	55		$	531		$	93
Year-to-date	$	138		$	70		$	55		$	551		$	20
Net charge-offs to average loans
Quarter-to-date		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%
Year-to-date		0.01	%		0.00	%		0.00	%		0.02	%		0.00	%
Nonperforming loans/total loans		0.11	%		0.10	%		0.76	%		0.87	%		0.89	%
Allowance for credit losses/    nonperforming loans		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%
NPA coverage ratio		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%

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
	September 30, 2024							September 30, 2023
	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Interest Earning Assets:
Loans	$	2,551,899	$	36,873		5.78	%	$	2,536,885	$	33,783		5.33	%
Taxable investment securities		415,943		2,107		2.03	%		393,910		1,559		1.58	%
Tax-exempt investment securities		19,661		81		2.09	%		23,986		84		1.77	%
Fed funds sold & other		197,258		2,840		5.76	%		85,515		933		4.36	%
Total Interest Earning Assets		3,184,761	$	41,901		5.27	%		3,040,296	$	36,359		4.79	%
Nonearning Assets		168,055							180,193
Total Assets	$	3,352,816						$	3,220,489
Interest Bearing Liabilities:
Savings deposits	$	1,538,387	$	10,691		2.78	%	$	1,367,168	$	7,673		2.24	%
Other time deposits		667,224		6,256		3.75	%		667,880		5,650		3.38	%
Other borrowed money		264,539		2,804		4.24	%		266,467		2,741		4.11	%
Fed funds purchased & securities
sold under agreement to repurchase		27,481		277		4.03	%		34,128		349		4.09	%
Subordinated notes		34,769		284		3.27	%		34,654		284		3.28	%
Total Interest Bearing Liabilities	$	2,532,400	$	20,312		3.21	%	$	2,370,297	$	16,697		2.82	%
Noninterest Bearing Liabilities		491,851							544,801
Stockholders' Equity	$	328,565						$	305,391
Net Interest Income and    Interest Rate Spread			$	21,589		2.06	%			$	19,662		1.97	%
Net Interest Margin						2.71	%						2.59	%
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 Nine Months Ended							For the Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Interest/ Dividends		Annualized Yield/Rate			Average Balance		Interest/ Dividends		Annualized Yield/Rate
Interest Earning Assets:
Loans	$	2,561,774	$	108,666		5.66	%	$	2,470,770	$	94,851		5.12	%
Taxable investment securities		397,466		5,575		1.87	%		396,917		4,544		1.53	%
Tax-exempt investment securities		20,684		249		2.03	%		24,865		277		1.88	%
Fed funds sold & other		165,227		7,231		5.84	%		67,869		1,866		3.67	%
Total Interest Earning Assets		3,145,151	$	121,721		5.17	%		2,960,421	$	101,538		4.57	%
Nonearning Assets		161,113							176,568
Total Assets	$	3,306,264						$	3,136,989
Interest Bearing Liabilities:
Savings deposits	$	1,487,809	$	30,291		2.71	%	$	1,373,110	$	18,854		1.83	%
Other time deposits		662,129		18,423		3.71	%		620,071		13,054		2.81	%
Other borrowed money		264,310		8,235		4.15	%		204,927		6,134		3.99	%
Fed funds purchased & securities
sold under agreement to repurchase		27,887		837		4.00	%		37,649		1,181		4.18	%
Subordinated notes		34,741		853		3.27	%		34,625		853		3.28	%
Total Interest Bearing Liabilities	$	2,476,876	$	58,639		3.16	%	$	2,270,382	$	40,076		2.35	%
Noninterest Bearing Liabilities		507,843							561,001
Stockholders' Equity	$	321,545						$	305,606
Net Interest Income and    Interest Rate Spread			$	63,082		2.01	%			$	61,462		2.22	%
Net Interest Margin						2.68	%						2.77	%
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
	September 30, 2024																September 30, 2023
	As Reported					Excluding Accretion/Amortization						Difference					As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$		Yield			$		Yield				$		Yield			$			Yield
Interest Earning Assets:
Loans	$	36,873		5.78	%		$	36,149		5.67	%	$	724		0.11	%	$	33,783		5.33	%		$	32,631		5.15	%	$	1,152			0.18	%
Taxable investment securities		2,107		2.03	%			2,107		2.03	%		-		0.00	%		1,559		1.58	%			1,559		1.58	%		-			0.00	%
Tax-exempt investment securities		81		2.09	%			81		2.09	%		-		0.00	%		84		1.77	%			84		1.77	%		-			0.00	%
Fed funds sold & other		2,840		5.76	%			2,840		5.76	%		-		0.00	%		933		4.36	%			933		4.36	%		-			0.00	%
Total Interest Earning Assets		41,901		5.27	%			41,177		5.17	%		724		0.10	%		36,359		4.79	%			35,207		4.64	%		1,152			0.15	%
Interest Bearing Liabilities:
Savings deposits	$	10,691		2.78	%		$	10,691		2.78	%	$	-		0.00	%	$	7,673		2.24	%		$	7,673		2.24	%	$	-			0.00	%
Other time deposits		6,256		3.75	%			6,256		3.75	%		-		0.00	%		5,650		3.38	%			5,500		3.29	%		150			0.09	%
Other borrowed money		2,804		4.24	%			2,800		4.23	%		4		0.01	%		2,741		4.11	%			2,759		4.14	%		(18	)		-0.03	%
Fed funds purchased and securities
sold under agreement to repurchase		277		4.03	%			277		4.03	%		-		0.00	%		349		4.09	%			349		4.09	%		-			0.00	%
Subordinated notes		284		3.27	%			284		3.27	%		-		0.00	%		284		3.28	%			284		3.28	%		-			0.00	%
Total Interest Bearing Liabilities		20,312		3.21	%			20,308		3.21	%		4		0.00	%		16,697		2.82	%			16,565		2.80	%		132			0.02	%
Interest/Dividend income/yield		41,901		5.27	%			41,177		5.17	%		724		0.10	%		36,359		4.79	%			35,207		4.64	%		1,152			0.15	%
Interest Expense / yield		20,312		3.21	%			20,308		3.21	%		4		0.00	%		16,697		2.82	%			16,565		2.80	%		132			0.02	%
Net Interest Spread		21,589		2.06	%			20,869		1.96	%		720		0.10	%		19,662		1.97	%			18,642		1.84	%		1,020			0.13	%
Net Interest Margin				2.71	%					2.62	%				0.09	%				2.59	%					2.46	%					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

AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (continued)

(in thousands of dollars, except percentages)

	For the Nine Months Ended																	For the Nine Months Ended
	September 30, 2024																	September 30, 2023
	As Reported					Excluding Accretion/Amortization						Difference						As Reported					Excluding Accretion/Amortization						Difference
	$		Yield				$		Yield			$			Yield			$		Yield				$		Yield			$			Yield
Interest Earning Assets:
Loans	$	108,666		5.66	%		$	106,588		5.55	%	$	2,078			0.11	%	$	94,851		5.12	%		$	92,364		4.99	%	$	2,487			0.13	%
Taxable investment securities		5,575		1.87	%			5,575		1.87	%		-			0.00	%		4,544		1.53	%			4,544		1.53	%		-			0.00	%
Tax-exempt investment securities		249		2.03	%			249		2.03	%		-			0.00	%		277		1.88	%			277		1.88	%		-			0.00	%
Fed funds sold & other		7,231		5.84	%			7,231		5.84	%		-			0.00	%		1,866		3.67	%			1,866		3.67	%		-			0.00	%
Total Interest Earning Assets		121,721		5.17	%			119,643		5.08	%		2,078			0.09	%		101,538		4.57	%			99,051		4.47	%		2,487			0.10	%
Interest Bearing Liabilities:
Savings deposits	$	30,291		2.71	%		$	30,291		2.71	%	$	-			0.00	%	$	18,854		1.83	%		$	18,854		1.83	%	$	-			0.00	%
Other time deposits		18,423		3.71	%			18,423		3.71	%		-			0.00	%		13,054		2.81	%			13,458		2.89	%		(404	)		-0.08	%
Other borrowed money		8,235		4.15	%			8,254		4.16	%		(19	)		-0.01	%		6,134		3.99	%			6,187		4.03	%		(53	)		-0.04	%
Fed funds purchased and securities
sold under agreement to repurchase		837		4.00	%			837		4.00	%		-			0.00	%		1,181		4.18	%			1,181		4.18	%		-			0.00	%
Subordinated notes		853		3.27	%			853		3.27	%		-			0.00	%		853		3.28	%			853		3.28	%		-			0.00	%
Total Interest Bearing Liabilities		58,639		3.16	%			58,658		3.16	%		(19	)		0.00	%		40,076		2.35	%			40,533		2.38	%		(457	)		-0.03	%
Interest/Dividend income/yield		121,721		5.17	%			119,643		5.08	%		2,078			0.09	%		101,538		4.57	%			99,051		4.47	%		2,487			0.10	%
Interest Expense / yield		58,639		3.16	%			58,658		3.16	%		(19	)		0.00	%		40,076		2.35	%			40,533		2.38	%		(457	)		-0.03	%
Net Interest Spread		63,082		2.01	%			60,985		1.92	%		2,097			0.09	%		61,462		2.22	%			58,518		2.09	%		2,944			0.13	%
Net Interest Margin				2.68	%					2.59	%					0.09	%				2.77	%					2.64	%					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