FARMERS & MERCHANTS BANCORP Business Summary

Farmers & Merchants Bancorp, Inc. (FMAO) operates as the bank holding company for The Farmers & Merchants State Bank, a community-focused financial institution serving Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company generates revenue primarily through net interest income derived from a diverse loan portfolio and non-interest income from wealth management, insurance services, and transaction fees. Its primary business segments are categorized by lending activity, with commercial real estate (39.3%), agricultural real estate (19.6%), and commercial and industrial loans (13.5%) forming the core of its $3.43 billion asset base. FMAO competes directly with regional peers such as First Financial Bancorp (FFBC), German American Bancorp (GABC), and First Business Financial Services (FBIZ), positioning itself as a specialized Midwest leader in agricultural and small business banking with a conservative risk profile and 91 consecutive quarters of profitability. Leadership is spearheaded by President and CEO Lars B. Eller, who joined in 2019 bringing extensive pedigree from Royal Bank of America and an MBA from McGill University. He is supported by Executive Vice President and CFO Barbara J. Britenriker, a 35-year veteran of the bank who oversees financial systems and investor relations. The Board of Directors is chaired by Kevin J. Sauder, former CEO of Sauder Woodworking Company, and includes Vice Chair Marcia Sloan Latta. Notable for its shareholder consistency, the company has achieved 31 consecutive years of annual dividend increases, a track record that attracts long-term institutional and retail investors seeking stability in the regional banking sector.