农民与商人银行公司 2025年季度报告

FARMERS & MERCHANTS BANCORP, INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 13,718,086Outstanding as of May 1, 2025 SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10QFARMERS & MERCHANTS BANCORP, INC.INDEX Condensed Consolidated Statements of Income - Three Months Ended March 31, 2025 and March31, 20245Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31,2025 and March 31, 20247 Note: The December 31, 2024, Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet asof that date. NOTE 1 BASIS OF PRESENTATION AND OTHER The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generallyaccepted accounting principles for interim financial information and with the instructions for Form 10-Q and Rule 10-01 ofRegulation S-X; accordingly, they do not include all of the information and footnotes required by generally accepted accountingprinciples for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurringaccruals, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, The Company recognizes revenues as they are earned based on contractual terms, as transactions occur, or as services areprovided and collectability is reasonably assured. The Company’s principal source of revenue is interest income from loans andinvestment securities. The Company also earns noninterest income from various banking and financial services offered primarilythrough Farmers & Merchants State Bank (the "Bank"). Interest income is primarily recognized on an accrual basis according tonondiscretionary formulas written in contracts, such as loan agreements or investment security contracts. The Company also Reclassification Certain amounts within the noninterest income and noninterest expense section of the Company's consolidated statements ofincome have been reclassified to conform with current year presentation to provide additional information to the reader. NOTE 2 BUSINESS COMBINATION AND ASSET PURCHASE On October 1, 2022, the Company acquired Peoples-Sidney Financial Corporation (PPSF), the bank holding company forPeoples Federal Savings and Loan Association, a community bank withthreefull-service offices in Sidney, Anna and JacksonCenter, Ohio, in addition to a separate drive-thru location in Sidney, Ohio. PPSF shareholders had the opportunity to elect toreceive either0.6597shares of Farmers & Merchants Bancorp, Inc. (FMAO) stock or $24.00per share in cash for each PPSFshare owned, subject to a requirement under the Merger Agreement that the minimum number of PPSF shares exchanged forFMAO shares in the merger was no less than758,566. Fractional shares of FMAO common stock were not issued in respect offractional interests arising from the merger but were paid in cash pursuant to the merger agreement. PPSF had1,167,025shares Under the acquisition method of accounting, the total purchase was allocated to net tangible and intangible assets based on theircurrent estimated fair values on the date of acquisition. Of the total purchase price of $23.2million, $6.0million has beenallocated to core deposit intangible included in other assets and is being amortized overseven yearson a straight line basis.Goodwill of $5.9million, which resulted from the acquisition, consists largely of the synergies and economies of scale expected On October 1, 2021, the Company acquired Perpetual Federal Savings Bank, (PFSB), a community bank withonefull-serviceoffice in Urbana, Ohio. Shareholders of PFSB elected to receive either1.7766shares of FMAO stock or $41.20per share in cashfor each PFSB share owned, subject to adjustment based upon1,833,999shares of FMAO to be issued in the merger. PFSB had2,