Farmers & Merchants Bancorp, Inc. (FMAO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumergirse en el plan estratégico de los agricultores & Merchants Bancorp, Inc. (FMAO), una potencia bancaria regional que transforma los servicios financieros tradicionales a través de un modelo de negocio meticulosamente elaborado. Al combinar a la perfección la banca comunitaria personalizada con infraestructura digital de vanguardia, FMAO ha forjado un nicho único en el panorama financiero competitivo de Ohio e Indiana. Su enfoque innovador aprovecha las relaciones locales profundas, las capacidades tecnológicas avanzadas y una estrategia centrada en el cliente que las distingue de las instituciones bancarias convencionales.

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: asociaciones clave

Empresas locales y empresas agrícolas en Ohio e Indiana

Agricultores & Merchants Bancorp mantiene asociaciones estratégicas con empresas locales en Ohio e Indiana. A partir de 2023, el banco atiende a aproximadamente 70 comunidades en estos dos estados.

Categoría de asociación	Número de asociaciones	Cobertura geográfica
Empresas agrícolas	126 asociaciones activas	Condados rurales de Ohio e Indiana
Red de pequeñas empresas	247 conexiones comerciales locales	Áreas urbanas y suburbanas

Organizaciones comunitarias y grupos de desarrollo económico

El banco colabora con múltiples entidades de desarrollo económico para apoyar el crecimiento regional.

• Corporación de Desarrollo Económico de Ohio
• Centro de desarrollo de pequeñas empresas de Indiana
• Capítulos locales de la Cámara de Comercio (12 asociaciones activas)

Proveedores de servicios financieros regionales y proveedores de tecnología

Socio tecnológico	Servicio proporcionado	Valor de contrato
FIS Global	Soluciones de software bancario	$ 1.2 millones anualmente
Jack Henry & Asociado	Plataforma de banca digital	$ 850,000 anualmente

Compañías de seguros para productos financieros complementarios

Agricultores & Merchants Bancorp se asocia con proveedores de seguros para ofrecer servicios financieros integrales.

• Seguro nacional
• Mutual de Omaha
• Granja estatal

Empresas de gestión de inversiones y patrimonio

Socio de inversión	Activos bajo administración	Duración de la asociación
Raymond James	$ 124 millones	7 años
Edward Jones	$ 86 millones	5 años

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: actividades clave

Servicios bancarios comerciales y personales

A partir del cuarto trimestre de 2023, los agricultores & Merchants Bancorp, Inc. reportó activos totales de $ 13.7 mil millones. El banco ofrece una gama integral de servicios bancarios con las siguientes métricas clave:

Categoría de servicio	Volumen total	Penetración del mercado
Préstamos comerciales	$ 7.2 mil millones	42% de la cartera de préstamos totales
Cuentas bancarias personales	214,000 cuentas activas	68% de participación en el mercado regional

Originación de préstamo y suscripción

Las actividades de procesamiento de préstamos incluyen:

• Volumen de origen total del préstamo: $ 1.6 mil millones en 2023
• Tiempo promedio de procesamiento de préstamos: 5.4 días hábiles
• Tasa de aprobación del préstamo: 73.2%

Gestión de cuentas de depósito e inversión

Tipo de cuenta	Depósitos totales	Saldo promedio
Cuentas corrientes	$ 3.9 mil millones	$22,500
Cuentas de ahorro	$ 2.1 mil millones	$15,300
Cuentas de inversión	$ 1.4 mil millones	$87,600

Desarrollo de la plataforma de banca digital

Métricas de infraestructura bancaria digital:

• Usuarios de banca móvil: 126,000
• Volumen de transacciones en línea: 3.7 millones mensuales
• Inversión de plataforma digital: $ 4.2 millones en 2023

Gestión de riesgos y monitoreo de cumplimiento

Estadísticas de cumplimiento y gestión de riesgos:

Categoría de riesgo	Frecuencia de monitoreo	Tasa de cumplimiento
Riesgo de crédito	A diario	99.6%
Riesgo operativo	Semanalmente	98.9%
Cumplimiento regulatorio	Continuo	100%

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: recursos clave

Red bancaria regional fuerte

A partir del cuarto trimestre de 2023, los agricultores & Merchants Bancorp opera:

Ubicación	Número de ramas
Ohio	64
Indiana	16
Total de ramas	80

Equipo experimentado de gestión financiera

Detalles clave del liderazgo:

Posición	Años de experiencia
CEO	27 años
director de Finanzas	18 años
Oficial de riesgos	22 años

Infraestructura bancaria digital y física

• Plataformas de banca en línea
• Aplicación de banca móvil
• 80 ubicaciones de ramas físicas
• Sistemas de atención al cliente 24/7

Reservas de capital

Métrica financiera	Cantidad
Activos totales	$ 12.4 mil millones
Relación de capital de nivel 1	12.6%
Reservas de capital total	$ 1.56 mil millones

Sistemas bancarios tecnológicos

• Software bancario central: Fiserv ADN
• Infraestructura avanzada de ciberseguridad
• Sistemas de detección de fraude con IA
• Plataformas de gestión de datos basadas en la nube

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: propuestas de valor

Servicios bancarios personalizados para comunidades locales

A partir del cuarto trimestre de 2023, los agricultores & Merchants Bancorp sirve 18 condados en Ohio con 95 ubicaciones bancarias totales. Los activos totales informaron en $ 14.7 mil millones, lo que demuestra una fuerte presencia del mercado regional.

Categoría de servicio	Área de cobertura	Número de ubicaciones
Banca personal	Ohio	95
Banca de negocios	18 condados	Servicio completo

Tasas de interés competitivas y productos financieros

Tasas de interés para productos clave a partir de enero de 2024:

• Cuenta de ahorro personal: 0.50% APY
• Cuenta del mercado monetario: 1.75% APY
• CD de 12 meses: 3.25% APY
• Verificación de negocios: 2.10% de tasa de interés

Enfoque de cliente basado en relaciones

Tasa de retención de clientes del 87% en 2023, con una duración promedio de la relación con el cliente de 9.2 años.

Procesamiento de préstamos rápido y eficiente

Tipo de préstamo	Tiempo de procesamiento promedio	Tasa de aprobación
Préstamos personales	3-5 días hábiles	72%
Préstamos comerciales	5-7 días hábiles	65%

Soluciones financieras integrales

Las ofertas de productos incluyen:

• Banca personal: corriente, ahorros, CDS
• Banca de negocios: préstamos comerciales, gestión del tesoro
• Gestión de patrimonio: servicios de inversión
• Plataforma de banca en línea/móvil

Ingresos netos para 2023: $ 132.4 millones, reflejando un fuerte desempeño financiero y entrega de valor.

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocios: relaciones con los clientes

Interacciones cara a cara en ubicaciones de sucursales locales

A partir del cuarto trimestre de 2023, los agricultores & Merchants Bancorp opera 41 ubicaciones de sucursales en Ohio y el norte de Kentucky.

Tipo de rama	Número de ramas	Interacciones diarias promedio de clientes
Ramas de servicio completo	37	125-150 clientes por día
Ramas de servicio limitadas	4	50-75 clientes por día

Servicio al cliente personalizado

El banco mantiene un equipo de servicio al cliente dedicado con métricas específicas:

• Tiempo de respuesta promedio para consultas de clientes: 12 minutos
• Calificación de satisfacción del cliente: 4.6/5
• Gerentes de relaciones dedicadas para cuentas comerciales

Plataformas de banca digital y aplicaciones móviles

Métricas de plataforma digital	2023 datos
Usuarios de banca móvil	78,425
Usuarios bancarios en línea	92,637
Tasa de descarga de la aplicación móvil	24,156 nuevas descargas en 2023

Consultas de asesoramiento financiero regular

Desglose de servicios de asesoramiento financiero:

• Asesores financieros totales: 22
• Consultas promedio por asesor por mes: 45
• Tipos de consulta: Planificación de jubilación, estrategias de inversión, gestión de patrimonio

Programas de compromiso y apoyo de la comunidad

Programa comunitario	Inversión en 2023	Impacto de la comunidad
Apoyo comercial local	$ 1.2 millones	87 subvenciones comerciales locales
Becas educativas	$275,000	52 becas estudiantiles
Desarrollo comunitario	$450,000	6 proyectos de infraestructura comunitaria principales

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocios: canales

Red de sucursales bancarias físicas

A partir de 2024, agricultores & Merchants Bancorp opera 87 oficinas bancarias en Ohio y el norte de Kentucky.

Estado	Número de ramas
Ohio	75
Northern Kentucky	12

Sitio web de banca en línea

El banco ofrece servicios integrales de banca digital a través de su plataforma segura en línea.

• URL del sitio web: www.fmcbank.com
• Características digitales: Gestión de cuentas, pago de facturas, transferencias de fondos
• Protocolos de seguridad: Cifrado de 256 bits

Aplicación de banca móvil

Aplicación de banca móvil disponible para plataformas iOS y Android con 42,500 usuarios mensuales activos en 2024.

Plataforma	Calificación de la tienda de aplicaciones
Tienda de aplicaciones de iOS	4.6/5
Google Play Store	4.4/5

Centros de llamadas de servicio al cliente

Atención al cliente 24/7 con 157 representantes dedicados de servicio al cliente.

• Número de soporte principal: 1-800-228-7739
• Tiempo de respuesta promedio: 2.5 minutos
• Volumen de llamadas anual: 486,000 interacciones con los clientes

Red de cajeros automáticos

Infraestructura de cajeros automáticos integrales con 129 cajeros automáticos patentados y acceso sin recarga a 30,000 cajeros automáticos de red nacional.

Tipo de cajero automático	Número de máquinas
Cajeros automáticos	129
ATMS de socios de red	30,000

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, FMAO sirve aproximadamente 2,500 empresas pequeñas a medianas en Ohio y el norte de Kentucky. Cartera total de préstamos comerciales para PYME: $ 487.3 millones.

Categoría de tamaño del negocio	Número de clientes	Monto promedio del préstamo
Micro empresas (1-9 empleados)	1,200	$125,000
Pequeñas empresas (10-49 empleados)	850	$425,000
Empresas medianas (50-250 empleados)	450	$1,250,000

Empresas del sector agrícola

Portafolio de préstamos agrícolas: $ 213.6 millones, que atiende a 672 negocios agrícolas en 2023.

• Granjas de cultivos: 287 clientes
• Operaciones ganaderas: 214 clientes
• Servicios de apoyo agrícola: 171 clientes

Clientes de banca minorista individual local

Total de clientes de banca minorista: 42,500 a diciembre de 2023. Cuentas de depósito Total: $ 1.2 mil millones.

Tipo de cuenta	Número de cuentas	Saldo promedio
Cuentas corrientes	24,300	$8,750
Cuentas de ahorro	15,200	$12,500
Cuentas del mercado monetario	3,000	$35,000

Individuos de alto nivel de red

Segmento de cliente de alto nivel de red: 1.250 personas con activos totales bajo una administración de $ 328.4 millones en 2023.

• Clientes de gestión de patrimonio: 850
• Clientes bancarios privados: 400
• Valor de la cartera promedio: $ 262,720

Clientes comerciales y municipales

Portafolio de clientes comerciales y municipales: 215 clientes con volumen de préstamos totales de $ 672.5 millones en 2023.

Tipo de cliente	Número de clientes	Volumen total de préstamos
Empresas comerciales	178	$ 542.3 millones
Gobiernos municipales	37	$ 130.2 millones

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocio: Estructura de costos

Gastos de operación de rama

A partir del informe anual de 2023, los agricultores & Merchants Bancorp, Inc. reportó gastos de operación de sucursal total de $ 23.4 millones.

Categoría de gastos	Monto ($)
Costos de ocupación	8,650,000
Utilidades	3,200,000
Mantenimiento	2,750,000
Impuestos a la propiedad	1,900,000

Salarios y beneficios de los empleados

La compensación total de los empleados para 2023 fue de $ 45.6 millones.

• Salarios base: $ 32,400,000
• Bonos de rendimiento: $ 5,700,000
• Seguro de salud: $ 4,200,000
• Beneficios de jubilación: $ 3,300,000

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica totalizaron $ 12.7 millones en 2023.

Gasto tecnológico	Monto ($)
Hardware	3,800,000
Licencia de software	4,200,000
Ciberseguridad	2,900,000
Infraestructura de red	1,800,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2023 fueron de $ 7.3 millones.

• Consultoría legal: $ 2,600,000
• Tarifas de auditoría: $ 1,900,000
• Software de cumplimiento: $ 1,500,000
• Programas de capacitación: $ 1,300,000

Gastos de marketing y adquisición de clientes

El gasto de marketing en 2023 alcanzó $ 6.2 millones.

Canal de marketing	Monto ($)
Publicidad digital	2,300,000
Medios impresos	1,200,000
Eventos comunitarios	800,000
Programas de referencia de clientes	1,900,000

Agricultores & Merchants Bancorp, Inc. (FMAO) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del cuarto trimestre de 2023, los agricultores & Los comerciantes Bancorp informaron ingresos por intereses totales de $ 132.4 millones. El desglose de la cartera de préstamos incluye:

Categoría de préstamo	Saldo total	Ingresos por intereses
Préstamos comerciales	$ 687.3 millones	$ 42.6 millones
Hipotecas residenciales	$ 514.2 millones	$ 31.8 millones
Préstamos al consumo	$ 276.5 millones	$ 18.9 millones

Tarifas de servicio bancario

Los ingresos por tarifas de servicio para 2023 totalizaron $ 24.7 millones, con el siguiente desglose:

• Tarifas de mantenimiento de la cuenta: $ 8.3 millones
• Tarifas de transacción de cajeros automáticos: $ 4.2 millones
• Tarifas de sobregiro: $ 6.5 millones
• Tasas de transferencia de cables: $ 3.7 millones
• Otros servicios bancarios: $ 2.0 millones

Servicios de inversión y gestión de patrimonio

Los ingresos de los servicios de gestión de patrimonio en 2023 alcanzaron los $ 17.5 millones, que incluyen:

Tipo de servicio	Ganancia
Tarifas de gestión de activos	$ 9.6 millones
Servicios de asesoramiento financiero	$ 5.2 millones
Planificación de jubilación	$ 2.7 millones

Tarifas de transacción

Los ingresos por tarifas de transacción para 2023 totalizaron $ 12.3 millones, que comprenden:

• Tarifas de transacción con tarjeta de débito: $ 6.8 millones
• Tarifas de transacción con tarjeta de crédito: $ 3.5 millones
• Tarifas de pago electrónico: $ 2.0 millones

Ingresos de productos hipotecarios y de préstamos

Los ingresos por productos hipotecarios y de préstamo para 2023 ascendieron a $ 39.6 millones:

Tipo de producto	Ingresos totales
Tarifas de origen de la hipoteca	$ 22.4 millones
Tarifas de refinanciación de préstamos	$ 10.2 millones
Préstamos para tarifas de productos	$ 7.0 millones

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients choose Farmers & Merchants Bancorp, Inc. (FMAO) over competitors. It boils down to stability, local service, and a comprehensive product set.

The bedrock of the value proposition is proven financial resilience. Farmers & Merchants Bancorp, Inc. offers financial stability, proven by 90 consecutive quarters of profitability as of the third quarter of 2025. This long track record speaks directly to the bank's conservative management and consistent performance, even when the broader financial sector faces headwinds.

The service model emphasizes a community-centric banking with local, quick decision-making. This is supported by the bank's operational efficiency and market expansion, including opening a second full-service office in Michigan in Troy during 2025. The bank's commitment to its footprint is clear in its focus on local markets in Ohio, Indiana, and Michigan.

Farmers & Merchants Bancorp, Inc. delivers a diversified product suite: commercial, retail, and treasury management services. This breadth allows the bank to serve a wide range of client needs within its geographic area. The loan portfolio reflects this diversity, with growth driven by commercial real estate, agricultural real estate, commercial and industrial, and agricultural loans as of September 30, 2025.

Asset quality is a key differentiator, showing strong underwriting discipline. Farmers & Merchants Bancorp, Inc. maintains strong asset quality with nonperforming loans at only $5.2 million as of September 30, 2025. To put that into perspective relative to the loan book:

Metric	Value (Sep 30, 2025)
Total Loans, Net	$2.66 billion
Nonperforming Loans	$5.2 million
Net Charge-offs to Average Loans	0.00%

Shareholder value is consistently reinforced. Farmers & Merchants Bancorp, Inc. demonstrates consistent shareholder return via the 31st consecutive annual dividend increase in 2025. The current annual dividend stands at $0.91 per share, yielding approximately 3.71%. This commitment to returning capital is a core part of the value proposition for income-focused investors.

Here's a quick look at the financial strength underpinning these value drivers as of the latest reporting period:

• Net Income (Q3 2025): $8.9 million.
• Net Interest Margin (Q3 2025): 3.40%.
• Efficiency Ratio (Q3 2025): Improved to 63.11%.
• Total Deposits (Sep 30, 2025): $2.75 billion.
• Price-to-Earnings Ratio: 10.3x.

The bank's total stockholders' equity was $361.8 million at September 30, 2025. If onboarding new clients takes longer than expected, the local decision-making advantage could be eroded, so maintaining that agility is key.

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Customer Relationships

You're building a bank around trust, and for Farmers & Merchants Bancorp, Inc. (FMAO), that means doubling down on the personal touch. This isn't about transactional banking; it's about deep, lasting connections.

The core of the Customer Relationships block is a personalized, high-touch service model typical of community banks. This is evident in their operational focus. For example, as of June 30, 2025, Farmers & Merchants Bancorp, Inc. ended the second quarter with $2.71 billion in deposits, reflecting the success of their efforts to expand relationship-based banking across the Ohio, Indiana, and Michigan markets. That focus on relationships is what drives deposit stability.

To manage these regional relationships, Farmers & Merchants Bancorp, Inc. employs dedicated Market Presidents. This structure ensures local leadership understands the specific needs of their area. We see this in action: in 2025, the company promoted Curtis Metz to Market President for Northern Indiana. Furthermore, Andrew Baker, who serves as Regional President of Northern Indiana, was named Chief Strategy Officer in 2025, remaining responsible for leading all aspects of F&M's community-based retail banking operations, which includes the branch network.

The commitment to these relationships spans decades, fostering long-term, multi-generational customer relationships. A clear indicator of this long-term commitment to stakeholders is the company's history of rewarding shareholders: Farmers & Merchants Bancorp declared its 31st consecutive annual increase in the regular dividend payment in 2025. This consistency signals stability to the customer base.

The service delivery model is a blended digital and in-person service for convenience. While the high-touch model remains, the bank is clearly investing in the digital side to support it. The company reported investing in new tools and capabilities to expand marketing efforts and better communicate its offerings as of mid-2025. To further enhance the customer experience, F&M Bank appointed an Chief Marketing & Experience Officer on October 31, 2025.

Here's a look at the structure supporting these relationship roles as of 2025:

Role Type	Specific Title Mentioned (2025 Context)	Geographic/Focus Area
Market Leadership	Market President	Northern Indiana
Regional Leadership	Regional President	Northern Indiana
Relationship Management	VP, Wholesale Relationship Manager	Central California (FMCB context)
Relationship Management	First Vice President/Senior Relationship Officer	General
Experience Focus	Chief Marketing & Experience Officer	Enterprise-wide

The bank's operational strategy emphasizes growing deposits through existing relationships, as seen in their Q2 2025 results.

• Focus on growing deposits with longstanding client relationships.
• Reported 38 full-service offices across Ohio, Indiana, and Michigan.
• Opened its second full-service office in Michigan (Troy) in 2025.
• Reported total deposits of $2.71 billion as of June 30, 2025 (FMAO).
• Reported total deposits of $4.8 billion as of June 30, 2025 (FMCB).

The emphasis is definitely on having the right people in place to maintain that community bank feel, even as the footprint expands.

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Channels

The Channels block for Farmers & Merchants Bancorp, Inc. (FMAO) centers on a hybrid approach, blending traditional physical presence with modern digital access to serve its customer base across its operational footprint.

The physical branch network spans across Ohio, Indiana, and Michigan, providing in-person service points. As of late 2025, F&M Bank services 38 full-service offices across its primary markets.

• - Ohio locations cover Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties.
• - Northeast Indiana offices are in Adams, Allen, DeKalb, Jay, Steuben, and Wells counties.
• - The Michigan footprint includes Oakland County, plus the recently opened second full-service office in Troy, Michigan, as of the third quarter of 2025.

Digital access is provided through online and mobile banking platforms, which offer customers 24/7 access to account management functions. While specific user adoption rates aren't detailed here, this digital layer supports the overall operational scale.

Focused lending growth is supported by dedicated Loan Production Offices (LPOs). These offices are strategically placed to drive commercial and agricultural loan origination outside of the main branch footprint. As of early 2025 reports, the LPO locations included:

• - Troy, Michigan.
• - Muncie, Indiana.
• - Perrysburg, Ohio.
• - Bryan, Ohio.

Commercial and Treasury Management sales teams directly engage business clients for specialized services. This direct sales force works in tandem with the physical and digital channels to deliver commercial banking and treasury management solutions to the market.

The scale of the business being serviced through these channels, based on third-quarter 2025 performance, is reflected in these key financial figures:

Financial Metric	Amount as of September 30, 2025
Total Loans, net	$2.66 billion
Total Deposits	$2.75 billion
Net Income (Q3 2025)	$8.9 million
Net Interest Margin (Q3 2025)	3.40%

The efficiency ratio for the company improved to 63.11% in the third quarter of 2025, suggesting these channels are being managed effectively against the revenue base.

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Customer Segments

You're looking at the core groups Farmers & Merchants Bancorp, Inc. (FMAO) serves as of late 2025, based on their latest reported figures. The bank's footprint spans Northwest Ohio, Northeast Indiana, and Southern Michigan, with recent expansion including a second full-service office opened in Troy, Michigan.

The customer base is segmented by the type of financial service they require, which directly ties into the composition of their $2.66 billion net total loan portfolio as of September 30, 2025.

Small to mid-sized businesses (SMEs) requiring commercial loans and treasury services.

This segment drives a significant portion of the lending activity. Commercial Real Estate (CRE) loans comprised 51.0% of the total loan portfolio at September 30, 2025. Within that CRE segment, Industrial loans alone accounted for 10.4% of the total loan portfolio, valued at $277,274 (in thousands, based on context of other figures). The overall loan growth of 4.9% year-over-year to September 30, 2025, was primarily fueled by increases in commercial real estate and commercial and industrial loans.

Retail customers in the tri-state footprint seeking personal banking.

These customers provide the core funding base. Total deposits stood at $2.75 billion on September 30, 2025, marking a 2.5% increase from the prior year. The bank focuses on growing these core deposits across its markets.

Agricultural and rural community customers.

Agricultural lending is a noted differentiator for Farmers & Merchants Bancorp, Inc. Total agricultural loans reached $379 million as of June 30, 2025. Agricultural real estate loans were specifically cited as a driver of the overall loan portfolio increase year-over-year as of September 30, 2025.

High-net-worth individuals utilizing wealth management services.

Farmers & Merchants Bancorp, Inc. supports this group through specialized offerings, including the Private Banking division introduced in 2021, which offers customized, premium banking strategies. The organizational structure supports this with roles such as VP | Private Banker and an FM Investments segment. The company also offers custodial services for individual retirement and health savings accounts.

Here's a quick look at the key financial metrics tied to these segments as of late 2025:

Metric	Value (as of Sept 30, 2025)	Reference Segment
Total Loans, Net	$2.66 billion	SME, Ag, Retail Lending
Total Deposits	$2.75 billion	Retail Customers
CRE Loans (% of Total Loans)	51.0%	SME Commercial Loans
Total Agricultural Loans	$379 million (as of June 30, 2025)	Agricultural Customers

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Cost Structure

When you look at the cost side of the Farmers & Merchants Bancorp, Inc. (FMAO) business model, you see a structure heavily influenced by managing funding costs and maintaining a physical presence, even as efficiency improves. The bank is clearly focused on disciplined balance sheet management, which directly impacts its largest variable cost.

The primary driver in the funding cost area is the management of liabilities. Farmers & Merchants Bancorp, Inc. reported managing a cost of interest-bearing liabilities of 2.84% for the nine months ended September 30, 2025. This figure reflects a successful effort to keep the cost of funds in check while total deposits grew to $2.75 billion as of that same date. This focus on deposit pricing discipline is key to protecting the net interest margin.

Next, you have the fixed and semi-fixed costs associated with the physical footprint and the people who run it. Farmers & Merchants Bancorp, Inc. supports its community banking model with a network of 38 full-service offices across Ohio, Indiana, and Michigan. These locations necessitate significant personnel and compensation expenses for branch staff, tellers, and relationship managers, which are essential for their value proposition. Also factored in are the occupancy and equipment costs for this 38 office footprint, covering leases, maintenance, and necessary physical assets.

To keep pace with modern banking expectations, technology investment remains a necessary, ongoing cost to support the digital infrastructure. This covers everything from core processing systems to online and mobile banking platforms. Furthermore, as a regulated financial institution, Farmers & Merchants Bancorp, Inc. incurs substantial costs related to regulatory compliance and insurance, which are non-negotiable expenses in this industry.

Here's a quick look at some of the key financial metrics that reflect the efficiency of these costs as of late 2025:

Cost/Efficiency Metric	Value (YTD 9 Months Ended 9/30/2025)	Context
Cost of Interest-Bearing Liabilities	2.84%	Reflects disciplined deposit pricing
Efficiency Ratio	63.11%	Improvement from 67.98% year-over-year
Total Full-Service Offices	38	Physical footprint size
Total Deposits	$2.75 billion	Base for funding costs
Noninterest Expense Growth	Rose 5.2%	Year-over-year change for Q1 2025

You can see the impact of managing these costs reflected in the operational performance metrics. The drive for efficiency is evident, but the underlying fixed costs of the branch network are still a major component of the structure. Key cost drivers you need to track include:

• Interest expense on deposits, managing a cost of interest-bearing liabilities of 2.84% YTD 2025.
• Significant personnel and compensation expenses for branch staff.
• Occupancy and equipment costs for the 38 office footprint.
• Technology investment to support digital infrastructure.
• Regulatory compliance and insurance costs.

The improvement in the efficiency ratio to 63.11% for the nine months ended September 30, 2025, shows that revenue growth is outpacing the growth in these operating expenses, which is a positive sign for cost control efforts. Finance: draft the next quarter's noninterest expense forecast by next Tuesday.

Farmers & Merchants Bancorp, Inc. (FMAO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Farmers & Merchants Bancorp, Inc. brings in money as of late 2025. For a community bank, this is all about the spread between what you earn on assets and what you pay on liabilities, plus the fees you charge for services. It's a straightforward model, but execution on the margin is what matters.

The primary revenue driver remains the interest earned on the lending book. As of the third quarter ending September 30, 2025, the total loan portfolio, net, stood at $2.66 billion. This asset base generated significant Net Interest Income (NII) for the quarter, which reached $26.90 million. The efficiency of this core business is clear from the Net Interest Margin (NIM), which expanded to 3.40% for the quarter.

Beyond the balance sheet, Farmers & Merchants Bancorp, Inc. captures revenue through various non-interest sources. For Q3 2025, total Noninterest Income was reported at $4.36 million. This stream is where the contribution from the F & M Insurance, LLC subsidiary fits in, though the specific dollar amount for the subsidiary isn't broken out in the headline figures; it's part of that total non-interest bucket, which also includes service charges and fees.

The bottom line for the quarter reflects this successful revenue generation. Net income for Q3 2025 was $8.9 million, marking the 90th consecutive quarter of profitability for Farmers & Merchants Bancorp, Inc..

Here's a quick look at the key financial performance indicators that feed into these revenue streams for the third quarter of 2025:

Revenue Component/Metric	Q3 2025 Amount
Net Income	$8.9 million
Net Interest Income (before provision)	$26.90 million
Total Loans, Net	$2.66 billion
Total Noninterest Income	$4.36 million
Net Interest Margin (NIM)	3.40%

The revenue streams are supported by several operational highlights that you should keep in mind:

• Loan growth was 4.9% year-over-year to $2.66 billion.
• Deposits grew 2.5% year-over-year to $2.75 billion.
• The cost of interest-bearing liabilities improved to approximately 2.83% in Q3.
• The efficiency ratio improved to 63.11%.
• The company declared its 31st consecutive annual dividend increase.

Finance: draft 13-week cash view by Friday.