Exhibit 99

Farmers & Merchants Bancorp, Inc. Reports

2025 Third-Quarter and Year-to-Date Financial Results

ARCHBOLD, OHIO, October 27, 2025, Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 third quarter and year-to-date ended September 30, 2025 on a consolidated basis.

2025 Third Quarter Financial and Operating Highlights

(at September 30, 2025 and on a year-over-year basis unless noted)

Lars B. Eller, President and Chief Executive Officer, stated, “The continued progress we are making to leverage recent investments, drive growth, and expand profitability is encouraging. Strong financial performance and sustained operating momentum during the 2025 third quarter produced one of the most profitable quarters in our 128-year history. Our results reflect the strength of F&M’s diversified business model and our longstanding commitment to create lasting value for our communities, customers, employees and shareholders. I am also proud of our recent dividend increase, marking the 31st consecutive annual increase in F&M’s dividend.”

Income Statement

Net income for the 2025 third quarter ended September 30, 2025, was $8.9 million, compared to $6.5 million for the same period last year. Net income per basic and diluted share for the 2025 third quarter was $0.64, compared to $0.48 for the same period last year. Net income for the nine months ended September 30, 2025, was $23.5 million, compared to $17.6 million for the same period last year. Net income per basic and diluted share for the 2025 nine months was $1.71, compared to $1.28 for the same period last year.

Deposits

At September 30, 2025, total deposits were $2.75 billion, an increase of 2.5% from September 30, 2024. The Company’s cost of interest-bearing liabilities was 2.83% for the quarter ended September 30, 2025, compared to 3.21% for the quarter ended September 30, 2024.

Mr. Eller commented, “We remain focused on growing core deposits by expanding our relationship-based banking solutions across our Ohio, Indiana, and Michigan markets. These efforts have supported year-over-year deposit growth, while we continue to actively manage our cost of funds. I am encouraged that our cost of interest-bearing liabilities improved 32 basis points to 2.84% for the nine months ended September 30, 2025, reflecting our disciplined approach to deposit pricing and balance sheet management.”

Loan Portfolio and Asset Quality

“We are experiencing stable demand for loans, supported by the success of our recently opened offices, the addition of new team members, and the advantages of our community-oriented banking model. This includes the opening of our newest office in Troy, Michigan during the third quarter, which is the second full-service location in the state. We also continue to add experienced market presidents throughout our footprint to maintain our local decision-making and during the quarter we promoted Curtis Metz to Market President for Northern Indiana. As F&M grows, we are committed to prioritizing asset quality. Net charge-offs to average loans have remained below 0.03% for 18 consecutive quarters, underscoring the strength and growing sophistication of our credit culture and risk management capabilities,” continued Mr. Eller.

Total loans, net at September 30, 2025, increased 4.9%, or by $123.0 million to $2.66 billion, compared to $2.54 billion at September 30, 2024. The year-over-year increase was driven primarily by higher commercial real estate, agricultural real estate, commercial and industrial, and agricultural loans, partially offset primarily by lower consumer real estate and consumer loans. Compared to December 31, 2024, total loans, net at September 30, 2025, increased by 3.8% or $97.5 million.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $5.2 million, or 0.19% of total loans at September 30, 2025, compared to $2.9 million, or 0.11% of total loans at September 30, 2024, and $3.1 million, or 0.12% at December 31, 2024.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.0% of the Company’s total loan portfolio at September 30, 2025. F&M’s CRE portfolio included the following categories at September 30, 2025 (*):

* Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands.

At September 30, 2025, the Company’s total allowance to total loans was 1.07%, compared to 1.07% at September 30, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.06% at September 30, 2025, compared to 1.10% at September 30, 2024.

Mr. Eller concluded, “We continue to believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to grow our business profitably. This fall, we will begin developing a new three-year strategic plan that will define our growth priorities and guide our next phase of success. The plan will leverage the solid foundation we have established and the community-banking values that continue to distinguish F&M across our Ohio, Indiana, and Michigan markets. We believe these initiatives will enable the Company to capitalize on opportunities within our footprint, enhance shareholder value, and further strengthen our role as a trusted financial partner to the communities we proudly serve. I look forward to updating our shareholders on our new strategic priorities.”

Stockholders’ Equity and Dividends

Total stockholders’ equity increased 7.9% to $361.8 million, or $26.31 per share at September 30, 2025, from $335.4 million, or $24.48 per share at September 30, 2024. The Company had a Tier 1 leverage ratio of 8.74% at September 30, 2025, compared to 8.04% at September 30, 2024.

Tangible stockholders’ equity increased to $271.0 million at September 30, 2025, compared to $242.8 million at September 30, 2024. On a per share basis, tangible stockholders’ equity at September 30, 2025, was $19.71 per share, compared to $17.72 per share at September 30, 2024. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.”

F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 31 consecutive years. For the quarter ended September 30, 2025, the Company declared cash dividends of $0.2275 per share, representing a 2.8% increase over the same period last year.

For the nine months ended September 30, 2025, the Company declared cash dividends of $0.67 per share, representing a 1.3% increase over the same period last year. For the nine months ended September 30, 2025, the dividend payout ratio was 38.64% compared to 50.99% for the same period last year.

About Farmers & Merchants Bancorp, Inc.

Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is a financial holding company headquartered in Archbold, Ohio, and the parent company of The Farmers & Merchants State Bank.

About Farmers & Merchants State Bank:

F&M Bank is 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 Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Use of Non-GAAP Financial Measures

This release contains certain non-GAAP financial measures, including the efficiency ratio, tangible stockholders’ equity and tangible book value per share. Management believes these measures facilitate period-to-period comparisons of the Company’s performance and provide useful supplemental information to investors; however, they should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Definitions of these measures and reconciliations to the most directly comparable GAAP measures are provided in the accompanying tables.

Basis of Presentation

The financial information in this release is preliminary, based on management’s current expectations, and is subject to change pending completion of customary quarterly closing processes and review. Unless otherwise indicated, all figures are presented on a consolidated basis and comparisons are to the same period of the prior year. Averages may be annualized. Totals may not foot due to rounding.

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 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “goal,” “will,” “would,” and similar expressions. 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, deposit flows and pricing, liquidity and access to wholesale funding, interest rate and asset-liability management, credit quality (including commercial real estate exposures), collateral values, inflation and macroeconomic conditions, changes in laws and regulations (including capital and liquidity requirements and the implementation of “Basel III Endgame”), FDIC assessments, stress testing and supervisory expectations, cybersecurity and third-party/vendor risks, competition and technological change, geopolitical events, severe weather and natural disasters, agricultural sector conditions, the accuracy of CECL estimates and other accounting judgments, capital and dividend restrictions, and other risks described in F&M’s filings with the SEC. F&M undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (continued)

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

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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