Farmers & Merchants Bancorp reported net income of $23.7 million for the third quarter of 2025, an increase of $1.6 million or 7.22% compared to $22.1 million in the third quarter of 2024. Net interest income for the quarter was $55.4 million, up from $52.0 million in the same period last year. For the nine months ended September 30, 2025, net income was $69.8 million and net interest income totaled $162.4 million, compared to $154.5 million for the same period in 2024. The net interest margin for the nine-month period increased to 4.14% from 4.04% in the previous year. Return on average assets for the quarter was 1.70% and return on average equity was 15.10%. As of September 30, 2025, tangible book value per share was $877.13, up from $799.04 as of September 30, 2024. The company reported $172.6 million in cash and $1.6 billion in investment securities at quarter-end. The allowance for credit losses on loans and leases was 2.10%, with a net charge-off ratio of 0.03% and a non-accrual loan and leases ratio of 0.03%.