Farmers & Merchants Bancorp reported net income of $23.7 million, or $33.92 per diluted common share, for the quarter ended September 30, 2025, representing a 13.2% increase over the prior year. Total assets at quarter-end were $5.6 billion. The annualized return on average assets was 1.7% and return on average equity was 15.1%. Non-accrual loans and leases totaled $1.0 million, or 0.03%, while the allowance for credit losses was $76.0 million, or 2.1% of total loans and leases. The common equity tier 1 ratio stood at 14.3% and the total risk-based capital ratio at 15.7%, both above regulatory requirements for a "well-capitalized" classification. For the trailing twelve months, net income was $91.6 million, up from $88.0 million a year earlier, and diluted earnings per share totaled $130.83, a 10.4% increase year-over-year. In July 2025, the company was ranked the #3 best-performing bank in the nation across all asset categories by Bank Director's Magazine for 2024. The company also shifted its dividend payment frequency from semi-annual to quarterly, with the last quarterly cash dividend of $5.00 paid on October 1, 2025.