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Q2 2026 · read from the 30 June 2026 Call Report · United States · South Central · Arkansas, the state note

Farmers & Merchants Bank

Stuttgart, Arkansas · $2.02B in assets · beside the 11 other Arkansas banks between $1B and $3B

The filing

83.3%
Loans / deposits
2nd of 12
1.05%
ROA
11th of 12
64.6%
Efficiency
11th of 12

Farmers & Merchants Bank is the fourth largest of the 12 Arkansas banks nearest its size between $1B and $3B, with $2.02B in assets at 30 June 2026. Loans are 83.3% of deposits, 2nd of 12 against a median of 92.3%, and equity is 11.2% of assets, 7th of 12. Loans grew +5.9% in the year, 7th of 12, and deposits grew 11.2%; the cohort's median loan growth is +7.0%.

Noncurrent loans are 0.39% of the book, 7th of 12 against a median of 0.38%; 0.30% is 30 to 89 days past due, and the allowance covers them 3.3 times. Commercial real estate is 34.6% of loans, 7th of 12 against a median of 34.1%, and 257% of capital, below the 300% screen, with construction at 98% against the 100% screen.

Return on assets is 1.05%, 11th of 12 against a median of 1.42%, on an efficiency ratio of 64.6%, 11th of 12. Five years ago it was 0.79%. The question is which of these lines moves first over the next four quarters, and against which peer.

Loans as a share of depositsAR banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 92.3% FN First National Bank of Fort Smith 78.5% FM Farmers & Merchants Bank 83.3% AB Anstaff Bank 86.3% CB Citizens Bank 86.5% CB Chambers Bank 87.6% EB Evolve Bank & Trust 91.7% RB Relyance Bank 92.9% FB FM Bank & Trust 93.3% SB Signature Bank of Arkansas 94.4% LB Legacy Bank 94.9% FN First National Bank 99.5% FF First Financial Bank 103.2%
Loans, year over yearAR banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +7.0% FB FM Bank & Trust +140.8% LB Legacy Bank +16.8% FF First Financial Bank +13.8% SB Signature Bank of Arkansas +12.0% AB Anstaff Bank +11.0% CB Chambers Bank +8.2% FM Farmers & Merchants Bank +5.9% FN First National Bank +5.5% CB Citizens Bank +4.9% FN First National Bank of Fort Smith -0.1% RB Relyance Bank -3.5% EB Evolve Bank & Trust -5.3%

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 3 CBLR filers, Farmers & Merchants Bank among them; owner-occupied excluded; bold marks a screen met
Farmers & Merchants BankRankCohort median
Total CRE against capital, the 300% screen257%7th of 12256%
Construction against capital, the 100% screen98%8th of 1286%
Construction and land development, share of loans13.2%9th of 1211.5%
Non-owner-occupied nonfarm nonresidential, share of loans18.2%9th of 1216.7%
Total CRE, the guidance definition, share of loans34.6%7th of 1234.1%
CRE growth over 36 months, the third prong+29.0%7th of 12+25.4%
Commercial real estate against capital, the 300% screenAR banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 256% EB Evolve Bank & Trust 101% FF First Financial Bank 132% FB FM Bank & Trust 150% AB Anstaff Bank 196% FN First National Bank 241% CB Citizens Bank 255% FM Farmers & Merchants Bank 257% RB Relyance Bank 259% LB Legacy Bank 292% FN First National Bank of Fort Smith 294% CB Chambers Bank 302% SB Signature Bank of Arkansas 304%
CRE growth over 36 months, the guidance's third prongAR banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median +25.4% CB Citizens Bank -15.5% CB Chambers Bank +10.3% FN First National Bank +13.4% FN First National Bank of Fort Smith +15.2% RB Relyance Bank +17.7% EB Evolve Bank & Trust +21.8% FM Farmers & Merchants Bank +29.0% LB Legacy Bank +39.4% SB Signature Bank of Arkansas +53.4% AB Anstaff Bank +62.3% FF First Financial Bank +99.1% FB FM Bank & Trust +348.8%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
First National Bank$2.59B1.2%57.9%0.19%-0.01%1.7%99.5%11.6%
First National Bank of Fort Smith$2.31B2.0%47.9%0.44%0.03%1.4%78.5%12.3%
First Financial Bank$2.04B2.2%55.3%3.64%0.20%1.1%103.2%11.4%
Farmers & Merchants Bank$2.02B1.1%64.6%0.39%0.01%1.3%83.3%11.2%
Signature Bank of Arkansas$1.63B1.1%61.9%0.04%0.01%1.2%94.4%9.3%
Citizens Bank$1.62B1.5%48.2%0.37%0.08%1.5%86.5%9.0%
Chambers Bank$1.59B1.7%58.1%0.23%0.02%1.1%87.6%12.8%
Relyance Bank$1.43B1.2%61.6%0.40%0.02%1.2%92.9%13.6%
FM Bank & Trust$1.36B1.9%48.6%0.52%0.08%1.5%93.3%7.9%
Legacy Bank$1.27B1.4%55.9%0.10%-0.01%1.3%94.9%9.0%
Evolve Bank & Trust$1.19B-0.1%105.4%1.88%0.19%1.3%91.7%13.6%
Anstaff Bank$1.18B1.9%52.8%0.14%0.03%1.2%86.3%9.6%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Farmers & Merchants BankCohort median
20212026Change20212026Change
Loans$1.04B$1.43B+37%$841M$1.21B+44%
Deposits$1.42B$1.72B+21%$932M$1.38B+48%
NPA / loans0.38%0.39%+0.01 pts0.32%0.38%+0.06 pts
Efficiency66.6%64.6%-1.9 pts63.4%56.9%-6.5 pts
ROA0.79%1.05%+0.26 pts1.25%1.42%+0.18 pts

This read was prepared for Farmers & Merchants Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Farmers & Merchants Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort AR banks $1B to $3B
Institution www.gofm.bank

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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