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Q2 2026 · read from the 30 June 2026 Call Report · United States · Great Lakes · Wisconsin, the state note

Farmers & Merchants Bank

Berlin, Wisconsin · $949M in assets · beside the 11 other Wisconsin banks between $300M and $1B

The filing

9.2%
Equity / assets
10th of 12
+0.1%
Loans, year over year
10th of 12, largest first
1.96%
NPA / loans
9th of 12

Farmers & Merchants Bank is the second largest of the 12 Wisconsin banks nearest its size between $300M and $1B, with $949M in assets at 30 June 2026. Loans are 94.4% of deposits, 8th of 12 against a median of 89.0%, and equity is 9.2% of assets, 10th of 12. Loans grew +0.1% in the year, 10th of 12, and deposits fell 5.7%; the cohort's median loan growth is +5.6%.

Noncurrent loans are 1.96% of the book, 9th of 12 against a median of 0.18%; 0.22% is 30 to 89 days past due, and the allowance covers them 0.7 times. Net charge-offs are 0.29% of loans, the highest in the cohort. Commercial real estate is 45.0% of loans, 8th of 12 against a median of 37.8%, and 313% of capital, above the 300% screen, with construction at 64% against the 100% screen.

Return on assets is 1.21%, 8th of 12 against a median of 1.41%, on an efficiency ratio of 50.7%, 4th of 12. Five years ago it was 1.47%. The question is what the concentration does under a commercial real estate stress, and how much of it is owner-occupied (owner-occupied nonresidential is 7.0% of loans).

Equity as a share of assetsWI banks $300M to $1B · 30 June 2026 · higher is stronger, listed first
median 10.4% Bo Bank of Prairie Du Sac 13.0% FB Fortifi Bank 12.0% FM Farmers & Merchants Union Bank 11.7% HN Hiawatha National Bank 11.1% DC DMB Community Bank 10.6% RB Royal Bank 10.6% PS Peoples State Bank 10.2% Bo Bank of New Glarus 10.1% Bo Bank of Sun Prairie 10.0% FM Farmers & Merchants Bank 9.2% CV Chippewa Valley Bank 8.8% WB Westbury Bank 8.4%
Loans, year over yearWI banks $300M to $1B · 30 June 2026 · no better direction, largest first
median +5.6% FM Farmers & Merchants Union Bank +23.8% PS Peoples State Bank +13.1% RB Royal Bank +7.5% Bo Bank of New Glarus +6.3% CV Chippewa Valley Bank +6.2% Bo Bank of Prairie Du Sac +6.0% DC DMB Community Bank +5.1% FB Fortifi Bank +5.0% HN Hiawatha National Bank +2.5% FM Farmers & Merchants Bank +0.1% Bo Bank of Sun Prairie -1.2% WB Westbury Bank -5.5%

SBA 7(a), FY2008 to FY2026

Farmers & Merchants Bank is the 266th largest 7(a) lender into Wisconsin of 426, with $2M across 14 loans, 0.0% of everything approved in the state (Byline Bank leads with $864M). 6 of its 8 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Wisconsin, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Outagamie, WI$574K69th of 910.1%thin
Marquette, WI$513K11th of 192.4%quiet FY2011
Green Lake, WI$350K12th of 221.9%thin
Collin, TX$300K237th of 2610.0%quiet FY2011
Winnebago, WI$132K68th of 760.0%quiet FY2011
Dane, WI$80K136th of 1410.0%quiet FY2009
Waushara, WI$15K22nd of 220.1%quiet FY2009
Jefferson, CO$5K183rd of 1830.0%quiet FY2009
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Mining & extraction1$513K26.0%0.03%280th of 426
Other services1$349K17.7%0.00%1615th of 2,248
Health care & social assistance2$332K16.9%0.00%1631st of 2,172
Construction1$300K15.2%0.00%1642nd of 2,063
Transportation & warehousing4$193K9.8%0.00%1274th of 1,563
7(a) lenders into Wisconsin, share of approvals since FY2008426 lenders on record; the ten largest and Farmers & Merchants Bank
BB Byline Bank 9.3% $864M · 860 loans BF Bank Five Nine 7.9% $733M · 1,782 loans BF Bank First, N.A. 4.7% $437M · 963 loans UB UMB Bank, National Association 3.8% $355M · 672 loans UB U.S. Bank, National Association 3.5% $324M · 1,831 loans NN Nicolet National Bank 3.2% $296M · 741 loans ON Old National Bank 3.0% $279M · 390 loans AB Associated Bank National Associat… 3.0% $278M · 2,089 loans LO Live Oak Banking Company 2.6% $246M · 206 loans SC Summit CU 2.6% $244M · 1,034 loans TF The Farmers and Merchants Bank 0.0% $2M · 14 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 1 CBLR filer; owner-occupied excluded; bold marks a screen met
Farmers & Merchants BankRankCohort median
Total CRE against capital, the 300% screen313%8th of 12199%
Construction against capital, the 100% screen64%9th of 1236%
Construction and land development, share of loans9.1%7th of 126.9%
Non-owner-occupied nonfarm nonresidential, share of loans22.9%10th of 1215.5%
Total CRE, the guidance definition, share of loans45.0%8th of 1237.8%
CRE growth over 36 months, the third prong+17.3%7th of 12+16.0%

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
Peoples State Bank$993M1.4%59.2%0.21%-0.04%1.5%79.7%10.2%
Farmers & Merchants Bank$949M1.2%50.7%1.96%0.29%1.4%94.4%9.2%
Farmers & Merchants Union Bank$872M1.6%46.5%0.15%-0.05%2.0%86.2%11.7%
Bank of Sun Prairie$841M0.6%78.9%0.07%0.00%1.3%83.6%10.0%
DMB Community Bank$835M0.6%67.7%0.00%0.00%1.2%113.8%10.6%
Bank of New Glarus$823M1.6%58.2%1.99%0.01%1.3%96.7%10.1%
Royal Bank$816M1.5%59.1%0.06%0.01%1.5%78.0%10.6%
Hiawatha National Bank$781M0.9%60.8%5.32%0.02%1.1%95.2%11.1%
Westbury Bank$772M0.8%78.6%0.00%0.03%1.1%78.7%8.4%
Fortifi Bank$750M1.4%55.4%2.40%0.04%1.5%91.8%12.0%
Bank of Prairie Du Sac$745M1.5%40.6%0.00%0.00%1.4%61.1%13.0%
Chippewa Valley Bank$736M2.0%48.6%0.22%0.00%0.8%95.5%8.8%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Farmers & Merchants BankCohort median
20212026Change20212026Change
Loans$346M$741M+114%$398M$588M+47%
Deposits$345M$785M+127%$496M$673M+36%
NPA / loans1.19%1.96%+0.76 pts0.87%0.18%-0.69 pts
Efficiency47.4%50.7%+3.2 pts55.9%58.7%+2.7 pts
ROA1.47%1.21%-0.25 pts1.32%1.41%+0.09 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 WI banks $300M to $1B
Institution www.fmberlin.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. 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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