SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2005
OR
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from ________ to ________
Commision File Number 0-14492
FARMERS & MERCHANTS BANCORP, INC.
(Exact name of registrant as specified in its charter)
OHIO 34-1469491
- ------------------------------- -------------------
(State or other jurisdiction of (I.R.S Employer
incorporation or organization) Identification No.)
307-11 North Defiance Street, Archbold, Ohio 43502
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
(419) 446-2501
- --------------------------------------------------------------------------------
Registrant's telephone number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes [X] No[ ]
Indicate by checkmark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]
Indicate the number of shares of each of the issuers classes of common
stock, as of the latest practicable date:
Common Stock, No Par Value 1,300,000
- -------------------------- -------------------------------
Class Outstanding as of July 27, 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10Q
FARMERS & MERCHANTS BANCORP, INC.
INDEX
Form 10-Q Items Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets-
June 30, 2005, December 31, 2004 and June 30, 2004 1
Condensed Consolidated Statements of Net Income-
Three Months and Six Months Ended June 30, 2005 and June 30, 2004 2
Condensed Consolidated Statements of Cash Flows-
Six Months Ended June 30, 2005 and June 30, 2004 3
Notes to Condensed Financial Statements 4
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 4-6
Item 3. Market Risk 6-7
Item 4. Controls and Procedures 7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 7
Item 3. Defaults Upon Senior Securities 7
Item 4. Submission of Matters to a Vote of Security Holders 8-9
Item 5. Other Information 9
Item 6. Exhibits 9
Signatures 10
Certifications Under Section 302
Exhibit 32. Additional Exhibit - Certifications Under Section 906
ITEM 1 FINANCIAL STATEMENTS
FARMERS & MERCHANTS BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands of dollars)
June 30, December 31, June 30,
2005 2004 2004
ASSETS:
Cash and due from banks $ 15,409 $ 15,026 $ 15,914
Interest bearing deposits with banks 4,948 9,230 1,237
Federal funds sold 0 0 0
Investment Securities:
U.S. Treasury 4,841 4,852 2,899
U.S. Government 116,243 113,580 121,508
State & political obligations 55,318 54,647 52,783
All others 3,739 3,655 3,579
Loans and leases (Net of reserve for loan losses of
$6,506, $6,814 and $7,800, respectively) 463,835 472,186 483,172
Bank premises and equipment-net 15,263 15,520 15,748
Accrued interest and other assets 14,451 13,817 15,473
--------- -------- ---------
TOTAL ASSETS $ 694,047 $702,513 $ 712,313
========= ======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest bearing $ 49,913 $ 47,958 $ 47,256
Interest bearing 512,165 526,247 536,771
Federal funds purchased and securities
sold under agreement to repurchase 23,902 22,852 25,698
Other borrowed money 21,539 21,964 23,885
Accrued interest and other liabilities 5,255 4,647 3,375
--------- -------- ---------
Total Liabilities 612,774 623,668 636,985
SHAREHOLDERS' EQUITY:
Common stock, no par value - authorized 1,500,000
shares; issued 1,300,000 shares 12,677 12,677 12,677
Undivided profits 69,024 65,956 63,073
Accumulated other comprehensive income (expense) (428) 212 (422)
--------- -------- ---------
Total Shareholders' Equity 81,273 78,845 75,328
LIABILITIES AND SHAREHOLDERS' EQUITY $ 694,047 $702,513 $ 712,313
========= ======== =========
See Notes to Condensed Consolidated Unaudited Financial Statements.
Note: The December 31, 2004 Balance Sheet has been derived from the audited
financial statements of that date.
1
FARMERS & MERCHANTS BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands of dollars)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
INTEREST INCOME:
Loans and leases $ 7,615 $ 7,757 $ 15,339 $ 15,492
Investment Securities:
U.S. Treasury securities 32 4 67 31
Securities of U.S. Government agencies 965 1,043 1,897 2,020
Obligations of states and political subdivisions 508 504 1,012 1,014
Other 44 35 85 72
Federal funds - 15 1 32
Deposits in banks 42 7 91 10
------- ------- -------- --------
Total Interest Income 9,206 9,365 18,492 18,671
INTEREST EXPENSE:
Deposits 2,796 2,454 5,478 4,919
Borrowed funds 363 304 699 607
Total Interest Expense 3,159 2,758 6,177 5,526
NET INTEREST INCOME BEFORE
PROVISION FOR LOAN LOSSES 6,047 6,607 12,315 13,145
PROVISION FOR LOAN LOSSES (205) 375 (109) 791
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 6,252 6,232 12,424 12,354
OTHER INCOME:
Service charges 978 539 1,665 1,064
Other 689 688 1,281 1,300
Net securities gains - 1 0 127
------- ------- -------- --------
1,667 1,228 2,946 2,491
OTHER EXPENSES:
Salaries and wages 2,147 1,836 4,194 3,796
Pension and other employee benefits 564 549 1,100 1,047
Occupancy expense (net) 166 185 329 358
Other operating expenses 2,033 1,969 3,992 3,898
------- ------- -------- --------
4,910 4,539 9,615 9,099
------- ------- -------- --------
INCOME BEFORE FEDERAL INCOME TAX 3,009 2,921 5,755 5,746
FEDERAL INCOME TAXES 803 879 1,515 1,700
------- ------- -------- --------
NET INCOME 2,206 2,042 4,240 4,046
======= ======= ======== ========
OTHER COMPREHENSIVE INCOME (NET OF TAX):
Unrealized gains (losses) on securities 835 (2,857) (640) (2,405)
COMPREHENSIVE INCOME (EXPENSE) $ 3,041 $ (815) $ 3,600 $ 1,641
NET INCOME PER SHARE (Based upon weighted average number
of shares outstanding of 1,300,000) $ 1.70 $ 1.57 $ 3.26 $ 3.11
DIVIDENDS DECLARED $ 0.45 $ 0.45 $ 0.90 $ 0.90
See Notes to Condensed Consolidated Unaudited Financial Statements.
2
FARMERS & MERCHANTS BANCORP, INC.
CONDENSED CONSOLIDATED STATMENTS OF CASH FLOWS
(Unaudited)
(in thousands of dollars)
Six Months Ended
June 30, 2005 June 30, 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,240 $ 4,046
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation and amortization 604 688
Premium amortization 616 725
Discount amortization (54) (61)
Provision for loan losses (109) 791
Provision (Benefit) for deferred income taxes 330 1,239
Loss on sale of fixed assets 33 73
Gain on sale of investment securities - (127)
Changes in Operating Assets and Liabilities:
Accrued interest receivable and other assets (634) 2,551
Accrued interest payable and other liabilities 736 (2,598)
-------- --------
Net Cash Provided by Operating Activities 5,762 7,327
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (380) (635)
Proceeds from sale of fixed assets - -
Proceeds from maturities of investment securities: 15,114 28,798
Proceeds from sale of investment securities: - 10,500
Purchase of investment securities (20,053) (50,301)
Net (increase) decrease in loans and leases 8,460 (3,624)
-------- --------
Net Cash Provided (Used) by Investing Activities 3,141 (15,262)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits (12,127) 8,961
Net change in short-term borrowings 1,050 (1,621)
Increase in long-term borrowings - -
Payments on long-term borrowings (425) (489)
Payments of dividends (1,300) (1,300)
-------- --------
Net Cash Provided (Used) by Financing Activities (12,802) 5,551
-------- --------
Net change in cash and cash equivalents (3,899) (2,384)
Cash and cash equivalents - Beginning of year 24,256 19,535
-------- --------
CASH AND CASH EQUIVALENTS - END OF THE YEAR $ 20,357 $ 17,151
======== ========
RECONCILIATION OF CASH AND CASH EQUIVALENTS:
Cash and cash due from banks $ 15,409 $ 15,914
Interest bearing deposits 4,948 1,237
-------- --------
$ 20,357 $ 17,151
======== ========
See Notes to Condensed Consolidated Unaudited Financial Statements.
3
FARMERS & MERCHANTS BANCORP, INC.
Notes to Condensed Consolidated Unaudited Financial Statements
NOTE 1 BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions for Form 10Q and Rule 10-01 of Regulation S-X;
accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments, consisting of normal recurring accruals, considered
necessary for a fair presentation have been included. Operating
results for the six months ended June 30, 2005 are not necessarily
indicative of the results that are expected for the year ended
December 31, 2005. For further information, refer to the
consolidated financial statements and footnotes thereto included in
the Company's annual report on Form 10-K for the year ended December
31, 2004.
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS
Statements contained in this portion of the Company's report may be
forward-looking statements, as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
may be identified by the use of words such as "intend," "believe,"
"expect," "anticipate," "should," "planned," "estimated," and
"potential." Such forward-looking statements are based on current
expectations, but may differ materially from those currently
anticipated due to a number of factors, which include, but are not
limited to, factors discussed in documents filed by the Company with
the Securities and Exchange Commission from time to time. Other
factors which could have a material adverse effect on the operations
of the company and its subsidiaries which include, but are not
limited to, changes in interest rates, general economic conditions,
legislative and regulatory changes, monetary and fiscal policies of
the U.S. Government, including policies of the U.S. Treasury and the
Federal Reserve Board, the quality and composition of the loan or
investment portfolios, demand for loan products, deposit flows,
competition, demand for financial services in the Bank's market
area, changes in relevant accounting principles and guidelines and
other factors over which management has no control. The
forward-looking statements are made as of the date of this report,
and the Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results differ from
those projected in the forward-looking statements.
CRITICAL ACCOUNTING POLICY AND ESTIMATES
The Company's consolidated financial statements are prepared in
accordance with accounting principles generally accepted in the
United States of America, and the Company follows general practices
within the industries in which it operates. At times the application
of these principles requires Management to make assumptions
estimates and judgments that affect the amounts reported in the
financial statements. These assumptions, estimates and judgments are
based on information available as of the date of the financial
statements. As this information changes, the financial statements
could reflect different assumptions, estimates and judgments.
Certain policies inherently have a greater reliance on assumptions,
estimates and judgments and as such have a greater possibility of
producing results that could be materially different than originally
reported. Examples of critical assumptions, estimates and judgments
are when assets and liabilities are required to be recorded at fair
value, when a decline in the value of an asset not required to be
recorded at fair value warrants an impairment write-down or
valuation reserve to be established, or when an asset or liability
must be recorded contingent upon a future event.
Base on the valuation techniques used and the sensitivity of
financial statement amounts to assumptions, estimates, and judgments
underlying those amounts, management has identified the
determination of the Allowance for Loan and Lease Losses (ALL) and
the valuation
4
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS (Continued)
of its Mortgage Servicing Rights as the accounting areas that
requires the most subjective or complex judgments, and as such could
be the most subject to revision as new information becomes
available.
The ALL represents management's estimate of credit losses inherent
in the Bank's loan portfolio at the report date. The estimate is
composite of a variety of factors including past experience,
collateral value and the general economy. ALL includes a specific
portion, a formula driven portion, and a general nonspecific
portion. The collection and ultimate recovery of the book value of
the collateral, in most cases, is beyond our control.
Farmers & Merchants Bancorp, Inc. was incorporated on February 25,
1985, under the laws of the State of Ohio. Farmers & Merchants
Bancorp, Inc., and its subsidiaries The Farmers & Merchants State
Bank and Farmers & Merchants Life Insurance Company are engaged in
commercial banking and life and disability insurance, respectively.
The executive offices of Farmers & Merchants Bancorp, Inc. are
located at 307-11 North Defiance Street, Archbold, Ohio 43502.
LIQUIDITY, CAPITAL RESOURCES AND MATERIAL CHANGES IN FINANCIAL
CONDITION
Liquidity continues to remain strong as the investment portfolio
grew $3.4 million for the first half of the year. This increase was
due to a decrease in loans and cash during the period. The portfolio
held steady compared to a year ago when considering the change
caused by the unrealized gain/loss market value adjustment. Loan
demand remains sluggish and competition intense. The Company has
also initiated tighter credit standards to improve asset quality.
Year to date, a decrease of over $8.7 million in loan balances has
occurred and a $20.6 million decrease over the last twelve month
period. Growth occurred within the real estate portfolios, $6.2
million, while the commercial and consumer portfolios had large
decreases of $21.5 and $6.5 million, respectively over the last
twelve months. Overall, company asset growth continued its downward
trend of the last few years, down approximately $8.5 million for
the six months and down approximately $18.3 from a year ago, June
2004.
Loan quality continues to strengthen - evidenced by the position of
the provision and the past due ratios of the bank. The agricultural
community has received some much needed rain but it remains too soon
to judge the impact or estimate yields on the crops. Next quarter
will have better indicators of the financial strength of this year's
performance. The local economies of our communities appear to be
improving though the Company has yet to see the change in loan
demand. Future loan growth will need to come from both existing and
new markets. The development of new markets becomes a priority
though it requires a longer time table to establish.
The deposit size of the Company has decreased $12.1 and $21.9
million for the last six and twelve months respectively.
Non-interest bearing deposits have actually increased slightly while
higher priced interest bearing deposits have decreased. The bank has
offered various free checking programs which do not pay interest. As
new money flows in, accompanied with the movement of existing
customers, the noninterest bearing balances have grown. The Company
has seen increased competition for public fund dollars and has had
to adjust interest rates on specific products to offset or match
offers from competitors. The Company has also had to add products
and increase fees to lessen the negative impact of increased cost of
funds on profitability. Overdraft Privilege was introduced in
February and has been a very successful program for the Company in
terms of both profitability and customer satisfaction.
5
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS (Continued)
MATERIAL CHANGES IN RESULTS OF OPERATIONS
The income statement shows the effects of the tightening of our
interest margin and decrease in asset size. Net interest income is
lower by $830,000 for the six months ended June 2005 compared to
June 2004. The tightening of the margin has been caused by the
liability side (deposits) of the balance sheet repricing higher than
the asset side (loans). This has been the predicted outcome of the
Federal Reserve raising of rates for the Company as the interest
rate risk testing has shown over the last year.
As discussed earlier, the two main determinants for the improved
profitability in 2005 is the lower loan loss provision and the
increase in service charge fees. Improved loan quality has actually
made it necessary for a reversal of previous loan loss provision.
This was also facilitated by the decrease in the size of the loan
portfolio. In comparing the six months provisions for 2005 and 2004,
a $900,000 decrease in expense has occurred.
Service Charge revenue has increased $601,000 compared at six months
ending June 05 versus June 04; the largest increase occurring in the
last three months after Overdraft Privilege was introduced. With the
improvement in these two areas, net income for the six months ending
June 2005 was $4.24 million compared. to $4.05 million in June 2004.
For the quarter ended June 30, 2005, unrealized gains on securities
shows a positive gain of $835 thousand for the period. The yield
curve on June 30, 2005 versus March 31, 2005 had lower rates in
terms from a year or higher and specifically in the duration period
of two years and longer. The Company's portfolio holdings in
agencies and tax exempt municipals experienced an unrealized gain
for the quarter as compared to March 31, 2005.
The company continues to be well-capitalized as the capital ratios
below show:
Primary Ratio 12.63%
Tier I Leverage Ratio 11.73%
Risk Based Capital Tier 1 16.35%
Total Risk Based Capital 17.60%
Stockholders' Equity/Total Assets 11.71%
ITEM 3 MARKET RISK
Market risk is the exposure to loss resulting from changes in
interest rates and equity prices. The primary market risk to which
the Company is subject is interest rate risk. The majority of the
Company's interest rate risk arises, from the instruments, positions
and transactions entered into for the purposes, other than trading,
such as loans, available for sale securities, interest bearing
deposits, short term borrowings and long term borrowings. Interest
rate risk occurs when interest bearing assets and liabilities
reprice at different times as market interest rates change. For
example, if fixed rate assets are funded with variable rate debt,
the spread between asset and liability rates will decline or turn
negative if rates increase.
Interest rate risk is managed within an overall asset/liability
framework for the Company. The principal objectives of
asset/liability management are to manage sensitivity of net interest
spreads and net income to potential changes in interest rates.
Funding positions are kept within predetermined limits designed to
ensure that risk-taking is not excessive and that liquidity is
properly managed. The Company employs a sensitivity analysis in the
form of a net interest rate shock as shown in the table following.
6
ITEM 3 MARKET RISK (Continued)
Interest Rate Shock on Net Interest Margin Interest Rate Shock on Net
Interest Income
Net Interest % Change to Rate Rate Cumulative % Change to
Margin (Ratio) Flat Rate Direction Changes by Total ($000) Flat Rate
- -------------- ----------- --------- ---------- ------------ -----------
4.03% -1.228% Rising 3.000% 13,281 -2.670%
4.04% -0.898% Rising 2.000% 13,391 -1.863%
4.06% -0.581% Rising 1.000% 13,499 -1.071%
4.08% 0.000% Flat 0.000% 13,645 0.000%
4.16% 1.862% Falling -1.000% 13,975 2.419%
4.05% -0.773% Falling -2.000% 13,659 0.105%
3.85% -5.625% Falling -3.000% 13,025 -4.420%
As the table shows, should rates increase as predicted, the bank's
exposure to interest rate risk is minimal. To the extent that the
bank has the ability not to instantly reprice the liability side of
the balance sheet, the risk would decrease even more. The falling
rate scenario shows the highest risk on a 300 basis point drop. With
the Federal Reserve upward movement that occurred in June, this
scenario seems most unlikely.
As the balance sheet mix changes, the predicted net interest margin
improves as compared to March 2005's interest rate shock table. The
net interest margin represents the forecasted twelve month margin.
The predictions to the effect of an interest rate increase in the
short term have occurred. The current margin has tightened with the
25 basis point increases as the March 2005 table had shown. The
Company is still determined to improve the profitability through
growth. Changing the mix and yields by planned growth is the
strategy the Company will continue to follow.
ITEM 4 CONTROLS AND PROCEDURES
As of June 30, 2005, an evaluation was performed under the
supervision and with the participation of the Company's management
including the CEO and CFO, of the effectiveness of the design and
operation of the Company's disclosure controls and procedures. Based
on that evaluation, the Company's management, including the CEO and
CFO, concluded that the Company's disclosure controls and procedures
were effective as of June 30, 2005. There have been no significant
changes in the Company's internal controls that occurred for the
quarter ended June 30, 2005.
PART II
ITEM 1 LEGAL PROCEEDINGS
None
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
None
7
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
The Annual Meeting of Shareholders of Farmers & Merchants Bancorp,
Inc. was held on April 23, 2005. The following directors were
elected to a new term of office:
Dexter L. Benecke Anthony J. Rupp
Jerry L Boyers David P. Rupp Jr.
Joe E. Crossgrove James C. Saneholtz
Steven A. Everhart Kevin J. Sauder
Robert G. Frey Merle J. Short
Jack C. Johnson Paul S. Siebenmorgen
Dean E. Miller Steven J. Wyse
Matters scheduled for consideration at this meeting were:
1. Increase the number of Authorized Common Shares
2. Eliminate Preemptive Rights
3. Revise the Supermajority Vote Provisions
4. Allow Future Amendments to the Articles of Incorporation by a
Majority Vote
5. Technical Revisions to the Articles of Incorporation
6. Revise the Number of Directors
7. Classify the Board of Directors
8. Increase the Vote of Shareholders Required to Remove a
Director
9. Adopt Advance Notice Procedures
10. Opt Out of the Control Share Acquisition Statute
11. Increase the Percentage Vote to Amend the Code of Regulations
and Make Technical Revisions to the Code of Regulations
12. To elect fourteen (14) directors of the Corporation
13. Adopt a Long Term Incentive Plan; and
14. To transact such other business as may have properly come
before the meeting or any adjournment thereof.
The results of the voting on the proxy items (excluding item 12) are
as follows:
Issue For Against Passed
- ----- ------ --------- ------
1 705,693 239,202
2 506,706 438,189
3 506,365 438,530
4 497,348 447,547
5 526,255 418,640
6 503,742 441,153
7 558,758 386,137
8 469,992 474,903
9 521,846 423,049
10 486,882 458,013
11 498,048 446,847
13 517,368 427,527 X
8
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS (Continued)
The results of the voting for the election of directors are as
follows:
Director For Withhold Authority
-------- -------- ------------------
Dexter L. Benecke 944,895 0
Jerry L Boyers 925,145 19,750
Joe E. Crossgrove 944,610 285
Steven A. Everhart 944,895 0
Robert G. Frey 941,860 3,035
Jack C. Johnson 934,679 10,216
Dean E. Miller 944,895 0
Anthony J. Rupp 941,485 3,410
David P. Rupp Jr. 942,350 2,545
James C. Saneholtz 937,069 7,826
Kevin J. Sauder 937,759 7,136
Paul S. Siebenmorgen 930,500 14,395
Merle J. Short 937,853 7,042
Steven J. Wyse 937,046 7,849
ITEM 5 OTHER INFORMATION
ITEM 6 EXHIBITS
3.1 Articles of Incorporation of the Registrant (incorporated by
reference to Registrant's Quarterly Report on Form 10-Q filed
with the Commission on May 10, 2004)
3.2 Code of Regulations of the Registrant (incorporated by
reference to Registrant's Quarterly Report on Form 10-Q filed
with the Commission on May 10, 2004)
10.1 Change in Control Agreement executed by and between the
Company and James Burkhart on June 27, 2005, incorporated by
reference to Exhibit 10.1 of the Company's Form 8-K filed
with the Commission on July 20, 2005.
31.1 Rule 13-a-14(a) Certification-CEO
31.1 Rule 13-a-14(a) Certification-CFO
31.1 Rule 13-a-14(a) Certification-CEO
31.1 Rule 13-a-14(a) Certification-CFO '
9
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Farmers & Merchants Bancorp, Inc.,
Date: July 28, 2005 By: /s/ Paul S. Siebenmorgen
Paul S. Siebenmorgen
President and CEO
Date: July 28, 2005 By: /s/ Barbara J. Britenriker
Barbara J. Britenriker
Exec. Vice-President and CFO
10
EXHIBIT INDEX
No. DESCRIPTION
- --- -----------
31.1 Rule 13-a-14(a) Certification-CEO
31.2 Rule 13-a-14(a) Certification-CFO
32.1 Section 1350 Certification-CEO
32.2 Section 1350 Certification-CFO