Author: Ravi Shankar

ARCHBOLD, Ohio, Oct. 22, 2026 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2026 third quarter and year-to-date ended September 30, 2026, on a consolidated basis.

2026 Third-Quarter Financial and Operating Highlights
(at September 30, 2026, and on a year-over-year basis unless noted)

• 94 consecutive quarters of profitability
• Net income increased 30.3% to $11.5 million, or $0.84 per basic and diluted share
• Strong profitability drives ROAA to 1.29%, compared to 1.05%
• Net charge-offs to average loans of 0.00%
• Tier 1 leverage ratio was 9.14%
• Cost of interest-bearing liabilities improved to 2.59%, from 2.83%
• Net interest margin increased by 17 basis points to 3.57%
• Efficiency ratio improved to 58.09%, compared to 63.11%
• Third quarter regular dividend per share increased 5.5% to $0.96 annualized
• Company declared an additional $0.01 per share special dividend, bringing total third-quarter payment to $0.250 per share

Lars B. Eller, President and Chief Executive Officer, stated, “2026 is shaping up to be a historic year of profitability and growth with year-to-date earnings per share increasing 39.8% to $2.39. Throughout the 2026 nine-month period, our team has worked hard to expand our net interest margin, control operating expenses, grow our balance sheet, and maintain excellent asset quality. We are encouraged by the progress we have made across these key priorities and believe we are well positioned to sustain our positive momentum through the remainder of 2026 and into 2027.”

Income Statement
Net income for the quarter ended September 30, 2026, was $11.5 million, compared to $8.9 million for the same period last year. Net income per basic and diluted share for the 2026 third quarter was $0.84, compared to $0.64 for the same period last year. Net income for the nine months ended September 30, 2026, was $32.9 million, compared to $23.5 million for the same period last year. Net income per basic and diluted share for the 2026 nine months was $2.39, compared to $1.71 for the same period last year.

Mr. Eller continued: “We believe F&M is well positioned to navigate a higher interest rate environment and capitalize on opportunities to further expand our net interest margin. With loan repricing opportunities extending through 2028, we believe we have a favorable backdrop to support interest income growth in the coming quarters and years. Combined with our disciplined approach to deposit pricing and funding costs, we remain optimistic about our ability to maintain the significant improvement in net interest margin achieved over the past year.”

Deposits
At September 30, 2026, total deposits were $2.96 billion, an increase of 7.7%, or $210.6 million from September 30, 2025. For the three months ended September 30, 2026, F&M’s cost of interest-bearing liabilities was 2.59%, compared to 2.83% in the same period last year.

Loan Portfolio and Asset Quality
Total loans, net at September 30, 2026, increased 3.0%, or by $79.0 million to $2.74 billion, compared to $2.66 billion at September 30, 2025. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and consumer real estate loans, partially offset by lower commercial real estate, consumer, and agricultural real estate loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans continue to normalize on a year-over-year basis and were $6.2 million, or 0.23% of total loans at September 30, 2026, compared to $7.4 million, or 0.27% of total loans at June 30, 2026, and $5.2 million, or 0.19% of total loans at September 30, 2025.

F&M maintains a well-balanced, diverse, and high performing CRE portfolio. CRE loans represented 48.2% of the Company’s total loan portfolio at September 30, 2026. F&M’s CRE portfolio included the following categories at September 30, 2026 ^(*):

CRE Category		Dollar Balance			Percent of CRE Portfolio		Percent of Total Loan Portfolio
Multi-family		$	248,851		18.8%		9.1%
Retail			241,155		18.3%		8.8%
Industrial			211,320		16.0%		7.7%
Hotels			176,727		13.4%		6.5%
Office			125,283		9.5%		4.6%
Gas Stations			83,361		6.3%		3.0%
Food Service			53,045		4.0%		1.9%
Development			35,527		2.7%		1.3%
Auto Dealers			26,163		2.0%		1.0%
Senior Living			17,205		1.3%		0.6%
Other			102,384		7.7%		3.7%
Total CRE		$	1,321,021		100.0%		48.2%

         * Numbers have been rounded; totals may not foot due to rounding; and dollar amounts in thousands.

At September 30, 2026, the Company’s total allowance for credit losses to total loans was 1.08%, compared to 1.07% at September 30, 2025.  

Mr. Eller concluded, “Our relationship-based banking model and local decision-making continue to differentiate F&M across our Ohio, Indiana, and Michigan markets. We maintain a healthy lending pipeline, reflecting continued opportunities to support businesses and consumers throughout our communities. Our local market knowledge and disciplined underwriting practices allow us to remain selective in pursuing new business while maintaining strong asset quality. We believe this balanced approach to profitable growth, combined with our continued focus on operational efficiency and shareholder returns, positions F&M to build upon our strong financial performance.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 6.9% to $386.9 million, or $28.12 per share at September 30, 2026, from $361.8 million, or $26.31 per share at September 30, 2025. The Company had a Tier 1 leverage ratio of 9.14% at September 30, 2026, compared to 8.74% at September 30, 2025.

Tangible stockholders’ equity increased to $297.5 million at September 30, 2026, compared to $271.0 million at September 30, 2025. On a per share basis, tangible stockholders’ equity at September 30, 2026, was $21.62 per share, compared to $19.71 per share at September 30, 2025. Tangible stockholders’ equity and tangible book value per share are non-GAAP financial measures; see “Use of Non-GAAP Financial Measures.”

F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 32 consecutive years. For the nine months ended September 30, 2026, the Company declared cash dividends of $0.71 per share, representing a 6.0% increase over the same period last year. For the nine months ended September 30, 2026, the dividend payout ratio was 29.34% compared to 38.64% for the same period last year.

As part of F&M’s disciplined approach to capital management, the Company has continued to actively repurchase shares of F&M common stock. These repurchases are intended, in part, to help offset dilution associated with equity-based management compensation while supporting F&M’s broader objective of managing capital in a manner that enhances long-term shareholder value.

Mr. Eller concluded, “One of the most rewarding aspects of our continued financial success is the ability to share that success with our shareholders. Our 32^nd consecutive annual dividend increase, and third quarter special dividend, are testaments to the strength of our franchise, the consistency of our financial performance, and our disciplined approach to capital management. We believe the combination of profitable growth, a strong balance sheet, and consistent capital returns positions F&M to create meaningful long-term value for our shareholders.”

About Farmers & Merchants Bancorp, Inc.
Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) is a financial holding company headquartered in Archbold, Ohio, and the parent company of The Farmers & Merchants State Bank.

About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking, and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben, and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Use of Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures, including tangible stockholders’ equity and tangible book value per share. Management believes these measures facilitate period-to-period comparisons of the Company’s performance and provide useful supplemental information to investors; however, they should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Basis of Presentation
The financial information in this release is preliminary, based on management’s current expectations, and is subject to change pending completion of customary quarterly closing processes and review. Unless otherwise indicated, all figures are presented on a consolidated basis and comparisons are to the same period of the prior year. Averages may be annualized. Totals may not foot due to rounding.

Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “goal,” “will,” “would,” and similar expressions. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, deposit flows and pricing, liquidity and access to wholesale funding, interest rate and asset-liability management, credit quality (including commercial real estate exposures), collateral values, inflation and macroeconomic conditions, changes in laws and regulations (including capital and liquidity requirements and the implementation of “Basel III Endgame”), FDIC assessments, stress testing and supervisory expectations, cybersecurity and third-party/vendor risks, competition and technological change, geopolitical events, severe weather and natural disasters, agricultural sector conditions, the accuracy of CECL estimates and other accounting judgments, capital and dividend restrictions, and other risks described in F&M’s filings with the SEC. F&M undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)
	Three Months Ended																				Nine Months Ended
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				September 30, 2026				September 30, 2025
Interest Income
Loans, including fees	$	42,061			$	40,839			$	39,827			$	40,999			$	41,013			$	122,727			$	117,615
Debt securities:
U.S. Treasury and government agencies		3,057				2,712				2,305				2,259				2,224				8,074				6,552
Municipalities and corporate bonds		346				347				349				362				366				1,042				1,117
Dividends		207				239				245				250				309				691				958
Federal funds sold and other		1,321				1,510				572				696				572				3,403				2,736
Total interest income		46,992				45,647				43,298				44,566				44,484				135,937				128,978
Interest Expense
Deposits		14,758				14,432				13,249				14,318				15,060				42,439				43,861
Federal funds purchased and securities sold under agreements to repurchase		120				118				145				226				273				383				816
Borrowed funds		1,694				1,894				2,176				1,966				1,966				5,764				6,927
Subordinated notes		480				285				284				285				284				1,049				853
Total interest expense		17,052				16,729				15,854				16,795				17,583				49,635				52,457
Net Interest Income – Before Provision for Credit Losses		29,940				28,918				27,444				27,771				26,901				86,302				76,521
Provision for (Recovery of) Credit Losses – Loans		(104	)			173				302				567				557				371				2,029
Provision for (Recovery of) Credit Losses – Off Balance Sheet Exposures		479				148				6				(1	)			(272	)			633				(505	)
Net Interest Income After Provision for Credit Losses		29,565				28,597				27,136				27,205				26,616				85,298				74,997
Noninterest Income
Customer service fees		380				544				483				337				370				1,407				1,081
Other service charges and fees		1,331				1,301				1,283				1,311				1,349				3,915				3,679
Interchange income		1,339				1,347				1,513				1,275				1,273				4,199				3,953
Loan servicing income		686				846				838				814				674				2,370				2,065
Net gain on sale of loans		399				683				575				306				444				1,657				985
Increase in cash surrender value of bank owned life insurance		731				681				655				640				247				2,067				730
Gain (loss) on sale of other assets owned		1				30				–				(2	)			–				31				(39	)
Loss on sale of available-for-sale securities		–				–				(347	)			–				–				(347	)			–
Total noninterest income		4,867				5,432				5,000				4,681				4,357				15,299				12,454
Noninterest Expense
Salaries and wages		8,594				8,381				8,267				8,037				8,108				25,242				23,553
Employee benefits		2,458				2,338				2,379				2,386				2,273				7,175				6,942
Net occupancy expense		1,081				931				1,169				1,052				1,104				3,181				3,378
Furniture and equipment		1,685				1,594				1,566				1,352				1,532				4,845				4,224
Data processing		840				778				994				964				1,109				2,612				2,723
Franchise taxes		394				395				400				397				397				1,189				1,191
ATM expense		576				561				576				676				665				1,713				1,917
Advertising		906				363				472				666				674				1,741				1,533
FDIC assessment		413				389				396				377				428				1,198				1,341
Servicing rights amortization – net		349				328				523				637				586				1,200				947
Loan expense		530				578				309				292				362				1,417				918
Consulting fees		312				325				254				182				242				891				1,481
Professional fees		447				425				500				352				516				1,372				1,577
Intangible asset amortization		305				304				305				446				445				914				1,334
Other general and administrative		1,328				1,574				1,691				1,237				1,298				4,593				4,700
Total noninterest expense		20,218				19,264				19,801				19,053				19,739				59,283				57,759
Income Before Income Taxes		14,214				14,765				12,335				12,833				11,234				41,314				29,692
Income Taxes		2,676				2,968				2,757				3,040				2,380				8,401				6,176
Net Income		11,538				11,797				9,578				9,793				8,854				32,913				23,516
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities		(5,915	)			(545	)			(2,420	)			2,657				6,610				(8,880	)			14,223
Reclassification adjustment for realized loss on sale of available-for-sale securities		–				–				347				–				–				347				–
Net unrealized gain (loss) on available-for-sale securities		(5,915	)			(545	)			(2,073	)			2,657				6,610				(8,533	)			14,223
Tax expense (benefit)		(1,242	)			(115	)			(435	)			558				1,388				(1,792	)			2,987
Other comprehensive income (loss)		(4,673	)			(430	)			(1,638	)			2,099				5,222				(6,741	)			11,236
Comprehensive Income	$	6,865			$	11,367			$	7,940			$	11,892			$	14,076			$	26,172			$	34,752
Basic Earnings Per Share	$	0.84			$	0.86			$	0.70			$	0.71			$	0.64			$	2.39			$	1.71
Diluted Earnings Per Share	$	0.84			$	0.86			$	0.70			$	0.71			$	0.64			$	2.39			$	1.71

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
	(Unaudited)				(Unaudited)				(Unaudited)								(Unaudited)
Assets
Cash and due from banks	$	205,125			$	155,879			$	172,847			$	97,249			$	116,448
Federal funds sold		686				511				623				469				582
Total cash and cash equivalents		205,811				156,390				173,470				97,718				117,030
Interest-bearing time deposits		518				518				1,253				1,498				1,498
Securities – available-for-sale		455,977				441,254				429,623				422,072				422,773
Other securities, at cost		10,681				10,681				12,672				13,032				11,509
Loans held for sale		2,527				2,994				5,579				3,934				3,003
Loans, net of allowance for credit losses		2,709,358				2,677,072				2,654,135				2,685,990				2,632,668
Premises and equipment		29,590				30,334				31,534				31,864				32,321
Goodwill		86,358				86,358				86,358				86,358				86,358
Loan servicing rights		5,034				5,085				4,972				5,175				5,537
Other real estate owned		–				–				319
Bank owned life insurance		48,751				48,021				45,407				47,410				35,602
Other assets		44,450				43,411				40,247				39,331				42,453
Total Assets	$	3,599,055			$	3,502,118			$	3,485,569			$	3,434,382			$	3,390,752
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing	$	518,286			$	506,119			$	520,348			$	527,327			$	500,742
Interest-bearing
NOW accounts		952,573				898,902				910,723				876,151				920,099
Savings		803,763				771,379				753,289				729,472				713,391
Time		687,870				693,008				625,302				597,785				617,679
Total deposits		2,962,492				2,869,408				2,809,662				2,730,735				2,751,911
Federal funds purchased and securities
sold under agreements to repurchase		15,168				14,771				14,762				37,718				22,718
Federal Home Loan Bank (FHLB) advances		167,903				168,447				218,987				227,377				187,913
Subordinated notes, net of unamortized issuance costs		35,000				34,991				34,962				34,933				34,904
Dividend payable		3,399				3,130				3,128				3,125				3,091
Accrued expenses and other liabilities		28,166				26,655				28,120				29,632				28,435
Total liabilities		3,212,128				3,117,402				3,109,621				3,063,520				3,028,972
Commitments and Contingencies
Stockholders’ Equity
Common stock – No par value; authorized 40,000,000 shares;
issued 14,564,425 shares; outstanding 13,762,268 shares 9/30/26
and 13,748,074 shares 12/31/25		134,761				135,510				135,270				135,531				135,170
Treasury stock – 802,157 shares 9/30/26 and 816,351 shares 12/31/25		(11,651	)			(10,293	)			(10,403	)			(10,636	)			(10,584	)
Retained earnings		282,446				273,455				264,607				257,855				251,181
Accumulated other comprehensive loss		(18,629	)			(13,956	)			(13,526	)			(11,888	)			(13,987	)
Total stockholders’ equity		386,927				384,716				375,948				370,862				361,780
Total Liabilities and Stockholders’ Equity	$	3,599,055			$	3,502,118			$	3,485,569			$	3,434,382			$	3,390,752

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA
		For the Three Months Ended																				For the Nine Months Ended
Selected financial data		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025				September 30, 2026				September 30, 2025
Return on average assets			1.29	%			1.34	%			1.14	%			1.14	%			1.05	%			1.25	%			0.94	%
Return on average equity			11.76	%			12.37	%			10.31	%			10.55	%			9.83	%			11.45	%			8.99	%
Yield on earning assets			5.61	%			5.48	%			5.38	%			5.55	%			5.62	%			5.50	%			5.42	%
Cost of interest-bearing liabilities			2.59	%			2.56	%			2.54	%			2.69	%			2.83	%			2.56	%			2.84	%
Net interest spread			3.02	%			2.92	%			2.84	%			2.86	%			2.79	%			2.94	%			2.58	%
Net interest margin			3.57	%			3.48	%			3.42	%			3.46	%			3.40	%			3.50	%			3.22	%
Efficiency ratio			58.09	%			56.08	%			60.08	%			58.38	%			63.11	%			58.15	%			64.87	%
Dividend payout ratio			29.45	%			26.53	%			32.62	%			31.90	%			34.90	%			29.34	%			38.64	%
Tangible book value per share		$	21.62			$	21.41			$	20.76			$	20.40			$	19.71
Tier 1 leverage ratio			9.14	%			8.99	%			9.02	%			8.81	%			8.74	%
Average shares outstanding			13,779,936				13,773,387				13,754,684				13,749,420				13,733,858				13,769,428				13,720,168
Loans		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
(Dollar amounts in thousands)
Commercial real estate		$	1,321,021			$	1,308,600			$	1,315,549			$	1,355,571			$	1,355,166
Agricultural real estate			210,321				208,223				215,846				217,034				222,145
Consumer real estate			548,913				533,438				534,987				526,439				522,416
Commercial and industrial			343,720				337,487				309,046				314,405				296,084
Agricultural			245,639				244,611				228,730				218,050				179,361
Consumer			47,251				50,953				55,576				58,838				60,469
Other			22,089				22,574				22,564				23,133				24,086
Less: Net deferred loan fees, costs and other (1)			(1,635	)			(1,419	)			(1,436	)			(1,511	)			(1,452	)
Total loans, net		$	2,737,319			$	2,704,467			$	2,680,862			$	2,711,959			$	2,658,275
Asset quality data		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
(Dollar amounts in thousands)
Nonaccrual loans		$	6,219			$	7,383			$	11,070			$	11,256			$	5,155
90 day past due and accruing		$	–			$	–			$	–			$	–			$	–
Nonperforming loans		$	6,219			$	7,383			$	11,070			$	11,256			$	5,155
Other real estate owned		$	–			$	–			$	319			$	–			$	–
Nonperforming assets		$	6,219			$	7,383			$	11,389			$	11,256			$	5,155
Allowance for credit losses – loans		$	27,802			$	27,941			$	27,830			$	27,688			$	27,475
Allowance for credit losses – off balance sheet credit exposures			1,668				1,189				1,041				1,035				1,037
Total allowance for credit losses		$	29,470			$	29,130			$	28,871			$	28,723			$	28,512
Total allowance for credit losses/total loans			1.08	%			1.08	%			1.08	%			1.06	%			1.07	%
Net charge-offs:
Quarter-to-date		$	35			$	62			$	160			$	354			$	59
Year-to-date		$	257			$	222			$	160			$	734			$	380
Net charge-offs to average loans
Quarter-to-date			0.00	%			0.00	%			0.01	%			0.01	%			0.00	%
Year-to-date			0.01	%			0.01	%			0.01	%			0.03	%			0.01	%
Nonperforming loans/total loans			0.23	%			0.27	%			0.42	%			0.42	%			0.19	%
Allowance for credit losses/nonperforming loans			447.05	%			378.45	%			251.40	%			245.98	%			532.98	%
NPA coverage ratio			447.05	%			378.45	%			244.36	%			245.98	%			532.98	%
(1) Excludes carrying value adjustments of ($159) thousand as of September 30, 2026, $546 thousand as of June 30, 2026, $1.1 million as of March 31, 2026, $1.7 million as of December 31, 2025 and $1.9 million as of September 30, 2025 related to interest rate swaps associated with fixed rate loans.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)
	For the Three Months Ended									For the Three Months Ended
	September 30, 2026									September 30, 2025
Interest Earning Assets:	Average Balance			Interest/ Dividends			Annualized Yield/Rate			Average Balance			Interest/ Dividends			Annualized Yield/Rate
Loans	$	2,726,585		$	42,061		6.18	%		$	2,649,409		$	41,013		6.19	%
Taxable investment securities		473,448			3,545		3.00	%			445,088			2,827		2.54	%
Tax-exempt investment securities		12,202			65		2.70	%			16,066			72		2.27	%
Fed funds sold & other		145,409			1,321		3.63	%			56,131			572		4.08	%
Total Interest Earning Assets		3,357,644		$	46,992		5.61	%			3,166,694		$	44,484		5.62	%
Nonearning Assets		191,469									182,320
Total Assets	$	3,549,113								$	3,349,014
Interest-Bearing Liabilities:
NOW accounts and savings deposits	$	1,730,869		$	9,749		2.25	%		$	1,620,026		$	9,966		2.46	%
Time deposits		684,990			5,009		2.93	%			609,844			5,094		3.34	%
Other borrowed money		168,106			1,694		4.03	%			188,123			1,966		4.18	%
Fed funds purchased & securities
sold under agreement to repurchase		14,835			120		3.24	%			27,274			273		4.00	%
Subordinated notes		34,997			480		5.49	%			34,885			284		3.26	%
Total Interest-Bearing Liabilities	$	2,633,797		$	17,052		2.59	%		$	2,480,152		$	17,583		2.83	%
Noninterest-Bearing Liabilities		526,148									511,468
Stockholders’ Equity	$	389,168								$	357,394
Net Interest Income and Interest Rate Spread				$	29,940		3.02	%					$	26,901		2.79	%
Net Interest Margin							3.57	%								3.40	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
	For the Nine Months Ended									For the Nine Months Ended
	September 30, 2026									September 30, 2025
Interest Earning Assets:	Average Balance			Interest/ Dividends			Annualized Yield/Rate			Average Balance			Interest/ Dividends			Annualized Yield/Rate
Loans	$	2,705,821		$	122,727		6.06	%		$	2,615,332		$	117,615		6.00	%
Taxable investment securities		456,789			9,606		2.80	%			454,288			8,403		2.47	%
Tax-exempt investment securities		12,729			201		2.67	%			17,025			224		2.22	%
Fed funds sold & other		127,828			3,403		3.55	%			87,106			2,736		4.19	%
Total Interest Earning Assets		3,303,167		$	135,937		5.50	%			3,173,751		$	128,978		5.42	%
Nonearning Assets		192,543									174,982
Total Assets	$	3,495,710								$	3,348,733
Interest-Bearing Liabilities:
NOW accounts and savings deposits	$	1,688,457		$	27,678		2.19	%		$	1,557,564		$	28,009		2.40	%
Time deposits		651,283			14,761		3.02	%			621,126			15,852		3.40	%
Other borrowed money		190,338			5,764		4.04	%			220,820			6,927		4.18	%
Fed funds purchased & securities
sold under agreement to repurchase		15,646			383		3.26	%			27,352			816		3.98	%
Subordinated notes		34,971			1,049		4.00	%			34,856			853		3.26	%
Total Interest-Bearing Liabilities	$	2,580,695		$	49,635		2.56	%		$	2,461,718		$	52,457		2.84	%
Noninterest-Bearing Liabilities		532,079									538,665
Stockholders’ Equity	$	382,936								$	348,350
Net Interest Income and Interest Rate Spread				$	86,302		2.94	%					$	76,521		2.58	%
Net Interest Margin							3.50	%								3.22	%
Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)
	For the Three Months Ended September 30, 2026															For the Three Months Ended September 30, 2025
	As Reported					Excluding Acc/Amort					Difference					As Reported					Excluding Acc/Amort					Difference
	$		Yield			$		Yield			$		Yield			$		Yield			$		Yield			$		Yield
Interest Earning Assets:
Loans	$	42,061	6.18	%		$	42,054	6.18	%		$	7	0.00	%		$	41,013	6.19	%		$	40,359	6.09	%		$	654	0.10	%
Taxable investment securities		3,545	3.00	%			3,545	3.00	%			–	0.00	%			2,827	2.54	%			2,827	2.54	%			–	0.00	%
Tax-exempt investment securities		65	2.70	%			65	2.70	%			–	0.00	%			72	2.27	%			72	2.27	%			–	0.00	%
Fed funds sold & other		1,321	3.63	%			1,321	3.63	%			–	0.00	%			572	4.08	%			572	4.08	%			–	0.00	%
Total Interest Earning Assets		46,992	5.61	%			46,985	5.60	%			7	0.01	%			44,484	5.62	%			43,830	5.54	%			654	0.08	%
Interest-Bearing Liabilities:
NOW accounts and savings deposits	$	9,749	2.25	%		$	9,749	2.25	%		$	–	0.00	%		$	9,966	2.46	%		$	9,966	2.46	%		$	–	0.00	%
Time deposits		5,009	2.93	%			5,009	2.93	%			–	0.00	%			5,094	3.34	%			5,094	3.34	%			–	0.00	%
Other borrowed money		1,694	4.03	%			1,691	4.02	%			3	0.01	%			1,966	4.18	%			1,963	4.17	%			3	0.01	%
Federal funds purchased and
securities sold under agreement to
repurchase		120	3.24	%			120	3.24	%			–	0.00	%			273	4.00	%			273	4.00	%			–	0.00	%
Subordinated notes		480	5.49	%			480	5.49	%			–	0.00	%			284	3.26	%			284	3.26	%			–	0.00	%
Total Interest-Bearing Liabilities		17,052	2.59	%			17,049	2.59	%			3	0.00	%			17,583	2.83	%			17,580	2.84	%			3	-0.01	%
Interest/Dividend income/yield		46,992	5.61	%			46,985	5.60	%			7	0.01	%			44,484	5.62	%			43,830	5.54	%			654	0.08	%
Interest Expense / yield		17,052	2.59	%			17,049	2.59	%			3	0.00	%			17,583	2.83	%			17,580	2.84	%			3	-0.01	%
Net Interest Spread		29,940	3.02	%			29,936	3.01	%			4	0.01	%			26,901	2.79	%			26,250	2.70	%			651	0.09	%
Net Interest Margin			3.57	%				3.57	%				0.00	%				3.40	%				3.32	%				0.08	%
	For the Nine Months Ended September 30, 2026															For the Nine Months Ended September 30, 2025
	As Reported					Excluding Acc/Amort					Difference					As Reported					Excluding Acc/Amort					Difference
	$		Yield			$		Yield			$		Yield			$		Yield			$		Yield			$		Yield
Interest Earning Assets:
Loans	$	122,727	6.06	%		$	122,110	6.03	%		$	617	0.03	%		$	117,615	6.00	%		$	115,755	5.90	%		$	1,860	0.10	%
Taxable investment securities		9,606	2.80	%			9,606	2.80	%			–	0.00	%			8,403	2.47	%			8,403	2.47	%			–	0.00	%
Tax-exempt investment securities		201	2.67	%			201	2.67	%			–	0.00	%			224	2.22	%			224	2.22	%			–	0.00	%
Fed funds sold & other		3,403	3.55	%			3,403	3.55	%			–	0.00	%			2,736	4.19	%			2,736	4.19	%			–	0.00	%
Total Interest Earning Assets		135,937	5.50	%			135,320	5.47	%			617	0.03	%			128,978	5.42	%			127,118	5.34	%			1,860	0.08	%
Interest-Bearing Liabilities:
NOW accounts and savings deposits	$	27,678	2.19	%		$	27,678	2.19	%		$	–	0.00	%		$	28,009	2.40	%		$	28,009	2.40	%		$	–	0.00	%
Time deposits		14,761	3.02	%			14,761	3.02	%			–	0.00	%			15,852	3.40	%			15,852	3.40	%			–	0.00	%
Other borrowed money		5,764	4.04	%			5,754	4.03	%			10	0.01	%			6,927	4.18	%			6,917	4.18	%			10	0.00	%
Federal funds purchased and
securities sold under agreement to
repurchase		383	3.26	%			383	3.26	%			–	0.00	%			816	3.98	%			816	3.98	%			–	0.00	%
Subordinated notes		1,049	4.00	%			1,049	4.00	%			–	0.00	%			853	3.26	%			853	3.26	%			–	0.00	%
Total Interest-Bearing Liabilities		49,635	2.56	%			49,625	2.56	%			10	0.00	%			52,457	2.84	%			52,447	2.84	%			10	0.00	%
Interest/Dividend income/yield		135,937	5.50	%			135,320	5.47	%			617	0.03	%			128,978	5.42	%			127,118	5.34	%			1,860	0.08	%
Interest Expense / yield		49,635	2.56	%			49,625	2.56	%			10	0.00	%			52,457	2.84	%			52,447	2.84	%			10	0.00	%
Net Interest Spread		86,302	2.94	%			85,695	2.91	%			607	0.03	%			76,521	2.58	%			74,671	2.50	%			1,850	0.08	%
Net Interest Margin			3.50	%				3.47	%				0.03	%				3.22	%				3.14	%				0.08	%

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF TANGIBLE COMMON EQUITY
(in thousands of dollars)
		For the Three Months Ended
Reconciliation of Common Stockholders’ Equity to Tangible Common Equity		September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Stockholders’ Equity		$	386,927		$	384,716		$	375,948		$	370,862		$	361,780
Less Goodwill and Other Intangibles			89,433			89,738			90,043			90,347			90,792
Tangible Common Equity		$	297,494		$	294,978		$	285,905		$	280,515		$	270,988
Average Stockholders’ Equity		$	389,168		$	382,584		$	376,923		$	368,235		$	357,394
Less average Goodwill and Other Intangibles			89,633			89,933			90,234			90,629			91,076
Average Tangible Common Equity		$	299,535		$	292,651		$	286,689		$	277,606		$	266,318

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

Preliminary third quarter revenue and Adjusted EBITDA above the Company’s outlook¹; full third quarter results and conference call scheduled for November 10 and 11, 2026, respectively

PRELIMINARY THIRD QUARTER 2026 HIGHLIGHTS

• Revenue of approximately $461.5 million, up approximately 49% year-over-year and above the Company’s outlook of $440.0 million
• Adjusted EBITDA³ of approximately $64.5 million, up approximately 64% year-over-year and above the Company’s outlook of $63.0 million

FORT LAUDERDALE, Fla., Oct. 22, 2026 (GLOBE NEWSWIRE) — ITG, Inc. (Nasdaq: ITG) (“ITG” or “the Company”), a leading provider of end-to-end services to the digital infrastructure industry, today announced selected preliminary financial results for its third quarter ended September 30, 2026, ahead of its full third quarter earnings release scheduled for November 10, 2026.

“We are sharing these preliminary results to provide investors with timely visibility into the quarter, and we look forward to discussing our full third quarter results in more detail on November 11,” said Andy Parrott, Chief Executive Officer of ITG.

PRELIMINARY THIRD QUARTER 2026 RESULTS¹

(in millions, except percentages)

	Q3 2026 Prelim.		YoY Growth2	Q3 2026 Outlook		Var. vs. Outlook
Revenue	$461.5		+49%	$440.00		+$21.5 / +4.9%
Adjusted EBITDA3	$64.5		+64%	$63.00		+$1.5 / +2.4%

The preliminary results presented in this press release are based on currently available information and management’s initial review of the Company’s results for the quarter ended September 30, 2026. The Company has not yet completed its financial closing procedures for the quarter, and its independent registered public accounting firm has not completed its review of these results. As a result, these preliminary results are subject to change, and actual results may differ materially from these estimates. These preliminary results should not be viewed as a substitute for full interim financial statements prepared in accordance with GAAP. Complete third quarter results will be included in the Company’s third quarter earnings release and its Quarterly Report on Form 10-Q.

1. Results are preliminary, based on currently available information, and subject to change upon completion of the Company’s quarter-end financial closing procedures. Refer to “Forward Looking Statements” in the Appendix of this document.
2. Represents year-over-year growth compared to the prior year period.
3. Non-GAAP measure – Refer to the Appendix of this document for a definition of Adjusted EBITDA and a discussion of why management believes this non-GAAP measure is useful. As discussed below, ITG is not providing a reconciliation of its preliminary Adjusted EBITDA because such reconciliation is not available without unreasonable effort.

THIRD QUARTER 2026 EARNINGS RELEASE AND CONFERENCE CALL

ITG will release its complete third quarter 2026 financial results on Tuesday, November 10, 2026, after the market close. In addition, ITG’s senior management will host a webcast to review these results on Wednesday, November 11, 2026, at 8:00 a.m. ET.

The event will be broadcast live and can be accessed through the ITG Investor Relations website here and at ir.itgcomm.com. A replay link, along with supporting materials, will also be posted to the website.

ABOUT ITG, INC.

ITG is a leading provider of end-to-end services to the communications and digital infrastructure industries throughout the United States. ITG supports the planning, design, construction, operation, maintenance, and expansion of broadband, wireless, data center, utility, and civil infrastructure. With a workforce operating across 49 states, ITG is positioned to build and maintain the digital backbone powering our future.

APPENDIX

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the Company’s management’s beliefs and assumptions and on information currently available to the Company’s management. These statements include, but are not limited to, statements regarding the Company’s expectations of future performance, including the Company’s preliminary third quarter revenue and Adjusted EBITDA. Forward-looking statements can be identified by terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “seek”, “should”, “will”, “would” or similar expressions and the negatives of those terms. Such statements are not historical facts but rather are based on the Company’s current expectations or beliefs concerning future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors, that may cause our actual results to be materially different from any future results contemplated by the forward-looking statements, including those described in the registration statements and periodic reports the Company files with the Securities and Exchange Commission (the “SEC”), including the Company’s final prospectus dated June 30, 2026 and filed with the SEC on July 2, 2026. Given these uncertainties, you should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made, and the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company’s registration statements and periodic reports.

Non-GAAP Financial Measures

This press release includes Adjusted EBITDA, a financial measure that is not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”). ITG defines Adjusted EBITDA as net income (loss) plus or minus (i) interest expense, (ii) interest income, (iii) income tax (benefit) expense, (iv) depreciation expense, (v) amortization of intangibles, (vi) other expense, net, (vii) equity-based compensation, (viii) transaction costs, (ix) restructuring, integration and business optimization costs, and (x) change in fair value of contingent liabilities. Management uses this non-GAAP financial measure to evaluate the Company’s operating performance, and the Company believes it provides useful supplemental information to investors in evaluating period-to-period operating performance.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in accordance with GAAP, and may not be comparable to similarly titled measures used by other companies.  

The Company is not providing a quantitative reconciliation of its preliminary third quarter Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, due to the uncertainty and inherent difficulty of predicting certain items that affect GAAP results, including, as applicable, acquisition-related costs, stock-based compensation, interest expense, depreciation and amortization, tax impacts, and other items that may be material. Accordingly, a reconciliation is not available without unreasonable effort. The variability of these items could have a significant impact on the Company’s third quarter Adjusted EBITDA.

INVESTOR CONTACT

629-282-9862

ir@itgcomm.com

Third Quarter 2026 Summary

• Net income available to common shareholders of $6.0 million, or $0.60 per diluted share, in Q3 2026, compared to $5.7 million, or $0.57 per diluted share, in Q2 2026
• Pre-tax, pre-provision net income increased 14.5% from $6.9 million in Q2 2026 to $7.9 million in Q3 2026
• Net interest margin increased 5 basis points from 2.90% in Q2 2026 to 2.95% in Q3 2026
• Net interest income increased $1.2 million, or 5.5%, from $21.8 million in Q2 2026 to $23.0 million in Q3 2026
• Total loans held for investment increased $95.0 million, or 3.5%, from $2.72 billion in Q2 2026 to $2.81 billion in Q3 2026
• Total deposits increased $70.0 million, or 2.5%, from $2.85 billion in Q2 2026 to $2.92 billion in Q3 2026

DENVER, Oct. 22, 2026 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the third quarter ended September 30, 2026.

Net income available to common shareholders was $6.0 million, or $0.60 per diluted share, for the third quarter of 2026. This compares to net income of $5.7 million, or $0.57 per diluted share, for the second quarter of 2026, and net income of $3.2 million, or $0.32 per diluted share, for the third quarter of 2025.

Scott C. Wylie, CEO of First Western, commented, “Our third quarter results demonstrate continued execution and progress across our business, underscored by strong loan and deposit growth, accelerating loan production, further expansion in our net interest margin and disciplined expense management. Healthy client demand in our markets drove robust loan growth during the quarter, while continued growth in noninterest-bearing deposits reflects the strength of our relationship-based banking model and our ongoing focus on improving our funding mix. Together, these trends contributed to strong growth in net interest income and pre-provision net revenue, while asset quality remained stable.

“We remain encouraged by the strength of our loan pipeline and the opportunities we see across our markets. With continued momentum in our core banking franchise, disciplined expense management and a strong balance sheet, we believe we are well positioned to continue improving profitability and creating long-term value for our shareholders,” said Mr. Wylie.

	For the Three Months Ended
	September 30,				June 30,				September 30,
(Dollars in thousands, except per share data)	2026				2026			2025
Earnings Summary
Net interest income	$	22,960			$	21,764			$	19,454
Provision for (release of) credit losses		647				(469	)			2,257
Total non-interest income		5,806				6,385				6,842
Total non-interest expense		20,840				21,217				20,074
Income before income taxes		7,279				7,401				3,965
Income tax expense		1,298				1,672				779
Net income available to common shareholders		5,981				5,729				3,186
Basic earnings per common share		0.61				0.59				0.33
Diluted earnings per common share		0.60				0.57				0.32
Return on average assets (annualized)		0.74	%			0.73	%			0.40	%
Return on average shareholders’ equity (annualized)		8.39				8.28				4.92
Return on tangible common equity (annualized)(1)		9.31				9.19				5.54
Net interest margin		2.95				2.90				2.54
Efficiency ratio(1)		72.20				74.03				76.38

____________________

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the Third Quarter 2026

Revenue

Total income before non-interest expense was $28.1 million for the third quarter of 2026, a decrease of 1.7% from $28.6 million for the second quarter of 2026. Gross revenue⁽¹⁾ was $28.9 million for the third quarter of 2026, an increase of 2.8% from $28.1 million for the second quarter of 2026. Relative to the second quarter of 2026, the decrease in Total income before non-interest expense was primarily driven by an increase in Provision for credit losses and a decrease in Non-interest income, partially offset by an increase in Net interest income. Relative to the third quarter of 2025, Total income before non-interest expense increased 17.1% from $24.0 million and Gross revenue increased 9.9% from $26.3 million. Relative to the third quarter of 2025, the increase in Total income before non-interest expense was primarily driven by an increase in Net interest income and a decrease in Provision for credit losses.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Net Interest Margin

Net interest margin for the third quarter of 2026 increased 5 basis points to 2.95% from 2.90% reported in the second quarter of 2026, primarily due to an increase in yield on average interest-earning assets, partially offset by an increase in cost of funds. The yield on interest-earning assets increased 7 basis points to 5.65% from 5.58% reported in the second quarter of 2026, while the cost of funds increased 2 basis points to 2.88% from 2.86% reported in the second quarter of 2026. The increase in yield on interest-earning assets was primarily driven by an increase in loan yields. The increase in cost of funds was primarily driven by higher cost of deposits as a result of higher rates on money market accounts.

Relative to the third quarter of 2025, net interest margin increased 41 basis points from 2.54% due to a 35 basis point decrease in cost of funds as a result of the lower interest rate environment and an increase in yield on average interest-earning assets.

Net Interest Income

Net interest income for the third quarter of 2026 was $23.0 million, an increase of 5.5% from $21.8 million for the second quarter of 2026. The increase was primarily driven by a 5 basis point increase in net interest margin and an $81.1 million increase in average interest-earning assets. Relative to the third quarter of 2025, Net interest income increased 17.9% from $19.5 million. The increase compared to the third quarter of 2025 was primarily driven by a 41 basis point increase in net interest margin and an increase in average interest-earning assets.

Non-interest Income

Non-interest income for the third quarter of 2026 was $5.8 million, a decrease of 9.4% from $6.4 million in the second quarter of 2026. The decrease was primarily driven by decreases in Net gain on mortgage loans and Bank fees, partially offset by an increase in Trust and investment management fees. The decrease in Net gain on mortgage loans was primarily driven by lower origination volume. The decrease in Bank fees was primarily driven by lower prepayment penalty and swap income.

Relative to the third quarter of 2025, Non-interest income decreased $1.0 million, primarily driven by a decrease in Net gain on mortgage loans primarily driven by lower origination volume.

Non-interest Expense

Non-interest expense for the third quarter of 2026 was $20.8 million, a decrease of 1.9% from $21.2 million in the second quarter of 2026. The decrease was primarily driven by reduced Salaries and employee benefits and Technology and information systems, partially offset by an increase in Occupancy and equipment. The decrease in Salaries and employee benefits was primarily driven by reduced employer payroll taxes. The decrease in Technology and information systems was primarily attributable to a $0.4 million nonrecurring charge related to the write-off of certain previously capitalized technology assets recorded in the second quarter of 2026. The increase in Occupancy and equipment was driven by an increase in variable lease costs.

Relative to the third quarter of 2025, Non-interest expense increased 3.5% from $20.1 million, primarily driven by an increase in Salaries and employee benefits due to an increase in headcount, partially offset by a decrease in bonus accruals.

The Company’s efficiency ratio⁽¹⁾ was 72.2% in the third quarter of 2026, compared to 74.0% in the second quarter of 2026 and 76.4% in the third quarter of 2025.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Income Taxes

The Company recorded Income tax expense of $1.3 million for the third quarter of 2026, compared to $1.7 million for the second quarter of 2026, and $0.8 million for the third quarter of 2025. Relative to the second quarter of 2026, tax expense decreased $0.4 million primarily due to a $0.4 million benefit from a clean fuel tax credit purchased during the third quarter of 2026.

Loans

Total loans held for investment were $2.81 billion as of September 30, 2026, an increase of $95.0 million, or 3.5%, from $2.72 billion as of June 30, 2026. Changes in the quarter included growth in the 1-4 family residential and Commercial and industrial portfolios. Relative to the third quarter of 2025, total loans held for investment increased 8.4% from $2.59 billion as of September 30, 2025, primarily driven by growth in 1-4 family residential, Commercial and industrial, Owner occupied commercial real estate and Non-owner occupied commercial real estate portfolio.

Deposits

Total deposits were $2.92 billion as of September 30, 2026, an increase of 2.5%, from $2.85 billion as of June 30, 2026. Relative to the third quarter of 2025, Total deposits increased 2.5% from $2.85 billion. The increase over both periods was primarily driven by increases in Noninterest-bearing accounts and money market deposit accounts.

Borrowings

Federal Home Loan Bank (“FHLB”) borrowings were $150.9 million as of September 30, 2026, an increase of $114.5 million from $36.4 million as of June 30, 2026. The increase when compared to June 30, 2026 was primarily driven by interest-earning asset growth. Relative to the third quarter of 2025, borrowings increased $100.0 million from $50.9 million, driven by interest-earning asset growth.

Subordinated notes were $34.9 million as of September 30, 2026, compared to $44.8 million as of June 30, 2026. Subordinated notes decreased $9.8 million from $44.7 million as of September 30, 2025. Relative to the second quarter of 2026 and third quarter of 2025, the decrease was due to the redemption of $10.0 million of subordinated notes.

Assets Under Management

Assets Under Management (“AUM”) was $7.21 billion as of September 30, 2026, a decrease of $61 million, or 0.8%, from $7.28 billion as of June 30, 2026. The decrease in AUM during the quarter was primarily attributable to lower market values in low fee account types. Compared to September 30, 2025, total AUM decreased 2.9% from $7.43 billion due to lower market values in low fee account types, partially offset by increased net contributions.

Credit Quality

Non-performing assets totaled $13.3 million, or 0.39%, of Total assets as of September 30, 2026, compared to $16.3 million, or 0.50%, of Total assets, as of June 30, 2026. As of September 30, 2025, non-performing assets totaled $22.7 million, or 0.70%, of Total assets. Relative to the second quarter of 2026, the decrease in non-performing assets was driven by paydowns and a charge-off. Relative to the third quarter of 2025, the decrease in non-performing assets was driven by the sale of an OREO property in the first quarter of 2026 and paydowns.

Non-accrual loans totaled $13.3 million as of September 30, 2026, compared to $16.3 million as of June 30, 2026. As of September 30, 2025, non-accrual loans totaled $18.3 million. Relative to the second quarter of 2026 and the third quarter of 2025, the decrease was driven primarily by paydowns.

During the third quarter of 2026, the Company recorded a provision expense of $0.6 million, compared to a provision release of $0.5 million in the second quarter of 2026, and provision expense of $2.3 million in the third quarter of 2025. The expense of $0.6 million in the third quarter of 2026 was primarily driven by loan growth. As of September 30, 2026 and June 30, 2026, the Allowance for credit losses as a percentage of Total loans was 74 basis points and 75 basis points, respectively.

Capital

As of September 30, 2026, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of September 30, 2026, the Bank was classified as “well capitalized,” as summarized in the following table:

	September 30,
	2026
Consolidated Capital
Tier 1 capital to risk-weighted assets	9.76	%
CET1 to risk-weighted assets	9.76
Total capital to risk-weighted assets	11.80
Tier 1 capital to average assets	8.08
Bank Capital
Tier 1 capital to risk-weighted assets	10.79	%
CET1 to risk-weighted assets	10.79
Total capital to risk-weighted assets	11.60
Tier 1 capital to average assets	8.92

Book value per common share increased 2.6% from $28.73 as of June 30, 2026 to $29.48 as of September 30, 2026. Book value per common share increased 9.5% from $26.92 as of September 30, 2025.

Tangible book value per common share⁽¹⁾ increased 2.9% from $25.53 as of June 30, 2026 to $26.28 as of September 30, 2026. Tangible book value per common share increased 11.0% from $23.68 as of September 30, 2025.

⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT / 12:00 p.m. ET on Friday, October 23, 2026. Telephone access: https://register-conf.media-server.com/register/BI8c00cfaf86874909b3e5150dcea82eff. 

A slide presentation relating to the third quarter 2026 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com. 

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and Net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2026 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:
Financial Profiles, Inc.
Lisa Fortuna
310-622-8251
MYFW@finprofiles.com 
IR@myfw.com 

First Western Financial, Inc.
Condensed Consolidated Statements of Income (unaudited)

	Three Months Ended
	September 30,				June 30,				September 30,
(dollars in thousands, except per share amounts)	2026				2026				2025
Interest and dividend income:
Loans, including fees	$	40,153			$	38,967			$	37,701
Loans accounted for under the fair value option		35				23				64
Investment securities		2,819				1,845				1,387
Interest-bearing deposits in other financial institutions		834				876				3,468
Dividends, restricted stock		113				142				154
Total interest and dividend income		43,954				41,853				42,774
Interest expense:
Deposits		20,136				18,980				22,177
Other borrowed funds		858				1,109				1,143
Total interest expense		20,994				20,089				23,320
Net interest income		22,960				21,764				19,454
Less: Provision for (release of) credit losses		647				(469	)			2,257
Net interest income, after provision for credit losses		22,313				22,233				17,197
Non-interest income:
Trust and investment management fees		4,865				4,742				4,629
Net gain on mortgage loans		483				906				1,394
Bank fees		329				429				312
Risk management and insurance fees		26				112				193
Income on company-owned life insurance		121				119				116
Net (loss) gain on loans accounted for under the fair value option		(76	)			10				18
Unrealized (loss) gain recognized on equity securities		(24	)			(2	)			6
Other		82				69				174
Total non-interest income		5,806				6,385				6,842
Total income before non-interest expense		28,119				28,618				24,039
Non-interest expense:
Salaries and employee benefits		12,704				13,034				11,884
Occupancy and equipment		2,087				1,983				2,188
Professional services		1,560				1,490				1,894
Technology and information systems		1,187				1,478				951
Data processing		1,308				1,359				1,251
Marketing		419				358				351
Amortization of other intangible assets		48				48				51
Other		1,527				1,467				1,504
Total non-interest expense		20,840				21,217				20,074
Income before income taxes		7,279				7,401				3,965
Income tax expense		1,298				1,672				779
Net income available to common shareholders	$	5,981			$	5,729			$	3,186
Earnings per common share:
Basic	$	0.61			$	0.59			$	0.33
Diluted		0.60				0.57				0.32

First Western Financial, Inc.
Condensed Consolidated Balance Sheets (unaudited)

	September 30,				June 30,				September 30,
(dollars in thousands)	2026				2026				2025
Assets
Cash and cash equivalents:
Cash and due from banks	$	11,067			$	14,310			$	13,889
Interest-bearing deposits in other financial institutions		155,181				160,576				341,750
Total cash and cash equivalents		166,248				174,886				355,639
Available-for-sale debt securities, at fair value (amortized cost of $154,271, $89,745, and $49,407, respectively)		152,544				89,615				49,177
Held-to-maturity debt securities (fair value of $134,582, $112,617 and $93,589, respectively), net of allowance for credit losses of $189, $151, and $71, respectively		141,852				116,766				98,205
Correspondent bank stock, at cost		10,853				5,695				6,481
Mortgage loans held for sale, at fair value		18,989				24,675				21,806
Loans (includes $1,146, $1,758, and $4,208 measured at fair value, respectively)		2,806,245				2,711,803				2,590,846
Allowance for credit losses		(20,785	)			(20,297	)			(20,967	)
Loans, net		2,785,460				2,691,506				2,569,879
Premises and equipment, net		25,462				25,641				24,963
Accrued interest receivable		12,515				11,338				11,907
Accounts receivable		5,343				4,781				4,687
Other receivables		106				171				3,736
Other real estate owned, net		—				—				4,389
Goodwill and other intangible assets, net		31,277				31,325				31,473
Deferred tax assets, net		5,572				2,679				3,500
Company-owned life insurance		17,772				17,651				17,299
Other assets		46,849				41,277				37,283
Total assets	$	3,420,842			$	3,238,006			$	3,240,424
Liabilities
Deposits:
Noninterest-bearing	$	420,566			$	381,826			$	375,708
Interest-bearing		2,495,647				2,464,138				2,473,203
Total deposits		2,916,213				2,845,964				2,848,911
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		150,926				36,431				50,867
Subordinated notes		34,883				44,849				44,724
Accrued interest payable		1,586				1,243				1,689
Other liabilities		29,119				28,926				32,738
Total liabilities		3,132,727				2,957,413				2,978,929
Shareholders’ Equity
Total shareholders’ equity		288,115				280,593				261,495
Total liabilities and shareholders’ equity	$	3,420,842			$	3,238,006			$	3,240,424

First Western Financial, Inc.
Consolidated Financial Summary (unaudited)

	September 30,				June 30,				September 30,
(dollars in thousands)	2026				2026				2025
Loan Portfolio
Cash, securities, and other	$	177,437			$	182,017			$	159,204
Consumer and other		19,003				19,236				12,254
Construction and development		213,256				196,954				230,600
1-4 family residential		1,133,089				1,089,697				1,041,990
Non-owner occupied CRE		762,884				768,528				728,039
Owner occupied CRE		231,988				222,514				191,239
Commercial and industrial		272,044				235,148				225,919
Total		2,809,701				2,714,094				2,589,245
Loans accounted for under the fair value option		1,157				1,774				4,319
Total loans held for investment		2,810,858				2,715,868				2,593,564
Deferred fees, unamortized premiums, basis adjustments, net(1)(2)		(4,612	)			(4,065	)			(2,718	)
Loans (includes $1,146, $1,758, and $4,208 measured at fair value, respectively)	$	2,806,246			$	2,711,803			$	2,590,846
Mortgage loans held for sale		18,989				24,675				21,806
Deposit Portfolio
Money market deposit accounts	$	2,004,098			$	1,975,295			$	1,988,336
Time deposits		354,407				353,373				349,533
Interest checking accounts		124,677				122,394				121,901
Savings accounts		12,465				13,076				13,433
Total interest-bearing deposits		2,495,647				2,464,138				2,473,203
Noninterest-bearing accounts		420,566				381,826				375,708
Total deposits	$	2,916,213			$	2,845,964			$	2,848,911

____________________
⁽¹⁾ Includes fair value adjustments on loans held for investment accounted for under the fair value option.
⁽²⁾ Includes basis adjustments related to the hedged portfolio accounted for under the portfolio layer method.

First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	September 30,				June 30,				September 30,
(dollars in thousands)	2026				2026				2025
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	88,229			$	94,533			$	307,979
Debt securities		240,811				167,993				127,154
Correspondent bank stock		5,672				7,369				7,500
Gross loans		2,735,212				2,712,366				2,562,960
Mortgage loans held for sale		16,938				22,800				26,037
Loans held at fair value		1,508				2,249				4,809
Total interest-earning assets		3,088,370				3,007,310				3,036,439
Noninterest-earning assets		125,658				121,384				124,457
Total assets	$	3,214,028			$	3,128,694			$	3,160,896
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,456,221			$	2,367,442			$	2,422,177
FHLB and Federal Reserve borrowings		18,091				41,409				51,065
Subordinated notes		41,601				44,823				44,690
Total interest-bearing liabilities		2,515,913				2,453,674				2,517,932
Noninterest-bearing liabilities:
Noninterest-bearing deposits		379,483				365,291				349,839
Other liabilities		33,486				32,898				34,072
Total noninterest-bearing liabilities		412,969				398,189				383,911
Total shareholders’ equity		285,146				276,831				259,053
Total liabilities and shareholders’ equity	$	3,214,028			$	3,128,694			$	3,160,896
Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		3.75	%			3.72	%			4.47	%
Debt securities		4.64				4.41				4.33
Correspondent bank stock		7.90				7.73				8.15
Loans		5.78				5.72				5.78
Loan held at fair value		9.21				4.10				5.28
Mortgage loans held for sale		6.82				5.54				5.59
Total interest-earning assets		5.65				5.58				5.59
Interest-bearing deposits		3.25				3.22				3.63
Total deposits		2.82				2.79				3.17
FHLB and Federal Reserve borrowings		4.04				3.86				3.98
Subordinated notes		6.43				6.35				5.60
Total interest-bearing liabilities		3.31				3.28				3.67
Net interest margin		2.95				2.90				2.54
Net interest rate spread		2.34				2.30				1.92

First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	September 30,				June 30,				September 30,
(dollars in thousands, except share and per share amounts)	2026				2026				2025
Asset Quality
Non-accrual loans	$	13,253			$	16,285			$	18,293
Non-performing assets		13,253				16,285				22,682
Net charge-offs (recoveries)		118				(4	)			259
Non-accrual loans to total loans		0.47	%			0.60	%			0.71	%
Non-performing assets to total assets		0.39				0.50				0.70
Allowance for credit losses to non-accrual loans		156.83				124.64				114.62
Allowance for credit losses to total loans		0.74				0.75				0.81
Net charge-offs to average loans	*				*					0.01
Assets Under Management	$	7,214,885			$	7,275,876			$	7,433,029
Market Data
Book value per share at period end	$	29.48			$	28.73			$	26.92
Tangible book value per common share(1)	$	26.28			$	25.53			$	23.68
Weighted average outstanding shares, basic		9,769,564				9,760,529				9,717,571
Weighted average outstanding shares, diluted		9,981,863				9,949,307				9,868,742
Shares outstanding at period end		9,772,119				9,765,129				9,714,711
Consolidated Capital
Tier 1 capital to risk-weighted assets		9.76	%			9.93	%			9.80	%
CET1 to risk-weighted assets		9.76				9.93				9.80
Total capital to risk-weighted assets		11.80				12.47				12.50
Tier 1 capital to average assets		8.08				8.06				7.51
Bank Capital
Tier 1 capital to risk-weighted assets		10.79	%			11.37	%			11.20	%
CET1 to risk-weighted assets		10.79				11.37				11.20
Total capital to risk-weighted assets		11.60				12.20				12.04
Tier 1 capital to average assets		8.92				9.22				8.59

____________________
⁽¹⁾ Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
•   Represents percentages that are not meaningful.

First Western Financial, Inc.
Consolidated Financial Summary (unaudited) (continued)

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	September 30,				June 30,				September 30,
(dollars in thousands, except share and per share amounts)	2026				2026				2025
Tangible Common
Total shareholders’ equity	$	288,115			$	280,593			$	261,495
Less: goodwill and other intangibles, net		31,277				31,325				31,473
Tangible common equity	$	256,838			$	249,268			$	230,022
Common shares outstanding, end of period		9,772,119				9,765,129				9,714,711
Tangible common book value per share	$	26.28			$	25.53			$	23.68
Net income available to common shareholders		5,981				5,729				3,186
Return on tangible common equity (annualized)		9.31	%			9.19	%			5.54	%
Efficiency
Non-interest expense	$	20,840			$	21,217			$	20,074
Less: write-off of capitalized technology assets		—				380				—
Less: OREO expenses		—				5				8
Adjusted non-interest expense	$	20,840			$	20,832			$	20,066
Total income before non-interest expense	$	28,119			$	28,618			$	24,039
Less: unrealized (loss) gain recognized on equity securities		(24	)			(2	)			6
Less: net (loss) gain on loans accounted for under the fair value option		(76	)			10				18
Plus: provision for (release of) credit losses		647				(469	)			2,257
Gross revenue	$	28,866			$	28,141			$	26,272
Efficiency ratio		72.20	%			74.03	%			76.38	%