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Farmers & Merchants Bancorp Executive Compensation (FY25)

FMAO · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Lars Eller
Latest say-on-pay support
=
April 20, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 19, 2026Latest filing (8-K): April 21, 2026
10 filings cited on this page
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181 figures on this page: 175 cited to the filing that reported them, 6 calculated from figures it prints. See the citations

More on Farmers & Merchants Bancorp

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Lars Eller: $910,158 → $969,335 (6.5% higher)
Say-on-pay support: 93.7% → 94.4% (0.7 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Farmers & Merchants Bancorp's chief executive and what were they paid?
Lars Eller, President and Chief Executive Officer, received $969,335 in total compensation for fiscal 2025. Eller's total was 6.5% higher than the $910,158 reported for fiscal 2024.
What was Farmers & Merchants Bancorp's say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.4% of votes cast for or against in favor at the meeting held April 20, 2026 for fiscal 2025.
Which companies are in Farmers & Merchants Bancorp's peer group?
The disclosed peer group names ChoiceOne Financial Services, Inc., Citizens & Northern Corporation, Citizens Financial Services, Inc., Civista Bancshares, Inc. and CNB Financial Corporation, among others.
What is Farmers & Merchants Bancorp's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 16.4:1, against median employee compensation of $58,738.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer (PEO) (4)
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President (PFO)
◇—◇—◇—◇— not reconciled
Rex Rice
Executive Vice President
◇—◇—◇—◇— not reconciled
Benét Rupp
Executive Vice President
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer (PEO)
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President (PFO)
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President
◇—◇—◇—◇◇
David Gerken
Executive Vice President
◇—◇—◇—◇◇
Eric Faust
Senior Vice President
◇—◇—◇—◇◇
Shalini Singhal
Senior Vice President
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President
◇—◇—◇—◇◇
Andrew Baker
Senior Vice President
◇—◇—◇—◇◇
David Gerken
Executive Vice President
◇—◇—◇—◇◇
Eric Faust
Executive Vice President
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew S. BakerRSU◇——◇——◇
Barbara J. BritenrikerRSU◇——◇——◇
David R. GerkenRSU◇——◇——◇
Eric D. FaustRSU◇——◇——◇
Lars B. EllerRSU◇——◇——◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Barbara BritenrikerRSU◇◇——
Lars EllerRSU◇◇——
David GerkenRSU◇◇——
Andrew BakerRSU◇◇——
Eric FaustRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Barbara Britenriker
Executive Vice President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Change-in-control base◇
David Gerken
Executive Vice President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Eric Faust
Executive Vice President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Lars Eller
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kevin J. Sauder
Board chair
◇◇————◇
Andrew J. Briggs
◇◇————◇
Lori A. Johnston
◇◇————◇
Frank R. Simon
◇◇————◇
Marcia S. Latta
◇◇————◇
David P. Vernon
◇◇————◇
Kevin G. Frey
◇◇————◇
Steven J. Planson
◇◇————◇
Ian D. Boyce
◇◇————◇
Ahmed Alomari
◇◇————◇
Lars B. Eller
—◇—————
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • ChoiceOne Financial Services, Inc. COFS
  • Citizens & Northern Corporation CZNC
  • Citizens Financial Services, Inc. FCCB
  • Civista Bancshares, Inc. CIVB
  • CNB Financial Corporation CCNE
  • Community Trust Bancorp, Inc. CTBI
  • Farmers National Banc Corp. FMNB
  • First Financial Corporation THFF
  • First Internet Bancorp INBK
  • First Savings Financial Group, Inc. FSFG
  • Franklin Financial Services Corporation FRAF
  • German American Bancorp, Inc. GABC
  • Independent Bank Corporation IBCP
  • Isabella Bank Corporation ISBA
  • LCNB Corp. LCNB
  • Macatawa Bank Corporation MCBC
  • Mercantile Bank Corporation WBWM
  • Middlefield Bank Corporation MBCN
  • MVB Financial Corporation MVBF
  • Penns Woods Bancorp, Inc. PWOD
  • Summit Financial Group, Inc. SMMF

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 20, 2026=◇◇◇
2024April 14, 2025=◇◇◇
2023April 29, 2024=◇◇◇
2022April 17, 2023=◇◇◇
2019April 16, 2020=◇◇◇
2016April 20, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Lars Eller (President and Chief Executive Officer), FY2025 total compensation $969,335 (base salary $519,841) [exec_comp, SEC accession 0001140361-26-010915, filed 2026-03-24]

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What this page does not include

Everything above is a fact Farmers & Merchants Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Farmers & Merchants Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
181 figures on this page: 175 cited to the filing that reported them, 6 calculated from figures it prints.
175 cited to the filing
6 calculated from the filing

Documents cited

  1. 0001193125-26-167045
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001140361-26-010915
    Director Compensation · Director Compensation table · Grants of Plan-Based Awards · Outstanding Equity Awards at 2025 Fiscal Year-End Table · and 2 more sections
  3. 0000950170-25-054730
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-044260
  5. 0000950170-24-050631
  6. 0001193125-24-068965
    Summary Compensation Table
  7. 0000950170-23-013393
  8. 0001193125-23-062946
  9. 0001564590-20-017363
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-17-134856
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “Farmers & Merchants Bancorp executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/FMAO (accessed 2026).
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The paid brief for Farmers & Merchants Bancorp

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
10 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Farmers & Merchants Bancorp discloses

The companies named in FMAO's own disclosed peer group.

ChoiceOne Financial Services, Inc.Citizens & Northern CorporationCitizens Financial Services, Inc.Civista Bancshares, Inc.CNB Financial CorporationCommunity Trust Bancorp, Inc.Farmers National Banc Corp.First Financial CorporationFirst Internet BancorpFirst Savings Financial Group, Inc.Franklin Financial Services CorporationGerman American Bancorp, Inc.Independent Bank CorporationIsabella Bank CorporationLCNB Corp.Macatawa Bank CorporationMiddlefield Bank CorporationMVB Financial CorporationPenns Woods Bancorp, Inc.Summit Financial Group, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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