diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
index 0e38d33..defc70a 100644
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
@@ -267,15 +267,9 @@ public static function rebuildOnSubmit(array &$form, FormStateInterface $form_st
   public function settingsForm(array $form, FormStateInterface $form_state) {
     $form = parent::settingsForm($form, $form_state);
     $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
-    $field_name_options = $this->getAvailableFieldOptions();
     $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
     // Field on the target entity this formatter is currently displaying.
-    $selected_field_name = $this->getSetting('field_name', $form_state);
-    if (!$selected_field_name) {
-      // The first field is used as default in case of no value set.
-      $selected_field_name = array_keys($field_name_options)[0];
-    }
-    $field_storage = $field_storage_definitions[$selected_field_name];
+    $selected_field_name = $this->getFieldName($form_state)['machine_name'];
 
     $form['#prefix'] = '<div id="field-formatter-ajax">';
     $form['#suffix'] = '</div>';
@@ -284,7 +278,7 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
       '#type' => 'select',
       '#title' => $this->t('Field name'),
       '#default_value' => $selected_field_name,
-      '#options' => $field_name_options,
+      '#options' => $this->getAvailableFieldOptions(),
       '#ajax' => [
         'callback' => [static::class, 'onFieldNameChange'],
         'wrapper' => 'field-formatter-ajax',
@@ -302,13 +296,10 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
     ];
 
     if ($selected_field_name) {
+      $field_storage = $field_storage_definitions[$selected_field_name];
       $formatter_options = $this->getAvailableFormatterOptions($field_storage);
-      $formatter_type = $this->getSetting('type', $form_state);
-      $settings = $this->getSetting('settings', $form_state);
-      if (!isset($formatter_options[$formatter_type])) {
-        $formatter_type = array_keys($formatter_options)[0];
-        $settings = [];
-      }
+      $formatter_type = $this->getFormatterType($selected_field_name, $form_state);
+      $settings = $this->getSetting('settings', $form_state) ?: [];
 
       $form['type'] = [
         '#type' => 'select',
@@ -402,6 +393,9 @@ public function getSetting($key, FormStateInterface $form_state = NULL) {
   /**
    * Gets the field to be used in this formatter.
    *
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   (optional) The form state object.
+   *
    * @return array
    *   An associative array containing:
    *     - machine_name: The field machine name.
@@ -411,9 +405,9 @@ public function getSetting($key, FormStateInterface $form_state = NULL) {
    *
    * @see \Drupal\Core\Field\Plugin\Field\FieldFormatter\EntityReferenceReferencedEntityFieldFormatter::getAvailableFieldOptions()
    */
-  protected function getFieldName() {
+  protected function getFieldName(FormStateInterface $form_state = NULL) {
     $field_name_options = $this->getAvailableFieldOptions();
-    if (!$field_name = $this->getSetting('field_name')) {
+    if (!$field_name = $this->getSetting('field_name', $form_state)) {
       $field_name = array_keys($field_name_options)[0];
     }
     $field['machine_name'] = $field_name;
@@ -426,6 +420,8 @@ protected function getFieldName() {
    *
    * @param string $field_name
    *   The machine name of the target field.
+   * @param \Drupal\Core\Form\FormStateInterface $form_state
+   *   (optional) The form state object.
    *
    * @return array
    *   An associative array containing:
@@ -436,12 +432,12 @@ protected function getFieldName() {
    *
    * @see \Drupal\Core\Field\Plugin\Field\FieldFormatter\EntityReferenceReferencedEntityFieldFormatter::getAvailableFormatterOptions()
    */
-  protected function getFormatterType($field_name) {
+  protected function getFormatterType($field_name, FormStateInterface $form_state = NULL) {
     $formatter = [
       'machine_name' => NULL,
       'label' => NULL,
     ];
-    if (!$formatter_type = $this->getSetting('type')) {
+    if (!$formatter_type = $this->getSetting('type', $form_state)) {
       $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
       $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
       $formatter_options = $this->getAvailableFormatterOptions($field_storage_definitions[$field_name]);