Farmers and Merchants Bancshares, Inc. Reports Earnings of $2.4 Million or $0.74 per Share for the Six Months Ended June 30, 2025
Farmers and Merchants Bancshares (FMFG) reported net income of $2.4 million, or $0.74 per share, for the six months ended June 30, 2025, compared to $2.3 million in the same period of 2024. The company's net interest margin widened to 2.92% from 2.70% year-over-year.
Key financial metrics include: total assets of $842.2 million, loan growth of $32.5 million reaching $615.5 million, and deposits of $748.9 million. The bank's book value increased to $18.97 per share, despite carrying a $15.1 million unrealized loss on its available-for-sale securities portfolio.
Notable improvements include increased yields on earning assets to 5.11% and gross interest income growth of $2.0 million to $20.2 million. The company maintains strong asset quality with few delinquencies and a robust liquidity position.
Farmers and Merchants Bancshares (FMFG) ha riportato un utile netto di 2,4 milioni di dollari, ovvero 0,74 dollari per azione, per i sei mesi terminati il 30 giugno 2025, rispetto ai 2,3 milioni dello stesso periodo del 2024. Il margine di interesse netto dell'azienda è aumentato al 2,92% rispetto al 2,70% dell'anno precedente.
I principali indicatori finanziari includono: attività totali pari a 842,2 milioni di dollari, una crescita dei prestiti di 32,5 milioni che raggiunge 615,5 milioni, e depositi per 748,9 milioni di dollari. Il valore contabile della banca è salito a 18,97 dollari per azione, nonostante un perdita non realizzata di 15,1 milioni sul portafoglio titoli disponibili per la vendita.
Miglioramenti significativi comprendono un aumento dei rendimenti sulle attività fruttifere al 5,11% e una crescita del reddito lordo da interessi di 2,0 milioni, arrivando a 20,2 milioni. La società mantiene una solida qualità degli asset con poche morosità e una robusta posizione di liquidità.
Farmers and Merchants Bancshares (FMFG) reportó un ingreso neto de 2,4 millones de dólares, o 0,74 dólares por acción, para los seis meses terminados el 30 de junio de 2025, en comparación con 2,3 millones en el mismo período de 2024. El margen de interés neto de la compañía se amplió a 2,92% desde 2,70% interanual.
Las métricas financieras clave incluyen: activos totales de 842,2 millones de dólares, un crecimiento de préstamos de 32,5 millones alcanzando 615,5 millones, y depósitos por 748,9 millones. El valor contable del banco aumentó a 18,97 dólares por acción, a pesar de tener una pérdida no realizada de 15,1 millones en su cartera de valores disponibles para la venta.
Mejoras notables incluyen un aumento en los rendimientos de los activos generadores de ingresos al 5,11% y un crecimiento del ingreso bruto por intereses de 2,0 millones hasta 20,2 millones. La compañía mantiene una fuerte calidad de activos con pocas morosidades y una sólida posición de liquidez.
Farmers and Merchants Bancshares (FMFG)는 2025년 6월 30일로 끝나는 6개월 동안 240만 달러, 주당 0.74달러의 순이익을 보고했으며, 이는 2024년 같은 기간의 230만 달러와 비교됩니다. 회사의 순이자마진은 전년 대비 2.92%로 2.70%에서 확대되었습니다.
주요 재무 지표로는 총자산 8억 4,220만 달러, 대출 증가액 3,250만 달러로 총 대출액 6억 1,550만 달러, 예금 7억 4,890만 달러가 포함됩니다. 은행의 장부 가치는 매도가능증권 포트폴리오에서 1,510만 달러의 미실현 손실이 있음에도 불구하고 주당 18.97달러로 상승했습니다.
주목할 만한 개선사항으로는 수익 자산 수익률이 5.11%로 증가하고, 총 이자 수익이 200만 달러 증가하여 2,020만 달러에 이르렀습니다. 회사는 연체율이 낮고 견고한 유동성 위치를 유지하며 강한 자산 품질을 유지하고 있습니다.
Farmers and Merchants Bancshares (FMFG) a déclaré un bénéfice net de 2,4 millions de dollars, soit 0,74 dollar par action, pour les six mois se terminant le 30 juin 2025, contre 2,3 millions au cours de la même période en 2024. La marge nette d'intérêt de la société s'est élargie à 2,92% contre 2,70% en glissement annuel.
Les principaux indicateurs financiers comprennent : des actifs totaux de 842,2 millions de dollars, une croissance des prêts de 32,5 millions atteignant 615,5 millions, et des dépôts de 748,9 millions. La valeur comptable de la banque a augmenté à 18,97 dollars par action, malgré une perte latente de 15,1 millions sur son portefeuille de titres disponibles à la vente.
Parmi les améliorations notables figurent une augmentation des rendements des actifs générateurs de revenus à 5,11% et une croissance du revenu brut d'intérêts de 2,0 millions pour atteindre 20,2 millions. La société maintient une forte qualité d'actifs avec peu de créances douteuses et une position de liquidité solide.
Farmers and Merchants Bancshares (FMFG) meldete für die sechs Monate bis zum 30. Juni 2025 einen Nettogewinn von 2,4 Millionen US-Dollar bzw. 0,74 US-Dollar je Aktie, verglichen mit 2,3 Millionen im gleichen Zeitraum 2024. Die Nettozinsmarge des Unternehmens erhöhte sich im Jahresvergleich auf 2,92% von 2,70%.
Wichtige Finanzkennzahlen umfassen: Gesamtvermögen von 842,2 Millionen US-Dollar, ein Kreditwachstum von 32,5 Millionen auf 615,5 Millionen sowie Einlagen in Höhe von 748,9 Millionen US-Dollar. Der Buchwert der Bank stieg auf 18,97 US-Dollar je Aktie, trotz eines nicht realisierten Verlusts von 15,1 Millionen auf ihr verfügbares Wertpapierportfolio.
Bemerkenswerte Verbesserungen sind gestiegene Erträge aus zinstragenden Aktiva auf 5,11% und ein Bruttozinsertrag, der um 2,0 Millionen auf 20,2 Millionen wuchs. Das Unternehmen hält eine starke Vermögensqualität mit wenigen Zahlungsausfällen und eine robuste Liquiditätsposition aufrecht.
- None.
- Return on average equity declined to 8.18% from 8.81% year-over-year
- Deposits decreased to $748.9 million from $758.8 million
- $15.1 million unrealized loss on available-for-sale securities portfolio
- Noninterest expenses increased by $992 thousand
- FDIC assessment expenses increased by $124 thousand
HAMPSTEAD, Md., July 23, 2025 (GLOBE NEWSWIRE) -- Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the six months ended June 30, 2025 was
Net income for the three months ended June 30, 2025 was
Net interest income for the six months ended June 30, 2025 was
The Company recorded a
Noninterest income increased by
Total assets decreased slightly to
The book value of the Company’s common stock increased to
Gary A. Harris, President and CEO, commented “Our net interest margin has continued to grow over the past year. Our yields on earning assets are rising with our loan growth and loans are renewing at higher interest rate levels. This coupled with moderating cost of funds has improved our net interest income. Loan growth is strong with over
About the Company
The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s OTCID Market under the symbol “FMFG”.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.
| Farmers and Merchants Bancshares, Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheets | ||||||||
| Dollars in thousands except share data | ||||||||
| (Unaudited) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 * | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 30,282 | $ | 63,962 | ||||
| Federal funds sold and other interest-bearing deposits | 1,001 | 697 | ||||||
| Cash and cash equivalents | 31,283 | 64,659 | ||||||
| Certificates of deposit in other banks | 100 | 100 | ||||||
| Securities available for sale, at fair value | 121,434 | 125,713 | ||||||
| Securities held to maturity, at amortized cost less allowance for credit losses of | 21,328 | 20,499 | ||||||
| Equity security, at fair value | 535 | 518 | ||||||
| Restricted stock, at cost | 1,190 | 921 | ||||||
| Mortgage loans held for sale | 641 | 157 | ||||||
| Loans, less allowance for credit losses of | 615,469 | 582,993 | ||||||
| Premises and equipment, net | 7,267 | 7,349 | ||||||
| Accrued interest receivable | 2,388 | 2,439 | ||||||
| Deferred income taxes, net | 7,120 | 7,606 | ||||||
| Other real estate owned, net | 2,758 | 1,176 | ||||||
| Bank owned life insurance | 15,535 | 15,324 | ||||||
| Goodwill and other intangibles, net | 7,022 | 7,026 | ||||||
| Other assets | 8,148 | 8,163 | ||||||
| Total Assets | $ | 842,218 | $ | 844,643 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Deposits | ||||||||
| Noninterest-bearing | $ | 121,398 | $ | 107,197 | ||||
| Interest-bearing | 627,500 | 651,609 | ||||||
| Total deposits | 748,898 | 758,806 | ||||||
| Securities sold under repurchase agreements | 4,772 | 5,564 | ||||||
| Federal Home Loan Bank of Atlanta advances | 10,000 | 5,000 | ||||||
| Long-term debt, net of issuance costs | 10,388 | 11,329 | ||||||
| Accrued interest payable | 919 | 1,003 | ||||||
| Other liabilities | 6,995 | 6,669 | ||||||
| Total liabilities | 781,972 | 788,371 | ||||||
| Stockholders' equity | ||||||||
| Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,175,347 shares in 2025 and 3,166,653 shares in 2024 | 32 | 32 | ||||||
| Additional paid-in capital | 31,299 | 31,136 | ||||||
| Retained earnings | 43,976 | 41,613 | ||||||
| Accumulated other comprehensive loss | (15,061 | ) | (16,509 | ) | ||||
| Total Stockholders' equity | 60,246 | 56,272 | ||||||
| Total liabilities and stockholders' equity | $ | 842,218 | $ | 844,643 | ||||
| * Derived from audited consolidated financial statements | ||||||||
| Farmers and Merchants Bancshares, Inc. and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||
| Dollars in thousands except per share data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Interest income | ||||||||||||||||
| Loans, including fees | $ | 8,899 | $ | 7,238 | $ | 17,265 | $ | 14,120 | ||||||||
| Investment securities - taxable | 1,070 | 1,592 | 2,121 | 3,171 | ||||||||||||
| Investment securities - tax exempt | 153 | 138 | 309 | 274 | ||||||||||||
| Federal funds sold and other interest earning assets | 171 | 212 | 485 | 681 | ||||||||||||
| Total interest income | 10,293 | 9,180 | 20,180 | 18,246 | ||||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 4,071 | 3,232 | 8,321 | 6,333 | ||||||||||||
| Securities sold under repurchase agreements | 12 | 13 | 29 | 36 | ||||||||||||
| Federal Home Loan Bank advances | 110 | 32 | 122 | 44 | ||||||||||||
| Federal Reserve Bank advances | - | 641 | - | 1,263 | ||||||||||||
| Long-term debt | 109 | 129 | 222 | 262 | ||||||||||||
| Total interest expense | 4,302 | 4,047 | 8,694 | 7,938 | ||||||||||||
| Net interest income | 5,991 | 5,133 | 11,486 | 10,308 | ||||||||||||
| Provision for credit losses | 238 | - | 268 | - | ||||||||||||
| Net interest income after provision for credit losses | 5,753 | 5,133 | 11,218 | 10,308 | ||||||||||||
| Noninterest income | ||||||||||||||||
| Service charges on deposit accounts | 178 | 217 | 342 | 412 | ||||||||||||
| Mortgage banking income | 47 | 18 | 76 | 23 | ||||||||||||
| Bank owned life insurance income | 106 | 94 | 211 | 185 | ||||||||||||
| Fair value adjustment of equity security | 1 | (2 | ) | 10 | (6 | ) | ||||||||||
| Gain (loss) on settlement of fair value hedge | - | (31 | ) | 94 | (32 | ) | ||||||||||
| Gain on insurance proceeds, net | - | - | - | 143 | ||||||||||||
| Other fees and commissions | 124 | 78 | 236 | 153 | ||||||||||||
| Total noninterest income | 456 | 374 | 969 | 878 | ||||||||||||
| Noninterest expense | ||||||||||||||||
| Salaries | 2,191 | 1,993 | 4,398 | 3,969 | ||||||||||||
| Employee benefits | 531 | 441 | 913 | 1,048 | ||||||||||||
| Occupancy | 280 | 278 | 608 | 524 | ||||||||||||
| Furniture and equipment | 480 | 328 | 815 | 570 | ||||||||||||
| Professional services | 218 | 158 | 391 | 364 | ||||||||||||
| Automated teller machine and debit card expenses | 168 | 166 | 336 | 301 | ||||||||||||
| Federal Deposit Insurance Corporation premiums | 117 | 94 | 316 | 192 | ||||||||||||
| Postage, delivery, and armored carrier | 64 | 64 | 142 | 145 | ||||||||||||
| Advertising | 74 | 74 | 130 | 123 | ||||||||||||
| Other real estate owned expense, net | 67 | 3 | 71 | 5 | ||||||||||||
| Other | 540 | 524 | 1,108 | 995 | ||||||||||||
| Total noninterest expense | 4,730 | 4,123 | 9,228 | 8,236 | ||||||||||||
| Income before income taxes | 1,479 | 1,384 | 2,959 | 2,950 | ||||||||||||
| Income taxes | 280 | 305 | 596 | 652 | ||||||||||||
| Net income | $ | 1,199 | $ | 1,079 | $ | 2,363 | $ | 2,298 | ||||||||
| Earnings per common share - basic | $ | 0.38 | $ | 0.35 | $ | 0.74 | $ | 0.74 | ||||||||
| Earnings per common share - diluted | $ | 0.38 | $ | 0.35 | $ | 0.74 | $ | 0.74 | ||||||||
| Farmers and Merchants Bancshares, Inc. | ||||||||||||
| Selected Consolidated Financial Data | ||||||||||||
| (Unaudited) | ||||||||||||
| Dollars in thousands except per share data | ||||||||||||
| As of or For the Three Months Ended June 30, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| OPERATING DATA | ||||||||||||
| Interest income | $ | 10,293 | $ | 9,180 | $ | 7,384 | ||||||
| Interest expense | 4,302 | 4,047 | 2,113 | |||||||||
| Net interest income | 5,991 | 5,133 | 5,271 | |||||||||
| Provision for (recovery of) credit losses | 238 | - | (225 | ) | ||||||||
| Net interest income after provision for (recovery of) credit losses | 5,753 | 5,133 | 5,496 | |||||||||
| Noninterest income | 456 | 374 | 403 | |||||||||
| Noninterest expense | 4,730 | 4,123 | 3,686 | |||||||||
| Income before income taxes | 1,479 | 1,384 | 2,213 | |||||||||
| Income taxes | 280 | 305 | 543 | |||||||||
| Net income | $ | 1,199 | $ | 1,079 | $ | 1,670 | ||||||
| PER SHARE DATA | ||||||||||||
| Net income (Basic and diluted) | $ | 0.38 | $ | 0.35 | $ | 0.54 | ||||||
| Dividends | $ | 0.00 | $ | 0.33 | $ | 0.33 | ||||||
| Book value | $ | 18.97 | $ | 17.77 | $ | 16.13 | ||||||
| KEY RATIOS | ||||||||||||
| Return on average assets | 0.58 | % | 0.55 | % | 0.92 | % | ||||||
| Return on average equity | 8.15 | % | 8.23 | % | 13.22 | % | ||||||
| Efficiency ratio | 73.37 | % | 74.86 | % | 68.17 | % | ||||||
| Net yield on interest-earning assets | 3.03 | % | 2.71 | % | 3.00 | % | ||||||
| Tier 1 capital leverage ratio | 9.51 | % | 9.58 | % | 9.99 | % | ||||||
| AT PERIOD END | ||||||||||||
| Total assets | $ | 842,218 | $ | 798,556 | $ | 730,262 | ||||||
| Gross loans | 619,702 | 550,118 | 535,646 | |||||||||
| Cash and cash equivalents | 31,283 | 24,510 | 12,288 | |||||||||
| Securities | 142,762 | 177,661 | 139,949 | |||||||||
| Deposits | 748,898 | 651,209 | 631,811 | |||||||||
| Long term debt, FRB and FHLB borrowings | 20,388 | 81,271 | 38,154 | |||||||||
| Stockholders' equity | 60,246 | 54,543 | 49,834 | |||||||||
| SELECTED AVERAGE BALANCES | ||||||||||||
| Total assets | $ | 825,060 | $ | 784,510 | $ | 726,212 | ||||||
| Gross loans | 616,097 | 541,267 | 531,173 | |||||||||
| Cash and cash equivalents | 14,959 | 18,395 | 9,151 | |||||||||
| Securities | 165,409 | 204,779 | 167,107 | |||||||||
| Deposits | 734,631 | 647,215 | 630,567 | |||||||||
| Long term debt, FRB and FHLB borrowings | 20,786 | 72,762 | 35,249 | |||||||||
| Stockholders' equity | 58,827 | 52,431 | 50,538 | |||||||||
| ASSET QUALITY | ||||||||||||
| Nonperforming assets | $ | 3,028 | $ | 1,646 | $ | 1,898 | ||||||
| Nonperforming assets/total assets | 0.36 | % | 0.21 | % | 0.26 | % | ||||||
| Allowance for credit losses/total loans | 0.68 | % | 0.74 | % | 0.87 | % | ||||||
| Farmers and Merchants Bancshares, Inc. | ||||||||||||
| Selected Consolidated Financial Data | ||||||||||||
| (Unaudited) | ||||||||||||
| Amounts in thousands except per share data | ||||||||||||
| As of or For the Six Months Ended June 30, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| OPERATING DATA | ||||||||||||
| Interest income | $ | 20,180 | $ | 18,246 | $ | 14,437 | ||||||
| Interest expense | 8,694 | 7,938 | 3,509 | |||||||||
| Net interest income | 11,486 | 10,308 | 10,928 | |||||||||
| Provision for (recovery of) credit losses | 268 | - | (495 | ) | ||||||||
| Net interest income after provision for credit losses | 11,218 | 10,308 | 11,423 | |||||||||
| Noninterest income | 969 | 878 | 785 | |||||||||
| Noninterest expense | 9,228 | 8,236 | 7,443 | |||||||||
| Income before income taxes | 2,959 | 2,950 | 4,765 | |||||||||
| Income taxes | 596 | 652 | 1,194 | |||||||||
| Net income | $ | 2,363 | $ | 2,298 | $ | 3,571 | ||||||
| PER SHARE DATA | ||||||||||||
| Net income (Basic and diluted) | $ | 0.74 | $ | 0.74 | $ | 1.16 | ||||||
| Dividends | $ | 0.00 | $ | 0.33 | $ | 0.33 | ||||||
| Book value | $ | 18.97 | $ | 17.77 | $ | 16.13 | ||||||
| KEY RATIOS | ||||||||||||
| Return on average assets | 0.58 | % | 0.58 | % | 0.99 | % | ||||||
| Return on average equity | 8.18 | % | 8.81 | % | 14.34 | % | ||||||
| Efficiency ratio | 74.09 | % | 73.63 | % | 63.23 | % | ||||||
| Net yield on interest-earning assets | 2.92 | % | 2.70 | % | 3.09 | % | ||||||
| Tier 1 capital leverage ratio | 9.51 | % | 9.58 | % | 9.99 | % | ||||||
| AT PERIOD END | ||||||||||||
| Total assets | $ | 842,218 | $ | 798,556 | $ | 730,262 | ||||||
| Gross loans | 619,702 | 550,118 | 535,646 | |||||||||
| Cash and cash equivalents | 31,283 | 24,510 | 12,288 | |||||||||
| Securities | 142,762 | 177,661 | 139,949 | |||||||||
| Deposits | 748,898 | 651,209 | 631,811 | |||||||||
| Long term debt, FRB and FHLB borrowings | 20,388 | 81,271 | 38,154 | |||||||||
| Stockholders' equity | 60,246 | 54,543 | 49,834 | |||||||||
| SELECTED AVERAGE BALANCES | ||||||||||||
| Total assets | $ | 820,910 | $ | 792,174 | $ | 724,668 | ||||||
| Gross loans | 604,875 | 537,917 | 528,368 | |||||||||
| Cash and cash equivalents | 21,830 | 27,809 | 8,936 | |||||||||
| Securities | 166,812 | 206,593 | 168,482 | |||||||||
| Deposits | 733,685 | 655,331 | 628,434 | |||||||||
| Long term debt, FRB and FHLB borrowings | 18,291 | 71,140 | 35,689 | |||||||||
| Stockholders' equity | 57,742 | 52,192 | 49,802 | |||||||||
| ASSET QUALITY | ||||||||||||
| Nonperforming assets | $ | 3,028 | $ | 1,646 | $ | 1,898 | ||||||
| Nonperforming assets/total assets | 0.36 | % | 0.21 | % | 0.26 | % | ||||||
| Allowance for credit losses/total loans | 0.68 | % | 0.74 | % | 0.87 | % | ||||||
| Contact: | Mr. Gary A. Harris |
| President and Chief Executive Officer | |
| (410) 374-1510, ext. 1104 |
FAQ
What was FMFG's earnings per share for the first half of 2025?
How much did Farmers and Merchants Bancshares' loan portfolio grow in H1 2025?
What is FMFG's current book value per share?
What was Farmers and Merchants Bank's net interest margin in H1 2025?
How much unrealized loss does FMFG have in its available-for-sale securities portfolio?
