Farmers & Merchants Bk Md Stock Price, News & Analysis

Farmers and Merchants Bancshares reported a net income of $6,075,845 for the nine months ended September 30, 2022, down from $6,184,341 in 2021. Earnings per share decreased to $2.00 from $2.05.

Net interest income rose due to a $24.9 million increase in average interest-earning assets. However, noninterest income fell by $362,546, impacted by reduced mortgage banking revenue. Total assets remained stable at $717 million, with loans rising to $505 million. Market value declines in the AFS investment portfolio caused book value per share to decrease to $15.01.

Farmers and Merchants Bancshares reported net income of $4.1 million for the first half of 2022, maintaining earnings per share at $1.35. The return on average equity rose to 15.37%, while return on average assets slightly decreased to 1.15%. Income from PPP loans dropped significantly from $507,000 to $159,000 compared to the previous year. Net interest income increased by $620,298, driven by a rise in average interest-earning assets to $679.3 million. However, noninterest income fell by $168,053 due to decreased mortgage banking revenue.

Farmers and Merchants Bancshares has appointed Gary A. Harris as its new President and CEO, effective January 1, 2023. Harris, who has been with the bank since 2008, will replace James R. Bosley, Jr., who is retiring. The Board conducted an extensive search for Harris, interviewing candidates from Atlanta to Boston. Harris has served in various leadership roles, demonstrating consistent performance as a top producer. The bank has been serving the community for over 102 years and operates multiple branches in Maryland.

Farmers and Merchants Bancshares declared a cash dividend of $.31 per share, payable on June 24, 2022, to shareholders of record by June 3, 2022. This dividend is $.02 greater than the previous one paid in December 2021, representing the 25th consecutive increase or stable dividend since June 2010. The bank, chartered in Maryland since 1919, serves consumers and businesses in various counties and is traded under the symbol FMFG.

Farmers and Merchants Bancshares reported a net income of $2,050,802 ($0.68 per share) for Q1 2022, up from $2,029,575 ($0.67 per share) in Q1 2021. The return on average equity declined to 14.55% from 15.37%, while return on average assets also fell to 1.15% from 1.19%. Net interest income increased $390,634 due to a rise in interest-earning assets. Noninterest income dropped $61,138.

Other highlights include a 22.9% effective tax rate and a slight increase in total assets to $718 million. The book value decreased from $18.64 to $17.19 per share due to declines in the AFS portfolio.

Farmers and Merchants Bancshares reported record net income of $8,149,606 ($2.70 per share) for 2021, up from $2,682,003 ($0.90 per share) in 2020. The increase was primarily driven by the acquisition of Carroll Bancorp and income from PPP loans, contributing approximately $802,000. Assets grew to $717 million, with deposits increasing to $626 million. However, the company anticipates that PPP loan earnings will decrease by at least 75% in 2022, impacting future results.

Farmers and Merchants Bancshares announces the retirement of President & CEO James R. Bosley, effective December 31, 2022. Bosley has led the company for 27 years, contributing to its growth as a relationship-focused community bank. The Board has engaged Kaplan Partners to find his successor while Bosley remains in his role during the transition. Founded in 1919 and headquartered in Hampstead, Maryland, Farmers and Merchants Bank continues to emphasize localized banking services.

Farmers and Merchants Bancshares has declared a cash dividend of $.29 per share, payable on December 17, 2021, to shareholders on record as of December 3, 2021. This marks a 2.4% yield based on a current market value of $23.60 per share, with a 9.6% increase over the $.52 dividend in 2020. The annual dividend has risen for 11 consecutive years, demonstrating a consistent return for shareholders.

Farmers and Merchants Bancshares reported record net income of $6.18 million, or $2.05 per share, for the nine months ending September 30, 2021, a significant increase from $2.26 million, or $0.76 per share in 2020. The growth is attributed to the acquisition of Carroll Bancorp and income from Paycheck Protection Program (PPP) loans, contributing $679,000 to net income. The bank's assets grew to $717 million, and total deposits rose to $622 million. However, a decrease in loan amounts and the eventual decline of PPP income may impact future performance.