Welcome to our dedicated page for Farmers & Merchants Bk Md news (Ticker: FMFG), a resource for investors and traders seeking the latest updates and insights on Farmers & Merchants Bk Md stock.
Farmers and Merchants Bancshares, Inc. (FMFG) is a Maryland-based financial holding company and the parent of Farmers and Merchants Bank, a community bank chartered in 1919. News about FMFG often centers on its role in commercial banking and its focus on serving the deposit and financing needs of consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors.
Company press releases and related SEC Form 8-K filings frequently cover earnings results for quarterly and year-to-date periods, detailing net income, net interest income, noninterest income, provisions for credit losses, loan and deposit trends, and the composition of the securities portfolio. These updates provide insight into how interest rate movements, loan growth, and funding costs affect the company’s performance.
Another recurring category of FMFG news involves dividend declarations. The Board of Directors has announced semi-annual cash dividends on the common stock, and certain releases highlight consecutive years of annual dividend increases and the implied dividend yield based on recent market prices.
Investors can also find news on capital and governance actions, such as the adoption of a limited duration stockholder rights plan in response to an investor group’s Schedule 13D/A filing, and the filing of a registration statement on Form S-1 for a 2025 Dividend Reinvestment Plan. Additional updates may include information on subordinated note issuances, branch developments, and board appointments.
This FMFG news page aggregates these company communications and related items, allowing readers to review earnings announcements, dividend decisions, capital transactions, and governance developments affecting Farmers and Merchants Bancshares, Inc. over time.
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Farmers and Merchants Bancshares reported a net income of $1,900,851 for Q1 2023, a decline from $2,050,802 in Q1 2022. This translates to earnings per share of $0.62, down from $0.68 last year. The return on average equity improved to 15.49% from 14.55%, while return on average assets dropped to 1.05% from 1.15%. Net interest income fell by $307,021 as the taxable equivalent net yield decreased to 3.24%. Total assets slightly increased to $723 million, and deposits rose to $637 million. The book value per share improved to $16.53. CEO Gary A. Harris emphasized strong liquidity and low uninsured deposits at around 20%, positioning the bank favorably amidst recent industry challenges.
Farmers and Merchants Bancshares, Inc. (FMFG) reported a net income of $8,090,127 for the year ending December 31, 2022, equating to $2.66 per share, a slight decrease from $8,149,606 or $2.70 per share in 2021. The company achieved a return on average equity of 16.03%, up from 14.85% the previous year, while return on average assets declined to 1.13%. Total assets stood at $718 million, with loans increasing by 7.2% to $517 million. However, the book value per share dropped to $15.56 from $18.64, impacted by unrealized losses in the investment portfolio due to rising interest rates. The CEO noted challenges ahead due to higher deposit rates affecting net interest margin.
The Board of Directors of Farmers and Merchants Bancshares has declared a cash dividend of $.32 per share, payable on December 16, 2022, to shareholders of record by December 2, 2022. This marks a 10.5% increase over the $.57 dividend from 2021, reflecting a 3.0% yield based on the market price of $.20.75 per share. The annual dividend has now increased for 12 consecutive years, showcasing the company’s commitment to returning value to its shareholders.
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.
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