Farmers and Merchants Bancshares, Inc. operates as the financial holding company for Farmers and Merchants Bank, a Maryland-chartered community bank serving consumer and business deposit and lending needs in Carroll and Baltimore Counties. Company updates regularly cover quarterly and annual earnings, return on assets and equity, loan growth, credit-loss provisions, nonaccrual loan trends and foreclosed-loan activity.
Recurring announcements also include common-stock cash dividends and other shareholder capital actions. The bank’s local branch network and long operating history, including its 1919 Maryland charter, frame news about its community-banking operations and OTC-traded common stock under FMFG.
Farmers and Merchants Bancshares reported a net income of $2.68 million or $0.90 per share for the year ending December 31, 2020, down from $4.56 million or $1.54 per share in 2019. For Q4 2020, net income was $417,394 or $0.14 per share, compared to $1.06 million or $0.36 in Q4 2019. The company completed its acquisition of Carroll Bancorp on October 1, 2020, incurring significant one-time costs of approximately $3.24 million for the year. This impacted profitability metrics.
Farmers and Merchants Bancshares has completed its acquisition of Carroll Community Bank, enhancing its market presence in Maryland. The integration process will begin with a systems conversion planned for December 2020, after which Carroll's branding will transition to Farmers and Merchants. CEO James R. Bosley Jr. expressed enthusiasm for the merger, highlighting its potential to improve service offerings and investment in local communities. With over 100 years of service, Farmers and Merchants aims to strengthen its operations across Carroll and Baltimore Counties.