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Farmers and Merchants Bancshares reported higher profitability for the three and six months ended June 30, 2026. Six‑month net income was $3.7 million, or $1.14 per share, up from $2.4 million and $0.74 a year earlier, with annualized ROA of 0.87% and ROE of 11.23%. Second‑quarter net income was $1.9 million, or $0.58 per share, versus $1.2 million and $0.38, and quarterly ROA and ROE were 0.88% and 11.28%.
Performance was driven by a $2.1 million increase in net interest income as the net yield on interest‑earning assets widened to 3.27%, reflecting a 5.35% yield on earning assets and a 2.57% cost of interest‑bearing liabilities. No provision for credit losses was recorded in 2026, compared with $268 thousand in 2025. Noninterest income was slightly lower, while noninterest expenses rose $306 thousand, mainly from higher salaries, benefits, and occupancy, partly offset by lower FDIC premiums and other costs.
Total assets were $874.2 million, loans $636.5 million, and deposits $725.1 million at June 30, 2026, while total borrowings declined to $74.3 million after repayment of $5.0 million in Federal Home Loan Bank advances. Book value per share increased to $20.72 despite a $12.9 million after‑tax unrealized loss on available‑for‑sale securities recorded in equity. Nonperforming assets were 0.19% of total assets, the allowance for credit losses was 0.70% of loans, tangible equity was $60.6 million, and the Tier 1 capital leverage ratio was 9.98%.
Farmers & Merchants Bancshares, Inc. reported an amended insider filing showing an "other" restructuring transaction involving 7,054 shares of Common Stock at $17.64 per share. Following this code J transaction, direct holdings reported in the filing stand at 335,432 shares, indicating a routine internal reclassification rather than a market buy or sell.
Farmers and Merchants Bancshares, Inc. entered into a Second Amendment to its Rights Agreement with Equiniti Trust Company, LLC. This amendment changes only the timing of the plan by extending the final expiration date of the rights to July 29, 2027, unless further extended or accelerated under the existing terms.
Farmers and Merchants Bancshares, Inc. updated and fully restated its Code of Ethics for directors and executive officers, including its principal executive and financial officers. The new version is designed to be more compliance-focused and principles-based, strengthening guidance on ethical behavior across the organization.
Key changes include formalized reporting expectations and accountability, new anti-retaliation protections for good-faith reporting, and a clear, tiered disciplinary framework. The Code also now provides simplified, principle-based guidance, places a heightened focus on both actual and perceived conflicts of interest, and emphasizes immediate disclosure requirements. The updated Code of Ethics is filed as Exhibit 14.1 and is also available on the company’s website.
Farmers and Merchants Bancshares, Inc. announced that its board declared a cash dividend of $0.36 per share on its common stock. The dividend will be paid on June 18, 2026 to stockholders of record as of June 2, 2026.
The company notes this $0.36 dividend is a 5.9% increase over the dividend paid in December and represents an annualized payout ratio of 33%. This indicates the portion of earnings being returned to shareholders in cash while retaining the rest to support the banking business.
Farmers and Merchants Bancshares, Inc. reported stronger results for the three months ended March 31, 2026. Net income rose to $1.8 million from $1.2 million a year earlier, with diluted earnings per share increasing to $0.56 from $0.37. Net interest income grew to $6.8 million from $5.5 million as higher loan yields more than offset funding costs, and there was no provision for credit losses versus a small provision in 2025. Noninterest income declined modestly, while noninterest expenses increased, mainly in furniture and equipment and employee benefits. Asset quality remained very strong with no nonaccrual loans, no charge-offs, and an allowance for credit losses on loans of $4.5 million. Total assets were $862.9 million, slightly below year-end, as loans and securities contracted and deposits fell to $711.3 million, including repayment of brokered CDs. Regulatory capital ratios stayed comfortably above “well capitalized” thresholds, with a Common Equity Tier 1 ratio of 11.98% and a Tier 1 leverage ratio of 9.73%.
Farmers and Merchants Bancshares, Inc. held its annual stockholder meeting on April 28, 2026 and reported the voting results. Stockholders elected two Class IV directors, Robert G. Pollokoff and Teresa L. Smack, each receiving over 1.69 million votes in favor with broker non-votes reported.
Investors also approved, on a non-binding advisory basis, the 2025 compensation of the company’s named executive officers, with about 1.74 million votes in favor versus a relatively small number against or abstaining. In addition, stockholders ratified the appointment of Yount, Hyde & Barbour, P.C. as the independent registered public accounting firm for 2026 with more than 2.02 million votes cast for ratification.
Farmers and Merchants Bancshares, Inc. amended and restated its 2023 Equity Compensation Plan to add 200,000 additional shares of common stock for equity awards. This brings the total number of shares authorized for issuance under the plan to 230,000.
The company plans to file a Form S-8 registration statement to register the offer and sale of these additional shares under the plan. The amended and restated plan is filed as an exhibit to this report.
Farmers and Merchants Bancshares, Inc. reported first-quarter 2026 net income of $1.8 million, or $0.56 per share, up from $1.2 million, or $0.37 per share, a 57% increase from the prior-year quarter.
Net interest income rose to $6.8 million from $5.5 million as the yield on earning assets improved to 5.37% and average loans grew to $637.9 million. The net yield on interest-earning assets widened to 3.28% from 2.81%, while the efficiency ratio improved to 65.83% from 75.23%.
Return on average equity reached 11.03% and return on average assets was 0.84%. Asset quality remained strong, with zero non-accrual loans and nonperforming assets at 0.19% of total assets. Total assets were $863.4 million and deposits were $711.3 million, reflecting repayment of $8.5 million in brokered CDs. Book value per share increased to $20.43, and the company reported access to approximately $360 million of liquidity as of March 31, 2026.
Farmers and Merchants Bancshares, Inc. will hold its 2026 annual stockholder meeting on April 28, 2026, in Upperco, Maryland. Holders of 3,235,707 shares of common stock as of February 13, 2026 may vote.
Stockholders are asked to elect two Class IV directors, Robert G. Pollokoff and Teresa L. Smack, approve on a non-binding basis the compensation paid to named executive officers for 2025, and ratify Yount, Hyde & Barbour, P.C. as independent registered public accounting firm for 2026. The board recommends voting FOR all three proposals.
The proxy also details board structure, committee memberships, director independence, executive and director compensation, including a 2025 total of $503,907 for President and CEO Gary A. Harris, as well as benefit and retirement arrangements and related-party banking relationships conducted on market terms.