Farmers and Merchants Bancshares, Inc. (FMFG) reported $5.746 million in net income for the nine months ended September 30, 2026, versus $4.069 million a year earlier; basic and diluted earnings were $1.76 per share, compared with $1.28. Third-quarter net income was $2.025 million, or $0.62 per share, versus $1.706 million and $0.53 a year earlier.
Nine-month net interest income increased to $20.719 million from $17.839 million, while net yield on interest-earning assets rose to 3.32% from 2.98%. Noninterest expense was $917,000 higher, including a $730,000 increase in salaries and benefits. At September 30, 2026, net loans were $654.965 million and deposits were $715.998 million. The Bank's available-for-sale securities portfolio had a $15.0 million unrealized loss, net of income taxes, reflected in equity rather than income.
Farmers & Merchants Bancshares, Inc. elected Mark C. Krebs as a Class I director of the company and its wholly owned bank subsidiary on September 21, 2026. His term runs until the 2027 annual meeting of stockholders and thereafter until a successor is duly elected and qualifies. He was also appointed to the Asset/Liability, Investor Relations, and Nominating Committees.
Krebs previously served as the company’s Treasurer and CFO from August 2016 until his retirement on June 30, 2025, and as the bank’s Executive Vice President–CFO from April 2017 until that date. He had advised the board since September 15, 2025. His director compensation will match that of other non-employee directors. The company said it and its subsidiaries had no transaction with Krebs or his affiliates requiring related-party disclosure since the beginning of the fiscal year ended December 31, 2024, and none was proposed for the remainder of the fiscal year ending December 31, 2026.
Farmers and Merchants Bancshares, Inc. reported higher profitability for the three and six months ended June 30, 2026. Quarterly net income was $1.9 million versus $1.2 million a year earlier, and six‑month net income was $3.7 million versus $2.4 million. Net interest income rose to $6.8 million for the quarter and $13.5 million year‑to‑date, aided by the absence of any provision for credit losses in 2026.
Total assets were $874.2 million and total deposits $725.1 million at June 30, 2026, both modestly higher than year‑end 2025. Loans, net of a $4.5 million allowance for credit losses, stood at $636.5 million, with no nonaccrual or collateral‑dependent loans and no charge‑offs year‑to‑date. Capital remained strong; the Bank’s Common Equity Tier 1 ratio was 12.09% and Tier 1 leverage ratio 9.98%, well above well‑capitalized thresholds. Basic and diluted earnings per share were $0.58 for the quarter and $1.14 for the six‑month period.
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.