Farmers & Merchants 9-month profit reaches $5.75M

The bank's nine-month net yield on interest-earning assets rose to 3.32% from 2.98%, alongside higher net interest income.

Rhea-AI Filing Summary

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.

1 point · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

How the balance works

Positive

• Moderate pointNine-month net income increased 41.2% year over year to $5.746 million.

Negative

• Major pointThe available-for-sale securities portfolio had a $15.0 million after-tax unrealized loss. 25% of market cap

Filing Explained

Farmers and Merchants Bancshares reports 3,263,958 issued and outstanding common shares at September 30, 2026, versus 3,229,795 at December 31, 2025; with a higher share count, an unchanged holder owns a smaller percentage of the company, absent offsetting changes.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Nine-month net income: $5.746 million Nine-month earnings per share: $1.76 per share Third-quarter net income: $2.025 million +5 more

8 metrics

Nine-month net income $5.746 million Nine months ended September 30, 2026; $4.069 million for the same period in 2025.

Nine-month earnings per share $1.76 per share Basic and diluted; nine months ended September 30, 2026, compared with $1.28 per share in 2025.

Third-quarter net income $2.025 million Three months ended September 30, 2026; $1.706 million in the third quarter of 2025.

Nine-month net interest income $20.719 million Nine months ended September 30, 2026; $17.839 million for the same period in 2025.

Net yield on interest-earning assets 3.32% Nine months ended September 30, 2026; 2.98% for the same period in 2025.

Nine-month noninterest expense $14.554 million Nine months ended September 30, 2026; $13.637 million for the same period in 2025.

AFS securities unrealized loss $15.0 million, net of income taxes Bank's available-for-sale securities portfolio; September 30, 2026.

Loans, net of allowance for credit losses $654.965 million September 30, 2026.

Key Terms

net yield on interest-earning assets, available for sale, tangible equity, provision for credit losses

4 terms

net yield on interest-earning assets financial

"net yield on interest-earning assets of 3.32%"

available for sale financial

"available for sale (“AFS”) securities portfolio"

Available for sale describes investments, usually bonds or stocks, that a company intends to keep but may sell before they mature; they are reported at current market value on the balance sheet while any unrealized profit or loss is kept separate from regular earnings. For investors, this matters because changes in market value affect a company’s reported net worth and can become realized gains or losses when sold, similar to how the changing resale value of a collectible affects your net wealth even before you sell it.

tangible equity financial

"The Company’s tangible equity was $60.6 million"

Tangible equity is the portion of a company's net worth made up of physical and financial assets after subtracting intangible items like patents, brand names and goodwill. Investors use it as a conservative measure of how much real, sellable value would remain for shareholders if the business were broken up or struggled, similar to assessing a house’s value based only on bricks and land rather than a neighborhood reputation.

provision for credit losses financial

"did not record a provision for credit losses"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

Earnings Snapshot

Net income: $5.746 million

Nine months ended September 30, 2026

Net income $5.746 million Compared with $4.069 million for the same period in 2025.

Basic and diluted earnings per share $1.76 per share Compared with $1.28 per share for the same period in 2025.

Net interest income $20.719 million Compared with $17.839 million for the same period in 2025.

Net yield on interest-earning assets 3.32% Compared with 2.98% for the same period in 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did FMFG earn in the first nine months of 2026?

Farmers and Merchants Bancshares reported net income of $5.746 million, or $1.76 per basic and diluted share, for the nine months ended September 30, 2026, compared with $4.069 million and $1.28 per share in 2025.

What were FMFG's third-quarter 2026 earnings?

Net income for the three months ended September 30, 2026 was $2.025 million, or $0.62 per basic and diluted share, compared with $1.706 million and $0.53 per share in the third quarter of 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/22/2026 - 09:00 AM EDT Accepted by SEC EDGAR 10/22/2026 - 09:00 AM EDT Learn about SEC filing dates

false 0001698022 0001698022 2026-10-22 2026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 22, 2026

Farmers and Merchants Bancshares, Inc.

(Exact name of registrant as specified in its charter)

Maryland	000-55756	81-3605835
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(IRS Employer Identification No.)

4510 Lower Beckleysville Road, Suite H, Hampstead, MD	21074
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (410) 374-1510

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operation and Financial Condition.

On October 22, 2026, Farmers and Merchants Bancshares, Inc. issued a press release describing its financial results for the three and nine-month periods ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The exhibits furnished with this report are listed in the following Exhibit Index:

Exhibit No.	Description
99.1	Press release dated October 22, 2026 (furnished herewith).
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FARMERS AND MERCHANTS BANCSHARES, INC.
Dated: October 22, 2026	By:	/s/ Gary A. Harris
		Gary A. Harris
		President & CEO

Exhibit 99.1

FOR IMMEDIATE RELEASE	FOR FURTHER INFORMATION CONTACT:
October 22, 2026
Farmers and Merchants Bancshares, Inc.	Contact:    Mr. Gary A. Harris
4510 Lower Beckleysville Rd, Suite H	President and Chief Executive Officer
Hampstead, Maryland 21074	(410) 374-1510, ext. 1104

FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $5.7 MILLION OR $1.76 PER SHARE FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2026

HAMPSTEAD, MARYLAND (October 22, 2026) – Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the nine months ended September 30, 2026 was $5.7 million, or $1.76 per common share (basic and diluted), compared to $4.1 million, or $1.28 per common share (basic and diluted), for the same period in 2025. The Company’s annualized return on average assets during the nine months ended September 30, 2026 was 0.88% compared to 0.65% for the same period in 2025. The Company’s annualized return on average equity during the nine months ended September 30, 2026 was 11.58% compared to 9.24% for the same period in 2025.

Net income for the three months ended September 30, 2026 was $2.0 million, or $0.62 per common share (basic and diluted), compared to $1.7 million, or $0.53 per common share (basic and diluted), for the third quarter of 2025. The Company’s annualized return on average assets during the three months ended September 30, 2026 was 0.92% compared to 0.80% for the same period in 2025. The Company’s annualized return on average equity during the three months ended September 30, 2026 was 12.48% compared to 11.23% for the same period in 2025.          

Net interest income for the nine months ended September 30, 2026 was $2.9 million higher when compared to the same period in 2025 due to a widening net yield on interest-earning assets of 3.32% for the nine months ended September 30, 2026 compared to 2.98% for the same period in 2025. The yield on earning assets increased to 5.40% for the nine months ended September 30, 2026, compared to 5.19% for the same period in 2025. The cost of interest bearing liabilities decreased to 2.58% for the nine months ended September 30, 2026, down from 2.70% for the same period in 2025. Average interest earning assets were $837.0 million for the nine months ended September 30, 2026 compared to $804.3 million for the same period in 2025. Gross interest income increased by $2.6 million to $33.7 million for the nine months ended September 30, 2026, up from $31.1 million for the same period in 2025. Average interest bearing liabilities increased by $14.9 million to $672.7 million for the nine months ended September 30, 2026 from $657.8 million for the same period in 2025. Total interest expense decreased slightly to $13.0 million for the nine months ended September 30, 2026 compared to $13.3 million for the same period in 2025.

The Company did not record a provision for credit losses for the nine months ended September 30, 2026. There was a $595 thousand provision recorded for the nine months ended September 30, 2025 which was related to a write down of one loan that was ultimately foreclosed upon.

Noninterest income decreased by $46 thousand for the nine months ended September 30, 2026 when compared to the same period in 2025. The decrease was due to several factors, including the non-recurrence of a gain on the settlement of a fair value hedge of $94 thousand in 2025, a $22 thousand decrease in service charges on deposit accounts, the non-reccurance of a gain on insurance proceeds of $73 thousand, and a $41 thousand decrease in the fair value adjustment of an equity security. These were offset by a $29 thousand increase in mortgage banking revenue, a $74 thousand increase in bank owned life insurance income, an increase in the gain on the sale of SBA loans of $13 thousand, and a $68 thousand increase in other fees and commissions. Noninterest expense was $917 thousand higher for the nine months ended September 30, 2026 when compared to the same period in 2025, due primarily to a $730 thousand increase in salaries and benefits resulting from new staffing additions and incentives. Also contributing to the increase was a $230 thousand combined increase in occupancy and furniture and equipment costs, an increase in ATM and debit card expenses of $86 thousand, and a $160 thousand increase in other expenses. These increases were offset in part by year over year decreases in FDIC assessments of $188 thousand, professional services of $54 thousand, advertising costs of $41 thousand, postage of $5 thousand, and other real estate owned expenses of $1 thousand.

Total assets decreased to $865.4 million at September 30, 2026 from $872.0 million at December 31, 2025. Loans, net of the allowance for credit losses, increased to $655.0 million at September 30, 2026 from $633.1 million at December 31, 2025. Investments in debt securities decreased to $124.0 million at September 30, 2026 from $139.8 million at December 31, 2025. Deposits decreased to $716.0 million at September 30, 2026 from $720.5 million at December 31, 2025. Total borrowings decreased by $4.6 million to $74.4 million at September 30, 2026, down from $79.0 million at December 31, 2025. The decrease was primarily due to the Company repaying $5.0 million in Federal Home Loan Bank advances.

The book value of the Company’s common stock increased to $20.70 per share at September 30, 2026 from $20.02 per share at December 31, 2025. Book value per share at September 30, 2026 was reflective of the $15.0 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) securities portfolio as a result of the rise in interest rates since the time of purchase. Changes in the market value of the AFS securities portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The Company’s tangible equity was $60.6 million at September 30, 2026 compared to $57.6 million at December 31, 2025.

Gary A. Harris, President and CEO, commented “Our results through the first nine months of 2026 reflect the progress we're making across the Bank, with net income increasing 41.2% over the same period last year and loan growth of approximately $33 million year over year. For us, growth is about more than getting bigger. It's about becoming a better bank for the people and businesses who count on us. That means investing in our team, strengthening our capabilities, and making it easier for customers to do business with us, while preserving the personal relationships that have defined Farmers and Merchants for more than a century.”

About the Company

The Company is the financial holding company for Farmers and Merchants Bank, a Maryland-chartered community bank headquartered in Hampstead, Maryland. Founded in 1919, the Bank has served the deposit, lending, and financial needs of consumers and businesses across Carroll and Baltimore Counties for more than a century. The Bank operates eight locations along Routes 30, 795, 140, 26, and 45 corridors, including offices in Hampstead, Upperco, Owings Mills, Reisterstown, Westminster, Eldersburg, Greenmount, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTCID Basic Market under the symbol “FMFG”. For more information, visit fmb1919.bank.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

Farmers and Merchants Bancshares, Inc. and Subsidiaries

 Consolidated Balance Sheets

Dollars in thousands except per share data

​	​	September 30,		​	​	December 31,		​
​	​	2026		​	​	2025 *		​
​	​	(Unaudited)		​	​	​	​	​
Assets
​	​	​	​	​	​	​	​	​
Cash and due from banks	​	$	31,945	​	​	$	46,113	​
Federal funds sold and other interest-bearing deposits	​	​	803	​	​	​	566	​
Cash and cash equivalents	​	​	32,748	​	​	​	46,679	​
Certificates of deposit in other banks	​	​	100	​	​	​	100	​
Securities available for sale, at fair value	​	​	103,257	​	​	​	118,730	​
Securities held to maturity, at amortized cost less allowance for credit losses of $95 and $79	​	​	20,774	​	​	​	21,055	​
Equity security, at fair value	​	​	538	​	​	​	550	​
Restricted stock, at cost	​	​	3,475	​	​	​	3,693	​
Mortgage loans held for sale	​	​	113	​	​	​	714	​
Loans, less allowance for credit losses of $4,666 and $4,361	​	​	654,965	​	​	​	633,144	​
Premises and equipment, net	​	​	7,465	​	​	​	7,141	​
Accrued interest receivable	​	​	2,723	​	​	​	2,535	​
Deferred income taxes, net	​	​	7,185	​	​	​	6,277	​
Other real estate owned, net	​	​	1,665	​	​	​	1,673	​
Bank owned life insurance	​	​	15,656	​	​	​	15,353	​
Goodwill and other intangibles, net	​	​	7,012	​	​	​	7,018	​
Other assets	​	​	7,725	​	​	​	7,296	​
Total assets	​	$	865,401	​	​	$	871,958	​
​	​	​	​	​	​	​	​	​
Liabilities and Stockholders' Equity	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
Deposits	​	​	​	​	​	​	​	​
Noninterest-bearing	​	$	126,615	​	​	$	117,098	​
Interest-bearing	​	​	589,383	​	​	​	603,361	​
Total deposits	​	​	715,998	​	​	​	720,459	​
Securities sold under repurchase agreements	​	​	4,664	​	​	​	4,317	​
Federal Home Loan Bank of Atlanta advances	​	​	57,700	​	​	​	62,700	​
Long-term debt, net of issuance costs	​	​	12,072	​	​	​	12,036	​
Accrued interest payable	​	​	843	​	​	​	1,278	​
Other liabilities	​	​	6,545	​	​	​	6,508	​
Total liabilities	​	​	797,822	​	​	​	807,298	​
Stockholders' equity	​	​	​	​	​	​	​	​
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,263,958 shares in 2026 and 3,229,795 shares in 2025	​	​	33	​	​	​	32	​
Additional paid-in capital	​	​	32,752	​	​	​	32,148	​
Retained earnings	​	​	49,791	​	​	​	45,210	​
Accumulated other comprehensive loss	​	​	(14,997	)	​	​	(12,730	)
Total stockholders' equity	​	​	67,579	​	​	​	64,660	​
Total liabilities and stockholders' equity	​	$	865,401	​	​	$	871,958	​
* Derived from audited consolidated financial statements	​	​	​	​	​	​	​	​

The accompanying notes are an integral part of these consolidated financial statements.

Farmers and Merchants Bancshares, Inc. and Subsidiaries

 Consolidated Statements of Income (Unaudited)

Amounts in thousands except per share data

​

​

Three Months Ended September 30,

​

​

Nine Months Ended September 30,

​

​

​

2026

​

​

2025

​

​

2026

​

​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including fees

​

$

10,078

​

​

$

9,307

​

​

$

29,487

​

​

$

26,572

​

Investment securities - taxable

​

​

829

​

​

​

1,071

​

​

​

2,472

​

​

​

3,191

​

Investment securities - tax exempt

​

​

160

​

​

​

157

​

​

​

458

​

​

​

467

​

Federal funds sold and other interest earning assets

​

​

500

​

​

​

424

​

​

​

1,319

​

​

​

909

​

Total interest income

​

​

11,567

​

​

​

10,959

​

​

​

33,736

​

​

​

31,139

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits

​

​

3,567

​

​

​

4,344

​

​

​

10,489

​

​

​

12,665

​

Securities sold under repurchase agreements

​

​

10

​

​

​

13

​

​

​

36

​

​

​

42

​

Federal Home Loan Bank advances

​

​

560

​

​

​

129

​

​

​

1,718

​

​

​

251

​

Long-term debt

​

​

258

​

​

​

120

​

​

​

774

​

​

​

342

​

Total interest expense

​

​

4,395

​

​

​

4,606

​

​

​

13,017

​

​

​

13,300

​

Net interest income

​

​

7,172

​

​

​

6,353

​

​

​

20,719

​

​

​

17,839

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for credit losses

​

​

-

​

​

​

327

​

​

​

-

​

​

​

595

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income after provision for credit losses

​

​

7,172

​

​

​

6,026

​

​

​

20,719

​

​

​

17,244

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

174

​

​

​

185

​

​

​

505

​

​

​

527

​

Mortgage banking income

​

​

50

​

​

​

75

​

​

​

180

​

​

​

151

​

Bank owned life insurance income

​

​

188

​

​

​

105

​

​

​

390

​

​

​

316

​

Fair value adjustment of equity security

​

​

(20

)

​

​

7

​

​

​

(25

)

​

​

16

​

Gain on settlement of fair value hedge

​

​

-

​

​

​

-

​

​

​

-

​

​

​

94

​

Gain on sale of SBA loans

​

​

13

​

​

​

-

​

​

​

13

​

​

​

-

​

Gain on insurance proceeds, net

​

​

-

​

​

​

73

​

​

​

-

​

​

​

73

​

Other fees and commissions

​

​

115

​

​

​

106

​

​

​

411

​

​

​

343

​

Total noninterest income

​

​

520

​

​

​

551

​

​

​

1,474

​

​

​

1,520

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries

​

​

2,471

​

​

​

2,178

​

​

​

6,896

​

​

​

6,576

​

Employee benefits

​

​

619

​

​

​

573

​

​

​

1,896

​

​

​

1,486

​

Occupancy

​

​

303

​

​

​

281

​

​

​

967

​

​

​

890

​

Furniture and equipment

​

​

453

​

​

​

370

​

​

​

1,338

​

​

​

1,185

​

Professional services

​

​

167

​

​

​

174

​

​

​

511

​

​

​

565

​

Automated teller machine and debit card expenses

​

​

177

​

​

​

71

​

​

​

493

​

​

​

407

​

Federal Deposit Insurance Corporation premiums

​

​

96

​

​

​

150

​

​

​

278

​

​

​

466

​

Postage, delivery, and armored carrier

​

​

68

​

​

​

62

​

​

​

199

​

​

​

204

​

Advertising

​

​

46

​

​

​

63

​

​

​

152

​

​

​

193

​

Other real estate owned expense, net

​

​

7

​

​

​

(13

)

​

​

57

​

​

​

58

​

Other

​

​

613

​

​

​

500

​

​

​

1,767

​

​

​

1,607

​

Total noninterest expense

​

​

5,020

​

​

​

4,409

​

​

​

14,554

​

​

​

13,637

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

2,672

​

​

​

2,168

​

​

​

7,639

​

​

​

5,127

​

Income taxes

​

​

647

​

​

​

462

​

​

​

1,893

​

​

​

1,058

​

Net income

​

$

2,025

​

​

$

1,706

​

​

$

5,746

​

​

$

4,069

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per common share - basic

​

$

0.62

​

​

$

0.53

​

​

$

1.76

​

​

$

1.28

​

Earnings per common share - diluted

​

$

0.62

​

​

$

0.53

​

​

$

1.76

​

​

$

1.28

​

The accompanying notes are an integral part of these consolidated financial statements.

Farmers and Merchants Bancshares, Inc.

Selected Consolidated Financial Data

(Unaudited)

Dollars in thousands except per share data

​

​

As of or For the Three Months Ended September 30,

​

​

​

2026

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING DATA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

11,567

​

​

$

10,959

​

​

$

9,847

​

Interest expense

​

​

4,395

​

​

​

4,606

​

​

​

4,762

​

Net interest income

​

​

7,172

​

​

​

6,353

​

​

​

5,085

​

Provision for (recovery of) credit losses

​

​

-

​

​

​

327

​

​

​

-

​

Net interest income after provision for (recovery of) credit losses

​

​

7,172

​

​

​

6,026

​

​

​

5,085

​

Noninterest income

​

​

520

​

​

​

551

​

​

​

451

​

Noninterest expense

​

​

5,020

​

​

​

4,409

​

​

​

4,071

​

Income before income taxes

​

​

2,672

​

​

​

2,168

​

​

​

1,465

​

Income taxes

​

​

647

​

​

​

462

​

​

​

342

​

Net income

​

$

2,025

​

​

$

1,706

​

​

$

1,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PER SHARE DATA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (Basic and diluted)

​

$

0.62

​

​

$

0.53

​

​

$

0.36

​

Dividends

​

$

0.36

​

​

$

0.34

​

​

$

0.00

​

Book value

​

$

20.70

​

​

$

19.72

​

​

$

18.81

​

​

​

​

​

​

​

​

​

​

​

​

​

​

KEY RATIOS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average assets

​

​

0.92

%

​

​

0.80

%

​

​

0.56

%

Return on average equity

​

​

12.48

%

​

​

11.23

%

​

​

8.05

%

Efficiency ratio

​

​

65.26

%

​

​

67.04

%

​

​

73.54

%

Net yield on interest-earning assets

​

​

3.42

%

​

​

3.15

%

​

​

2.62

%

Tier 1 capital leverage ratio

​

​

10.05

%

​

​

9.29

%

​

​

9.42

%

Farmers and Merchants Bancshares, Inc.

Selected Consolidated Financial Data

(Unaudited)

Dollars in thousands except per share data

​

​

As of or For the Three Months Ended September 30,

​

​

​

2026

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AT PERIOD END

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

865,401

​

​

$

869,799

​

​

$

817,531

​

Gross loans

​

​

659,631

​

​

​

626,714

​

​

​

576,512

​

Cash and cash equivalents

​

​

32,748

​

​

​

52,187

​

​

​

16,842

​

Securities

​

​

124,031

​

​

​

142,266

​

​

​

179,697

​

Deposits

​

​

715,998

​

​

​

734,096

​

​

​

673,745

​

Long term debt, FRB and FHLB borrowings

​

​

69,772

​

​

​

62,224

​

​

​

70,800

​

Stockholders' equity

​

​

67,579

​

​

​

63,163

​

​

​

59,162

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SELECTED AVERAGE BALANCES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

878,410

​

​

$

857,387

​

​

$

807,493

​

Gross loans

​

​

648,749

​

​

​

625,431

​

​

​

566,893

​

Cash and cash equivalents

​

​

51,614

​

​

​

41,735

​

​

​

20,676

​

Securities

​

​

147,033

​

​

​

162,120

​

​

​

199,915

​

Deposits

​

​

729,353

​

​

​

761,693

​

​

​

663,594

​

Long term debt, FRB and FHLB borrowings

​

​

69,732

​

​

​

23,406

​

​

​

74,569

​

Stockholders' equity

​

​

64,883

​

​

​

60,751

​

​

​

55,819

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ASSET QUALITY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming assets

​

$

3,224

​

​

$

4,049

​

​

$

1,630

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming assets/total assets

​

​

0.37

%

​

​

0.47

%

​

​

0.20

%

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses/total loans

​

​

0.72

%

​

​

0.68

%

​

​

0.56

%

Farmers and Merchants Bancshares, Inc.

Selected Consolidated Financial Data

(Unaudited)

Amounts in thousands except per share data

​

​

As of or For the Nine Months Ended September 30,

​

​

​

2026

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

OPERATING DATA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

33,736

​

​

$

31,139

​

​

$

28,092

​

Interest expense

​

​

13,017

​

​

​

13,300

​

​

​

12,700

​

Net interest income

​

​

20,719

​

​

​

17,839

​

​

​

15,392

​

Provision for (recovery of) credit losses

​

​

-

​

​

​

595

​

​

​

-

​

Net interest income after provision for credit losses

​

​

20,719

​

​

​

17,244

​

​

​

15,392

​

Noninterest income

​

​

1,474

​

​

​

1,520

​

​

​

1,329

​

Noninterest expense

​

​

14,554

​

​

​

13,637

​

​

​

12,307

​

Income before income taxes

​

​

7,639

​

​

​

5,127

​

​

​

4,414

​

Income taxes

​

​

1,893

​

​

​

1,058

​

​

​

993

​

Net income

​

$

5,746

​

​

$

4,069

​

​

$

3,421

​

​

​

​

​

​

​

​

​

​

​

​

​

​

PER SHARE DATA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (Basic and diluted)

​

$

1.76

​

​

$

1.28

​

​

$

1.09

​

Dividends

​

$

0.36

​

​

$

0.34

​

​

$

0.33

​

Book value

​

$

20.70

​

​

$

19.72

​

​

$

18.81

​

​

​

​

​

​

​

​

​

​

​

​

​

​

KEY RATIOS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Return on average assets

​

​

0.88

%

​

​

0.65

%

​

​

0.57

%

Return on average equity

​

​

11.58

%

​

​

9.24

%

​

​

8.53

%

Efficiency ratio

​

​

65.58

%

​

​

72.68

%

​

​

73.60

%

Net yield on interest-earning assets

​

​

3.32

%

​

​

2.98

%

​

​

2.67

%

Tier 1 capital leverage ratio

​

​

10.05

%

​

​

9.29

%

​

​

9.42

%

Farmers and Merchants Bancshares, Inc.

Selected Consolidated Financial Data

(Unaudited)

Amounts in thousands except per share data

​

​

As of or For the Nine Months Ended September 30,

​

​

​

2026

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AT PERIOD END

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

865,401

​

​

$

869,799

​

​

$

817,531

​

Gross loans

​

​

659,631

​

​

​

626,714

​

​

​

576,512

​

Cash and cash equivalents

​

​

32,748

​

​

​

52,187

​

​

​

16,842

​

Securities

​

​

124,031

​

​

​

142,266

​

​

​

179,697

​

Deposits

​

​

715,998

​

​

​

734,096

​

​

​

673,745

​

Long term debt, FRB and FHLB borrowings

​

​

69,772

​

​

​

62,224

​

​

​

70,800

​

Stockholders' equity

​

​

67,579

​

​

​

63,163

​

​

​

59,162

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SELECTED AVERAGE BALANCES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

868,572

​

​

$

833,069

​

​

$

797,367

​

Gross loans

​

​

640,737

​

​

​

611,727

​

​

​

547,646

​

Cash and cash equivalents

​

​

45,664

​

​

​

58,423

​

​

​

30,766

​

Securities

​

​

150,595

​

​

​

165,248

​

​

​

204,353

​

Deposits

​

​

718,333

​

​

​

743,021

​

​

​

658,105

​

Long term debt, FRB and FHLB borrowings

​

​

71,638

​

​

​

19,996

​

​

​

72,280

​

Stockholders' equity

​

​

66,163

​

​

​

58,745

​

​

​

53,476

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ASSET QUALITY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming assets

​

$

3,224

​

​

$

4,049

​

​

$

1,630

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming assets/total assets

​

​

0.37

%

​

​

0.47

%

​

​

0.20

%

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses/total loans

​

​

0.72

%

​

​

0.68

%

​

​

0.56

%

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 636.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 10.5 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 14.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.5 KB