Farmers and Merchants Bancshares Q2 profit jumps to $1.9M

What are FMFG’s capital levels and book value per share in 2026?

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Q: What were Farmers and Merchants Bancshares (FMFG) earnings for Q2 2026?

Q: What drove FMFG’s earnings improvement in 2026?

Q: What does FMFG’s balance sheet look like as of June 30, 2026?

Q: How strong are FMFG’s asset quality metrics as of June 30, 2026?

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Earnings Snapshot

What were Farmers and Merchants Bancshares (FMFG) earnings for Q2 2026?

How did FMFG perform in the first six months of 2026 versus 2025?

What drove FMFG’s earnings improvement in 2026?

What does FMFG’s balance sheet look like as of June 30, 2026?

How strong are FMFG’s asset quality metrics as of June 30, 2026?

Did Farmers and Merchants Bancshares (FMFG) pay dividends in the first half of 2026?

Press Releases

Book value per share was $20.72 at June 30, 2026, up from $20.02 at December 31, 2025. Tangible equity was $60.6 million, stockholders’ equity $67.6 million, and the Tier 1 capital leverage ratio was 9.98%, including a $12.9 million after‑tax AFS securities unrealized loss.

Farmers and Merchants Bancshares earned $1.9 million in Q2 2026, or $0.58 per share. This compares with $1.2 million, or $0.38 per share, in Q2 2025, with annualized ROA of 0.88% and ROE of 11.28%.

Earnings improvement was led by a $2.1 million increase in net interest income as net yield on interest‑earning assets reached 3.27%. Yield on earning assets rose to 5.35%, cost of interest‑bearing liabilities fell to 2.57%, and no 2026 credit loss provision was recorded versus $268 thousand in 2025.

At June 30, 2026, total assets were $874.2 million, loans $636.5 million, and deposits $725.1 million. Total borrowings were $74.3 million after repayment of $5.0 million in Federal Home Loan Bank advances, and stockholders’ equity was $67.6 million.

As of June 30, 2026, nonperforming assets were $1.7 million, equal to 0.19% of total assets. The allowance for credit losses was 0.70% of total loans, and no credit loss provision was recorded for the 2026 year‑to‑date period.

Farmers and Merchants Bancshares reported higher profitability for the three and six months ended June 30, 2026.

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8-K

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%.

Net income for the first six months of 2026 increased 57% to $3.7 million, with EPS of $1.14, ROA of 0.87%, and ROE of 11.23% compared to the prior‑year period.

None.

The filing reports 3,262,958 common shares issued and outstanding at June 30, 2026, versus 3,229,795 at December 31, 2025; if existing holders’ share counts did not change, the higher total would reduce their percentage ownership.

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.

Net income (six months 2026): $3.7 million Earnings per share (six months 2026): $1.14 per share Net income (Q2 2026): $1.9 million +5 more

8 metrics

Net income (six months 2026) $3.7 million Net income for the six months ended June 30, 2026

Earnings per share (six months 2026) $1.14 per share Basic and diluted EPS for the six months ended June 30, 2026

Net income (Q2 2026) $1.9 million Net income for the three months ended June 30, 2026

Net yield on interest-earning assets 3.27% Net yield on interest-earning assets for the six months ended June 30, 2026

Total assets $874.2 million Total assets at June 30, 2026

Deposits $725.1 million Total deposits at June 30, 2026

Nonperforming assets/total assets 0.19% Ratio of nonperforming assets to total assets at June 30, 2026

Tier 1 capital leverage ratio 9.98% Tier 1 capital leverage ratio as of June 30, 2026

net yield on interest-earning assets, nonperforming assets, efficiency ratio, Tier 1 capital leverage ratio, +1 more

5 terms

net yield on interest-earning assets financial

"due to a widening net yield on interest-earning assets of 3.27%"

nonperforming assets financial

"Nonperforming assets/total assets | 0.19 %"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

efficiency ratio financial

"Efficiency ratio | 65.75 % | 74.09 %"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

Tier 1 capital leverage ratio financial

"Tier 1 capital leverage ratio | 9.98 %"

allowance for credit losses financial

"Allowance for credit losses/total loans | 0.70 %"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Net income (Q2 2026): $1.9 million

three and six months ended June 30, 2026

Net income (Q2 2026) $1.9 million up from $1.2 million for Q2 2025

Net income (six months 2026) $3.7 million up from $2.4 million for the same period in 2025

EPS (six months 2026) $1.14 up from $0.74 for the same period in 2025

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

Farmers and Merchants Bancshares earned $1.9 million in Q2 2026, or $0.58 per share. This compares with $1.2 million, or $0.38 per share, in Q2 2025, with annualized ROA of 0.88% and ROE of 11.28%.

For the six months ended June 30, 2026, FMFG reported net income of $3.7 million, or $1.14 per share. This compares with $2.4 million, or $0.74 per share, in 2025, and corresponds to annualized ROA of 0.87% and ROE of 11.23%.

Earnings improvement was led by a $2.1 million increase in net interest income as net yield on interest‑earning assets reached 3.27%. Yield on earning assets rose to 5.35%, cost of interest‑bearing liabilities fell to 2.57%, and no 2026 credit loss provision was recorded versus $268 thousand in 2025.

At June 30, 2026, total assets were $874.2 million, loans $636.5 million, and deposits $725.1 million. Total borrowings were $74.3 million after repayment of $5.0 million in Federal Home Loan Bank advances, and stockholders’ equity was $67.6 million.

As of June 30, 2026, nonperforming assets were $1.7 million, equal to 0.19% of total assets. The allowance for credit losses was 0.70% of total loans, and no credit loss provision was recorded for the 2026 year‑to‑date period.

Yes. For the six months ended June 30, 2026, FMFG paid dividends of $0.36 per share. The dividend payout ratio for this period was 31.30%, compared with 0.00% for the same period in 2025 and 44.59% in 2024.

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Accepted by SEC EDGAR 07/23/2026 - 09:01 AM EDT

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): July 23, 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 July 23, 2026, Farmers and Merchants Bancshares, Inc. (the “Company”) issued a press release describing its financial results for the three and six-month periods ended June 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 July 23, 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: July 23, 2026	By:	/s/ Gary A. Harris
		Gary A. Harris
		President & CEO

Exhibit 99.1

FOR IMMEDIATE RELEASE	FOR FURTHER INFORMATION CONTACT:
July 23, 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 $3.7 MILLION OR $1.14 PER SHARE FOR THE SIX MONTHS ENDED

JUNE 30, 2026

HAMPSTEAD, MARYLAND (July 23, 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 six months ended June 30, 2026 was $3.7 million, or $1.14 per common share (basic and diluted) compared to $2.4 million, or $0.74 per common share (basic and diluted), for the same period in 2025. The Company’s annualized return on average assets during the six months ended June 30, 2026 was 0.87% compared to 0.58% for the same period in 2025. The Company’s annualized return on average equity during the six months ended June 30, 2026 was 11.23% compared to 8.18% for the same period in 2025.

Net income for the three months ended June 30, 2026 was $1.9 million, or $0.58 per common share (basic and diluted) compared to $1.2 million, or $0.38 per common share (basic and diluted), for the second quarter of 2025. The Company’s annualized return on average assets during the three months ended June 30, 2026 was 0.88% compared to 0.58% for the same period in 2025. The Company’s annualized return on average equity during the three months ended June 30, 2026 was 11.28% compared to 8.15% for the same period in 2025.

Net interest income for the six months ended June 30, 2026 was $2.1 million higher when compared to the same period in 2025 due to a widening net yield on interest-earning assets of 3.27% for the six months ended June 30, 2026 compared to 2.92% for the same period in 2025. The yield on earning assets increased to 5.35% for the six months ended June 30, 2026, compared to 5.11% for the same period in 2025. The cost of interest bearing liabilities decreased to 2.57% for the six months ended June 30, 2026, down from 2.67% for the same period in 2025. Average interest earning assets were $831.8 million for the six months ended June 30, 2026 compared to $793.5 million for the same period in 2025. Gross interest income increased by $2.0 million to $22.2 million for the six months ended June 30, 2026, up from $20.2 million for the same period in 2025. Average interest bearing liabilities increased by $19.1 million to $669.8 million for the six months ended June 30, 2026 from $650.7 million for the same period in 2025. Total interest expense decreased slightly to $8.6 million for the six months ended June 30, 2026 compared to $8.7 million for the same period in 2025.

The Company did not record a provision for credit losses for the six months ended June 30, 2026. There was a $268 thousand provision recorded for the six months ended June 30, 2025 which was related to a write down of one loan that was ultimately foreclosed upon.

Noninterest income decreased by $15 thousand for the six months ended June 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, an $11 thousand decrease in service charges on deposit accounts, a $9 thousand decrease in bank owned life insurance income, and a $15 thousand decrease in the fair value adjustment of an equity security. These were offset by a $54 thousand increase in mortgage banking revenue and a $60 thousand increase in other fees and commissions. Noninterest expense was $306 thousand higher for the six months ended June 30, 2026 when compared to the same period in 2025, due primarily to a $391 thousand increase in salaries and benefits resulting from new staffing additions. Also contributing to the increase was a $126 thousand combined increase in occupancy and furniture and equipment costs. These increases were offset in part by year over year decreases in ATM and debit card expenses of $20 thousand, FDIC assessments of $134 thousand due to lower FDIC assessment rates, professional services of $47 thousand, advertising costs of $24 thousand, and other real estate owned expenses of $21 thousand.

Total assets increased to $874.2 million at June 30, 2026 from $872.0 million at December 31, 2025. Loans, net of the allowance for credit losses, increased to $636.5 million at June 30, 2026 from $633.1 million at December 31, 2025. Investments in debt securities decreased to $130.0 million at June 30, 2026 from $139.8 million at December 31, 2025. Deposits increased to $725.1 million at June 30, 2026 from $720.5 million at December 31, 2025. Total borrowings decreased by $4.7 million to $74.3 million as of June 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 $20.72 per share at June 30, 2026 from $20.02 per share at December 31, 2025. Book value per share at June 30, 2026 is reflective of the $12.9 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 June 30, 2026 compared to $57.6 million at December 31, 2025.

Gary A. Harris, President and CEO, commented “Our second quarter results reflect the continued momentum we have built across the organization. Net income for the first six months of 2026 increased 57% compared to the same period in 2025, demonstrating the strength of our core banking operations and the effectiveness of our growth strategy. As we continue investing in talent, technology, and customer experience, we remain confident in our ability to generate sustainable earnings growth and position the Bank for long-term success.”

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

	(Unaudited)
	June 30,			December 31,
	2026			2025 *

Assets

Cash and due from banks	$	54,323		$	46,113
Federal funds sold and other interest-bearing deposits		1,163			566
Cash and cash equivalents		55,486			46,679
Certificates of deposit in other banks		100			100
Securities available for sale, at fair value		109,091			118,730
Securities held to maturity, at amortized cost less allowance for credit losses of $63 and $79		20,863			21,055
Equity security, at fair value		553			550
Restricted stock, at cost		3,475			3,693
Mortgage loans held for sale		694			714
Loans, less allowance for credit losses of $4,518 and $4,361		636,549			633,144
Premises and equipment, net		6,987			7,141
Accrued interest receivable		2,402			2,535
Deferred income taxes, net		6,404			6,277
Other real estate owned, net		1,665			1,673
Bank owned life insurance		15,555			15,353
Goodwill and other intangibles, net		7,014			7,018
Other assets		7,374			7,296
Total Assets	$	874,212		$	871,958

Liabilities and Stockholders' Equity

Deposits
Noninterest-bearing	$	126,385		$	117,098
Interest-bearing		598,740			603,361
Total deposits		725,125			720,459
Securities sold under repurchase agreements		4,559			4,317
Federal Home Loan Bank of Atlanta advances		57,700			62,700
Long-term debt, net of issuance costs		12,060			12,036
Accrued interest payable		989			1,278
Other liabilities		6,185			6,508
Total liabilities		806,618			807,298
Stockholders' equity
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,262,958 shares in 2026 and 3,229,795 shares in 2025		33			32
Additional paid-in capital		32,735			32,148
Retained earnings		47,766			45,210
Accumulated other comprehensive loss		(12,940	)		(12,730	)
Total Stockholders' equity		67,594			64,660
Total liabilities and stockholders' equity	$	874,212		$	871,958

* Derived from audited 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 June 30,					Six Months Ended June 30,
	2026			2025		2026			2025

Interest income
Loans, including fees	$	9,647		$	8,899	$	19,409		$	17,265
Investment securities - taxable		798			1,070		1,643			2,121
Investment securities - tax exempt		157			153		298			309
Federal funds sold and other interest earning assets		417			171		819			485
Total interest income		11,019			10,293		22,169			20,180

Interest expense
Deposits		3,417			4,071		6,922			8,321
Securities sold under repurchase agreements		10			12		26			29
Federal Home Loan Bank advances		559			110		1,158			122
Long-term debt		258			109		516			222
Total interest expense		4,244			4,302		8,622			8,694
Net interest income		6,775			5,991		13,547			11,486

Provision for credit losses		-			238		-			268

Net interest income after provision for credit losses		6,775			5,753		13,547			11,218

Noninterest income
Service charges on deposit accounts		174			178		331			342
Mortgage banking income		72			47		130			76
Bank owned life insurance income		102			106		202			211
Fair value adjustment of equity security		(2	)		1		(5	)		10
Gain on settlement of fair value hedge		-			-		-			94
Other fees and commissions		177			124		296			236
Total noninterest income		523			456		954			969

Noninterest expense
Salaries		2,348			2,191		4,425			4,398
Employee benefits		583			531		1,277			913
Occupancy		319			280		664			608
Furniture and equipment		420			480		885			815
Professional services		201			218		344			391
Automated teller machine and debit card expenses		147			168		316			336
Federal Deposit Insurance Corporation premiums		81			117		182			316
Postage, delivery, and armored carrier		65			64		131			142
Advertising		49			74		106			130
Other real estate owned expense, net		6			67		50			71
Other		573			540		1,154			1,108
Total noninterest expense		4,792			4,730		9,534			9,228

Income before income taxes		2,506			1,479		4,967			2,959
Income taxes		610			280		1,246			596
Net income	$	1,896		$	1,199	$	3,721		$	2,363

Earnings per common share - basic	$	0.58		$	0.38	$	1.14		$	0.74
Earnings per common share - diluted	$	0.58		$	0.38	$	1.14		$	0.74

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

	As of or For the Three Months Ended June 30,
	2026			2025			2024

AT PERIOD END

Total assets	$	874,212		$	842,218		$	798,556
Gross loans		641,067			619,702			550,118
Cash and cash equivalents		55,486			31,283			24,510
AFS and HTM Securities		129,954			142,762			177,661
Deposits		725,125			748,898			651,209
Borrowings		74,319			20,388			81,271
Stockholders' equity		67,594			60,246			54,543

SELECTED AVERAGE BALANCES

Total assets	$	860,113		$	825,060		$	748,510
Gross loans		635,540			616,097			541,267
Cash and cash equivalents		42,884			14,959			18,395
Debt Securities		150,136			165,409			204,779
Deposits		712,115			734,631			647,215
Borrowings		70,442			20,786			72,762
Stockholders' equity		67,413			58,827			52,431

ASSET QUALITY

Nonperforming assets	$	1,665		$	3,028		$	1,646

Nonperforming assets/total assets		0.19	%		0.36	%		0.21	%

Allowance for credit losses/total loans		0.70	%		0.68	%		0.74	%

	As of or For the Three Months Ended June 30,
	2026			2025			2024

OPERATING DATA

Interest income	$	11,019		$	10,293		$	9,180
Interest expense		4,244			4,302			4,047
Net interest income		6,775			5,991			5,133
Provision for credit losses		-			238			-
Net interest income after provision for credit losses		6,775			5,753			5,133
Noninterest income		523			456			374
Noninterest expense		4,792			4,730			4,123
Income before income taxes		2,506			1,479			1,384
Income taxes		610			280			305
Net income	$	1,896		$	1,199		$	1,079

PER SHARE DATA

Earnings per share - basic and diluted	$	0.58		$	0.38		$	0.35
Dividends	$	0.36		$	0.00		$	0.33
Book value	$	20.72		$	18.97		$	17.77

KEY RATIOS

Return on average assets (annualized)		0.88	%		0.58	%		0.55	%
Return on average equity (annualized)		11.28	%		8.15	%		8.23	%
Efficiency ratio		65.66	%		73.37	%		74.86	%
Dividend payout ratio		61.02	%		0.00	%		94.28	%
Net yield on interest-earning assets		3.27	%		3.03	%		2.71	%
Tier 1 capital leverage ratio		9.98	%		9.51	%		9.58	%

	As of or For the Six Months Ended June 30,
	2026			2025			2024

AT PERIOD END

Total assets	$	874,212		$	842,218		$	798,556
Gross loans		641,067			619,702			550,118
Cash and cash equivalents		55,486			31,283			24,510
AFS and HTM Securities		129,954			142,762			177,661
Deposits		725,125			748,898			651,209
Borrowings		74,319			20,388			81,271
Stockholders' equity		67,594			60,246			54,543

SELECTED AVERAGE BALANCES

Total assets	$	863,653		$	820,910		$	792,174
Gross loans		636,731			604,875			537,917
Cash and cash equivalents		42,689			21,830			27,809
Debt Securities		152,376			166,812			206,593
Deposits		712,823			733,685			655,331
Borrowings		72,591			18,291			71,140
Stockholders' equity		66,803			57,742			52,192

ASSET QUALITY

Nonperforming assets	$	1,665		$	3,028		$	1,646

Nonperforming assets/total assets		0.19	%		0.36	%		0.21	%

Allowance for credit losses/total loans		0.70	%		0.68	%		0.74	%

	As of or For the Six Months Ended June 30,
	2026			2025			2024

OPERATING DATA

Interest income	$	22,169		$	20,180		$	18,246
Interest expense		8,622			8,694			7,938
Net interest income		13,547			11,486			10,308
Provision for credit losses		-			268			-
Net interest income after provision for credit losses		13,547			11,218			10,308
Noninterest income		954			969			878
Noninterest expense		9,534			9,228			8,236
Income before income taxes		4,967			2,959			2,950
Income taxes		1,246			596			652
Net income	$	3,721		$	2,363		$	2,298

PER SHARE DATA

Earnings per share - basic and diluted	$	1.14		$	0.74		$	0.74
Dividends	$	0.36		$	0.00		$	0.33
Book value	$	20.72		$	18.97		$	17.77

KEY RATIOS

Return on average assets (annualized)		0.87	%		0.58	%		0.58	%
Return on average equity (annualized)		11.23	%		8.18	%		8.81	%
Efficiency ratio		65.75	%		74.09	%		73.63	%
Dividend payout ratio		31.30	%		0.00	%		44.59	%
Net yield on interest-earning assets		3.27	%		2.92	%		2.70	%
Tier 1 capital leverage ratio		9.98	%		9.51	%		9.58	%

Source: View Original Filing on SEC EDGAR

5 documents

Farmers and Merchants Bancshares, Inc.

Selected Consolidated Financial Data

(Unaudited)

Amounts in thousands except per share data

EX-99.1 EXHIBIT 99.1 596.2 KB