Farmers and Merchants Bancshares reports net income of $4.1M for H1 2022, or $1.35 per share

Farmers & Merchants Bancshares, Inc.

Net income for six months ended June 30, 2022 was $4,101,535, or $1.35 per share, compared to $4,061,794 in same period 2021
Net interest income increased $620,298 due to $29.0M growth in average interest-earning assets to $679.3M
No provision for loan losses for six months versus $100,000 in prior year period
Book value per share decreased to $15.78 from $18.64 due to decline in AFS investment portfolio market value from rising interest rates

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