Farmers & Merchants Bancshares reports 9M net income $6.08M ($2.00/sh); book value down to $15.01 due to AFS losses

Farmers & Merchants Bancshares, Inc.

Q3 2022 net income $1.97M ($0.65/sh) vs $2.12M ($0.70/sh) in Q3 2021.
Nine-month net income $6.08M ($2.00/sh) vs $6.18M ($2.05/sh) year ago.
Loans grew to $505M from $482M despite $9M PPP decline; deposits rose to $639M from $626M.
Book value fell to $15.01/sh from $18.64/sh due to $24M unrealized loss on AFS securities.
CEO notes strong YTD earnings but expects deposit rate increases to pressure Q4.

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