FMFG reports FY2022 net income $8.09M ($2.66/sh), down 0.7% YoY; book value declines to $15.56

Farmers & Merchants Bancshares, Inc.

2023-FY EPS reported $2.66

FY2022 net income $8.09M ($2.66 diluted EPS) vs $8.15M ($2.70) in 2021; Q4 net income $2.01M ($0.66) vs $1.97M ($0.65).
Book value per share fell to $15.56 from $18.64 due to $25M unrealized loss on AFS securities from rising interest rates.
Loans grew 7.2% to $517M despite $9M PPP loan forgiveness; deposits decreased to $624M from $626M.
Return on equity improved to 16.03% from 14.85%; return on assets was 1.13% vs 1.16%.
CEO James Bosley retired; Gary A. Harris, formerly President, now President & CEO as of January 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Farmers & Merchants Bancshares, Inc. reported year ended December 31, 2022 results: net income $8,090,127, EPS $2.66 per common share (basic and diluted).

Period: year ended December 31, 2022
Net income: $8,090,127
EPS: $2.66 per common share (basic and diluted)
Result: reported results

Exact text from the filing

FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $8,090,127 OR $2.66 PER COMMON SHARE FOR THE YEAR ENDED DECEMBER 31, 2022

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Farmers & Merchants Bancshares, Inc. reported three months ended December 31, 2022 results: net income $2,014,282, EPS $0.66 per common share (basic and diluted).

Period: three months ended December 31, 2022
Net income: $2,014,282
EPS: $0.66 per common share (basic and diluted)
Result: reported results

Exact text from the filing

Net income for the three months ended December 31, 2022 was $2,014,282, or $0.66 per common share (basic and diluted)

View on SEC.gov

44 earnings releases filed in the last 30 days. Browse all earnings releases →

Farmers & Merchants Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-001673

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