---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-001673"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2023-01-24T23:59:59+00:00"
generated_at: "2026-06-20T10:54:35.683291+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-001673
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2023-01-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/0001437749-23-001673-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/fmfg20230124_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-001673
- JSON: https://secwatch.observer/filing/0001437749-23-001673.json
- Plain text: https://secwatch.observer/filing/0001437749-23-001673.txt

## Key facts
- Earnings Releases
  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
  source text: FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $8,090,127 OR $2.66 PER COMMON SHARE FOR THE YEAR ENDED DECEMBER 31, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/0001437749-23-001673-index.htm
- Earnings Releases
  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
  source text: Net income for the three months ended December 31, 2022 was $2,014,282, or $0.66 per common share (basic and diluted)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/0001437749-23-001673-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.