secwatch.observer — SEC 8-K summary
======================================

Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2023-01-24T23:59:59+00:00
Accession:  0001437749-23-001673
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/0001437749-23-001673-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923001673/fmfg20230124_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-001673

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer