---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-010960"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2023-04-25T23:59:59+00:00"
generated_at: "2026-06-16T16:28:35.146373+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# F&M Bancshares Q1 net income $1.9M ($0.62 EPS) vs $2.05M ($0.68) YoY

## Summary
- Net income $1,900,851 ($0.62/share) vs $2,050,802 ($0.68) in Q1 2022; ROAA 1.05% vs 1.15%.
- Net interest income fell $307k; net yield to 3.24% from 3.56% due to higher deposit costs (Fed rate hikes).
- Total assets $723M, loans $521M (up $4M), deposits $637M (up $13M) from Dec 2022.
- Book value $16.53/share; tangible equity $44M; AFS portfolio unrealized loss $21M but no credit deterioration.
- CEO cites low uninsured deposits (~20%), ample liquidity, no crypto; loan portfolio performing well.

## SEC filing metadata
- accession: 0001437749-23-010960
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2023-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698022/000143774923010960/0001437749-23-010960-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774923010960/fmfg20230424_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-010960
- JSON: https://secwatch.observer/filing/0001437749-23-010960.json
- Plain text: https://secwatch.observer/filing/0001437749-23-010960.txt

## Key facts
- Earnings Releases
  Farmers & Merchants Bancshares, Inc. reported the three months ended March 31, 2023 results: net income $1,900,851, EPS $0.62 per common share (basic and diluted).
  - Period: the three months ended March 31, 2023
  - Net income: $1,900,851
  - EPS: $0.62 per common share (basic and diluted)
  - Result: reported results
  source text: Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the three months ended March 31, 2023 was $1,900,851, or $0.62 per common share (basic and diluted), compared to $2,050,802, or $0.68 per common share, for the same period in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774923010960/0001437749-23-010960-index.htm

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