secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0001437749-23-010960
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923010960/0001437749-23-010960-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923010960/fmfg20230424_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-010960

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