secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2023-07-31T23:59:59+00:00
Accession:  0001437749-23-021168
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Farmers & Merchants Bancshares Q2 net income falls 19% YoY to $1.67M; EPS $0.54
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- Six-month net income $3.57M ($1.16 EPS) vs $4.10M ($1.35 EPS) YoY, down 13%.
- Q2 net interest margin compressed due to 90bps increase in deposit/borrowing costs to 1.29%.
- Loans grew to $531M from $517M at Dec 2022; deposits increased to $632M.
- Recorded a $495,000 recovery of credit losses under CECL; no credit deterioration in AFS portfolio.
- Utilized $10M from FRB BTFP; total liquidity access ~$328M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923021168/0001437749-23-021168-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923021168/fmfg20230731_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-021168

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