Farmers & Merchants Bancshares Q3 net income falls 27% to $0.46 EPS; nine-month EPS $1.63 vs $2.00

Farmers & Merchants Bancshares, Inc.

2024-Q3 EPS reported $1.63

Q3 2023 net income $1.43M ($0.46 per share) vs $1.97M ($0.65) a year ago.
Nine-month net income $5.00M ($1.63 per share) vs $6.08M ($2.00); ROAE 13.45% vs 15.53%.
Net interest income fell $1.7M on higher deposit/borrowing costs; cost of funds rose 113 bps to 1.52%.
Recovery of credit losses $570K vs provision $95K; total assets $757M; loans $526M; deposits $644M.
Unrealized AFS portfolio loss $29M; BTFP borrowings $33M; 20% of deposits uninsured.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Farmers & Merchants Bancshares, Inc. reported three- and nine-month periods ended September 30, 2023 results: net income Net income for the three months ended September 30, 2023 was $1,432,139, EPS $0.46 per common share (basic and diluted).

Period: three- and nine-month periods ended September 30, 2023
Net income: Net income for the three months ended September 30, 2023 was $1,432,139
EPS: $0.46 per common share (basic and diluted)
Result: reported results

Exact text from the filing

Net income for the nine months ended September 30, 2023 was $5,003,107, or $1.63 per common share (basic and diluted)

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Period: three- and nine-month periods ended September 30, 2023
Net income: Net income for the three months ended September 30, 2023 was $1,432,139
EPS: $0.46 per common share (basic and diluted)
Result: reported results

Exact text from the filing

Net income for the three months ended September 30, 2023 was $1,432,139, or $0.46 per common share (basic and diluted)

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-23-028820

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