---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028820"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2023-10-24T23:59:59+00:00"
generated_at: "2026-06-09T14:19:31.279606+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-028820
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2023-10-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/0001437749-23-028820-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/fmfg20231024_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028820
- JSON: https://secwatch.observer/filing/0001437749-23-028820.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028820.txt

## Key facts
- Earnings Releases
  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
  source text: Net income for the nine months ended September 30, 2023 was $5,003,107, or $1.63 per common share (basic and diluted)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/0001437749-23-028820-index.htm
- Earnings Releases
  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
  source text: Net income for the three months ended September 30, 2023 was $1,432,139, or $0.46 per common share (basic and diluted)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/0001437749-23-028820-index.htm

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