secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2023-10-24T23:59:59+00:00
Accession:  0001437749-23-028820
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/0001437749-23-028820-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923028820/fmfg20231024_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-028820

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