---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-002711"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2024-01-31T23:59:59+00:00"
generated_at: "2026-06-06T13:47:21.902313+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Farmers and Merchants Bancshares FY2023 net income $6.42M ($2.08 EPS), down 21% YoY

## Summary
- Net income for FY2023 $6.42M ($2.08/diluted) vs $8.09M ($2.66) in FY2022.
- Q4 2023 net income $1.42M ($0.46/share) vs $2.01M ($0.66) in Q4 2022.
- Net interest income fell $2.71M YoY as net yield dropped to 2.97% from 3.54%.
- Total assets $800M (Dec 2023) vs $718M (Dec 2022); deposits $681M vs $624M.
- CECL credit loss recovery of $570K vs provision of $475K in 2022.

## SEC filing metadata
- accession: 0001437749-24-002711
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2024-01-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698022/000143774924002711/0001437749-24-002711-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774924002711/fmfg20240131_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-002711
- JSON: https://secwatch.observer/filing/0001437749-24-002711.json
- Plain text: https://secwatch.observer/filing/0001437749-24-002711.txt

## Key facts
- Earnings Releases
  Farmers & Merchants Bancshares, Inc. reported the year ended December 31, 2023 results: net income $6,418,337, EPS $2.08 per common share (basic and diluted).
  - Period: the year ended December 31, 2023
  - Net income: $6,418,337
  - EPS: $2.08 per common share (basic and diluted)
  - Result: reported results
  source text: Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the year ended December 31, 2023 was $6,418,337, or $2.08 per common share (basic and diluted), compared to $8,090,127, or $2.66 per common share (basic and diluted), for the same period in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774924002711/0001437749-24-002711-index.htm
- Earnings Releases
  Farmers & Merchants Bancshares, Inc. reported the three months ended December 31, 2023 results: net income $1,415,230, EPS $0.46 per common share (basic and diluted).
  - Period: the three months ended December 31, 2023
  - Net income: $1,415,230
  - EPS: $0.46 per common share (basic and diluted)
  - Result: reported results
  source text: Net income for the three months ended December 31, 2023 was $1,415,230, or $0.46 per common share (basic and diluted), compared to $2,014,282, or $0.66 per common share (basic and diluted), for the fourth quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774924002711/0001437749-24-002711-index.htm

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