FMFG Q1 2024 net income falls 36% YoY to $1.22M, EPS $0.39 vs $0.62

Farmers & Merchants Bancshares, Inc.

2024-Q1 EPS reported $0.39

Net income $1,219,987 ($0.39 per share) vs $1,900,851 ($0.62) in Q1 2023, down 36%.
Net interest margin compressed to 2.69% from 3.24% due to higher deposit and borrowing costs.
Loans grew to $537M from $523M at Dec. 2023; deposits fell to $656M from $681M.
No credit loss provision recorded vs $270K recovery in Q1 2023; noninterest expense up $355K.
BTFP borrowings increased to $54M at Mar. 31, 2024; liquidity of ~$364M available.

item 2.02 item 7.01 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 the three months ended March 31, 2024 results: net income $1,219,987, EPS $0.39 per common share (basic and diluted).

Period: the three months ended March 31, 2024
Net income: $1,219,987
EPS: $0.39 per common share (basic and diluted)
Result: reported results

Exact text from the filing

FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $1,219,987 OR $0.39 PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2024

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Source: SEC EDGAR

accession 0001437749-24-012766

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