---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-012766"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2024-04-23T23:59:59+00:00"
generated_at: "2026-06-03T12:03:56.413345+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-012766
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2024-04-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698022/000143774924012766/0001437749-24-012766-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774924012766/fmfg20240422_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-012766
- JSON: https://secwatch.observer/filing/0001437749-24-012766.json
- Plain text: https://secwatch.observer/filing/0001437749-24-012766.txt

## Key facts
- Earnings Releases
  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
  source text: FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $1,219,987 OR $0.39 PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2024
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698022/000143774924012766/0001437749-24-012766-index.htm

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