secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0001437749-24-012766
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774924012766/0001437749-24-012766-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774924012766/fmfg20240422_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-012766

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer