Farmers & Merchants Bancshares H1 2024 net income down 35.6% to $2.3M ($0.74 EPS)

Farmers & Merchants Bancshares, Inc.

2024-Q2 EPS reported $0.74

Net income for Q2 2024 was $1.08M ($0.35 EPS) vs $1.67M ($0.54 EPS) in Q2 2023, down 35.4%.
Net interest margin shrank to 2.70% from 3.09% due to 128bp increase in cost of deposits and borrowings.
Loans grew to $546M from $523M at Dec 2023; deposits fell to $651M from $681M.
BTFP borrowings increased to $54M at June 30, 2024; no provision for credit losses recorded.
Management expects no significant NIM improvement in H2 2024; core system conversion underway.

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