---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-023133"
form_type: "8-K"
ticker: "FMFG"
cik: "0001698022"
company_name: "Farmers & Merchants Bancshares, Inc."
filed_at: "2024-07-22T23:59:59+00:00"
generated_at: "2026-05-31T18:33:52.453684+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-023133
- form_type: 8-K
- ticker: FMFG
- cik: 0001698022
- company_name: Farmers & Merchants Bancshares, Inc.
- filed_at: 2024-07-22T23:59:59+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/1698022/000143774924023133/0001437749-24-023133-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698022/000143774924023133/fmfg20240719_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-023133
- JSON: https://secwatch.observer/filing/0001437749-24-023133.json
- Plain text: https://secwatch.observer/filing/0001437749-24-023133.txt

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