secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2024-07-22T23:59:59+00:00
Accession:  0001437749-24-023133
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774924023133/0001437749-24-023133-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774924023133/fmfg20240719_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-023133

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