Farmers & Merchants Bancshares Q3 EPS $0.36 vs $0.46 YoY; 9-month EPS $1.09 vs $1.63

Farmers & Merchants Bancshares, Inc.

2024-Q3 EPS reported $1.09

Nine-month net income $3.42M ($1.09/sh) down 31.6% from $5.00M ($1.63/sh) YoY on higher interest expense.
Q3 net income $1.12M ($0.36/sh) vs $1.43M ($0.46/sh); ROE 8.05%, ROA 0.56% vs 11.54% and 0.77%.
Loan portfolio grew 12.5% annualized to $572M; NIM compressed to 2.67% from 3.04%; no credit loss provision.
Book value $18.81/sh (up from $16.74); tangible equity $52M; BTFP borrowings $54M; core conversion Oct 28.

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