Farmers and Merchants Bancshares reports $4.28M net income for 2024, down 33% from prior year

Farmers & Merchants Bancshares, Inc.

2024-FY EPS reported $1.37

Net income for 2024 was $4,277,703 ($1.37 per share), compared to $6,418,337 ($2.08 per share) in 2023.
Loan portfolio grew 11.4% to $583 million at December 31, 2024 from $523 million a year earlier.
Net interest margin decreased to 2.68% for 2024 from 2.97% in 2023, driven by higher interest expense from Fed rate hikes.
Core system conversion completed in October 2024, increasing expenses but expected to boost efficiency and customer experience.

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