Company: FMFG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017235
Chunk: 0

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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audited)

(Dollars in thousands)

                                                                                   Three Months Ended                                    
                                                                                   March 31,                                             
                                                                                   2025                               2024               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net income                                                                       $                       1,165      $           1,220  
  Other comprehensive income, net of income taxes:                                                                                       
  Total unrealized gain (loss) on investment securities available for sale                                 1,922                ( 1,574  
  Reclassification adjustment for realized losses                                                           ( 94                      -  
  Income tax (expense) benefit                                                                             ( 503                    433  
  Net unrealized gain (loss) on investment securities available for sale                                   1,325                ( 1,141  
  Total unrealized (loss) gain on derivatives designated as fair value hedges                              ( 515                  1,124  
  Income tax benefit (expense)                                                                               144                  ( 309  
  Net unrealized (loss) gain on derivatives designated as fair value hedges                                ( 371                    815  
  Total other comprehensive income (loss)                                                                    954                  ( 326  
  Total comprehensive income                                                       $                       2,119      $             894  

The accompanying notes are an integral part of these consolidated financial statements.

- 5 -

Farmers and Merchants Bancshares, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

Three months Ended March 31, 2025 and 2024

(Unaudited)

(Dollars in thousands except share data)

                                                 Additional                              Accumulated other                            
                                                 paid-in                                 comprehensive                                
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                 capital                                 income                                       
  Balance, December 31, 2023      3,116,966      $               30,398      39,433      $                      ( 17,684      52,178  
  Net income                      -                              -           1,220                              -              1,220  
  Other comprehensive loss        -                              -           -                                  ( 326          ( 326  
  Stock-based compensation        -                              5           -                                  -                  5  
  Balance, March 31, 2024         3,116,966      $               30,403      40,653      $                      ( 18,010      53,077