Company: FMFG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017235
Chunk: 5

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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         50,405       50,405                    
  Consumer                                                               -        -            176          176                    
  Total                                  $                 $             404      674      587,288      587,962      $             

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2025 and December 31, 2024:

                              March 31,                 December 31,             
  (Dollars in thousands)      2025                      2024                     
 ─────────────────────────────────────────────────────────────────────────────────
  Real estate:                                                                   
  Commercial                  $              2,343      $                 2,440  
  Residential                                  270                          270  
                              $              2,613      $                 2,710  

  Loans and Allowance for Credit Losses (continued)  
 ─────────────────────────────────────────────────────

From time to time, loans to borrowers experiencing financial difficulty may be modified. Generally, the modifications we grant are extensions of terms, deferrals of payments for an extended period or interest rate reductions. Occasionally, we may modify a loan by providing principal forgiveness. In some cases, we will modify a loan by providing multiple types, or combinations, of concessions.

The Bank modified one commercial real estate loan to a borrower experiencing financial distress during the three-month period ended March 31, 2025. The following table presents the amortized cost basis of the loan at March 31, 2025 and the percentage of the amortized cost basis of the loan to the total cost basis of the class of loans and total loans.

                              March 31, 2025                                         
 ─────────────────────────────────────────────────────────────────────────────────────
                                                             Total Class             
                              Term                           of Financing            
  (Dollars in thousands)      Extension                      Receivable              
  Commercial real estate      $                   4,408                        1.06  
  Total                       $                   4,408                        0.74  

There were nomodifications to borrowers experiencing financial distress during the three months ended March 31, 2024. There were noloan defaults during the three months ended March 31, 2024.

There werenopayment defaults of modified loans during the three months ended March 31, 2025 and 2024.

Accrued interest receivable on loans totaled $1.9million and $1.9million at March 31