Company: FMFG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017235
Chunk: 11

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 - diluted                              3,173,365                3,117,172  
  Earnings per share - basic                         $                            0.37      $              0.39  
  Earnings per share - diluted                       $                            0.37      $              0.39  

  10.      Retirement Plans  
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The Company has a profit sharing plan qualifying under Section 401(k) of the Internal Revenue Code. All employees age 21 or older with nine months of service are eligible for participation in the plan. The Company matches employee contributions up to4% of total compensation and may make additional discretionary contributions. Employee and employer contributions are100% vested when made. The Company’s contributions to this plan were $85.8thousand and $80.3thousand for the three-month periods ended March 31, 2025 and 2024, respectively.

The Company has entered into agreements with12employees to provide certain life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Some of the policies provide benefits subsequent to the employee’s employment with the Company. For this plan, the Company expensed $2.1thousand and $2.0thousand for the three-month periods ended March 31, 2025 and 2024.

The Company adopted supplemental executive retirement plans for fourof its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses, including interest, of $64.6thousand and $66.0thousand for the three-month periods ended March 31, 2025 and 2024, respectively.

Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income.

  11.      Borrowed Funds  
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Borrowed funds may consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the Federal Home Loan Bank of Atlanta (“ FHLB”), advances from the Federal Reserve Bank of Richmond (the “ Reserve Bank”), term borrowings from a commercial bank, and overnight borrowings from commercial banks.

Additional information is as follows:

                                                   March 31,                  December 31,              
  (dollars in thousands)                           2025                       2024                      
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