Company: FMFG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017235
Chunk: 1

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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697      $           25,633  
  Supplemental disclosure of cash flow information:                                                                            
  Cash paid during the period for interest                                         $            4,628      $            3,969  
  Cash paid during the period for income taxes                                                    316                       -  
  Supplemental disclosure of non-cash transactions:                                                                            
  Net unrealized gain (loss) on securities available for sale                                   1,828                 ( 1,574  
  (Decrease) increase in fair value of interest rate swap agreements                            ( 515                   1,124  
  Additions to right of use assets obtained in exchange for lease liabilities                       -                     705  

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

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Farmers and Merchants Bancshares, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

  Principles of consolidation  
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The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “ Bank”), and Series Protected Cell FCB-4 (the “ Insurance Subsidiary”), and one subsidiary of the Bank, Reliable Community Financial Services, Inc. (collectively the “ Company”, “we”, “us”, or “our”). The Insurance Subsidiary is a series investment,100% owned by Farmers and Merchants Bancshares, Inc. in First Community Bankers Insurance Co., LLC, a Tennessee “series” limited liability company and licensed property and casualty insurance company. Intercompany balances and transactions, including insurance premium paid by the Bank that were received by the Insurance Subsidiary through an intermediary, have been eliminated.

  Basis of Presentation  
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The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations for the interim periods have been made. Such adjustments were normal and recurring in nature. The results of operations for the three month period ended March 31, 2025 do not necessarily reflect the results