FMFG 8-K
Farmers & Merchants Bancshares, Inc. (FMFG)
(State or other jurisdiction of incorporation or organization) | (Commission file number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
FARMERS AND MERCHANTS BANCSHARES, INC. |
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Dated: July 23, 2026 | By: | /s/ Gary A. Harris | |
Gary A. Harris | |||
President & CEO | |||
Exhibit 99.1
FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: |
July 23, 2026 |
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Farmers and Merchants Bancshares, Inc. | Contact: Mr. Gary A. Harris |
4510 Lower Beckleysville Rd, Suite H | President and Chief Executive Officer |
Hampstead, Maryland 21074 | (410) 374-1510, ext. 1104 |
FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS EARNINGS OF $3.7 MILLION OR $1.14 PER SHARE FOR THE SIX MONTHS ENDED
JUNE 30, 2026
HAMPSTEAD, MARYLAND (July 23, 2026) – Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the six months ended June 30, 2026 was $3.7 million, or $1.14 per common share (basic and diluted) compared to $2.4 million, or $0.74 per common share (basic and diluted), for the same period in 2025. The Company’s annualized return on average assets during the six months ended June 30, 2026 was 0.87% compared to 0.58% for the same period in 2025. The Company’s annualized return on average equity during the six months ended June 30, 2026 was 11.23% compared to 8.18% for the same period in 2025.
Net income for the three months ended June 30, 2026 was $1.9 million, or $0.58 per common share (basic and diluted) compared to $1.2 million, or $0.38 per common share (basic and diluted), for the second quarter of 2025. The Company’s annualized return on average assets during the three months ended June 30, 2026 was 0.88% compared to 0.58% for the same period in 2025. The Company’s annualized return on average equity during the three months ended June 30, 2026 was 11.28% compared to 8.15% for the same period in 2025.
Net interest income for the six months ended June 30, 2026 was $2.1 million higher when compared to the same period in 2025 due to a widening net yield on interest-earning assets of 3.27% for the six months ended June 30, 2026 compared to 2.92% for the same period in 2025. The yield on earning assets increased to 5.35% for the six months ended June 30, 2026, compared to 5.11% for the same period in 2025. The cost of interest bearing liabilities decreased to 2.57% for the six months ended June 30, 2026, down from 2.67% for the same period in 2025. Average interest earning assets were $831.8 million for the six months ended June 30, 2026 compared to $793.5 million for the same period in 2025. Gross interest income increased by $2.0 million to $22.2 million for the six months ended June 30, 2026, up from $20.2 million for the same period in 2025. Average interest bearing liabilities increased by $19.1 million to $669.8 million for the six months ended June 30, 2026 from $650.7 million for the same period in 2025. Total interest expense decreased slightly to $8.6 million for the six months ended June 30, 2026 compared to $8.7 million for the same period in 2025.
The Company did not record a provision for credit losses for the six months ended June 30, 2026. There was a $268 thousand provision recorded for the six months ended June 30, 2025 which was related to a write down of one loan that was ultimately foreclosed upon.
Noninterest income decreased by $15 thousand for the six months ended June 30, 2026 when compared to the same period in 2025. The decrease was due to several factors, including the non-recurrence of a gain on the settlement of a fair value hedge of $94 thousand in 2025, an $11 thousand decrease in service charges on deposit accounts, a $9 thousand decrease in bank owned life insurance income, and a $15 thousand decrease in the fair value adjustment of an equity security. These were offset by a $54 thousand increase in mortgage banking revenue and a $60 thousand increase in other fees and commissions. Noninterest expense was $306 thousand higher for the six months ended June 30, 2026 when compared to the same period in 2025, due primarily to a $391 thousand increase in salaries and benefits resulting from new staffing additions. Also contributing to the increase was a $126 thousand combined increase in occupancy and furniture and equipment costs. These increases were offset in part by year over year decreases in ATM and debit card expenses of $20 thousand, FDIC assessments of $134 thousand due to lower FDIC assessment rates, professional services of $47 thousand, advertising costs of $24 thousand, and other real estate owned expenses of $21 thousand.
Total assets increased to $874.2 million at June 30, 2026 from $872.0 million at December 31, 2025. Loans, net of the allowance for credit losses, increased to $636.5 million at June 30, 2026 from $633.1 million at December 31, 2025. Investments in debt securities decreased to $130.0 million at June 30, 2026 from $139.8 million at December 31, 2025. Deposits increased to $725.1 million at June 30, 2026 from $720.5 million at December 31, 2025. Total borrowings decreased by $4.7 million to $74.3 million as of June 30, 2026, down from $79.0 million at December 31, 2025. The decrease was primarily due to the Company repaying $5.0 million in Federal Home Loan Bank advances.
The book value of the Company’s common stock increased to $20.72 per share at June 30, 2026 from $20.02 per share at December 31, 2025. Book value per share at June 30, 2026 is reflective of the $12.9 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) securities portfolio as a result of the rise in interest rates since the time of purchase. Changes in the market value of the AFS securities portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The Company’s tangible equity was $60.6 million at June 30, 2026 compared to $57.6 million at December 31, 2025.
Gary A. Harris, President and CEO, commented “Our second quarter results reflect the continued momentum we have built across the organization. Net income for the first six months of 2026 increased 57% compared to the same period in 2025, demonstrating the strength of our core banking operations and the effectiveness of our growth strategy. As we continue investing in talent, technology, and customer experience, we remain confident in our ability to generate sustainable earnings growth and position the Bank for long-term success.”
About the Company
The Company is the financial holding company for Farmers and Merchants Bank, a Maryland-chartered community bank headquartered in Hampstead, Maryland. Founded in 1919, the Bank has served the deposit, lending, and financial needs of consumers and businesses across Carroll and Baltimore Counties for more than a century. The Bank operates eight locations along Routes 30, 795, 140, 26, and 45 corridors, including offices in Hampstead, Upperco, Owings Mills, Reisterstown, Westminster, Eldersburg, Greenmount, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTCID Basic Market under the symbol “FMFG”. For more information, visit fmb1919.bank.
Forward-Looking Statements
The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.
| Farmers and Merchants Bancshares, Inc. and Subsidiaries | ||
| Consolidated Balance Sheets | ||
| Dollars in thousands except per share data |
| | (Unaudited) | | | | | |
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| | June 30, | | | December 31, | |
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| | 2026 | | | 2025 * | |
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Assets | | | | | | | | |
| | | | | | | | |
Cash and due from banks | | $ | 54,323 | | | $ | 46,113 | |
Federal funds sold and other interest-bearing deposits | | | 1,163 | | | | 566 | |
Cash and cash equivalents | | | 55,486 | | | | 46,679 | |
Certificates of deposit in other banks | | | 100 | | | | 100 | |
Securities available for sale, at fair value | | | 109,091 | | | | 118,730 | |
Securities held to maturity, at amortized cost less allowance for credit losses of $63 and $79 | | | 20,863 | | | | 21,055 | |
Equity security, at fair value | | | 553 | | | | 550 | |
Restricted stock, at cost | | | 3,475 | | | | 3,693 | |
Mortgage loans held for sale | | | 694 | | | | 714 | |
Loans, less allowance for credit losses of $4,518 and $4,361 | | | 636,549 | | | | 633,144 | |
Premises and equipment, net | | | 6,987 | | | | 7,141 | |
Accrued interest receivable | | | 2,402 | | | | 2,535 | |
Deferred income taxes, net | | | 6,404 | | | | 6,277 | |
Other real estate owned, net | | | 1,665 | | | | 1,673 | |
Bank owned life insurance | | | 15,555 | | | | 15,353 | |
Goodwill and other intangibles, net | | | 7,014 | | | | 7,018 | |
Other assets | | | 7,374 | | | | 7,296 | |
Total Assets | | $ | 874,212 | | | $ | 871,958 | |
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Liabilities and Stockholders' Equity | | | | | | | | |
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Deposits | | | | | | | | |
Noninterest-bearing | | $ | 126,385 | | | $ | 117,098 | |
Interest-bearing | | | 598,740 | | | | 603,361 | |
Total deposits | | | 725,125 | | | | 720,459 | |
Securities sold under repurchase agreements | | | 4,559 | | | | 4,317 | |
Federal Home Loan Bank of Atlanta advances | | | 57,700 | | | | 62,700 | |
Long-term debt, net of issuance costs | | | 12,060 | | | | 12,036 | |
Accrued interest payable | | | 989 | | | | 1,278 | |
Other liabilities | | | 6,185 | | | | 6,508 | |
Total liabilities | | | 806,618 | | | | 807,298 | |
Stockholders' equity | | | | | | | | |
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,262,958 shares in 2026 and 3,229,795 shares in 2025 | | | 33 | | | | 32 | |
Additional paid-in capital | | | 32,735 | | | | 32,148 | |
Retained earnings | | | 47,766 | | | | 45,210 | |
Accumulated other comprehensive loss | | | (12,940 | ) | | | (12,730 | ) |
Total Stockholders' equity | | | 67,594 | | | | 64,660 | |
Total liabilities and stockholders' equity | | $ | 874,212 | | | $ | 871,958 | |
* Derived from audited consolidated financial statements
| Farmers and Merchants Bancshares, Inc. and Subsidiaries | ||||
| Consolidated Statements of Income | ||||
| (Unaudited) | ||||
| Amounts in thousands except per share data |
| | Three Months Ended June 30, | | | Six Months Ended June 30, | |
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| | 2026 | | | 2025 | | | 2026 | | | 2025 | |
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Interest income | | | | | | | | | | | | | | | | |
Loans, including fees | | $ | 9,647 | | | $ | 8,899 | | | $ | 19,409 | | | $ | 17,265 | |
Investment securities - taxable | | | 798 | | | | 1,070 | | | | 1,643 | | | | 2,121 | |
Investment securities - tax exempt | | | 157 | | | | 153 | | | | 298 | | | | 309 | |
Federal funds sold and other interest earning assets | | | 417 | | | | 171 | | | | 819 | | | | 485 | |
Total interest income | | | 11,019 | | | | 10,293 | | | | 22,169 | | | | 20,180 | |
| | | | | | | | | | | | | | | | |
Interest expense | | | | | | | | | | | | | | | | |
Deposits | | | 3,417 | | | | 4,071 | | | | 6,922 | | | | 8,321 | |
Securities sold under repurchase agreements | | | 10 | | | | 12 | | | | 26 | | | | 29 | |
Federal Home Loan Bank advances | | | 559 | | | | 110 | | | | 1,158 | | | | 122 | |
Long-term debt | | | 258 | | | | 109 | | | | 516 | | | | 222 | |
Total interest expense | | | 4,244 | | | | 4,302 | | | | 8,622 | | | | 8,694 | |
Net interest income | | | 6,775 | | | | 5,991 | | | | 13,547 | | | | 11,486 | |
| | | | | | | | | | | | | | | | |
Provision for credit losses | | | - | | | | 238 | | | | - | | | | 268 | |
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Net interest income after provision for credit losses | | | 6,775 | | | | 5,753 | | | | 13,547 | | | | 11,218 | |
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Noninterest income | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | 174 | | | | 178 | | | | 331 | | | | 342 | |
Mortgage banking income | | | 72 | | | | 47 | | | | 130 | | | | 76 | |
Bank owned life insurance income | | | 102 | | | | 106 | | | | 202 | | | | 211 | |
Fair value adjustment of equity security | | | (2 | ) | | | 1 | | | | (5 | ) | | | 10 | |
Gain on settlement of fair value hedge | | | - | | | | - | | | | - | | | | 94 | |
Other fees and commissions | | | 177 | | | | 124 | | | | 296 | | | | 236 | |
Total noninterest income | | | 523 | | | | 456 | | | | 954 | | | | 969 | |
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Noninterest expense | | | | | | | | | | | | | | | | |
Salaries | | | 2,348 | | | | 2,191 | | | | 4,425 | | | | 4,398 | |
Employee benefits | | | 583 | | | | 531 | | | | 1,277 | | | | 913 | |
Occupancy | | | 319 | | | | 280 | | | | 664 | | | | 608 | |
Furniture and equipment | | | 420 | | | | 480 | | | | 885 | | | | 815 | |
Professional services | | | 201 | | | | 218 | | | | 344 | | | | 391 | |
Automated teller machine and debit card expenses | | | 147 | | | | 168 | | | | 316 | | | | 336 | |
Federal Deposit Insurance Corporation premiums | | | 81 | | | | 117 | | | | 182 | | | | 316 | |
Postage, delivery, and armored carrier | | | 65 | | | | 64 | | | | 131 | | | | 142 | |
Advertising | | | 49 | | | | 74 | | | | 106 | | | | 130 | |
Other real estate owned expense, net | | | 6 | | | | 67 | | | | 50 | | | | 71 | |
Other | | | 573 | | | | 540 | | | | 1,154 | | | | 1,108 | |
Total noninterest expense | | | 4,792 | | | | 4,730 | | | | 9,534 | | | | 9,228 | |
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Income before income taxes | | | 2,506 | | | | 1,479 | | | | 4,967 | | | | 2,959 | |
Income taxes | | | 610 | | | | 280 | | | | 1,246 | | | | 596 | |
Net income | | $ | 1,896 | | | $ | 1,199 | | | $ | 3,721 | | | $ | 2,363 | |
| | | | | | | | | | | | | | | | |
Earnings per common share - basic | | $ | 0.58 | | | $ | 0.38 | | | $ | 1.14 | | | $ | 0.74 | |
Earnings per common share - diluted | | $ | 0.58 | | | $ | 0.38 | | | $ | 1.14 | | | $ | 0.74 | |
The accompanying notes are an integral part of these consolidated financial statements.
| Farmers and Merchants Bancshares, Inc. | ||||||
| Selected Consolidated Financial Data | ||||||
| (Unaudited) | ||||||
| Amounts in thousands except per share data |
| | As of or For the Three Months Ended June 30, | |
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| | 2026 | | | 2025 | | | 2024 | |
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AT PERIOD END | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total assets | | $ | 874,212 | | | $ | 842,218 | | | $ | 798,556 | |
Gross loans | | | 641,067 | | | | 619,702 | | | | 550,118 | |
Cash and cash equivalents | | | 55,486 | | | | 31,283 | | | | 24,510 | |
AFS and HTM Securities | | | 129,954 | | | | 142,762 | | | | 177,661 | |
Deposits | | | 725,125 | | | | 748,898 | | | | 651,209 | |
Borrowings | | | 74,319 | | | | 20,388 | | | | 81,271 | |
Stockholders' equity | | | 67,594 | | | | 60,246 | | | | 54,543 | |
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SELECTED AVERAGE BALANCES | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total assets | | $ | 860,113 | | | $ | 825,060 | | | $ | 748,510 | |
Gross loans | | | 635,540 | | | | 616,097 | | | | 541,267 | |
Cash and cash equivalents | | | 42,884 | | | | 14,959 | | | | 18,395 | |
Debt Securities | | | 150,136 | | | | 165,409 | | | | 204,779 | |
Deposits | | | 712,115 | | | | 734,631 | | | | 647,215 | |
Borrowings | | | 70,442 | | | | 20,786 | | | | 72,762 | |
Stockholders' equity | | | 67,413 | | | | 58,827 | | | | 52,431 | |
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ASSET QUALITY | | | | | | | | | | | | |
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Nonperforming assets | | $ | 1,665 | | | $ | 3,028 | | | $ | 1,646 | |
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Nonperforming assets/total assets | | | 0.19 | % | | | 0.36 | % | | | 0.21 | % |
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Allowance for credit losses/total loans | | | 0.70 | % | | | 0.68 | % | | | 0.74 | % |
| Farmers and Merchants Bancshares, Inc. | ||||||
| Selected Consolidated Financial Data | ||||||
| (Unaudited) | ||||||
| Amounts in thousands except per share data |
| | As of or For the Three Months Ended June 30, | |
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| | 2026 | | | 2025 | | | 2024 | |
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OPERATING DATA | | | | | | | | | | | | |
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Interest income | | $ | 11,019 | | | $ | 10,293 | | | $ | 9,180 | |
Interest expense | | | 4,244 | | | | 4,302 | | | | 4,047 | |
Net interest income | | | 6,775 | | | | 5,991 | | | | 5,133 | |
Provision for credit losses | | | - | | | | 238 | | | | - | |
Net interest income after provision for credit losses | | | 6,775 | | | | 5,753 | | | | 5,133 | |
Noninterest income | | | 523 | | | | 456 | | | | 374 | |
Noninterest expense | | | 4,792 | | | | 4,730 | | | | 4,123 | |
Income before income taxes | | | 2,506 | | | | 1,479 | | | | 1,384 | |
Income taxes | | | 610 | | | | 280 | | | | 305 | |
Net income | | $ | 1,896 | | | $ | 1,199 | | | $ | 1,079 | |
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PER SHARE DATA | | | | | | | | | | | | |
| | | | | | | | | | | | |
Earnings per share - basic and diluted | | $ | 0.58 | | | $ | 0.38 | | | $ | 0.35 | |
Dividends | | $ | 0.36 | | | $ | 0.00 | | | $ | 0.33 | |
Book value | | $ | 20.72 | | | $ | 18.97 | | | $ | 17.77 | |
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KEY RATIOS | | | | | | | | | | | | |
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Return on average assets (annualized) | | | 0.88 | % | | | 0.58 | % | | | 0.55 | % |
Return on average equity (annualized) | | | 11.28 | % | | | 8.15 | % | | | 8.23 | % |
Efficiency ratio | | | 65.66 | % | | | 73.37 | % | | | 74.86 | % |
Dividend payout ratio | | | 61.02 | % | | | 0.00 | % | | | 94.28 | % |
Net yield on interest-earning assets | | | 3.27 | % | | | 3.03 | % | | | 2.71 | % |
Tier 1 capital leverage ratio | | | 9.98 | % | | | 9.51 | % | | | 9.58 | % |
| Farmers and Merchants Bancshares, Inc. | ||||||
| Selected Consolidated Financial Data | ||||||
| (Unaudited) | ||||||
| Amounts in thousands except per share data |
| | As of or For the Six Months Ended June 30, | |
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| | 2026 | | | 2025 | | | 2024 | |
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AT PERIOD END | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total assets | | $ | 874,212 | | | $ | 842,218 | | | $ | 798,556 | |
Gross loans | | | 641,067 | | | | 619,702 | | | | 550,118 | |
Cash and cash equivalents | | | 55,486 | | | | 31,283 | | | | 24,510 | |
AFS and HTM Securities | | | 129,954 | | | | 142,762 | | | | 177,661 | |
Deposits | | | 725,125 | | | | 748,898 | | | | 651,209 | |
Borrowings | | | 74,319 | | | | 20,388 | | | | 81,271 | |
Stockholders' equity | | | 67,594 | | | | 60,246 | | | | 54,543 | |
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SELECTED AVERAGE BALANCES | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total assets | | $ | 863,653 | | | $ | 820,910 | | | $ | 792,174 | |
Gross loans | | | 636,731 | | | | 604,875 | | | | 537,917 | |
Cash and cash equivalents | | | 42,689 | | | | 21,830 | | | | 27,809 | |
Debt Securities | | | 152,376 | | | | 166,812 | | | | 206,593 | |
Deposits | | | 712,823 | | | | 733,685 | | | | 655,331 | |
Borrowings | | | 72,591 | | | | 18,291 | | | | 71,140 | |
Stockholders' equity | | | 66,803 | | | | 57,742 | | | | 52,192 | |
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ASSET QUALITY | | | | | | | | | | | | |
| | | | | | | | | | | | |
Nonperforming assets | | $ | 1,665 | | | $ | 3,028 | | | $ | 1,646 | |
| | | | | | | | | | | | |
Nonperforming assets/total assets | | | 0.19 | % | | | 0.36 | % | | | 0.21 | % |
| | | | | | | | | | | | |
Allowance for credit losses/total loans | | | 0.70 | % | | | 0.68 | % | | | 0.74 | % |
| Farmers and Merchants Bancshares, Inc. | ||||||
| Selected Consolidated Financial Data | ||||||
| (Unaudited) | ||||||
| Amounts in thousands except per share data |
| | As of or For the Six Months Ended June 30, | |
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| | 2026 | | | 2025 | | | 2024 | |
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| | | | | | | | | | | | |
OPERATING DATA | | | | | | | | | | | | |
| | | | | | | | | | | | |
Interest income | | $ | 22,169 | | | $ | 20,180 | | | $ | 18,246 | |
Interest expense | | | 8,622 | | | | 8,694 | | | | 7,938 | |
Net interest income | | | 13,547 | | | | 11,486 | | | | 10,308 | |
Provision for credit losses | | | - | | | | 268 | | | | - | |
Net interest income after provision for credit losses | | | 13,547 | | | | 11,218 | | | | 10,308 | |
Noninterest income | | | 954 | | | | 969 | | | | 878 | |
Noninterest expense | | | 9,534 | | | | 9,228 | | | | 8,236 | |
Income before income taxes | | | 4,967 | | | | 2,959 | | | | 2,950 | |
Income taxes | | | 1,246 | | | | 596 | | | | 652 | |
Net income | | $ | 3,721 | | | $ | 2,363 | | | $ | 2,298 | |
| | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | |
| | | | | | | | | | | | |
Earnings per share - basic and diluted | | $ | 1.14 | | | $ | 0.74 | | | $ | 0.74 | |
Dividends | | $ | 0.36 | | | $ | 0.00 | | | $ | 0.33 | |
Book value | | $ | 20.72 | | | $ | 18.97 | | | $ | 17.77 | |
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KEY RATIOS | | | | | | | | | | | | |
| | | | | | | | | | | | |
Return on average assets (annualized) | | | 0.87 | % | | | 0.58 | % | | | 0.58 | % |
Return on average equity (annualized) | | | 11.23 | % | | | 8.18 | % | | | 8.81 | % |
Efficiency ratio | | | 65.75 | % | | | 74.09 | % | | | 73.63 | % |
Dividend payout ratio | | | 31.30 | % | | | 0.00 | % | | | 44.59 | % |
Net yield on interest-earning assets | | | 3.27 | % | | | 2.92 | % | | | 2.70 | % |
Tier 1 capital leverage ratio | | | 9.98 | % | | | 9.51 | % | | | 9.58 | % |