{"id":476892,"date":"2021-04-15T08:33:24","date_gmt":"2021-04-15T12:33:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/farmers-and-merchants-bancshares-inc-reports-record-earnings-of-2029575-or-0-67-per-share-for-the-three-months-ended-march-31-2021\/"},"modified":"2021-04-15T08:33:24","modified_gmt":"2021-04-15T12:33:24","slug":"farmers-and-merchants-bancshares-inc-reports-record-earnings-of-2029575-or-0-67-per-share-for-the-three-months-ended-march-31-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/farmers-and-merchants-bancshares-inc-reports-record-earnings-of-2029575-or-0-67-per-share-for-the-three-months-ended-march-31-2021\/","title":{"rendered":"Farmers and Merchants Bancshares, Inc. Reports Record Earnings of $2,029,575 or $0.67 Per Share For the Three Months Ended March 31, 2021"},"content":{"rendered":"
\n

HAMPSTEAD, Md., April 15, 2021 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the \u201cCompany\u201d), the parent of Farmers and Merchants Bank (the \u201cBank\u201d), announced that net income for the three months ended March 31, 2021 was $2,029,575, or $0.67 per common share, both all-time quarterly records, compared to $843,307, or $0.28 per common share, for the same period in 2020. The primary driver of the significant increase in net income was the acquisition of Carroll Bancorp, Inc. and its subsidiary, Carroll Community Bank (collectively, \u201cCarroll\u201d), that was completed in the fourth quarter of 2020. Also, income from Paycheck Protection Program (\u201cPPP\u201d) loans added approximately $369,000 to net income.<\/p>\n

The Company incurred significant one-time costs during 2020 in connection with the Company\u2019s acquisition of Carroll. The table below provides a comparison of the Company\u2019s results for the first quarter of 2021 versus the same period of the prior year with and without $179,824 of acquisition costs incurred during the first quarter of 2020.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
\u00a0<\/td>\nMarch 31, 2021<\/td>\nMarch 31, 2020<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nExcluding<\/td>\n<\/tr>\n
\u00a0<\/td>\nAs Reported<\/td>\nAs Reported<\/td>\nAcquisition Costs<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before taxes<\/td>\n$<\/td>\n2,615,276<\/td>\n\u00a0<\/td>\n$<\/td>\n996,223<\/td>\n\u00a0<\/td>\n$<\/td>\n1,176,047<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes<\/td>\n\u00a0<\/td>\n585,701<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n152,916<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n202,399<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n2,029,575<\/td>\n\u00a0<\/td>\n$<\/td>\n843,307<\/td>\n\u00a0<\/td>\n$<\/td>\n973,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per share<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n$<\/td>\n0.28<\/td>\n\u00a0<\/td>\n$<\/td>\n0.33<\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average assets<\/td>\n\u00a0<\/td>\n1.19<\/td>\n%<\/td>\n\u00a0<\/td>\n0.75<\/td>\n%<\/td>\n\u00a0<\/td>\n0.87<\/td>\n%<\/td>\n<\/tr>\n
Return on average equity<\/td>\n\u00a0<\/td>\n15.37<\/td>\n%<\/td>\n\u00a0<\/td>\n6.72<\/td>\n%<\/td>\n\u00a0<\/td>\n7.76<\/td>\n%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Net interest income for the three months ended March 31, 2021 was $1,807,921 higher than for the same period in 2020 due to a $225.4 million increase in average interest earning assets to $655.4 million for the three months ended March 31, 2021 as compared to $430.0 million for the same period in 2020, offset by a decline in the taxable equivalent net yield on interest earning assets to 3.43% for the three months ended March 31, 2021 from 3.54% for the three months ended March 31, 2020. The net yield declined because the yield on loans and investments decreased 50 basis points to 3.92% for the three months ended March 31, 2021 from 4.42% for the same period in 2020 as a result of the Federal Reserve rate cuts in March 2020. Our cost of deposits and borrowings decreased 50 basis points to 0.63% for the three months ended March 31, 2021 from 1.13% for the three months ended March 31, 2020. The provision for loan losses totaled $120,000 for the three months ended March 31, 2021, compared to $125,000 for the same period in 2020.<\/p>\n

Noninterest income increased by $254,943 for the three months ended March 31, 2021 when compared to the same period in 2020 primarily as a result of a $194,010 increase in mortgage banking income, a $28,107 increase in bank owned life insurance revenue, and a $37,613 gain on sale of Carroll\u2019s Westminster, Maryland branch office. Noninterest expense was $448,811 higher in the three months ended March 31, 2021 when compared to the same period in 2020 due primarily to additional personnel, locations and customers added with the acquisition of Carroll. Salaries and benefits increased $297,203, other expenses increased $228,138 and occupancy, furniture and equipment costs increased $103,294. The aforementioned acquisition costs decreased $179,824. Income taxes increased by $432,785 during the three months ended March 31, 2021 when compared to the same period in 2020 due to higher income before taxes.<\/p>\n

Total assets increased to $696 million at March 31, 2021 from $677 million at December 31, 2020. Loans decreased slightly to $519 million at March 31, 2021 from $522 million at December 31, 2020. Investment in debt securities increased to $97 million at March 31, 2021 from $78 million at December 31, 2020. Deposits increased to $603 million at March 31, 2021 from $573 million at December 31, 2020. The book value of the Company\u2019s common stock was $17.64 per share at March 31, 2021, compared to $17.18 per share at December 31, 2020.<\/p>\n

The COVID-19 pandemic appears to be winding down with immunizations occurring at a rapid pace. The Company has provided relief to our borrowers, as needed, including temporary deferral of payments. At the start of the pandemic in 2020, the Company modified loans totalling $109.2 million, or 30% of its loan portfolio. At March 31, 2021, $15.9 million, or 3% of the loan portfolio, have COVID-19 modifications. In addition, the Company has originated $59 million of PPP loans to customers, $38 million in 2020 and $21 million in 2021. The Company increased its loan loss reserve significantly in 2020 due to the pandemic, but has yet to incur any actual losses.<\/p>\n

James R. Bosley, Jr., President and CEO, commented, \u201cWe are pleased that the Carroll acquisition is contributing significantly to net income, as planned, and along with income from PPP loans resulted in the best quarter in our 100+ year history. We will continue to provide for the health and safety of our employees and customers until the pandemic is safely over.\u201d<\/p>\n

\n
\n About the Company<\/u>
\n <\/strong>\n <\/p>\n

The Company is a financial holding company and the parent of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, and Route 26 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, and Eldersburg. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group\u2019s Pink Market under the symbol \u201cFMFG\u201d.<\/p>\n

\n
\n Forward-Looking Statements<\/u>
\n <\/strong>\n <\/p>\n

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 \u201canticipate,\u201d \u201cestimate,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d and similar expressions. Although these statements reflect management\u2019s 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 \u201cRisk Factors\u201d.<\/p>\n\n\n\n\n\n\n
\n FOR FURTHER INFORMATION CONTACT:<\/u>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Contact:<\/td>\nMr. James R. Bosley, Jr.<\/td>\n<\/tr>\n
\u00a0<\/td>\nPresident<\/td>\n<\/tr>\n
\u00a0<\/td>\n(410) 374-1510, ext.104<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Farmers and Merchants Bancshares, Inc. and Subsidiaries<\/strong>
\n
Consolidated Balance Sheets<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nMarch 31,<\/td>\n\u00a0<\/td>\nDecember 31,<\/td>\n<\/tr>\n
\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n2020<\/td>\n<\/tr>\n
\u00a0<\/td>\n(Unaudited)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and due from banks<\/td>\n$<\/td>\n41,378,357<\/td>\n\u00a0<\/td>\n$<\/td>\n39,898,557<\/td>\n<\/tr>\n
Federal funds sold and other interest-bearing deposits<\/td>\n\u00a0<\/td>\n535,535<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,077,113<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash and cash equivalents<\/td>\n\u00a0<\/td>\n41,913,892<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,975,670<\/td>\n<\/tr>\n
Certificates of deposit in other banks<\/td>\n\u00a0<\/td>\n350,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n850,000<\/td>\n<\/tr>\n
Securities available for sale<\/td>\n\u00a0<\/td>\n74,849,166<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54,477,286<\/td>\n<\/tr>\n
Securities held to maturity<\/td>\n\u00a0<\/td>\n21,945,447<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,078,519<\/td>\n<\/tr>\n
Equity security at fair value<\/td>\n\u00a0<\/td>\n545,713<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n552,566<\/td>\n<\/tr>\n
Restricted stock, at cost<\/td>\n\u00a0<\/td>\n675,400<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n900,500<\/td>\n<\/tr>\n
Mortgage loans held for sale<\/td>\n\u00a0<\/td>\n1,682,700<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,673,350<\/td>\n<\/tr>\n
Loans, less allowance for loan losses of $3,423,088 and $3,296,538<\/td>\n\u00a0<\/td>\n519,239,304<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n521,690,514<\/td>\n<\/tr>\n
Premises and equipment<\/td>\n\u00a0<\/td>\n6,343,681<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,736,556<\/td>\n<\/tr>\n
Accrued interest receivable<\/td>\n\u00a0<\/td>\n1,883,128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,057,491<\/td>\n<\/tr>\n
Deferred income taxes<\/td>\n\u00a0<\/td>\n1,464,784<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,219,668<\/td>\n<\/tr>\n
Other real estate owned<\/td>\n\u00a0<\/td>\n1,411,605<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,411,605<\/td>\n<\/tr>\n
Bank owned life insurance<\/td>\n\u00a0<\/td>\n15,067,461<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,297,342<\/td>\n<\/tr>\n
Goodwill and other intangibles<\/td>\n\u00a0<\/td>\n7,057,326<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,059,408<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n1,952,747<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,336,607<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n696,382,354<\/td>\n\u00a0<\/td>\n$<\/td>\n677,317,082<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Liabilities and Stockholders’ Equity<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deposits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Noninterest-bearing<\/td>\n$<\/td>\n121,925,868<\/td>\n\u00a0<\/td>\n$<\/td>\n103,155,113<\/td>\n<\/tr>\n
\u00a0\u00a0Interest-bearing<\/td>\n\u00a0<\/td>\n481,315,407<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n470,246,434<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total deposits<\/td>\n\u00a0<\/td>\n603,241,275<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n573,401,547<\/td>\n<\/tr>\n
Securities sold under repurchase agreements<\/td>\n\u00a0<\/td>\n12,648,269<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,753,972<\/td>\n<\/tr>\n
Federal Home Loan Bank of Atlanta advances<\/td>\n\u00a0<\/td>\n5,000,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,000,000<\/td>\n<\/tr>\n
Long-term debt<\/td>\n\u00a0<\/td>\n16,974,687<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,973,280<\/td>\n<\/tr>\n
Accrued interest payable<\/td>\n\u00a0<\/td>\n357,961<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n409,622<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n5,046,750<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,049,178<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n643,268,942<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n625,587,599<\/td>\n<\/tr>\n
Stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Common stock, par value $.01 per share,<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0authorized 5,000,000 shares; issued and outstanding<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a03,011,255 shares in 2021 and 2020<\/td>\n\u00a0<\/td>\n30,113<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,113<\/td>\n<\/tr>\n
\u00a0\u00a0Additional paid-in capital<\/td>\n\u00a0<\/td>\n28,294,139<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,294,139<\/td>\n<\/tr>\n
\u00a0\u00a0Retained earnings<\/td>\n\u00a0<\/td>\n24,728,529<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,698,954<\/td>\n<\/tr>\n
\u00a0\u00a0Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n60,631<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n706,277<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n53,113,412<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,729,483<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n696,382,354<\/td>\n\u00a0<\/td>\n$<\/td>\n677,317,082<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n <\/strong>\n <\/p>\n

\n Farmers and Merchants Bancshares, Inc. and Subsidiaries<\/strong>
\n
Consolidated Statements of Income
(Unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nThree Months Ended March 31,<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a02021<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a02020<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Loans, including fees<\/td>\n$<\/td>\n5,984,657<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,322,654<\/td>\n<\/tr>\n
\u00a0\u00a0Investment securities – taxable<\/td>\n\u00a0<\/td>\n211,224<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n210,506<\/td>\n<\/tr>\n
\u00a0\u00a0Investment securities – tax exempt<\/td>\n\u00a0<\/td>\n160,574<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n144,084<\/td>\n<\/tr>\n
\u00a0\u00a0Federal funds sold and other interest earning assets<\/td>\n\u00a0<\/td>\n14,137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,792<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total interest income<\/td>\n\u00a0<\/td>\n6,370,592<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,710,036<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Deposits<\/td>\n\u00a0<\/td>\n595,520<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n906,199<\/td>\n<\/tr>\n
\u00a0\u00a0Securities sold under repurchase agreements<\/td>\n\u00a0<\/td>\n13,511<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,194<\/td>\n<\/tr>\n
\u00a0\u00a0Federal Home Loan Bank advances and other borrowings<\/td>\n\u00a0<\/td>\n188,106<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n109<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total interest expense<\/td>\n\u00a0<\/td>\n797,137<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n944,502<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Net interest income<\/td>\n\u00a0<\/td>\n5,573,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,765,534<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for loan losses<\/td>\n\u00a0<\/td>\n120,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n125,000<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Net interest income after provision for loan losses<\/td>\n\u00a0<\/td>\n5,453,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,640,534<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Service charges on deposit accounts<\/td>\n\u00a0<\/td>\n159,191<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n158,555<\/td>\n<\/tr>\n
\u00a0\u00a0Mortgage banking income<\/td>\n\u00a0<\/td>\n256,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62,257<\/td>\n<\/tr>\n
\u00a0\u00a0Bank owned life insurance income<\/td>\n\u00a0<\/td>\n70,119<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42,012<\/td>\n<\/tr>\n
\u00a0\u00a0Unrealized gain (loss) on equity security<\/td>\n\u00a0<\/td>\n(100<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,510<\/td>\n<\/tr>\n
\u00a0\u00a0Gain on sale of former branch office<\/td>\n\u00a0<\/td>\n37,613<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n<\/tr>\n
\u00a0\u00a0Other fees and commissions<\/td>\n\u00a0<\/td>\n33,855<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,668<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total noninterest income<\/td>\n\u00a0<\/td>\n556,945<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n302,002<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Salaries<\/td>\n\u00a0<\/td>\n1,626,338<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,354,919<\/td>\n<\/tr>\n
\u00a0\u00a0Employee benefits<\/td>\n\u00a0<\/td>\n472,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n447,104<\/td>\n<\/tr>\n
\u00a0\u00a0Occupancy<\/td>\n\u00a0<\/td>\n250,212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n183,152<\/td>\n<\/tr>\n
\u00a0\u00a0Furniture and equipment<\/td>\n\u00a0<\/td>\n196,683<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n160,449<\/td>\n<\/tr>\n
\u00a0\u00a0Acquisition<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n179,824<\/td>\n<\/tr>\n
\u00a0\u00a0Other<\/td>\n\u00a0<\/td>\n849,003<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n620,865<\/td>\n<\/tr>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total noninterest expense<\/td>\n\u00a0<\/td>\n3,395,124<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,946,313<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\u00a0<\/td>\n2,615,276<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n996,223<\/td>\n<\/tr>\n
Income taxes<\/td>\n\u00a0<\/td>\n585,701<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n152,916<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n2,029,575<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n843,307<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per share – basic and diluted<\/td>\n$<\/td>\n0.67<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.28<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

HAMPSTEAD, Md., April 15, 2021 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the \u201cCompany\u201d), the parent of Farmers and Merchants Bank (the \u201cBank\u201d), announced that net income for the three months ended March 31, 2021 was $2,029,575, or $0.67 per common share, both all-time quarterly records, compared to $843,307, or $0.28 per common share, for the same period in 2020. The primary driver of the significant increase in net income was the acquisition of Carroll Bancorp, Inc. and its subsidiary, Carroll Community Bank (collectively, \u201cCarroll\u201d), that was completed in the fourth quarter of 2020. Also, income from Paycheck Protection Program (\u201cPPP\u201d) loans added approximately $369,000 to net income. The Company incurred significant one-time costs during 2020 in connection with … <\/p>\n

Continue reading “Farmers and Merchants Bancshares, Inc. Reports Record Earnings of $2,029,575 or $0.67 Per Share For the Three Months Ended March 31, 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476892","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nFarmers and Merchants Bancshares, Inc. 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