Farmers and Merchants Bancshares Inc (MD) (FMFG) reports earnings
The report was filed on March 13, 2025
Farmers and Merchants Bancshares Inc (MD) (FMFG) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
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The filing details that total assets increased to $844.6 million, a 5.6% rise from the previous year, primarily due to a $59.7 million increase in loans and a $20.0 million increase in cash and cash equivalents.
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Total liabilities also increased by 5.4% to $788.4 million, driven by a $77.8 million increase in deposits, offset by a decrease in Federal Reserve Bank advances and other borrowings.
Stockholders' equity rose to $56.3 million, reflecting an increase of $4.1 million, which was attributed to net income and a decrease in unrealized losses on securities.
The company's net income for 2024 was reported at $4.3 million, down from $6.4 million in 2023. This decrease was primarily due to a reduction in net interest income and an increase in noninterest expenses.
Net interest income decreased by $0.6 million to $20.8 million, influenced by a 102 basis point increase in the cost of interest-bearing liabilities.
Noninterest income increased slightly to $1.7 million, with gains in insurance proceeds and service charges offset by losses in securities sales and other areas.
Noninterest expenses rose by $1.8 million, primarily due to increased salaries, benefits, and occupancy costs, as well as higher professional fees.
The allowance for credit losses remained stable at $4.3 million, with the company reporting net loan charge-offs of $138.0 thousand for the year.
The company's capital ratios indicate it remains well-capitalized under regulatory requirements, with a total capital ratio of 12.37% and a Tier 1 leverage ratio of 9.12%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Farmers and Merchants Bancshares Inc (MD) annual 10-K report dated March 13, 2025. To report an error, please email [email protected].