Farmers & Merchants Bancshares, Inc. (FMFG) Financial Statements (2024 and earlier)

Company Profile

Business Address 4510 LOWER BECKLEYSVILLE ROAD
HAMPSTEAD, MD 21074
State of Incorp. MD
Fiscal Year End December 31
Industry (SIC) 6036 - Savings Institutions, Not Federally Chartered (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments45,0127,00426,15341,3017,29712,084
Cash and cash equivalents44,5046,51525,60940,7496,76411,581
Short-term investments507489544553532504
Financing receivable, accrued interest, after allowance for credit loss 1,539   
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss 122   
Total current assets:46,6737,00426,15341,3017,29712,084
Noncurrent Assets
Property, plant and equipment6,5836,1876,2597,7375,0375,075
Intangible assets, net (including goodwill), including:7,0347,0437,0517,059  
Goodwill6,9786,9786,9786,978  
Other undisclosed intangible assets, net (including goodwill)56657381  
Deferred income tax assets8,3128,3932,1771,2201,036
Total noncurrent assets:21,93021,62215,48816,0166,0735,075
Other undisclosed assets731,338689,585675,037620,000428,846399,998
TOTAL ASSETS:799,941718,211716,677677,317442,215417,158
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt6,7605,1755,41424,75410,95811,012
Total current liabilities:6,7605,1755,41424,75410,95811,012
Noncurrent Liabilities
Other undisclosed liabilities741,002665,260654,642600,834381,803360,751
Total liabilities:747,763670,436660,056625,588392,762371,763
Equity
Equity, attributable to parent52,17847,77556,62151,72949,45445,395
Common stock313130303017
Additional paid in capital30,39829,55028,85728,29427,81327,325
Accumulated other comprehensive income (loss)(17,684)(17,106)(1,395)70643(568)
Retained earnings39,43335,30029,12922,69921,56818,621
Total equity:52,17847,77556,62151,72949,45445,395
TOTAL LIABILITIES AND EQUITY:799,941718,211716,677677,317442,215417,158

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues30,60426,27525,62420,81218,34417,583
Net investment income30,58426,11725,61520,68718,34417,583
Cost of revenue  (475)(330)(200)(179)(48)
Provision for loan, lease, and other losses  (475)(330)   
Policyholder benefits and claims incurred, net    (200)(179)(48)
Gross profit:30,60425,80025,29420,61218,16617,535
Operating expenses(1,783)(1,370)(1,598)(5,316)(2,106)(1,958)
Operating income:28,82124,43023,69615,29616,06015,577
Nonoperating income
(Bank Owned Life Insurance Income)
345229230188  
Interest and debt expense(9,907)(2,146)(2,805)(3,459)(3,680)(2,507)
Other undisclosed loss from continuing operations before equity method investments, income taxes    (8,856)(6,780)(7,251)
Income from continuing operations before equity method investments, income taxes:19,25922,51321,1213,1695,6005,819
Other undisclosed loss from continuing operations before income taxes(10,823)(11,938)(10,539)   
Income from continuing operations before income taxes:8,43610,57510,5823,1695,6005,819
Income tax expense(2,017)(2,485)(2,433)(487)(1,039)(1,106)
Income from continuing operations:6,4188,0908,1502,6824,5614,713
Income before gain (loss) on sale of properties:8,1502,6824,5614,713
Net income available to common stockholders, diluted:6,4188,0908,1502,6824,5614,713

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:6,4188,0908,1502,6824,5614,713
Other comprehensive income (loss)588(21,675)(2,899)   
Comprehensive income (loss):7,006(13,585)5,2512,6824,5614,713
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(1,166)5,965798664611(185)
Comprehensive income (loss), net of tax, attributable to parent:5,840(7,621)6,0483,3465,1724,528

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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