Tue, May 14, 7:47 PM (73 days ago)
Farmers and Merchants Bancshares, Inc. reported a decrease in total assets by $5.3 million to $794.6 million as of March 31, 2024, primarily due to a $19.1 million decrease in cash and cash equivalents and a $1.9 million decrease in debt securities, offset by a $13.8 million increase in loans. Liabilities decreased by $6.2 million to $741.5 million, driven by a $25.0 million decrease in deposits, partially offset by a $21.0 million increase in Federal Reserve Bank advances. Stockholders’ equity increased by $0.9 million to $53.1 million, mainly due to net income of $1.2 million. Net income for Q1 2024 was $1.2 million, down from $1.9 million in Q1 2023, primarily due to a $482,812 decrease in net interest income and a $355,032 increase in noninterest expense. Net interest income decreased to $5.2 million, impacted by higher interest expenses on deposits and borrowings due to Federal Reserve rate hikes. Noninterest income rose by $122,001, driven by gains on insurance proceeds. Noninterest expense increased mainly due to higher salaries, benefits, and professional fees. The allowance for credit losses on loans increased slightly to $4.3 million, with loans increasing by $13.8 million. The company maintains adequate liquidity sources, including substantial borrowing capacities with the FHLB and the Federal Reserve Bank.