Farmers and Merchants Bancshares, Inc. Reports Earnings of $0.90 Per Share for the Year Ended December 31, 2020
Farmers and Merchants Bancshares reported a net income of $2.68 million or $0.90 per share for the year ending December 31, 2020, down from $4.56 million or $1.54 per share in 2019. For Q4 2020, net income was $417,394 or $0.14 per share, compared to $1.06 million or $0.36 in Q4 2019. The company completed its acquisition of Carroll Bancorp on October 1, 2020, incurring significant one-time costs of approximately $3.24 million for the year. This impacted profitability metrics.
- None.
- Net income decreased by 41% year-over-year for 2020.
- Significant one-time acquisition costs of $3.24 million adversely affected profitability.
- Q4 net income showed a decrease of 60% compared to Q4 2019.
HAMPSTEAD, Md., Feb. 08, 2021 (GLOBE NEWSWIRE) -- Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the year ended December 31, 2020 was
| Carroll Community Bank | |||||||
| Balance Sheet at Acquisition on October 1, 2020 | |||||||
| Book value | Fair value | ||||||
| Cash | $ | 5,441,610 | $ | 5,441,610 | |||
| Investment securities | 14,540,495 | 14,599,320 | |||||
| Loans held for sale | 1,702,950 | 1,743,195 | |||||
| Loans | 145,153,100 | 145,080,950 | |||||
| Premises and equipment | 2,619,413 | 2,684,240 | |||||
| Other real estate owned | 1,411,605 | 1,411,605 | |||||
| Other assets | 5,290,399 | 5,388,546 | |||||
| Goodwill and other intangibles | - | 7,061,490 | |||||
| Total assets | $ | 176,159,572 | $ | 183,410,956 | |||
| Deposits | $ | 145,177,501 | $ | 145,793,878 | |||
| FHLB advances | 13,000,000 | 13,000,000 | |||||
| Other liabilities | 93,828 | 88,710 | |||||
| Total liabilities | 158,271,329 | 158,882,588 | |||||
| Stockholders' equity | 17,888,243 | 24,528,368 | |||||
| Total liabilities and stockholders equity | $ | 176,159,572 | $ | 183,410,956 | |||
The Company incurred significant one-time costs of
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||
| Excluding | Excluding | |||||||||||||||||
| As Reported | Acquisition Costs | As Reported | As Reported | Acquisition Costs | As Reported | |||||||||||||
| Income before income taxes | $ | 444,255 | $ | 2,068,751 | $ | 1,315,612 | $ | 3,169,214 | $ | 6,406,031 | $ | 5,600,138 | ||||||
| Income taxes | 26,861 | 443,571 | 254,826 | 487,211 | 1,292,806 | 1,039,334 | ||||||||||||
| Net income | $ | 417,394 | $ | 1,625,180 | $ | 1,060,786 | $ | 2,682,003 |
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FAQ
What was Farmers and Merchants Bancshares' net income for the year 2020?
Farmers and Merchants Bancshares reported a net income of $2.68 million for the year ended December 31, 2020.
How much did the company's earnings per share decline in 2020?
Earnings per share declined from $1.54 in 2019 to $0.90 in 2020.
What were the one-time costs incurred by Farmers and Merchants Bancshares in 2020?
The company incurred approximately $3.24 million in one-time acquisition costs during 2020.
When did Farmers and Merchants Bancshares acquire Carroll Bancorp?
The acquisition of Carroll Bancorp was completed on October 1, 2020.
FARMERS & MER BANCSHARES
OTC:FMFGFMFG RankingsFMFG Latest NewsFMFG Stock Data
47.17M
2.55M
18.88%
1.59%
Banks - Regional
Financial Services
United States of America
Hampstead
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