FARMERS & MER BANCSHARES - FMFG STOCK NEWS

Farmers and Merchants Bancshares reported record net income of $8,149,606 ($2.70 per share) for 2021, up from $2,682,003 ($0.90 per share) in 2020. The increase was primarily driven by the acquisition of Carroll Bancorp and income from PPP loans, contributing approximately $802,000. Assets grew to $717 million, with deposits increasing to $626 million. However, the company anticipates that PPP loan earnings will decrease by at least 75% in 2022, impacting future results.

Farmers and Merchants Bancshares announces the retirement of President & CEO James R. Bosley, effective December 31, 2022. Bosley has led the company for 27 years, contributing to its growth as a relationship-focused community bank. The Board has engaged Kaplan Partners to find his successor while Bosley remains in his role during the transition. Founded in 1919 and headquartered in Hampstead, Maryland, Farmers and Merchants Bank continues to emphasize localized banking services.

Farmers and Merchants Bancshares has declared a cash dividend of $.29 per share, payable on December 17, 2021, to shareholders on record as of December 3, 2021. This marks a 2.4% yield based on a current market value of $23.60 per share, with a 9.6% increase over the $.52 dividend in 2020. The annual dividend has risen for 11 consecutive years, demonstrating a consistent return for shareholders.

Farmers and Merchants Bancshares reported record net income of $6.18 million, or $2.05 per share, for the nine months ending September 30, 2021, a significant increase from $2.26 million, or $0.76 per share in 2020. The growth is attributed to the acquisition of Carroll Bancorp and income from Paycheck Protection Program (PPP) loans, contributing $679,000 to net income. The bank's assets grew to $717 million, and total deposits rose to $622 million. However, a decrease in loan amounts and the eventual decline of PPP income may impact future performance.

Farmers and Merchants Bancshares reported a record net income of $4,061,794 for the first half of 2021, translating to $1.35 per share, a significant increase from $1,879,362 or $0.63 per share in 2020. This growth was largely attributed to the acquisition of Carroll Bancorp and income from PPP loans, which contributed approximately $507,000. Quarterly net income for Q2 2021 also hit a record of $2,032,219.

The company's total assets reached $707 million as of June 30, 2021, reflecting a robust increase compared to previous periods.

The Board of Directors of Farmers and Merchants Bancshares declared a cash dividend of $.28 per share, payable on June 25, 2021, to shareholders of record on June 4, 2021. This dividend represents a $.02 increase from the previous dividend paid in December 2020. The bank has successfully maintained or increased its semi-annual dividend for 23 consecutive periods since June 2010. Farmers and Merchants Bancshares, the parent company of Farmers and Merchants Bank, offers various financial services in Maryland.

Farmers and Merchants Bancshares reported a record net income of $2,029,575 ($0.67 per share) for Q1 2021, a significant increase from $843,307 ($0.28 per share) in Q1 2020, driven by the acquisition of Carroll Bancorp. Net interest income rose by $1,807,921, aided by a $225.4 million increase in average interest earning assets. Despite a slight decline in loans to $519 million, total assets increased to $696 million. Noninterest income grew by $254,943, while noninterest expenses rose due to the acquisition. The company has also provided $59 million in PPP loans.

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.

Farmers and Merchants Bancshares has completed its acquisition of Carroll Community Bank, enhancing its market presence in Maryland. The integration process will begin with a systems conversion planned for December 2020, after which Carroll's branding will transition to Farmers and Merchants. CEO James R. Bosley Jr. expressed enthusiasm for the merger, highlighting its potential to improve service offerings and investment in local communities. With over 100 years of service, Farmers and Merchants aims to strengthen its operations across Carroll and Baltimore Counties.