Farmers and Merchants Bancshares, Inc. Reports Earnings of $2,298,496 or $0.74 per Share for the Six Months Ended June 30, 2024

HAMPSTEAD, Md., July 22, 2024 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the six months ended June 30, 2024 was $2,298,496 , or $0.74 per common share (basic and diluted), compared to $3,570,968, or $1.16 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last two years was the primary reason for the decline in net income. The Company’s return on average equity during the six months ended June 30, 2024 was 8.81% compared to 14.34% for the same period in 2023. The Company’s return on average assets during the six months ended June 30, 2024 was 0.58% compared to 0.99% for the same period in 2023.

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