Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

FOR FURTHER INFORMATION CONTACT:

April 23, 2019

 
   

Farmers and Merchants Bancshares, Inc.

Contact:     Mr. James R. Bosley, Jr.

4510 Lower Beckleysville Rd, Suite H

President

Hampstead, Maryland  21074

410-374-1510, ext. 104

 

 

FARMERS AND MERCHANTS BANCSHARES, INC. REPORTS 2019 FIRST QUARTER EARNINGS OF $0.65 PER SHARE

 

HAMPSTEAD, MARYLAND (April 23, 2019) – Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the three months ended March 31, 2019 was $1,096,287, or $0.65 per share, compared to $1,122,118, or $0.67 per share, for the same period in 2018, a decrease of $25,831 or 2%.

 

Net interest income for the three months ended March 31, 2019 was $4,168 higher than the same period last year due to a $13 million increase in average interest-earning assets, offset by a decline in the taxable equivalent net yield on interest earning assets to 3.73%, from 3.87% for the first quarter of 2018. The provision for loan losses decreased by $37,000 to $13,000 for the three months ended March 31, 2019 when compared to $50,000 recorded for the same period last year. Noninterest income increased by $52,116, primarily as a result of the gain on the sale of SBA loans. Noninterest expense increased by $125,996 in the first quarter of 2019 when compared to the same period last year due to usual salary increases and related employee benefit costs, higher occupancy costs, and higher other costs which are primarily professional fees. Income taxes were $6,881 lower for the quarter ended March 31, 2019 when compared to the same quarter in 2018.

 

The Company’s return on average equity during the first quarter of 2019 was 9.49%, compared to 10.58% during the first quarter of 2018. The Company’s return on average assets was 1.05% in 2019, compared to 1.11% during the same period last year.

 

Total assets at March 31, 2019 were $428 million, an increase of $11 million from the $417 million recorded at December 31, 2018. The loan portfolio decreased by $6 million to $335 million at March 31, 2019 from $341 million at December 31, 2018. Deposits increased by $10 million to $365 million at March 31, 2019 from $355 million at the end of 2018. The book value of the common stock of the Company was $27.75 per share at March 31, 2019, compared to $26.97 per share at the end of 2018.

 

James R. Bosley, Jr., President and CEO, commented “We are pleased to start 2019 with strong earnings despite continuing pressure on our interest margin. During 2019, please join us as will celebrate the Bank’s 100th year. We’d like to thank our founders, directors, employees and especially our customers and the communities we serve for helping us reach this milestone.”

 

 

The following information was filed by Farmers Merchants Bancshares, Inc. on Tuesday, April 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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