Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
October 22, 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 EARNINGS OF $1.19 PER SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

 

HAMPSTEAD, MARYLAND (October 22, 2019) – Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the nine months ended September 30, 2019 was $3,500,018, or $1.19 per common share, compared to $3,575,871, or $1.22 per common share, for the same period in 2018. The Company’s return on average equity during the nine months ended September 30, 2019 was 9.84% compared to 11.02% for the same period in 2018. The Company’s return on average assets during the nine months ended September 30, 2019 was 1.09% compared to 1.16% for the same period in 2018.

 

On September 16, 2019, the Board of Directors of the Company declared a 75% stock dividend payable on October 31, 2019. All per share information has been adjusted to give effect to that stock dividend.

 

Net interest income for the nine months ended September 30, 2019 was $164,404 lower than for the same period in 2018 due to a decline in the taxable equivalent net yield on interest earning assets to 3.69% in the 2019 period from 3.88% in the 2018 period, offset by a $14.7 increase in interest earning assets to $409.8 million for the nine months ended September 30, 2019 as compared to $395.1 million for the same period in 2018. Despite the recent Federal Reserve rate cuts, the net yield continues to decline as our cost of deposits and borrowings have increased 36 basis points to 1.14% for the nine months ended September 30, 2019 from 0.78% for the same period in 2018 while the yield on loans and investments has increased only 10 basis points to 4.58% for the nine months ended September 30, 2019 from 4.48% for the same in 2018.

 

Noninterest income increased by $204,565 in the nine months ended September 30, 2019 when compared to the same period in 2018 primarily as a result of a $75,710 increase in gains on the sale of SBA loans and a $200,567 increase in bank owned life insurance income due to proceeds received from a policy, offset by a $154,800 write-down of other real estate owned (“OREO”) that was required by law due to the length of time that the OREO has been held. Noninterest expense was $192,180 higher in the nine months ended September 30, 2019 when compared to the same period in 2018 due primarily to usual salary increases of $101,027, an increase in occupancy costs of $59,118, and an increase in other expenses of $57,769. Income taxes declined by $51,166 during the nine months ended September 30, 2019 when compared to the same period in 2018 due to lower income before taxes and a higher percentage of tax exempt revenue.

 

 

The following information was filed by Farmers Merchants Bancshares, Inc. on Tuesday, October 22, 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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