Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
April 27, 2020    
     
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 $0.28 PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 2020

 

HAMPSTEAD, MARYLAND (April 27, 2020) – 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, 2020 was $843,307, or $0.28 per common share, compared to $1,096,287, or $0.37 per common share, for the same period in 2019. As previously announced, the Company entered into a definitive agreement on March 6, 2020 to acquire Carroll Bancorp, Inc. Significant one-time costs will be incurred in connection with the acquisition. During the three months ended March 31, 2020, the Company incurred $179,824 of such costs. The table below provides a comparison of the Company’s results with and without the acquisition costs and the prior year.

 

   

Three Months Ended

 
   

March 31, 2020

   

March 31, 2019

 
           

Excluding

         
   

As Reported

   

Acquisition Costs

   

As Reported

 
                         

Income before taxes

  $ 996,223     $ 1,176,047     $ 1,350,263  

Income taxes

    152,916       202,399       253,976  

Net income

  $ 843,307     $ 973,648     $ 1,096,287  

Earnings per share

  $ 0.28     $ 0.33     $ 0.37  

Return on average assets

    0.75 %     0.87 %     1.05 %

Return on average equity

    6.72 %     7.76 %     9.49 %

 

Net interest income for the three months ended March 31, 2020 was $39,381 higher than for the same period in 2019 due to a $28.2 increase in interest earning assets to $430.0 million for the three months ended March 31, 2020 as compared to $401.8 million for the same period in 2019, offset by a decline in the taxable equivalent net yield on interest earning assets to 3.54% in the 2020 period from 3.73% in the 2019 period. The net yield declined because the yield on loans and investments decreased 13 basis points to 4.42% for the three months ended March 31, 2020 from 4.55% for the same period in 2019 as a result of the Federal Reserve rate cuts. Additionally, while our cost of deposits and borrowings of 1.13% for the three months ended March 31, 2020 is lower than the previous three quarters, it is still higher than the cost of 1.06% for the three months ended March 31, 2019. We expect the cost of funds to continue to decline over the remainder of 2020 since we have significantly reduced rates on many of our deposit products. The provision for loan losses totaled $125,000 for the three months ended March 31, 2020, an increase of $112,000 over the same period in 2019 as a result of the economic downturn caused by the COVID-19 pandemic.

 

 

The following information was filed by Farmers Merchants Bancshares, Inc. on Monday, April 27, 2020 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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