Exhibit 99.1

 

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FOR IMMEDIATE RELEASE   FOR FURTHER INFORMATION CONTACT:
February 8, 2021    
     
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 $0.90 PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2020

 

HAMPSTEAD, MARYLAND (February 8, 2021) – Farmers and Merchants Bancshares, Inc. (the “Company”), the parent of Farmers and Merchants Bank (the “Bank”), announced that net income for the year ended December 31, 2020 was $2,682,003, or $0.90 per common share, compared to $4,560,804, or $1.54 per common share, for the year ended December 31, 2019. Net income for the three months ended December 31, 2020 was $417,394, or $0.14 per common share, compared to $1,060,786, or $0.36 per common share, for the three months ended December 31, 2019. On October 1, 2020, the Company consummated its previously-announced acquisition of Carroll Bancorp, Inc. and Carroll Community Bank (collectively “Carroll”).

 

Carroll Community Bank

 

Balance Sheet at Acquisition on October 1, 2020

 
                 
   

Book value

   

Fair value

 
                 

Cash

  $ 5,441,610     $ 5,441,610  

Investment securities

    14,540,495       14,599,320  

Loans held for sale

    1,702,950       1,743,195  

Loans

    145,153,100       145,080,950  

Premises and equipment

    2,619,413       2,684,240  

Other real estate owned

    1,411,605       1,411,605  

Other assets

    5,290,399       5,388,546  

Goodwill and other intangibles

    -       7,061,490  
                 

Total assets

  $ 176,159,572     $ 183,410,956  
                 

Deposits

  $ 145,177,501     $ 145,793,878  

FHLB advances

    13,000,000       13,000,000  

Other liabilities

    93,828       88,710  
                 

Total liabilities

    158,271,329       158,882,588  
                 

Stockholders' equity

    17,888,243       24,528,368  
                 

Total liabilities and stockholders equity

  $ 176,159,572     $ 183,410,956  

 

 

The following information was filed by Farmers Merchants Bancshares, Inc. on Monday, February 8, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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