Farmers and Merchants Bancshares, Inc. (FMFG)

FMFG Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	34.89	30.34	25.73	22.57	23.49	19.29
Interest Income on Investments	6.52	8.03	5.59	3.7	2.19	1.47
Total Interest Income	41.41	38.36	31.32	26.27	25.68	20.76
Interest Paid on Deposits	16.94	14.52	7.97	1.38	2	3.13
Interest Paid on Borrowings	1.19	3.01	1.94	0.77	0.81	0.33
Total Interest Expense	18.13	17.53	9.91	2.15	2.81	3.46
Net Interest Income	23.28	20.84	21.42	24.12	22.88	17.3
Net Interest Income Growth (YoY)	12.51%	-2.71%	-11.22%	5.46%	32.19%	15.19%
Mortgage Banking Activities	0.19	0.11	0.1	0.21	0.91	1.02
Gain (Loss) on Sale of Assets	-	-0.01	-	-	-	-
Gain (Loss) on Sale of Investments	-0.02	-0.02	0.01	-0.06	-0.01	0.01
Other Non-Interest Income	0.98	0.71	0.67	0.53	0.53	0.46
Total Non-Interest Income	1.87	1.61	1.59	1.62	2.17	2.07
Non-Interest Income Growth (YoY)	16.64%	1.45%	-2.07%	-25.18%	4.53%	38.74%
Revenues Before Loan Losses	25.15	22.45	23	25.74	25.04	19.38
Provision for Loan Losses	0.75	0.15	-0.57	0.48	0.33	0.63
Revenue	24.41	22.3	23.57	25.27	24.71	18.75
Revenue Growth (YoY)	9.47%	-5.42%	-6.71%	2.26%	31.78%	13.81%
Salaries and Employee Benefits	10.63	10.01	9.5	9.66	8.93	7.8
Occupancy Expenses	0.09	-	-	-	-	-
Federal Deposit Insurance	0.65	0.39	0.34	0.18	0.31	0.2
Selling, General & Administrative	4.68	4.43	3.59	3.64	2.91	2.54
Other Non-Interest Expense	2.16	2.02	1.95	1.86	1.64	1.57
Total Non-Interest Expense	18.33	16.93	15.14	15.37	13.98	12.15
EBT Excluding Unusual Items	6.08	5.37	8.43	9.9	10.73	6.61
Other Unusual Items	-	-	-	-	-0.15	-0.2
Pretax Income	6.22	5.51	8.44	10.58	10.58	3.17
Income Tax Expense	1.3	1.23	2.02	2.49	2.43	0.49
Net Income	4.93	4.28	6.42	8.09	8.15	2.68
Net Income to Common	4.93	4.28	6.42	8.09	8.15	2.68
Net Income Growth	1.86%	-33.34%	-20.67%	-0.73%	203.86%	-41.20%
Basic Shares Outstanding	3	3	3	3	3	3
Diluted Shares Outstanding	3	3	3	3	3	3
Shares Change (YoY)	1.29%	1.52%	1.30%	0.94%	1.14%	1.05%
EPS (Basic)	1.56	1.37	2.08	2.66	2.70	0.90
EPS (Diluted)	1.56	1.37	2.08	2.66	2.70	0.90
EPS Growth	0.47%	-34.35%	-21.68%	-1.65%	200.42%	-41.81%
Dividend Per Share	0.340	0.670	0.660	0.630	0.570	0.520
Dividend Growth	-48.48%	1.52%	4.76%	10.53%	9.62%	1.96%
Effective Tax Rate	20.83%	22.35%	23.91%	23.50%	22.99%	15.37%

Source: S&P Global Market Intelligence. Banks template. Financial Sources.