Ownership / Farmers and Merchants Bancshares, Inc. | Tables in SEC filings

FMFG Farmers and Merchants Bancshares, Inc.

Quarterly report

Consolidated Balance Sheets

	September 30,		December 31,
	2024		2023 *
	(Unaudited)
Assets

Cash and due from banks	$	16,271,388	$	44,404,473
Federal funds sold and other interest-bearing deposits		570,479		285,864
Cash and cash equivalents		16,841,867		44,690,337
Certificates of deposit in other banks		100,000		100,000
Securities available for sale, at fair value		159,499,031		164,084,673
Securities held to maturity, at amortized cost (allowance for credit losses of $36,894 and $35,627)		20,197,994		20,163,622
Equity security, at fair value		531,958		507,130
Restricted stock, at cost		1,016,000		863,500
Mortgage loans held for sale		759,200		-
Loans, less allowance for credit losses of $4,190,882 and $4,285,247		571,562,379		523,308,044
Premises and equipment, net		7,441,171		6,583,452
Accrued interest receivable		2,362,330		2,180,734
Deferred income taxes, net		6,736,681		8,312,482
Other real estate owned, net		1,226,245		1,242,365
Bank owned life insurance		15,218,368		14,930,754
Goodwill and other intangibles, net		7,028,178		7,034,424
Other assets		7,009,579		5,939,309
	$	817,530,981	$	799,940,826

Liabilities and Stockholders' Equity

Deposits
Noninterest-bearing	$	108,442,303	$	115,284,706
Interest-bearing		565,302,419		565,678,145
Total deposits		673,744,722		680,962,851
Securities sold under repurchase agreements		2,885,496		6,760,493
Federal Home Loan Bank of Atlanta advances		5,000,000		5,000,000
Federal Reserve Bank advances		54,000,000		33,000,000
Long-term debt, net of issuance costs		11,799,931		13,212,378
Accrued interest payable		2,581,429		1,482,773
Other liabilities		8,357,055		7,344,040
		758,368,633		747,762,535
Stockholders' equity
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,145,974 and 3,116,966 shares in 2024 and 2023, respectively		31,460		31,170
Additional paid-in capital		30,837,137		30,398,080
Retained earnings		41,826,204		39,433,185
Accumulated other comprehensive loss		(13,532,453)		(17,684,144)
		59,162,348		52,178,291
	$	817,530,981	$	799,940,826

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

Net income	$	1,123,127	$	1,432,139	$	3,421,623	$	5,003,107

Other comprehensive income (loss), net of income taxes:

Securities available for sale
Net unrealized gain (loss) arising during the period		6,737,446		(4,197,837)		6,175,569		(5,522,111)
Reclassification adjustment for realized losses included in net income		-		-		31,922		-
Total unrealized gain (loss) on investment securities available for sale		6,737,446		(4,714,647)		6,207,491		(5,522,111)
Income tax (expense) benefit		(1,853,977)		1,297,353		(1,708,146)		1,519,547
Net unrealized gain (loss) on investment securities available for sale		4,883,469		(3,417,294)		4,499,345		(4,002,564)

Total unrealized (loss) gain on derivatives		(1,919,944)		516,810		(479,638)		578,275
Income tax benefit (expense)		528,368		(142,213)		131,984		(159,127)

Net unrealized (loss) gain on derivatives		(1,391,576)		374,597		(347,654)		419,148

Total other comprehensive income (loss)		3,491,893		(3,042,697)		4,151,691		(3,583,416)

Total comprehensive income (loss)		4,615,020		(1,610,558)		7,573,314		1,419,691

September 30, 2024
Real estate:
Commercial	$	2,441,416
Construction and land development		-
Residential		271,626
Commercial		-
Consumer		-
	$	2,713,042

	September 30,				December 31,
	2024				2023

Real estate:
Commercial	$	385,795,685	67	%	$	361,942,511	69	%
Construction/Land development		30,328,093	5	%		20,446,150	4	%
Residential		109,202,653	19	%		112,789,631	21	%
Commercial		50,931,823	9	%		32,823,072	6	%
Consumer		153,568	0	%		165,136	0	%
		576,411,822	100	%		528,166,500	100	%
Less: Allowance for credit losses on loans		4,190,882				4,285,247
Deferred origination fees net of costs		658,561				573,209
	$	571,562,379			$	523,308,044

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