Farmers and Merchants Bancshares, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 31, 2023 at 04:02 pm EDT
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Farmers and Merchants Bancshares, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 5.27 million compared to USD 5.77 million a year ago. Net income was USD 1.67 million compared to USD 2.05 million a year ago. Basic earnings per share from continuing operations was USD 0.54 compared to USD 0.67 a year ago.
For the six months, net interest income was USD 10.93 million compared to USD 11.74 million a year ago. Net income was USD 3.57 million compared to USD 4.1 million a year ago. Basic earnings per share from continuing operations was USD 1.16 compared to USD 1.35 a year ago.
Farmers and Merchants Bank is a Maryland commercial bank engaged in a general commercial and retail banking business. The Bank provides a range of personal banking services designed to meet the needs of local consumers. Its deposit services include checking accounts, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. The Bank also offers repurchase agreements and remote check deposits. The Bank grants available credit for residential mortgages, construction loans, home equity lines, personal installment loans and other consumer financing. It is also engaged in financing commerce and industry by providing credit and deposit services for small to medium sized businesses and the agricultural community in the Bankâs market area. Its main office is located in Upperco, Maryland, and it has six additional full-service branches located in the Maryland communities of Hampstead, Greenmount, Reisterstown, Owings Mills, Eldersburg, and Westminster.