Farmers and Merchants Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
October 20, 2022 at 04:16 pm EDT
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Farmers and Merchants Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 6.09 million compared to USD 5.99 million a year ago. Net income was USD 1.97 million compared to USD 2.12 million a year ago. Basic earnings per share from continuing operations was USD 0.65 compared to USD 0.7 a year ago.
For the nine months, net interest income was USD 17.83 million compared to USD 17.11 million a year ago. Net income was USD 6.08 million compared to USD 6.18 million a year ago. Basic earnings per share from continuing operations was USD 2 compared to USD 2.05 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.