FMFG on OTC

Farmers & Merchants Bancshares, Inc.

Farmers & Merchants Bancshares, Inc. is an American savings institutions company based in Hampstead, active since 2016.2 Its shares trade on OTC under the symbol FMFG.2

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Last updated Oct 20, 2026.

Overview

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  • TickerFMFG on OTC2
  • IndustrySavings Institutions, Not Federally Chartered2
  • HeadquartersHampstead, United States2
  • Incorporated inMD3
  • Business address4510 Lower Beckleysville Road, Suite H, Hampstead, Md 210743
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300405153JT7VIV162
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O GARY A. HARRIS, 21074 Hampstead, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D174216862

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Farmers and Merchants Bancshares, Inc. is a Maryland corporation chartered on August 8, 2016 that is registered with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) as a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). At the time it registered as a bank holding company, the Company also elected to become a financial holding company, which allows it to engage in certain activities, and own shares or control of certain entities, that are in addition to those permissible for an entity that is a bank holding company only. Effective November 1, 2016, the Company consummated a bank holding company reorganization involving Farmers and Merchants Bank (the “Bank”) pursuant to which the Bank became a wholly-owned subsidiary of the Company and all of the Bank’s stockholders became stockholders of the Company.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Deposit Account brought in 61% of the revenue Farmers & Merchants Bancshares, Inc. broke down this way in fiscal 2025.

  1. Deposit Account$693.0K561%down 14% from 2024
  2. Financial Service, Other$450.0K539%up 41% from 2024
Products and services by year
Products and services20242025
Deposit Account$810.0K$693.0K
Financial Service, Other$320.0K$450.0K

Financial statements

Net income6789105$5.8M in 2025+26% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $4.6M$4.6M20192020: $2.7M$2.7M2020−41%2021: $8.1M$8.1M2021+204%2022: $8.1M$8.1M2022−1%2023: $6.4M$6.4M2023−21%2024: $4.3M$4.3M2024−33%2025: $5.8M$5.8M2025+35%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
us-gaap_InterestAndFeeIncomeLoansAndLeases$36.1M$30.3M
Investment securities - taxable$4.2M$6.3M
Investment securities - tax exempt$623.0K$559.0K
Federal funds sold and other interest earning assets$1.5M$1.2M
Total interest income$42.4M$38.4M
Deposits$16.5M$14.5M
Securities sold under repurchase agreements$59.0K$65.0K
Federal Home Loan Bank advances$847.0K$123.0K
Federal Reserve Bank advances$0$2.3M
Long-term debt$599.0K$507.0K
Total interest expense$18.0M$17.5M
Net interest income$24.4M$20.8M
Provision for credit losses$698.0K$150.0K
Net interest income after provision for credit losses$23.7M$20.7M
Mortgage banking income$157.0K$108.0K
Bank owned life insurance income$424.0K$394.0K
Fair value adjustment of equity security$16.0K-$4.0K
Loss on sale of debt securities$0-$13.0K
Gain on settlement of fair value hedge$94.0K$0
Loss on sale of premises and equipment$0-$5.0K
Gain on sale of SBA loans$89.0K$0
Gain on insurance proceeds, net$53.0K$142.0K
Total noninterest income$2.0M$1.8M
Salaries$8.7M$7.9M
Employee benefits$2.0M$2.2M
Occupancy$1.2M$1.1M
Furniture and equipment$1.6M$1.3M
Professional services$738.0K$865.0K
Automated teller machine and debit card expenses$660.0K$648.0K
Federal Deposit Insurance Corporation premiums$578.0K$391.0K
Postage, delivery, and armored carrier$270.0K$294.0K
Advertising$249.0K$228.3K
Other real estate owned expense, net$177.0K$76.0K
Other$2.1M$2.0M
Total noninterest expense$18.3M$16.9M
Income before income taxes$7.4M$5.5M
Income taxes$1.6M$1.2M
Net income$5.8M$4.3M
Earnings per common share - basic (in dollars per share)$1.81$1.37
Earnings per common share - diluted (in dollars per share)$1.81$1.37

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Corporate structure

Farmers & Merchants Bancshares, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Farmers & Merchants Bancshares, Inc.

  • Barry J. Renbaum Filed SC 13D/A on Farmers & Merchants Bancshares, Inc., latest Dec 3, 2024 (8 filings since Dec 19, 2022)
  • Farmers & Merchants Bancshares, Inc. Hampstead, Maryland, United States
    • FARMERS AND MERCHANTS BANK Subsidiary · 100% · Upperco, Maryland, United States
    • The Farmers and Merchants National Bank of Nashville Subsidiary · Nashville, Illinois, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Farmers & Merchants Bancshares, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$16.4M5 Dec 31, 2025$16.1M5 Dec 31, 2024+1.9%
Accumulated depreciation$9.2M5 Dec 31, 2025$8.7M5 Dec 31, 2024+5.9%
Property and equipment, net$7.1M5 Dec 31, 2025$7.3M5 Dec 31, 2024−2.8%
Operating-lease assets (leased space)$1.1M5 Dec 31, 2025$1.3M5 Dec 31, 2024−17.1%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$125.7M10 Dec 31, 2024$164.1M10 Dec 31, 2023−23.4%
Debt securities held to maturity$20.5M10 Dec 31, 2024$20.2M10 Dec 31, 2023+1.7%
Equity securities at fair value$550.0K5 Dec 31, 2025$518.0K5 Dec 31, 2024+6.2%
Loans, net of allowance$633.1M5 Dec 31, 2025$583.0M5 Dec 31, 2024+8.6%
Deposits held (banks)$720.5M5 Dec 31, 2025$758.8M5 Dec 31, 2024−5.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$7.0M5 Dec 31, 2025$7.0M5 Dec 31, 20240%

Properties, in its own words

The Bank owns properties at which it operates branches at the following locations:

Main Office · Owings Mills Branch · Eldersburg Branch

The rest of Item 2

15226 Hanover Pike · 9320 Lakeside Boulevard · 1321 Liberty Road

Upperco, MD 21155 · Owings Mills, MD 21117 · Eldersburg, MD 21784

Reisterstown Branch · Westminster Branch

25 Westminster Pike · 275 Clifton Boulevard

Reisterstown, MD 21136 · Westminster, MD 21157

The Bank’s book value investment in land and buildings at December 31, 2025 totaled $5.9 million or 0.7% of total assets. Other than for banking purposes, the Bank does not invest in real estate. For future expansion purposes, the Bank owns two properties adjacent to its main office at 15216 and 15218 Hanover Pike, Upperco, Maryland 21155. The properties presently consist of two lots, each with a single family residence. One property is rented on a month-to-month lease. The other property has not been rented since 2011. The total rental income for both properties for 2025 was $20.9 thousand.

There are no encumbrances on any of these properties. Management believes that all of its properties are adequately insured. In 2025 and 2024, the properties owned by the Bank in Baltimore County, Maryland were subject to state and county real estate taxes at a combined rate of 1.21%, and the property owned by the Bank in Carroll County, Maryland was subject to state, county and municipal real estate taxes at combined rate of 1.69%. The Bank expensed $89.2 thousand and $79.4 thousand, respectively, in real estate taxes on these properties in 2025 and 2024.

The Bank operates under leases at the following properties:

Current

Location · Square Feet · Annual Rent · Lease Expiration

Greenmount In-Store Branch · 709 · 64,185 · 1/31/2028

2205 Hanover Pike

Hampstead Branch · 22,000 · 111,346 · 9/30/29, with option to renew for four

735 Hanover Pike · consecutive five-year terms

(Land lease)

Corporate Offices · 4,171 · 51,349 · 6/17/30, with the option to renew for

4510 Lower Beckleysville Road · two consecutive five-year terms

Suite H

Carroll Lutheran Village Branch · 1,024 · 25,809 · 5/15/28, with option to renew for

300 St. Luke Circle · one five-year term

Westminster, MD 21158

Towson Office · 3,291 · 81,156 · 2/1/29, with option to renew for

22 West Pennsylvania Avenue · two consecutive five-year terms

1st Floor

Towson, MD 21204

Note 6 and Note 8 to the consolidated financial statements included elsewhere in this Annual Report contain additional information about the Bank’s premises and equipment.

Item 2 of the 10-K filed Mar 26, 2026.4

Leadership

Who has led Farmers & Merchants Bancshares, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gary A. Harris2023–now

President

  1. James R. Bosley Jr.2017
  2. Gary A. Harris2023–now

Chief financial officer

  1. Mark C. Krebs2017–2025
  2. Paul B. Susie2025–now

Chief operating officer

  1. Christopher T. Oswald2017
20202025
Board members and other officers (17)

Timeline

  1. Sep 23, 20268-K Executive or director change34
  2. Jul 23, 20268-K Results of operations35
  3. Jun 16, 20268-K Entered a material agreement; Change to shareholders' rights36
  4. May 21, 20268-K Code of ethics changed37
  5. May 19, 20268-K Other events38
  6. Apr 30, 20268-K Shareholder vote39
  7. Apr 29, 20268-K Executive or director change40
  8. Apr 24, 20268-K Results of operations41
  9. Jan 29, 20268-K Results of operations42
  10. Nov 19, 20258-K Other events43
  11. Oct 27, 20258-K Results of operations44
  12. Sep 25, 20258-K Entered a material agreement; New debt or obligation45
  13. Oct 24, 2023New chief executive Gary A. Harris becomes CEO13
  14. Aug 8, 2016Founded Farmers & Merchants Bancshares, Inc. is founded2

Calendar

Coming up

  1. Around Oct 21, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results35
  2. Apr 24, 2026Reported quarterly or annual results41
  3. Jan 29, 2026Reported quarterly or annual results42
  4. Oct 27, 2025Reported quarterly or annual results44
  5. Jul 23, 2025Reported quarterly or annual results46
  6. Apr 29, 2025Reported quarterly or annual results47
  7. Feb 10, 2025Reported quarterly or annual results48
  8. Oct 22, 2024Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

159 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 59 major events, 54 insider forms, 8 large holders, 1 private raises, 14 other. The latest 20:

  1. Sep 23, 20268-K EDGAR
  2. Aug 11, 202610-Q EDGAR
  3. Jul 23, 20268-K EDGAR
  4. Jun 30, 20264/A PRIMARY DOCUMENT EDGAR
  5. Jun 16, 20268-K EDGAR
  6. May 21, 20268-K EDGAR
  7. May 19, 20268-K EDGAR
  8. May 15, 2026S-8 EDGAR
  9. May 15, 202610-Q EDGAR
  10. Apr 30, 20268-K EDGAR
  11. Apr 29, 20268-K EDGAR
  12. Apr 24, 20268-K EDGAR
  13. Mar 26, 2026DEF 14A EDGAR
  14. Mar 26, 202610-K EDGAR
  15. Jan 29, 20264 PRIMARY DOCUMENT EDGAR
  16. Jan 29, 20268-K EDGAR
  17. Jan 14, 20264 PRIMARY DOCUMENT EDGAR
  18. Jan 12, 20264 PRIMARY DOCUMENT EDGAR
  19. Jan 12, 20264 PRIMARY DOCUMENT EDGAR
  20. Jan 12, 20264 PRIMARY DOCUMENT EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 17 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 25, 2025Miller Emily BollingerDirectorBuy750$16.00$12.0KForm 4
Dec 12, 2024Cassell Roger D.DirectorBuy500$15.25$7.6KForm 4
Nov 20, 2024Hux Ronald W.DirectorBuy10,000$14.65$146.5KForm 4
Aug 8, 2024Krebs Mark C.Buy500$16.00$8.0KForm 4
Aug 6, 2024Krebs Mark C.Buy500$15.97$8.0KForm 4
Aug 5, 2024Krebs Mark C.Buy500$16.19$8.1KForm 4
Aug 2, 2024Krebs Mark C.Buy500$16.00$8.0KForm 4
Jun 12, 2024Mekulski Joseph LawrenceDirectorBuy100$14.50$1.4KForm 4
Jun 4, 2024Miller Emily BollingerDirectorBuy100$16.00$1.6KForm 4
Nov 15, 2023Cassell Roger D.DirectorSale1$17.70$11Form 4
Nov 3, 2023Wooden Paul F. Jr.DirectorSale5,000$20.00$100.0KForm 4
Oct 25, 2023Eline Steven W.DirectorBuy1,000$18.15$18.1KForm 4
Oct 4, 2023Smack Teresa L.DirectorBuy5,000$18.30$91.5KForm 4
Sep 7, 2023Pollokoff Robert GDirectorBuy26$19.50$507Form 4
Aug 29, 2023Eline Steven W.DirectorBuy140$19.98$2.8KForm 4
Aug 24, 2023Miller Emily BollingerDirectorBuy200$20.00$4.0KForm 4
Jun 8, 2023Smack Teresa L.DirectorBuy115$25.00$2.9KForm 4
Dec 21, 2021Wooden Paul F. Jr.DirectorBuy500$23.50$11.8KForm 4
Nov 8, 2021Wooden Paul F. Jr.DirectorBuy1,192$22.25$26.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 25, 2025Raised $12.5 million in a private offering of debt Form D: 9 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Siena Capital Partners GP, LLC68,906$1.2M0.3%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Farmers & Merchants Bancshares, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFarmers & Merchants Bancshares, Inc.1
  • CIK0001698022
  • Employer ID (EIN)81-36058354
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6036 Savings Institutions, Not Federally Chartered1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address4510 Lower Beckleysville Road, Suite H, Hampstead, MD 210741
  • Phone41037415101
  • Shares outstanding3,262,958 as of Aug 11, 202612
  • Public float$53.2M as of Jun 30, 20254
  • AuditorYOUNT, HYDE & BARBOUR, P.C., Richmond, Virginia PCAOB ID 613; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 8, 20171
  • Filings288 in all: 8-K (99), 4 (62), 10-Q (29), 3 (23), 10-K (9), 4/A (8), DEF 14A (8), SC 13D/A (7)1
    All 31 form types

    3/A (5), CORRESP (5), UPLOAD (4), 8-K/A (3), EFFECT (3), 10-K/A (2), 5 (2), S-1 (2), S-8 (2), SC 13G/A (2), 10-12G (1), 10-12G/A (1), 10-Q/A (1), 424B3 (1), 8-A12G (1), D (1), DEFA14A (1), DEFC14A (1), POS AM (1), PREC14A (1), S-1/A (1), SC 13D (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Mar 26, 2026
    Latest 8-K (8-K) Sep 23, 2026

Risk factors and legal proceedings

The risks Farmers & Merchants Bancshares, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 35 risks under these headings, as written.4

  • Risks Relating to the Operations of the Company and its Affiliates
  • The Company’s future success depends on the successful growth of its subsidiaries.
  • We could be adversely affected by risks associated with future acquisitions and expansions.
  • The majority of our business is concentrated in Maryland, much of which involves real estate lending, so a decline in the real estate and credit markets could materially and adversely impact our financial condition and results of operations.
  • The Bank’s concentrations of commercial real estate loans could subject it to increased regulatory scrutiny and directives, which could force us to preserve or raise capital and/or limit future commercial lending activities.
  • The Bank may experience loan losses in excess of its allowance, which would reduce our earnings.
  • We depend on the accuracy and completeness of information about customers and counterparties, and inaccurate, incomplete or misleading information provided to us by these persons could cause us to suffer losses.
  • Our accounting estimates and risk management processes rely on analytical and forecasting models, the inadequacy of which could have a material adverse effect on our financial condition and/or results of operations.
  • Interest rates and other economic conditions will impact our results of operations.
  • The market value of our investments could decline.
  • Impairment of deferred tax assets could require charges to earnings, which could result in a negative impact on our results of operations.
  • We operate in a competitive environment, and our inability to effectively compete could adversely and materially impact our financial condition and results of operations.
The other 24 risks
  • The banking industry is heavily regulated; significant regulatory changes could adversely affect our operations.
  • The Consumer Financial Protection Bureau may continue to reshape the consumer financial laws through rulemaking and enforcement of the prohibitions against unfair, deceptive and abusive business practices. Compliance with any such change may impact our business operations.
  • Bank regulators and other regulations, including the Basel III Capital Rules, may require higher capital levels, impacting our ability to pay dividends or repurchase our stock.
  • A material weakness or significant deficiency in our disclosure or internal controls could have an adverse effect on us.
  • Customer concern about deposit insurance may cause a decrease in deposits held at the Bank.
  • The Bank’s funding sources may prove insufficient to replace deposits and support our future growth.
  • We may need to raise additional capital in the future, and such capital may not be available when needed or at all.
  • The Bank’s lending activities subject the Bank to the risk of environmental liabilities.
  • We may be subject to claims and the costs of defensive actions, and such claims and costs could materially and adversely impact our financial condition and results of operations.
  • We may not be able to keep pace with developments in technology.
  • Our information systems may experience an interruption or a breach in security, including due to cyber-attacks.
  • We may not achieve the expected benefits from the Insurance Subsidiary.
  • Certain of our U.S. consolidated federal income tax returns are currently being audited.
  • Compliance with ever-evolving federal and state laws relating to the handling of information about individuals involves significant expenditure and resources, and any failure by us or our vendors to comply may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect our business, results of operations, and financial condition.
  • Consumers may decide to not use banks to complete their financial transactions.
  • The loss of key personnel could disrupt our operations and result in reduced earnings.
  • We are a community bank and our ability to maintain our reputation is critical to the success of our business.
  • The Company is subject to risks from a proxy contest and/or the actions of activist stockholders.
  • Risks Relating to Ownership of Our Common Stock
  • Our ability to pay dividends on the common stock is limited by applicable law, and the payment of dividends is at the discretion of our board of directors.
  • Our ability to pay dividends or make most other distributions on the common stock could be limited by the terms of our outstanding subordinated debentures.
  • The shares of common stock are not insured.
  • Our common stock is not heavily traded, and the stock price may fluctuate significantly.
  • The Company’s Articles of Incorporation and Bylaws and Maryland law may discourage a corporate takeover.
  • The Company has adopted a stockholder rights agreement that could make it difficult for a person or group of persons to acquire more than 11% of our issued and outstanding stock.

Legal proceedings

We are at times, in the ordinary course of business, subject to legal actions. Management, upon the advice of counsel, believes that losses, if any, resulting from current legal actions will not have a material adverse effect on our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.4

Sources

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