Farmers and Merchants Bancshares Inc., the parent of Farmers and Merchants Bank announced that net income for the year ended Dec. 31, 2018, was $4,712,676, or $2.82 per common share, compared to $3,789,241, or $2.28 per common share, in 2017. This is the highest net income in the history of the company and the bank, surpassing the previous high achieved in 2015. Return on average equity was 10.77 percent in 2018 compared to 9.26 percent in 2017. Return on average assets was 1.14 percent in 2018 compared to 0.96 percent in 2017. Cash dividends paid to stockholders in 2018 increased 9 percent to 83 cents per common share from 76 cents per common share in 2017.