Farmers and Merchants reports record 2018 earnings

Farmers and Merchants reports record 2018 earnings

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.

Total assets at Dec. 31, 2018, were $417 million, an increase of 4 percent from the $403 million recorded at Dec. 31, 2017. The loan portfolio increased 3 percent to $341 million at Dec. 31, 2018, from $333 million at Dec. 31, 2017. Deposits increased 11 percent to $355 million at Dec. 31, 2018, from $320 million at the end of 2017. The book value of the common stock of the company was $26.97 per share at Dec. 31, 2018, compared to $25.06 per share at the end of 2017.

Farmers and Merchants Bank was chartered in Maryland in 1919. It's main office is located in Upperco, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown and Westminster.

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