Farmers Merchants Bancshares Inc
For the period ended Dec 31, 2023. Filed Mar 11, 2024.
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FY2023 · Filed Mar 11, 2024
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Item 2. PROPERTIES
The Bank owns properties at which it operates branches at the following locations:
| Main Office | Owings Mills Branch | Eldersburg Branch |
|---|---|---|
| 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, 2023 totaled $5.6 million or 1% 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 2023 was $10,200.
There are no encumbrances on any of these properties. Management believes that all of its properties are adequately insured. In 2023 and 2022, 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 $82,595 and $85,379, respectively, in real estate taxes on these properties in 2023 and 2022.
The Bank operates under leases at the following properties:
| Location | Square Feet | Current Annual Rent | Lease Expiration |
|---|---|---|---|
| Greenmount In-Store Branch 2205 Hanover Pike Hampstead, MD 21074 | 709 | $59,813 | 1/31/2028 |
| Hampstead Branch 735 Hanover Pike Hampstead, MD 21074 (Land lease) | 22,000 | $59,241 | 9/30/2024 with option to renew for five consecutive five-year terms |
| Corporate Offices 4510 Lower Beckleysville Road Suite H Hampstead, MD 20174 | 4,171 | $49,372 | 6/17/2025, with option to renew for three consecutive five-year terms |
| Carroll Lutheran Village Branch 300 St. Luke Circle Westminster, MD 21158 | 1,024 | $24,806 | 5/15/2028, with option to renew for one five-year terms |
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.
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