Farmers & Merchants Bancshares, Inc.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
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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, 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, MD 21074 | |||
| Hampstead Branch | 22,000 | $111,346 | 9/30/29, with option to renew for four |
| 735 Hanover Pike | consecutive five-year terms | ||
| Hampstead, MD 21074 | |||
| (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 | |||
| Hampstead, MD 21074 | |||
| 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.