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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n**FORM 10-Q**\n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n \n\n \n\nFor quarterly period ended March 31, 2026\n\n \n\n☐\n\nTRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT\n\n \n\nFor the transition period from _______________ to ________________\n\n \n\nCommission file number 000-55756\n\n \n\nFarmers and Merchants Bancshares, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nMaryland\n \n81-3605835\n\n(State or other jurisdiction of\n \n(I. R. S. Employer Identification No.)\n\nincorporation or organization)\n \n \n\n \n\n \n4510 Lower Beckleysville Road, Suite H, Hampstead, Maryland         21074\n \n\n \n(Address of principal executive offices)          (Zip Code)\n \n\n \n\n \n(410) 374-1510\n \n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act: None.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge accelerated filer ☐\nAccelerated filer ☐\n\nNon-accelerated filer ☑\nSmaller reporting company ☑\n\nEmerging growth company ☐\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ☐ No ☑\n\n \n\nIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 3,235,707 as of May 15, 2026.\n\n \n\n \n\n \n\n  \n\n \n\n**Farmers and Merchants Bancshares, Inc. and Subsidiaries**\n\n \n\n**Table of Contents**\n\n \n\n \nPage\n\n \n \n\nPART I – FINANCIAL INFORMATION\n\n3"}