Tufton Capital Management’s Farmers & Merchants Bancorp FMAO Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2025 Q1	–	Sell	-7,860	Closed	-$231K	–	120
2024 Q4	$231K	Hold	7,860	–	–	0.04%	116
2024 Q3	$217K	Buy	+7,860	New	+$217K	0.04%	116
2024 Q1	–	Sell	-9,750	Closed	-$242K	–	118
2023 Q4	$242K	Buy	+9,750	New	+$242K	0.05%	115
2023 Q3	–	Sell	-9,750	Closed	-$219K	–	120
2023 Q2	$219K	Hold	9,750	–	–	0.05%	113
2023 Q1	$237K	Hold	9,750	–	–	0.05%	111
2022 Q4	$265K	Hold	9,750	–	–	0.06%	104
2022 Q3	$261K	Hold	9,750	–	–	0.06%	102
2022 Q2	$323K	Hold	9,750	–	–	0.06%	100
2022 Q1	$352K	Sell	9,750 -250	-3%	-$9.03K	0.06%	104
2021 Q4	$328K	Hold	10,000	–	–	0.05%	112
2021 Q3	$224K	Hold	10,000	–	–	0.04%	120
2021 Q2	$218K	Hold	10,000	–	–	0.04%	123
2021 Q1	$251K	Hold	10,000	–	–	0.04%	113
2020 Q4	$230K	Hold	10,000	–	–	0.04%	116
2020 Q3	$200K	Sell	10,000 -400	-4%	-$8K	0.04%	116
2020 Q2	$220K	Hold	10,400	–	–	0.05%	110
2020 Q1	$269K	Sell	10,400 -100	-1%	-$2.59K	0.07%	97
2019 Q4	$316K	Hold	10,500	–	–	0.06%	102
2019 Q3	$272K	Hold	10,500	–	–	0.06%	108
2019 Q2	$305K	Sell	10,500 -2,500	-19%	-$72.6K	0.06%	107
2019 Q1	$391K	Hold	13,000	–	–	0.08%	96
2018 Q4	$500K	Hold	13,000	–	–	0.12%	81
2018 Q3	$553K	Hold	13,000	–	–	0.12%	84
2018 Q2	$524K	Hold	13,000	–	–	0.11%	87
2018 Q1	$524K	Hold	13,000	–	–	0.1%	85
2017 Q4	$530K	Sell	13,000 -1,730	-12%	-$70.5K	0.1%	87
2017 Q3	$537K	Hold	14,730	–	–	0.11%	84
2017 Q2	$457K	Buy	+14,730	New	+$457K	0.09%	84