EX-99.1 2 fmbm_ex991.htm PRESS RELEASE fmbm_ex991.htm

 EXHIBIT 99.1 

 

F & M Bank Corp.---News and Financials

 

F & M BANK CORP. ANNOUNCES SECOND QUARTER 2022 EARNINGS AND DIVIDEND

 

CONTACT:  

 Carrie Comer, EVP/Chief Financial Officer

  540-896-1705 or ccomer@fmbankva.com

                            

TIMBERVILLE, VA—July 27, 2022—F & M Bank Corp. (OTCQX: FMBM), parent company (the Company) of Farmers & Merchants Bank today reported earnings for quarter ending June 30, 2022.

 

Mark Hanna, President, commented “F&M Bank had earnings of $1.8 million in the second quarter of 2022 which were driven by strong loan demand within our Shenandoah Valley Communities. Loans outstanding grew $32 million in the past quarter as we continue to build a solid pipeline of future opportunities. Given challenging economic and market conditions, we strive to maintain our disciplined approach to growth, pricing and underwriting. Our investment portfolio continues to contribute meaningfully to earnings and our deposits growth has leveled off with a slight decline during the quarter. While we did add $600 thousand to our provision for loan losses this quarter due to the loan growth and economic uncertainty, our core operating earnings are strong and growing. The strategic focus of developing our team, improving our infrastructure, and maintaining our asset quality while developing lasting relationships in our community continues to position F&M for future success.”

 

Selected financial highlights include:

 

 

·

 Net income of $1.8 million for the quarter ended June 30, 2022.

 

 

 

 

·

 Total deposit decreases of $12 million (1.09%), increases of $20.0 million (1.84%) and increases of $144.9 million (15.16%), respectively for the quarter, year to date and for the trailing twelve months.

 

 

 

 

·

 Loans held for investment increase of $32.3 million (4.92%), $35.3 million (5.40%) and $51.6 million (8.08%), respectively for the quarter, year to date and for the trailing twelve months (excluding PPP loans).

 

 

 

 

·

 Nonperforming loans as a percent of total assets decreased to .15% from .45% at year end and .50% on June 30, 2021.

 

 

 

 

·

 Provision for loan losses of $600 thousand for the quarter and $150 thousand year to date.

 

 

 

 

·

 Allowance for loan losses of 1.12% of loans held for investment, excluding PPP.

 

BALANCE SHEET

 

Loans

 

Loans held for investment; net of PPP have grown 8.08% since June 30, 2021, and 9.97% since December 31, 2021. The Agriculture, C&I, CRE and dealer portfolios have experienced growth throughout the quarter and year to date, while the Company has seen a reduction in consumer loans specifically in the 1-4 family residential loan area.

 

(dollars in thousands)

 

6/30/2022

 

 

12/31/2021

 

 

Change

 

 

6/30/2021

 

 

Change

 

Commercial

 

 $ 311,126

 

 

 $ 286,500

 

 

 $ 24,626

 

 

 $ 277,475

 

 

 $ 33,651

 

Agriculture

 

 

 91,269

 

 

 

 81,879

 

 

 

 9,390

 

 

 

 74,205

 

 

 

 17,064

 

Dealer

 

 

 119,758

 

 

 

 107,346

 

 

 

 12,412

 

 

 

 101,435

 

 

 

 18,323

 

Consumer

 

 

 164,771

 

 

 

 173,556

 

 

 

 (8,785 )

 

 

 179,993

 

 

 

 (15,222 )

Other

 

 

 2,901

 

 

 

 5,205

 

 

 

 (2,304 )

 

 

 5,119

 

 

 

 (2,218 )

Loans held for Investment, net of PPP

 

 $ 689,825

 

 

 $ 654,486

 

 

 $ 35,339

 

 

 $ 638,227

 

 

 $ 51,598

 

 

 
1

 

 

Investments

 

The Company has continued to leverage excess funds into the available for sale (AFS) investment portfolio in the second quarter of 2022. Since the beginning of the year, the investment portfolio has gown $42.9 million to $447 million. The portfolio is a strong mix of U.S. Treasuries, Agencies, Mortgaged-backed securities, Municipals, and corporate bonds. The average tax equivalent yield on the portfolio is 1.67% which has equated to $2.0 million in income compared to $536 thousand in the same period last year.

 

AFS INVESTMENT PORTFOLIO

 

($000s)

 

6/30/22

 

 

12/31/21

 

 

Change

 

 

6/30/21

 

 

Change

 

US Treasury

 

 $ 46,737

 

 

 $ 29,482

 

 

 $ 17,255

 

 

 $ 29,406

 

 

 $ 17,331

 

Agency

 

 

 156,148

 

 

 

 133,714

 

 

 $ 22,434

 

 

 

 24,735

 

 

 $ 131,413

 

Mortgage Backed Securities

 

 

 171,031

 

 

 

 183,647

 

 

 $ (12,616 )

 

 

 91,426

 

 

 $ 79,605

 

Municipals

 

 

 43,686

 

 

 

 34,337

 

 

 $ 9,349

 

 

 

 29,332

 

 

 $ 14,354

 

Corporates

 

 

 29,221

 

 

 

 22,702

 

 

 $ 6,519

 

 

 

 13,755

 

 

 $ 15,466

 

Total Securities

 

 $ 446,823

 

 

 $ 403,882

 

 

 $ 42,941

 

 

 $ 188,654

 

 

 $ 258,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Quarterly Income

 

 $ 1,970

 

 

 $ 1,102

 

 

 $ 868

 

 

 $ 536

 

 

 $ 1,434

 

 

Deposits

 

During the second quarter of 2022, the Company experienced a slight decline in deposits. However, growth for the year is 1.84%. The Company continues to strategically focus on building primary banking relationships which is reflected in the $11 million growth in noninterest bearing accounts.

 

DEPOSIT PORFOLIO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

6/30/22

 

 

12/31/21

 

 

CHANGE

 

 

6/30/21

 

 

CHANGE

 

Non Interest. Bearing

 

 $ 291,728

 

 

 $ 280,993

 

 

 $ 10,735

 

 

 $ 269,618

 

 

 $ 22,110

 

NOW & Other Transactional

 

 

 193,037

 

 

 

 191,969

 

 

 

 1,068

 

 

 

 150,323

 

 

 

 42,714

 

Money market and Savings

 

 

 500,108

 

 

 

 483,476

 

 

 

 16,632

 

 

 

 403,714

 

 

 

 96,394

 

Certificates of deposit

 

 

 115,337

 

 

 

 123,857

 

 

 

 (8,520 )

 

 

 131,689

 

 

 

 (16,352 )

Total Deposits

 

 $ 1,100,210

 

 

 $ 1,080,295

 

 

 $ 19,915

 

 

 $ 955,344

 

 

 $ 144,866

 

    

 
2

 

 

Asset Quality

 

Nonperforming loans as a percent of total assets (net of PPP) continue to decline from 0.50% on June 30, 2021, to 0.15% on June 30, 2022. Classified loans declined from the previous twelve months from 9.14% to 6.82%, respectively (net of PPP). The Company did experience a slight increase in delinquencies from 0.37% on June 30, 2021, to 0.59% at June 30, 2022 with the majority of the increase in the 30-59 days.

 

(000's)

 

6/30/22

 

 

12/31/21

 

 

6/30/21

 

Non-performing Loans

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

 $ 1,851

 

 

 $ 5,465

 

 

 $ 5,532

 

Over 90 & on Accrual

 

 

 55

 

 

 

 43

 

 

 

 -

 

Total Non-performing Loans

 

 $ 1,906

 

 

 $ 5,508

 

 

 $ 5,532

 

NPL As A % of Total Assets, net of PPP

 

 

 0.15 %

 

 

 0.45 %

 

 

 0.50 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Watch Total

 

 $ 31,663

 

 

 $ 24,140

 

 

 $ 36,406

 

As A % Of Loans, net of PPP

 

 

 4.56 %

 

 

 3.67 %

 

 

 5.65 %

Substandard Total

 

 $ 15,738

 

 

 $ 19,713

 

 

 $ 22,423

 

As A % Of Loans, net of PPP

 

 

 2.27 %

 

 

 2.99 %

 

 

 3.48 %

Total Watch List

 

 $ 47,401

 

 

 $ 43,853

 

 

 $ 58,829

 

Total Classified As A % of Total Loans, net of PPP

 

 

 6.82 %

 

 

 6.66 %

 

 

 9.14 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans

 

 

 

 

 

 

 

 

 

 

 

 

30-59 Days Past Due

 

 $ 3,304

 

 

 $ 2,751

 

 

 $ 1,640

 

60-89 Days Past Due

 

 

 762

 

 

 

 432

 

 

 

 716

 

90+ Days Past Due

 

 

 41

 

 

 

 43

 

 

 

 -

 

Total Past Due Loans

 

 $ 4,107

 

 

 $ 3,226

 

 

 $ 2,356

 

Deliquency %, net of PPP

 

 

 0.59 %

 

 

 0.49 %

 

 

 0.37 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing TDRs

 

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

 

 1,914

 

 

 

 1,930

 

 

 

 2,547

 

Commercial

 

 

 2,082

 

 

 

 2,826

 

 

 

 2,167

 

HE

 

 

 -

 

 

 

 148

 

 

 

 669

 

Other

 

 

 86

 

 

 

 95

 

 

 

 831

 

 

Allowance for Loan and Lease Losses

 

The allowance for loan losses as a percentage of loans held for investment, net of PPP has declined from 1.35% on June 30, 2021, to 1.12% on June 30, 2022. This decline has been driven by improved asset quality as evidenced by the decline in nonperforming assets and classified loans. Uncertainty in the economy related to the war in Ukraine, inflation, supply chain issues, increase in past due loans, growth in the portfolio over the trailing twelve months and the increase in interest rates were all factored in the allowance for loan loss calculation resulting in a provision for loan losses of $600 for the quarter and $150 for the year.

 

 

 

Three months ended

 

 

Six months ended

 

 

 

6/30/22

 

 

3/31/22

 

 

6/30/21

 

 

6/30/22

 

 

6/30/21

 

(000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Loan Losses

 

 $ 600

 

 

 $ (450 )

 

 $ (1,250 )

 

 $ 150

 

 

 $ (1,975 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for Loan and Leases Losses

 

 $ 7,798

 

 

 $ 7,389

 

 

 $ 8,705

 

 

 $ 7,798

 

 

 $ 8,705

 

ALLL as a % of Loans Held for Investment, net of PPP

 

 

 1.12 %

 

 

 1.12 %

 

 

 1.35 %

 

 

 1.12 %

 

 

 1.35 %

 

 
3

 

 

INCOME STATEMENT 

 

Net Interest Income

 

Quarterly net interest income reflects growth of $1 million over first quarter and $1.3 million over June 30, 2021. This growth is attributed to the income produced by the investment portfolio that has continued to grow in the second quarter of 2022, increases in variable rate loan rates, growth in the loan portfolio and the lower cost of funds.

 

Margin compression has reduced the net interest margin from 3.12% on June 30, 2021, to 2.97% on June 30, 2022, however for the second consecutive quarter net interest margin increased from the December 31, 2021, margin of 2.82%. We are seeing the results of the Company’s efforts to mitigate compression by continuing to invest excess funds into securities with better yields and growth in the loan portfolio. The Company has also slightly reduced cost of funds since June 30, 2021, to 36 basis points through maintaining deposit rates and growth in noninterest bearing deposits.

 

 

 
4

 

 

Noninterest Income

 

Noninterest income of $2.4 million for the quarter is slightly lower than first quarter ($2.5 million) and a decline from June 30, 2021, which was $3.0 million. Mortgage originations have declined as rates have increased. As a result, the Company is focused on expanding mortgage originators into our newer markets and offering variable rate products to our mortgage customers. The Company is also continuing to utilize our title company and growing our wealth management division.

 

Noninterest expense

 

Focusing on infrastructure enhancements, developing our team and expanding into our newer markets has resulted in growth in noninterest expense of 3.6% in the trailing twelve months.

 

Paycheck Protection Program

 

The Company processed 1,080 Paycheck Protection Program (“PPP”) & CARES Act loans during 2020 and 2021 totaling $87.1 million. Fees associated with these loans are amortized over the life of the loan or recognized fully when repaid or forgiven.The Company holds $671 thousand in PPP loans as of June 30, 2022, and recognized $54 thousand in PPP fee income in the second quarter.

 

Dividends Declaration

 

On July 21, 2022, our Board of Directors declared a second quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $25.48 per share this constitutes a 4.08% yield on an annualized basis. The dividend will be paid on August 29, 2022, to shareholders of record as of August 14, 2022.”

 

F & M Bank Corp. is an independent, locally owned, financial holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank’s thirteen banking offices in Rockingham, Shenandoah, and Augusta Counties, Virginia and the city of Winchester, VA. The Bank also provides additional services through a loan production office located in Penn Laird, VA, a loan production office in Winchester, VA and through its subsidiaries, F&M Mortgage and VSTitle, both of which are located in Harrisonburg, VA. Additional information may be found by contacting us on the internet at www.fmbankva.com or by calling (540) 896-1705.

 

 
5

 

 

   F & M Bank Corp.

Key Statistics

 

 

 

2022

 

 

2021

 

 

 

Q2

 

 

Q1

 

 

YTD

 

 

Q2

 

 

Q1

 

 

YTD

 

Net Income (000’s)

 

 $ 1,789

 

 

 $ 2,528

 

 

 $ 4,317

 

 

 $ 3,220

 

 

 $ 3,801

 

 

 $ 7,021

 

Net Income available to Common

 

 $ 1,789

 

 

 $ 2,528

 

 

 $ 4,317

 

 

 $ 3,154

 

 

 $ 3,736

 

 

 $ 6,890

 

Earnings per common share - basic

 

 $ 0.51

 

 

 $ 0.74

 

 

 $ 1.25

 

 

 $ 0.98

 

 

 $ 1.17

 

 

 $ 2.15

 

Earnings per common share - diluted

 

 $ -

 

 

 $ -

 

 

 $ -

 

 

 $ 0.93

 

 

 $ 1.11

 

 

 $ 2.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Assets

 

 

 0.58 %

 

 

 0.83 %

 

 

 0.76 %

 

 

 1.22 %

 

 

 1.56 %

 

 

 1.39 %

Return on Average Equity

 

 

 8.97 %

 

 

 10.88 %

 

 

 8.92 %

 

 

 13.06 %

 

 

 15.96 %

 

 

 14.78 %

Dividend Payout Ratio

 

 

 50.98 %

 

 

 35.14 %

 

 

 41.60 %

 

 

 26.53 %

 

 

 22.22 %

 

 

 24.19 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

 

 3.15 %

 

 

 2.82 %

 

 

 2.97 %

 

 

 3.13 %

 

 

 3.44 %

 

 

 3.27 %

Yield on Average Earning Assets

 

 

 3.50 %

 

 

 3.17 %

 

 

 3.32 %

 

 

 3.56 %

 

 

 3.92 %

 

 

 3.72 %

Yield on Average Interest Bearing Liabilities

 

 

 0.48 %

 

 

 0.49 %

 

 

 0.49 %

 

 

 0.62 %

 

 

 0.70 %

 

 

 0.66 %

Net Interest Spread

 

 

 3.02 %

 

 

 2.68 %

 

 

 2.83 %

 

 

 2.94 %

 

 

 3.22 %

 

 

 3.06 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Loan Losses (000’s)

 

 $ 600

 

 

 $ (450 )

 

 $ 150

 

 

 $ (1,250 )

 

 $ (725 )

 

 $ (1,975 )

Net Charge-offs

 

 $ 192

 

 

 $ (92 )

 

 $ 100

 

 

 $ (272 )

 

 $ 45

 

 

 $ (227 )

Net Charge-offs as a % of Loans

 

 

 0.03 %

 

 

 -0.01 %

 

 

 0.02 %

 

 

 -0.16 %

 

 

 0.03 %

 

 

 -0.03 %

Non-Performing Loans (000’s)

 

 $ 1,906

 

 

 $ 4,799

 

 

 $ 1,906

 

 

 $ 5,532

 

 

 $ 5,783

 

 

 $ 5,532

 

Non-Performing Loans to Total Assets

 

 

 0.15 %

 

 

 0.39 %

 

 

 0.15 %

 

 

 0.50 %

 

 

 0.57 %

 

 

 0.50 %

Non-Performing Assets (000’s)

 

 $ 2,103

 

 

 $ 4,799

 

 

 $ 2,103

 

 

 $ 5,532

 

 

 $ 5,783

 

 

 $ 5,532

 

Non-Performing Assets to Assets

 

 

 0.17 %

 

 

 0.39 %

 

 

 0.17 %

 

 

 0.50 %

 

 

 0.57 %

 

 

 0.50 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency Ratio

 

 

 75.73 %

 

 

 78.68 %

 

 

 77.14 %

 

 

 76.07 %

 

 

 68.00 %

 

 

 72.00 %

 

(1)

The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 21%. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.

 

 

(2)

The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investments portfolio and Other Real Estate Owned. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income. An increase in the ratio from period to period indicates the Company is losing a greater percentage of its income to expenses.

 

This press release may contain “forward-looking statements” as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.

 

 
6

 

  

Income Statement

 

 

Three months ended

 

 

Six months ended

 

 

 

6/30/2022

Unaudited

 

 

3/31/2022

Audited

 

 

6/30/2021

Audited

 

 

6/30/2022

Unaudited

 

 

6/30/2021

Unaudited

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Dividend Income

 

 $ 10,009

 

 

 $ 9,061

 

 

 $ 8,819

 

 

 $ 19,070

 

 

 $ 17,566

 

Interest Expense

 

 

 1,008

 

 

 

 1,004

 

 

 

 1,069

 

 

 

 2,012

 

 

 

 2,137

 

  Net Interest Income

 

 

 9,001

 

 

 

 8,057

 

 

 

 7,750

 

 

 

 17,058

 

 

 

 15,429

 

Non-Interest Income

 

 

 2,368

 

 

 

 2,483

 

 

 

 3,086

 

 

 

 4,851

 

 

 

 6,441

 

Provision for Loan Losses

 

 

 600

 

 

 

 (450 )

 

 

 (1,250 )

 

 

 150

 

 

 

 (1,975 )

Loss on sale of securities

 

 

 97

 

 

 

 -

 

 

 

 -

 

 

 

 97

 

 

 

 -

 

Impairment of long-lived assets

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Other Non-Interest Expenses                                                                                                                

 

 

 8,752

 

 

 

 8,550

 

 

 

 8,444

 

 

 

 17,302

 

 

 

 16,130

 

Income Before Income Taxes

 

 

 1,920

 

 

 

 2,440

 

 

 

 3,642

 

 

 

 4,360

 

 

 

 7,715

 

Provision for Income Taxes

 

 

 131

 

 

 

 (88 )

 

 

 422

 

 

 

 43

 

 

 

 693

 

Net Income

 

 $ 1,789

 

 

 $ 2,528

 

 

 $ 3,220

 

 

 $ 4,317

 

 

 $ 7,022

 

Dividend on preferred stock

 

 

 -

 

 

 

 -

 

 

 

 66

 

 

 

 -

 

 

 

 66

 

Net Income available to common shareholders

 

 $ 1,789

 

 

 $ 2,528

 

 

 $ 3,154

 

 

 $ 4,317

 

 

 $ 6,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Common Shares Outstanding

 

 

 3,452,711

 

 

 

 3,434,892

 

 

 

 3,207,978

 

 

 

 3,443,850

 

 

 

 3,206,534

 

Net Income Per Common Share

 

 $ 0.51

 

 

 $ 0.74

 

 

 

 0.98

 

 

 $ 1.25

 

 

 $ 2.15

 

Dividends Declared

 

 $ 0.26

 

 

 $ 0.26

 

 

 $ 0.26

 

 

 $ 0.26

 

 

 $ 0.26

 

  

Balance Sheet

 

 

6/30/2022

Unaudited

 

 

12/31/2021

Audited

 

 

Change

 

 

6/30/2021

Unaudited

 

 

Change

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Due from Banks

 

 $ 13,636

 

 

 $ 8,579

 

 

 $ 5,057

 

 

 $ 15,415

 

 

 $ (1,779 )

Interest Bearing Bank Deposits

 

 

 187

 

 

 

 2,875

 

 

 $ (2,688 )

 

 

 3,901

 

 

 $ (3,714 )

Federal Funds Sold

 

 

 3,430

 

 

 

 76,667

 

 

 $ (73,237 )

 

 

 166,698

 

 

 $ (163,268 )

Loans Held for Sale

 

 

 5,448

 

 

 

 4,887

 

 

 $ 561

 

 

 

 8,855

 

 

 $ (3,407 )

Loans Held for Investment    

 

 

 690,497

 

 

 

 662,422

 

 

 $ 28,075

 

 

 

 660,956

 

 

 $ 29,541

 

  Less Allowance for Loan Losses

 

 

 (7,798 )

 

 

 (7,748 )

 

 $ (50 )

 

 

 (8,727 )

 

 $ 929

 

  Net Loans Held for Investment

 

 

 682,699

 

 

 

 654,674

 

 

 $ 28,025

 

 

 

 652,229

 

 

 $ 30,470

 

Securities

 

 

 456,635

 

 

 

 413,217

 

 

 $ 43,418

 

 

 

 198,814

 

 

 $ 257,821

 

Other Assets

 

 

 59,517

 

 

 

 58,443

 

 

 $ 1,074

 

 

 

 59,063

 

 

 $ 454

 

    Total Assets

 

 $ 1,221,552

 

 

 $ 1,219,342

 

 

 $ 2,210

 

 

 $ 1,104,975

 

 

 $ 116,577

 

Deposits

 

 

 1,100,210

 

 

 

 1,080,295

 

 

 $ 19,915

 

 

 

 955,344

 

 

 $ 144,866

 

Long Term Debt

 

 

 11,788

 

 

 

 21,772

 

 

 $ (9,984 )

 

 

 31,310

 

 

 $ (19,522 )

Other Liabilities

 

 

 47,604

 

 

 

 16,819

 

 

 $ 30,785

 

 

 

 18,109

 

 

 $ 29,495

 

  Total Liabilities

 

 

 1,159,602

 

 

 

 1,118,886

 

 

 $ 40,716

 

 

 

 1,004,763

 

 

 $ 154,839

 

Preferred Stock

 

 

 -

 

 

 

 -

 

 

 $ -

 

 

 

 4,558

 

 

 $ (4,558 )

Common Equity

 

 

 71,950

 

 

 

 100,456

 

 

 $ (28,506 )

 

 

 95,654

 

 

 $ (23,704 )

Stockholders’ Equity

 

 

 71,950

 

 

 

 100,456

 

 

 $ (28,506 )

 

 

 100,212

 

 

 $ (28,262 )

    Total Liabilities and Stockholders’ Equity

 

 $ 1,231,552

 

 

 $ 1,219,342

 

 

 $ 12,210

 

 

 $ 1,104,975

 

 

 $ 126,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value Per Common Share

 

 $ 21.01

 

 

 $ 29.42

 

 

 

 

 

 

 $ 29.80

 

 

 

 

 

Tangible Book Value Per Common Share

 

 $ 20.06

 

 

 $ 28.47

 

 

 

 

 

 

 $ 29.98

 

 

 

 

 

 

SOURCE:

 

F & M Bank Corp.

CONTACT:

 

Carrie Comer EVP/Chief Financial Officer

 

 

540-896-1705 or ccomer@fmbankva.com

 

 
7