F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the quarter ending June 30, 2017.
- Selected highlights for the quarter include:
- Net income of $2.3;
- Net interest margin of 4.51%;
- Net interest income increased $533,000;
- Return on Average Assets of 1.28% YTD;
Dean Withers, President and CEO, commented “We are pleased to announce second quarter earnings of $2.3 million, which is in line with the same period last year. Growth in loans held for investment totaled $12.4 million for the second quarter of 2017 and $38.3 million compared to the same period last year. Our net interest margin at 4.51% has been increasing due to a lessening reliance on lower yielding loans held for sale and continues to drive our results. Non-performing assets ticked slightly higher compared to year end 2016, but are below second quarter 2016.”
Withers stated, “On July 20, 2017 our Board of Directors declared a second quarter dividend of $.23 per share to common shareholders. This is an increase of $.01 over the prior quarter and $.03 over the prior year. Based on our most recent trade price of $29.45 per share this constitutes a 3.12% yield on an annualized basis. The dividend will be paid on August 17, 2017, to shareholders of record as of August 3, 2017.” Highlights of our financial performance are included below.
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, Page and Augusta Counties, Virginia. The Bank also provides additional services through a loan production office located in Penn Laird, VA and through its subsidiaries, VBS Mortgage and VS Title, 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) 896-8941.
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.
SOURCE: F & M Bank Corp.
CONTACT: Neil Hayslett, EVP/Chief Administrative Officer
540-896-8941 or NHayslett@FMBankVA.com