Press Release: Daniel Scott joins Agricultural and Rural Programs Team

For Immediate Release | November 10, 2021 | Timberville, VA ‐‐ F&M Bank’s executive leadership is pleased to welcome Daniel Scott to its growing agricultural team. In spring 2021, Daniel joined the company as a Commercial Relationship Manager and recently assumed oversight of the organization’s southern agricultural market, which includes Augusta County and adjacent counties.

Daniel brings a strong background to F&M with over three years’ experience in the banking industry, all of which have been focused in agricultural financing. Daniel graduated from Eastern Mennonite University, receiving a Bachelor of Science in Business Administration and Minor in Accounting and Human Resource Management. In his role at F&M, Daniel looks forward to building relationships with many of the Valley’s Ag Producers, which is his top priority. “This Valley has been built on hand-shake commitments and hard work. By being a consistent and reliable resource, I can help each farmer continue to grow in any direction they want to go. In his spare time, Daniel enjoys time with his family,  going hunting, and playing golf.

“We are thrilled to welcome Daniel to F&M Bank ag team,” said Bobby Williams. “Augusta County, and surrounding markets, are major contributors to the $70 billion per year agricultural economy in Virginia and provide more than 334,000 jobs in the Commonwealth. As a Commercial Relationship Manager, Daniel brings a wealth of knowledge to this role, and we look forward to his continued success as part of the F&M family.”

About F&M Bank

F&M Bank (FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley with full-service branches and a wide variety of financial services including home loans through F&M Mortgage and real estate settlement services and title insurance through VSTitle. Both individuals and businesses find the organization’s local decision-making, and up-to-date technology provide the kind of responsive, knowledgeable, and reliable service that only a progressive community bank can. F&M Bank has grown to $1 billion in assets with more than 175 full and part-time employees. Its conservative approach to finances and sound investments, along with excellent customer service, has made F&M Bank profitable and continues to pave the way for a bright future. ###

How to Open a New Account Online


Open a browser and navigate to

If you are an F&M Bank customer with an online banking user ID and password, enter that information at the top right to login.

If you need to enroll in online and mobile banking, choose Enroll in Online Banking directly beneath the login portal.

Step 1 to enroll in online banking from a computer








Enter your User ID and password to login to online banking and open your new account.

Setup Online Banking step 2










Please note, for security purpose, two-factor authentication is required. A temporary passcode by text message, phone call, or by Authy app if previously installed.

Setup Online Banking step 4












Click once on the three dotted button at top right (…)

Choose Add an account and on the next screen, click on Open an Account.


Step 4 to open a new account











If you do not have an F&M Bank account, choose New Account to get started.

If you are an F&M Bank customer, choose Existing Customer to get started.

Apply Today New Account Instructions









Please note: After 15 minutes of inactivity, the process will time out for your security.


On the next screen, click on Personal.

Type of Account_Personal option








Here, you will choose your preferred banking location along with the account you would like to open: Checking, Savings, Money Market or CD. You are only a few steps away from your new account!

Getting Started Open an Account step 1












Be sure to click the + sign to choose your debit card option.


Getting started open an account step 2







On the next screens you will enter your personal information, contact details, joint account, and beneficiary status, and upload a photo of your Driver’s License or State Issued Photo ID. If you are a current F&M Bank customer, some of the information will auto-fill for your convenience.

Getting Started Open an Account step 3









Once you complete the steps listed above, you will be prompted to review disclosures, and electronically sign to approve your new account.

Getting Started Open an Account step 4








Within two business days, you will receive a confirmation email from F&M Bank. If no action is taken, you will receive a reminder email after ten days.

Congratulations on your new F&M Bank account! We value your business!



How to Make a Loan Payment Online

Open a browser and navigate to

If you are an F&M Bank customer with an online banking user ID and password, enter that information at the top right to login.

If you need to enroll in online and mobile banking, choose Enroll in Online Banking directly beneath the login portal.

Enter your User ID and password to login to online banking.








Please note, for security purpose, two-factor authentication is required. A temporary passcode will be delivered by text, phone call, or by Authy app if previously installed.

Setup Online Banking step 4












Click on the tile with your loan account information

Setup Online Banking step 3










Click on the tile Pay from another Bank

Setup Online Banking step 4










Enter your payment amount and click continue.

Setup Online Banking step 5












On this screen, click the down arrow beside Pay from Account to select from a payee that has been previously setup. Click Continue and confirm your payment on the next screen. You will receive a confirmation email that payment has been issued.


Setup Online Banking step 6













To setup a new payee, click the grey box for Add Payment Option shown above.

On this screen, confirm your personal information is correct and enter the information for your external payment options. Click add payment.


Setup Online Banking step 7













Now that your new payee has been added, you will be redirected to the previous screen.

Click the down arrow beside Pay from Account to select your payee, click continue and confirm your payment on the next screen. You will receive a confirmation email that payment has been issued.

Setup Online Banking step 6













Thank you for making your loan payment online with F&M Bank!

How to Make a Loan Payment with Online and Mobile Banking

Making your personal or auto loan payment is simple and easy with online and mobile banking from F&M Bank. If you have previously enrolled in online banking, please skip to Step 2. If you are not enrolled in online banking, please follow Step 1 to enroll.


Online Banking

Open a web browser and type and enter your:

    • Social Security number
    • Account number
    • Email address
    • Phone number


Mobile Banking

    • Open the camera app on your phone;
    • Open your phone camera app and place over QR code below;
    • Open the link that appears on your screen;
    • Download the F&M Mobile Banking App and click “Enroll”

QR Code for quick access to enroll in F&M Bank's online banking







QR code not working for you? No problem! Simply open the App Store for iPhone or Google Play for Android and search for “F&M Mobile – VA” (image shown below) to enroll.

 Image of F&M Bank logo






To make your loan payment, follow these simple steps!

STEP 2: Under “Select account type,” click on “Personal”

STEP 3: Enter your Loan Account Number

STEP 4: Enter your Social Security Number and Date of Birth

STEP 5: Click “Continue” and follow the simple instructions

Once you’ve enrolled, you’ll be able to schedule your payment by clicking on “Loan Information” and then selecting “Pay from another bank.”

Check out instructions for how to make your loan payment on the F&M Bank blog:

Set up payments within F&M Online and Mobile Banking.

If you are currently enrolled in F&M Online & Mobile Banking, you can pay your loan by clicking on “Loan” and select “Pay from Another Bank” to setup your external account.


Guide to Navigating a Competitive Housing Market in the Shenandoah Valley

While Virginia’s housing market has cooled a bit recently, market conditions are still strong with relatively low inventory and rising prices. A hot real estate market is known as a “seller’s market,” where homeowners who list their properties have the upper hand in choosing from multiple bids and often get more than they listed the house for. So, how can homebuyers land their dream home in 2021 or get ready to look in 2022? Before you jump in and get burned, make sure you are prepared with our guide for how to buy a house in today’s housing market in the Shenandoah Valley.

Get pre-approved

In a competitive housing market, there are a few important things to keep in mind: Get your pre-approval done as soon as you can. Be ready to act fast, have a good and reliable insurance agent that will be ready to move, know what you are looking for in a home, and be prepared that things can get bumpy during these tumultuous times! Overall, just keep a positive attitude and be proactive! - Tina Lantz, Mortgage Advisor

Many real estate agents will request a pre-approval letter before they show you houses. This is because real estate agents, like everyone else, don’t want to waste their time. Getting pre-approved means you are a serious buyer who has sat down with a lender and had your credit history and income vetted.

The pre-approval process will also help you avoid wasting your own time. When you go to a lender to get pre-approved, they will provide a borrowing range with a certain ceiling. That lets you know what kind of price range you should be looking in, saving you the time and heartache of falling in love with a home you can’t afford.

Finally, sellers don’t want to waste their time on a buyer whose financing isn’t lined up in advance. Especially in a hot market when sellers may receive multiple offers, a pre-approval letter can make your offer more attractive to the seller.

Luckily, the pre-approval process is swift and convenient at F&M Mortgage. Contact one of our Mortgage Advisors to get pre-approved and we will help guide you through the home purchasing process.  We strive to make your experience as smooth and easy as possible.  We want to help bring you HOME.

Let your real estate agent do the legwork

Work with a knowledgeable Real Estate agent, find a local lender that can educate you and guide you through the process, and submit all required documents in a timely manner so you can move into your home as estimated! - Vicky Harrison, Mortgage Advisor

Real estate agents have much more experience matching buyers with the right home than you do with buying a home. Talk to your agent about your wish list, must-haves, and overall goals for your new home. They just may be able to find you a diamond in the rough or a home that’s perfect for you but didn’t catch your eye. Real estate agents may also hear of homes that are about to come to market, giving you a head start on making an offer.

While today’s homebuyers can scroll endlessly through online listings, it’s not always productive. Letting your real estate agent do some or most of the legwork for you will free you up to focus on other aspects of the home buying process, such as collecting documents to submit with your mortgage application.

Required Supporting Documents for Your Mortgage Application

Be fully preapproved by a local lender and keep your loan documents current with your lender to head off any potential issues. Work with a seasoned real estate professional or one represented by a strong team that is well known and respected in your market. - Jon Ischinger, Senior Mortgage Advisor

Applying for a mortgage entails a thorough examination of your financial history and current situation. If you are buying the house with another person who will be on the mortgage loan, they will need to submit the same documentation such as:


    • Copy of your government-issued photo ID
    • Pay stubs from the past month
    • Two years of federal tax returns
    • Checking, savings, and other financial account statements from the past two months
    • And additional documents as needed


As much as possible, collect these documents in advance to speed up the pre-approval and application process and make it as efficient as possible. If you have questions about the application process, our own Tonja Showalter, Jonathan Ischinger, and other lenders in Harrisonburg can help you.

Should you waive the home inspection or not?

While lenders usually require a home appraisal before approving your mortgage loan, the home inspection is discretionary and up to you to schedule and pay for. In a hot and competitive real estate market, you may be tempted to waive the home inspection so the seller will be more likely to choose your offer over others. However, skipping the home inspection could be very expensive and inconvenient later if there are large or chronic issues that you’re unaware of before you buy the home.

That’s why a home inspection is such an important step. It protects you from buying a home with issues you’re not aware of, as well as potentially giving you leverage to negotiate the sales price lower if a large repair comes up during the inspection. For example, what if the heater is about a year away from needing to be replaced or the roof is old and could need replacing any day now? It’s better to do your due diligence rather than face the potentially expensive consequences.

Keep calm and carry on with persistence

In today's housing market, you may not end up securing a home with your first attempt. Persistence is key - stay the course and work with your realtor and lender to find the right opportunity.

In today’s market, every buyer needs to be flexible and open to making compromises. Maybe you can’t get everything you want but you can get most of what you want. Before you make an offer, figure out the strongest number you can present (within your budget).

Find a good real estate agent who is experienced and will take time to answer your questions. Ask friends and family for recommendations. The same thing goes for finding a lender—you want someone who speaks to you respectfully and will answer your phone calls and questions.

Looking for a mortgage advisor who speaks Spanish or Italian in Harrisonburg, VA? Contact our own Gervasio Amato or Veronica Amato, a bilingual mortgage advisor in Harrisonburg.

F&M Mortgage Can Help You Navigate the Housing Market!

Have an updated pre-qualification in hand with a local lender who is not only available from 9:00-5:00 Monday through Friday because if you need help or have a question, you will want to be working with a local lender that you can reach. - Veronica Amato, Senior Mortgage Advisor - Bilingual - English & Spanish

F&M Mortgage has been offering full-service home mortgages to the Shenandoah Valley and beyond since 1999. Along with parent company F&M Bank, our professional mortgage advisors offer personalized and friendly service to help you find the right loan options and mortgages to meet your residential and commercial lending needs. Considering new construction as an alternative to buying your home? Learn more about the pros and cons in our Guide to Construction Loans.

Contact F&M Mortgage to make an appointment with an experienced mortgage advisor and get started now! Looking for a mortgage advisor in Augusta County (Staunton), VA? Contact our own Tina Lantz or Vicky Harrison.

F & M Bank Corp. Announces Third Quarter Earnings and Dividend

F & M Bank Corp. Announces Third Quarter Earnings and Dividend | Press Release | 10/28/2021

TIMBERVILLE, VA / ACCESSWIRE / October 28, 2021 / F & M Bank Corp. (OTCQX:FMBM), parent company of Farmers & Merchants Bank today reported net income available to common shareholders of $2.2 million and diluted earnings per common share of $0.68 for the quarter ending September 30, 2021.

Selected financial highlights include:

  • Net income of $2.2 million for the quarter ended September 30, 2021, and $9.2 million year to date.
  • Net interest margin of 2.95% for the quarter ended September 20, 2021, and 3.15% year to date.
  • Total deposits increased $74.9 million and $236.7 million, respectively for the quarter and for the trailing 12 months as the bank continues to grow our composition of DDA accounts and decrease balances of Time Deposits.
  • Total loans increased $7.5 million (1.18%) and $34.7 (5.69%) million, respectively for the quarter and for the trailing 12 months (excluding PPP loans).
  • Nonperforming assets decreased to 0.46% of total assets at the end of the quarter from 0.68% on 12/31/20.
  • Negative Provision for Loan Losses of $235,000 for the quarter ended June 30, 2021, and $2,210,000 year to date.
  • Allowance for loan losses totaled 1.28% of loans held for investment (1.30% excluding PPP loans).

Balance Sheet

The Company has experienced significant deposit growth during the quarter and the trailing 12 months resulting in growth in our investment portfolio and reduction of debt.

The investment portfolio has grown to a balance of $281 million at the quarter ended September 30, 2021, which reflects growth of $164.1 million since December 31, 2020. The portfolio is a strong mix of U.S. Treasuries, Agencies, Municipals, Corporate bonds and other investments.

Loans held for investment; net of PPP has grown $18.3 million 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 1-4 family during this low-rate environment.

The Company prepaid several long-term FHLB borrowings with excess funds to leverage our liquidity and reduce our cost of funds in future periods. Long-term debt has been paid down $11.3 million year to date.

These strategies have positioned F&M for future growth in our current footprint as we continue to evaluate opportunities for expansion into other markets in the future.

Income Statement

Earnings are driven by growth in net interest income, growth in non-interest income due to our subsidiary organizations, improved asset quality and economic conditions and fees earned under the Paycheck Protection Program.

Net interest income reflects year over year growth. As yields on earning assets continue to decline the Company has been able to support net interest income with savings in interest expense and growth in the investment portfolio while seeking opportunities to leverage the growth in liquidity into higher yielding assets.

Noninterest income remained strong in the third quarter at $9.4 million. Year to date this reflects an increase over September 30, 2020, which totaled $9.0 million. Growth is primarily driven by continued high volumes of mortgage originations, growth in our wealth management division, and title division.

Continued improvements in asset quality and economic conditions resulted in the ability to reduce the allowance for loan losses to 1.28% of loans held for investment (1.30% excluding PPP loans) which was accretive to income $2.21 million year to date or $235 thousand in the 3rd quarter.

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. During the quarter ended September 30, 2021, the Company recognized $534,000 PPP fees and $1.89 million year to date.

Mark Hanna, President, commented “We are pleased with September 30, 2021, year to date earnings of $9.2 million. We continue to see strong performance from our mortgage, title, and wealth management divisions as reflected in our strong noninterest income. Loan growth in Agriculture, C&I, CRE, and Dealer have driven our results in a generally tepid lending environment. As reflected in our deposit growth of 50% over the last 18-24 months, F&M continues to gain relationships in our legacy and new markets adding to an already highly liquid balance sheet as the bank implements strategic solutions to leverage these assets.”

On October 21, 2021, our Board of Directors declared a second quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $28.85 per share this constitutes a 3.60% yield on an annualized basis. The dividend will be paid on November 29, 2021, to shareholders of record as of November 14, 2021.”

On September 1, 2021, the Company gave notice to our Preferred shareholders that we would redeem all Series A Preferred Stock on October 29, 2021. These transactions will be reflected in fourth quarter financial information.

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 twelve banking offices in Rockingham, Shenandoah, and Augusta Counties, Virginia. 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 or by calling (540) 896-1705.

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.

F & M Bank Corp.
Key Statistics

2021 2020
Q3 Q2 Q1 YTD Q3 Q2 Q1 YTD
Net Income (000’s)
$ 2,337 $ 3,220 $ 3,801 $ 9,358 $ 2,207 $ ,626 $ 1,189 $ 6,022
Net Income available to Common
$ 2,272 $ 3,154 $ 3,736 $ 9,162 $ 2,142 $ ,560 $ 1,123 $ 5,825
Earnings per common share – basic
$ 0.71 $ 0.98 $ 1.17 $ 2.86 $ 0.67 $ 0.80 $ 0.35 $ 1.82
Earnings per common share – diluted
$ 0.68 $ 0.93 $ 1.11 $ 2.72 $ 0.65 $ 0.76 $ 0.35 $ 1.76
Return on Average Assets
0.82 % 1.22 % 1.56 % 1.19 % 0.88 % 1.17 % 0.58 % 0.81 %
Return on Average Equity
9.29 % 13.06 % 15.96 % 12.80 % 9.44 % 11.50 % 5.23 % 8.69 %
Dividend Payout Ratio
36.62 % 26.53 % 22.22 % 27.27 % 38.81 % 32.50 % 74.29 % 42.86 %
Net Interest Margin
2.95 % 3.13 % 3.44 % 3.15 % 3.33 % 3.55 % 3.97 % 3.60 %
Yield on Average Earning Assets
3.35 % 3.56 % 3.92 % 3.59 % 3.94 % 4.20 % 4.88 % 4.31 %
Yield on Average Interest Bearing Liabilities
0.57 % 0.62 % 0.70 % 0.63 % 0.87 % 0.92 % 1.27 % 1.00 %
Net Interest Spread
2.78 % 2.94 % 3.22 % 2.96 % 3.07 % 3.28 % 3.61 % 3.31 %
Provision for Loan Losses (000’s)
$ (235 ) $ (1,250 ) $ (725 ) $ (2,210 ) $ 1,000 $ 800 $ 1,500 $ 3,300
Net Charge-offs
$ 61 $ (272 ) $ 45 $ (166 ) $ 208 $ 203 $ 453 $ 864
Net Charge-offs as a % of Loans
0.04 % -0.16 % 0.03 % -0.03 % 0.12 % 0.12 % 0.30 % 0.17 %
Non-Performing Loans (000’s)
$ 5,430 $ 5,532 $ 5,783 $ 5,430 $ 4,254 $ 4,465 $ 4,168 $ 4,254
Non-Performing Loans to Total Assets
0.46 % 0.50 % 0.57 % 0.46 % 0.42 % 0.45 % 0.50 % 0.42 %
Non-Performing Assets (000’s)
$ 5,430 $ 5,532 $ 5,783 $ 5,430 $ 4,420 $ 5,625 $ 5,504 $ 4,420
Non-Performing Assets to Assets
0.46 % 0.50 % 0.57 % 0.46 % 0.44 % 0.57 % 0.66 % 0.44 %
Efficiency Ratio
75.99 % 76.07 % 68.00 % 73.33 % 65.35 % 65.33 % 70.51 % 66.94 %
  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.

F & M Bank Corp.
Financial Highlights

For Nine Months
Ended September 30,
Interest and Dividend Income
$ 26,620,575 $ 27,280,319
Interest Expense
3,225,595 4,515,221
Net Interest Income
23,394,980 22,765,098
Non-Interest Income 9,396,570 9,016,182
Provision for Loan Losses
(2,210,000 ) 3,300,000
Impairment of long lived assets 171,109 19,193
Other Non-Interest Expenses
24,459,938 21,788,981
Income Before Income Taxes
10,370,503 6,673,106
Provision for Income Taxes
1,012,474 545,418
Less Minority Interest (Income)/Loss
(105,193 )
Net Income
$ 9,358,029 $ 6,022,495
Dividend on preferred stock
196,344 197,194
Net Income available to common shareholders
$ 9,161,685 $ 5,825,301
Average Common Shares Outstanding
3,210,577 3,197,718
Net Income Per Common Share
2.86 1.82
Dividends Declared .78 .78
September 30, 2021
September 30, 2020
Cash and Due from Banks
$ 12,024,076 $ 14,504,566
Interest Bearing Bank Deposits
2,887,093 1,237,866
Federal Funds Sold
165,666,000 73,407,000
Loans Held for Sale 3,610,269 88,038,925
Loans Held for Investment
655,830,788 672,524,536
Less Allowance for Loan Losses
(8,430,992 ) (10,825,739 )
Net Loans Held for Investment
647,399,796 661,698,797
280,995,364 118,888,764
Other Assets
58,076,497 57,647,889
Total Assets
$ 1,170,659,095 $ 1,015,423,807
$ 1,030,291,684 $ 793,535,570
Long Term Debt
21,763,989 106,510,013
Other Liabilities
16,925,436 21,698,045
Total Liabilities
1,068,981,109 921,743,628
Preferred Stock
4,558,298 4,591,623
Common Equity
97,119,688 89,088,179
Stockholders’ Equity
101,677,986 93,680,179
Total Liabilities and Stockholders’ Equity
$ 1,170,659,095 $ 1,015,423,807
Book Value Per Common Share
$ 30.24 $ 27.85
Tangible Book Value Per Common Share
$ 30.44 $ 27.84


Carrie Comer EVP/Chief Financial Officer
540-896-1705 or

SOURCE: F&M Bank Corp

View source version on