PRESS RELEASE: F&M Bank Welcomes Paul Eberly as Vice President, Agricultural and Rural Programs Leader

PRESS RELEASE: F&M Bank Welcomes Paul Eberly as Vice President, Agricultural and Rural Programs Leader

For Immediate Release

Photo of Paul Eberly

January 16, 2019 | Timberville, VA ‐‐ F&M Bank is pleased to welcome Paul Eberly as Vice President, Agricultural and Rural Programs Leader to its growing organization. Paul brings with him over 13 years of experience in agricultural lending, sales, and credit within the Farm Credit System. Paul will use his expertise to meet the needs of F&M Bank’s agricultural and rural customers in each of its market areas.

“I am excited about the opportunity to work with F&M Bank to be a financial partner for our farming and rural communities.  As the state’s largest agricultural production region, the Shenandoah Valley deserves a financial partner who understands their needs and has a history of over 110 years of building relationships and reinvesting in the community,” said Mr. Eberly.

Raised in Dayton with strong ties to the agricultural community, Paul now resides in Singers Glen with his wife Whitney and four children. Paul is a member of Cooks Creek Presbyterian Church and enjoys spending time with his family on their land. Please look for Paul as he visits our farming communities and seeks input into how F&M Bank can better serve their financial service needs.

About F&M Bank

F&M Bank serves the Shenandoah Valley with 13 full-service branches, a network of ATMs, and a wide variety of financial services including home loans through F&M Mortgage and titling services through VS Title. 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 over $770 million in assets and boasts over 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.

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F&M Bank Corp. Announces 3rd Quarter Earnings and Dividend

TIMBERVILLE, VA—October 25, 2018 —F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the quarter ending September 30, 2018.

Selected highlights for the quarter and year to date include:

  • Quarterly net income of $2.52 million;
  • Net interest margin of 4.56%, an increase of 8 BPs compared to one year ago;
  • Loans held for investment increased $26.8 million or 4.3% in the last 12 months;
  • Net interest income increased $367 thousand compared to the third quarter 2017;
  • Annualized Return on Average Assets of 1.29% for the third quarter and 1.09% year to date;

Mark Hanna, President and CEO, commented “We are very pleased to announce third quarter earnings of $2.52 million, which is comparable to the same period last year and an increase of $828 thousand versus the second quarter .  Growth in loans held for investment totaled $12.7 million for the third quarter of 2018 and $26.8 million year over year.  Our net interest margin at 4.56% remains strong and continues to be driven by our strong loan to asset ratio.  Non-performing assets increased marginally versus second quarter and we continue to work closely with our borrowers to rehabilitate several larger problem assets.”

Hanna stated, “On October 18, 2018 our Board of Directors declared a third quarter dividend of $.25 per share to common shareholders. Based on our most recent trade price of $34.14 per share this constitutes a 2.93% yield on an annualized basis. The dividend will be paid on November 15, 2018, to shareholders of record as of November 1, 2018.”  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 (DBA 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) 896-8941.

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.

(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 34%. 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 investment portfolio. 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.

SOURCE: F & M Bank Corp.

CONTACT: Neil Hayslett, EVP/Chief Operating Officer

540-896-8941 or NHayslett@FMBankVA.com

Dean Withers Named Community Banker of the Year

On October 15th, the Virginia Association of Community Banks presented Dean Withers, former President and CEO of F&M Bank, with the Community Banker of the Year award.

Originally from Augusta County, VA, Dean graduated from James Madison University and the Louisiana State University Graduate School of Banking. He joined F&M Bank as Vice President of Loans in 1993 and worked his way through the ranks to become F&M Bank’s President and CEO in 2004. Under his leadership, F&M Bank experienced tremendous growth and success. The bank more than doubled in asset size from approximately $350 million to a current value of $770 million.

During this time, he also expanded the Bank’s geographic footprint from six to thirteen locations throughout the Shenandoah Valley and broadened its service offerings to include a mortgage affiliate, a loan production office, an automotive dealer finance division, and a title agency. This growth and expansion evolved organically without ever requiring a bank merger or seeking a tax payer bailout. The progress can be attributed to conservative decision making, sharp business acumen, as well as a vision of staying true to F&M Bank’s roots.

Over the years, Dean has served as Chairman of the VACB and has committed himself to shaping the community banking industry through his involvement with numerous Virginia Bankers Association committees. Dean has also remained active in civic and community organizations.

In December 2017, Dean passed the torch to Mark Hanna, current President and CEO, but remains active on the F&M Bank Board of Directors. You can often find him around the branches dropping by to visit staff or support their customer appreciation events. Sincere with his efforts to shape F&M as a true community bank, Dean is instrumental in seeing the potential in F&M staff and positioning them for success. Dean is well known at F&M Bank for being approachable, a good listener, and a champion of encouragement for personal and professional growth, as well as the impetus for active community involvement for which F&M Bank employees have come to be known.

Of his relationship with Dean, F&M Bank board member Chris Runion, states, “I have had the privilege and pleasure to work with Dean throughout my career and his support and engagement has been instrumental in our business success. The financial performance of the Bank during Dean’s leadership and his commitment to our community speak for itself, however, I believe his defining attribute is his empowerment of people.”

On behalf of all employees at F&M Bank, we would like to congratulate Dean on this well-deserved accomplishment! Your leadership has been exemplary.

 

Dean withers - community banker of the year

F&M Bank Tops Deposits in Harrisonburg-Rockingham County

For the second year in a row, F&M Bank is proud to claim the top spot in deposit share in the Harrisonburg-Rockingham County market. The Federal Deposit Insurance Corp.’s most recent data show that F&M Bank topped all banks in the metropolitan statistical area (MSA) for deposits held.

As of June 30, 2018, F&M Bank held $440.3 million in deposits for customers in its eight Rockingham branches, or 18.75 percent of the total market. That represented a $23.8 million increase over the previous year.

Mark Hanna, President and CEO, states, “Holding the top spot in the MSA is an extremely important accolade, especially as we engage with shareholders and potential investors. This accomplishment speaks to our bank’s integrity and deep-rooted history in Rockingham County. Our community sees value in supporting a local, financial institution.”

In 2017, F&M Bank unseated large regional and national financial institutions to claim the top spot, and it is quite an accomplishment for a small, community bank to maintain this position. Bank leadership credits success to the institution’s ability to reflect the changing demographics of the community.

The bank broadened its reach to the younger business community by developing a community advisory board to draw candid feedback from active community members and business leaders under 40. Holly Thorne, Marketing Director, states, “The advisory board members are our community, and F&M understands the value they bring to the table. It’s a logical choice and natural fit to engage them in helping to shape our bank’s future.”

Media Contact: Neil Hayslett, EVP/Chief Operating Officer 540-896-8941 or NHayslett@FMBankVA.com

F&M Bank Corp. Second Quarter 2018 Earnings and Dividend Press Release 

F&M Bank Corp. Second Quarter 2018 Earnings and Dividend Press Release 

TIMBERVILLE, VA / ACCESSWIRE / July 25, 2018 / F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the second quarter ending June 30, 2018. 

Selected highlights for the quarter include:

  • Net income of $1.69 million;
  • Net interest margin of 4.64% an increase of 13 BPs compared to one year ago;
  • YTD Net interest income increased $1,175,000;
  • Loans held for investment increased $30.7 million, or 5.1%, compared to one year ago;
  • Total deposits increased $32.1 million, or 6.0%, compared to one year ago;
  • Non-Performing Loans to Assets increase to 1.94% due to two large relationships that were placed on non-accrual status.

Mark Hanna, President, commented, “Net income for the second quarter totaled $1.69 million. While this is a $641,000 decrease compared to the second quarter of 2017, our pre-tax core operating earnings increased $709,000 in 2018 to a total of $3.04 million versus $2.33 million in 2017. Core operating earnings excludes the 2018 provision for loan losses. Loans and deposits increased approximately $31 million and $32 million, respectively, in the prior 12 months. This growth continues to drive our net interest margin which rose to 4.64% versus 4.51% when compared to the second quarter of 2017, despite the increase in nonperforming loans.”

Mr. Hanna continued, “Non-performing loans and assets increased significantly versus the prior quarter. All of the increase is related to two large commercial relationships. While we continue to work with these borrowers, we recognized a $1.35 million provision for loan losses in the second quarter to reflect our updated assessment of the value of these assets. This additional provision resulted in the allowance for loan loss balance increasing $1,061,000 as compared to year end 2017.”

Hanna further stated, “During the second quarter we completed the rebranding of VBS Mortgage to F&M Mortgage to more closely align our marketing efforts across the companies. On July 19, 2018 our Board of Directors declared a second quarter dividend of $.25 per share to common shareholders. Based on our most recent trade price of $37.55 per share this constitutes a 2.66% yield on an annualized basis. The dividend will be paid on August 16, 2018, to shareholders of record as of August 2, 2018.”

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, 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) 896-8941.

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.

 

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 investment portfolio. 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.

 

CONTACT:

Neil Hayslett, EVP/Chief Operating Officer
540-896-8941 or NHayslett@FMBankVA.com

SOURCE: F & M Bank Corp.

OTC Official Press Release: https://www.otcmarkets.com/stock/FMBM/news/F–M-Bank-Corp-Announces-Second-Quarter-Earnings-and-Dividend?id=198958

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F&M Bank Ranked Nationally Among Top Performing Banks

We are happy to report F&M Bank’s placement in the American Banker’s Top 200 list again in 2018 for our 3-year ROAE (Return on Average Equity) of 10.73%. This year F&M Bank ranked 74th (up from 104th, 138th and 148th the last 3 years).

We are happy to report F&M Bank’s placement in the American Banker’s Top 200 list again in 2018 for our 3-year ROAE (Return on Average Equity) of 10.73%. This year F&M Bank ranked 74th (up from 104th, 138th and 148th the last 3 years). We were 2nd among the 11 Virginia banks that made the list. Virginia was 1 of only 6 states to have 10 or more banks on the list of top 200 banks.


Cautiously optimistic: The top 200 publicly traded community banks (republished from American Banker)

 

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Mortgage Affiliate Rebrands

VBS Becomes F&M Mortgage

Longtime F&M Bank affiliate VBS Mortgage is rebranding to F&M Mortgage to embrace their local roots. 

Effective April 01, 2018, VBS Mortgage is excited to announce that it has added a “DBA (Doing Business As)” to its current legal name to closely reflect their parent company Farmers & Merchants Bank (F&M Bank).  With the new name, F&M Mortgage, the company will continue to operate in its current structure.  

F&M Bank was chartered in April of 1908 and upon celebrating their 110 year anniversary as well as celebrating 10 years of ownership of the mortgage company, they decided it was a good time to re-brand the mortgage division with a name that closely reflects their own. 

To celebrate the change, as well as F&M’s 110 year anniversary, our Mortgage division is offering $110 off closing costs or a $110 Visa Gift Card for home loans originated in April.*

As an extra thanks, register for a “welcome home” gift basket at any F&M Bank Branch, or on the F&M Mortgage Facebook page during the month of April. 

*Credited on the CD at closing. Mortgage must close with F&M Mortgage. All borrowers subject to qualifications and loan program guidelines. Offer can't be combined with any other offers. Provide this offer at time of application. 

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F&M President Meets with VA Senator Mark Warner

U.S. Senator Mark Warner recently met with small business owners and community bankers about how his bipartisan bill is working to grow business and the local economy.

Wednesday, March 7, 2018

F&M President Mark Hanna met last week with U.S. Senator Mark Warner regarding the Senate Bill that may bring regulatory relief to small community banks. The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) ensures that small lenders can provide mortgage and other credit to hardworking Americans, helping them and their families grow and start businesses.

Thanks to F&M President Mark Hanna for representing us in the Shenandoah Valley! See Mr. Hanna in the video below (4:02-4:14): “…community banks are the backbone of our country, and many of our rural markets… I think we serve a vital role to the growth of the economy.”

Video courtesy of Senator Warner’s office

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F&M Bank Corp Announces 4th Quarter 2017 and Year End Earnings

F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the fourth quarter and year ending December 31, 2017.

F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the fourth quarter and year ending December 31, 2017.

Selected highlights for the quarter and year to date include:

  • Net income of $1.8 million and $9.0 million, respectively;
  • Net income excluding tax law change of $2.6 million and $9.8 million, respectively;
  • Net interest margin of 4.53%;
  • Loans held for investment increased $25.3 million YTD;
  • Return on Average Assets of 1.21% YTD.

Mark Hanna, President, commented “We are pleased to announce fourth quarter and year to date earnings of $1.787 million and $9.010 million, respectively. These results included the one-time deferred tax asset adjustment of $811,000 as a result of the tax law passed in late 2017.  Prior to this adjustment the quarter and year end results would have been an increase over the same period in 2016 by 3.18% and 2.65%, respectively. In addition, return on average assets would have been 1.32% without the one-time deferred tax adjustment.  Loan demand continues to be strong with the growth in loans held for investment totaling $25.3 million year to date.  Deposit growth also accelerated in the second half of 2017 with the year to date increase now totaling $32.1 million.  Our net interest margin at 4.53% has been stable over the last several quarters and continues to drive our results.”

Hanna continued, “During 2017, we opened our thirteenth branch in Fishersville, Virginia and relocated a smaller branch in Harrisonburg, VA to a larger location in Rockingham County.  These branches will supplement the growth of our southern market and enhance visibility in the Harrisonburg/Rockingham County market.”  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 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. 

(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 investment portfolio. 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.

SOURCE: F & M Bank Corp.        

CONTACT: Neil Hayslett, EVP/Chief Administrative Officer, 540-896-8941 or NHayslett@FMBankVA.com

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