F&M Bank Corp. Reports First Quarter 2023 Results and Dividend
Company Release – 4/28/2023 6:27 PM ET
F&M Bank grows deposits in the first quarter, focuses on the future.
See associated, unaudited financials for additional information.
TIMBERVILLE, VA / ACCESSWIRE / April 28, 2023 / F&M Bank Corp. (the “Company), (OTCQX:FMBM), the parent company of Farmers & Merchants Bank (“F&M Bank” or the “Bank”) today reported first quarter results for 2023.
Net income was $1.1 million or $0.30 per share for the quarter ended March 31, 2023, compared to $1.7 million or $0.49 per share for the linked quarter ended December 31, 2022, and compared to $2.5 million or $0.74 per share for the prior year quarter ended March 31, 2022.
At March 31, 2023, the Company had total assets of $1.25 billion, total loans of $756.9 million, and total deposits of $1.11 billion, compared to March 31, 2022 total assets of $1.24 million, total loans of $659.6 million, and total deposits of $1.11 billion.
“First quarter 2023 was an interesting one for the banking industry, as a whole,” said Mike Wilkerson, CEO of the Company and the Bank. “During this uncertain time, F&M Bank demonstrated the strength that comes from our traditional community banking model, solid core deposit base and nearly 115-year history in the Shenandoah Valley. In fact, our deposits grew during the quarter, a testament to our relationships in the communities we serve and our employees’ proactive outreach efforts to our customers.”
Just after first quarter 2023 ended, as Wilkerson was named CEO, Barton Black was named president of the Company and the Bank.
Wilkerson said, “Barton and I, along with everyone at F&M, are excited about the direction and the future of the Bank and know there will be much to share in the coming year. Already, we completed the system-wide installation of our smart ATMs during the first quarter and re-established our contract with Jack Henry, our core system provider, for their Silverlake platform, adding new service offerings in the process. We believe that our customers and the Bank will reap the benefits of these two technological accomplishments as we move forward.
“F&M Bank is fortunate to operate in the thriving communities of the Shenandoah Valley and have a stellar team of experienced leaders and exceptional employees. It’s a winning combination. While there is a lot to do, we are at work already, and will continue to be so.”
FIRST QUARTER INCOME STATEMENT REVIEW
Overview
Net income for the first quarter of 2023 was $1.1 million or $0.30 per share, compared to $1.7 million or $0.49 per share for the linked quarter ended December 31, 2022, and $2.5 million or $0.74 per share for first quarter 2022. Interest income for the three months ended March 31, 2023, increased $872,000 over fourth quarter 2022 and $3.9 million over the prior year first quarter, due to higher loan volume and higher interest rates. Higher rates on interest bearing deposits, specifically money market accounts, coupled with interest paid on short-term borrowings, increased the Bank’s interest expense to $5.1 million for first quarter, up $1.8 million from fourth quarter 2022 and up $4.1 million over first quarter 2022.
During first quarter 2023, there was no provision for loan losses while a provision of $716,000 was recorded in the fourth quarter of 2022, and a recovery of loan losses of $450,000 recorded in first quarter 2022. Effective January 1, 2023, the Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326)” which changed the methodology used in the calculation of allowance for loan losses from the incurred loss method to the current expected credit loss model (“CECL”). As a result of the adoption, the Company recorded a one-time adjustment to increase the allowance for credit losses (“ACL”) of $777,000 and established a reserve for unfunded commitments of $749,000. The accounting standard requires the one-time adoption adjustment to be offset against retained earnings and any future adjustments to be charged to provision expense. At March 31, 2023, the ACL totaled $8.5 million or 1.13% of gross loans.
Net Interest Income
For first quarter 2023, net interest income totaled $7.8 million, a decrease of $921,000 from fourth quarter 2022, as a $872,000 increase in interest income was outpaced by a $1.8 million increase in interest expense due to higher funding rates, plus higher short-term debt average balances. As a result, the Bank’s net interest margin decreased by 28 basis points to 2.76%.
Compared to first quarter 2022, net interest income declined by $229,000 and our net interest margin decreased by 0.06%. Interest income and fees on loans were $3.3 million higher and income from cash and securities was $576,000 higher due to higher rates on variable rate loans, the $97.4 million in loan growth in 2022, and higher investment average balances due to purchases in 2021 and early 2022.
Noninterest Income
Noninterest income totaled $1.9 million for first quarter 2023, which was an increase of $47,000 from the linked fourth quarter 2022 and a decrease of $599,000 from the first three months of 2022. The primary reason for the decrease in noninterest income from 2022 was a reduction of $509,000 in mortgage banking income. There were fewer mortgage loans sold on the secondary market due to an overall decrease in volume and, a shift in production from the 30-year fixed rate product to variable rate products which were retained in the Bank’s loan portfolio and will provide future interest income. The overall decline in mortgage banking activity also negatively impacted VSTitle income which declined by $225,000 from the first quarter of 2022 to the same quarter in 2023. These decreases were partially offset by increases of $82,000 in investment and insurance income and $64,000 in ATM and debit card interchange income.
Noninterest Expense
Noninterest expenses totaled $8.7 million in first quarter 2023, compared to $9.0 million in fourth quarter 2022 and $8.6 million in the first quarter of 2022. The year-over-year increases were spread over several categories of noninterest expenses including salary and employee benefits expense, professional fees, and data processing fees. The increase in salary expense included a one-time severance accrual.
FIRST QUARTER BALANCE SHEET REVIEW
On March 31, 2023, assets totaled $1.25 billion, an increase of $7.0 million over December 31, 2022. Total loans increased by $13.3 million during the quarter to $756.9 million, including increases of $7.6 million in 1-to-4 family variable rate mortgage loans and $6.1 million in dealer financing loans.
Investment securities decreased by $4.6 million due to paydowns on U.S. Agency mortgage-backed securities and the maturity of a $3.825 million municipal security. During the quarter, the unrealized loss on the bond portfolio improved by $3.4 million, improving the Company’s tangible common equity ratio from 5.13% at December 31, 2022, to 5.26% at March 31, 2023.
Total deposits on March 31, 2023, were $1.11 billion, an increase of $21.9 million from the end of 2022, as the Bank was able to attract deposits by offering higher rates on money market and time deposit accounts and opening insured cash sweep (“ICS”) accounts for new and existing customers. The additional deposits allowed us to reduce Federal Home Loan Bank (“FHLB”) advances by $15.0 million. At March 31, 2023, 11.45% of the Company’s total deposits were uninsured deposits.
Stockholders’ equity increased by $1.8 million during the quarter to $72.6 million due to improvement in accumulated other comprehensive income associated with the unrealized loss on available for sale investment securities of $2.4 million and net income of $1.1 million, partially offset by the $1.5 million adjustment upon the adoption of CECL. Tangible book value per common share improved to $19.93 from $19.56 at December 31, 2022.
Liquidity
The Company’s on-balance sheet liquidity includes cash and cash equivalents, unpledged investment securities and loans held for sale, which totaled $431.5 million at March 31, 2023, down slightly from $439.9 million at December 31, 2022.
The Company also has access to off-balance sheet liquidity through unsecured Federal funds lines totaling $75.0 million at March 31, 2023, and $90.0 million at December 31, 2022. The Bank also has a secured line of credit from with the Federal Home Loan Bank (“FHLB”) with available credit of $91.1 million and $39.1 million as of March 31, 2023, and December 31, 2022, respectively. The FHLB line of credit is secured by a blanket lien on qualifying loans in the residential, commercial, agricultural real estate, and home equity portfolios.
In March 2023, the Board of Governors of the Federal Reserve System established the Bank Term Funding Program (“BTFP”) to provide any U.S. federally insured depository institution, including the Bank, with a line of credit equal to the par value of securities pledged to the BTFP. Advances from the BTFP may be requested by the Bank for up to one year until March 31, 2024. The Bank did not pledge securities to, or borrow from, the BTFP during first quarter 2023.
Asset Quality and Allowance for Credit Losses
Nonperforming assets (“NPAs”) as a percentage of total assets was 0.14% at March 31, 2023, slightly lower than the 0.18% at December 31, 2022, and lower than 0.39% at March 31, 2022. Net charge-offs for the quarter totaled $167,000, down $126,000 over the linked fourth quarter 2022 and up $259,000 over first quarter 2022.
The ACL was $8.5 million at March 31, 2023, up $610,000 from December 31, 2022, and $1.2 million higher than March 31, 2022. The ACL as a percentage of total loans was 1.13%, higher than the 1.07% reported at December 31, 2022, and the 1.12% at March 31, 2022. The increase in the ACL is due to the adoption of CECL on January 1, 2023.
Dividend Declaration
On April 26, 2023, our Board of Directors declared a first quarter dividend of $0.26 per share to common stockholders. Based on our most recent trade price of $21.90 per share, this constitutes a 4.75% yield on an annualized basis. The dividend will be paid on May 30, 2023, to stockholders of record as of May 15, 2023.
###
ABOUT US
F&M Bank Corp. is an independent, locally owned, financial holding company, offering a full range of financial services through our subsidiary, Farmers & Merchants Bank’s (F&M Bank) thirteen banking offices in Rockingham, Shenandoah, and Augusta counties, Virginia, and the city of Winchester, Virginia. The Company also holds F&M Mortgage, a mortgage lending subsidiary, and VSTitle, our title company subsidiary. Founded in 1908 as a community venture to serve the farmers and merchants of the Shenandoah Valley, where both the Company and the Bank are headquartered, F&M Bank remains more committed than ever to the success of the agricultural industry, small business ventures, and the nonprofit sector. The only publicly traded organization based in Rockingham County, the Company’s core values of enthusiasm, flexibility, responsiveness, community, and fun drive its corporate philanthropy, volunteerism, and local decision-making. With a strong suite of financial products and services, philanthropic efforts totaling over $300,000 annually, and a team dedicated to serving, our responsibility is to provide a bright future right here where we all live, work, and play. Additional information may be found by visiting our website, fmbankva.com .
FOR MORE INFORMATION, CONTACT
Lisa F. Campbell | EVP | Chief Financial Officer
540-896-1705
fmbankva.com
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” as defined by federal securities laws, which are subject to significant risks and uncertainties. These include statements regarding future plans, strategies, results, or expectations that are not historical facts, and are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “will,” “estimate,” “project” or similar expressions. These statements are based on estimates and assumptions, and our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Our actual results could differ materially from those 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 local and national economies, or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including values of real estate and other collateral; deposit flow; the impact of competition from traditional or new sources; and the other factors detailed in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2022. 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. | ||||||||||||||
| Quarterly Consolidated Financial Information (Unaudited) | ||||||||||||||
| 2022 | ||||||||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||
|
Condensed Balance Sheet
|
||||||||||||||
|
Cash and cash equivalents
|
$ | 31,273 | $ | 34,953 | $ | 30,312 | $ | 17,254 | $ | 48,376 | ||||
|
Investment securities
|
398,960 | 403,537 | 440,294 | 456,636 | 471,089 | |||||||||
|
Loans held for sale
|
1,242 | 1,373 | 3,310 | 5,449 | 2,479 | |||||||||
|
Gross loans
|
756,920 | 743,604 | 699,592 | 690,497 | 659,560 | |||||||||
|
Allowance for credit losses
|
(8,546) | (7,936) | (7,513) | (7,798) | (7,389) | |||||||||
|
Goodwill
|
3,082 | 3,082 | 3,082 | 3,082 | 3,082 | |||||||||
|
Other assets
|
69,944 | 67,289 | 67,572 | 66,432 | 61,062 | |||||||||
|
Total Assets
|
$ | 1,252,875 | $ | 1,245,902 | $ | 1,236,649 | $ | 1,231,552 | $ | 1,238,259 | ||||
|
Noninterest bearing deposits
|
$ | 284,060 | $ | 293,596 | $ | 300,394 | $ | 291,728 | $ | 298,676 | ||||
|
Interest bearing deposits
|
821,175 | 789,781 | 817,000 | 808,482 | 813,619 | |||||||||
|
Total Deposits
|
1,105,235 | 1,083,377 | 1,117,394 | 1,100,210 | 1,112,295 | |||||||||
|
Short-term debt
|
55,000 | 70,000 | 30,000 | 30,000 | – | |||||||||
|
Long-term debt
|
6,901 | 6,890 | 6,879 | 11,788 | 21,780 | |||||||||
|
Other liabilities
|
13,104 | 14,843 | 16,699 | 17,604 | 16,199 | |||||||||
|
Total Liabilities
|
1,180,240 | 1,175,110 | 1,170,972 | 1,159,602 | 1,150,274 | |||||||||
|
Stockholders’ equity
|
72,635 | 70,792 | 65,677 | 71,950 | 87,985 | |||||||||
|
Total Liabilities and Stockholders’ Equity
|
$ | 1,252,875 | $ | 1,245,902 | $ | 1,236,649 | $ | 1,231,552 | $ | 1,238,259 | ||||
|
Condensed Income Statement
|
||||||||||||||
|
Interest income and fees on loans
|
$ | 10,854 | $ | 9,884 | $ | 8,881 | $ | 7,993 | $ | 7,510 | ||||
|
Interest income and fees on loans held for sale
|
22 | 16 | 29 | 32 | 29 | |||||||||
|
Income on cash and securities
|
2,098 | 2,202 | 2,102 | 1,984 | 1,522 | |||||||||
|
Total Interest Income
|
12,974 | 12,102 | 11,012 | 10,009 | 9,061 | |||||||||
|
Interest expense on deposits
|
4,042 | 2,675 | 1,378 | 837 | 845 | |||||||||
|
Interest expense on short-term debt
|
992 | 556 | 158 | 46 | – | |||||||||
|
Interest expense on long-term debt
|
112 | 122 | 345 | 124 | 159 | |||||||||
|
Total Interest Expense
|
5,146 | 3,353 | 1,881 | 1,007 | 1,004 | |||||||||
|
Net Interest Income
|
7,828 | 8,749 | 9,131 | 9,002 | 8,057 | |||||||||
|
Provision for (recovery of) credit losses
|
– | 716 | – | 600 | (450) | |||||||||
|
Noninterest Income
|
1,884 | 1,837 | 2,013 | 2,368 | 2,483 | |||||||||
|
Noninterest Expense
|
8,708 | 9,003 | 8,603 | 8,753 | 8,550 | |||||||||
|
Net gains (losses) on sale of securities
|
– | 1,030 | – | (97) | – | |||||||||
|
Income tax expense (benefit)
|
(51) | 200 | 237 | 131 | (88) | |||||||||
|
Net Income
|
$ | 1,055 | $ | 1,697 | $ | 2,304 | $ | 1,789 | $ | 2,528 | ||||
|
Per Share Data
|
||||||||||||||
|
Earnings per common share – basic
|
$ | 0.30 | $ | 0.49 | $ | 0.67 | $ | 0.51 | $ | 0.74 | ||||
|
Book Value per Share
|
20.86 | 20.50 | 18.68 | 21.01 | 29.42 | |||||||||
|
Tangile Book Value per Share
|
19.93 | 19.56 | 17.83 | 20.06 | 28.47 | |||||||||
|
Key Performance Ratios
|
||||||||||||||
|
Return on Average Assets
|
0.34% | 0.54% | 0.74% | 0.58% | 0.83% | |||||||||
|
Return on Average Equity
|
5.97% | 9.86% | 13.28% | 8.97% | 10.88% | |||||||||
|
Noninterest Income / Average Assets
|
0.64% | 0.92% | 0.65% | 0.74% | 0.82% | |||||||||
|
Noninterest Expense / Average Assets
|
2.84% | 2.88% | 2.77% | 2.84% | 2.82% | |||||||||
|
Efficiency Ratio
|
89.66% | 78.32% | 78.96% | 75.73% | 78.68% | |||||||||
|
Net Interest Margin
|
2.76% | 3.04% | 3.11% | 3.15% | 2.82% | |||||||||
|
Earning Asset Yield
|
4.57% | 4.21% | 3.75% | 3.50% | 3.17% | |||||||||
|
Cost of Interest Bearing Liabilities
|
2.40% | 1.54% | 0.87% | 0.48% | 0.49% | |||||||||
|
Cost of Funds
|
1.83% | 1.20% | 0.49% | 0.38% | 0.38% | |||||||||
|
Net Interest Spread
|
2.17% | 2.67% | 2.88% | 3.02% | 2.68% | |||||||||
|
Provision for Loan Losses
|
$ | – | $ | 716 | $ | – | $ | 600 | $ | (450) | ||||
|
Net Charge-offs
|
$ | 167 | $ | 293 | $ | 285 | $ | 192 | $ | (92) | ||||
|
Net Charge-offs as a % of Loans
|
0.02% | 0.04% | 0.04% | 0.03% | -0.01% | |||||||||
|
Non-Performing Loans
|
$ | 1,782 | $ | 2,262 | $ | 2,408 | $ | 1,906 | $ | 4,799 | ||||
|
Non-Performing Loans to Total Assets
|
0.14% | 0.18% | 0.19% | 0.15% | 0.39% | |||||||||
|
Non-Performing Assets
|
$ | 1,782 | $ | 2,262 | $ | 2,408 | $ | 2,103 | $ | 4,799 | ||||
|
Non-Performing Assets to Assets
|
0.14% | 0.18% | 0.19% | 0.17% | 0.39% | |||||||||
|
ALLL as a % of Total Loans
|
1.13% | 1.07% | 1.07% | 1.13% | 1.12% | |||||||||
|
Loans to Deposits
|
68.48% | 68.64% | 62.61% | 62.76% | 59.30% | |||||||||
SOURCE: F&M Bank Corp
View source version on accesswire.com:
https://www.accesswire.com/751991/FM-Bank-Corp-Reports-First-Quarter-2023-Results-and-Dividend
F&M Bank Appoints Chief Experience Officer
For Immediate Release
April 10, 2023
F&M Bank’s Director of Digital Banking, Charles Driest, assumes the role of Chief Experience Officer as the Company drives toward continued success in strategic growth initiatives, technology infrastructure, and digital banking services.
Mr. Driest joined F&M Bank in January 2022 and has contributed to many significant operational and digital banking initiatives and previously held leadership roles in both deposit operations and marketing at other financial institutions.
While at Essex Bank, Charles led multiple teams to overhaul and update the organization’s mobile banking services, spearheaded campaigns on checking accounts and credit cards, as well as, significant cost reduction efforts.
F&M Bank’s President and CEO Mark Hanna commented, “Charles will continue to drive our digital banking initiatives and will assume leadership of deposit operations, marketing, and IT. I am confident Charles will help foster the continued success of these departments as he improves our digital capabilities.”
Charles earned a master’s in business administration with a concentration in Finance from St. John’s University, Peter J. Tobin College of Business, and graduated from the Virginia Bankers’ School of Bank Management held at the Darden College of Business in Charlottesville. Mr. Driest commented, “I’m thankful for the opportunity to put my experience to work, and I look forward to building on the team success I’ve already enjoyed here at F&M Bank. We will combine committed people and dynamic technology solutions to deliver exceptional experiences.”
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, 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, sound investments, and excellent customer service have made F&M Bank profitable and continues to pave the way for a bright future.
For more information, please contact Holly Thorne, (540) 437-3462 or marketing@fmbankva.com.
###
F&M Bank Expands Longtime Partnership with Jack Henry
F&M Bank leverages Jack Henry security, operational efficiencies and open banking infrastructure to support growing retail and commercial accounts
Press Release Courtesy of Jack Henry & Associates, Inc.
MONETT, Mo., March 28, 2023 /PRNewswire/ — Jack Henry™ (Nasdaq: JKHY) announced today that it is expanding its existing partnership with longtime client Farmers & Merchants Bank (F&M Bank), a $1.25-billion asset community bank based in Virginia. While larger financial institutions have left the area, F&M Bank is leveraging Jack Henry’s modern technology architecture to serve the market in need with scale and efficiency.
The bank is committed to providing the communities it serves with innovative, convenient and reliable retail and commercial services. Jack Henry’s Banno Business will help the bank expand its business and agricultural accounts to larger markets. In addition, the bank will be deploying treasury management services to meet the most advanced business needs.
Founded in 1908, F&M Bank has been providing personalized banking services and financial solutions to individuals and businesses across Virginia for more than a century. The bank has built a reputation for its commitment to customer service, community involvement, and agricultural lending in the Shenandoah Valley area. F&M Bank has invested in the fintech ecosystem by joining BankTech Ventures, and furthering its dedication with Jack Henry’s open infrastructure will support the evolving needs of its community by providing access to a wider range of financial services.
“F&M Bank has met the banking needs of our communities for 115 years with exceptional customer service and innovative products and solutions,” said Mark Hanna, Chief Executive Officer & President of F&M Bank. “Jack Henry understands that it is community banks like F&M Bank that power Main Street America. We share a vision for the future where technology and people will equip us to grow and scale. We have partnered with them to drive the continual improvement of features, functionalities, and security that will help ensure that our accountholders have faster and better modern services. Together, we are positioned to continue forward while maintaining a focus on our customers who make it all possible.”
Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions, said, “Jack Henry is committed to ensuring that financial institutions like F&M Bank will continue to be pillars of innovation and financial opportunity for the communities they serve. The bank has been a part of financial lives in the Shenandoah Valley for generations, and with modern, user-friendly, scalable services, they will be able to reach many more generations to come.”
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
SOURCE Jack Henry & Associates, Inc.
Positioning Your Farm Business for Successful Transition
F&M Bank actively supports local farmers throughout Virginia and we are forever hoping to connect our communities with resources that make a difference. Virginia Cooperative Extension is hosting an informative workshop to help local farmers seeking to transition ownership to the next generation. See registration details in their press release below.
Positioning Your Farm Business for Successful Transition
With most farms in Virginia being family owned and operated, it is very important to take the time to discuss the future. Please mark your calendars to join us at one of four locations across the state for an interactive workshop the week of February 20-23, 2023 to join Dick Wittman of Wittman Consulting. Dick has worked for Farm Credit Administration, successfully managed and transitioned his family’s multi-generation farm/ranch, helped family farm businesses as a consultant for three decades, and authored a guidebook titled Building Effective Farm Management Systems.
This workshop will be of interest for folks who are facing many different scenarios when it comes to transition. Some farms hope to transition ownership and management to next generation successors. But what if the successors have limited or no capital and want to work on the farm, hoping to assume ownership later. How do you as owners get “out of the way” but “not go away?”. What if your successors don’t want to work on the farm, but they don’t want you to sell their heritage? Come prepared to look at transition strategies that can be adapted to a multitude of scenarios. A case study workshop will immerse participants in real-world transition scenarios that will provide take home experience and build confidence in how to move forward.
Taking the time to discuss your wishes and plans for the future of your land can be hard but is very important and we hope you will take the time to join us with your family/business partners. Registration is open for the following dates and locations, register here: https://tinyurl.com/2023vafarmtransition. Cost for one attendee is $35 and additional family/business partners are $10/person. This full day workshop will start with registration at 8am and run until 3pm.
Monday, February 20, 2023 – Culpeper County, Brandy Station VFD, Brandy Station, VA
Tuesday, February 21, 2023 – Wythe County, APEX, Wytheville, VA
Wednesday, February 22, 2023 – Augusta County, Blue Ridge Community College, Weyers Cave, VA
Thursday, February 23, 2023 – Dinwiddie County, Eastside Community Enhancement Center, Petersburg, VA
If you have any questions please contact Crysti Hopkins 540-967-3422 hcrysti2@vt.edu or Rachel Henley 804-598-5640 rachelhenley@vt.edu.
Press release shared by Virginia Tech and Virginia Cooperative Extension 1/4/2023.
F&M Bank – Farmers & Merchants Bank Names New Chief of Development and New Chief Credit Officer
F&M Bank – Farmers & Merchants Bank Names New Chief of Development and New Chief Credit Officer
For Immediate Release | Timberville, VA. August 24, 2022 – F&M Bank, a subsidiary of F&M Bank Corp., is pleased to announce the promotion of Paul Eberly to Chief Development Officer and Jason Withers to Chief Credit Officer. This change is made in response to the company’s expanding loan portfolio in the small business and agricultural industries.
Eberly, former Chief Credit Officer for F&M Bank, stated “I’m honored to work with a company that prioritizes our local agricultural needs, and I’m thrilled to work more directly with our local farmers and to support our initiatives in this space.”
Withers has been with F&M Bank since April 2021 and has over 15 years of commercial credit experience. Jason commented, “I look forward to expanding my role and managing our credit portfolio as F&M Bank continues to support the ever-changing financing needs of our communities.” Withers has deep ties to the Shenandoah Valley and graduated from Coastal Carolina University.
Mark Hanna, F&M Bank’s President & CEO, is available for additional comment. Please call (540) 896-1743 or contact Jacob Mowry at jmowry@fmbankva.com.
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, 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 provides 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.
###
F&M Bank Announces 33% Increase in Starting Wages
Timberville, VA. August 4, 2022 – F&M Bank, a subsidiary of F&M Bank Corp, increased its employees’ starting wages from $15 to $20 per hour, a 33% increase, effective August 1, 2022. This minimum hourly pay rate is substantially above the Commonwealth of Virginia’s minimum hourly rate of $11.00 and the federal minimum hourly wage rate of $7.25.
“Our employees are our greatest asset, and we are committed to maintaining a living wage for all members of the F&M team,” said F&M Bank CEO, Mark Hanna. “This increase is made possible by the incredible effort and dedication our team puts forth to support the financial needs of our communities.”
F&M Bank’s commitment to its employees is also reflected in the Company’s Employee Stock Ownership Plan (ESOP), which is designed to help support employees’ retirement goals by growing retirement funds in direct correlation with the success of their daily work. Other benefits provided by the company include a Quarterly Wellness Reimbursement for employees prioritizing their health, a $10,000 tuition reimbursement for continued education, an above-average starting Paid Time Off allotment and opportunities for internal advancement.
“We are excited by the productivity of our team and the things we have been able to accomplish,” commented Melody Emswiler, F&M Bank Chief Human Resources Officer, “This increase is a reflection that at F&M we are committed to our employees, and we value them. We want to share our success that has been accomplished by serving our community.”
F&M Bank was recently named among the top three best banks in Virginia by Virginia Living Magazine. For a complete list of career opportunities at F&M Bank, please visit their careers page.
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, 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 provides 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.
F&M Bank – Farmers & Merchants Bank Announce Investment in BankTech Ventures Fund
Timberville, VA. August 2, 2022 – F&M Bank, also known as Farmers & Merchants Bank, announced today that it has committed to be an investor in BankTech Ventures, LP (“BTV” or the “Fund”), a strategic investment fund with the mission to support community banks through investment and education around banking technology. With general partners from The Venture Center, the Independent Community Bankers of America (“ICBA”), Hovde Group and two leading community banks, Coastal Community Bank and Sunwest Bank, BankTech Ventures partners with premier community banks to identify emerging technologies for investment and use by them.
Supported and endorsed by the ICBA and The Venture Center, which was named Finovate’s 2020 Best Accelerator of the Year, BankTech Ventures is building an ecosystem that pairs community banks with emerging technology companies that can serve banks’ immediate needs whether it be regulatory, customer acquisition, process improvement, or other areas of focus. The Fund ultimately aims to provide its bank investors with the opportunity to obtain significant research & development “spend” at a much lower cost than if undertaken in-house, as well as strong returns from the underlying company investments. With a limited partner base of over 100 community banks across the US, the strategic value of the fund’s ecosystem for both bank-focused startups and community banks is unprecedented.
“Through our affiliation with the ICBA’s ThinkTECH Accelerator program, F&M Bank has initiated partnerships with several of the past and current emerging financial technology companies,” said Mark Hanna, President & CEO of F&M Bank. “We have been extremely impressed with the management of these companies and the services they provide which will enable F&M to better serve our clients and our communities. Expanding our commitment to innovation in the form of a financial investment in BankTech Ventures was the next logical step in aligning our mutual interests with these emerging businesses.”
“We are thrilled to welcome F&M Bank to BankTech Ventures,” said Carey Ransom, Managing Director of BankTech Ventures. “From our first conversation with them, their commitment to innovation was clear, and they have already been a valuable participant in our ecosystem – collaborating with our team, other banks, and the startup companies with bank-enabling solutions. We look forward to the continued partnership.”
BankTech Ventures, LP (www.banktechventures.com) has raised over $100M for its first fund and has over 100 initial limited partners, including F&M Bank. The fund has already made 6 investment and continues to evaluate several investment opportunities. In addition to Ransom, the fund’s other general partners are Eric Sprink, CEO of Coastal Community Bank; Carson Lappetito, President of Sunwest Bank; Steve Hovde, Chairman & CEO of Hovde Group; Charles Potts, Chief Innovation Officer, ICBA; and Wayne Miller, Executive Director, The Venture Center.
Mark Hanna, F&M Bank’s President & CEO, is available for additional comment. Please call (540) 896-1743 or contact Jacob Mowry at jmowry@fmbankva.com
About F&M Bank
F&M Bank Corp. (OTCQX: FMBM) proudly remains the only publicly traded organization based in Rockingham County, VA, and since 1908, has served the Shenandoah Valley through its banking subsidiary F&M Bank, 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.
About BankTech Ventures, LP.
Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology and fintech. BTV serves the community banking ecosystem through strategic investments, education and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank’s value, as well as aim for strong returns from the underlying investments in these companies. Learn more at www.banktechventures.com.
