John Sargent joins Commercial Banking Team

F&M Bank’s executive leadership is pleased to welcome John Sargent to its growing commercial team in Winchester/Frederick County.

For Immediate Release | April 16, 2021 | Timberville, VA ‐‐ F&M Bank’s executive leadership is pleased to welcome John Sargent to its growing commercial team. John joins F&M Bank as Vice President, Commercial Relationship Manager with a focus in Winchester and Frederick County.

John Sargent

John brings a strong background to F&M with over 14 years’ experience in the banking industry, the last eight focused in commercial banking. John graduated from Sherando High School and Longwood University, receiving a Bachelor of Science in Business Administration with a concentration in marketing, and a minor in psychology.

In his new role at F&M, John looks forward to being a trusted advisor and friend to local business owners in his community. “I enjoy supporting, educating, and advising business partners on the best way for them to see their business grow financially.  Establishing relationships with business owners is my top priority and I look forward to growing and supporting the Winchester Community.”

In his spare time, John participates as a member of New Life Christian Church in Winchester and volunteers as a coach for Frederick County National Little League.

“We are thrilled to welcome John to F&M Bank team,” said Mark Hanna, President & CEO. “The greater Winchester area is vibrant, boasting a thriving, local economy and is contiguous to our Shenandoah County footprint. As a Commercial Relationship Manager, John 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.

For more information, please contact Holly Thorne, (540) 217-6409, marketing@fmbankva.com.

###

Mark Hanna Appointed to 2021 Housing Finance Subcommittee

Mark Hanna President & CEOWashington, D.C. (March 29, 2021)—The Independent Community Bankers of America (ICBA) today announced that local community banker Mark Hanna, President & CEO of F&M Bank, Timberville, VA, was named to serve on ICBA’s 2021 Housing Finance Subcommittee. In March 2020, Mr. Hanna was also elected to serve as the ICBA’s Elected Federal Delegate for Virginia for a three-year term, running through March 2023. ICBA is the nation’s voice for community banks.

“I am honored to represent our industry and share my experiences as a community banker to help ICBA communicate the positive story of community banking,” Hanna said. “Community banks are trusted relationship-based lenders, invested in the success of their customers and the economic prosperity of their community.”

In addition to helping shape and advocate ICBA’s national policy positions and programs, Hanna’s duties include engaging in grassroots activities in Virginia to promote pro-community bank policies and serving as a liaison between community banks and ICBA staff and leadership in Washington, D.C.

“Mark is a dedicated community banker who is highly respected in his community and by his industry peers,” said ICBA Chairman Robert M. Fisher, president and CEO of Tioga State Bank, Spencer, New York. “We are delighted Mark has accepted this appointment and generously volunteered his time and professional talents in pursuit of creating an environment where community banks, and the communities they serve, continue to flourish.”

About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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

OTC DISCLOSURE & NEWS SERVICE | F & M Bank Corp. Announces Fourth Quarter Earnings and Dividend Press Release | 01/28/2021

TIMBERVILLE, VA / ACCESSWIRE / January 28, 2021 / 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, 2020 and fourth quarter dividend to shareholders.

As the global pandemic continues, the company continually assesses our procedures to maintain the safety of our customers, employees and community while serving their financial needs. Farmers & Merchants Bank continues to operate our branches in a drive-thru only capacity daily, with courier pick up and by appointment lobby transactions.

CARES ACT & Paycheck Protection Program (“PPP”)
During 2020, the Company processed 717 Paycheck Protection Program (PPP) loans which totaled $62.7 million. In addition to an insignificant amount of PPP loan pay offs, the Company processed $27.8 million of loan forgiveness on 266 loans resulting in a remaining balance of PPP loans of $34.9 million. The Company began accepting applications on January 15, 2021 for additional PPP loans pursuant to the Consolidated Appropriations Act, 2021.

In addition, we have processed 1,223 individual loan deferrals. As of December 31, 2020, 198 loans remain in deferral with a balance of $14.6 million which represents 2.3% of loans outstanding exclusive of PPP balances.

Winchester Loan Production Office (LPO) & Expansion into Waynesboro Virginia
The Company has opened a loan production office in the Winchester, VA market in the first quarter of 2021. Mike Wilkerson has joined F&M to lead an experienced team of bankers as we enter a very strong and growing economy in the Northern Shenandoah Valley. In addition, on January 27, 2021, F&M announced we entered into a purchase and assumption agreement with Carter Bankshares, Inc. for a banking office in the City of Waynesboro, Virginia. Expanding into the Waynesboro market was a strategic initiative of F&M Bank given the market opportunity and to better serve our existing client base in the Shenandoah Valley.

Selected financial highlights for the quarter and year to date include:

  • Net income of $2.77 million and $8.79 million, respectively.
  • Net interest margin of 3.81% and 3.61%, respectively.
  • Total deposits increased $25.0 million and $176.9 million, respectively for the quarter and for the trailing 12 months.
  • Total loans increased $16.5 million and $23.0million, respectively for the quarter and for the trailing 12 months (excluding PPP loans).
  • Nonperforming assets decreased to 0.68% of total assets at the end of the quarter from 0.89% on 12/31/19, after a slight increase in the fourth quarter from 0.44% at 9/30/20.
  • Allowance for loan losses totaled 1.58% of loans held for investment (1.67% excluding PPP loans).

Mark Hanna, President, commented “We are pleased to announce fourth quarter and year-to-date earnings of $2.77 million and $8.79 million respectively. Recognition of fees earned on PPP loans forgiven and credit quality improvements that resulted in no provision for loan losses in the fourth quarter, spurred the performance in the fourth quarter. Exceptional years in our mortgage and title companies, as well as well as our ability to maintain similar net interest income to 2019 have driven the year-to-date results. Our net interest margin of 3.61% shows a historical decline but remains strong especially given the changes in our balance sheet and the current rate environment. F&M’s liquidity has increased significantly over the last four quarters and we are implementing strategic solutions to leverage these assets including deploying $99.9 million into the investment portfolio since year end 2019. Despite the current low-rate environment, these strategies should augment our net interest margin in the future.”

Mr. Hanna stated, “Nonperforming assets have continued to improve, decreasing $680 thousand since year end 2019. We feel these efforts put F&M in a strong position to manage the current economic uncertainty while seeking opportunities for continued growth in the communities we serve.”

Mr. Hanna continued, “As we kick off the New Year, we are excited about the opportunities in our new markets of Winchester and Waynesboro Virginia. Mike Wilkerson and his team add experience and energy in a strong Winchester market in the Northern Shenandoah Valley and expanding into the Waynesboro market provides additional market opportunity and better service to our existing customers.”

On January 21, 2021 our Board of Directors declared a third quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $23.75 per share this constitutes a 4.38% yield on an annualized basis. The dividend will be paid on March 1, 2021, to shareholders of record as of February 14, 2021.”

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 eleven 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) 896-1705.

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

2020 2019
Q4 Q3 Q2 Q1 YTD YTD
Net Income (000’s)
$ 2,766 $ 2,207 $ 2,626 $ 1,189 $ 8,788 $ 4,509
Net Income available to Common
$ 2,700 $ 2,142 $ 2,560 $ 1,123 $ 8,525 $ 4,194
Earnings per common share – basic
$ 0.84 $ 0.67 $ 0.80 $ 0.35 $ 2.66 $ 1.32
Earnings per common share – diluted
$ 2.56 $ 1.30
Return on Average Assets
1.12 % 0.88 % 1.17 % 0.58 % 0.99 % 0.57 %
Return on Average Equity
11.75 % 9.44 % 11.50 % 5.23 % 9.39 % 4.93 %
Dividend Payout Ratio excluding Special Dividend
30.95 % 38.81 % 32.50 % 74.29 % 39.10 % 77.27 %
Net Interest Margin
3.81 % 3.60 % 3.75 % 3.97 % 3.61 % 4.33 %
Yield on Average Earning Assets
4.77 % 4.31 % 4.52 % 4.88 % 4.27 % 5.27 %
Yield on Average Interest Bearing Liabilities
1.33 % 0.99 % 1.09 % 1.27 % 0.94 % 1.30 %
Net Interest Spread
3.44 % 3.32 % 3.43 % 3.61 % 3.33 % 3.97 %
Provision for Loan Losses (000’s)
$ $ 1,000 $ 800 $ 1,500 $ 3,300 $ 7,405
Net Charge-offs
$ 351 $ 208 $ 203 $ 453 $ 1,215 $ 4,255
Net Charge-offs as a % of Loans
0.21 % 0.12 % 0.12 % 0.30 % 0.18 % 0.71 %
Non-Performing Loans (000’s)
$ 6,537 $ 4,254 $ 4,465 $ 4,168 $ 6,537 $ 5,728
Non-Performing Loans to Total Assets
0.68 % 0.42 % 0.45 % 0.50 % 0.68 % 0.70 %
Non-Performing Assets (000’s)
$ 6,537 $ 4,420 $ 5,625 $ 5,504 $ 6,537 $ 7,217
Non-Performing Assets to Assets
0.68 % 0.44 % 0.57 % 0.66 % 0.68 % 0.89 %
Efficiency Ratio
69.10 % 65.35 % 65.33 % 70.51 % 67.51 % 69.03 %
  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

INCOME STATEMENT
Unaudited
2020
Audited
2019
Interest and Dividend Income
$ 36,792,403 $ 38,210,304
Interest Expense
5,728,482 6,818,488
Net Interest Income
31,063,921 31,391,816
Non-Interest Income
12,190,916 9,919,954
Provision for Loan Losses
3,300,000 7,405,000
Impairment of long lived assets
19,193
Other Non-Interest Expenses
29,938,920 29,517,995
Income Before Income Taxes
10,035,110 4,388,775
Provision for Income Taxes
1,141,742 (250,304 )
Less Minority Interest (income)/loss
(105,193 ) (130,276 )
Net Income
$ 8,788,175 $ 4,508,803
Dividend on preferred stock
262,642 314,589
Net Income available to common shareholders
$ 8,525,533 $ 4,194,214
Average Common Shares Outstanding
3,199,883 3,189,288
Net Income Per Common Share
2.66 1.32
Dividends Declared
1.04 1.02

 

BALANCE SHEET
Unaudited
December 31, 2020
Audited
December 31, 2019
Cash and Due from Banks
$ 11,181,164 $ 8,118,889
Interest Bearing Bank Deposits
1,243,519 1,125,616
Federal Funds Sold
65,983,000 66,559,096
Loans Held for Sale
58,753,055 66,798,436
Loans Held for Investment
661,328,888 603,425,471
Less Allowance for Loan Losses
(10,474,960 ) (8,389,846 )
Net Loans Held for Investment
650,853,928 595,035,625
Securities
117,897,486 18,015,488
Other Assets
61,018,331 58,345,513
Total Assets
$ 966,930,483 $ 813,998,663
Deposits
$ 818,581,503 $ 641,709,480
Short Term Debt
10,000,000
Long Term Debt
33,201,631 53,200,675
Other Liabilities
19,517,664 17,513,319
Total Liabilities
871,300,798 722,423,474
Preferred Stock
4,558,298 4,591,623
Common Equity
91,071,387 86,983,566
Stockholders’ Equity
95,629,685 91,575,189
Total Liabilities and Stockholders’ Equity
$ 966,930,483 $ 813,998,663
Book Value Per Common Share
$ 28.43 $ 27.11
Tangible Book Value Per Common Share
$ 28.42 $ 26.95

CONTACT:

Carrie Comer
EVP/Chief Financial Officer
540-896-1705 or ccomer@fmbankva.com

SOURCE: F & M Bank Corp.

View source version on accesswire.com:
https://www.accesswire.com/626442/F-M-Bank-Corp-Announces-Fourth-Quarter-Earnings-and-Dividend

F&M Bank Announces Expansion into City of Waynesboro

TIMBERVILLE, VA, January 27, 2021 — F&M Bank Corp. (OTCQX:FMBM), holding company for F&M Bank announced today its intention to open a new location in the City of Waynesboro, VA, expanding the $1B community bank’s presence to four banking offices in the Augusta County market and 12 offices serving the greater Shenandoah Valley.

“F&M’s executive team is delighted to grow into the vibrant City of Waynesboro – a thriving, local economy where many of our customers live, work and play,” said Mark Hanna, President & CEO. “Our focus remains on serving the Shenandoah Valley and contiguous markets as an independent bank for the long-term. The decision to expand into Waynesboro supports our strategic initiative of organic growth in core markets to better serve the banking needs of our communities.”

F&M Bank has entered into an agreement with Carter Bankshares, Inc.  to acquire the branch, and associated client relationships, located at 2701 West Main Street in Waynesboro. This agreement is subject to regulatory approvals and customary closing conditions and is expected to be completed early in the second quarter of 2021.

Mr. Hanna is available for further comment. Please contact Holly Thorne at marketing@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.

Forward-looking Statements
Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements related to the branch expansion and F&M’s future operations and are generally identified by phrases such as “F&M expects,” “F&M believes” or words of similar import. Although F&M believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could have a material adverse effect on F&M’s operations and future prospects include, but are not limited to, difficulties or unexpected costs in combining the acquired branch on the proposed terms or anticipated schedule; deposit attrition, customer losses and business disruption in connection with the branch acquisition; expected growth opportunities may not be realized; changes in interest rates, general economic conditions, or legislative and regulatory policies; and other risk factors and cautionary language included in F&M’s Annual Report on Form 10-K for the year ended December 31, 2019, and other filings with the Securities and Exchange Commission. We undertake no obligation to update these statements following the date of this press release.

F&M Bank Welcomes Mike Wilkerson and Jonathan Reimer to Winchester Team

F&M Bank is excited to announce its expansion into the Northern Shenandoah Valley market. Mike Wilkerson, Chief Strategy Officer & Northern Market Executive, and Jonathan Reimer, Vice President & Commercial Relationship Manager, will spearhead F&M Bank’s growth into Winchester and Frederick County.

“We are thrilled to welcome Mike Wilkerson and Jonathan Reimer to F&M Bank,” said Mark Hanna, President & CEO. “The greater Winchester area is vibrant, boasting a thriving, local economy and is contiguous to our Shenandoah County footprint. As a Commercial Relationship Manager, Mr. Reimer has successfully cultivated and developed community partnerships, and under Mr. Wilkerson’s guidance and direction, we look forward to continued success.”

Mike Wilkerson | EVP F&M Bank

 

Mike Wilkerson joins F&M Bank with near 40 years of banking experience to include retail, small business, commercial lending, and leadership. He has successfully built and developed teams throughout Western Virginia and the Shenandoah Valley.

“F&M Bank was the right choice for my career based on the family-oriented culture, exceptional leadership team, and the bank’s progressive momentum,” said Mr. Wilkerson. “The organization is focused on serving the Shenandoah Valley and remaining an independent bank for the long-term.”

A current resident of Winchester, Mr. Wilkerson plays an active role in the community. He volunteers for numerous organizations and currently serves on the Virginia Community College Foundation Board as well as a member of the Finance & Investment Committee.

 

Jon Reimer

 

Jonathan Reimer brings 10 years of commercial lending experience to F&M Bank. He began his career as a credit analyst, transitioned into small business lending, and most recently served the Winchester market as a commercial relationship manager.

“F&M Bank has a long tradition of intimately understanding its customers and their businesses. This merges nicely with my banking career and my team’s approach to serving our clients,” said Mr. Reimer. “I look forward to helping F&M Bank enter Winchester and delivering Banking You Love from People Who Care!”

Mr. Reimer is dedicated to community service. He currently sits on the board of directors for the Shenandoah Valley Discovery Museum and is an active member of the Winchester Rotary Club.

F&M Bank Announces Employee Promotions

F&M Bank and its Board of Directors would like to congratulate the following individuals on their Officer promotions effective December 17, 2020.

Bank Officer:

  • Robin Layman, Branch Specialist (Edinburg)

Assistant Vice President:

  • Carlie Kelly, Credit Analyst
  • Ashley McClure, Branch Manager (Bridgewater)
  • Emily Rhodes, Credit Analyst
  • Mary Pavlovskaya, Business Deposit Services Officer

Additionally, we would like to congratulate Angela Smith on her recent promotion to Branch Manager of the North Augusta office.

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

F & M Bank Corp. (OTCQX:FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the third quarter ending September 30, 2020 and third quarter dividend to shareholders.

As the global pandemic continues, the company continually assesses our procedures to maintain the safety of our customers, employees and community while serving their financial needs. Farmers & Merchants Bank continues to operate our branches in a drive-thru only capacity daily, with courier pick up and by appointment lobby transactions.

As of September 30, 2020, we had processed 717 Paycheck Protection Program (PPP) loans for a balance of $62.6 million. These loans are funded by participation in the Federal Reserve Paycheck Protection Program Lending Facility. In addition, we have processed 922 individual loan deferrals. As of September 30, 2020, 99 loans remain in deferral with a balance of $19.1 million which represents 3.1% of loans outstanding exclusive of PPP balances.

Selected financial highlights for the quarter include:

  • Net income of $2.21 million.
  • Net interest margin of 3.60%.
  • Total deposits increased $26.9 million and $175.1 million, respectively for the quarter and for the trailing 12 months.
  • Nonperforming loans decreased to 0.42% of total assets at the end of the quarter from 0.45% on 6/30/20 and 0.98% on 9/30/2019.
  • Allowance for loan losses totaled 1.57% of loans held for investment (1.72% excluding PPP loans).

Mark Hanna, President, commented “Our third quarter earnings of $2.21 million is a slight improvement over second quarter for core earnings ($2.06 million), second quarter total earnings ($2.63 million) included recognition of $567,000 for implementation of a mortgage rate lock derivative associated with our mortgage company pipeline. Our net interest margin of 3.60% shows a historical decline but remains strong especially given the changes in our balance sheet. F&M’s liquidity has increased significantly over the last four quarters and we are implementing strategic solutions to leverage these assets including deploying $102.7 million into the investment portfolio since year end 2019. Despite the current low-rate environment, these strategies should augment our net interest margin in the future.”

Mr. Hanna continued, “Nonperforming loans have improved dramatically over prior year, decreasing $3.7 million since third quarter of 2019, and $1.5 million since year end 2019. We feel these efforts put F&M in a strong position to manage the current economic uncertainty while seeking opportunities for continued growth in the communities we serve.”

On October 23, 2020 our Board of Directors declared a third quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $19.21 per share this constitutes a 5.41% yield on an annualized basis. The dividend will be paid on November 30, 2020, to shareholders of record as of November 14, 2020.”

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 eleven 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.

F & M Bank Corp.
Key Statistics

2020 2019
Q3 Q2 Q1 YTD Q3 Q2 Q1 YTD
Net Income (000’s)
$ 2,207 $ 2,626 $ 1,189 $ 6,022 $ (186 ) $ 1,634 $ 1,287 $ 2,735
Net Income available to Common
$ 2,142 $ 2,560 $ 1,123 $ 5,825 $ (265 ) $ 1,556 $ 1,208 $ 2,499
Earnings per common share – basic
$ 0.67 $ 0.80 $ 0.35 $ 1.82 $ (0.08 ) $ 0.48 $ 0.38 $ 0.78
Earnings per common share – diluted
$ 0.65 $ 0.76 $ 0.35 $ 1.76
Return on Average Assets
0.88 % 1.17 % 0.58 % 0.81 % -0.09 % 0.83 % 0.67 % 0.46 %
Return on Average Equity
9.44 % 11.50 % 5.23 % 8.68 % -0.81 % 7.12 % 5.68 % 4.00 %
Dividend Payout Ratio
38.81 % 32.50 % 74.29 % 42.86 % -325.00 % 52.08 % 65.79 % 97.44 %
Net Interest Margin
3.33 % 3.55 % 3.97 % 3.60 % 4.39 % 4.47 % 4.67 % 4.52 %
Yield on Average Earning Assets
3.94 % 4.20 % 4.88 % 4.31 % 5.35 % 5.42 % 5.54 % 5.46 %
Yield on Average Interest Bearing Liabilities
0.87 % 0.92 % 1.27 % 1.00 % 1.34 % 1.33 % 1.21 % 1.29 %
Net Interest Spread
3.07 % 3.28 % 3.61 % 3.31 % 4.01 % 4.09 % 4.33 % 4.17 %
Provision for Loan Losses (000’s)
$ 1,000 $ 800 $ 1,500 $ 3,300 $ 3,750 $ 1,600 $ 1,450 $ 6,800
Net Charge-offs
$ 208 $ 203 $ 453 $ 864 $ 817 $ 483 $ 1,757 $ 3,057
Net Charge-offs as a % of Loans
0.12 % 0.12 % 0.30 % 0.17 % 0.52 % 0.30 % 1.09 % 0.65 %
Non-Performing Loans (000’s)
$ 4,254 $ 4,465 $ 4,168 $ 4,254 $ 7,978 $ 11,688 $ 10,587 $ 7,978
Non-Performing Loans to Total Assets
0.42 % 0.45 % 0.50 % 0.42 % 0.98 % 1.45 % 1.36 % 0.98 %
Non-Performing Assets (000’s)
$ 4,420 $ 5,625 $ 5,504 $ 4,420 $ 9,649 $ 13,657 $ 12,761 $ 9,649
Non-Performing Assets to Assets
0.44 % 0.57 % 0.66 % 0.44 % 1.19 % 1.69 % 1.64 % 1.19 %
Efficiency Ratio
65.35 % 65.33 % 70.51 % 66.94 % 67.63 % 65.32 % 67.15 % 66.70 %
  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,
INCOME STATEMENT
Unaudited
2020
Unaudited
2019
Interest and Dividend Income
$ 27,280,319 $ 29,279,627
Interest Expense
4,515,221 5,025,175
Net Interest Income
22,765,098 24,254,452
Non-Interest Income
9,016,182 6,909,369
Provision for Loan Losses
3,300,000 6,800,000
Impairment of long lived assets
19,193
Other Non-Interest Expenses
21,788,981 21,597,748
Income Before Income Taxes
6,673,106 2,766,076
Provision for Income Taxes
545,418 (74,786)
Less Minority Interest (income)/loss
(105,193) (106,161)
Net Income
$ 6,022,495 $ 2,734,661
Dividend on preferred stock
197,194 235,966
Net Income available to common shareholders
$ 5,825,301 $ 2,498,695
Average Common Shares Outstanding
3,197,718 3,175,192
Net Income Per Common Share
Dividends Declared
1.82.78 .78.76
BALANCE SHEET
Unaudited
September 30, 2020
Unaudited
September 30, 2019
Cash and Due from Banks
$ 14,504,566 $ 14,324,290
Interest Bearing Bank Deposits
1,237,866 1,599,711
Federal Funds Sold
73,407,000 12,963,000
Loans Held for Sale
88,038,925 80,862,723
Loans Held for Investment 672,524,536 631,828,822
Less Allowance for Loan Losses
(10,825,739) (8,982,258)
Net Loans Held for Investment
661,698,797 622,846,564
Securities
118,888,764 20,084,814
Other Assets
57,647,889 60,556,108
Total Assets
$ 1,015,423,807 $ 813,237,210
Deposits
$ 793,535,570 $ 618,434,553
Short Term Debt
20,000,000
Long Term Debt
106,510,013 64,308,789
Other Liabilities
21,698,045 19,600,307
Total Liabilities
921,743,628 722,343,649
Preferred Stock
4,591,623 5,591,623
Common Equity
89,088,556 85,301,938
Stockholders’ Equity
93,680,179 90,893,561
Total Liabilities and Stockholders’ Equity
$ 1,015,423,807 $ 813,237,210
Book Value Per Common Share
$ 27.85 $ 26.86
Tangible Book Value Per Common Share
$ 27.84 $ 26.89

CONTACT:

Carrie Comer
EVP/Chief Financial Officer
540-896-8941 or ccomer@fmbankva.com

F&M Bank Announces Officer Promotions

F&M Bank and its Board of Directors would like to congratulate the following individuals on their Officer promotions effective September 24, 2020.

Senior Vice President: 

  • Bobby Williams, Agricultural & Rural Programs Leader

Vice President: 

  • Donna Brown, Commercial Relationship Manager
  • Jordan Dean, Commercial Relationship Manager
  • Ryan May, Relationship Manager (Dealer Finance)

Assistant Vice President:

  • Jason Crum, Branch Manager (Stuarts Draft)
  • Mary Campbell, Assistant Branch Manager (Broadway)
  • Debbie Koogler, Branch Manager (Myers Corner, Staunton)
  • Angela Smith, Assistant Branch Manager (North Augusta, Staunton)
  • Teri Hasley, Deposit Operations Manager

F&M Bank Welcomes Katherine Preston and Kevin Nixon to Commercial Team

We are excited to welcome Katherine Preston, Senior Vice President & Valley Market Executive, and Kevin Nixon, Vice President & Commercial Relationship Manager, to the F&M Bank family.

Katherine PrestonKatherine joins the Senior Leadership Team and brings with her over 20 years of banking experience to include retail, small business, and commercial lending, most recently serving as Vice President and Business Services Officer at BB&T.

“I am thrilled to join a talented team and support the businesses and organizations in Rockingham, Augusta and Shenandoah Counties as Valley Market Executive. In my new role, I look forward to growing strong professional partnerships and fostering continued success in the communities I know and love.”

“We are proud to have Katherine come on board as the Shenandoah Valley Market Executive,” says Garth Knight, Executive Vice President and Chief Lending Officer. “Katherine brings two decades of experience serving her commercial clients at the highest level. She also is a tremendous leader, developing team members and building relationships in her community. The future is bright at F&M Bank with Katherine leading our Commercial Team!”

A lifetime resident of the Shenandoah Valley, Katherine is committed to volunteering and taking part in community investment programs that benefit local needs. She has participated in the United Way Day of Caring and Dancing with the Stars of the ‘Burg in 2017 to support the Harrisonburg-Rockingham Child Day Care Center. She also has enjoyed dedicating 18 years to her daughter’s school and PTSA boards.

Katherine is also a graduate of the Virginia Bankers School of Bank Management, RMA-ECU Commercial Lending School, and the BB&T Banking School at Wake Forest University. Her strong connection to the community and her extensive knowledge of the industry will be an asset as she leads the F&M Commercial Team to continued success throughout the Shenandoah Valley.

Kevin NixonKevin Nixon, Vice President and Commercial Relationship Manager, to the Harrisonburg-Rockingham County Commercial Team. Kevin brings with him over 13 years of commercial lending experience, most recently serving as a Business Development Officer at First Bank.

“I look forward to helping the team here at F&M Bank continue providing excellent customer service and community support. I hope to carry on the proud history that F&M Bank is known for in the Shenandoah Valley,” says Kevin.

“We are excited to welcome Kevin Nixon to the F&M family as a Commercial Relationship Manager,” says Garth Knight, Executive Vice President and Chief Lending Officer. “Kevin brings many years of experience serving clients in the Shenandoah Valley. He is community driven and exemplifies what it means to be a leader.”

Active in his community, Kevin holds membership with the Rockingham County Rotary and Covenant Presbyterian Church. He is a past board member for the United Way of Greater Augusta.

Prior to his career in banking, Kevin owned and operated a business upon receiving his Master of Business Administration degree from Medaille College. His commercial lending knowledge paired with his entrepreneurial background will be a great asset to the F&M team.

F&M Bank Announces the Senior Leadership Promotions of Paul Eberly and Bobby Williams

F&M Bank is excited to announce the Senior Leadership promotions of Paul Eberly and Bobby Williams.

Paul Eberly blog

 

Paul Eberly, Senior Vice President and Agricultural and Programs Leader, will assume the position of Executive Vice President & Chief Credit Officer following the retirement of Ed Strunk. Paul will lead the credit administration, retail loan administration, and loan operations departments.

“We are thrilled to welcome Paul to the executive team,” said Mark Hanna, President & CEO. “He has done a remarkable job developing the Agricultural Division. Under his leadership, our loan portfolio has grown exponentially as his passion for delivering outstanding customer service is evident. I look forward to working alongside Paul at the executive level.”

Paul will be an integral part of the Agricultural Division and will continue to provide consultative credit solutions to the community in his new role.

 

Bobby Williams blog

 

 

Bobby Williams, Vice President and Commercial Relationship Manager, will assume the position of Agricultural and Rural Programs Leader as Paul Eberly transitions to executive leadership. Bobby joined F&M Bank in April of 2020, and his connection to the ag community has been a great asset to the team.

“Bobby has been a tremendous banker for many years, and we are excited to announce his promotion,” said Garth Knight, Executive Vice President and Chief Lending Officer. “In a very short time at F&M Bank, he has done an outstanding job growing the ag portfolio. He is a great leader and perfect candidate to guide our Agricultural Division for many years to come.”