Officer Promotions at F&M Bank

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PRESS RELEASE: Employee Promotions

For Immediate Release

Farmers & Merchants Bank and its Board of Directors would like to congratulate the following individuals on their Officer promotions effective March 25, 2019.

Vice President: 

Kay Dean
Jackie Burner

Assistant Vice President: 

Barbara Bartley

Bank Officer: 

Donna O’Byrne
Kelsey Dean
Sharrie Harrison
Ashley McClure
Jessica Luce

For more information, please email marketing@fmbankva.com.

 

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 4th Quarter Earnings and Dividend

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Company Release – 1/31/2019 10:00 AM ET

TIMBERVILLE, VA / ACCESSWIRE / January 31, 2019 / 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, 2018.

Selected highlights for the quarter and year to date include:

  • Net income of $2.9 million and $9.1 million, respectively;
  • Non-performing assets dropped $4.65 million or 26.90% during the fourth quarter;
  • Net interest margin rose to 4.68%;
  • Loans held for investment increased $21.8 million YTD;
  • Return on Average Assets of 1.48% and 1.19%, respectively.

Mark Hanna, President, commented “We are pleased to announce fourth quarter and year to date earnings of $2.9 million and $9.1 million, respectively. The fourth quarter results represent a record for quarterly earnings which was driven by an increasing net interest margin. Our margin increased due to our asset sensitive balance sheet which resulted in a $2.6 million increase in interest income and a $935 thousand increase in interest expense. Loans held for investment increased $21.8 million or 3.54% versus the prior year. Deposit growth also accelerated in the second half of the year to $22.1 million or 3.89%.”

Hanna continued, “During the fourth quarter we made significant progress in addressing our problem assets. Previously we had announced that two large loans were placed on non-accrual during the second quarter, resulting in our significant allowance for loan loss funding in the first half of the year. During the fourth quarter we were successful in collecting on one of these loans and we recognized a partial write-down on the other based on the appraised value and continued payment delinquency. As a result of these and other collection efforts our problem assets decreased from $17.3 million to $12.6 million.” Highlights of our financial performance are included below.

Hanna stated, “On January 23rd our Board of Directors declared a fourth quarter dividend of $.25 per share to common shareholders. Based on our most recent trade price of $30.30 per share this constitutes a 3.30% yield on an annualized basis. The dividend will be paid on February 15, 2019, to shareholders of record as of February 1, 2019.”

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, LLC (DBA F&M Mortgage) and VSTitle, LLC 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

 2018 2017
Q4 Q3 Q2 Q1 YTD YTD
Net Income (000’s)
 $ 2,910 $ 2,515 $ 1,687 $ 1,973 $ 9,085 $ 9,010
Net Income available to Common
 $ 2,807 $ 2,412 $ 1,583 $ 1,870 $ 8,672 $ 8,595
Earnings per common share
 $ 0.87 $ 0.75 $ 0.49 $ 0.57 $ 2.68 $ 2.63
Return on Average Assets
 1.48 % 1.29 % 0.91 % 1.11 % 1.19 % 1.62 %
Return on Average Equity
 12.51 % 10.82 % 7.38 % 8.75 % 9.89 % 13.34 %
Dividend Payout Ratio exclude Special Dividend
 28.83 % 33.33 % 51.37 % 43.53 % 37.34 % 26.25 %
Dividend Payout Ratio with Special Dividend
 78.35 % 44.81 %
Net Interest Margin
 4.68 % 4.56 % 4.64 % 4.78 % 4.65 % 4.47 %
Yield on Average Earning Assets
 5.50 % 5.30 % 5.29 % 5.38 % 5.35 % 5.05 %
Yield on Average Interest Bearing Liabilities
 1.14 % 1.04 % 0.94 % 0.87 % 1.00 % 0.82 %
Net Interest Spread
 4.36 % 4.26 % 4.35 % 4.51 % 4.35 % 4.23 %
Provision for Loan Losses (000’s)
 $ 450 $ 450 $ 1,350 $ 680 $ 2,930 $ –
Net Charge-offs
 $ 2,483 $ 283 $ 660 $ 309 $ 3,735 $ 1,499
Net Charge-offs as a % of Loans
 1.55 % 0.18 % 0.42 % 0.20 % 0.58 % 0.24 %
Non-Performing Loans (000’s)
 $ 10,205 $ 15,240 $ 14,977 $ 7,730 $ 10,205 $ 4,870
Non-Performing Loans to Total Assets
 1.31 % 1.96 % 1.94 % 1.06 % 1.31 % 0.65 %
Non-Performing Assets (000’s)
 $ 12,648 $ 17,303 $ 17,011 $ 9,758 $ 12,648 $ 7,004
Non-Performing Assets to Assets
 1.62 % 2.23 % 2.21 % 1.34 % 1.62 % 0.94 %
Efficiency Ratio
 65.06 % 66.71 % 65.80 % 66.52 % 65.50 % 63.01 %
(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.

F & M Bank Corp.
Financial Highlights

 For Twelve Months Ended December 31,
INCOME STATEMENT
 Unaudited
2018		 Audited
2017
Interest and Dividend Income
 $ 36,707,958 $ 34,095,349
Interest Expense
 4,832,063 3,896,889
Net Interest Income
 31,875,895 30,198,460
Gross Security Gains (Losses)
 – (41,914 )
Non-Interest Income
 8,003,003 7,934,620
Provision for Loan Losses
 2,930,000 –
Other Non-Interest Expenses
 26,743,762 24,719,017
Income Before Income Taxes
 10,205,136 13,372,149
Provision for Income Taxes
 1,110,169 4,330,404
Less Minority Interest income
 10,050 31,461
Net Income
 $ 9,084,917 $ 9,010,284
Dividend on preferred stock
 413,191 415,331
Net Income available to common shareholders
 $ 8,671,726 $ 8,594,953
Average Common Shares Outstanding
 3,238,177 3,269,713
Net Income Per Common Share
 2.68 2.63
Dividends Declared
 1.20 .94
BALANCE SHEET
 Unaudited
December 31,
2018		 Audited
December 31,
2017
Cash and Due from Banks
 $ 9,521,741 $ 10,622,352
Interest Bearing Bank Deposits
 1,390,181 1,284,351
Federal Funds Sold
 – –
Loans Held for Sale
 55,909,812 39,774,515
Loans Held for Investment
 638,798,885 616,974,067
Less Allowance for Loan Losses
 (5,239,699 ) (6,044,365 )
Net Loans Held for Investment
 633,559,186 610,929,702
Securities
 21,843,918 41,242,965
Other Assets
 58,028,442 49,416,495
Total Assets
 $ 780,253,280 $ 753,270,380
Deposits
 $ 591,325,319 $ 569,176,519
Short Term Debt
 40,116,000 25,296,000
Long Term Debt
 40,218,073 49,732,532
Other Liabilities
 16,682,537 17,790,459
Total Liabilities
 688,341,929 661,995,510
Stockholders’ Equity
 91,911,351 91,274,870
Total Liabilities and Stockholders’ Equity
 $ 780,253,280 $ 753,270,380
Book Value Per Common Share
 $ 26.84 $ 25.73
Tangible Book Value Per Common Share
 $ 26.91 $ 25.64

CONTACT:

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

SOURCE: F&M Bank Corp

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

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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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4 Simple Steps to Stop a Cyber Thief

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F&M Bank Raises Awareness for Data Privacy Day Jan. 28
Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data. F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

PRESS RELEASE
FOR IMMEDIATE RELEASE

January 23, 2015

4 SIMPLE STEPS TO STOP A CYBER THIEF
F&M Bank Raises Awareness for Data Privacy Day Jan. 28

Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data.

F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

To help ensure the safety of personal information, F&M Bank suggests following these four tips:

•    Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most       common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.

•    Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away. When a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.

•    Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.

•    Mobilize your defenses. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Tips for Victims:
If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:

•    Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
•    File a police report and call the fraud unit of the three credit-reporting companies.
•    Consider placing a victim statement in your credit report and a fraud alert on your account.
•    Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
•    Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.

Data Privacy Day commemorates the 1981 signing of the first legally binding international treaty dealing with privacy and data protection. It is led by the National Cyber Security Alliance, a non-profit, public private partnership focused on cyber security education for all online citizens.

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>>Visit F&M Bank’s Identity Theft Protection Services page