TIMBERVILLE, VA—January 24, 2017—F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the fourth quarter and year ending December 31, 2016.
Selected highlights for the quarter and year to date include:
- Net income of $2.5 million and $9.6 million, respectively;
- Net income per common share increased 15.42% YTD;
- Net interest margin of 4.34%;
- Non-performing assets declined $1.9 million or 21.5% compared to a year earlier;
- Loans held for investment increased $47.6 million YTD;
- Return on Average Assets of 1.34% YTD.
Dean Withers, President and CEO, commented “We are pleased to announce record fourth quarter and record year to date earnings of $2.518 million and $9.567 million, respectively. These results represent increases of 15.45% and 13.66% for the respective periods. Loan demand continues to be strong with the growth in loans held for investment totaling $47.6 million year to date. Deposit growth also accelerated in the second half of 2016 with the year to date increase now totaling $42.4 million. Our net interest margin at 4.34% has been stable over the last several quarters and continues to drive our extraordinary results.”
Withers continued, “During the 2016, we opened our twelfth branch in Grottoes, Virginia and began construction on our thirteenth branch in Fishersville, Virginia. These branches will supplement the two branches we opened in 2015 in Staunton and Craigsville to further strengthen the growth of our southern market.” Withers stated, “On January 19, 2017 our Board of Directors declared a fourth quarter dividend of $.22 per share to common shareholders. Based on our most recent trade price of $26.85 per share this constitutes a 3.28% yield on an annualized basis. The dividend will be paid on February 16, 2017, to shareholders of record as of February 2, 2017.” Highlights of our financial performance are included below.
F & M Bank Corp. is an independent, locally-owned, community bank holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank’s twelve banking offices in Rockingham, Shenandoah, Page and Augusta Counties, Virginia. The Bank also provides additional services through two loan production offices located in Penn Laird, VA and Fishersville, VA and through its subsidiary, VBS Mortgage 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.
SOURCE: F & M Bank Corp.
CONTACT: Neil Hayslett, EVP/Chief Administrative Officer; 540-896-8941 or NHayslett@FMBankVA.com