F & M Bank Corp. Announces Record Quarterly and Year to Date Earnings and Dividend Increase
TIMBERVILLE, VA / ACCESSWIRE / October 21, 2016 / F & M Bank Corp. (FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the third quarter and year to date ending September 30, 2016.
Selected highlights for the quarter and year to date include:
- Net income of $2.6 million and $7.0 million, respectively;
- Net income per common share increased 14.04% YTD;
- Net interest margin of 4.33%;
- Net interest income YTD increased $1.4 million;
- Loans held for investment increased $34.0 million YTD;
- Return on Average Assets of 1.43% for the third quarter
Dean Withers, President and CEO, commented, “We are pleased to announce record third quarter and year to date earnings of $2.601 million and $7.049 million. These results represent increases of 18.82% and 13.04% for the respective periods. Loan demand continues to be strong with the growth in loans held for investment totaling $34.0 million year to date. Deposit growth has also accelerated in the last two quarters with the year to date increase now totaling $33.2 million. Our net interest margin at 4.33% has been stable over the last several quarters and continues to drive our extraordinary results.”
Withers continued, “During the third quarter, 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 October 20, 2016 our Board of Directors declared a third quarter dividend of $.22 per share to common shareholders. This is an increase of $.02 (10%) over the prior quarter and $.03 (15.79%) over the prior year. Based on our most recent trade price of $25.00 per share this constitutes a 3.52% yield on an annualized basis. The dividend will be paid on November 17, 2016, to shareholders of record as of November 3, 2016.” 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.
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