0001354488-13-005800.txt : 20131022 0001354488-13-005800.hdr.sgml : 20131022 20131022090040 ACCESSION NUMBER: 0001354488-13-005800 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131022 DATE AS OF CHANGE: 20131022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: F&M BANK CORP CENTRAL INDEX KEY: 0000740806 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 541280811 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13273 FILM NUMBER: 131162682 BUSINESS ADDRESS: STREET 1: P.O. BOX 1111 CITY: TIMBERVILLE STATE: VA ZIP: 22853 BUSINESS PHONE: 540-896-8941 MAIL ADDRESS: STREET 1: P. O. BOX 1111 CITY: TIMBERVILLE STATE: VA ZIP: 22853 8-K 1 fmbm_8k.htm CURRENT REPORT fmbm_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): October 22, 2013
 
 
F & M Bank Corp.
 
 
(Exact name of registrant as specified in its charter)
 

Virginia
(State or other jurisdiction
of incorporation)
000-13273
(Commission File Number)
54-1280811
(IRS Employer
Identification No.)

 
P.O. Box 1111
Timberville, Virginia 22853
(540) 896-8941
 
(Address including zip code, and telephone number, including area code, of registrant’s principal executive offices)
 
Not Applicable
 
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
 
 
 

 

Item 2.02.                       Results of Operations and Financial Condition.
 
     
On October 22, 2013, F & M Bank Corp. issued a press release announcing results for the quarter ended September 30, 2013. A copy of the press release is attached as Exhibit 99.1.
     
The information in this Form 8-K, and the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 

Item 9.01.                       Financial Statements and Exhibits.

 
(c)
Exhibits
 
Exhibit No.                             Description
 
99.1                   F & M Bank Corp. press release dated October 22, 2013
 
 
 
2
 
 

 
 
SIGNATURES
 
 
     
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
F & M Bank Corp.
  
       
October 22, 2013
By:
/s/ Carrie A. Comer  
    Carrie A. Comer  
    Senior Vice President and Chief Financial Officer  
       
 
 
 
 
 
 
3
 
 
EXHIBIT INDEX
 
 

 
 
Exhibit No.
Description
 
 
F & M Bank Corp. press release dated October 22, 2013
 
4
 
 
 
 
 
  
 


 

 EX-99.1 2 fmbm_ex991.htm PRESS RELEASE fmbm_ex991.htm

 
Exhibit 99.1
 
 

 
F & M Bank Corp. Reports 3rd Quarter 2013 Financial Results
 
 
TIMBERVILLE, VA--(Marketwired - Oct 22, 2013) - F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the third quarter ended September 30, 2013 and its recently declared third quarter dividend. 
 
Selected Financial Highlights:
                                    
   
2013
    
2012
  
   
Q3
    
Q2
    
Q1
    
YTD
    
Q3
    
YTD
  
Net Income (000's)
  
$
1,183
    
$
1,133
    
$
1,216
    
$
3,532
    
$
1,382
    
$
3,657
  
Earnings per share
    
0.47
      
0.45
      
0.49
      
1.41
      
0.56
      
1.47
  
Net Interest Margin
    
3.98
%
    
4.04
%
    
3.98
%
    
4.01
%
    
4.04
%
    
3.92
%
Allowance for loan losses
    
1.74
%
    
1.72
%
    
1.77
%
    
1.74
%
    
1.72
%
    
1.72
%
Provision for loan losses (000's)
  
$
1,000
    
$
1,125
    
$
900
    
$
3,025
    
$
900
    
$
2,700
  
Non-Performing Loans (000's)
  
$
12,338
    
$
13,888
    
$
11,685
    
$
12,338
    
$
11,891
    
$
11,891
  
Equity to Assets
    
9.30
%
    
9.15
%
    
8.86
%
    
9.30
%
    
8.31
%
    
8.31
%
Efficiency Ratio
    
57.72
%
    
55.31
%
    
57.74
%
    
56.91
%
    
53.19
%
    
55.18
%
 
Dean Withers, President and CEO, commented, "We're pleased to announce that our third quarter and year to date earnings for 2013 total $1.183 million and $3.532 million, respectively." Withers continued, "Loan growth in our Dealer Finance Division and Fishersville Loan Production offices continue to be strong. I am happy to report that both of these offices reached monthly profitability in less than one year of operation. This reflects well on the hard work of the employees in these offices and the warm reception we have received from the local automobile dealers and the Augusta County business community."
 
Withers stated, "Non-performing loans at $12.3 million increased approximately $450 thousand compared to third quarter 2012, but decreased approximately $1.5 and $1.0 million compared to second quarter 2013 and year end 2012, respectively. We continue to see signs of improvement in the local real estate market, with several of the subdivisions that we have financed experiencing improved sales compared to 2012." Withers continued, "On October 21, 2013, our Board of Directors declared a third quarter dividend of $0.17 per share. Based on our most recent trade price of $17.70 per share, this dividend constitutes a 3.84% yield on an annualized basis. The dividend will be paid on November 14, 2013, to shareholders of record as of November 1, 2013." Highlights of the company's 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 nine banking offices in Rockingham, Shenandoah and Page 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. 
 
 
 
 
 
 
 
F & M Bank Corp. Financial Highlights
  
   
For Nine Months
Ended June 30
  
INCOME STATEMENT
  
Unaudited
2013
    
Unaudited
2012
  
Interest and Dividend Income
  
$
19,565,817
    
$
20,240,698
  
Interest Expense
    
3,699,628
      
4,891,923
  
Net Interest Income
    
15,866,189
      
15,348,775
  
Non-Interest Income
    
3,091,899
      
2,755,209
  
Provision for Loan Losses
    
3,025,000
      
2,700,000
  
Other Non-Interest Expenses
    
10,829,854
      
10,028,780
  
Income Before Income Taxes & Securities Transactions
    
5,103,234
      
5,375,204
  
Securities Gains (Losses)
                
Provision For Income Taxes
Less Minority Interest
    
1,465,467
105,860
      
1,629,557
88,198
  
Net Income
  
$
3,531,907
    
$
3,657,449
  
Average Shares Outstanding
    
2,501,990
      
2,495,461
  
Net Income Per Common Share
    
1.41
      
1.47
  
Dividends Declared
    
.51
      
.48
  

 
BALANCE SHEET
  
Unaudited
September 30, 2013
    
Unaudited
September 30, 2012
  
Cash and Due From Banks
   $ 6,964,491     $ 5,864,658  
Interest Bearing Bank Deposits
     1,021,333       510,656  
Federal Funds Sold
     24,464,000       6,732,000  
Loans Held for Sale
     2,776,572       71,416,545  
Loans Held for Investment
     479,211,895       456,801,217  
Less Allowance for Loan Losses
     (8,338,981 )     (7,870,204 )
Net Loans Held for Investment
     470,872,914       448,931,013  
Securities
     16,901,937       19,897,542  
Other Assets
     33,148,718       34,253,848  
Total Assets
   $ 556,149,965     $ 587,606,262  
                 
Deposits
   $ 461,767,657     $ 445,457,202  
Short Term Debt
     3,480,308       35,691,182  
Long Term Debt
     16,678,571       38,142,857  
Subordinated Debt
     10,191,000       10,191,000  
Other Liabilities
     12,296,555       9,288,495  
Total Liabilities
     504,414,091       538,770,736  
Stockholders' Equity
     51,735,874       48,835,526  
Total Liabilities and Stockholders' Equity
   $ 556,149,965     $ 587,606,262  
Book Value Per Common Share
   $ 20.66     $ 19.55  
 
 
CONTACT INFORMATION
 
 
INVESTOR RELATIONS CONTACT:
 
Neil Hayslett
 
EVP/CAO
 
Farmers & Merchants Bank
 
540-896-8941
 
NHayslett@FMBankVA.com
 
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