Virginia
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000-13273
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54-1280811
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(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit No. | Description | |
99.1 | F & M Bank Corp. press release dated October 20, 2014 |
F & M Bank Corp.
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By:
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/s/ Carrie A. Comer | ||
Carrie A. Comer
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Senior Vice President and Chief Financial Officer
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Exhibit No. | Description | |
99.1 | F & M Bank Corp. press release dated October 20, 2014 |
Selected Financial Highlights:
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2014
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2013
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Q3 |
YTD
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Q3 |
YTD
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Net Income (000's)
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$ | 1,569 | $ | 4,236 | $ | 1,183 | $ | 3,532 | ||||||||
Earnings per share
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$ | 0.47 | $ | 1.38 | $ | 0.47 | $ | 1.41 | ||||||||
Net Interest Margin
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4.36 | % | 4.29 | % | 3.98 | % | 4.01 | % | ||||||||
Allowance for loan losses
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1.70 | % | 1.70 | % | 1.74 | % | 1.74 | % | ||||||||
Provision for loan losses (000's)
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$ | 750 | $ | 2,250 | $ | 1,000 | $ | 3,025 | ||||||||
Non-Performing Loans (000's)
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$ | 7,053 | $ | 7,053 | $ | 12,338 | $ | 12,338 | ||||||||
Equity to Assets
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11.59 | % | 11.59 | % | 9.30 | % | 9.30 | % | ||||||||
Efficiency Ratio
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56.14 | % | 57.78 | % | 57.72 | % | 56.91 | % |
For Nine Months
Ended September 30
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INCOME STATEMENT
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Unaudited
2014
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Unaudited
2013
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Interest and Dividend Income
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$ | 19,838,232 | $ | 19,565,817 | ||||
Interest Expense
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2,776,643 | 3,699,628 | ||||||
Net Interest Income
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17,061,589 | 15,866,189 | ||||||
Non-Interest Income | 2,705,229 | 3,091,899 | ||||||
Provision for Loan Losses | 2,250,000 | 3,025,000 | ||||||
Other Non-Interest Expenses
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11,462,755 | 10,829,854 | ||||||
Income Before Income Taxes
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6,054,063 | 5,103,234 | ||||||
Provision For Income Taxes | 1,844,035 | 1,465,467 | ||||||
Less Minority Interest income (loss)
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23,300 | 105,860 | ||||||
Net Income
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$ | 4,236,328 | $ | 3,531,907 | ||||
Average Shares Outstanding
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3,061,432 | 2,501,990 | ||||||
Net Income Per Common Share
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1.38 | 1.41 | ||||||
Dividends Declared | .51 | .51 |
BALANCE SHEET
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Unaudited
September 30,
2014
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Unaudited
September 30,
2013
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Cash and Due From Banks
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$ | 6,155,742 | $ | 6,964,491 | ||||
Interest Bearing Bank Deposits
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1,038,662 | 1,021,333 | ||||||
Federal Funds Sold
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16,165,000 | 24,464,000 | ||||||
Loans Held for Sale
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16,131,118 | 2,776,572 | ||||||
Loans Held for Investment | 506,845,616 | 479,211,895 | ||||||
Less Allowance for Loan Losses
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(8,601,293 | ) | (8,338,981 | ) | ||||
Net Loans Held for Investment
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498,244,323 | 470,872,914 | ||||||
Securities
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19,298,256 | 16,901,937 | ||||||
Other Assets
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37,539,741 | 33,148,718 | ||||||
Total Assets
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$ | 594,572,842 | $ | 556,149,965 | ||||
Deposits
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$ | 487,640,625 | $ | 461,767,657 | ||||
Short Term Debt
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3,783,809 | 3,480,308 | ||||||
Long Term Debt
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15,000,000 | 16,678,571 | ||||||
Subordinated Debt | 10,191,000 | 10,191,000 | ||||||
Other Liabilities
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9,043,174 | 12,296,555 | ||||||
Total Liabilities
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525,658,608 | 504,414,091 | ||||||
Stockholders’ Equity
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68,914,234 | 51,735,874 | ||||||
Total Liabilities and Stockholders’ Equity
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$ | 594,572,842 | $ | 556,149,965 | ||||
Book Value Per Common Share
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$ | 20.61 | $ | 20.66 |
SOURCE: | F & M Bank Corp. |
CONTACT: | Neil Hayslett, EVP/Chief Administrative Officer |
540-896-8941 or NHayslett@FMBankVA.com |