0001354488-14-005160.txt : 20141020 0001354488-14-005160.hdr.sgml : 20141020 20141020085859 ACCESSION NUMBER: 0001354488-14-005160 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141020 DATE AS OF CHANGE: 20141020 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: 141163128 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 20, 2014
 
F & M Bank Corp.
(Exact name of registrant as specified in its charter)
 
Virginia
  
000-13273
  
54-1280811
(State or other jurisdiction of incorporation)   (Commission File Number)   (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:

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

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

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

o Pre-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 20, 2014, F & M Bank Corp. issued a press release announcing results for the quarter ended September 30, 2014. 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 20, 2014
 
 
 
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.
  
       
 
By:
/s/ Carrie A. Comer  
   
Carrie A. Comer
  
   
Senior Vice President and Chief Financial Officer 
  
       
 
Date: October 20, 2014
 
 
 
 
3
 
 
EXHIBIT INDEX
 
Exhibit No.   Description
     
99.1   F & M Bank Corp. press release dated October 20, 2014
 
 
 
 
 
 
 
 
 
4
 
 
 EX-99.1 2 fmbm_ex991.htm PRESS RELEASE fmbm_ex991.htm
Exhibit 99.1
 
F & M Bank Corp.---News and Financials
 
F & M BANK CORP. REPORTS RECORD EARNINGS FOR 3rd QUARTER AND YEAR TO DATE 2014
 
TIMBERVILLE, VA—October 20, 2014—F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the third quarter and it’s recently declared third quarter dividend.
 
Selected Financial Highlights:
  
2014
    
2013
  
    Q3    
YTD
     Q3    
YTD
  
Net Income (000's)
   $ 1,569     $ 4,236     $ 1,183     $ 3,532  
Earnings per share
   $ 0.47     $ 1.38     $ 0.47     $ 1.41  
Net Interest Margin
     4.36 %     4.29 %     3.98 %     4.01 %
Allowance for loan losses
     1.70 %     1.70 %     1.74 %     1.74 %
Provision for loan losses (000's)
   $ 750     $ 2,250     $ 1,000     $ 3,025  
Non-Performing Loans (000's)
   $ 7,053     $ 7,053     $ 12,338     $ 12,338  
Equity to Assets
     11.59 %     11.59 %     9.30 %     9.30 %
Efficiency Ratio
     56.14 %     57.78 %     57.72 %     56.91 %
 
Dean Withers, President and CEO, commented “We’re very pleased to announce both record quarterly earnings as well as record earnings through three quarters. Third quarter earnings increased 32.6% versus prior year, to $1.569 million and year to date earnings of $4.236 million increased 19.9%. The sharp increase in earnings is due primarily to a very strong net interest margin and an excellent efficiency ratio. The net interest margin improvement resulted from continued decreases in the cost of funds, reductions in low yielding fed funds and strong loan growth.” Withers continued, “Loans held for investment increased $28 million year to date with most of the growth derived from our Dealer Finance Division and our Fishersville Loan Production Office.”

Withers stated, “We continue our recent trend of improvement in our non-performing loans which have decreased $5.3 million (42.8%) compared to the same period in 2013 and now constitute 1.39% of loans held for investment, vs. 2.57% during the same period in 2013. We are ahead of pace to meet our 2014 goals for improvement in both our non-performing and criticized asset ratios” Withers continued, “On October 16, 2014, our Board of Directors declared a third quarter dividend of $0.17 per share. Based on our most recent trade price of $19.24 per share, this dividend constitutes a 3.53% yield on an annualized basis. The dividend will be paid on November 7, 2014, to shareholders of record as of October 31, 2014.” A summary balance sheet and income statement 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.
 
 
1
 
 
F & M Bank Corp.
Financial Highlights
 
   
For Nine Months
Ended September 30
  
INCOME STATEMENT
  
Unaudited
2014
    
Unaudited
2013
  
Interest and Dividend Income
   $ 19,838,232     $ 19,565,817  
Interest Expense
     2,776,643       3,699,628  
  Net Interest Income
     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
     11,462,755       10,829,854  
  Income Before Income Taxes
     6,054,063       5,103,234  
Provision For Income Taxes     1,844,035       1,465,467  
Less Minority Interest income (loss)
     23,300       105,860  
Net Income
   $ 4,236,328     $ 3,531,907  
Average Shares Outstanding
     3,061,432       2,501,990  
Net Income Per Common Share
     1.38       1.41  
Dividends Declared     .51       .51  
 
BALANCE SHEET
  
Unaudited
September 30,
2014
    
Unaudited
September 30,
2013
  
Cash and Due From Banks
   $ 6,155,742     $ 6,964,491  
Interest Bearing Bank Deposits
     1,038,662       1,021,333  
Federal Funds Sold
     16,165,000       24,464,000  
Loans Held for Sale
     16,131,118       2,776,572  
Loans Held for Investment     506,845,616       479,211,895  
  Less Allowance for Loan Losses
     (8,601,293 )     (8,338,981 )
  Net Loans Held for Investment
     498,244,323       470,872,914  
Securities
     19,298,256       16,901,937  
Other Assets
     37,539,741       33,148,718  
  Total Assets
   $ 594,572,842     $ 556,149,965  
                 
Deposits
   $ 487,640,625     $ 461,767,657  
Short Term Debt
     3,783,809       3,480,308  
Long Term Debt
     15,000,000       16,678,571  
Subordinated Debt     10,191,000       10,191,000  
Other Liabilities
     9,043,174       12,296,555  
  Total Liabilities
     525,658,608       504,414,091  
Stockholders’ Equity
     68,914,234       51,735,874  
  Total Liabilities and Stockholders’ Equity
   $ 594,572,842     $ 556,149,965  
Book Value Per Common Share
   $ 20.61     $ 20.66  
 
 SOURCE:   F & M Bank Corp.
 CONTACT:   Neil Hayslett, EVP/Chief Administrative Officer
   540-896-8941 or NHayslett@FMBankVA.com
 
2