Virginia
(State or other jurisdiction
of incorporation)
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000-13273
(Commission File Number)
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54-1280811
(IRS Employer
Identification No.)
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P.O. Box 1111
Timberville, Virginia
(Address of principal executive offices)
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22853
(Zip Code)
|
o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No. | Description |
99.1
|
Press Release dated January 25, 2016.
|
F & M Bank Corp.
|
|||
Date: January 25, 2016
|
By:
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/s/ Neil W. Hayslett | |
Neil W. Hayslett | |||
Executive Vice President and Chief Administrative Officer
|
|||
Exhibit No. | Description |
99.1
|
Press Release dated January 25, 2016.
|
CONTACT: Neil Hayslett, EVP/Chief Administrative Officer | 540-896-8941 or NHayslett@FMBankVA.com |
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Net income of $8.4 million
|
●
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Net interest margin of 4.39%
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●
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Charge-offs decreased to $243 thousand, the lowest level since 2006
|
●
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Non-Performing Assets Ratio decreased to 1.30%, the lowest level since 2008
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●
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Loan held for investment increased $25.9 million
|
2015
|
2014
|
|||||||||||||||
Q4 |
YTD
|
Q4 |
YTD
|
|||||||||||||
Net Income (000's)
|
$ | 2,181 | $ | 8,417 | $ | 1,592 | $ | 5,802 | ||||||||
Net Income available to Common
|
$ | 2,053 | $ | 7,907 | $ | 1,464 | $ | 5,674 | ||||||||
Earnings per common share
|
$ | 0.62 | $ | 2.40 | $ | 0.44 | $ | 1.82 | ||||||||
Return on Average Assets
|
1.33 | % | 1.31 | % | 1.06 | % | 1.00 | % | ||||||||
Return On Average Equity
|
10.59 | % | 10.46 | % | 8.86 | % | 8.65 | % | ||||||||
Dividend Payout Ratio
|
30.65 | % | 30.42 | % | 38.64 | % | 37.36 | % | ||||||||
Net Interest Margin (1)
|
4.39 | % | 4.43 | % | 4.29 | % | 4.30 | % | ||||||||
Yield on Average Earning Assets
|
4.88 | % | 4.91 | % | 4.91 | % | 4.97 | % | ||||||||
Yield on Average Interest Bearing Liabilities
|
0.71 | % | 0.68 | % | 0.86 | % | 0.91 | % | ||||||||
Net Interest Spread
|
4.17 | % | 4.23 | % | 4.05 | % | 4.06 | % | ||||||||
Provision for Loan Losses (000's)
|
$ | - | $ | 300 | $ | - | $ | 2,250 | ||||||||
Net Charge-offs (000’s)
|
$ | 88 | $ | 243 | $ | (124 | ) | $ | 1,709 | |||||||
Net Charge-offs as a % of Loans
|
0.02 | % | 0.04 | % | (0.02 | )% | 0.33 | % | ||||||||
Non-Performing Loans (000's)
|
$ | 6,526 | $ | 6,975 | ||||||||||||
Non-Performing Loans to Total Assets
|
0.98 | % | 1.15 | % | ||||||||||||
Non-Performing Assets (000’s)
|
$ | 8,654 | $ | 10,482 | ||||||||||||
Non-Performing Assets to Assets
|
1.30 | % | 1.73 | % | ||||||||||||
Efficiency Ratio
|
58.93 | % | 58.96 | % | 60.62 | % | 58.51 | % |
(1)
|
The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 34%. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.
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(2)
|
The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income. An increase in the ratio from period to period indicates the Company is losing a large percentage of its income to expenses.
|
For Twelve Months
Ended December 31
|
||||||||
INCOME STATEMENT
|
Unaudited
2015
|
Unaudited
2014
|
||||||
Interest and Dividend Income
|
$ | 29,352,677 | $ | 26,772,057 | ||||
Interest Expense
|
2,875,609 | 3,647,722 | ||||||
Net Interest Income
|
26,477,068 | 23,124,335 | ||||||
Non-Interest Income
|
3,896,000 | 3,530,335 | ||||||
Provision for Loan Losses | 300,000 | 2,250,000 | ||||||
Other Non-Interest Expenses
|
17,985,878 | 15,655,914 | ||||||
Income Before Income Taxes
|
12,087,190 | 8,748,756 | ||||||
Provision For Income Taxes
|
3,505,606 | 2,901,496 | ||||||
Less Minority Interest income
|
164,575 | 45,653 | ||||||
Net Income
|
$ | 8,417,009 | $ | 5,801,607 | ||||
Dividend on preferred stock
|
510,000 | 127,500 | ||||||
Net Income available to common shareholders
|
$ | 7,907,009 | $ | 5,674,107 | ||||
Average Common Shares Outstanding
|
3,290,812 | 3,119,333 | ||||||
Net Income Per Common Share
|
||||||||
Dividends Declared
|
2.40 .73 | 1.82 .68 |
BALANCE SHEET
|
Unaudited
December 31, 2015
|
Unaudited
December 31, 2014
|
||||||
Cash and Due From Banks
|
$ | 6,923,065 | $ | 6,241,016 | ||||
Interest Bearing Bank Deposits
|
1,596,382 | 910,527 | ||||||
Federal Funds Sold
|
16,051,000 | |||||||
Loans Held for Sale
|
57,805,529 | 13,381,941 | ||||||
Loans Held for Investment
|
544,053,477 | 518,201,574 | ||||||
Less Allowance for Loan Losses
|
(8,781,453 | ) | (8,724,731 | ) | ||||
Net Loans Held for Investment
|
535,272,024 | 509,476,843 | ||||||
Securities
|
25,329,103 | 22,304,902 | ||||||
Other Assets
|
38,223,537 | 36,941,873 | ||||||
Total Assets
|
$ | 665,149,640 | $ | 605,308,102 | ||||
Deposits
|
$ | 494,669,756 | $ | 491,504,536 | ||||
Short Term Debt
|
24,954,051 | 14,358,492 | ||||||
Long Term Debt
|
48,160,714 | 9,875,000 | ||||||
Other Liabilities
|
14,414,707 | 11,771,671 | ||||||
Total Liabilities
|
582,199,228 | 527,509,699 | ||||||
Stockholders’ Equity
|
82,950,412 | 77,798,403 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 665,149,640 | $ | 605,308,102 | ||||
Book Value Per Common Share
|
$ | 22.38 | $ | 20.77 | ||||
Tangible Book Value Per Common Share
|
$ | 22.21 | $ | 20.54 |