10. Business Segments

6 Months Ended

Jun. 30, 2017

Business Segments

Business Segments

	Six Months Ended June 30, 2017
	F&M Bank			VBS Mortgage			TEB Life/FMFS			VS Title		Parent Only			Eliminations			F&M Bank Corp. Consolidated
Revenues:
Interest Income	$	16,170,387		$	65,347		$	74,993		$	-	$	13		$	(44,763	)	$	16,265,977
Service charges on deposits		650,718			-			-			-		-			-			650,718
Investment services and insurance income		585			-			360,416			-		-			-			361,001
Mortgage banking income, net		-			1,112,521			-			-		-			-			1,112,521
Title insurance income		-			-			-			553,897		-			-			553,897
Income from bank owned life insurance		223,711			-			-			-		-			-			223,771
Low income housing partnership losses		(386,142	)		-			-			-		-			-			(386,142	)
ATM and check card fees		681,448			-			-			-		-			-			681,448
Gain on prepayment of long-term debt		503,830			-			-			-		-			-			503,830
Loss on investments		-			(39,474	)		(2,440	)		-		-			-			(41,914	)
Other operating income		268,370			-			-			-		-			-			268,370
Total income		18,112,967			1,138,394			432,969			553,897		13			(44,763	)		20,193,477
Expenses:
Interest Expense		1,834,272			41,268			-			-		-			(44,763	)		1,830,777
Provision for loan losses		-			-			-			-		-			-			-
Salary expense		4,453,744			449,573			234,209			224,572		-			-			5,362,098
Employee benefit expense		1,523,051			166,785			-			114,808		-			-			1,804,644
Occupancy expense		403,120			66,596			-			33,505		-			-			503,221
Equipment expense		359,175			18,903			-			15,039		-			-			393,117
FDIC insurance assessment		180,000			-			-			-		-			-			180,000
Other real estate owned, net		25,608			-			-			-		-			-			25,608
Marketing expense		216,205			33,850			4,315			2,536		-			-			256,906
Legal and professional fees		170,299			4,725			-			-		-			-			175,024
ATM and check card fees		344,257			1,923			-			-		-			-			346,180
Telecom and data processing expense		624,886			50,513			-			-		-			-			675,399
Directors fees		210,000			33,334			-			-		-			-			243,334
Bank franchise Tax		324,255			-			-			-		-			-			324,255
Other operating expenses		1,360,275			260,440			12,844			44,099		3,825			-			1,681,483
Total expense		12,029,147			1,127,910			251,368			434,559		3,825			(44,763	)		13,802,046
Income tax expense		1,669,606			-			52,842			-		(35,968	)		-			1,686,480
Net income (loss)	$	4,414,214		$	10,484		$	128,759		$	119,338	$	32,156		$	-		$	4,704,951
Net income (loss) attributable to noncontrolling interest		-			3,145			-			28,641		-			-			31,786
Net Income attributable to F & M Bank Corp.	$	4,414,214		$	7,339		$	128,759		$	90,697	$	32,156		$	-		$	4,673,165
Total Assets	$	746,193,130		$	6,027,200		$	6,630,313		$	274,400	$	89,908,521		$	(104,770,806	)	$	744,262,758
Goodwill	$	2,669,517		$	-		$	-		$	-	$	304,000		$	-		$	2,973,517

	Three months ended June 30, 2017
	F&M Bank			VBS Mortgage		TEB Life/FMFS		VS Title		Parent Only			Eliminations			F&M Bank Corp. Consolidated
Revenues:
Interest Income	$	8,209,919		$	30,051	$	37,719	$	-	$	-		$	(22,052	)	$	8,255,637
Service charges on deposits		335,382			-		-		-		-			-			335,382
Investment services and insurance income		489			-		186,625		-		-			-			187,114
Mortgage banking income, net		-			612,594		-		-		-			-			612,594
Title insurance income		-			-		-		355,351		-			-			355,351
Income from bank owned life insurance		111,455			-		-		-		-			-			111,455
Low income housing partnership losses		(200,813	)		-		-		-		-			-			(200,813	)
ATM and check card fees		351,505			-		-		-		-			-			351,505
Gain on prepayment of long-term debt		-			-		-		-		-			-			-
Loss on investments		-			-		-		-		-			-			-
Other operating income		129,815			-		-		-		-			-			129,815
Total income		8,937,752			642,645		224,344		355,351		-			(22,052	)		10,138,040
Expenses:
Interest Expense		926,890			20,123		-		-		-			(22,052	)		924,961
Provision for loan losses		-			-		-		-		-			-			-
Salary expense		2,260,954			129,586		118,650		118,846		-			-			2,628,036
Employee benefit expense		707,438			81,160		-		63,226		-			-			851,824
Occupancy expense		202,205			36,398		-		15,645		-			-			254,248
Equipment expense		189,060			9,587		-		8,353		-			-			207,000
FDIC insurance assessment		90,000			-		-		-		-			-			90,000
Other real estate owned, net		11,843			-		-		-		-			-			11,843
Marketing expense		99,963			17,339		3,910		791		-			-			122,003
Legal and professional fees		76,663			2,475		-		-		-			-			79,138
ATM and check card fees		176,934			990		-		-		-			-			177,924
Telecom and data processing expense		325,679			26,345		-		-		-			-			352,024
Directors fees		105,000			11,334		-		-		-			-			116,334
Bank franchise Tax		164,249			-		-		-		-			-			164,249
Other operating expenses		717,539			215,934		9,453		18,064		1,125			-			962,115
Total expense		6,054,417			551,271		132,013		224,925		1,125			(22,052	)		6,941,699
Income tax expense		800,944			-		26,172		-		(17,717	)		-			809,399
Net income (loss)	$	2,082,391		$	91,374	$	66,159	$	130,426	$	16,592		$	-		$	2,386,942
Net income (loss) attributable to noncontrolling interest		-			27,412		-		31,302		-			-			58,714
Net Income attributable to F & M Bank Corp.	$	2,082,391		$	63,982	$	66,159	$	99,124	$	16,592		$	-		$	2,328,228

	Six Months Ended June 30, 2016
	F&M Bank			VBS Mortgage		TEB Life/FMFS			VS Title		Parent Only			Eliminations			F&M Bank Corp. Consolidated
Revenues:
Interest Income	$	15,492,768		$	13,213	$	75,030		$	-	$	-		$	(3,037	)	$	15,577,974
Service charges on deposits		506,028			-		-			-		-			-			506,028
Investment services and insurance income		508			-		64,830			-		-			-			65,338
Mortgage banking income, net		-			1,196,444		-			-		-			-			1,196,444
Title insurance income		-			-		-			-		-			-			-
Income from bank owned life insurance		236,652			-		-			-		-			-			236,652
Low income housing partnership losses		(365,387	)		-		-			-		-			-			(365,387	)
ATM and check card fees		692,194			-		-			-		-			-			692,194
Gain on prepayment of long-term debt		-			-		-			-		-			-			-
Loss on investments		-			-		-			-		-			-			-
Other operating income		249,751			-		-			-		-			-			249,751
Total income		16,812,514			1,209,657		139,860			-		-			(3,037	)		18,158,994
Expenses:
Interest Expense		1,678,349			-		-			-		-			(3,037	)		1,675,312
Provision for loan losses		-			-		-			-		-			-			-
Salary expense		4,023,139			380,298		139,463			-		-			-			4,542,900
Employee benefit expense		1,299,406			114,529		-			-		-			-			1,413,935
Occupancy expense		367,578			60,471		-			-		-			-			428,049
Equipment expense		354,155			68,137		-			-		-			-			422,292
FDIC insurance assessment		225,000			-		-			-		-			-			225,000
Other real estate owned, net		52,841			-		-			-		-			-			52,841
Marketing expense		234,904			32,593		549			-		-			-			268,046
Legal and professional fees		188,310			5,049		-			-		-			-			193,359
ATM and check card fees		330,966			2,155		-			-		-			-			333,121
Telecom and data processing expense		509,256			42,828		-			-		-			-			552,084
Directors fees		192,000			15,500		-			-		-			-			207,500
Bank franchise Tax		310,303			-		-			-		-			-			310,303
Other operating expenses		1,254,784			187,519		21,051			-		400			-			1,463,754
Total expense		11,020,991			909,079		161,063			-		400			(3,037	)		12,088,496
Income tax expense		1,582,813			-		31,828			-		(81,993	)		-			1,532,648
Net income (loss)	$	4,208,710		$	300,578	$	(53,031	)	$	-	$	81,593		$	-		$	4,537,850
Net income (loss) attributable to noncontrolling interest		-			90,173		-			-		-			-			90,173
Net Income attributable to F & M Bank Corp.	$	4,208,710		$	210,405	$	(53,031	)	$	-	$	81,593		$	-		$	4,447,677
Total Assets	$	733,417,958		$	2,296,877	$	6,328,376		$	-	$	86,082,770		$	(98,088,075	)	$	730,037,906
Goodwill	$	2,669,517		$	-	$	-		$	-	$	-		$	-		$	2,669,517

	Three Months Ended June 30, 2016
	F&M Bank			VBS Mortgage		TEB Life/FMFS			VS Title		Parent Only			Eliminations			F&M Bank Corp. Consolidated
Revenues:
Interest Income	$	7,893,961		$	6,885	$	37,914		$	-	$	-		$	(1,550	)	$	7,937,210
Service charges on deposits		272,329			-		-			-		-			-			272,329
Investment services and insurance income		163			-		(29,057	)		-		-			-			(28,894	)
Mortgage banking income, net		-			751,388		-			-		-			-			751,388
Title insurance income		-			-		-			-		-			-			-
Income from bank owned life insurance		118,068			-		-			-		-			-			118,068
Low income housing partnership losses		(182,694	)		-		-			-		-			-			(182,694	)
ATM and check card fees		318,287			-		-			-		-			-			318,287
Gain on prepayment of long-term debt		-			-		-			-		-			-			-
Loss on investments		-			-		-			-		-			-			-
Other operating income		129,743			-		-			-		-			-			129,743
Total income		8,549,857			758,273		8,857			-		-			(1,550	)		9,315,437
Expenses:
Interest Expense		863,306			-		-			-		-			(1,550	)		861,756
Provision for loan losses		-			-		-			-		-			-			-
Salary expense		1,940,505			117,122		75,767			-		-			-			2,133,394
Employee benefit expense		602,158			58,833		-			-		-			-			660,991
Occupancy expense		179,648			30,150		-			-		-			-			209,798
Equipment expense		170,651			59,690		-			-		-			-			230,341
FDIC insurance assessment		112,500			-		-			-		-			-			112,500
Other real estate owned, net		35,142			-		-			-		-			-			35,142
Marketing expense		118,924			12,169		198			-		-			-			131,291
Legal and professional fees		102,037			2,574		-			-		-			-			104,611
ATM and check card fees		170,791			1,571		-			-		-			-			172,362
Telecom and data processing expense		266,194			22,537		-			-		-			-			288,731
Directors fees		96,000			3,500		-			-		-			-			99,500
Bank franchise Tax		162,643			-		-			-		-			-			162,643
Other operating expenses		655,378			154,862		18,456			-		200			-			828,896
Total expense		5,475,877			463,008		94,421			-		200			(1,550	)		6,031,956
Income tax expense		878,180			-		12,321			-		(51,556	)		-			838,945
Net income (loss)	$	2,195,800		$	295,265	$	(97,885	)	$	-	$	51,356		$	-		$	2,444,536
Net income (loss) attributable to noncontrolling interest		-			86,410		-			-		-			-			86,410
Net Income attributable to F & M Bank Corp.	$	2,195,800		$	208,855	$	(97,885	)	$	-	$	51,356		$	-		$	2,358,126