XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and Dividend income        
Interest and fees on loans held for investment $ 7,906 $ 7,330 $ 15,609 $ 14,522
Interest and fees on loans held for sale 271 530 445 902
Interest from money market funds and federal funds sold 18 6 75 14
Interest on debt securities - taxable 61 71 137 140
Total interest and dividend income 8,256 7,937 16,266 15,578
Interest expense        
Total interest on deposits 633 591 1,249 1,149
Interest from short-term debt 24 8 32 26
Interest from long-term debt 268 263 550 500
Total interest expense 925 862 1,831 1,675
Net interest income 7,331 7,075 14,435 13,903
Provision for loan losses 0 0 0 0
Net interest income after provision for loan losses 7,331 7,075 14,435 13,903
Noninterest income        
Service charges on deposit accounts 335 272 651 506
Investment services and insurance income 187 (29) 361 65
Mortgage banking income, net 613 752 1,113 1,196
Title insurance income 355 0 554 0
Income on bank owned life insurance 112 118 224 237
Low income housing partnership losses (201) (183) (386) (365)
ATM and check card fees 351 318 681 692
Gain on prepayment of long-term debt     504 0
Loss on sale of other investments     (42) 0
Other operating income 130 130 268 250
Total noninterest income 1,882 1,378 3,928 2,581
Noninterest expense        
Salaries 2,628 2,133 5,362 4,543
Employee benefits 852 661 1,805 1,414
Occupancy expense 254 210 503 428
Equipment expense 207 230 393 422
FDIC insurance assessment 90 113 180 225
Other real estate owned, net 12 35 26 53
Marketing expense 122 131 257 268
Legal and professional fees 79 105 175 193
ATM and check card fees 178 172 346 333
Telecommunication and data processing expense 352 289 675 552
Directors fees 116 100 243 208
Bank franchise tax 164 163 324 310
Other operating expenses 963 828 1,683 1,464
Total noninterest expense 6,017 5,170 11,972 10,413
Income before income taxes 3,196 3,283 6,391 6,071
Income tax expense 809 839 1,686 1,533
Net Income 2,387 2,444 4,705 4,538
Net (income) loss attributable to noncontrolling interest 59 86 32 90
Net income attributable to F & M Bank Corp. 2,328 2,358 4,673 4,448
Dividends paid/accumulated on preferred stock 105 127 209 255
Net income available to common stockholders $ 2,223 $ 2,231 $ 4,464 $ 4,193
Per Common Share Data        
Net income - basic $ 0.68 $ 0.68 $ 1.36 $ 1.28
Net income - diluted 0.64 0.63 1.29 1.19
Cash dividends on common stock $ 0.23 $ 0.2 $ 0.45 $ 0.39
Weighted average shares outstanding - basic 3,272,352 3,286,459 3,272,318 3,285,867
Weighted average shares outstanding - diluted 3,637,030 3,730,859 3,635,999 3,730,267