Virginia
(State
or other jurisdiction
of
incorporation)
|
000-13273
(Commission File
Number)
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54-1280811
(IRS
Employer
Identification
No.)
|
P.O. Box
1111Timberville, Virginia
(Address of
principal executive offices)
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22853
(Zip
Code)
|
|
F & M Bank Corp.
|
|
|
|
|
|
|
Date: October 20, 2017 |
By:
|
/s/
Neil
W. Hayslett
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Neil
W. Hayslett
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|
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Executive
Vice President and Chief Administrative
Officer
|
|
CONTACT:
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Neil Hayslett, EVP/Chief Administrative Officer
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540-896-8941 or NHayslett@FMBankVA.com
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2017
|
2016
|
||||||
|
Q3
|
Q2
|
Q1
|
YTD
|
Q3
|
Q2
|
Q1
|
YTD
|
Net
Income (000's)
|
2,550
|
2,328
|
2,345
|
7,223
|
2,601
|
2,358
|
2,090
|
7,049
|
Net
Income available to Common
|
2,447
|
2,223
|
2,241
|
6,911
|
2,474
|
2,231
|
1,962
|
6,667
|
Earnings
per common share
|
0.75
|
0.68
|
0.68
|
2.11
|
0.75
|
0.68
|
0.60
|
2.03
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|
|
|
|
|
|
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Return
on Average Assets
|
1.34%
|
1.28%
|
1.29%
|
1.30%
|
1.43%
|
1.35%
|
1.27%
|
1.35%
|
Return
on Average Equity
|
11.28%
|
10.48%
|
10.84%
|
10.83%
|
11.99%
|
11.08%
|
10.07%
|
11.03%
|
Dividend
Payout Ratio
|
31.91%
|
34.07%
|
32.12%
|
32.67%
|
29.22%
|
29.46%
|
31.81%
|
30.07%
|
|
|
|
|
|
|
|
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|
Net
Interest Margin
|
4.48%
|
4.51%
|
4.39%
|
4.47%
|
4.23%
|
4.37%
|
4.39%
|
4.33%
|
Yield
on Average Earning Assets
|
5.08%
|
5.08%
|
4.93%
|
5.05%
|
4.80%
|
4.90%
|
4.91%
|
4.87%
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Cost
of Average Interest Bearing Liabilities
|
0.85%
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0.78%
|
0.77%
|
0.82%
|
0.79%
|
0.75%
|
0.74%
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0.76%
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Net
Interest Spread
|
4.23%
|
4.30%
|
4.16%
|
4.23%
|
4.01%
|
4.15%
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4.17%
|
4.11%
|
|
|
|
|
|
|
|
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Provision
for Loan Losses (000's)
|
|
$-
|
$-
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$-
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$-
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$-
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$-
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$-
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Net
Charge-offs
|
$274
|
$100
|
$227
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$601
|
$497
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$671
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$42
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$1,210
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Net
Charge-offs as a % of Loans
|
0.18%
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0.07%
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0.15%
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0.13%
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0.34%
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0.47%
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0.03%
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0.28%
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Non-Performing
Loans (000's)
|
$ 5,662
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$5,677
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$5,091
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$5,662
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$6,196
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$5,545
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$6,709
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$6,196
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Non-Performing
Loans to Total Assets
|
0.74%
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0.76%
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0.71%
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0.74%
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0.83%
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0.76%
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0.98%
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0.83%
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Non-Performing
Assets (000's)
|
$7,810
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$7,685
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$7,184
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$7,810
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$8,370
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$8,331
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$9,486
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$8,370
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Non-Performing
Assets to Assets
|
1.02%
|
1.03%
|
1.00%
|
1.02%
|
1.12%
|
1.14%
|
1.38%
|
1.12%
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Efficiency
Ratio (NOTE: reflects change in subsidiary
presentation)
|
62.12%
|
63.67%
|
63.27%
|
63.01%
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60.70%
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59.64%
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63.59%
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61.26%
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For Nine
Months
Ended
September 30,
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INCOME STATEMENT
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Unaudited
2017
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Unaudited
2016
|
Interest and
Dividend Income
|
$24,954,457
|
$23,792,877
|
Interest
Expense
|
2,861,460
|
2,645,378
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Net
Interest Income
|
22,092,997
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21,147,499
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Non-Interest
Income
|
5,939,934
|
4,115,586
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Provision for Loan
Losses
|
-
|
-
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Other Non-Interest
Expenses
|
18,125,666
|
15,872,275
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Income
Before Income Taxes
|
9,907,265
|
9,390,810
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Provision for
Income Taxes
|
2,632,971
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2,187,368
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Less Minority
Interest income
|
51,643
|
154,200
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Net
Income
|
$7,222,651
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$7,049,242
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Dividend on
preferred stock
|
312,009
|
382,500
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Net Income
available to common shareholders
|
$6,910,642
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$6,666,742
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Average Common
Shares Outstanding
|
3,271,863
|
3,286,165
|
Net Income Per
Common Share
|
2.11
|
2.03
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Dividends
Declared
|
.69
|
.61
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BALANCE SHEET
|
Unaudited
September
30, 2017
|
Unaudited
September
30, 2016
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Cash and Due from
Banks
|
$8,800,422
|
$7,718,975
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Interest Bearing
Bank Deposits
|
945,395
|
285,630
|
Federal Funds
Sold
|
-
|
4,151,000
|
Loans Held for
Sale
|
58,177,450
|
83,164,093
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Loans Held for
Investment
|
619,959,738
|
578,088,508
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Less
Allowance for Loan Losses
|
(6,941,982)
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(7,570,826)
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Net
Loans Held for Investment
|
613,017,756
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570,517,682
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Securities
|
36,407,258
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38,705,043
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Other
Assets
|
46,336,325
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40,749,655
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Total
Assets
|
$763,684,606
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$745,292,078
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Deposits
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$562,379,965
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$527,823,741
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Short Term
Debt
|
42,128,000
|
51,228,742
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Long Term
Debt
|
50,840,363
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65,089,286
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Other
Liabilities
|
17,180,327
|
13,624,827
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Total
Liabilities
|
672,528,655
|
657,766,596
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Preferred
Stock
|
7,528,873
|
9,425,123
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Common
Equity
|
83,627,078
|
78,100,359
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Stockholders’
Equity
|
91,155,951
|
87,525,482
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Total
Liabilities and Stockholders’ Equity
|
$763,684,606
|
$745,292,078
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Book Value Per
Common Share
|
$25.58
|
$23.77
|
Tangible Book Value
Per Common Share
|
$25.42
|
$23.56
|