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.)
|
P.O. Box
1111Timberville, Virginia
(Address of
principal executive offices)
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22853
(Zip
Code)
|
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F & M Bank Corp.
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Date: May 2, 2018
|
By:
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/s/
Neil
W. Hayslett
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Neil
W. Hayslett
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|
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Executive
Vice President and Chief Operating
Officer
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CONTACT:
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Neil
Hayslett, EVP/Chief Operating Officer
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540-896-8941 or NHayslett@FMBankVA.com
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2018
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2017
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|||
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Q1
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Q4
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Q3
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Q2
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Q1
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Net
Income (000's)
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$1,973
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$1,787
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$2,550
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$2,328
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$2,345
|
Net
Income available to Common
|
$1,870
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$1,684
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$2,447
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$2,223
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$2,241
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Earnings
per common share
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$0.57
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$0.52
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$0.75
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$0.68
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$0.68
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Return
on Average Assets
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1.11%
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0.93%
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1.34%
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1.28%
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1.29%
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Return
on Average Equity
|
8.75%
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7.84%
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11.28%
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10.48%
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10.84%
|
Dividend
Payout Ratio exc. Special Dividend
|
43.53%
|
48.08%
|
32.00%
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33.82%
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32.12%
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Dividend
Payout Ratio with Special Dividend
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78.35%
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Net Interest Margin 1
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4.78%
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4.68%
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4.48%
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4.51%
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4.39%
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Yield
on Average Earning Assets
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5.38%
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5.28%
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5.08%
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5.08%
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4.93%
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Yield
on Average Interest Bearing Liabilities
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0.87%
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0.87%
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0.85%
|
0.78%
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0.77%
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Net
Interest Spread
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4.51%
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4.41%
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4.23%
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4.30%
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4.16%
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|
|
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Provision
for Loan Losses (000's)
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$680
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$-
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$-
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$-
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$-
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Net
Charge-offs
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$309
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$898
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$274
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$100
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$227
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Net
Charge-offs as a % of Loans
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0.20%
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0.58%
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0.18%
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0.07%
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0.15%
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Non-Performing
Loans (000's)
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$7,626
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$7,102
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$5,662
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$5,677
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$5,091
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Non-Performing
Loans to Total Assets
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1.05%
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.94%
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.74%
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.76%
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.71%
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Non-Performing
Assets (000's)
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$9,654
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$9,086
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$7,810
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$7,685
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$7,184
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Non-Performing
Assets to Assets
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1.32%
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1.21%
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1.02%
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1.03%
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1.00%
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Efficiency
Ratio 2
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66.53%
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62.12%
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62.12%
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63.67%
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63.27%
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For Three Months
Ended March 31,
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INCOME
STATEMENT
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Unaudited
2018
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Unaudited
2017
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Interest and
Dividend Income
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$8,742,630
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$8,004,769
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Interest
Expense
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979,295
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879,100
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Net
Interest Income
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7,763,335
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7,125,669
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Non-Interest
Income
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1,733,057
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1,929,538
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Provision for Loan
Losses
|
680,000
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-
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Other
Non-Interest Expenses
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6,476,020
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5,860,117
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Income
Before Income Taxes
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2,340,372
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3,195,090
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Provision for
Income Taxes
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378,634
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877,081
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Less Minority
Interest (income)/loss
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10,835
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26,928
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Net
Income
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$1,972,573
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$2,344,937
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Dividend on
preferred stock
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103,323
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104,343
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Net Income
available to common shareholders
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$1,869,250
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$2,240,594
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Average Common
Shares Outstanding
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3,255,291
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3,271,272
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Net Income Per
Common Share
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.57
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.68
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Dividends
Declared
|
.45
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.22
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BALANCE
SHEET
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Unaudited
March 31, 2017
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Unaudited
March 31, 2017
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Cash and Due from
Banks
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$8,481,487
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$8,003,170
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Interest Bearing
Bank Deposits
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886,054
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1,090,496
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Federal Funds
Sold
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3,019,000
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Loans
Held for Sale
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33,231,067
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37,698,696
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Loans Held for
Investment
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622,721,611
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591,005,528
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Less
Allowance for Loan Losses
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(6,415,485)
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(7,316,628)
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Net
Loans Held for Investment
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616,306,126
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583,688,900
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Securities
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20,039,046
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37,952,434
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Other
Assets
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50,043,918
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43,432,983
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Total
Assets
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$728,987,698
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$714,885,679
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Deposits
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$568,599,936
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$536,560,173
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Short Term
Debt
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3,640,000
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20,000,000
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Long Term
Debt
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48,542,305
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53,045,000
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Other
Liabilities
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16,544,403
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17,190,649
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Total
Liabilities
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637,326,644
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626,795,822
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Preferred
Stock
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7,528,873
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7,608,873
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Common
Equity
|
84,132,181
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80,480,984
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Stockholders’
Equity
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91,661,054
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88,089,857
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Total
Liabilities and Stockholders’ Equity
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$728,987,698
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$714,885,679
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Book Value Per
Common Share
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$25.84
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$24.59
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Tangible Book Value
Per Common Share
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$25.99
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$24.49
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