23. PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

NOTE 23. PARENT COMPANY ONLY FINANCIAL STATEMENTS

Balance Sheets

December 31, 2018 and 2017

	2018			2017
Assets
Cash and cash equivalents	$	749		$	917
Investment in subsidiaries		89,418			88,967
Other investments		135			135
Income tax receivable (including due from subsidiary)		946			565
Goodwill and intangibles		327			380
Total Assets	$	91,575		$	90,964
Liabilities
Deferred income taxes		151			177
Accrued expenses		72			86
Total Liabilities	$	223		$	263
Stockholders’ Equity
Preferred stock par value $25 per share, 400,000 shares authorized, 249,860 and 324,150 issued and outstanding at December 31, 2018 and 2017, respectively.	$	5,672		$	7,529
Common stock par value $5 per share, 6,000,000 shares authorized, 3,213,132 and 3,255,036 shares issued and outstanding for 2018 and 2017, respectively		16,066			16,275
Additional paid in capital		7,987			10,225
Retained earnings		65,596			60,814
Accumulated other comprehensive loss		(3,969	)		(4,142	)
Total Stockholders' Equity		91,352			90,701
Total Liabilities and Stockholders' Equity	$	91,575		$	90,964

Statements of Income

For the years ended December 31, 2018, 2017 and 2016

	2018		2017			2016
Income
Dividends from affiliate	$	8,874	$	5,000		$	5,000
Net limited partnership income (loss)		-		162			-
Total Income		8,874		5,162			5,000
Expenses
Total Expenses		49		47			1
Net income before income tax expense (benefit)
and undistributed subsidiary net income		8,825		5,115			4,999
Income Tax Expense (Benefit)		32		(95	)		(249	)
Income before undistributed subsidiary net income		8,793		5,210			5,248
Undistributed subsidiary net income		292		3,800			4,320
Net Income F&M Bank Corp.	$	9,085	$	9,010		$	9,568

Statements of Cash Flows

For the years ended December 31, 2018, 2017 and 2016

	2018			2017			2016
Cash Flows from Operating Activities
Net income	$	9,085		$	9,010		$	9,568
Adjustments to reconcile net income to net
cash provided by operating activities:
Undistributed subsidiary income		(292	)		(3,800	)		(4,320	)
Deferred tax (benefit) expense		(3	)		(112	)		5
Increase in other assets		(328	)		(1,256	)		-
Decrease in other liabilities		(23	)		(77	)		(535	)
Net Cash Provided by Operating Activities		8,439			3,765			4,718
Cash Flows from Investing Activities
Net Cash Used in Investing Activities		-			-			-
Cash Flows from Financing Activities
Repurchase of preferred stock		(2,788	)		(101	)		(1,961	)
Repurchase of common stock		(1,782	)		(712	)		(577	)
Proceeds from issuance of common stock		266			197			183
Dividends paid in cash		(4,303	)		(3,387	)		(3,115	)
Net Cash Used in Financing Activities		(8,607	)		(4,003	)		(5,470	)
Net (decrease) increase in Cash and Cash Equivalents		(168	)		(238	)		(752	)
Cash and Cash Equivalents, Beginning of Year		917			1,155			1,907
Cash and Cash Equivalents, End of Year	$	749		$	917		$	1,155