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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and Dividend income    
Interest and fees on loans held for investment $ 8,170,000 $ 8,452,000
Interest and fees on loans held for sale 100,000 270,000
Interest from money market funds and federal funds sold 15,000 297,000
Interest on debt securities 461,000 91,000
Total interest and dividend income 8,746,000 9,110,000
Interest expense    
Total interest on deposits 795,000 1,452,000
Interest from short-term debt 0 41,000
Interest from long-term debt 273,000 213,000
Total interest expense 1,068,000 1,706,000
Net interest income 7,678,000 7,404,000
(Recovery of) Provision for Loan Losses (725,000) 1,500,000
Net Interest Income After (Recovery of) Provision for Loan Losses 8,403,000 5,904,000
Noninterest income    
Service charges on deposit accounts 285,000 361,000
Investment services and insurance income, net 347,000 184,000
Mortgage banking income, net 1,672,000 930,000
Title insurance income 456,000 371,000
Income on bank owned life insurance 168,000 151,000
Low-income housing partnership losses (215,000) (223,000)
ATM and check card fees 520,000 433,000
Other operating income 122,000 222,000
Total noninterest income 3,355,000 2,429,000
Noninterest expense    
Salaries 3,296,000 3,012,000
Employee benefits 1,216,000 1,022,000
Occupancy expense 295,000 267,000
Equipment expense 277,000 306,000
FDIC insurance assessment 99,000 95,000
Other real estate owned, net 0 19,000
Advertising expense 136,000 133,000
Legal and professional fees 199,000 149,000
ATM and check card fee 257,000 244,000
Telecommunication and data processing expense 540,000 536,000
Directors fees 146,000 110,000
Bank franchise tax 173,000 195,000
Other operating expenses 1,052,000 1,032,000
Total noninterest expense 7,686,000 7,120,000
Income before income taxes 4,072,000 1,213,000
Income tax expense (benefit) 271,000 (38,000)
Net Income 3,801,000 1,251,000
Net (income) attributable to noncontrolling interest 0 (62,000)
Net Income attributable to F & M Bank Corp. 3,801,000 1,189,000
Dividends paid/accumulated on preferred stock 65,000 66,000
Net income available to common stockholders $ 3,736,000 $ 1,123,000
Per Common Share Data    
Net income - basic $ 1.17 $ 0.35
Net income - diluted 1.11 0.35
Cash dividends on common stock $ 0.26 $ 0.26
Weighted average common shares outstanding - basic 3,205,074 3,204,084
Weighted average common shares outstanding - diluted 3,433,192 3,433,683