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BUSINESS SEGMENTS
12 Months Ended
Dec. 31, 2022
BUSINESS SEGMENTS  
BUSINESS SEGMENTS

NOTE 20 BUSINESS SEGMENTS

 

The following tables show the statement of operations and assets by segment as of December 31, 2022 and 2021 (dollars in thousands).

 

 

 

December 31, 2022

 

 

 

F&M Bank

 

 

F&M

Mortgage

 

 

TEB

Life/FMFS

 

 

VS Title

 

 

Parent Only

 

 

Eliminations

 

 

F&M Bank Corp. Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$42,066

 

 

$106

 

 

$34

 

 

$-

 

 

$46

 

 

$(68)

 

$42,184

 

Service charges on deposits

 

 

1,062

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,062

 

Investment services and insurance income

 

 

-

 

 

 

-

 

 

 

894

 

 

 

-

 

 

 

-

 

 

 

(11)

 

 

883

 

Mortgage banking income, net

 

 

-

 

 

 

2,595

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(761)

 

 

1,834

 

Title insurance income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,578

 

 

 

-

 

 

 

-

 

 

 

1,578

 

Net investment securities losses

 

 

(2,852)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,852)

Gain on sale of limited partnership investment

 

 

-

 

 

 

-

 

 

 

3,785

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,785

 

Other operating income

 

 

3,343

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,344

 

Total income (loss)

 

 

43,619

 

 

 

2,702

 

 

 

4,713

 

 

 

1,578

 

 

 

46

 

 

 

(840)

 

 

51,818

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

6,567

 

 

 

35

 

 

 

-

 

 

 

-

 

 

 

711

 

 

 

(68)

 

 

7,245

 

Provision for loan losses

 

 

866

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

866

 

Salary and benefit expense

 

 

15,897

 

 

 

2,430

 

 

 

456

 

 

 

1,249

 

 

 

-

 

 

 

-

 

 

 

20,032

 

Other operating expenses

 

 

14,375

 

 

 

884

 

 

 

66

 

 

 

326

 

 

 

(2)

 

 

(772)

 

 

14,877

 

Total expense

 

 

37,705

 

 

 

3,349

 

 

 

522

 

 

 

1,575

 

 

 

709

 

 

 

(840)

 

 

43,020

 

Net income (loss) before taxes

 

 

5,914

 

 

 

(647)

 

 

4,191

 

 

 

3

 

 

 

(663)

 

 

-

 

 

 

8,798

 

Income tax expense (benefit)

 

 

(229)

 

 

-

 

 

 

881

 

 

 

-

 

 

 

(172)

 

 

-

 

 

 

480

 

Net Income (Loss)

 

$6,143

 

 

$(647)

 

$3,310

 

 

$3

 

 

$(491)

 

$-

 

 

$8,318

 

Total Assets

 

$1,250,185

 

 

$9,878

 

 

$3,897

 

 

$3,298

 

 

$77,994

 

 

$(99,350)

 

$1,245,902

 

Goodwill

 

$2,868

 

 

$-

 

 

$-

 

 

$3

 

 

$211

 

 

$-

 

 

$3,082

 

 

 

December 31, 2021

 

 

 

F&M Bank

 

 

F&M

Mortgage

 

 

TEB

Life/FMFS

 

 

VSTitle

 

 

Parent Only

 

 

Eliminations

 

 

F&M Bank Corp. Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$35,414

 

 

$198

 

 

$107

 

 

$-

 

 

$1

 

 

$(144)

 

$35,576

 

Service charges on deposits

 

 

1,133

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,133

 

Investment services and insurance income

 

 

-

 

 

 

-

 

 

 

953

 

 

 

-

 

 

 

-

 

 

 

(9)

 

 

944

 

Mortgage banking income, net

 

 

-

 

 

 

4,646

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,646

 

Title insurance income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,074

 

 

 

-

 

 

 

-

 

 

 

2,074

 

Other operating income

 

 

2,499

 

 

 

134

 

 

 

-

 

 

 

-

 

 

 

(124)

 

 

-

 

 

 

2,509

 

Total income

 

 

39,046

 

 

 

4,978

 

 

 

1,060

 

 

 

2,074

 

 

 

(123)

 

 

(153)

 

 

46,882

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

3,591

 

 

 

123

 

 

 

-

 

 

 

-

 

 

 

732

 

 

 

(144)

 

 

4,302

 

(Recovery of) Provision for loan losses

 

 

(2,800)

 

 

-

 

 

 

(21)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,821)

Salaries and benefits

 

 

14,392

 

 

 

2,501

 

 

 

369

 

 

 

1,225

 

 

 

-

 

 

 

-

 

 

 

18,487

 

Other operating expenses

 

 

13,510

 

 

 

893

 

 

 

51

 

 

 

327

 

 

 

81

 

 

 

(9)

 

 

14,853

 

Total expense

 

 

28,693

 

 

 

3,517

 

 

 

399

 

 

 

1,552

 

 

 

813

 

 

 

(153)

 

 

34,821

 

Income before income taxes

 

 

10,353

 

 

 

1,461

 

 

 

661

 

 

 

522

 

 

 

(936)

 

 

-

 

 

 

12,061

 

Income tax expense (benefit)

 

 

1,266

 

 

 

-

 

 

 

134

 

 

 

-

 

 

 

(77)

 

 

-

 

 

 

1,323

 

Net Income attributable to F & M Bank Corp.

 

$9,087

 

 

$1,461

 

 

$527

 

 

$522

 

 

$(859)

 

$-

 

 

$10,738

 

Total Assets

 

$1,227,059

 

 

$10,334

 

 

$8,803

 

 

$3,135

 

 

$112,586

 

 

$(142,575)

 

$1,219,342

 

Goodwill

 

$2,868

 

 

$47

 

 

$-

 

 

$3

 

 

$164

 

 

$-

 

 

$3,082