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 | |
|