SOURCE: F & M Bank Corp.

F & M Bank Corp.

October 22, 2013 09:00 ET

F & M Bank Corp. Reports 3rd Quarter 2013 Financial Results

TIMBERVILLE, VA--(Marketwired - Oct 22, 2013) - F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the third quarter ended September 30, 2013 and its recently declared third quarter dividend. 

Selected Financial Highlights:                                    
    2013     2012  
    Q3     Q2     Q1     YTD     Q3     YTD  
Net Income (000's)   $ 1,183     $ 1,133     $ 1,216     $ 3,532     $ 1,382     $ 3,657  
Earnings per share     0.47       0.45       0.49       1.41       0.56       1.47  
Net Interest Margin     3.98 %     4.04 %     3.98 %     4.01 %     4.04 %     3.92 %
Allowance for loan losses     1.74 %     1.72 %     1.77 %     1.74 %     1.72 %     1.72 %
Provision for loan losses (000's)   $ 1,000     $ 1,125     $ 900     $ 3,025     $ 900     $ 2,700  
Non-Performing Loans (000's)   $ 12,338     $ 13,888     $ 11,685     $ 12,338     $ 11,891     $ 11,891  
Equity to Assets     9.30 %     9.15 %     8.86 %     9.30 %     8.31 %     8.31 %
Efficiency Ratio     57.72 %     55.31 %     57.74 %     56.91 %     53.19 %     55.18 %

Dean Withers, President and CEO, commented, "We're pleased to announce that our third quarter and year to date earnings for 2013 total $1.183 million and $3.532 million, respectively." Withers continued, "Loan growth in our Dealer Finance Division and Fishersville Loan Production offices continue to be strong. I am happy to report that both of these offices reached monthly profitability in less than one year of operation. This reflects well on the hard work of the employees in these offices and the warm reception we have received from the local automobile dealers and the Augusta County business community."

Withers stated, "Non-performing loans at $12.3 million increased approximately $450 thousand compared to third quarter 2012, but decreased approximately $1.5 and $1.0 million compared to second quarter 2013 and year end 2012, respectively. We continue to see signs of improvement in the local real estate market, with several of the subdivisions that we have financed experiencing improved sales compared to 2012." Withers continued, "On October 21, 2013, our Board of Directors declared a third quarter dividend of $0.17 per share. Based on our most recent trade price of $17.70 per share, this dividend constitutes a 3.84% yield on an annualized basis. The dividend will be paid on November 14, 2013, to shareholders of record as of November 1, 2013." Highlights of the company's financial performance are included below.

F & M Bank Corp. is an independent, locally-owned, community bank holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank's nine banking offices in Rockingham, Shenandoah and Page Counties, Virginia. The Bank also provides additional services through two loan production offices located in Penn Laird, VA and Fishersville, VA and through its subsidiary, VBS Mortgage located in Harrisonburg, VA. Additional information may be found by contacting us on the internet at www.FMBankVA.com or by calling (540) 896-8941.

This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release. 

F & M Bank Corp. Financial Highlights  
    For Nine Months
Ended June 30
 
INCOME STATEMENT   Unaudited
2013
    Unaudited
2012
 
Interest and Dividend Income   $ 19,565,817     $ 20,240,698  
Interest Expense     3,699,628       4,891,923  
  Net Interest Income     15,866,189       15,348,775  
Non-Interest Income     3,091,899       2,755,209  
Provision for Loan Losses     3,025,000       2,700,000  
Other Non-Interest Expenses     10,829,854       10,028,780  
  Income Before Income Taxes & Securities Transactions     5,103,234       5,375,204  
Securities Gains (Losses)                
Provision For Income Taxes     1,465,467       1,629,557  
Less Minority Interest     105,860       88,198  
Net Income   $ 3,531,907     $ 3,657,449  
Average Shares Outstanding     2,501,990       2,495,461  
Net Income Per Common Share     1.41       1.47  
Dividends Declared     .51       .48  
                 
                 
BALANCE SHEET     Unaudited
September 30, 2013
      Unaudited
September 30, 2012
 
Cash and Due From Banks   $ 6,964,491     $ 5,864,658  
Interest Bearing Bank Deposits     1,021,333       510,656  
Federal Funds Sold     24,464,000       6,732,000  
Loans Held for Sale     2,776,572       71,416,545  
Loans Held for Investment     479,211,895       456,801,217  
  Less Allowance for Loan Losses     (8,338,981 )     (7,870,204 )
  Net Loans Held for Investment     470,872,914       448,931,013  
Securities     16,901,937       19,897,542  
Other Assets     33,148,718       34,253,848  
  Total Assets   $ 556,149,965     $ 587,606,262  
                 
Deposits   $ 461,767,657     $ 445,457,202  
Short Term Debt     3,480,308       35,691,182  
Long Term Debt     16,678,571       38,142,857  
Subordinated Debt     10,191,000       10,191,000  
Other Liabilities     12,296,555       9,288,495  
  Total Liabilities     504,414,091       538,770,736  
Stockholders' Equity     51,735,874       48,835,526  
  Total Liabilities and Stockholders' Equity   $ 556,149,965     $ 587,606,262  
Book Value Per Common Share   $ 20.66     $ 19.55  

Contact Information

  • INVESTOR RELATIONS CONTACT:
    Neil Hayslett
    EVP/CAO
    Farmers & Merchants Bank
    540-896-8941
    NHayslett@FMBankVA.com