Welcome to our dedicated page for F & M Bk news (Ticker: FMBM), a resource for investors and traders seeking the latest updates and insights on F & M Bk stock.
F&M Bank Corp. reports developments for a Virginia financial holding company and the parent of Farmers & Merchants Bank. Company news centers on quarterly and annual earnings, dividends, asset and deposit growth, loan production, net interest margin, cost of funds, capital ratios, and asset quality.
Recurring updates also cover the bank's lending activity across agricultural, commercial, mortgage, and commercial real estate categories, as well as noninterest income from wealth management, title insurance, mortgage banking, and deposit services. Corporate actions include common stock repurchase authorization, subordinated debt activity, and completed investment sales that affect reported income and book value.
F&M Bank Corp. (OTCQX:FMBM) reported strong Q2 2024 results with net income of $3.0 million or $0.86 per share, up from $1.2 million in Q1 2024 and $241,000 in Q2 2023. For the first half of 2024, net income was $4.2 million or $1.21 per share. The company saw growth in total assets to $1.31 billion, total loans to $826.3 million, and total deposits to $1.19 billion. Key highlights include:
- Improved net interest margin of 2.72%
- Recovery of credit losses of $458,000
- Increased noninterest income to $3.0 million
- Reduced noninterest expenses
- Tangible book value per share increased to $22.621
The Board declared a Q2 dividend of $0.26 per share, yielding 6.03% annualized based on the recent share price of $17.25.
F&M Bank Corp. reported strong first quarter 2024 results with a net income of $1.2 million or $0.35 per share, total assets of $1.32 billion, total loans of $825.9 million, and total deposits of $1.16 billion. The company experienced growth in loans and deposits, increased interest income, reduced operational expenses, and continued strong asset quality. The Bank's net interest margin decreased by two basis points to 2.64% on a linked quarter basis. Noninterest income decreased slightly, while noninterest expenses saw a significant decline. Shareholders' equity decreased slightly due to dividend payments. The company declared a first quarter dividend of $0.26 per share, offering a 6.75% yield. The loan portfolio remains diversified, with residential mortgage and automobile loans being the largest segments. Asset quality remains stable with NPLs at 0.47% of total assets. The Bank recorded a provision for credit losses of $823,000, reflecting net loan charge-offs and loan growth. Overall, F&M Bank Corp. demonstrated positive financial performance in the first quarter of 2024.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
F&M Bank Corp. has announced a leadership change with Mike Wilkerson appointed as the new CEO and Barton Black as President, effective immediately. This change follows the departure of former President and CEO Mark Hanna. Wilkerson, with over 40 years in banking, aims to enhance F&M Bank's local service and community commitment. Black brings over 30 years of experience and a focus on growth and customer service.
Pugh expresses gratitude for Hanna’s contributions and emphasizes the strength of the new leadership team's combined experience. F&M Bank, established in 1908, provides diverse financial services with a strong local focus and community values.
F&M Bank Corp (OTCQX:FMBM) reported a net income of $1.7 million ($0.49 per share) for Q4 2022, down from $2.3 million ($0.67 per share) in Q3 2022. Total assets rose to $1.25 billion, with total loans growing to $743.6 million, a 12.2% increase year-over-year. The company declared a fourth quarter dividend of $0.26 per share, yielding 4.61%. 2022 net income was $8.3 million, down from $10.5 million in 2021. The bank’s net interest margin decreased to 3.04% due to rising interest expenses. Nonperforming assets were low at 0.18%. The management expressed optimism for strong results in 2023 based on disciplined growth strategies.
F & M Bank Corp. (OTCQX:FMBM) reported a net income of $2.3 million for Q3 2022. Total deposits increased by $17.2 million (1.56%) to $1.1 billion, while loans rose by $6.7 million to $699.6 million. The net interest margin improved to 3.03%, reflecting higher yields on loans. Despite no provision for loan losses this quarter, concerns remain about economic conditions. A dividend of $.26 per share was declared, yielding 4.45% based on recent trading prices.