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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 earnings of $1.8 million for Q2 2022, with strong loan demand in the Shenandoah Valley, resulting in a $32 million increase in loans. However, total deposits decreased by $12 million, with nonperforming loans falling to 0.15% of total assets. The bank allocated $600,000 for loan losses amid economic uncertainty. Investment portfolio income grew significantly to $2 million compared to $536,000 last year. The board declared a dividend of $0.26 per share, yielding 4.08%. Overall, core operating earnings are strong and growing, despite challenges.
F & M Bank Corp. (OTCQX:FMBM) reported a robust net income of $2.5 million for Q1 2022, a significant increase compared to previous quarters. Deposits surged by 2.96% to $1.112 billion, and loans held for investment rose to $657.5 million, marking a growth of 5.64% year-over-year. Notably, nonperforming assets as a percentage of total assets decreased to 0.39%, showcasing improved asset quality. Furthermore, a $450,000 recovery in provision for loan losses contributed positively to earnings, while the dividend declared stands at $0.26 per share, reflecting a 3.47% yield.
F & M Bank Corp. (OTCQX:FMBM) reported a record net income of $10.5 million for 2021, marking its most profitable year in history, with diluted earnings per share of $3.12. The company experienced deposit growth of 68.3% over two years, significantly outperforming peers. Key highlights include a 31.97% annual increase in total deposits and improved asset quality, with nonperforming assets down to 0.45%. However, net interest margin compressed to 3.00% from 3.61% the previous year. The Board declared a $0.26 dividend per share for Q4 2021, reflecting a 3.31% yield.
F & M Bank Corp. (OTCQX:FMBM) reported a net income of $2.2 million for Q3 2021, translating to diluted earnings of $0.68 per share. Year-to-date net income rose to $9.2 million. The bank's total deposits surged by $74.9 million for the quarter and $236.7 million year-over-year. Total loans grew by $7.5 million and $34.7 million respectively, excluding PPP loans. Nonperforming assets decreased to 0.46%. The bank declared a dividend of $0.26 per share, yielding 3.60%. Assets under management increased significantly, with a strong performance noted in noninterest income.
F&M Bank Corp. (OTCQX:FMBM) has appointed three new members to its Board of Directors as of July 2021. The new appointees are Daphyne Saunders Thomas, a former professor emerita at James Madison University; John Willingham, President of Stoneridge Companies; and Hannah Hutman, a partner at Hoover Penrod, PLC. CEO Mark Hanna expressed excitement about leveraging the new members' expertise to enhance the bank's mission. F&M Bank Corp. remains the only publicly traded entity in Rockingham County, VA, managing over $1 billion in assets.
F & M Bank Corp. (OTCQX:FMBM) reported a net income of $3.2 million and diluted earnings per share of $0.93 for Q2 2021. Growth was driven by increased net interest income, despite margin compression, and strong non-interest income, totaling $6.4 million year-to-date. The bank improved asset quality, reducing the allowance for loan losses to 1.31%. Total deposits rose by $92.6 million for the quarter and $188.7 million over the past year. The Board declared a $0.26 dividend per share, yielding 3.59% annually, payable August 30, 2021.
F & M Bank Corp. (OTCQX:FMBM) reported record earnings of $3.8 million for Q1 2021, translating to diluted EPS of $1.11. The bank's total assets surpassed $1 billion, driven by strong asset quality and liquidity. Noninterest income rose to $3.4 million, boosted by high mortgage origination volumes and wealth management growth. Significant contributions also came from the Paycheck Protection Program, with $20.2 million in loans processed this year. The bank opened a new branch in Waynesboro and resumed lobby operations, further enhancing its market reach.
F & M Bank Corp (OTCQX:FMBM) reported a net income of $2.21 million for Q3 2020, up from $2.06 million in Q2. The net interest margin stands at 3.60%, reflecting a historical decline. Total deposits increased by $26.9 million in the quarter and $175.1 million year-over-year. Nonperforming loans improved to 0.42% of total assets. The Board declared a dividend of $0.26 per share, yielding 5.41% based on the recent share price. The bank processed 717 PPP loans totaling $62.6 million amid the pandemic.