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 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.