|By Marketwired .||
|July 21, 2014 10:47 AM EDT||
TIMBERVILLE, VA -- (Marketwired) -- 07/21/14 -- F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the second quarter and its recently declared second quarter dividend.
Selected Financial Highlights: 2014 2013 ------------------------- ------------------------- Q2 Q1 YTD Q2 Q1 YTD ------- ------- ------- ------- ------- ------- Net Income (000's) $ 1,484 $ 1,183 $ 2,667 $ 1,133 $ 1,216 $ 2,349 Earnings per share 0.45 0.46 0.91 0.45 0.49 0.94 Net Interest Margin 4.35% 4.16% 4.26% 4.04% 3.98% 4.03% Allowance for loan losses 1.61% 1.66% 1.61% 1.72% 1.77% 1.72% Provision for loan losses (000's) $ 750 $ 750 $ 1,500 $ 1,125 $ 900 $ 2,025 Non-Performing Loans (000's) $ 7,382 $11,058 $ 7,382 $13,888 $11,685 $13,888 Equity to Assets 11.91% 11.67% 11.91% 9.15% 8.42% 9.15% Efficiency Ratio 57.72% 60.91% 58.67% 55.31% 57.74% 56.51%
Dean Withers, President and CEO, commented, "Second quarter earnings increased 30.9% versus prior year, to $1.484 million. We are very pleased to report that this is a record for any single quarter in our history. The sharp increase is due primarily to continued growth in our net interest margin, which increased to 4.35%.The primary drivers of the improved net interest margin are a continued decrease in the cost of deposits and a reduction in low yielding federal funds deposits as a result of loan growth." Withers continued, "Loans held for investment have increased $24.5 million in the last twelve months as a result of continued strong growth in our Dealer Finance Division and our Fishersville Loan Production Office."
Withers stated, "Also contributing to our improved earnings is the decrease in the provision for loan losses as a result of improvements in non-performing loans. Non-performing loans at $7.4 million decreased $6.5 million (46.8%) compared to the same period in 2013 and $3.7 million (33.2%) compared to the first quarter 2014. We are ahead of pace to meet our 2014 goals for improvement in both our non-performing and criticized asset ratios." Withers continued, "On July 17, 2014, our Board of Directors declared a second quarter dividend of $0.17 per share. Based on our most recent trade price of $17.95 per share, this dividend constitutes a 3.79% yield on an annualized basis. The dividend will be paid on August 8, 2014, to shareholders of record as of July 29, 2014." A summary balance sheet and income statement 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.farmersandmerchants.biz 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 Six Months Ended June 30 Unaudited Unaudited INCOME STATEMENT 2014 2013 Interest and Dividend Income $ 12,965,371 $ 13,108,149 Interest Expense 1,869,638 2,505,938 ------------ ------------ Net Interest Income 11,095,733 10,602,211 Non-Interest Income 1,710,245 2,035,064 Provision for Loan Losses 1,500,000 2,025,000 Other Non-Interest Expenses 7,539,354 7,167,974 ------------ ------------ Income Before Income Taxes 3,766,624 3,444,301 Provision For Income Taxes 1,117,775 1,019,616 Less Minority Interest income (loss) (18,092) 75,476 ------------ ------------ Net Income $ 2,666,941 $ 2,349,209 Average Shares Outstanding 2,945,363 2,501,218 Net Income Per Common Share .91 .94 Dividends Declared .34 .34 Unaudited Unaudited June 30, June 30, BALANCE SHEET 2014 2013 Cash and Due From Banks $ 8,413,665 $ 5,181,365 Interest Bearing Bank Deposits 934,913 585,325 Federal Funds Sold 3,337,000 20,400,000 Loans Held for Sale 13,696,850 16,741,372 Loans Held for Investment 495,306,477 470,851,701 Less Allowance for Loan Losses (7,995,149) (8,090,097) ------------ ------------ Net Loans Held for Investment 487,311,328 462,761,604 Securities 19,124,724 16,661,648 Other Assets 36,624,218 34,583,784 ------------ ------------ Total Assets $569,442,698 $556,915,098 Deposits $472,249,851 $455,320,200 Short Term Debt 3,294,870 3,012,634 Long Term Debt 7,500,000 26,857,143 Subordinated Debt 10,191,000 10,191,000 Other Liabilities 8,389,514 10,573,792 ------------ ------------ Total Liabilities 501,625,235 505,954,769 Stockholders' Equity 67,817,463 50,960,329 ------------ ------------ Total Liabilities and Stockholders' Equity $569,442,698 $556,915,098 Book Value Per Common Share $ 20.62 $ 20.36
EVP/Chief Administrative Officer
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 29, 2016 05:15 PM EDT Reads: 341
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 29, 2016 05:15 PM EDT Reads: 968
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 29, 2016 04:45 PM EDT Reads: 1,236
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 29, 2016 04:15 PM EDT Reads: 1,076
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Jul. 29, 2016 04:15 PM EDT Reads: 411
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Jul. 29, 2016 04:15 PM EDT Reads: 360
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 29, 2016 03:15 PM EDT Reads: 640
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 29, 2016 03:00 PM EDT Reads: 428
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Jul. 29, 2016 02:15 PM EDT Reads: 367
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 29, 2016 02:00 PM EDT Reads: 1,202
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 29, 2016 01:00 PM EDT Reads: 1,192
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 29, 2016 01:00 PM EDT Reads: 2,109
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 29, 2016 01:00 PM EDT Reads: 766
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 29, 2016 01:00 PM EDT Reads: 711
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 29, 2016 12:00 PM EDT Reads: 1,832