Welcome!

News Feed Item

F & M Bank Corp. Reports Record Earnings for 2nd Quarter 2014

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-securit...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...