F&M Bank Corp 8-K, filed Jan 31, 2023

F&M Bank Corp (FMBM)

8-K 2023-01-31 For: 2005-02-14

View Original

Added on April 06, 2026

About this 8-K

F&M Bank Corp filed this 8-K on January 31, 2023, reporting on events of February 14, 2005.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Exhibit No.		Description

99.1		Press Release dated January 30, 2023

	F & M Bank Corp.

	By:	/s/ Lisa F. Campbell
		Lisa F. Campbell
		Executive Vice President and Chief Financial Officer

Exhibit No.		Description

99.1		Press Release dated January 30, 2023

F&M Bank Corp.
Quarterly Consolidated Financial Information (Unaudited)
Dollars in Thousands

	2022																	2021
	Q4			Q3			Q2			Q1			YTD		Q4			Q3			Q2			Q1			YTD
Condensed Balance Sheet
Cash and cash equivalents	$	34,953		$	30,312		$	17,254		$	48,376				$	88,121		$	180,577		$	186,015		$	103,729
Securities		403,537			440,294			456,636			471,089					413,217			280,996			198,815			182,091
Loans held for sale		1,373			3,310			5,449			2,479					4,887			3,610			8,855			15,654
Loans held for investment		743,604			699,592			690,497			659,560					662,421			655,831			660,956			659,373
Allowance for loan losses		(7,936	)		(7,513	)		(7,798	)		(7,389	)				(7,748	)		(8,431	)		(8,727	)		(9,704	)
Goodwill		3,082			3,082			3,082			3,082					3,082			3,082			3,082			2,884
Other assets		67,289			67,572			66,432			61,062					55,362			54,994			55,979			56,950
Total Assets	$	1,245,902		$	1,236,649		$	1,231,552		$	1,238,259				$	1,219,342		$	1,170,659		$	1,104,975		$	1,010,977

Noninterest bearing deposits	$	293,591		$	300,394		$	291,728		$	298,676				$	280,993		$	268,961		$	269,618		$	252,265
Interest bearing deposits		779,029			817,000			808,482			813,619					799,302			761,331			685,726			610,487
Total Deposits		1,072,620			1,117,394			1,100,210			1,112,295					1,080,295			1,030,292			955,344			862,752

Short-term debt		70,000			30,000			30,000			-					-			-			-			-
Long-term debt		6,890			6,879			11,788			21,780					21,772			21,764			31,309			32,159
Other liabilities		25,555			16,699			17,604			16,199					16,819			16,925			18,110			18,539
Total Liabilities		1,175,065			1,170,972			1,159,602			1,150,274					1,118,886			1,068,981			1,004,763			913,450
Stockholders' equity		70,837			65,677			71,950			87,985					100,456			101,678			100,212			97,527
Total Liabilities and Stockholders' Equity	$	1,245,902		$	1,236,649		$	1,231,552		$	1,238,259				$	1,219,342		$	1,170,659		$	1,104,975		$	1,010,977

Condensed Income Statement
Interest income and fees on loans	$	9,884		$	8,881		$	7,993		$	7,510		$	34,268	$	7,786		$	8,201		$	8,217		$	8,170		$	32,374
Interest income and fees on loans held for sale		16			29			32			29			106		25			24			37			100			186
Income on cash and securities		2,202			2,102			1,984			1,522			7,810		1,145			830			565			476			3,016
Total Interest Income		12,102			11,012			10,009			9,061			42,184		8,956			9,055			8,819			8,746			35,576
Interest expense on deposits		2,675			1,378			837			845			5,735		872			851			818			795			3,336
Interest expense on short-term debt		556			158			46			-			760		-			-			-			-			-
Interest expense on long-term debt		122			345			124			159			750		204			238			251			273			966
Total Interest Expense		3,353			1,881			1,007			1,004			7,245		1,076			1,089			1,069			1,068			4,302
Net Interest Income		8,749			9,131			9,002			8,057			34,939		7,880			7,966			7,750			7,678			31,274
Provision for (recovery of) loan losses		716			-			600			(450	)		866		(611	)		(235	)		(1,250	)		(725	)		(2,821	)
Noninterest Income		1,837			2,013			2,368			2,483			8,701		2,434			2,956			3,086			3,355			11,831
Noninterest Expense		9,003			8,603			8,753			8,550			34,909		8,709			8,501			8,444			7,686			33,340
Net gains (losses) on sale of securities		1,030			-			(97	)		-			933		(525	)		-			-			-			(525	)
Income tax expense (benefit)		200			237			131			(88	)		480		311			319			422			271			1,323
Net Income	$	1,697		$	2,304		$	1,789		$	2,528		$	8,318	$	1,380		$	2,337		$	3,220		$	3,801		$	10,738
Preferred Dividends		-			-			-			-			-		-			65			66			65			196
Net Income available to Common Stockholders	$	1,697		$	2,304		$	1,789		$	2,528		$	8,318	$	1,380		$	2,272		$	3,154		$	3,736		$	10,542

Per Share Data
Earnings per common share - basic	$	0.49		$	0.67		$	0.51		$	0.74		$	2.41	$	0.41		$	0.71		$	0.98		$	1.17		$	3.25
Earnings per common share - diluted		0.49			0.67			0.51			0.74			2.41		0.40			0.68			0.93			1.11			3.12
Book Value per Share		20.50			18.68			21.01			29.42					29.42			19.02			29.80			28.99
Tangile Book Value per Share		19.56			17.83			20.06			28.47					28.47			18.08			29.98			29.33

Key Performance Ratios
Return on Average Assets¹		0.54	%		0.74	%		0.58	%		0.83	%		0.72	%		0.46	%		0.81	%		1.22	%		1.56	%		0.98	%
Return on Average Equity ¹		9.86	%		13.28	%		8.97	%		10.88	%		8.53	%		5.42	%		9.18	%		13.06	%		15.96	%		10.84	%
Noninterest Income / Average Assets ¹		0.92	%		0.65	%		0.74	%		0.82	%		0.84	%		0.63	%		1.03	%		1.17	%		1.38	%		1.03	%
Noninterest Expense / Average Assets¹		2.88	%		2.77	%		2.84	%		2.82	%		3.04	%		2.89	%		2.96	%		3.20	%		3.15	%		3.05	%
Efficiency Ratio ²		85.05	%		77.20	%		76.98	%		81.12	%		79.99	%		84.44	%		77.83	%		77.93	%		69.66	%		77.35	%

Margin Ratios
Net Interest Margin³		3.04	%		3.11	%		3.15	%		2.82	%		3.03	%		2.48	%		2.95	%		3.12	%		3.44	%		3.00	%
Earning Asset Yield		4.21	%		3.75	%		3.50	%		3.17	%		3.65	%		3.15	%		3.35	%		3.55	%		3.92	%		3.41	%
Cost of Interest Bearing Liabilities		1.54	%		0.87	%		0.48	%		0.49	%		0.86	%		0.96	%		0.57	%		0.62	%		0.70	%		0.60	%
Cost of Funds		1.20	%		0.49	%		0.38	%		0.38	%		0.64	%		0.44	%		0.49	%		0.49	%		0.51	%		0.48	%
Net Interest Spread		2.67	%		2.88	%		3.02	%		2.68	%		2.79	%		2.19	%		2.78	%		2.94	%		3.22	%		2.81	%

Asset Quality Information and Ratios
Net Charge-offs	$	293		$	285		$	192		$	(92	)	$	678		$	72		$	61		$	(272	)	$	45		$	(94	)
Net Charge-offs as a % of Loans ⁴		0.04	%		0.04	%		0.03	%		-0.01	%		0.10	%		0.04	%		0.04	%		-0.16	%		0.03	%		-0.01	%
Nonperforming Assets	$	2,262		$	2,408		$	2,103		$	4,799					$	5,508		$	5,430		$	5,532		$	5,783
Nonperforming Assets to Total Assets ⁵		0.19	%		0.19	%		0.17	%		0.39	%					0.45	%		0.46	%		0.50	%		0.57	%
Allowance to Total Loans ⁴		1.07	%		1.07	%		1.13	%		1.12	%					1.17	%		1.29	%		1.32	%		1.47	%

Balance Sheet Ratios
Loans to Total Assets ⁴		59.68	%		56.57	%		56.07	%		53.27	%					54.33	%		56.02	%		59.82	%		65.22	%
Loans to Deposits ⁴		69.33	%		62.61	%		62.76	%		59.30	%					61.32	%		63.65	%		69.19	%		76.43	%
Equity to Assets		5.69	%		5.31	%		5.84	%		7.11	%					8.24	%		8.69	%		9.07	%		9.65	%

1	Ratios are based primarily on daily average balances.

2	The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing noninterest expense by the sum of net interest income and noninterest income excluding gains and losses on the investments portfolio and Other Real Estate Owned. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income.

3	The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 21%. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.

4	Calculated using loans held for investment and excludes loans held for sale.

5	Calculated using 90-day past due loans and nonaccrual loans to total assets.