F & M BANK CORP - FMBM STOCK NEWS

F&M Bank Corp. (OTCQX:FMBM) has appointed Neil A. Houff to its Board of Directors. Houff is the President of Houff , a Weyers Cave, VA-based company specializing in agronomy, supply chain solutions, transloading, and biosolids management. He has led the company since the early 1990s and previously served on Virginia's Board of Agriculture and Consumer Services. As of June 30, 2024, F&M reported total assets of $1.31 billion, loans of $826.3 million, and deposits of $1.19 billion.

F&M Bank Corp. (OTCQX:FMBM) reported strong Q2 2024 results with net income of $3.0 million or $0.86 per share, up from $1.2 million in Q1 2024 and $241,000 in Q2 2023. For the first half of 2024, net income was $4.2 million or $1.21 per share. The company saw growth in total assets to $1.31 billion, total loans to $826.3 million, and total deposits to $1.19 billion. Key highlights include:

- Improved net interest margin of 2.72%
- Recovery of credit losses of $458,000
- Increased noninterest income to $3.0 million
- Reduced noninterest expenses
- Tangible book value per share increased to $22.621

The Board declared a Q2 dividend of $0.26 per share, yielding 6.03% annualized based on the recent share price of $17.25.

F&M Bank Corp. reported strong first quarter 2024 results with a net income of $1.2 million or $0.35 per share, total assets of $1.32 billion, total loans of $825.9 million, and total deposits of $1.16 billion. The company experienced growth in loans and deposits, increased interest income, reduced operational expenses, and continued strong asset quality. The Bank's net interest margin decreased by two basis points to 2.64% on a linked quarter basis. Noninterest income decreased slightly, while noninterest expenses saw a significant decline. Shareholders' equity decreased slightly due to dividend payments. The company declared a first quarter dividend of $0.26 per share, offering a 6.75% yield. The loan portfolio remains diversified, with residential mortgage and automobile loans being the largest segments. Asset quality remains stable with NPLs at 0.47% of total assets. The Bank recorded a provision for credit losses of $823,000, reflecting net loan charge-offs and loan growth. Overall, F&M Bank Corp. demonstrated positive financial performance in the first quarter of 2024.

F&M Bank Corp. reported a net income of $457,000 for the quarter ended December 31, 2023, with total assets of $1.29 billion, total loans of $822.1 million, and total deposits of $1.13 billion. The company aims to ensure long-term health and future growth with a strategic plan focused on profitability and capital growth.

F&M Bank Corp. (OTCQX:FMBM) reported net income of $1.0 million or $0.29 per share for Q3 2023, compared to $241,000 or $0.07 per share for Q2 2023. Total assets reached $1.28 billion, total loans were $805.6 million, and total deposits were $1.13 billion. The company aims to grow core deposits and extend fairly priced loans for future earnings.

F&M Bank Corp. (OTCQX:FMBM) reported net income of $241,000 or $0.07 per share for Q2 2023, compared to $1.1 million or $0.30 per share for Q1 2023 and $1.8 million or $0.51 per share for Q2 2022. Total assets were $1.28 billion, total loans were $776.3 million, and total deposits were $1.14 billion at June 30, 2023, reflecting growth of $32.7 million in loans and $53.7 million in deposits since the end of 2022. The company announced a $0.26 quarterly dividend to be distributed in August.

F&M Bank Corp. has announced a leadership change with Mike Wilkerson appointed as the new CEO and Barton Black as President, effective immediately. This change follows the departure of former President and CEO Mark Hanna. Wilkerson, with over 40 years in banking, aims to enhance F&M Bank's local service and community commitment. Black brings over 30 years of experience and a focus on growth and customer service.

Pugh expresses gratitude for Hanna’s contributions and emphasizes the strength of the new leadership team's combined experience. F&M Bank, established in 1908, provides diverse financial services with a strong local focus and community values.