F&M Bank Corp. Reports Third Quarter 2024 Earnings and Quarterly Dividend
F&M Bank Corp. (OTCQX:FMBM) reported Q3 2024 net income of $792,000 ($0.23 per share), compared to $3.0 million ($0.86 per share) in Q2 2024 and $1.0 million ($0.29 per share) in Q3 2023. Results were impacted by two one-time expenses totaling $734,000 after tax. Total assets reached $1.34 billion, with total loans of $830.7 million and deposits of $1.22 billion. The company's stock price increased 44.8% during Q3, from $16.15 to $23.40. Tangible book value per share improved from $21.551 to $25.011 since December 31, 2023.
F&M Bank Corp. (OTCQX:FMBM) ha riportato un utile netto per il terzo trimestre del 2024 di $792.000 ($0,23 per azione), rispetto ai $3,0 milioni ($0,86 per azione) del secondo trimestre del 2024 e ai $1,0 milione ($0,29 per azione) del terzo trimestre del 2023. I risultati sono stati influenzati da due spese straordinarie per un totale di $734.000 dopo le tasse. Il totale degli attivi ha raggiunto $1,34 miliardi, con un totale di prestiti di $830,7 milioni e depositi di $1,22 miliardi. Il prezzo delle azioni dell'azienda è aumentato del 44,8% durante il terzo trimestre, passando da $16,15 a $23,40. Il valore contabile tangibile per azione è migliorato da $21,551 a $25,011 dal 31 dicembre 2023.
F&M Bank Corp. (OTCQX:FMBM) reportó un ingreso neto en el tercer trimestre de 2024 de $792,000 ($0.23 por acción), en comparación con $3.0 millones ($0.86 por acción) en el segundo trimestre de 2024 y $1.0 millón ($0.29 por acción) en el tercer trimestre de 2023. Los resultados fueron impactados por dos gastos extraordinarios que totalizaron $734,000 después de impuestos. Los activos totales alcanzaron $1.34 mil millones, con un total de préstamos de $830.7 millones y depósitos de $1.22 mil millones. El precio de las acciones de la compañía aumentó un 44.8% durante el tercer trimestre, de $16.15 a $23.40. El valor contable tangible por acción mejoró de $21.551 a $25.011 desde el 31 de diciembre de 2023.
F&M Bank Corp. (OTCQX:FMBM)는 2024년 3분기 순이익이 $792,000($0.23 per share)이라고 보고했으며, 이는 2024년 2분기의 $3.0 million($0.86 per share) 및 2023년 3분기의 $1.0 million($0.29 per share)와 비교됩니다. 결과는 세후 $734,000에 달하는 두 건의 일회성 비용에 의해 영향을 받았습니다. 총 자산은 $1.34 billion에 도달했으며, 총 대출액은 $830.7 million, 예금액은 $1.22 billion입니다. 회사의 주가는 3분기 동안 $16.15에서 $23.40으로 44.8% 상승했습니다. 2023년 12월 31일부터 주당 실질 장부 가치는 $21.551에서 $25.011로 개선되었습니다.
F&M Bank Corp. (OTCQX:FMBM) a annoncé un revenu net de 792 000 $ (0,23 $ par action) pour le troisième trimestre 2024, contre 3,0 millions $ (0,86 $ par action) au deuxième trimestre 2024 et 1,0 million $ (0,29 $ par action) au troisième trimestre 2023. Les résultats ont été impactés par deux charges exceptionnelles totalisant 734 000 $ après impôts. Les actifs totaux ont atteint 1,34 milliard $, avec des prêts totaux de 830,7 millions $ et des dépôts de 1,22 milliard $. Le prix de l'action de la société a augmenté de 44,8 % au cours du 3e trimestre, passant de 16,15 $ à 23,40 $. La valeur comptable tangible par action s'est améliorée, passant de 21,551 $ à 25,011 $ depuis le 31 décembre 2023.
F&M Bank Corp. (OTCQX:FMBM) meldete im 3. Quartal 2024 einen Nettogewinn von 792.000 $ (0,23 $ pro Aktie), im Vergleich zu 3,0 Millionen $ (0,86 $ pro Aktie) im 2. Quartal 2024 und 1,0 Millionen $ (0,29 $ pro Aktie) im 3. Quartal 2023. Die Ergebnisse wurden durch zwei einmalige Ausgaben in Höhe von insgesamt 734.000 $ nach Steuern beeinflusst. Die Gesamtaktiva beliefen sich auf 1,34 Milliarden $, mit Gesamtdarlehen in Höhe von 830,7 Millionen $ und Einlagen von 1,22 Milliarden $. Der Aktienkurs des Unternehmens stieg im 3. Quartal um 44,8 % von 16,15 $ auf 23,40 $. Der substantielle Buchwert pro Aktie verbesserte sich von 21,551 $ auf 25,011 $ seit dem 31. Dezember 2023.
- Total assets increased to $1.34 billion with loan growth of $4.4 million and deposit growth of $33.0 million in Q3
- Stock price increased 44.8% during Q3 2024
- Year-to-date net income reached $5.0 million, surpassing $2.3 million from same period in 2023
- Tangible book value per share improved from $21.551 to $25.011
- Net interest income increased by $294,000 from previous quarter
- Q3 2024 net income declined to $792,000 from $3.0 million in Q2 2024
- Return on average assets decreased to 0.24% in Q3 2024
- $902,000 provision for credit losses in Q3 2024 compared to $458,000 recovery in Q2
- One-time expenses of $734,000 after tax impacted quarterly results
- Noninterest expenses increased by $1.5 million quarter-over-quarter
Stock price shows strong increase in third quarter 2024 as core earnings remain solid.
See associated, unaudited summary consolidated financial data for additional information.
TIMBERVILLE, VA / ACCESSWIRE / November 8, 2024/ F&M Bank Corp. (the "Company" or "F&M"), (OTCQX:FMBM), the parent company of Farmers & Merchants Bank ("F&M Bank" or the "Bank"), today reported results for the quarter and nine months ended September 30, 2024.
Net income was
Net income for both the quarter and nine months ended September 30, 2024, was impacted by two after-tax, one-time expenses-a
As of September 30, 2024, the Company had total assets of
The Company's tangible book value per common share increased from
"I am pleased to share F&M's financial results for third quarter and year-to-date 2024," said Mike Wilkerson, chief executive officer. "F&M employees continued to focus on executing our strategic plan, providing exceptional customer service, and serving our community through volunteerism. Their efforts once again resulted in increased revenue and interest income, controlled operational expenses, and growth in both deposits and loans while maintaining strong asset quality.
"We remain committed to our number one priority, which is to generate sufficient and sustainable profit. This is being accomplished through effective leadership of each of our business lines, disciplined credit fundamentals, and the remix of our securities portfolio into higher yielding loans and investments.
"During the third quarter, F&M Bank Corp.'s stock price per share increased from
THIRD QUARTER INCOME STATEMENT COMPARISON
Overview
Net income for third quarter 2024 was
Noninterest income declined
Net income for the three months ended September 30, 2024, decreased by
Net Interest Income and Net Interest Margin
For third quarter 2024, net interest income totaled
Compared to third quarter 2023, net interest margin increased by seven basis points due to growth in the average balances of loans, federal funds sold, and overnight cash. Interest income increased
Provision for (Recovery of) Credit Losses
During third quarter 2024, the Bank recorded a
The current quarter provision was the result of a
By comparison, the second quarter recovery was due to the release of
In the third quarter 2023, the provision was driven by net charge-offs of
On September 30, 2024, the ACLL totaled
Noninterest Income
Noninterest income, which includes gains and losses, totaled
Compared to third quarter 2023, noninterest income increased by
Noninterest Expenses
Noninterest expenses totaled
Compared to the same quarter in 2023, noninterest expenses increased
YEAR-TO-DATE INCOME STATEMENT COMPARISON
Overview
Net income for the nine months ended September 30, 2024, was
Net Interest Income and Net Interest Margin
Year-to-date net interest income totaled
Provision for Credit Losses
During the first nine months of 2024, the Bank recorded a
Noninterest Income
Year-to-date noninterest income, which includes gains and losses, totaled
Noninterest Expenses
Noninterest expenses totaled
BALANCE SHEET REVIEW
On September 30, 2024, assets totaled
Investment securities increased by
Total deposits on September 30, 2024, were
Shareholders' equity increased by
LIQUIDITY
The Company's on-balance sheet asset liquidity includes cash and cash equivalents, unpledged investment securities, and loans held for sale, which totaled
The Company had access to off-balance sheet liquidity through unsecured Federal funds lines totaling
The Bank is scheduled to receive
LOAN PORTFOLIO
The Company's loan portfolio is diversified with its largest segment being residential mortgage loans originated through its subsidiary F&M Mortgage that represent
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||||||||||
Loan Segment |
| Balance |
|
| Percentage of Total Portolio |
|
| Balance |
|
| Percentage of Total Portolio |
| ||||
Residential Mortgage Loans (First and Junior Liens) |
| $ | 214,731 |
|
|
| 25.85 | % |
| $ | 205,463 |
|
|
| 24.99 | % |
Automobile Loans |
|
| 110,952 |
|
|
| 13.36 | % |
|
| 122,924 |
|
|
| 14.95 | % |
Non Owner Occupied Commercial Real Estate |
|
| 98,527 |
|
|
| 11.86 | % |
|
| 106,180 |
|
|
| 12.92 | % |
Owner Occupied Commercial Real Estate |
|
| 82,577 |
|
|
| 9.94 | % |
|
| 92,362 |
|
|
| 11.23 | % |
Secured by Farmland |
|
| 83,326 |
|
|
| 10.03 | % |
|
| 81,656 |
|
|
| 9.93 | % |
Commercial and Industrial (including Agricultural Production) |
|
| 74,251 |
|
|
| 8.94 | % |
|
| 58,733 |
|
|
| 7.14 | % |
Home Equity |
|
| 47,396 |
|
|
| 5.71 | % |
|
| 45,749 |
|
|
| 5.56 | % |
Other Construction and Land Development Loans |
|
| 61,568 |
|
|
| 7.41 | % |
|
| 47,748 |
|
|
| 5.81 | % |
Residential Construction Loans |
|
| 26,649 |
|
|
| 3.21 | % |
|
| 30,487 |
|
|
| 3.71 | % |
Credit card and other consumer loans |
|
| 14,988 |
|
|
| 1.80 | % |
|
| 17,277 |
|
|
| 2.10 | % |
Multifamily |
|
| 10,942 |
|
|
| 1.32 | % |
|
| 8,203 |
|
|
| 1.00 | % |
Other Loans |
|
| 4,810 |
|
|
| 0.58 | % |
|
| 5,310 |
|
|
| 0.65 | % |
| $ | 830,717 |
|
|
| 100.00 | % |
| $ | 822,092 |
|
|
| 100.00 | % | |
ASSET QUALITY AND ALLOWANCE FOR CREDIT LOSSES
Nonperforming loans (NPLs) as a percentage of total assets were
During third quarter 2024, the Bank recorded a
During the first nine months of 2024, the Bank recorded a
On September 30, 2024, the ACLL totaled
The reserve for unfunded commitments decreased from
DIVIDEND DECLARATION
On October 23, 2024, our Board of Directors declared a third quarter dividend of
ABOUT US
F&M Bank Corp. is an independent, locally owned, financial holding company offering a full range of financial services through our subsidiary, Farmers & Merchants Bank's (F&M Bank) fourteen banking offices in Rockingham, Shenandoah, and Augusta counties, Virginia, and the cities of Winchester and Waynesboro, Virginia. The Company also owns F&M Mortgage, a mortgage lending subsidiary, and VSTitle, a title company subsidiary. Founded in 1908 as a community venture to serve the farmers and merchants of the Shenandoah Valley, where both the Company and the Bank are headquartered, F&M Bank remains more committed than ever to the success of the agricultural industry, small business ventures, and the nonprofit sector.F&M's values, which are gregarious, resolute, original, and wholehearted (G.R.O.W.), combined with our brand pillars of sustenance, security, and enrichment, shape the Company's decision-making, philanthropy, and volunteerism. The only publicly traded organization based in Rockingham County, we offer a diverse suite of financial products and services and a strong team dedicated to living our mission of being the financial partner of choice in the Shenandoah Valley, both today and tomorrow, as we have been since 1908. Additional information may be found by visiting our website, fmbankva.com.
NON-GAAP FINANCIAL MEASURES
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible book value per share and core earnings, to supplement the evaluation of the Company's financial condition and performance. Management believes presentation of these non-GAAP financial measures provides useful supplemental information that is essential to a proper understanding of the Company's operating results. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A definition of tangible book value per share is included in the footnotes to the table accompanying this release. Core earnings is calculated by adding the one-time severance and external fraud expenses, net of taxes, to net income.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" as defined by federal securities laws, which are subject to significant risks and uncertainties. These include statements regarding future plans, strategies, results, or expectations that are not historical facts, and are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "will," "estimate," "project" or similar expressions. These statements are based on estimates and assumptions, and our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Our actual results could differ materially from those 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 local and national economies or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including values of real estate and other collateral; deposit flow; the impact of competition from traditional or new sources; and other factors. 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.
Summary Consolidated Financial Data (unaudited)
Dollars in Thousands, except for per share data
| Quarter to Date |
|
| Year-to-Date |
| |||||||||||||||||||||||
| 9/30/2024 |
|
| 6/30/2024 |
|
| 3/31/2024 |
|
| 12/31/2023 (3) |
|
| 9/30/2023 (3) |
|
| 9/30/2024 |
|
| 9/30/2023 (3) |
| ||||||||
Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Cash and cash equivalents |
| $ | 60,320 |
|
| $ | 50,459 |
|
| $ | 52,486 |
|
| $ | 23,717 |
|
| $ | 23,286 |
|
| $ | 60,320 |
|
| $ | 23,286 |
|
Investment securities |
|
| 379,690 |
|
|
| 355,930 |
|
|
| 369,744 |
|
|
| 374,209 |
|
|
| 377,949 |
|
|
| 379,690 |
|
|
| 377,949 |
|
Loans held for sale |
|
| 2,332 |
|
|
| 3,958 |
|
|
| 1,385 |
|
|
| 1,119 |
|
|
| 3,355 |
|
|
| 2,332 |
|
|
| 3,355 |
|
Gross loans |
|
| 830,717 |
|
|
| 826,340 |
|
|
| 825,872 |
|
|
| 822,092 |
|
|
| 803,766 |
|
|
| 830,717 |
|
|
| 803,766 |
|
Allowance for credit losses |
|
| (8,028 | ) |
|
| (7,815 | ) |
|
| (8,408 | ) |
|
| (8,321 | ) |
|
| (9,166 | ) |
|
| (8,028 | ) |
|
| (9,166 | ) |
Goodwill |
|
| 3,082 |
|
|
| 3,082 |
|
|
| 3,082 |
|
|
| 3,082 |
|
|
| 3,082 |
|
|
| 3,082 |
|
|
| 3,082 |
|
Other assets |
|
| 76,482 |
|
|
| 77,691 |
|
|
| 72,053 |
|
|
| 78,698 |
|
|
| 80,792 |
|
|
| 76,482 |
|
|
| 80,792 |
|
Total Assets |
| $ | 1,344,595 |
|
| $ | 1,309,645 |
|
| $ | 1,316,214 |
|
| $ | 1,294,596 |
|
| $ | 1,283,064 |
|
| $ | 1,344,595 |
|
| $ | 1,283,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest bearing deposits |
| $ | 270,783 |
|
| $ | 270,246 |
|
| $ | 267,106 |
|
| $ | 264,254 |
|
| $ | 276,926 |
|
| $ | 270,783 |
|
| $ | 276,926 |
|
Interest bearing deposits |
|
| 947,505 |
|
|
| 915,011 |
|
|
| 889,237 |
|
|
| 868,982 |
|
|
| 857,605 |
|
|
| 947,505 |
|
|
| 857,604 |
|
Total Deposits |
|
| 1,218,288 |
|
|
| 1,185,257 |
|
|
| 1,156,343 |
|
|
| 1,133,236 |
|
|
| 1,134,531 |
|
|
| 1,218,288 |
|
|
| 1,134,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Short-term debt |
|
| 15,000 |
|
|
| 20,000 |
|
|
| 60,000 |
|
|
| 60,000 |
|
|
| 60,000 |
|
|
| 15,000 |
|
|
| 60,000 |
|
Long-term debt |
|
| 6,965 |
|
|
| 6,954 |
|
|
| 6,943 |
|
|
| 6,932 |
|
|
| 6,922 |
|
|
| 6,965 |
|
|
| 6,922 |
|
Other liabilities |
|
| 14,348 |
|
|
| 15,818 |
|
|
| 15,194 |
|
|
| 16,105 |
|
|
| 14,592 |
|
|
| 14,348 |
|
|
| 14,592 |
|
Total Liabilities |
|
| 1,254,601 |
|
|
| 1,228,029 |
|
|
| 1,238,480 |
|
|
| 1,216,273 |
|
|
| 1,216,045 |
|
|
| 1,254,601 |
|
|
| 1,216,044 |
|
Shareholders' equity |
|
| 89,994 |
|
|
| 81,616 |
|
|
| 77,734 |
|
|
| 78,323 |
|
|
| 67,019 |
|
|
| 89,994 |
|
|
| 67,020 |
|
Total Liabilities and Shareholders' Equity |
| $ | 1,344,595 |
|
| $ | 1,309,645 |
|
| $ | 1,316,214 |
|
| $ | 1,294,596 |
|
| $ | 1,283,064 |
|
| $ | 1,344,595 |
|
| $ | 1,283,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Condensed Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and fees on loans |
| $ | 13,833 |
|
| $ | 13,494 |
|
| $ | 13,352 |
|
| $ | 13,061 |
|
| $ | 12,498 |
|
| $ | 40,678 |
|
| $ | 34,869 |
|
Interest income and fees on loans held for sale |
|
| 60 |
|
|
| 46 |
|
|
| 18 |
|
|
| 22 |
|
|
| 18 |
|
|
| 123 |
|
|
| 66 |
|
Income on cash and securities |
|
| 2,397 |
|
|
| 2,180 |
|
|
| 2,207 |
|
|
| 2,074 |
|
|
| 2,085 |
|
|
| 6,785 |
|
|
| 6,281 |
|
Total Interest Income |
|
| 16,290 |
|
|
| 15,720 |
|
|
| 15,577 |
|
|
| 15,157 |
|
|
| 14,601 |
|
|
| 47,586 |
|
|
| 41,216 |
|
Interest expense on deposits |
|
| 7,440 |
|
|
| 6,951 |
|
|
| 6,337 |
|
|
| 6,108 |
|
|
| 5,804 |
|
|
| 20,728 |
|
|
| 15,059 |
|
Interest expense on short-term debt |
|
| 241 |
|
|
| 454 |
|
|
| 996 |
|
|
| 812 |
|
|
| 701 |
|
|
| 1,691 |
|
|
| 2,217 |
|
Interest expense on long-term debt |
|
| 116 |
|
|
| 116 |
|
|
| 115 |
|
|
| 116 |
|
|
| 116 |
|
|
| 347 |
|
|
| 343 |
|
Total Interest Expense |
|
| 7,797 |
|
|
| 7,521 |
|
|
| 7,448 |
|
|
| 7,036 |
|
|
| 6,621 |
|
|
| 22,766 |
|
|
| 17,619 |
|
Net Interest Income |
|
| 8,493 |
|
|
| 8,199 |
|
|
| 8,129 |
|
|
| 8,121 |
|
|
| 7,980 |
|
|
| 24,820 |
|
|
| 23,597 |
|
Provision for (recovery of) credit losses |
|
| 902 |
|
|
| (458 | ) |
|
| 824 |
|
|
| (134 | ) |
|
| 619 |
|
|
| 1,268 |
|
|
| 1,159 |
|
Noninterest income |
|
| 2,748 |
|
|
| 2,986 |
|
|
| 2,350 |
|
|
| 2,464 |
|
|
| 2,507 |
|
|
| 8,084 |
|
|
| 7,614 |
|
Noninterest expense |
|
| 9,657 |
|
|
| 8,156 |
|
|
| 8,439 |
|
|
| 10,482 |
|
|
| 8,894 |
|
|
| 26,251 |
|
|
| 28,264 |
|
Income tax expense (benefit) |
|
| (110 | ) |
|
| 471 |
|
|
| (1 | ) |
|
| (220 | ) |
|
| (44 | ) |
|
| 360 |
|
|
| (526 | ) |
Net Income |
| $ | 792 |
|
| $ | 3,016 |
|
| $ | 1,217 |
|
| $ | 457 |
|
| $ | 1,018 |
|
| $ | 5,025 |
|
| $ | 2,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share - basic |
| $ | 0.23 |
|
| $ | 0.86 |
|
| $ | 0.35 |
|
| $ | 0.13 |
|
| $ | 0.29 |
|
| $ | 1.44 |
|
| $ | 0.67 |
|
Book Value per Share |
|
| 25.93 |
|
|
| 23.54 |
|
|
| 22.11 |
|
|
| 22.47 |
|
|
| 19.43 |
|
|
| 25.93 |
|
|
| 19.43 |
|
Tangible Book Value per Share (1) |
|
| 25.01 |
|
|
| 22.62 |
|
|
| 21.20 |
|
|
| 21.55 |
|
|
| 18.50 |
|
|
| 25.01 |
|
|
| 18.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
| |
Key Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
| 0.24 | % |
|
| 0.93 | % |
|
| 0.37 | % |
|
| 0.14 | % |
|
| 0.32 | % |
|
| 0.51 | % |
|
| 0.24 | % |
Return on Average Equity |
|
| 3.70 | % |
|
| 15.59 | % |
|
| 6.25 | % |
|
| 2.49 | % |
|
| 5.80 | % |
|
| 8.37 | % |
|
| 4.29 | % |
Noninterest Income / Average Assets |
|
| 0.83 | % |
|
| 0.92 | % |
|
| 0.71 | % |
|
| 0.76 | % |
|
| 0.78 | % |
|
| 0.83 | % |
|
| 0.80 | % |
Noninterest Expense / Average Assets |
|
| 2.91 | % |
|
| 2.52 | % |
|
| 2.55 | % |
|
| 3.23 | % |
|
| 2.76 | % |
|
| 2.68 | % |
|
| 2.95 | % |
Efficiency Ratio (2) |
|
| 83.96 | % |
|
| 71.23 | % |
|
| 78.67 | % |
|
| 96.79 | % |
|
| 82.81 | % |
|
| 78.05 | % |
|
| 88.41 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Interest Margin (4) |
|
| 2.77 | % |
|
| 2.72 | % |
|
| 2.64 | % |
|
| 2.66 | % |
|
| 2.70 | % |
|
| 2.74 | % |
|
| 2.72 | % |
Earning Asset Yield (4) |
|
| 5.29 | % |
|
| 5.19 | % |
|
| 5.07 | % |
|
| 4.96 | % |
|
| 4.92 | % |
|
| 5.24 | % |
|
| 4.73 | % |
Cost of Interest Bearing Liabilities(4) |
|
| 3.25 | % |
|
| 3.21 | % |
|
| 3.14 | % |
|
| 3.00 | % |
|
| 2.86 | % |
|
| 3.20 | % |
|
| 2.63 | % |
Cost of Funds(4) |
|
| 2.54 | % |
|
| 2.51 | % |
|
| 2.45 | % |
|
| 2.37 | % |
|
| 2.21 | % |
|
| 2.51 | % |
|
| 2.01 | % |
Net Interest Spread(4) |
|
| 2.75 | % |
|
| 2.68 | % |
|
| 2.62 | % |
|
| 2.59 | % |
|
| 2.71 | % |
|
| 2.73 | % |
|
| 2.72 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Charge-offs |
| $ | 657 |
|
| $ | 179 |
|
| $ | 807 |
|
| $ | 770 |
|
| $ | 193 |
|
| $ | 1,643 |
|
| $ | 703 |
|
Net Charge-offs as a % of Avg Loans |
|
| 0.32 | % |
|
| 0.09 | % |
|
| 0.39 | % |
|
| 0.38 | % |
|
| 0.10 | % |
|
| 0.27 | % |
|
| 0.12 | % |
Non-Performing Loans |
| $ | 6,578 |
|
| $ | 7,586 |
|
| $ | 6,246 |
|
| $ | 6,469 |
|
| $ | 3,586 |
|
| $ | 6,578 |
|
| $ | 3,586 |
|
Non-Performing Loans to Total Assets |
|
| 0.49 | % |
|
| 0.58 | % |
|
| 0.47 | % |
|
| 0.50 | % |
|
| 0.28 | % |
|
| 0.49 | % |
|
| 0.28 | % |
Non-Performing Assets |
| $ | 6,578 |
|
| $ | 7,586 |
|
| $ | 6,246 |
|
| $ | 6,524 |
|
| $ | 3,586 |
|
| $ | 6,578 |
|
| $ | 3,586 |
|
Non-Performing Assets to Total Assets |
|
| 0.49 | % |
|
| 0.58 | % |
|
| 0.47 | % |
|
| 0.50 | % |
|
| 0.28 | % |
|
| 0.49 | % |
|
| 0.28 | % |
ACLL as a % of Total Loans |
|
| 0.97 | % |
|
| 0.95 | % |
|
| 1.02 | % |
|
| 1.01 | % |
|
| 1.14 | % |
|
| 0.97 | % |
|
| 1.14 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to Deposits |
|
| 68.19 | % |
|
| 69.72 | % |
|
| 71.42 | % |
|
| 72.54 | % |
|
| 70.85 | % |
|
| 68.19 | % |
|
| 70.85 | % |
(1) Tangible book value per share is calculated by subtracting goodwill and other intangibles from total shareholders' equity and dividing the result by the common shares outstanding. Tangible book value per share is a non-GAAP financial measure that management believes provides investors with important information that may be related to the valuation of common stock.
(2) The Efficiency Ratio equals noninterest expenses divided by the sum of tax equivalent net interest income and noninterest income. Noninterest income excludes gains (losses) on securities transactions and low-income housing partnership losses. Noninterest expense excludes amortization of intangibles.
(3) Certain reclassifications have been made in the 2023 financial information to conform to reporting for the 2024. These reclassifications are not considered material and had no impact on prior year's net income, balance sheet or shareholders' equity.
(4) Net Interest Margin is presented on a fully-taxable equivalent basis where interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.
FOR MORE INFORMATION, CONTACT:
F&M Bank Corp.
Lisa F. Campbell, EVP, Chief Financial Officer
540-896-1705
fmbankva.com
SOURCE: F&M Bank Corp.
View the original press release on accesswire.com
FAQ
What was F&M Bank Corp's (FMBM) earnings per share in Q3 2024?
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What was FMBM's total asset value as of September 30, 2024?
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