TIMBERVILLE, VA -- (Marketwired) -- 04/23/14 --
F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the first quarter and its recently declared first quarter dividend.
Selected Financial Highlights:
2014 Q1 2013 Q1 2013 Q4
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Net Income (000's) $ 1,183$ 1,216$ 1,184
Earnings per share 0.46 0.49 0.46
Net Interest Margin 4.16% 3.98% 4.07%
Allowance for loan losses 1.65% 1.77% 1.71%
Provision for loan losses (000's) $ 750$ 900$ 750
Non-Performing Loans (000's) $ 11,050$ 11,685$ 12,581
Equity to Assets 11.67% 8.86% 9.79%
Efficiency Ratio 60.91% 57.74% 61.89%
Dean Withers, President and CEO, commented, "First quarter earnings for 2014 total $1.183 million, which is virtually unchanged from fourth quarter 2013 and down slightly from the first quarter 2013. We're very pleased that our first quarter earnings are at these levels considering the significant slowdown in mortgage banking activities. Our core earnings continue to benefit from improving net interest margin, which increased to 4.16% in the first quarter." Withers continued, "As previously announced on March 21st we completed a $12 million capital raise that has significantly increased our capital ratios and better positions us to take advantage of growth opportunities within our various markets."
Withers stated, "Non-performing loans at $11.05 million decreased $1.53 million compared to year end 2013 and $.63 million compared to the first quarter 2013. We continue to see progress in our workout plans with several borrowers and we are on pace to meet our 2014 goals for improvement in both our non-performing and criticized asset ratios." Withers continued, "On April 17, 2014, our Board of Directors declared a first quarter dividend of $0.17 per share. Based on our most recent trade price of $18.65 per share, this dividend constitutes a 3.65% yield on an annualized basis. The dividend will be paid on May 12, 2014, to shareholders of record as of April 30, 2014." Highlights of the company's financial performance 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.
SOURCE: F & M Bank Corp.
F & M Bank Corp.
Financial Highlights
For Three Months
Ended March 31
INCOME STATEMENT Unaudited Unaudited
2014 2013
Interest and Dividend Income $ 6,290,763$ 6,599,082
Interest Expense 950,231 1,278,129
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Net Interest Income 5,340,532 5,320,953
Non-Interest Income 775,960 894,754
Provision for Loan Losses 750,000 900,000
Other Non-Interest Expenses 3,738,198 3,603,453
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Income Before Income Taxes & Securities
Transactions 1,628,294 1,712,254
Securities Gains (Losses)
Provision For Income Taxes 475,524 468,292
Less Minority Interest income (loss) (29,951) 28,386
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Net Income $ 1,182,721$ 1,215,576
Average Shares Outstanding 2,598,639 2,500,473
Net Income Per Common Share .46 .49
Dividends Declared .17 .17
Unaudited Unaudited
BALANCE SHEET March 31, March 31,
2014 2013
Cash and Due From Banks $ 7,188,824$ 5,845,092
Interest Bearing Bank Deposits 842,033 978,396
Federal Funds Sold 27,988,000 27,244,000
Loans Held for Sale 5,577,806 21,130,211
Loans Held for Investment 486,327,054 465,742,100
Less Allowance for Loan Losses (8,009,279) (8,259,185)
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Net Loans Held for Investment 478,317,775 457,482,915
Securities 19,391,046 19,090,090
Other Assets 33,838,105 34,723,397
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Total Assets $573,143,589$566,494,101
Deposits $471,543,989$458,979,703
Short Term Debt 3,696,874 3,172,055
Long Term Debt 11,500,000 32,285,714
Subordinated Debt 10,191,000 10,191,000
Other Liabilities 9,343,704 11,701,655
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Total Liabilities 506,275,567 516,330,127
Stockholders' Equity 66,868,022 50,163,974
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Total Liabilities and Stockholders' Equity $573,143,589$566,494,101
Book Value Per Common Share $ 20.34$ 20.06CONTACT:
Neil Hayslett
EVP/CFO
Farmers & Merchants Bank
540-896-8941
NHayslett@FMBankVA.com
Source: F & M Bank Corp.