CONTACT:
Carrie Comer, EVP/Chief
Financial Officer
|
|
540-896-8941 or ccomer@FMBankVA.com
|
|
|
2019
|
2018
(restated)
|
|||
|
Q4
|
Q3
|
Q2
|
Q1
|
YTD
|
YTD
|
Net
Income (000's)
|
$1,879
|
$(186)
|
$1,634
|
$1,287
|
$4,614
|
$8,823
|
Net
Income available to Common
|
$1,800
|
$(265)
|
$1,556
|
$1,208
|
$4,299
|
$8,410
|
Earnings
per common share - basic
|
$0.57
|
$(0.08)
|
$0.48
|
$0.38
|
$1.35
|
$2.60
|
Earnings
per common share - diluted
|
|
|
|
|
1.33
|
2.45
|
|
|
|
|
|
|
|
Return
on Average Assets
|
0.92%
|
-0.09%
|
0.83%
|
0.67%
|
0.58%
|
1.15%
|
Return
on Average Equity
|
8.18%
|
-0.81%
|
7.12%
|
5.68%
|
5.04%
|
9.67%
|
Dividend
Payout Ratio excluding Special Dividend
|
45.61%
|
-325.00%
|
52.08%
|
65.79%
|
75.56%
|
38.46%
|
Dividend
Payout Ratio with Special Dividend
|
|
|
|
|
|
46.15%
|
|
|
|
|
|
|
|
Net
Interest Margin
|
3.81%
|
4.39%
|
4.47%
|
4.67%
|
4.33%
|
4.65%
|
Yield
on Average Earning Assets
|
4.77%
|
5.35%
|
5.42%
|
5.54%
|
5.27%
|
5.35%
|
Yield
on Average Interest Bearing Liabilities
|
1.33%
|
1.34%
|
1.33%
|
1.21%
|
1.30%
|
1.02%
|
Net
Interest Spread
|
3.44%
|
4.01%
|
4.09%
|
4.33%
|
3.97%
|
4.33%
|
|
|
|
|
|
|
|
Provision
for Loan Losses (000's)
|
$605
|
$3,750
|
$1,600
|
$1,450
|
$7,405
|
$2,930
|
Net
Charge-offs
|
$1,198
|
$817
|
$483
|
$1,757
|
$4,255
|
$3,735
|
Net
Charge-offs as a % of Loans
|
0.79%
|
0.52%
|
0.30%
|
1.09%
|
0.71%
|
0.58%
|
Non-Performing
Loans (000's)
|
$5,728
|
$7,978
|
$11,688
|
$10,587
|
$5,728
|
$10,205
|
Non-Performing
Loans to Total Assets
|
0.70%
|
0.98%
|
1.45%
|
1.36%
|
0.70%
|
1.31%
|
Non-Performing
Assets (000's)
|
$7,217
|
$9,649
|
$13,657
|
$12,761
|
$7,217
|
$12,648
|
Non-Performing
Assets to Assets
|
0.89%
|
1.19%
|
1.69%
|
1.64%
|
0.89%
|
1.62%
|
|
|
|
|
|
|
|
Efficiency
Ratio
|
74.97%
|
67.63%
|
65.32%
|
67.15%
|
68.73%
|
66.04%
|
|
For Twelve
Months
Ended December
31,
|
|
INCOME
STATEMENT
|
Unaudited
2019
|
2018*
(restated)
|
Interest and
Dividend Income
|
$38,210,304
|
$36,376,657
|
Interest
Expense
|
6,818,488
|
4,832,063
|
Net Interest
Income
|
31,391,816
|
31,544,594
|
Non-Interest
Income
|
9,919,954
|
8,003,003
|
Provision for Loan
Losses
|
7,405,000
|
2,930,000
|
Other Non-Interest
Expenses
|
29,392,237
|
26,743,762
|
Income Before
Income Taxes
|
4,514,533
|
9,873,835
|
(Benefit of)
provision for Income Taxes
|
(229,340)
|
1,040,596
|
Less Minority
Interest income
|
130,276
|
10,050
|
Net
Income
|
$4,613,597
|
$8,823,189
|
Dividend on
preferred stock
|
314,589
|
413,191
|
Net Income
available to common shareholders
|
$4,299,008
|
$8,409,998
|
Average Common
Shares Outstanding
|
3,189,288
|
3,238,177
|
Net Income Per
Common Share – Basic
|
1.35
|
2.60
|
Net Income Per
Common Share – Diluted
|
1.33
|
2.45
|
Dividends
Declared
|
1.02
|
1.20
|
BALANCE
SHEET
|
Unaudited
December 31,
2019
|
Audited
December 31,
2018
(restated)
|
Cash and Due from
Banks
|
$8,118,889
|
$9,521,741
|
Interest Bearing
Bank Deposits
|
1,125,616
|
1,390,181
|
Federal Funds
Sold
|
66,559,096
|
-
|
Loans
Held for Sale
|
66,798,436
|
55,909,812
|
Loans
Held for Investment
|
603,425,471
|
638,798,885
|
Less
Allowance for Loan Losses
|
(8,389,846)
|
(5,239,699)
|
Net
Loans Held for Investment
|
595,035,625
|
633,559,186
|
Securities
|
18,015,488
|
21,843,918
|
Other
Assets
|
58,324,549
|
57,518,624
|
Total
Assets
|
$813,977,699
|
|
|
|
|
Deposits
|
$641,709,480
|
$591,325,319
|
Short Term
Debt
|
10,000,000
|
40,116,000
|
Long Term
Debt
|
53,200,675
|
40,218,073
|
Other
Liabilities
|
17,387,561
|
16,682,537
|
Total
Liabilities
|
722,297,716
|
688,341,929
|
Stockholders’
Equity
|
91,679,983
|
91,401,533
|
Total
Liabilities and Stockholders’ Equity
|
$813,977,699
|
$779,743,462
|
Book Value Per
Common Share
|
$27.14
|
$26.68
|
Tangible Book Value
Per Common Share
|
$26.98
|
$26.75
|
SOURCE:
|
F
& M Bank Corp.
|
CONTACT:
|
Carrie
Comer, EVP/Chief Financial Officer
540-896-8941
or ccomer@FMBankVA.com
|