CONTACT:
|
Carrie Comer, EVP/Chief Financial
Officer
|
540-896-8941 or
ccomer@fmbankva.com
|
|
2020
|
2019
|
||||
|
Q2
|
Q1
|
YTD
|
Q2
|
Q1
|
YTD
|
Net
Income (000's)
|
$2,626
|
$1,189
|
$3,815
|
$1,634
|
$1,287
|
$2,921
|
Net
Income available to Common
|
$2,560
|
$1,123
|
$3,683
|
$1,556
|
$1,208
|
$2,764
|
Earnings
per common share - basic
|
$0.80
|
$0.35
|
$1.15
|
$0.48
|
$0.38
|
$0.86
|
Earnings
per common share - diluted
|
$0.76
|
$0.35
|
$1.11
|
$0.47
|
$0.37
|
$0.84
|
|
|
|
|
|
|
|
Return
on Average Assets
|
1.17%
|
0.58%
|
1.71%
|
0.83%
|
0.67%
|
0.74%
|
Return
on Average Equity
|
11.50%
|
5.23%
|
16.69%
|
7.12%
|
5.68%
|
6.40%
|
Dividend
Payout Ratio excluding Special Dividend
|
32.50%
|
74.29%
|
45.22%
|
52.08%
|
65.79%
|
58.14%
|
|
|
|
|
|
|
|
Net
Interest Margin
|
3.55%
|
3.97%
|
3.75%
|
4.47%
|
4.67%
|
4.57%
|
Yield
on Average Earning Assets
|
4.20%
|
4.88%
|
4.52%
|
5.42%
|
5.54%
|
5.48%
|
Yield
on Average Interest Bearing Liabilities
|
0.92%
|
1.27%
|
1.09%
|
1.33%
|
1.21%
|
1.26%
|
Net
Interest Spread
|
3.28%
|
3.61%
|
3.43%
|
4.09%
|
4.33%
|
4.22%
|
|
|
|
|
|
|
|
Provision
for Loan Losses (000's)
|
$800
|
$1,500
|
$2,300
|
$1,600
|
$1,450
|
$3,050
|
Net
Charge-offs
|
$203
|
$453
|
$656
|
$483
|
$1,757
|
$2,240
|
Net
Charge-offs as a % of Loans
|
0.12%
|
0.30%
|
0.20%
|
0.30%
|
1.09%
|
0.70%
|
Non-Performing
Loans (000's)
|
$4,465
|
$4,168
|
$4,465
|
$11,688
|
$10,587
|
$11,688
|
Non-Performing
Loans to Total Assets
|
0.45%
|
0.50%
|
0.45%
|
1.45%
|
1.36%
|
1.45%
|
Non-Performing
Assets (000's)
|
$5,625
|
$5,504
|
$5,625
|
$13,657
|
$12,761
|
$13,657
|
Non-Performing
Assets to Assets
|
0.57%
|
0.66%
|
0.57%
|
1.69%
|
1.64%
|
1.69%
|
|
|
|
|
|
|
|
Efficiency
Ratio
|
65.33%
|
70.51%
|
67.79%
|
65.32%
|
67.15%
|
66.20%
|
|
For Six
Months
Ended June
30,
|
|
INCOME
STATEMENT
|
Unaudited
2020
|
Unaudited
2019
|
Interest and
Dividend Income
|
$18,101,844
|
$19,313,133
|
Interest
Expense
|
3,090,815
|
3,224,392
|
Net
Interest Income
|
15,011,029
|
16,088,741
|
Non-Interest
Income
|
5,681,703
|
4,265,082
|
Provision for Loan
Losses
|
2,300,000
|
3,050,000
|
Impairment of long
lived assets
|
19,193
|
-
|
Other Non-Interest
Expenses
|
14,385,236
|
14,121,689
|
Income
Before Income Taxes
|
3,988,303
|
3,182,134
|
Provision for
Income Taxes
|
173,250
|
232,317
|
Less Minority
Interest (income)/loss
|
-
|
(28,589)
|
Net
Income
|
$3,815,053
|
$2,921,228
|
Dividend on
preferred stock
|
131,746
|
157,373
|
Net Income
available to common shareholders
|
$3,683,307
|
$2,763,855
|
Average Common
Shares Outstanding
|
3,199,183
|
3,200,119
|
Net Income Per
Common Share
|
1.15
|
.86
|
Dividends
Declared
|
.52
|
.50
|
BALANCE
SHEET
|
Unaudited
June
30,
2020
|
Unaudited
June
30,
2019
|
Cash and Due from
Banks
|
$16,950,810
|
$8,075,243
|
Interest Bearing
Bank Deposits
|
1,199,474
|
768,029
|
Federal Funds
Sold
|
68,548,000
|
5,937,000
|
Loans Held for
Sale
|
90,403,042
|
78,405,674
|
Loans Held for
Investment
|
661,528,802
|
636,407,632
|
Less
Allowance for Loan Losses
|
(10,033,466)
|
(6,050,257)
|
Net
Loans Held for Investment
|
651,495,336
|
630,357,375
|
Securities
|
93,381,484
|
23,524,719
|
Other
Assets
|
59,623,971
|
59,880,840
|
Total
Assets
|
$981,602,117
|
$806,948,880
|
|
|
|
Deposits
|
$766,651,982
|
$608,470,178
|
Short Term
Debt
|
-
|
40,000,000
|
Long Term
Debt
|
100,585,081
|
47,916,889
|
Other
Liabilities
|
22,063,159
|
18,487,049
|
Total
Liabilities
|
889,300,222
|
714,874,116
|
Preferred
Stock
|
4,591,623
|
5,591,623
|
Common
Equity
|
87,710,272
|
86,483,141
|
Stockholders’
Equity
|
92,301,895
|
92,074,764
|
Total
Liabilities and Stockholders’ Equity
|
$981,602,117
|
$806,948,880
|
Book Value Per
Common Share
|
$27.44
|
$27.18
|
Tangible Book Value
Per Common Share
|
$27.51
|
$27.23
|