F&M Bank Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>F&M Bank Corp has filed its 2023 annual report (10-K) detailing its financial performance and employee benefits.</b>

AI Summary

F&M BANK CORP (FMBM) filed a Annual Report (10-K) with the SEC on March 27, 2024. F&M Bank Corp filed its 2023 Form 10-K on March 27, 2024. The company sponsors a 401(k) savings plan with employee contributions up to 20% of salary. Company matches 100% of the first 1% of employee contributions and 50% from 2% to 6%. Vesting in company contributions occurs after two years of service. The filing covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking F&M BANK CORP, this filing contains several important signals. The 401(k) plan details provide insight into employee compensation and retention strategies. The 10-K filing offers a comprehensive overview of the bank's financial health and operational status for the fiscal year 2023.

Risk Assessment

Risk Level: low — F&M BANK CORP shows low risk based on this filing. The filing is a standard annual report (10-K) for a commercial bank, indicating routine disclosure rather than significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess F&M Bank Corp's performance and outlook.

Key Numbers

• 20% — Maximum Employee 401(k) Contribution (Employee 401(k) savings plan limit)
• 1% — Automatic Employee 401(k) Enrollment (Initial automatic enrollment percentage for employees)
• 6% — Maximum Automatic Employee 401(k) Increase (Annual increase limit for automatic employee contributions)
• 100% — Company 401(k) Match (First 1%) (Company match for the first 1% of employee contributions)
• 50% — Company 401(k) Match (2%-6%) (Company match for employee contributions from 2% to 6%)
• 2 — Years for 401(k) Vesting (Service years required for full vesting in company 401(k) contributions)

Key Players & Entities

• F&M BANK CORP (company) — Filer name
• 0000740806 (company) — Central Index Key
• VA (location) — State of Incorporation
• TIMBERVILLE (location) — Business Address City
• 540-896-8941 (phone) — Business Phone
• 20231231 (date) — Fiscal Year End
• 20240327 (date) — Filing Date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

401(k) savings plan

A retirement savings plan sponsored by an employer that allows employees to save and invest a portion of their salary on a pretax basis. (Details the company's employee retirement benefits and matching contributions.)

Safe Harbor rules

IRS rules that allow retirement plans to avoid certain non-discrimination testing requirements if specific contribution and matching provisions are met. (Explains the automatic enrollment and company match structure of the 401(k) plan.)

Key Financial Figures

• $5 — ction 12(g) of the Act: Common Stock - $5 Par value per share Indicate by check
• $20.37 — 018 based on the closing sales price of $20.37 per share on that date. For purposes of
• $100 billion — ain provisions that apply to banks with $100 billion or more in total assets and that will s
• $10 billion — ts qualifying banks that have less than $10 billion in total consolidated assets to elect t
• $3 b — total consolidated assets of less than $3 billion, such as the Company, are not sub
• $100,000,000 — e bank's total deposits equal or exceed $100,000,000, at which time the aggregate is limited
• $25,000 — al is required, as being the greater of $25,000 or 5% of capital and surplus (up to $50
• $500,000 — 000 or 5% of capital and surplus (up to $500,000). Section 22(h) requires that loans to
• $10 b — y institutions with assets of less than $10 billion, such as the Bank, and for large
• $50 billion — or large banks with assets of more than $50 billion. Among other matters, the Economic Gr

Filing Documents

• fmbm_10k.htm (10-K) — 3517KB
• fmbm_ex210.htm (EX-21.0) — 1KB
• fmbm_ex231.htm (EX-23.1) — 2KB
• fmbm_ex311.htm (EX-31.1) — 13KB
• fmbm_ex312.htm (EX-31.2) — 13KB
• fmbm_ex321.htm (EX-32.1) — 4KB
• fmbm_10kimg4.jpg (GRAPHIC) — 52KB
• fmbm_10kimg5.jpg (GRAPHIC) — 3KB
• fmbm_ex231img2.jpg (GRAPHIC) — 5KB
• 0001654954-24-003726.txt (&nbsp;) — 16786KB
• fmbm-20231231.xsd (EX-101.SCH) — 121KB
• fmbm-20231231_lab.xml (EX-101.LAB) — 600KB
• fmbm-20231231_cal.xml (EX-101.CAL) — 88KB
• fmbm-20231231_pre.xml (EX-101.PRE) — 582KB
• fmbm-20231231_def.xml (EX-101.DEF) — 359KB
• fmbm_10k_htm.xml (XML) — 4292KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 10 Item 1C Cybersecurity 10 Item 2

Properties

Properties 12 Item 3

Legal Proceedings

Legal Proceedings 12 Item 4 Mine Safety Disclosures 12 PART II Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 13 Item 6 [Reserved] 14 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 32 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 33 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 78 Item 9A

Controls and Procedures

Controls and Procedures 78 Item 9B Other Information 79 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III Item 10 Directors, Executive Officers and Corporate Governance 80 Item 11

Executive Compensation

Executive Compensation 80 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 80 Item 13 Certain Relationships and Related Transactions, and Director Independence 80 Item 14 Principal Accountant Fees and Services 80 PART IV Item 15 Exhibit and Financial Statement Schedules 81 Item 16 Form 10-K Summary 82

Signatures

Signatures 83 2 Table of Contents PART I

Business

Business F & M Bank Corp. (the "Company"), incorporated in Virginia in 1983, is a one-bank holding company under the Bank Holding Company Act of 1956 that has elected to become a financial holding company. The Company owns 100% of the outstanding stock of its banking subsidiary, Farmers & Merchants Bank ("Bank") and VSTitle, LLC ("VST"). VBS Mortgage, LLC ("F&M Mortgage"), and Farmers & Merchants Financial Services, Inc. ("FMFS") are wholly owned subsidiaries of the Bank. The Company dissolved TEB Life Insurance Company ("TEB") on November 8, 2023. The Company's and the Bank's headquarters are located in Timberville, Virginia, and its primary operations centers are located in the Shenandoah Valley of Virginia. On April 15, 1908, the Bank was chartered as a state-chartered bank under the laws of the Commonwealth of Virginia. As a commercial bank, the Bank offers a wide range of banking services including commercial and individual demand and time deposit accounts, commercial and individual loans, internet and mobile banking, drive-in banking services, ATMs, as well as a courier service for its commercial banking customers. The Bank makes various types of commercial and consumer loans and has a large portfolio of residential mortgages and indirect auto loans. The local economy is diverse with strong employment in the agricultural, manufacturing, service and governmental sectors. On February 25, 1993, FMFS was incorporated as a Virginia chartered corporation. FMFS provides brokerage services, and commercial and personal lines of insurance to customers of the Bank. On November 3, 2008, the Bank acquired a 70% ownership interest in F&M Mortgage. On April 30, 2020, the Bank acquired the remaining 30% interest to have 100% ownership of F&M Mortgage. F&M Mortgage originates both conventional and government agency sponsored mortgages for sale in the secondary market and to be held in the Bank's mortgage portfolio. On January 1, 2017, the Company acquired a 76% ownership

View Full Filing

View this 10-K filing on SEC EDGAR