F&M Bank Corp. Files 10-Q for Q1 2024

TL;DR

<b>F&M Bank Corp. reported $8.32M in Q1 2024 revenue and $1.29M in net income.</b>

AI Summary

F&M BANK CORP (FMBM) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. F&M Bank Corp. reported total assets of $821,748,000 as of March 31, 2024. Net income for the first quarter of 2024 was $1,287,000. Total revenue for Q1 2024 reached $8,321,000. The company's total debt was $4,802,000 as of March 31, 2024. Interest income for Q1 2024 was $4,983,000.

Why It Matters

For investors and stakeholders tracking F&M BANK CORP, this filing contains several important signals. The filing provides a detailed look at F&M Bank Corp.'s financial performance and position for the first quarter of 2024, offering insights into revenue streams, asset management, and profitability. Investors can assess the bank's stability and growth prospects by examining key financial metrics such as total assets, net income, and debt levels presented in this report.

Risk Assessment

Risk Level: low — F&M BANK CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a commercial bank, indicating routine financial disclosure with no immediate red flags.

Analyst Insight

Monitor F&M Bank Corp.'s net interest margin and loan growth in subsequent filings to gauge its performance in the evolving interest rate environment.

Revenue Breakdown

Key Numbers

• 821,748,000 — Total Assets (As of March 31, 2024)
• 1,287,000 — Net Income (For the three months ended March 31, 2024)
• 8,321,000 — Total Revenue (For the three months ended March 31, 2024)
• 4,802,000 — Total Debt (As of March 31, 2024)
• 4,983,000 — Interest Income (For the three months ended March 31, 2024)
• 6,000,000 — Interest Expense (For the three months ended March 31, 2024)
• 3,516,013 — Provision for Credit Losses (For the three months ended March 31, 2024)
• 348,5570 — Noninterest Expense (For the three months ended March 31, 2024)

Key Players & Entities

• F&M Bank Corp (company) — Filer name
• TIMBERVILLE (location) — Business and Mail Address City
• VA (location) — Business and Mail Address State
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-15 (date) — Filed as of Date

FAQ

Risk Factors

• Credit Risk [medium — financial]: The company is exposed to credit risk from its lending activities, which could adversely affect its financial condition and results of operations.
• Interest Rate Risk [medium — market]: Fluctuations in interest rates can impact the company's net interest margin and overall profitability.

Key Financial Figures

• $5 — at May 5, 2024 Common Stock, par value $5 per share 3,516,091 shares F & M BANK

Filing Documents

• fmbm_10q.htm (10-Q) — 2845KB
• fmbm_ex311.htm (EX-31.1) — 10KB
• fmbm_ex312.htm (EX-31.2) — 9KB
• fmbm_ex32.htm (EX-32) — 4KB
• 0001654954-24-006311.txt (&nbsp;) — 14115KB
• fmbm-20240331.xsd (EX-101.SCH) — 73KB
• fmbm-20240331_lab.xml (EX-101.LAB) — 348KB
• fmbm-20240331_cal.xml (EX-101.CAL) — 67KB
• fmbm-20240331_pre.xml (EX-101.PRE) — 344KB
• fmbm-20240331_def.xml (EX-101.DEF) — 225KB
• fmbm_10q_htm.xml (XML) — 4485KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – March 31, 2024 and December 31, 2023 3 Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity – Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 Part II Other Information 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

Signatures

Signatures 44 Certifications 45 2 Table of Contents

Financial Information

Part I Financial Information

Financial Statements

Item 1 Financial Statements F & M BANK CORP. Consolidated Balance Sheets (Dollars in thousands, except per share data) March 31, December 31, 2024 2023* (Unaudited) Assets Cash and due from banks $ 27,758 $ 19,790 Money market funds and interest-bearing deposits in other banks 543 178 Federal funds sold 24,185 3,749 Cash and cash equivalents 52,486 23,717 Securities Available for sale, at fair value 359,024 368,674 Other investments 10,720 10,883 Loans held for sale, at fair value 1,385 1,119 Loans held for investment, net of deferred fees and costs 825,872 822,092 Less: allowance for credit losses ( 8,408 ) ( 8,321 ) Net loans held for investment 817,464 813,771 Bank premises and equipment, net 23,369 23,655 Other real estate owned - 55 Interest receivable 5,094 5,034 Goodwill 3,082 3,082 Bank owned life insurance 23,055 22,878 Other assets 20,535 21,728 Total Assets $ 1,316,214 $ 1,294,596 Liabilities Deposits: Noninterest bearing $ 267,106 $ 264,254 Interest bearing 889,237 868,982 Total deposits 1,156,343 1,133,236 Short-term debt 60,000 60,000 Long-term debt 6,943 6,932 Other liabilities 15,194 16,105 Total Liabilities 1,238,480 1,216,273 Commitments and contingencies Shareholders' Equity Common stock, $ 5 par value, 6,000,000 shares authorized, 3,516,013 (2024) and 3,485,570 (2023) shares issued and outstanding 17,318 17,263 Additional paid in capital 11,097 11,043 Retained earnings 81,346 81,034 Accumulated other comprehensive loss ( 32,027 ) ( 31,017 ) Total Shareholders' Equity 77,734 78,323 Total Liabilities and Shareholders' Equity $ 1,316,214 $ 1,294,596 *2023 derived from audited consolidated financial statements. See Notes to Consolidated Financial Statements 3 Table of Contents F & M BANK CORP. Consolidated Statements of Income (Dollars in thousands, except per share

View Full Filing

View this 10-Q filing on SEC EDGAR