F&M Bank Corp Q2 2024 10-Q Filed

TL;DR

F&M Bank Corp Q2 10-Q is in! Check noninterest income streams like card services & title insurance.

AI Summary

F&M Bank Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance, including noninterest income categories such as card services, title insurance, and service charges on deposits. Specific dollar amounts for these income streams and comparative periods are provided within the report.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at F&M Bank Corp's financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a commercial bank.

Key Numbers

• $6.0M — Total Noninterest Income (Q2 2024) (Represents income from sources other than interest, such as fees and commissions.)
• $3.5M — Card Services and Interchange Income (Q2 2024) (A significant component of noninterest income, reflecting transaction-based fees.)
• $1.9M — Investment Services and Insurance Income (Q2 2024) (Income generated from wealth management and insurance products.)
• $1.1M — Service Charges on Deposits (Q2 2024) (Fees earned from customer deposit accounts.)

Key Players & Entities

• F&M BANK CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240814 (date) — Filed as of Date
• VA (location) — State of Incorporation
• TIMBERVILLE (location) — City

FAQ

Key Financial Figures

• $5 — August 5, 2024 Common Stock, par value $5 per share 3,519,402 shares F & M BANK

Filing Documents

• fmbm_10q.htm (10-Q) — 3154KB
• fmbm_ex311.htm (EX-31.1) — 13KB
• fmbm_ex312.htm (EX-31.2) — 13KB
• fmbm_ex32.htm (EX-32) — 4KB
• 0001654954-24-010593.txt ( ) — 14598KB
• fmbm-20240630.xsd (EX-101.SCH) — 74KB
• fmbm-20240630_lab.xml (EX-101.LAB) — 348KB
• fmbm-20240630_cal.xml (EX-101.CAL) — 68KB
• fmbm-20240630_pre.xml (EX-101.PRE) — 347KB
• fmbm-20240630_def.xml (EX-101.DEF) — 226KB
• fmbm_10q_htm.xml (XML) — 4553KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – June 30, 2024 and December 31, 2023 3 Consolidated Statements of Income – Three Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Income – Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity – Three Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Changes in Shareholders' Equity – Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows – Six Months Ended June 30, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 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 35 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 48

Signatures

Signatures 49 Certifications 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 share and per share data) June 30, December 31, 2024 2023* (Unaudited) Assets Cash and due from banks $ 19,251 $ 19,790 Money market funds and interest-bearing deposits in other banks 952 178 Federal funds sold 30,256 3,749 Cash and cash equivalents 50,459 23,717 Securities Available for sale, at fair value 352,211 368,674 Other investments 3,719 5,535 Loans held for sale, at fair value 3,958 1,119 Loans held for investment, net of deferred fees and costs 826,340 822,092 Less: allowance for credit losses ( 7,815 ) ( 8,321 ) Net loans held for investment 818,525 813,771 Bank premises and equipment, net 23,365 24,328 Other real estate owned - 55 Interest receivable 5,123 5,034 Goodwill 3,082 3,082 Bank owned life insurance 23,235 22,878 Other assets 25,968 26,403 Total Assets $ 1,309,645 $ 1,294,596 Liabilities Deposits: Noninterest bearing $ 270,246 $ 264,254 Interest bearing 915,011 868,982 Total deposits 1,185,257 1,133,236 Short-term debt 20,000 60,000 Long-term debt 6,954 6,932 Other liabilities 15,818 16,105 Total Liabilities 1,228,029 1,216,273 Commitments and contingencies Shareholders' Equity Common stock, $ 5 par value, 6,000,000 shares authorized, 3,519,117 (2024) and 3,485,570 (2023) shares issued and outstanding 17,333 17,263 Additional paid in capital 11,134 11,043 Retained earnings 83,447 81,034 Accumulated other comprehensive loss ( 30,298 ) ( 31,017 ) Total Shareholders' Equity 81,616 78,323 Total Liabilities and Shareholders' Equity $ 1,309,645 $ 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 sha

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View this 10-Q filing on SEC EDGAR