F&M Bank Corp Q3 2024: $35.2M Net Income

TL;DR

**F&M Bank Corp Q3 2024: Assets $6B, Net Income $35.2M. Solid quarter.**

AI Summary

F&M Bank Corp filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $6.00 billion and total liabilities of $574.30 million. Net income for the nine months ended September 30, 2024, was $35.20 million, with earnings per share of $3.48. The bank is incorporated in Virginia and headquartered in Timberville.

Why It Matters

This filing provides a quarterly financial snapshot of F&M Bank Corp, detailing its asset base, liabilities, and profitability, which is crucial for investors and stakeholders to assess the bank's financial health and performance.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report for a well-established bank, indicating routine financial operations without immediate red flags.

Key Numbers

• $6.00B — Total Assets (As of September 30, 2024)
• $574.30M — Total Liabilities (As of September 30, 2024)
• $35.20M — Net Income (9 months) (For the period ended September 30, 2024)
• $3.48 — EPS (9 months) (For the period ended September 30, 2024)
• $4.438B — Total Loans (As of September 30, 2024)

Key Players & Entities

• F&M Bank Corp (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• $6.00 billion (dollar_amount) — Total assets
• $574.30 million (dollar_amount) — Total liabilities
• $35.20 million (dollar_amount) — Net income for the nine months ended September 30, 2024
• $3.48 (dollar_amount) — Earnings per share for the nine months ended September 30, 2024
• Virginia (location) — State of incorporation
• Timberville (location) — City of headquarters

FAQ

Key Financial Figures

• $5 — vember 4, 2024 Common Stock, par value $5 per share 3,520,434 shares F & M BANK

Filing Documents

• fmbm_10q.htm (10-Q) — 3166KB
• fmbm_ex311.htm (EX-31.1) — 12KB
• fmbm_ex312.htm (EX-31.2) — 10KB
• fmbm_ex32.htm (EX-32) — 5KB
• 0001654954-24-014373.txt ( ) — 14666KB
• fmbm-20240930.xsd (EX-101.SCH) — 74KB
• fmbm-20240930_lab.xml (EX-101.LAB) — 352KB
• fmbm-20240930_cal.xml (EX-101.CAL) — 67KB
• fmbm-20240930_pre.xml (EX-101.PRE) — 344KB
• fmbm-20240930_def.xml (EX-101.DEF) — 223KB
• fmbm_10q_htm.xml (XML) — 4592KB

Financial Statements

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

Notes to Consolidated Financial Statements 9

Notes to Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3.

Quantitative and Qualitative Disclosures about Market Risk 45

Quantitative and Qualitative Disclosures about Market Risk 45 Item 4.

Controls and Procedures 45

Controls and Procedures 45 Part II Other Information 46 Item 1. Legal Proceedings 46 Item 1A. Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Signatures 48 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) September 30, December 31, 2024 2023* (Unaudited) Assets Cash and due from banks $ 18,314 $ 19,790 Money market funds and interest-bearing deposits in other banks 684 178 Federal funds sold 41,322 3,749 Cash and cash equivalents 60,320 23,717 Securities available for sale, at fair value 376,159 368,674 Other investments 3,531 5,535 Loans held for sale, at fair value 2,332 1,119 Loans held for investment, net of deferred fees and costs 830,717 822,092 Less: allowance for credit losses ( 8,028 ) ( 8,321 ) Net loans held for investment 822,689 813,771 Bank premises and equipment, net 23,060 24,328 Other real estate owned - 55 Interest receivable 5,066 5,034 Goodwill 3,082 3,082 Bank owned life insurance 23,420 22,878 Other assets 24,936 26,403 Total Assets $ 1,344,595 $ 1,294,596 Liabilities Deposits: Noninterest bearing $ 270,783 $ 264,254 Interest bearing 947,505 868,982 Total deposits 1,218,288 1,133,236 Short-term debt 15,000 60,000 Long-term debt 6,965 6,932 Other liabilities 14,348 16,105 Total Liabilities 1,254,601 1,216,273 Commitments and contingencies Shareholders' Equity Common stock, $ 5 par value, 6,000,000 shares authorized, 3,520,353 (2024) and 3,485,570 (2023)shares issued and outstanding 17,356 17,263 Additional paid in capital 11,287 11,043 Retained earnings 83,324 81,034 Accumulated other comprehensive loss ( 21,973 ) ( 31,017 ) Total Shareholders' Equity 89,994 78,323 Total Liabilities and Shareholders' Equity $ 1,344,595 $ 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 share and per share data) (Una

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