Click here to close now.

Welcome!

.NET Authors: Liz McMillan, PagerDuty Blog, Jackie Kahle, Esmeralda Swartz, Kyle Samani

News Feed Item

F & M Bank Corp. Reports 4th Quarter and Full Year Financial Results

TIMBERVILLE, VA -- (Marketwire) -- 01/24/13 -- F & M Bank Corp. (OTCQB: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the fourth quarter and year ending December 31, 2012 and its recently declared fourth quarter dividend.

Year to date net income for 2012 totaled $4.901 million, an increase of 4.54% over 2011 earnings which totaled $4.688 million. Net income for the fourth quarter of 2012 totaled $1.244 million, compared to $1.433 million of earnings for the same period in 2011.


Selected Financial Highlights:
                                     2012 YTD  2011 YTD   2012 Q4   2011 Q4
                                     --------  --------  --------  --------
Net Income (000's)                   $  4,901  $  4,688  $  1,244  $  1,433
Earnings per share                       1.96      1.91      0.49      0.57
Net Interest Margin                      3.95%     3.87%     4.03%     3.98%
Allowance for loan losses                1.75%     1.54%     1.75%     1.54%
Provision for loan losses (000's)    $  4,200  $  4,000  $  1,500  $    900
Non-Performing Loans (000's)         $ 13,386  $ 14,776  $ 13,386  $ 14,776
Equity to Assets                         8.27%     8.15%     8.27%     8.15%
Efficiency Ratio                        54.03%    55.43%    50.82%    53.40%

Dean Withers, President and CEO, commented, "This is our third consecutive year of earnings improvement and, for the first time since 2005, we have achieved record earnings on a nominal basis. While we are pleased with these results, this level of earnings does not reflect our pre-recession performance relative to traditional measures of Return on Assets and Return on Equity." Withers continued, "We are cautiously optimistic that 2013 will result in the further, slow progress in reducing non-performing loans. As I stated in our last quarterly earnings announcement, we are seeing signs of modest improvement in both the local housing and commercial real estate markets. However, we still believe at this time that it is important to build our reserves, as there are still some borrowers that are struggling to recover from the lingering effects of the recession."

Withers stated, "Economic activity in our markets appears to be picking up, as we've seen an improvement in recent loan demand. This improved demand crosses multiple business lines, as we are seeing good growth in our Dealer Finance Division, strong interest in our new Fishersville Loan Production Office and improved loan demand in our established markets. On January 17, 2013, our Board of Directors declared a fourth quarter dividend of $0.17 per share. This is an increase of $.01 per share, compared to the prior year and prior quarter. Based on our most recent trade price of $16 per share, this dividend constitutes a 4.25% yield on an annualized basis. The dividend will be paid on February 8, 2013, to shareholders of record as of January 29, 2013." Highlights of the company's financial performance are included below.

F & M Bank Corp. is an independent, locally-owned, community bank holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank's nine banking offices in Rockingham, Shenandoah and Page Counties, Virginia. The Bank also provides additional services through two loan production offices located in Penn Laird, VA and Fishersville, VA and through its subsidiary, VBS Mortgage located in Harrisonburg, VA. Additional information may be found by contacting us on the internet at www.FMBankVA.com or by calling (540) 896-8941.

This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.


                   F & M Bank Corp. Financial Highlights
                                                  For Twelve Months
                                                  Ended December 31
                                         ----------------------------------
                                            Unaudited          Audited
INCOME STATEMENT                               2012              2011
                                         ----------------  ----------------
Interest and Dividend Income             $     27,224,539  $     27,680,179
Interest Expense                                6,294,071         7,718,651
                                         ----------------  ----------------
  Net Interest Income                          20,930,468        19,961,528
Non-Interest Income                             3,704,153         3,178,195
Provision for Loan Losses                       4,200,000         4,000,000
Other Non-Interest Expenses                    13,361,377        12,891,818
                                         ----------------  ----------------
  Income Before Income Taxes &
   Securities Transactions                      7,073,244         6,247,905
Securities Gains (Losses)                                         1,024,539
Provision For Income Taxes                      2,026,193         2,522,728
Less Minority Interest                            145,967            61,525
                                         ----------------  ----------------
Net Income                               $      4,901,084  $      4,688,191
Average Shares Outstanding                      2,496,300         2,449,864
Net Income Per Common Share                          1.96              1.91
Dividends Declared                                    .64               .60



                                             Unaudited          Audited
                                           December 31,      December 31,
BALANCE SHEET                                  2012              2011
                                         ----------------  ----------------
Cash and Due From Banks                  $      7,960,633  $      6,813,243
Interest Bearing Bank Deposits                  1,283,581         1,187,996
Federal Funds Sold                                                2,180,601
Loans Held for Sale                            77,206,517        60,542,812
Loans Held for Investment                     465,819,073       451,570,491
  Less Allowance for Loan Losses               (8,154,074)       (6,936,904)
                                         ----------------  ----------------
  Net Loans Held for Investment               457,664,999       444,633,587
Securities                                     18,807,173        22,107,621
Other Assets                                   33,981,232        29,268,015
                                         ----------------  ----------------
  Total Assets                           $    596,904,135  $    566,773,875

Deposits                                 $    453,795,539  $    435,946,623
Short Term Debt                                34,597,352        18,538,963
Long Term Debt                                 37,714,286        47,107,143
Subordinated Debt                              10,191,000        10,191,000
Other Liabilities                              11,221,998         8,770,427
                                         ----------------  ----------------
  Total Liabilities                           547,520,175       520,554,156
Stockholders' Equity                           49,383,960        46,179,719
                                         ----------------  ----------------
  Total Liabilities and Stockholders'
   Equity                                $    596,904,135  $    566,733,875
Book Value Per Common Share              $          19.76  $          18.53



More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
The Open Compute Project is a collective effort by Facebook and a number of players in the datacenter industry to bring lessons learned from the social media giant's giant IT deployment to the rest of the world. Datacenters account for 3% of global electricity consumption – about the same as all of Switzerland or the Czech Republic -- according to people I met at the recent Open Compute Summit in San Jose. With increasing mobility at the edge of the cloud and vast new dataflows being predicted with the growth of the Internet of Things (and The Coming Age of Many Zettabytes) in the near...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
SYS-CON Media announced today that 9 out of 10 " most read" DevOps articles are published by @DevOpsSummit Blog. Launched in October 2014, @DevOpsSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce softw...