F & M Bank Corp. Reports Strong Financial Performance in Third Quarter 2024

F & M Bank Corp., the parent company of Farmers & Merchants Bank, recently disclosed its financial results for the quarter and nine months ending September 30, 2024. The company announced a net income of $792,000 or $0.23 per share for the quarter, showcasing a solid performance despite one-time expenses impacting the results. Net income for the nine-month period stood at $5.0 million or $1.44 per share, demonstrating significant growth compared to the same period in 2023.

The company’s total assets as of September 30, 2024, amounted to $1.34 billion. The bank reported growth in total loans and total deposits during the third quarter of 2024. Additionally, F & M Bank Corp.’s tangible book value per common share increased from $21.55 on December 31, 2023, to $25.01 on September 30, 2024.

Mike Wilkerson, the Chief Executive Officer, expressed satisfaction with the financial results, attributing the positive outcome to the dedication of F & M employees to executing the strategic plan effectively, providing excellent customer service, and community engagement through volunteerism. The bank’s focus on revenue growth, controlled expenses, and maintaining asset quality have contributed to increased profitability.

Moreover, F & M Bank Corp.’s stock price per share surged from $16.15 on June 30, 2024, to $23.40 as of September 30, 2024, marking a notable increase of 44.8%. Wilkerson extended appreciation to shareholders, employees, customers, and the communities served for their continued support and recognition of the bank’s value.

In the third quarter of 2024, the company declared a dividend of $0.26 per share to common shareholders, reflecting a 4.85% yield on an annualized basis. The dividend is scheduled to be paid on November 29, 2024, to shareholders of record as of November 14, 2024.

F & M Bank Corp. continues to emphasize the importance of financial metrics such as tangible book value per share and core earnings to aid in understanding the company’s financial standing. These non-GAAP measures are utilized to supplement the assessment of the company’s financial health and performance.

The Company’s leadership remains optimistic about the future, maintaining a focus on sustainable profitability and effective operational strategies. They are committed to providing financial products and services to the Shenandoah Valley community, building on the bank’s legacy of over a century of service.

The bank disclosed detailed information about its financial performance, asset quality, and future strategies in the latest filing. Investors and stakeholders may find the comprehensive report enlightening regarding F & M Bank Corp.’s operational activities and financial health.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read F & M Bank’s 8K filing here.

F & M Bank Company Profile

F & M Bank Corp. operates as the bank holding company for Farmers & Merchants Bank that provides financial products and services to consumers and businesses in Virginia. The company offers commercial and individual demand and time deposit accounts, savings accounts, money market accounts, internet and mobile banking services, and drive-in banking services.