F & M Bank Corp. Announces Earnings
(firmenpresse) - TIMBERVILLE, VA -- (Marketwired) -- 04/29/16 -- F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the first quarter ended March 31, 2016. Selected highlights for the year include:
Net income of $2.1 million
Net interest margin of 4.39%
Net interest income increased $495 thousand
Charge-offs of only $42 thousand
Loan held for investment increased $12.8 million
Dean Withers, President and CEO, commented, "We are pleased to announce first quarter earnings of $2.1 million. This represents our best first quarter ever and is an 11.7% increase over the comparable quarter in 2015. Loan demand was strong across all lines of business and geographic markets with the growth in loans held for investment totaling $12.8 million."
Withers continued, "Non-performing loans were virtually unchanged from year end and are down marginally from the same period in 2015. A large portion of the non-performing loans are to a few borrowers in the construction and land development portfolios. With indications of a number of properties under contract and strong construction demand we expect these past dues to decline as we move into the spring and summer seasons. We have now completed four consecutive quarters without funding the provision for loan losses, yet due to nominal charge-offs our allowance for loan losses remains strong at 1.57% of loans held for investment." Highlights of our 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 eleven 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 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.
CONTACT:
Neil Hayslett
EVP/Chief Administrative Officer
540-896-8941
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Datum: 29.04.2016 - 09:15 Uhr
Sprache: Deutsch
News-ID 1431600
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