F&M Bank Q1 net income falls 56% YoY to $1.1M; deposits grow, CEO transition

F&M BANK CORP

Net income of $1.1M ($0.30/share) vs $2.5M ($0.74/share) in Q1 2022 and $1.7M ($0.49) in Q4 2022.
Deposits grew $21.9M to $1.11B; uninsured deposits at 11.45%; net interest margin fell 28bp to 2.76%.
Adopted CECL on Jan 1, 2023 with one-time ACL increase of $777K and $749K reserve for unfunded commitments.
Declared Q1 dividend of $0.26/share (4.75% annualized yield), payable May 30, 2023 to holders of record May 15.
CEO Mike Wilkerson and President Barton Black assumed leadership roles just after quarter end; technology upgrades underway.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

F&M BANK CORP reported first quarter 2023 results: net income $1.1 million, EPS $0.30 per share.

Period: first quarter 2023
Net income: $1.1 million
EPS: $0.30 per share
Result: reported results

Exact text from the filing

F&M Bank Corp. (the “Company), (OTCQX: FMBM), the parent company of Farmers & Merchants Bank (“F&M Bank” or the “Bank”) today reported first quarter results for 2023. Net income was $1.1 million or $0.30 per share for the quarter ended March 31, 2023

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

F&M BANK CORP reported prior year quarter ended March 31, 2022 results: net income $2.5 million, EPS $0.74 per share.

Period: prior year quarter ended March 31, 2022
Net income: $2.5 million
EPS: $0.74 per share
Result: reported results

Exact text from the filing

compared to $2.5 million or $0.74 per share for the prior year quarter ended March 31, 2022

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

F&M BANK CORP reported linked quarter ended December 31, 2022 results: net income $1.7 million, EPS $0.49 per share.

Period: linked quarter ended December 31, 2022
Net income: $1.7 million
EPS: $0.49 per share
Result: reported results

Exact text from the filing

compared to $1.7 million or $0.49 per share for the linked quarter ended December 31, 2022

View on SEC.gov

Browse all earnings releases →

F&M BANK CORP filing history →

Source: SEC EDGAR

accession 0001654954-23-005449

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.