---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-005449"
form_type: "8-K"
ticker: "FMBM"
cik: "0000740806"
company_name: "F&M BANK CORP"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:38:42.849282+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-23-005449
- form_type: 8-K
- ticker: FMBM
- cik: 0000740806
- company_name: F&M BANK CORP
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/0001654954-23-005449-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/fmbm_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-005449
- JSON: https://secwatch.observer/filing/0001654954-23-005449.json
- Plain text: https://secwatch.observer/filing/0001654954-23-005449.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/0001654954-23-005449-index.htm
- Earnings Releases
  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
  source text: compared to $2.5 million or $0.74 per share for the prior year quarter ended March 31, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/0001654954-23-005449-index.htm
- Earnings Releases
  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
  source text: compared to $1.7 million or $0.49 per share for the linked quarter ended December 31, 2022
  evidence_url: https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/0001654954-23-005449-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.