secwatch.observer — SEC 8-K summary
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Issuer:     F&M BANK CORP (FMBM)
CIK:        0000740806
Form:       8-K
Filed at:   2023-05-01T23:59:59+00:00
Accession:  0001654954-23-005449
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/0001654954-23-005449-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/740806/000165495423005449/fmbm_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-005449

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