secwatch.observer — SEC 8-K summary
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Issuer:     F&M BANK CORP (FMBM)
CIK:        0000740806
Form:       8-K/A
Filed at:   2024-04-30T23:59:59+00:00
Accession:  0001654954-24-005289
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

F&M Bank Corp Q1 2024 net income $1.2M ($0.35/share), up from $1.1M in Q1 2023
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- Net income of $1.2M ($0.35 diluted EPS) vs $1.1M ($0.30) in Q1 2023 and $457K ($0.13) in Q4 2023.
- Net interest margin 2.64%, down 12 bps YoY; net interest income $8.1M, up $244K from prior year.
- Total assets $1.32B; loans $825.9M (+$3.8M QoQ); deposits $1.16B (+$23.1M QoQ); noninterest-bearing deposits up $2.9M.
- Provision for credit losses $823K vs zero in Q1 2023, reflecting $807K net charge-offs; ACLL at 1.02% of loans.
- Declared quarterly dividend; noninterest expenses fell $2.1M from Q4 2023 due to prior quarter severance costs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/740806/000165495424005289/0001654954-24-005289-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/740806/000165495424005289/fmbm_8ka.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-005289

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