$FMBM

F&M BANK CORP

CIK:0000740806|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and Dividend income
Interest and fees on loans held for investment	$ 14,860	$ 13,961	$ 29,103	$ 27,426
Interest and fees on loans held for sale	53	30	78	55
Interest from federal funds sold	360	385	924	1,037
Interest and dividends on interest bearing deposits and other investments	70	58	94	88
Interest from debt securities	2,760	2,378	5,397	4,471
Total interest and dividend income	18,103	16,812	35,596	33,077
Interest expense
Total interest on deposits	5,573	6,168	11,445	12,869
Interest on short-term debt	0	1	0	4
Interest on long-term debt	197	116	390	231
Total interest expense	5,770	6,285	11,835	13,104
Net interest income	12,333	10,527	23,761	19,973
Provision for credit losses - loans	306	1,082	595	902
(Recovery of) provision for credit losses - unfunded commitments	(37)	105	(17)	181
Total Provision for Credit Losses	269	1,187	578	1,083
Net Interest Income After Provision for Credit Losses	12,064	9,340	23,183	18,890
Noninterest income
Service charges on deposit accounts	372	307	715	620
Wealth management income	536	560	1,194	1,236
Mortgage banking income	639	358	1,131	960
Title insurance income	662	584	1,155	939
Income on bank owned life insurance	218	215	430	424
Low income housing partnership amortization	(175)	(196)	(350)	(393)
ATM and check card fees	904	875	1,681	1,639
Gain on sale of Bearing Insurance investment	4,836	0	4,836	0
Losses on sale of securities	(3,462)	0	(3,462)	0
Other operating income	324	89	423	212
Total noninterest income	4,854	2,792	7,753	5,637
Noninterest expense
Salaries	4,337	3,704	8,637	7,831
Employee benefits	1,483	923	3,000	2,038
Occupancy expense	384	387	778	795
Equipment expense	259	298	557	626
FDIC assessment	204	246	417	511
Legal and professional expense	686	527	1,439	1,006
ATM and check card fees	387	229	758	556
Data processing fees	927	945	1,878	1,903
Other operating expenses	1,780	1,453	3,297	2,970
Total noninterest expense	10,447	8,712	20,761	18,236
Income before income taxes	6,471	3,420	10,175	6,291
Income tax expense	1,102	455	1,581	869
Net Income	$ 5,369	$ 2,965	$ 8,594	$ 5,422
Per Common Share Data
Net income (basic)	$ 1.52	$ 0.84	$ 2.43	$ 1.54
Net income (diluted)	1.50	0.83	2.41	1.53
Cash dividends on common stock	$ 0.26	$ 0.26	$ 0.52	$ 0.52
Weighted average common shares outstanding (basic)	3,550,516	3,540,114	3,539,773	3,524,684
Weighted average common shares outstanding (diluted)	3,584,485	3,564,133	3,572,356	3,547,513

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 8,594	$ 5,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	582	683
Amortization of intangibles	8	16
Amortization of securities	109	348
Loss on sale of securities	3,462	0
Proceeds from loans held for sale	57,675	24,563
Loans held for sale originated	(56,240)	(24,008)
Gain on sale of loans held for sale	(891)	(552)
Provision for credit losses	578	1,083
Increase in interest receivable	(379)	(224)
Decrease in deferred tax asset	0	80
(Increase) decrease in other assets	(1,927)	307
(Decrease) increase in other liabilities	3,819	(240)
Amortization of limited partnership investments	350	393
Amortization of debt issuance costs	9	21
Income from life insurance investment	(430)	(424)
Gain on sale of Bearing Insurance investment	(4,836)	0
Gain on the sale of assets held for sale	(2)	43
Gain on the sale of OREO	0	(73)
Stock-based compensation expense	249	194
Net cash provided by operating activities	10,730	7,546
Cash flows from investing activities
Proceeds from maturity of investments available for sale	6,298	21,360
Proceeds from sales of investments available for sale	26,309	0
Purchases of investments available for sale	(49,016)	(40,863)
Proceeds from paydowns of mortgage-backed securities	22,324	12,761
Investment in restricted stock, net	(110)	(5)
Proceeds from sale of Bearing Insurance investment	5,060	0
Net (increase) decrease in loans held for investment	(39,342)	(9,543)
Proceeds from the sale of assets held for sale	3	0
Proceeds from the sale of OREO	0	150
Net purchase of property and equipment	(805)	(267)
Net cash used by investing activities	(29,279)	(16,407)
Cash flows from financing activities
Net change in deposits	12,238	1,346
Dividends paid in cash	(1,857)	(1,844)
Proceeds from issuance of common stock	205	108
Repurchase of shares for tax withholding	(136)	17
Net cash provided by (used by) financing activities	10,450	(373)
Net decrease in Cash and Cash Equivalents	(8,099)	(9,234)
Cash and cash equivalents, beginning of period	68,853	56,507
Cash and cash equivalents, end of period	60,754	47,273
Supplemental Cash Flow information:
Cash paid for: Interest	12,186	13,539
Taxes	1,194	450
Supplemental non-cash disclosures:
Change in unrealized gain on securities available for sale	$ 1,615	$ 5,957

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 20,985	$ 19,311
Money market funds and interest-bearing deposits in other banks	1,395	1,013
Federal funds sold	38,374	48,529
Cash and cash equivalents	60,754	68,853
Securities:
Available for sale, at fair value	337,468	345,339
Other investments, at cost	2,364	2,254
Loans held for sale, at fair value	2,647	3,191
Loans held for investment, net of deferred fees and costs	925,267	886,253
Less: allowance for credit losses	(8,085)	(7,818)
Net loans held for investment	917,182	878,435
Bank premises and equipment, net	21,851	21,629
Interest receivable	5,497	5,118
Goodwill	3,082	3,082
Bank owned life insurance	24,810	24,395
Deferred tax asset, net	6,642	6,979
Other assets	14,837	13,661
Total Assets	1,397,134	1,372,936
Deposits:
Noninterest bearing	294,083	279,398
Interest bearing	963,367	965,814
Total deposits	1,257,450	1,245,212
Long-term debt	9,926	9,917
Other liabilities	17,650	13,840
Total Liabilities	1,285,026	1,268,969
Shareholders' Equity
Common stock, $5 par value, 6,000,000 shares authorized, 3,551,661 (2026) and 3,525,884 (2025) shares issued and outstanding	17,563	17,444
Common stock held by deferred compensation trust, at par, 34,970 (2026) and 31,176 (2025) shares	(175)	(156)
Additional paid in capital	11,942	11,743
Additional paid in capital attributed to deferred compensation trust	(762)	(665)
Retained earnings	98,876	92,205
Accumulated other comprehensive loss	(15,336)	(16,604)
Total Shareholders' Equity	112,108	103,967
Total Liabilities and Shareholders' Equity	$ 1,397,134	$ 1,372,936