In This Story
F & M Bank Corp. (FMBM+0.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $792,000, or $0.23 per share, compared to $1,018,000, or $0.29 per share, in the same quarter of the previous year. The decrease is attributed to a higher provision for credit losses and one-time expenses related to severance and an external fraud event.
Net interest income for the quarter was $8.5 million, an increase from $7.98 million in the previous year, driven by higher loan balances and repricing of adjustable-rate loans.
Noninterest income totaled $2.7 million, up from $2.5 million in the previous year, with increases in service charges on deposit accounts and mortgage banking income.
Noninterest expenses rose to $9.7 million from $8.9 million, primarily due to severance expenses and a fraud loss.
Total assets as of September 30, 2024, were $1.34 billion, up from $1.29 billion at the end of 2023. The increase in assets was mainly due to growth in loans and investment securities.
Total deposits increased to $1.22 billion from $1.13 billion at the end of 2023, with growth in both interest-bearing and noninterest-bearing deposits.
The allowance for credit losses was $8.0 million, or 0.97% of total loans, compared to $8.3 million, or 1.01% of total loans, at the end of 2023.
The filing also notes that the company continues to manage interest rate risk through its asset and liability committee and maintains a capital conservation buffer in accordance with Basel III requirements.
The company reported no material pending legal proceedings and noted compliance with regulatory capital requirements, qualifying as 'well-capitalized' under federal guidelines.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the F & M Bank Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.