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F & M Bank Corp. (FMBM+4.03%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in net income to $7.3 million from $2.8 million in the previous year. This increase was due to a rise in net interest income and a decrease in noninterest expenses.
Total assets increased to $1.30 billion, with loans held for investment rising to $839.9 million. Deposits also grew to $1.20 billion, while short-term debt was paid off during the year.
The company reported net interest income of $33.9 million, up from $31.7 million in the prior year, driven by higher loan balances and repricing of adjustable-rate loans.
Noninterest income increased by 6.41%, primarily due to higher wealth management and mortgage banking income.
Noninterest expenses decreased by 11.19%, with a significant reduction in salaries due to a voluntary early retirement program.
The allowance for credit losses was $8.1 million, with net charge-offs totaling $2.6 million, primarily related to indirect automobile lending.
The company maintained strong capital ratios, with a total risk-based capital ratio of 13.39% and a Tier 1 leverage ratio of 8.23%.
The filing also details various regulatory and compliance matters, including the adoption of new accounting standards and the impact of regulatory capital rules.
F & M Bank Corp. continues to focus on its core banking activities, with an emphasis on managing credit risk and maintaining adequate liquidity to support growth.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.