Wed, May 15, 1:06 PM (72 days ago)
F&M Bank Corp. reported a net income of $1.2 million for Q1 2024, up from $1.1 million in Q1 2023. Interest income increased by $2.5 million due to higher loan volumes and interest rates, while interest expenses rose by $2.3 million, driven by higher rates on deposits and short-term borrowings. A provision for credit losses of $823,000 was recorded, compared to none in Q1 2023, reflecting net loan charge-offs and minimal changes in qualitative factors. Noninterest income slightly increased by $25,000, with gains in service charges, investment services, and title insurance income, offset by decreases in mortgage banking income. Noninterest expenses decreased by $766,000, primarily due to reduced salary and employee benefits expenses following an early retirement program. Total assets grew by $21.6 million to $1.32 billion, with loans increasing by $3.8 million and deposits by $23.1 million. The allowance for credit losses stood at $8.4 million, covering 1.02% of total loans. The Bank maintained a well-capitalized status, with a total capital ratio of 12.89% and a leverage ratio of 8.11%.