F & M Bank Corp. Reports Strong Year-End and Fourth Quarter 2024 Earnings and Dividend Declaration

On January 30, 2025, F & M Bank Corp. (OTCMKTS:FMBM), the parent company of Farmers & Merchants Bank, revealed its financial performance for the quarter and year concluding December 31, 2024. The company reported a net income of $2.3 million or $0.64 per share for the fourth quarter, leading to a yearly net income of $7.3 million or $2.07 per share, marking a remarkable 163% surge in comparison to the prior year.

By the end of December 31, 2024, F & M Bank Corp. showcased total assets amounting to $1.30 billion, with total loans reaching $839.9 million and total deposits hitting $1.20 billion, reflecting growth in both loan and deposit segments compared to the previous year.

CEO Mike Wilkerson expressed satisfaction with the solid performance exhibited by F & M Bank Corp. in 2024, attributing it to the dedicated team and strategic initiatives implemented in 2023. Notably, the company saw significant growth in business lines like Wealth Management, F & M Mortgage, and VS Title, paving the way for a positive outlook in 2025.

The growth in net income was primarily propelled by strategic reinvestment and operational expense controls, driving a bolstered net income for the period. The company emphasized its commitment to community lending and profitability, thanking shareholders for their support.

In the fourth quarter, F & M Bank Corp. declared a dividend of $0.26 per share to common shareholders, reflecting a 5.21% yield on an annualized basis. The dividend is scheduled to be disbursed on February 28, 2025, to shareholders of record as of February 14, 2025.

F & M Bank Corp.’s financial data revealed noteworthy performance metrics, including a return on average assets of 0.67% and a return on average equity of 10.17% for the fourth quarter. Additionally, the bank’s net interest income showed improvement, totaling $9.1 million, showcasing a positive trend in the company’s financial health.

The release also provided insights into the company’s balance sheet and liquidity position, highlighting various aspects of asset quality and financial stability, offering profound transparency to shareholders and the financial audience.

The company maintained a positive outlook for the future, emphasizing its commitment to community growth and sustainable profitability, underlining its position as a reliable financial partner in the region. Investors and stakeholders are encouraged by the strong financial performance exhibited by F & M Bank Corp., indicating potential growth and stability in the upcoming fiscal year.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read F & M Bank’s 8K filing here.

About F & M Bank

F & M Bank Corp. operates as the bank holding company for Farmers & Merchants Bank that provides financial products and services to consumers and businesses in Virginia. The company offers commercial and individual demand and time deposit accounts, savings accounts, money market accounts, internet and mobile banking services, and drive-in banking services.