Exhibit 99.1
F & M Bank Corp.---News and Financials
 CONTACT:       Neil Hayslett, EVP/Chief Operating Officer 
 540-896-8941 or NHayslett@FMBankVA.com
TIMBERVILLE, VA—October 25, 2018 —F & M Bank Corp. (OTCQX: FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the quarter ending September 30, 2018.
Selected highlights for the quarter and year to date include:
Quarterly net income of $2.52 million;
Net interest margin of 4.56%, an increase of 8 BPs compared to one year ago;
Loans held for investment increased $26.8 million or 4.3% in the last 12 months;
Net interest income increased $367 thousand compared to the third quarter 2017;
Annualized Return on Average Assets of 1.29% for the third quarter and 1.09% year to date;
Mark Hanna, President and CEO, commented “We are very pleased to announce third quarter earnings of $2.52 million, which is comparable to the same period last year and an increase of $828 thousand versus the second quarter . Growth in loans held for investment totaled $12.7 million for the third quarter of 2018 and $26.8 million year over year. Our net interest margin at 4.56% remains strong and continues to be driven by our strong loan to asset ratio. Non-performing assets increased marginally versus second quarter and we continue to work closely with our borrowers to rehabilitate several larger problem assets.”
Hanna stated, “On October 18, 2018 our Board of Directors declared a third quarter dividend of $.25 per share to common shareholders. Based on our most recent trade price of $34.14 per share this constitutes a 2.93% yield on an annualized basis. The dividend will be paid on November 15, 2018, to shareholders of record as of November 1, 2018.” Highlights of our financial performance are included below.
F & M Bank Corp. is an independent, locally-owned, financial holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank’s thirteen banking offices in Rockingham, Shenandoah, Page and Augusta Counties, Virginia. The Bank also provides additional services through a loan production office located in Penn Laird, VA and through its subsidiaries, VBS Mortgage (DBA F&M Mortgage) and VSTitle, both of which are located in Harrisonburg, VA. Additional information may be found by contacting us on the internet at www.fmbankva.com or by calling (540) 896-8941.
This press release may contain “forward-looking statements” as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.
F&M Bank Corp.
Key Statistics
Net Income (000's)
Net Income available to Common
Earnings per common share
Return on Average Assets
Return on Average Equity
Dividend Payout Ratio exc Special Dividend
Dividend Payout Ratio with Special Dividend
Net Interest Margin
Yield on Average Earning Assets
Yield on Average Interest Bearing Liabilities
Net Interest Spread
Provision for Loan Losses (000's)
Net Charge-offs
Net Charge-offs as a % of Loans
Non-Performing Loans (000's)
Non-Performing Loans to Total Assets
Non-Performing Assets (000's)
Non-Performing Assets to Assets
Efficiency Ratio
The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 21%. The Company’s net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.
The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investment portfolio. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income. An increase in the ratio from period to period indicates the Company is losing a greater percentage of its income to expenses.
F & M Bank Corp.
Financial Highlights
For Nine Months
Ended September 30,
Interest and Dividend Income
Interest Expense
  Net Interest Income
Non-Interest Income
Provision for Loan Losses
Other Non-Interest Expenses
  Income Before Income Taxes
Provision for Income Taxes
Less Minority Interest income
Net Income
Dividend on preferred stock
Net Income available to common shareholders
Average Common Shares Outstanding
Net Income Per Common Share
Dividends Declared
September 30, 2018
September 30, 2017
Cash and Due from Banks
Interest Bearing Bank Deposits
Federal Funds Sold
Loans Held for Sale
Loans Held for Investment
  Less Allowance for Loan Losses
  Net Loans Held for Investment
Other Assets
    Total Assets
Short Term Debt
Long Term Debt
Other Liabilities
  Total Liabilities
Preferred Stock
Common Equity
Stockholders’ Equity
    Total Liabilities and Stockholders’ Equity
Book Value Per Common Share
Tangible Book Value Per Common Share
F & M Bank Corp.
Neil Hayslett, EVP/Chief Operating Officer
540-896-8941 or NHayslett@FMBankVA.com

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