F&M Bank Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Increased Fourth Quarter Dividend, Payable on February 9, 2012
January 27, 2012 at 02:09 pm
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F&M Bank Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net income was $1.4 million compared to $1.1 million for the same periods in 2010. Net interest income was approximately $5.3 million compared to $4.9 million for the same periods of 2010.
For the year, the company's interest and dividend income was $27,680,179 compared to $27,870,473 a year ago. Net interest income was $19,961,528 compared to $18,864,930 a year ago. Income before income taxes & securities transactions was $6,247,905 compared to $5,163,222 a year ago. Net income was $4,688,191 or $1.91 per common share compared to $3,740,660 or $1.63 per common share a year ago. Book value per common share as on December 31, 2011 was 18.88 compared to $18.23 a year ago.
On January 19, 2012, the company's board of directors declared a fourth quarter dividend of $0.16 per share. This is a 6.67% increase over previous dividends. The dividend will be paid on February 9, 2012, to shareholders of record as of January 30, 2012.
F & M Bank Corp. is a one-bank holding company. The Company operates through its banking subsidiaries, Farmers & Merchants Bank (Bank) and VSTitle, LLC (VST). The Bank is a state-chartered bank. As a commercial bank, the Bank offers a range of banking services, including commercial and individual demand and time deposit accounts, commercial and individual loans, Internet and mobile banking, drive-in banking services, automated teller machines (ATMs), as well as a courier service for its commercial banking customers. The Bank provides various types of commercial and consumer loans and has a large portfolio of residential mortgages and indirect auto loans. VST provides title insurance services to the customers in its market area, including VBS Mortgage, LLC (F&M Mortgage) and the Bank. The Bank operates approximately 14 branches and a dealer finance division in the Shenandoah Valley of Virginia. The Dealer Finance Division specializes in providing automobile financing.
F&M Bank Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Increased Fourth Quarter Dividend, Payable on February 9, 2012