F&M Bank Corp. reported a net income of $3.2 million, or $0.91 per share, for the first quarter of 2026, marking an increase from $2.5 million, or $0.70 per share, in the same period last year. This growth in profitability was primarily driven by a $1.2 million increase in interest income, attributed to the expansion of loan and investment securities, alongside a $756,000 reduction in interest expenses. The bank's net interest income rose to $11.4 million, up from $9.4 million in the prior year, reflecting a net interest margin improvement to 3.56%, a 41 basis point increase from the previous year.
Total assets for F&M Bank Corp. reached $1.4 billion as of March 31, 2026, an increase of $35.2 million from the end of 2025. The bank's loan portfolio grew by $10.6 million to $896.9 million, with notable increases in residential mortgage loans and multifamily residential loans. Total deposits also saw a significant rise, increasing by $29.9 million to $1.3 billion, driven by both noninterest-bearing and interest-bearing deposits. Shareholders' equity rose to $106.6 million, up from $104.8 million, supported by the net income generated during the quarter.
In terms of operational metrics, the bank's allowance for credit losses stood at $7.9 million, or 0.88% of gross loans, consistent with the previous quarter. The provision for credit losses was recorded at $309,000, reflecting a proactive approach to managing credit risk amid a $10.6 million increase in total loans. The bank's nonaccrual loans decreased to $4.8 million from $6.0 million, indicating improved asset quality.
F&M Bank Corp. continues to focus on strategic growth and operational efficiency. The bank's investment securities portfolio increased to $350.5 million, up from $345.3 million, primarily due to new purchases. The bank has also pledged $113.1 million in investment securities to the Federal Reserve's Discount Window, enhancing its liquidity position. Looking ahead, the bank remains committed to maintaining its capital adequacy and managing interest rate risk effectively, with a focus on sustaining growth in its loan and deposit base while navigating market conditions.
About F&M BANK CORP
F&M Bank Corp. is a Virginia-based financial holding company owning Farmers & Merchants Bank, which provides a broad range of banking services including loans, deposits, and digital banking. It operates primarily in the Shenandoah Valley, offering residential, commercial, and consumer lending. The company emphasizes community banking, risk management, and regulatory compliance, serving individual and business customers with a focus on stability, asset quality, and local economic growth.
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