F&M Bank Corp. reported significant financial growth in its 2024 fiscal year, with net income reaching $7.3 million, a substantial increase of 162.9% from the previous year's net income of $2.8 million. This growth was driven by a rise in net interest income, which increased by 7.0% to $33.9 million, alongside a notable reduction in noninterest expenses, which fell by 11.2% to $34.4 million. The company's return on average assets improved to 0.55% from 0.22% in 2023, while return on average equity rose to 8.86% from 3.87%.
The bank's total assets increased to $1.30 billion, up from $1.29 billion in 2023, primarily due to a $17.9 million increase in loans held for investment, which totaled $839.9 million. Deposits also saw a healthy rise, increasing by $61.9 million to $1.20 billion. The bank's allowance for credit losses decreased slightly to $8.1 million, reflecting a proactive approach to managing credit risk amid a growing loan portfolio.
Strategically, F&M Bank Corp. underwent significant organizational changes, including the dissolution of its subsidiary Farmers & Merchants Financial Services, Inc. in April 2024, with its operations transferred to the bank. The company also continued to enhance its service offerings, with notable increases in wealth management and mortgage banking income, which rose by 26.7% and 26.2%, respectively. The bank's employee headcount remained stable at 169 full-time equivalent employees, emphasizing its commitment to maintaining a skilled workforce.
Looking ahead, F&M Bank Corp. expressed optimism about its growth trajectory, citing a strong capital position with a common equity tier 1 capital ratio of 12.42%, well above the regulatory minimum. The bank's management anticipates continued growth in its loan portfolio and overall financial performance, supported by a favorable economic environment in its primary markets. The company remains focused on enhancing its operational efficiency and expanding its market presence in the Shenandoah Valley of Virginia.
About F&M BANK CORP
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