# EDGAR Filing Document

**Accession Number:** 0000740806
**File Stem:** 0001654954-26-000812
**Filing Date:** 2026-2
**Character Count:** 31086
**Document Hash:** 0cdac610c58a166621c0d4a4f3fed506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-26-000812.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001654954-26-000812

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260130

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F&M BANK CORP
- **CENTRAL INDEX KEY:** 0000740806
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 541280811
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-13273
- **FILM NUMBER:** 26586213

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 1111
- **CITY:** TIMBERVILLE
- **STATE:** VA
- **ZIP:** 22853
- **BUSINESS PHONE:** 540-896-8941

**MAIL ADDRESS:**
- **STREET 1:** P. O. BOX 1111
- **CITY:** TIMBERVILLE
- **STATE:** VA
- **ZIP:** 22853

?xml version='1.0' encoding='ASCII'? fmbm_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **<u>January 30, 2026</u>**

---

| |
|:---|
| **F&M Bank Corp.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Virginia** | **000-13273** | **54-1280811** |
| (State or other jurisdiction<br>of incorporation) | (Commission <br>File Number) | (IRS Employer<br>Identification No.) |

---

**P.O. Box 1111**

**Timberville, Virginia 22853** 

<u>**(540) 896-8941**</u>

(Address including zip code, and telephone number, including area code, of registrant's principal executive offices)

<u>**Not Applicable**</u>

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On January 30, 2026, F & M Bank Corp. issued a press release announcing results for the quarter and year ended December 31, 2025, and its quarterly dividend. A copy of the press release is attached as Exhibit 99.1.

The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(*d*) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [99.1](fmbm_ex991.htm) | [Press release dated January 30, 2026](fmbm_ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **F & M Bank Corp.** | **F & M Bank Corp.** |
| Date: February 2, 2026  | By: | /s/ Lisa F. Campbell |
|  |  | Lisa F. Campbell<br>Executive Vice President and<br>Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![](fmbm_ex991img3.jpg)

---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE**<br> January 30, 2026<br> F&M Bank Corp.<br> OTCQX: FMBM | **FOR MORE INFORMATION, CONTACT**<br> Lisa F. Campbell \| EVP \| Chief Financial Officer<br> 540-896-1705<br> fmbankva.com |

---

**F&M BANK CORP. REPORTS <br>FOURTH QUARTER AND YEAR-END RESULTS FOR 2025,<br>INCLUDING RECORD EARNINGS FOR THE YEAR**

<br> *Net income for 2025 exceeded 2024 by $3.9 million.*

*See associated, unaudited summary consolidated financial data for additional information.* 

**Timberville, VA / January 30, 2026** . . . F&M Bank Corp. (the "Company" or "F&M"), (OTCQX: FMBM), the parent company of Farmers & Merchants Bank ("F&M Bank" or the "Bank") today reported results for the quarter and year ended December 31, 2025.

Net income was $2.88 million, or $0.81 per share, for fourth quarter, contributing to net income of $11.2 million or $3.16 per share for the year ended December 31, 2025. This represents a record year of earnings for the Company, an improvement of $3.9 million compared with net income of $7.3 million or $2.07 per share in 2024.

At December 31, 2025, the Company had total assets of $1.37 billion, total loans of $886.3 million, and total deposits of $1.25 billion. This reflects growth of $71.7 million, or 5.51%, in total assets, $46.3 million, or 5.51%, in total loans, and $50.1 million, or 4.19%, in total deposits since December 31, 2024. From September 30, 2025 to December 31, 2025, total loans grew $13.9 million, or 1.60%, and total deposits increased by $9.9 million, or 0.80%.

"On behalf of everyone at F&M, I am proud to announce record earnings for the Company for 2025," said CEO Mike Wilkerson. "We continue to execute consistently and focus on the fundamentals of running a growth-oriented bank, while maintaining safety and soundness. Once again, we achieved positive results for the fourth quarter and for the year ended December 31, 2025 in the key categories of net income, net interest margin, yield on earning assets, cost of funds, return on average equity, return on average assets, and the Bank's leverage ratio.

"The F&M team, which includes the executive team, senior leaders, directors, and every single staff member, is the reason we achieved these stellar results, including record earnings for 2025. I appreciate everyone's dedicated support in serving our customers, supporting the community, and earning the confidence of our shareholders. I look forward to all this team will achieve in 2026, and to sharing their results with you.

"As a result of being resolute in our efforts, book value and tangible book value<sup>1</sup> of F&M shares increased for the fourth consecutive quarter, and as of December 31, 2025, was $29.46 and $28.58, respectively. The year-over-year increase in book value was 20.6%, or $5.03 per share.

"We remain committed to our highest priority, which is to *generate sufficient and sustainable profit.* We believe doing so gives us the financial strength and liquidity to continue to make loans that support both businesses and individuals in the communities we call home."

**FOURTH QUARTER INCOME STATEMENT REVIEW**

**Overview**

Net income for fourth quarter 2025 was $2.9 million, or $0.81 per share. This is a slight decrease of $41,000, or $0.01 per share, from third quarter 2025 and is attributed to higher noninterest expenses. Return on average assets was 0.83% and return on average equity was 10.99%.

**Net Interest Income**

For fourth quarter 2025, net interest income totaled $11.1 million, an increase of $565,000 from third quarter 2025. While interest income increased by $570,000, it was offset slightly by an increase in interest expense of $5,000. Growth of $13.9 million in total loans resulted in an increase in interest income of $150,000. The increase in interest expense was due to an increase of $49,000 in interest on long-term debt, partially offset by a decrease of $47,000 in interest on deposit accounts. On October 24, 2025, the Company issued $10.0 million in 7.55% fixed to floating rate subordinated debt and used the proceeds to redeem $7.0 million in outstanding subordinated debt. The Bank's net interest margin increased by 4 basis points to 3.40% on a linked-quarter basis as the earning asset yield declined by 3 basis points to 5.42% and cost of funds decreased 7 basis points to 2.07%.

**Provision for Credit Losses**

During fourth quarter 2025, the Bank recorded a provision for credit losses of $1.1 million, an increase from the provision of $539,000 recorded in third quarter 2025. The portion of the provision related to loans held for investment was $1.1 million and resulted from loan growth of $13.9 million, a $1.4 million decline in individually analyzed loans, net charge-offs of $1.1 million, and refinements to the Allowance for Credit Losses on Loans ("ACLL") model. During the quarter, the portion of the provision related to unfunded commitments consisted of a recovery of $8,000.

**Noninterest Income**

Noninterest income totaled $2.8 million for fourth quarter 2025, an increase of $64,000 from third quarter 2025. The increase resulted from increases of $126,000 in mortgage banking income and a $98,000 trailing gain from the 2022 sale of the Company's partnership interest in Infinex. These gains were partially offset by declines of $116,000 in title insurance income and $56,000 in card services and interchange income. Combined, all remaining noninterest income categories increased $12,000.

**Noninterest Expenses**

Noninterest expenses totaled $9.5 million for fourth quarter 2025, compared to $9.3 million for third quarter 2025, an increase of $141,000. Other operating expenses increased by $91,000 and legal and professional fees increased $42,000. Combined, all remaining noninterest expense categories increased $8,000.

**YEAR-END INCOME STATEMENT REVIEW**

**Overview**

Net income for the year ended December 31, 2025, was $11.2 million, or $3.16 per share, compared to $7.3 million, or $2.07 per share, for 2024. This is an increase of $3.9 million, or $1.09 per share, over the year ended December 31, 2024 and is attributed to higher net interest income. Return on average assets was 0.85% and return on average equity was 11.76% for the year ended December 31, 2025. Net income of $11.2 million for 2025 represents a record year in earnings for the Company.

**Net Interest Income**

Net interest income for the year ended December 31, 2025, totaled $41.5 million, an increase of $7.6 million from 2024, as interest income increased by $3.3 million and interest expense decreased by $4.3 million. The increase in interest income resulted from an increase of $1.1 million in interest and fees on loans due to growth of $26.0 million in average loan balances. There was a net increase of $800,000 in interest on interest-bearing cash and federal funds sold, due to an increase of $22.6 million in average balances in those investments. Interest income from investment securities increased by $1.6 million due to higher yields on investments purchased during 2025. The decrease in interest expense was driven by a decrease in deposit interest expense of $2.6 million due to a shift from time deposits to money market accounts, and a decline of $1.9 million on interest expense on short-term debt. The Bank's net interest margin increased by 57 basis points to 3.35% from 2024, as the earning asset yield increased 18 basis points to 5.46%, while cost of funds decreased 36 basis points to 2.15%.

**Provision for Credit Losses**

During the year ended December 31, 2025, the Bank recorded a provision for credit losses of $2.7 million, an increase from the provision of $2.3 million recorded for 2024. The provision related to loans was $2.6 million, an increase of $199,000, reflecting higher net charge-offs and continued loan growth and a $151,000 increase in reserves on individually analyzed loans. During the year ended December 31, 2025, the portion of the provision related to unfunded commitments was $117,000, a $159,000 increase over the $42,000 recovery recorded for 2024.

**Noninterest Income**

Noninterest income totaled $11.2 million for the year ended December 31, 2025, an increase of $405,000 from the year ended December 31, 2024. The increase resulted from growth of $375,000 in title insurance income, $249,000 in card services and interchange income, $99,000 in service charges on deposits, and $62,000 in wealth management income. In 2025, the Company also received a $98,000 trailing gain from the Company's 2022 sale of its partnership interest in Infinex. These increases were offset by a decline of $554,000 in mortgage banking income. Combined, remaining noninterest income categories increased $76,000.

**Noninterest Expenses**

Noninterest expenses totaled $37.0 million for the year ended December 31, 2025, compared to $34.4 million for the year ended December 31, 2024, an increase of $2.6 million. A large part of this increase is $940,000 in employee benefits expense, primarily due to employee benefit expenses being offset in 2024 by gains of $580,000 on pension distributions. The Company's pension plan was amended on February 15, 2023, to stop the accrual of future benefits and was terminated on June 1, 2024. Other increases included $597,000 in salary expense, $358,000 in legal and professional fees, $219,000 in ATM and check card fees, and $632,000 in other operating expenses. Combined, all remaining noninterest expense categories decreased $159,000.

**BALANCE SHEET REVIEW**

On December 31, 2025, assets totaled $1.37 billion, an increase of $71.7 million from December 31, 2024. Total loans increased by $46.3 million to $886.3 million. During 2025, loans secured by farmland increased $29.0 million, residential mortgage loans increased $30.1 million, non-owner-occupied commercial real estate loans grew $16.2 million, owner-occupied commercial real estate loans grew $10.5 million, loans for multifamily residential properties increased $8.0 million, and residential construction loans increased by $6.0 million. Other construction and land development loans decreased $19.0 million, commercial and industrial loans decreased $5.8 million and automobile loans declined $27.2 million. Combined, all remaining loan categories decreased by $1.6 million.

Investment securities increased by $17.7 million during 2025, the result of purchases of $70.7 million offset by $66.6 million in bond calls and maturities, and paydowns on U.S. Agency mortgage-backed securities. Other changes included net premium amortization of $598,000, and a $14.2 million improvement in unrealized loss on the bond portfolio. Since December 31, 2024, unrealized loss in the securities portfolio has declined from $35.2 million to $21.0 million.

Total deposits on December 31, 2025, were $1.25 billion, an increase of $50.1 million, due to growth of $19.1 million in noninterest-bearing deposits and $31.0 million in interest-bearing deposits during 2025.

Shareholders' equity increased by $18.7 million to $104.8 million due to $11.2 million in net income, $10.8 million in other comprehensive income, $400,000 in shares issued, and $343,000 in stock-based compensation. These increases were offset by $3.7 million in dividends paid and $402,000 in share repurchases. Book value per share and tangible book value per share increased from $24.43 and $23.53<sup>1</sup>, respectively, at December 31, 2024, to $29.46 and $28.58<sup>1</sup>, respectively, at December 31, 2025.

**LIQUIDITY**

The Company's on-balance sheet liquid assets, including cash and cash equivalents, unpledged investment securities, and loans held for sale, totaled $289.0 million at December 31, 2025, an increase from $243.0 million at December 31, 2024.

As of December 31, 2025, the Bank had access to off-balance sheet liquidity through unsecured federal funds lines totaling $90.0 million. The Bank also had a secured line of credit with the Federal Home Loan Bank (FHLB) with available credit of $180.1 million as of December 31, 2025. The FHLB line of credit is secured by a blanket lien on qualifying loans. The Bank also pledged securities with a collateral value of $115.2 million to the Federal Reserve Bank discount window which may be used for overnight borrowings.

**LOAN PORTFOLIO**

The Company's loan portfolio is diversified, with its largest segment being residential mortgage loans which totaled $249.3 million, representing 28.13% of total loans at December 31, 2025. Total commercial real estate loans, both owner-occupied and non-owner-occupied, constituted $211.1 million or 23.82% of total loans. Automobile loans originated by the dealer finance division totaled $77.1 million or 8.70% of the portfolio. A breakdown of the loan portfolio segments as of December 31, 2025, and for the preceding four quarters can be found under the heading "Performance Summary" in the table accompanying this release.

**ASSET QUALITY AND ALLOWANCE FOR CREDIT LOSSES**

Nonperforming loans (NPLs) as a percentage of total loans were 0.68% at December 31, 2025, compared to 0.84% at December 31, 2024. Net charge-offs as a percentage of average loans were 0.34% for the year ended December 31, 2025, compared to 0.31% for the year ended December 31, 2024.

The ACLL was $7.8 million at December 31, 2025, a decrease of $311,000 from $8.1 million at December 31, 2024. The decrease in the ACLL reflects changes in the loan portfolio mix. Loan growth was concentrated in strong-performing segments such as farmland and residential mortgages, which have historically experienced minimal losses, while balances in higher-risk categories, including construction and automobile loans, declined. The reserve for unfunded commitments was $766,000 at December 31, 2025, compared to $647,000 at December 31, 2024.

**DIVIDEND DECLARATION**

On January 27, 2026, our Board of Directors declared a dividend of $0.26 per share to common shareholders. Based on our most recent trade price of $30.59 per share, this constitutes a 3.40% yield on an annualized basis. The dividend will be paid on March 2, 2026, to shareholders of record as of February 14, 2026.

<sup>1</sup> Tangible book value per share is a non-GAAP financial measure. Further information can be found under the heading "Non-GAAP Financial Measures" and in the non-GAAP reconciliation table accompanying this release.

###

**ABOUT US**

*F&M Bank Corp. is an independent, locally owned, financial holding company offering a full range of financial services through our subsidiary, Farmers & Merchants Bank's (F&M Bank), fourteen banking offices in Rockingham, Shenandoah, and Augusta counties, Virginia, and the cities of Winchester and Waynesboro, Virginia. The Company also owns VSTitle, a title company subsidiary. Founded in 1908 as a community venture to serve the farmers and merchants of the Shenandoah Valley, where both the Company and the Bank are headquartered, F&M Bank remains as committed as ever to the success of the agricultural industry, small business ventures, and the nonprofit sector.F&M's values, which are gregarious, resolute, original, and wholehearted (G.R.O.W.), combined with our brand pillars of sustenance, security, and enrichment, shape the Company's decision-making, philanthropy, and volunteerism. The only publicly traded organization based in Rockingham County, we offer a diverse suite of financial products and services, and a strong team dedicated to living our mission of being the financial partner of choice in the Shenandoah Valley, both today and tomorrow, as we have been since 1908. Additional information may be found by visiting our website, fmbankva.com.*

**NON-GAAP FINANCIAL MEASURES**

*The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures, including tangible book value per share, to supplement the evaluation of the Company's financial condition and performance. Management believes presentation of these non-GAAP financial measures provides useful supplemental information that is essential to a proper understanding of the Company's operating results. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A definition of tangible book value per share is included in the footnotes to the table accompanying this release.* 

**FORWARD-LOOKING STATEMENTS**

*This press release may contain "forward-looking statements" as defined by federal securities laws, which are subject to significant risks and uncertainties. These include statements regarding future plans, strategies, results, or expectations that are not historical facts, and are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "will," "estimate," "project" or similar expressions. These statements are based on estimates and assumptions, and our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Our actual results could differ materially from those 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 local and national economies or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including values of real estate and other collateral; deposit flow; the impact of competition from traditional or new sources; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and the Bank's borrowers; and other factors. 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.**

**Performance Summary**

*(in thousands, except share and per share data)*

(unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At and for the Three Months Ended | At and for the Three Months Ended | At and for the Three Months Ended | At and for the Three Months Ended | At and for the Three Months Ended | Year to Date | Year to Date |
|  | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 |
| **Selected Income Statement Data** |  |  |  |  |  |  |  |
| Interest and dividend income | $17622 | $17052 | $16812 | $16264 | $16896 | $67750 | $64483 |
| Interest expense | 6562 | 6557 | 6285 | 6820 | 7785 | 26224 | 30551 |
| Net interest income | 11060 | 10495 | 10527 | 9444 | 9111 | 41526 | 33932 |
| Provision for (recovery of) provision for credit losses | 1079 | 539 | 1187 | (104) | 1075 | 2701 | 2343 |
| Net interest income after (recovery of) provision for credit losses | 9981 | 9956 | 9340 | 9548 | 8036 | 38825 | 31589 |
| Noninterest income | 2798 | 2734 | 2792 | 2847 | 2682 | 11171 | 10766 |
| Noninterest expenses | 9462 | 9321 | 8712 | 9524 | 8180 | 37019 | 34432 |
| Income tax expense | 434 | 445 | 455 | 414 | 278 | 1748 | 638 |
| Net Income | $2883 | $2924 | $2965 | $2457 | $2260 | $11229 | $7285 |
| **Key Performance Ratios** |  |  |  |  |  |  |  |
| Return on average assets<sup>1, 6</sup> | 0.83% | 0.87% | 0.91% | 0.76% | 0.67% | 0.85% | 0.55% |
| Return on average equity<sup>1, 6</sup> | 10.99% | 11.99% | 12.81% | 11.31% | 10.17% | 11.76% | 8.86% |
| Net interest spread <sup>6</sup> | 3.35% | 3.31% | 3.45% | 3.13% | 2.88% | 3.31% | 2.77% |
| Net interest margin <sup>6</sup> | 3.40% | 3.36% | 3.48% | 3.15% | 2.91% | 3.35% | 2.78% |
| Yield on earning assets <sup>6</sup> | 5.42% | 5.45% | 5.56% | 5.43% | 5.40% | 5.46% | 5.28% |
| Cost of funds <sup>6</sup> | 2.07% | 2.14% | 2.11% | 2.30% | 2.52% | 2.15% | 2.51% |
| Noninterest income to average assets <sup>6</sup> | 0.81% | 0.82% | 0.86% | 0.88% | 0.80% | 0.84% | 0.82% |
| Noninterest expense to average assets <sup>6</sup> | 2.73% | 2.78% | 2.68% | 2.96% | 2.44% | 2.79% | 2.62% |
| **Share and Per Share Data** |  |  |  |  |  |  |  |
| Net income (basic and diluted) | $0.81 | $0.82 | $0.83 | $0.70 | $0.64 | $3.16 | $2.07 |
| Book value per share | 29.46 | 28.52 | 26.56 | 25.62 | 24.43 | 29.46 | 24.43 |
| **Selected Balance Sheet Data** |  |  |  |  |  |  |  |
| Assets | $1373757 | $1358109 | $1311924 | $1312159 | $1302011 | $1373757 | $1302011 |
| Securities available for sale | 345339 | 329423 | 340021 | 321158 | 327670 | 345339 | 327670 |
| Loans held for sale | 3191 | 1288 | 2280 | 634 | 2283 | 3191 | 2283 |
| Loans held for investment | 886253 | 872308 | 848773 | 827007 | 839949 | 886253 | 839949 |
| Allowance for credit losses | 7818 | 7848 | 8312 | 7762 | 8129 | 7818 | 8129 |
| Deposits | 1245212 | 1235341 | 1196451 | 1200021 | 1195105 | 1245212 | 1195105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-interest bearing | 279398 | 280937 | 278322 | 271400 | 260301 | 279398 | 260301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest bearing | 965814 | 954404 | 918129 | 928621 | 934804 | 965814 | 934804 |
| Borrowings | 9917 | 7000 | 6996 | 6986 | 6975 | 9917 | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 9917 | 7000 | 6996 | 6986 | 6975 | 9917 | 6975 |
| Shareholders' equity | 104788 | 101493 | 94741 | 91311 | 86138 | 104788 | 86138 |
| Average shares outstanding (basic and diluted) | 3557220 | 3558868 | 3564133 | 3530708 | 3522756 | 3552822 | 3512427 |

---

**F&M BANK CORP.**

**Performance Summary**

*(in thousands, except share and per share data)*

(unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Data** |  |  |  |  |  |  |  |
| Residential construction | $31118 | $31805 | $26173 | $24377 | $25102 | $31118 | $25102 |
| Other construction and land development | 39187 | 42281 | 38807 | 61275 | 58208 | 39187 | 58208 |
| Secured by farmland | 115000 | 111163 | 105235 | 88323 | 86016 | 115000 | 86016 |
| Home equity | 51393 | 50401 | 51364 | 50245 | 49542 | 51393 | 49542 |
| Residential mortgage loans | 249341 | 240139 | 234870 | 225467 | 219218 | 249341 | 219218 |
| Multifamily | 18854 | 14621 | 11185 | 10670 | 10805 | 18854 | 10805 |
| Owner occupied commercial real estate | 96651 | 92302 | 94021 | 81724 | 86168 | 96651 | 86168 |
| Non-owner occupied commercial real estate | 114434 | 114375 | 104415 | 97177 | 98189 | 114434 | 98189 |
| Commercial and industrial loans | 77013 | 75111 | 75547 | 72398 | 82829 | 77013 | 82829 |
| Credit card and other consumer loans | 11963 | 12242 | 12592 | 13273 | 14451 | 11963 | 14451 |
| Automobile loans | 77080 | 83458 | 90016 | 97637 | 104271 | 77080 | 104271 |
| Other loans | 4219 | 4410 | 4548 | 4441 | 5150 | 4219 | 5150 |
| Total loans held for investment | $886253 | $872308 | $848773 | $827007 | $839949 | $886253 | $839949 |
| **Asset Quality** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans<sup>3</sup> | 0.68% | 0.85% | 0.90% | 1.08% | 0.84% | 0.68% | 0.84% |
| Allowance for credit losses to total loans<sup>2</sup> | 0.88% | 0.90% | 0.98% | 0.94% | 0.97% | 0.88% | 0.97% |
| Allowance for credit losses to nonperforming loans | 129.35% | 105.31% | 108.60% | 86.76% | 114.90% | 129.35% | 114.90% |
| Nonperforming assets to total assets<sup>4</sup> | 0.44% | 0.55% | 0.58% | 0.69% | 0.55% | 0.44% | 0.55% |
| Net charge-offs to average loans<sup>6</sup> | 0.50% | 0.49% | 0.25% | 0.09% | 0.45% | 0.34% | 0.31% |
| **Capital Ratios<sup>5</sup>** |  |  |  |  |  |  |  |
| Leverage | 8.73% | 8.69% | 8.68% | 8.50% | 8.23% | 8.73% | 8.23% |
| Risk-based capital ratios: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | 13.11% | 12.76% | 12.73% | 12.57% | 12.42% | 13.11% | 13.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | 13.11% | 12.76% | 12.73% | 12.57% | 12.42% | 13.11% | 12.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total capital | 14.04% | 13.69% | 13.73% | 13.50% | 13.39% | 14.04% | 12.42% |
| **Other Data** |  |  |  |  |  |  |  |
| Number of banking offices | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Number of full-time equivalent employees | 173 | 170 | 172 | 170 | 169 | 173 | 169 |

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**F&M BANK CORP.**

**Non-GAAP Reconciliation**

*(in thousands, except share and per share data)*

(unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | At | At | At | At | At |
|  | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 |
| **Tangible Common Equity and Tangible Assets** |  |  |  |  |  |
| Total Assets (GAAP) | $1373757 | $1358109 | $1311924 | $1312159 | $1302011 |
| Subtract: Goodwill | (3082) | (3082) | (3082) | (3082) | (3082) |
| Subtract: Core Deposit Intangibles, net | (55) | (63) | (70) | (78) | (86) |
| Tangible assets (Non-GAAP) | $1370620 | $1354964 | $1308772 | $1308999 | $1298843 |
| Total Shareholders' Equity (GAAP) | $104788 | $101493 | $94741 | $91311 | $86138 |
| Subtract: Goodwill | (3082) | (3082) | (3082) | (3082) | (3082) |
| Subtract: Core Deposit Intangibles, net | (55) | (63) | (70) | (78) | (86) |
| Tangible common equity (Non-GAAP) | $101651 | $98348 | $91589 | $88151 | $82970 |
| Tangible Common Equity to Tangible Assets ratio | 7.42% | 7.26% | 7.00% | 6.73% | 6.39% |
| **Tangible Book Value Per Share** |  |  |  |  |  |
| Tangible Common Equity (Non-GAAP) | $101651 | $98348 | $91589 | $88151 | $82970 |
| Common shares outstanding, ending | 3557060 | 3559084 | 3567056 | 3563910 | 3525655 |
| Tangible Book Value Per Share | $28.58 | $27.63 | $25.68 | $24.73 | $23.53 |

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<sup>1</sup> Ratios are primarily based on daily average balances.

<sup>2</sup> Calculated based on Loans Held for Investment, excludes Loans Held for Sale.

<sup>3</sup> Calculated based on 90 day past due loans and non-accrual loans to Total Loans.

<sup>4</sup> Calculated based on 90 day past due loans, non-accrual loans, and other real estate owned to Total Assets.

<sup>5</sup> Capital ratios are for Farmers & Merchants Bank.

<sup>6</sup> Annualized