F&M Bank Corp (FMBM) has reported a 13.67 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $9.57 million, or $2.77 a share in the year, compared with $8.42 million, or $2.40 a share for the last year.
Revenue during the year grew 9.19 percent to $32.16 million from $29.45 million in the previous year. Net interest income for the quarter rose 7.62 percent over the prior year period to $28.50 million. Non-interest income for the year rose 11.83 percent over the last year to $3.66 million.
Net interest margin contracted 9 basis points to 4.34 percent in the year from 4.43 percent in the last year. Efficiency ratio for the year improved to 58.79 percent from 59.28 percent in the previous year. A decline in efficiency ratio indicates a rise in profitability.
Dean Withers, president and chief executive officer, commented "We are pleased to announce record fourth quarter and record year to date earnings of $2.518 million and $9.567 million, respectively. These results represent increases of 15.45% and 13.66% for the respective periods. Loan demand continues to be strong with the growth in loans held for investment totaling $47.6 million year to date. Deposit growth also accelerated in the second half of 2016 with the year to date increase now totaling $42.4 million. Our net interest margin at 4.34% has been stable over the last several quarters and continues to drive our extraordinary results."
Liabilities outpace assets growth
Total assets stood at $744.64 million as on Dec. 31, 2016, up 11.92 percent compared with $665.36 million on Dec. 31, 2015. On the other hand, total liabilities stood at $657.47 million as on Dec. 31, 2016, up 12.89 percent from $582.41 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $584.09 million as on Dec. 31, 2016, up 9.12 percent compared with $535.27 million on Dec. 31, 2015. Deposits stood at $537.09 million as on Dec. 31, 2016, up 8.57 percent compared with $494.67 million on Dec. 31, 2015.
Investments stood at $39.41 million as on Dec. 31, 2016, up 55.59 percent or $14.08 million from year-ago. Shareholders equity stood at $87.17 million as on Dec. 31, 2016, up 5.09 percent or $4.22 million from year-ago.
Return on average assets moved up 3 basis points to 1.34 percent in the year from 1.31 percent in the last year. At the same time, return on average equity increased 72 basis points to 11.18 percent in the year from 10.46 percent in the last year.
Nonperforming assets moved down 21.46 percent or $1.91 million to $7 million on Dec. 31, 2016 from $8.92 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.94 percent in the year, down from 1.34 percent in the last year.
Book value per share was $24.28 for the year, up 8.68 percent or $1.94 compared to $22.34 for the same period last year.
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