FMBM · F&M BANK CORP

F & M Bank Corp. operates as the bank holding company for Farmers & Merchants Bank that provides financial products and services to consumers and businesses in Virginia. The company offers commercial and individual demand and time deposit accounts, savings accounts, money market accounts, internet and mobile banking services, and drive-in banking services. It also provides construction loans, including residential and land acquisition and development loans; commercial real estate loans; business loans; consumer loans, such as personal loans, automobile loans, deposit account loans, installment and demand loans, and home equity loans; residential mortgage loans; credit cards; dealer finance; farmland loans; multi-family loans; and commercial and industrial loans. In addition, the company offers drive-in banking services, ATMs, as well as a courier service for its commercial banking customers. Further, it originates conventional and government agency sponsored mortgages and provides title insurance and real estate settlement services. The company was founded in 1908 and is headquartered in Timberville, Virginia.

Cap structure and valuation

Cap structure
SP	$34.50
SO	3.6M
Options	0.0M
Warrants	0.0M
FD SO	3.6M
MC	$122.8M

Cash	$85.9M
Total debt	$9.9M
EV	$46.8M

TTM Multiples
EV / Revenue	0.6x
EV / EBITDA	—
MC / Net Income	10.2x
EV / FCF	3.0x
MC / FCF	8.0x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-11. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	20.39	20.42	19.79	19.60
Revenue YoY %	6.7%	4.3%	3.9%	4.7%

SG&A	10.31	9.46	9.32	8.71

Interest Expense	6.06	6.56	6.56	6.29
Pretax Income	3.70	3.32	3.37	3.42
Tax Provision	0.48	0.43	0.45	0.46
Net Income	3.23	2.89	2.92	2.96
Net Margin %	15.8%	14.1%	14.8%	15.1%

Diluted EPS	$0.91	$0.81	$0.82	$0.84
Diluted Avg Shares	3,560.1	0.0	3.6	3.6

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	80.20	78.92	75.25	66.53	53.43
Revenue YoY %	1.6%	4.9%	13.1%	24.5%	—

SG&A	37.81	37.02	34.43	38.77	36.52

Interest Expense	25.47	26.22	30.55	24.66	7.25
Pretax Income	13.81	12.98	7.92	2.02	8.80
Tax Provision	1.81	1.75	0.64	(0.75)	0.48
Net Income	12.00	11.23	7.29	2.77	8.32
Net Margin %	15.0%	14.2%	9.7%	4.2%	15.6%

Diluted EPS	$3.38	$3.16	$2.07	$0.80	$2.41
Basic EPS	—	—	—	—	$2.41
Diluted Avg Shares	3,560.1	3.6	3.5	3,476.3	3.4
Basic Avg Shares	—	—	—	3,476.3	3,449.3

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	85.89	68.85	83.94	47.27
Receivables	5.21	5.12	4.93	5.16

Net PPE	22.04	21.63	21.57	21.78
Goodwill	3.08	3.08	3.08	3.08
Total Assets	1,408.95	1,373.76	1,358.11	1,311.92

Long-term Debt	9.92	9.92	7.00	7.00
Total Liabilities	1,302.38	1,268.97	1,256.62	1,217.18

Retained Earnings	94.51	92.20	90.24	88.25
Total Equity	106.57	104.79	101.49	94.74

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	85.89	68.85	56.51	23.72	34.95
Receivables	5.21	5.12	4.94	5.03	4.00

Net PPE	22.04	21.63	22.19	23.66	19.59
Goodwill	3.08	3.08	3.08	3.08	3.08
Total Assets	1,408.95	1,373.76	1,302.01	1,294.60	1,245.90

Long-term Debt	9.92	9.92	6.97	6.93	6.89
Total Liabilities	1,302.38	1,268.97	1,215.87	1,216.27	1,175.11

Retained Earnings	94.51	92.20	84.67	81.03	83.08
Total Equity	106.57	104.79	86.14	78.32	70.79

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	3.23	2.89	2.92	2.96
D&A	0.32	0.28	0.32	0.36
Stock-Based Comp	0.10	0.11	0.11	0.12
Operating Cash Flow	5.70	1.92	7.04	2.03

CapEx	(0.73)	(0.34)	(0.11)	(0.14)
Investing Cash Flow	(17.55)	(29.28)	(8.17)	(39.82)

Stock Issuance	0.10	(0.08)	0.10	0.04
Stock Buyback	—	(0.13)	—	—
Dividends Paid	(0.93)	(0.92)	(0.93)	(0.93)
Financing Cash Flow	28.89	11.82	37.80	(4.40)

Free Cash Flow	4.97	1.58	6.92	1.89

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	12.00	11.23	7.29	2.77	8.32
D&A	1.28	1.30	1.40	1.30	1.10
Stock-Based Comp	0.45	0.42	0.23	0.26	0.19
Operating Cash Flow	16.69	16.50	7.13	2.17	17.57

CapEx	(1.32)	(0.72)	(0.28)	(5.45)	(3.64)
Investing Cash Flow	(94.83)	(53.86)	27.58	(49.97)	(125.57)

Debt Issuance	—	0.18	0.19	0.03	0.06
Stock Issuance	0.17	0.15	0.12	0.29	0.28
Stock Buyback	—	(0.40)	0.00	—	—
Dividends Paid	(3.70)	(3.69)	(3.65)	—	—
Financing Cash Flow	74.12	49.25	(1.47)	36.57	54.83

Effect of FX on Cash	—	—	56.96	23.72	34.95

Free Cash Flow	15.36	15.78	6.85	(3.29)	13.93

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	—	—	—	—
Quick Ratio	—	—	—	—
Debt / Equity	12.22	12.11	12.38	12.85
EBITDA Margin %	—	—	—	—
Working Capital	—	—	—	—
Net Debt	(75.97)	(58.94)	(76.94)	(40.28)
ROE %	3.0%	2.8%	2.9%	3.1%
ROA %	0.2%	0.2%	0.2%	0.2%

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	—	—	—	—	—
Quick Ratio	—	—	—	—	—
Debt / Equity	12.22	12.11	14.12	15.53	16.60
EBITDA Margin %	—	—	—	—	—
Working Capital	—	—	—	—	—
Net Debt	(75.97)	(58.94)	(49.53)	(16.79)	(28.06)
ROE %	11.3%	10.7%	8.5%	3.5%	11.7%
ROA %	0.9%	0.8%	0.6%	0.2%	0.7%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-13	WITHERS DEAN W	Director	2026-05-12	P	127	$34.50	$4,382
2026-05-13	WITHERS DEAN W	Director	2026-05-11	P	2,000	$34.50	$69,000
2026-03-27	McHaffa Evan S.	Officer (EVP/Chief Credit Officer)	2026-03-19	P	650	$30.59	$19,884
2026-03-24	Eberly Paul E.	Officer (EVP/Chief Lending Officer)	2026-03-20	F	(197)	$30.59	-$6,026
2026-03-24	Black Barton E.	Officer (President)	2026-03-20	F	(367)	$30.59	-$11,227
2026-03-24	Emswiler Melody D.	Officer (EVP/Chief Human Resources Off)	2026-03-20	F	(156)	$30.59	-$4,772
2026-03-23	Eberly Paul E.	Officer (EVP/Chief Lending Officer)	2026-03-19	P	1,651	$30.59	$50,504
2026-03-23	Wilkerson Aubrey M.	Director, Officer (CEO)	2026-03-19	P	4,193	$30.59	$128,264
2026-03-23	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2026-03-19	P	1,524	$30.59	$46,619
2026-03-23	Black Barton E.	Officer (President)	2026-03-19	P	3,000	$30.59	$91,770
2026-03-23	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2026-03-19	P	1,321	$30.59	$40,409
2026-03-23	Campbell Lisa F	Officer (EVP/CFO)	2026-03-19	P	2,719	$30.59	$83,174
2026-03-23	Keeler Anne B	Director	2026-03-19	P	202	$30.59	$6,179
2026-03-23	Harrison Bret V.	Director	2026-03-19	P	269	$30.59	$8,229
2026-03-23	WRAY PETER H	Director	2026-03-19	P	202	$30.59	$6,179
2026-03-23	Willingham John A.	Director	2026-03-19	P	91	$30.59	$2,784
2026-03-23	Runion Christopher S.	Director	2026-03-19	P	202	$30.59	$6,179
2026-03-23	Hutman Hannah W.	Director	2026-03-19	P	202	$30.59	$6,179
2026-03-23	BURKHOLDER EDWARD RAY	Director	2026-03-19	P	292	$30.59	$8,932
2026-03-23	Houff Neil A.	Director	2026-03-19	P	202	$30.59	$6,179
2026-03-23	Hutman Hannah W.	Director	2023-09-18	P	485	$20.42	$9,904
2026-03-11	Black Barton E.	Officer (President)	2026-03-07	F	(597)	$31.98	-$19,092
2026-03-11	Eberly Paul E.	Officer (EVP/Chief Lending Officer)	2026-03-07	F	(352)	$31.98	-$11,257
2026-03-11	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2026-03-07	F	(221)	$31.98	-$7,068
2026-02-06	Harrison Bret V.	Director	2026-02-04	P	200	$31.00	$6,200
2025-12-19	Willingham John A.	Director	2025-12-18	P	91	$28.25	$2,571
2025-12-19	Runion Christopher S.	Director	2025-12-18	P	218	$28.25	$6,158
2025-12-19	BURKHOLDER EDWARD RAY	Director	2025-12-18	P	291	$28.25	$8,221
2025-12-19	Thomas Daphyne S.	Director	2025-12-18	P	72	$28.25	$2,034
2025-12-19	Hutman Hannah W.	Director	2025-12-18	P	218	$28.25	$6,158
2025-12-19	Keeler Anne B	Director	2025-12-18	P	218	$28.25	$6,158
2025-12-19	Houff Neil A.	Director	2025-12-18	P	218	$28.25	$6,158
2025-12-19	WRAY PETER H	Director	2025-12-18	P	218	$28.25	$6,158
2025-09-22	WRAY PETER H	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	Willingham John A.	Director	2025-09-18	P	99	$25.92	$2,566
2025-09-18	Thomas Daphyne S.	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	Runion Christopher S.	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	Keeler Anne B	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	Hutman Hannah W.	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	Houff Neil A.	Director	2025-09-18	P	238	$25.92	$6,169
2025-09-18	BURKHOLDER EDWARD RAY	Director	2025-09-18	P	317	$25.92	$8,217
2025-08-13	Eberly Paul E.	Officer (EVP/Chief Lending Officer)	2025-08-07	S	(2,508)	$23.00	-$57,690
2025-08-05	Wilkerson Aubrey M.	Director, Officer (CEO)	2025-08-04	P	200	$23.40	$4,680
2025-06-18	Runion Christopher S.	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	WRAY PETER H	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	Hutman Hannah W.	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	BURKHOLDER EDWARD RAY	Director	2025-06-18	P	399	$20.65	$8,239
2025-06-18	Thomas Daphyne S.	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	Houff Neil A.	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	Keeler Anne B	Director	2025-06-18	P	299	$20.65	$6,174
2025-06-18	Willingham John A.	Director	2025-06-18	P	124	$20.65	$2,561
2025-05-19	Eberly Paul E.	Officer (EVP/Chief Development Officer)	2025-05-09	A	623	$20.65	$12,870
2025-05-19	Wilkerson Aubrey M.	Director, Officer (CEO)	2025-05-09	A	1,061	$20.65	$21,910
2025-05-19	Black Barton E.	Officer (President)	2025-05-09	A	928	$20.65	$19,163
2025-03-24	Black Barton E.	Officer (President)	2025-03-20	A	4,133	—	$0
2025-03-24	Runion Christopher S.	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	Hutman Hannah W.	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	Thomas Daphyne S.	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	Withers Jason	Officer (EVP, Chief Credit Officer)	2025-03-20	A	1,583	—	$0
2025-03-24	Wilkerson Aubrey M.	Director, Officer (CEO)	2025-03-20	A	5,670	—	$0
2025-03-24	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2025-03-20	A	1,760	—	$0
2025-03-24	Eberly Paul E.	Officer (EVP/Chief Development Officer)	2025-03-20	A	2,221	—	$0
2025-03-24	Campbell Lisa F	Officer (EVP/CFO)	2025-03-20	A	3,527	—	$0
2025-03-24	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2025-03-20	A	2,050	—	$0
2025-03-24	WRAY PETER H	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	Keeler Anne B	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	Houff Neil A.	Director	2025-03-20	P	320	$19.31	$6,179
2025-03-24	BURKHOLDER EDWARD RAY	Director	2025-03-20	P	426	$19.31	$8,226
2025-03-24	Willingham John A.	Director	2025-03-20	P	133	$19.31	$2,568
2025-03-12	Runion Christopher S.	Director	2025-03-12	P	500	$18.74	$9,370
2025-03-11	Black Barton E.	Officer (President)	2025-03-07	F	(569)	$19.58	-$11,141
2025-03-11	Withers Jason	Officer (EVP, Chief Credit Officer)	2025-03-07	F	(185)	$19.58	-$3,622
2025-03-11	Wilkerson Aubrey M.	Director, Officer (CEO)	2025-03-07	F	(803)	$19.58	-$15,723
2025-03-11	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2025-03-07	F	(220)	$19.58	-$4,308
2025-03-11	Eberly Paul E.	Officer (EVP/Chief Development Officer)	2025-03-07	F	(353)	$19.58	-$6,912
2025-03-11	Campbell Lisa F	Officer (EVP/CFO)	2025-03-07	F	(214)	$19.58	-$4,190
2025-03-11	Black Barton E.	Officer (President)	2025-03-07	F	(597)	$19.58	-$11,689
2025-03-07	Black Barton E.	Officer (President)	2025-03-05	F	(130)	$19.50	-$2,535
2025-03-07	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2025-03-05	F	(36)	$19.50	-$702
2025-03-07	Wilkerson Aubrey M.	Director, Officer (CEO)	2025-03-05	F	(34)	$19.50	-$663
2025-03-07	Emswiler Melody D.	Officer (EVP/Chief Human Resources)	2025-03-05	F	36	$19.50	$702
2025-03-07	Black Barton E.	Officer (President)	2025-03-05	F	130	$19.50	$2,535
2025-03-05	Willingham John A.	Director	2025-03-05	P	1,000	$19.50	$19,500
2025-03-03	Runion Christopher S.	Director	2025-02-25	P	800	$20.50	$16,400
2025-03-03	Runion Christopher S.	Director	2025-02-25	P	200	$20.49	$4,098
2025-02-13	Black Barton E.	Officer (President)	2024-03-11	P	860	$20.00	$17,200
2025-02-10	Runion Christopher S.	Director	2025-02-06	P	125	$20.99	$2,624
2025-02-10	Runion Christopher S.	Director	2025-01-07	P	(400)	$20.18	-$8,072
2025-02-10	Runion Christopher S.	Director	2025-01-06	P	100	$20.03	$2,003
2025-02-10	Runion Christopher S.	Director	2025-01-02	P	100	$20.26	$2,026
2025-02-10	Runion Christopher S.	Director	2024-12-27	P	100	$20.27	$2,027
2025-02-10	Runion Christopher S.	Director	2024-12-23	P	100	$20.27	$2,027
2025-02-10	Runion Christopher S.	Director	2024-03-28	P	300	$17.14	$5,142
2025-01-07	Runion Christopher S.	Director	2025-01-07	P	400	$20.18	$8,072
2024-12-30	Willingham John A.	Director	2024-12-27	P	250	$20.20	$5,050
2024-12-26	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-24	P	563	$20.24	$11,395
2024-12-23	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-23	P	707	$20.24	$14,310
2024-12-23	Willingham John A.	Officer (EVP/Chief Experience Officer)	2024-12-23	P	707	$20.24	$14,310
2024-12-23	Willingham John A.	Director	2024-12-20	P	250	$20.24	$5,060
2024-12-23	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-20	P	546	$20.25	$11,056
2024-12-23	Willingham John A.	Officer (EVP/Chief Experience Officer)	2024-12-20	P	546	$20.25	$11,056
2024-12-23	Willingham John A.	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	Houff Neil A.	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	Thomas Daphyne S.	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	WITHERS DEAN W	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	WRAY PETER H	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	Runion Christopher S.	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	BURKHOLDER EDWARD RAY	Director	2024-12-19	P	402	$19.90	$8,000
2024-12-23	Keeler Anne B	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-23	Hutman Hannah W.	Director	2024-12-19	P	301	$19.90	$5,990
2024-12-19	Willingham John A.	Director	2024-12-19	P	408	$19.90	$8,119
2024-12-19	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-19	P	546	$20.25	$11,056
2024-12-19	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-18	P	546	$19.85	$10,838
2024-12-18	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-17	P	546	$19.80	$10,811
2024-12-16	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-16	P	446	$20.25	$9,032
2024-12-16	Driest Charles C.	Officer (EVP/Chief Experience Officer)	2024-12-16	P	100	$20.00	$2,000
2024-12-09	Willingham John A.	Director	2024-12-09	P	200	$20.25	$4,050
2024-12-05	Wilkerson Aubrey M.	Director, Officer (CEO)	2024-12-04	P	12	$20.50	$246
2024-12-05	Wilkerson Aubrey M.	Director, Officer (CEO)	2024-12-03	P	238	$20.50	$4,879
2024-11-26	Houff Neil A.	Director	2024-11-25	P	385	$20.75	$7,989
2024-11-26	Willingham John A.	Director	2024-11-25	P	175	$20.79	$3,638
2024-11-19	Willingham John A.	Director	2024-11-16	P	336	$21.56	$7,244
2024-09-23	WRAY PETER H	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	WITHERS DEAN W	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	Willingham John A.	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	Thomas Daphyne S.	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	Runion Christopher S.	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	Keeler Anne B	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	Hutman Hannah W.	Director	2024-09-19	P	255	$23.48	$5,987
2024-09-23	BURKHOLDER EDWARD RAY	Director	2024-09-19	P	340	$23.48	$7,983
2024-08-29	Willingham John A.	Director	2024-08-29	P	500	$22.48	$11,240
2024-08-05	Wilkerson Aubrey M.	Director, Officer (CEO)	2024-08-02	P	175	$19.00	$3,325
2024-06-06	Willingham John A.	Director	2024-06-06	P	225	$16.72	$3,762
2024-05-21	WITHERS DEAN W	Director	2024-05-20	P	500	$15.45	$7,725
2024-05-20	Wilkerson Aubrey M.	Director, Officer (CEO)	2024-05-15	P	288	$16.08	$4,631
2024-05-20	Wilkerson Aubrey M.	Director, Officer (CEO)	2024-04-26	A	1,422	$15.40	$21,899
2024-05-17	Willingham John A.	Director	2024-05-15	P	500	$15.48	$7,740
2024-05-16	Willingham John A.	Director	2024-05-15	P	500	$15.71	$7,855