F & M Bank (FMBM) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Entity Registrant Name	F&M BANK CORP
Entity Central Index Key	0000740806
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		3,451,612
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-13273
Entity Incorporation State Country Code	VA
Entity Tax Identification Number	54-1280811
Entity Interactive Data Current	Yes
Entity Address Address Line 1	P.O. Box 1111
Entity Address City Or Town	Timberville
Entity Address State Or Province	VA
Entity Address Postal Zip Code	22853
City Area Code	540
Local Phone Number	896-8941
Security 12b Title	Common Stock, par value ‑ $5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash And Due From Banks	$ 13,586	$ 8,516
Money Market Funds And Interest-bearing Deposits In Other Banks	2,796	2,938
Federal Funds Sold	31,994	76,667
Cash And Cash Equivalents	48,376	88,121
Securities:
Held To Maturity, At Amortized Cost - Fair Value Of $125 In 2022 And 2021, Respectively	125	125
Available For Sale, At Fair Value	461,822	403,882
Other Investments	9,142	9,210
Loans Held For Sale, At Fair Value	2,479	4,887
Loans Held For Investment, Net Of Deferred Fees And Costs	659,560	662,421
Less: Allowance For Loan Losses	(7,389)	(7,748)
Net Loans Held For Investment	652,171	654,673
Bank Premises And Equipment, Net	18,684	17,063
Bank Premises Held For Sale	300	300
Interest Receivable	3,345	3,117
Goodwill	3,082	3,082
Bank Owned Life Insurance	23,042	22,878
Other Assets	15,691	12,004
Total Assets	1,238,259	1,219,342
Deposits:
Noninterest Bearing	298,676	280,993
Interest Bearing	813,619	799,302
Total Deposits	1,112,295	1,080,295
Long-term Debt	21,780	21,772
Other Liabilities	16,199	16,819
Total Liabilities	1,150,274	1,118,886
Stockholders' Equity
Common Stock, $5 Par Value, 6,000,000 Shares Authorized, 200,000 Designated, 3,451,208 And 3,430,175 Shares Issued And Outstanding (29,238 And 15,869 Unvested Restricted Shares)	17,110	17,071
Additional Paid In Capital - Common Stock	10,240	10,127
Retained Earnings	79,986	78,350
Accumulated Other Comprehensive Loss	(19,351)	(5,092)
Total Stockholders' Equity	87,985	100,456
Total Liabilities And Stockholders' Equity	$ 1,238,259	$ 1,219,342

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Held To Maturity - Fair Value	$ 125,000	$ 125
Common Stock, Shares Par Value	$ 5	$ 5
Common Stock, Shares Authorized	6,000,000	6,000,000
Common Stock, Shares Designated	200,000	2,000,000
Common Stock, Shares Issued	3,451,208	3,430,175
Common Stock, Shares Outstanding	3,451,208	3,430,175
Unvested Restricted Shares	29,238	15,869

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Income
Interest And Fees On Loans Held For Investment	$ 7,510	$ 8,170
Interest And Fees On Loans Held For Sale	29	100
Interest From Money Market Funds And Federal Funds Sold	25	15
Interest On Debt Securities	1,497	461
Total Interest And Dividend Income	9,061	8,746
Interest Expense
Total Interest On Deposits	845	795
Interest From Long-term Debt	159	273
Total Interest Expense	1,004	1,068
Net Interest Income	8,057	7,678
(recovery Of) Loan Losses	(450)	(725)
Net Interest Income After (recovery Of) Loan Losses	8,507	8,403
Noninterest Income
Service Charges On Deposit Accounts	307	285
Investment Services And Insurance Income, Net	251	347
Mortgage Banking Income, Net	742	1,672
Title Insurance Income	473	456
Income On Bank Owned Life Insurance	171	168
Low Income Housing Partnership Losses	(204)	(215)
Atm And Check Card Fees	563	520
Other Operating Income	180	122
Total Noninterest Income	2,483	3,355
Noninterest Expense
Salaries	3,637	3,296
Employee Benefits	1,288	1,216
Occupancy Expense	340	295
Equipment Expense	286	277
Fdic Insurance Assessment	116	99
Advertising Expense	178	136
Legal And Professional Fees	208	199
Telecommunication And Data Processing Expense	901	540
Atm And Chek Card Fees	298	257
Directors Fees	164	146
Bank Franchise Tax	174	173
Other Operating Expenses	960	1,052
Total Noninterest Expense	8,550	7,686
Income Before Income Taxes	2,440	4,072
Income Tax (benefit) Expense	(88)	271
Net Income	2,528	3,801
Dividends Paid/accumulated On Preferred Stock	0	65
Net Income Available To Common Stockholders	$ 2,528	$ 3,736
Per Common Share Data
Net-income Basic	$ 0.74	$ 1.17
Net Income Diluted	0.74	1.11
Cash Dividend On Common Stock	$ 0.26	$ 0.26
Weighted Average Common Shares Outstanding - Basic	3,434,892	3,205,074
Weighted Average Common Shares Outstanding - Diluted	3,434,892	3,433,192

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidated Statements of Comprehensive Income
Net Income	$ 2,528	$ 3,801
Other Comprehensive Loss:
Unrealized Holding Losses On Available-for Sale Securities	18,049	1,411
Tax Effect	3,790	297
Unrealized Holding Losses, Net Of Tax	(14,259)	(1,114)
Total Other Comprehensive Loss	14,259	1,114
Total Comprehensive (loss) Income	$ (11,731)	$ 2,687

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders Equity (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive loss
Balance, Amount at Dec. 31, 2020	$ 95,629	$ 4,558	$ 16,017	$ 6,866	$ 71,205	$ (3,017)
Net Income	3,801	0	0	0	3,801	0
Other Comprehensive Loss	(1,114)	0	0	0	0	(1,114)
Dividends On Preferred Stock ($.32 Per Share)	65	0	0	0	65	0
Dividends On Common Stock ($.26 Per Share)	(833)	0	0	0	(833)	0
Common Stock Issued (2,450 Shares)	64	0	12	52	0	0
Common Stock Issued For Stock-based Compensation (1,332 Shares)	36	0	7	29	0	0
Stock-based Compensation Expense	9	0	0	9	0	0
Dividends On Common Stock ($.26 Per Share)	833	0	0	0	833	0
Balance, Amount at Mar. 31, 2021	97,527	4,558	16,036	6,956	74,108	(4,131)
Balance, Amount at Dec. 31, 2021	100,456	0	17,071	10,127	78,350	(5,092)
Net Income	2,528	0	0	0	2,528	0
Other Comprehensive Loss	(14,259)	0	0	0	0	(14,259)
Dividends On Common Stock ($.26 Per Share)	(892)	0	0	0	(892)	0
Common Stock Issued (2,450 Shares)	80	0	13	67	0	0
Stock-based Compensation Expense	17	0	0	17	0	0
Dividends On Common Stock ($.26 Per Share)	892	0	0	0	892	0
Common Stock Issued For Stock-based Compensation (5,065 Shares)	55	0	26	29	0	0
Balance, Amount at Mar. 31, 2022	$ 87,985	$ 0	$ 17,110	$ 10,240	$ 79,986	$ (19,351)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net Income	$ 2,528	$ 3,801
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities:
Depreciation And Amortization	283	293
Amortization Of Intangibles	9	17
Amortization Of Securities	6,174	239
Proceeds From Loans Held For Sale Originated	39,724	63,032
Loans Held For Sale Originated	(36,881)	(56,331)
Gain On Sale Of Loans Held For Sale Originated	(435)	(1,606)
(recovery Of) Loan Losses	(450)	(725)
(increase) Decrease In Interest Receivable	(228)	323
(increase) In Deferred Taxes	(189)	(189)
Decrease In Taxes Payable	0	159
(increase) Decrease In Other Assets	(12)	1,433
(decrease) In Accrued Expenses	(318)	(842)
Amortization Of Limited Partnership Investments	204	215
Income From Life Insurance Investment	(171)	(168)
Stock-based Compensation Expense	17	9
Net Cash Provided By Operating Activities	10,255	9,660
Cash Flows From Investing Activities
Purchase Of Investments Available For Sale And Other Investments	(85,163)	(71,076)
Proceeds From Maturity Of Investments Available For Sale	3,000	4,623
(purchase) Of Proceeds From The Redemption Of Restricted Stock, Net	(136)	(395)
Net Decrease In Loans Held For Investment	2,952	1,910
Net Decrease In Loans Held For Sale Participations		37,661
Net Purchase Of Property And Equipment	(1,904)	(181)
Net Cash (used In) Investing Activities	(81,251)	(26,668)
Cash Flows From Financing Activities
Net Change In Deposits	32,000	44,170
Dividends Paid In Cash	(892)	(898)
Proceeds From Issuance Of Common Stock	135	100
Amortization Of Debt Issuance Costs	8
Repayments Of Long-term Debt		(1,043)
Net Cash Provided By Financing Activities	31,251	42,329
Net (decrease) Increase In Cash And Cash Equivalents	(39,745)	25,321
Cash And Cash Equivalents, Beginning Of Period	88,121	78,408
Cash And Cash Equivalents, End Of Period	48,376	103,729
Supplemental Cash Flow Information:
Cash Paid For: Interest	1,244	1,263
Cash paid for: Taxes	0	0
Supplemental Non-cash Disclosures:
Change In Unrealized (loss) On Securities Available For Sale, Net Of Tax	$ (14,259)	$ (1,411)

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary Of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of Farmers & Merchants Bank, TEB Life Insurance Company, Farmers & Merchants Financial Services, Inc., VBS Mortgage, LLC (dba F&M Mortgage), and VSTitle, LLC and were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Nature of Operations The Company, through its subsidiary Farmers & Merchants Bank (the “Bank”), operates under a charter issued by the Commonwealth of Virginia and provides commercial banking services. As a state chartered bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions and the Federal Reserve Bank. The Bank provides services to customers primarily in the counties of Rockingham, Shenandoah, and Augusta, and the cities of Harrisonburg, Staunton, Waynesboro and Winchester in Virginia. Services are provided at thirteen branch offices and a Dealer Finance Division. The Company offers insurance, mortgage lending, title insurance and financial services through its subsidiaries, TEB Life Insurance Company, Farmers & Merchants Financial Services, Inc. (“FMFS”), F&M Mortgage, and VSTitle, LLC (“VST”). Basis of Presentation The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and fair value. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for fair presentation of the results of operations in these financial statements, have been made. Risk and Uncertainties The coronavirus (“COVID-19”) pandemic spread rapidly across the world in the first quarter of 2020 and was declared a pandemic by the World Health Organization. The government and private sector responses to contain its spread began to significantly affect our business operations in March 2020 with branch lobby closings, operations and administrative staff working remotely and the use of virtual meetings. Branch lobbies were only open by appointment from March 2020 to April 12, 2021 and from January 18, 2022 to March 7, 2022. The full impact of COVID-19 and its length and duration remains uncertain at this time. The Company is closely monitoring the effects of the pandemic on our customers and loan portfolio. The risks and uncertainties resulting from the pandemic may adversely affect our future earnings, cash flows and financial condition, including among others, credit losses resulting from financial stress on borrowers, decreased demand for products and operational failures. In addition, significant assumptions, judgments, and estimates used in the preparation of our financial statements, including those associated with evaluations of goodwill for impairment, and allowance for loan losses, may be subject to adjustments in future periods due to the rapidly changing, uncertain and unprecedented nature of the pandemic. Note 1. Summary of Significant Accounting Policies, continued Reclassification Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income. Earnings per Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of conversion of preferred stock is reflected in the diluted earnings per common share calculation. All of the Company’s outstanding preferred stock was redeemed by the Company for cash or converted to common stock during the fourth quarter of 2021. Nonvested restricted shares are included in the computation of basic earnings per share as the holder is entitled to full shareholder benefits during the vesting period, including voting rights and sharing in nonforfeitable dividends. Net income available to common stockholders represents consolidated net income adjusted for preferred dividends declared. The following table provides a reconciliation of net income to net income available to common stockholders for the periods presented (dollars in thousands): For the Three months ended For the Three months ended March 31, 2022 March 31, 2021 Earnings available to common stockholders: Net income $ 2,528 $ 3,801 Preferred stock dividends - 65 Net income available to common stockholders $ 2,528 $ 3,736 The following table shows the effect of dilutive preferred stock conversion on the Company’s earnings per share for the periods indicated (dollars in thousands): Three months ended March 31, 2022 Three months ended March 31, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 2,528 3,434,892 $ 0.74 $ 3,736 3,205,074 $ 1.17 Effect of Dilutive Securities: Convertible Preferred Stock - - - 65 228,118 (0.06 ) Diluted EPS $ 2,528 3,434,892 $ 0.74 $ 3,801 3,433,192 $ 1.11

Investment securities

Investment securities	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment Securities	Note 2. Investment Securities Investment securities available for sale are carried in the consolidated balance sheets at their approximate fair value. Investment securities held to maturity are carried in the consolidated balance sheets at their amortized cost at March 31, 2022 and December 31, 2021 are as follows (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2022 U. S. Treasuries $ 125 $ - $ - $ 125 December 31, 2021 U. S. Treasuries $ 125 $ - $ - $ 125 Note 2. Investment Securities, continued The amortized cost and fair value of securities available for sale are as follows (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022 U. S. Government Treasuries $ 44,759 $ - $ 1,891 $ 42,868 U. S. Government sponsored enterprises 163,460 - 4,920 158,540 Securities issued by States and political subdivisions in the U.S. 34,570 - 1,896 32,674 Mortgage-backed obligations of federal agencies 208,812 248 11,466 197,594 Corporate debt security 30,550 318 722 30,146 Total Securities Available for Sale $ 482,151 $ 566 $ 20,895 $ 461,822 December 31, 2021 U. S. Government Treasuries $ 29,847 $ - $ 365 $ 29,482 U. S. Government sponsored enterprises 134,466 - 752 133,714 Securities issued by States and political subdivisions of the U.S. 34,078 406 147 34,337 Mortgage-backed obligations of federal agencies 185,216 522 2,091 183,647 Corporate debt securities 22,555 372 225 22,702 Total Securities Available for Sale $ 406,162 $ 1,300 $ 3,580 $ 403,882 The amortized cost and fair value of securities at March 31, 2022, by contractual maturity are shown below (dollars in thousands). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities Held to Maturity Securities Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 125 $ 125 $ 4,835 $ 4,797 Due after one year through five years - - 195,056 189,575 Due after five years - - 105,218 100,754 Due after ten years - - 177,042 166,696 Total $ 125 $ 125 $ 482,151 $ 461,822 There were no sales of available for sale securities in the first quarter of 2022 or 2021. Securities held that are U.S. Agency, Treasury, Government Sponsored Entities and Agency MBS carry an implicit government guarantee and are not subject to other than temporary impairment evaluation. Other securities were reviewed for impairment. The securities issued by States and political subdivisions in the U.S. were in an unrealized loss position for less than 12 months. One bank subordinated debt offering was in a loss position for 12 consecutive months and totaled $489 thousand. The pricing services tend to not be exact on these offerings because of the marketability of the offering. The Company reviews the relevant ratios on each subordinated debt holding quarterly. Because management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions, no declines are currently deemed to be other than temporary. Note 2. Investment Securities, continued A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type of March 31, 2022 and December 31, 2021 were as follows: Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2022 U. S. Government treasuries $ 28,752 $ 1,074 $ 9,088 $ 817 $ 37,840 $ 1,891 U. S. Government sponsored enterprises 135,152 3,315 23,388 1,605 158,540 4,920 Securities issued by States and political subdivisions in the U.S. 32,674 1,896 - - 32,674 1,896 Mortgage-backed obligations of federal agencies 129,236 8,898 31,274 2,568 160,510 11,466 Corporate debt security 15,339 711 489 11 15,828 722 Total $ 341,153 $ 15,894 $ 64,239 $ 5,001 $ 405,392 $ 20,895 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2021 U. S. Government treasuries $ 29,481 $ 365 $ - $ - $ 29,481 $ 365 U. S. Government sponsored enterprises 93,714 752 - - 93,714 752 Securities issued by State and political subdivisions in the U. S. 13,308 147 - - 13,308 147 Mortgage-backed obligations of federal agencies 126,501 1,871 10,074 220 136,575 2,091 Corporate debt securities 8,825 225 - - 8,825 225 Total $ 271,829 $ 3,360 $ 10,074 $ 220 $ 281,903 $ 3,850 As of March 31, 2022, other investments consist of investments in thirteen low-income housing and historic equity partnerships (carrying basis of $6,558), stock in the Federal Home Loan Bank (carrying basis $994) and various other investments (carrying basis $1,590). The interests in low-income housing and historic equity partnerships have limited transferability and the interests in the other stocks are restricted as to sales. The fair values of these securities are estimated to approximate their carrying value as of March 31, 2022. At March 31, 2022, the Company was committed to invest an additional $961 in four low-income housing limited partnerships. These funds will be paid as requested by the general partner to complete the projects. This additional investment has been reflected in the above carrying basis and in other liabilities on the consolidated balance sheet. The Company does not have any pledged securities.

Loans

Loans	3 Months Ended
	Mar. 31, 2022
Loans
Loans	Note 3. Loans Loans held for investment outstanding at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands): 2022 2021 Construction/Land Development $ 72,248 $ 75,236 Farmland 65,503 66,344 Real Estate 138,620 139,552 Multi-Family 5,667 4,887 Commercial Real Estate 162,340 163,564 Home Equity – closed end 5,732 6,262 Home Equity – open end 45,415 44,247 Commercial & Industrial – Non-Real Estate 42,720 44,224 Consumer 7,529 8,036 Dealer Finance 111,237 107,346 Credit Cards 2,869 3,000 Gross loans 659,880 662,698 Less: Deferred loan fees, net of costs (320 ) (277 ) Total $ 659,560 $ 662,421 Note 3. Loans, continued The Company has pledged loans held for investment as collateral for borrowings with the Federal Home Loan Bank of Atlanta totaling $163,070 and $163,326 as of March 31, 2022 and December 31, 2021, respectively. The Company maintains a blanket lien on certain loans in its residential real estate, commercial and home equity portfolios. Loans held for sale, at fair value consists of loans originated by F&M Mortgage for sale in the secondary market. The volume of loans fluctuates due to changes in secondary market rates, which affects demand for mortgage loans. Loans held for sale as of March 31, 2022 and December 31, 2021 were $2,479 and $4,887, respectively. The following is a summary of information pertaining to impaired loans (dollars in thousand): March 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment(1) Balance Allowance Investment Balance Allowance Impaired loans without a valuation allowance: Construction/Land Development $ 637 $ 637 $ - $ 645 $ 645 $ - Farmland 2,215 2,215 - 2,286 2,286 - Real Estate 2,384 2,384 - 2,748 2,748 - Multi-Family - - - - - - Commercial Real Estate 11,032 11,032 - 8,494 8,494 - Home Equity – closed end - - - 147 147 - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - 5 5 - Credit cards - - - - - - Dealer Finance 15 15 - 12 12 - 16,283 16,283 - 14,337 14,337 - Impaired loans with a valuation allowance Construction/Land Development - - - - - - Farmland - - - - - - Real Estate 1,495 1,495 113 1,172 1,172 119 Multi-Family - - - - - - Commercial Real Estate 3,243 3,243 456 6,004 6,004 603 Home Equity – closed end - - - - - - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - - - - Credit cards - - - - - - Dealer Finance 54 54 13 95 95 14 4,792 4,792 582 7,271 7,271 736 Total impaired loans $ 21,075 $ 21,075 $ 582 $ 21,608 $ 21,608 $ 736 1 Note 3. Loans, continued The following is a summary of the average investment and interest income recognized for impaired loans (dollars in thousands): March 31, 2022 December 31, 2021 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Impaired loans without a valuation allowance: Construction/Land Development $ 641 $ 6 $ 984 $ 29 Farmland 2,251 70 1,760 126 Real Estate 2,566 33 4,575 155 Multi-Family - - - - Commercial Real Estate 9,763 186 9,225 253 Home Equity – closed end 74 - 414 18 Home Equity – open end - - - - Commercial & Industrial – Non-Real Estate - - 2 - Consumer 3 - 1 - Credit Cards - - - - Dealer Finance 14 - 14 1 15,312 295 16,975 582 Impaired loans with a valuation allowance: Construction/Land Development $ - $ - $ - $ - Farmland - - 420 - Real Estate 1,334 16 1,399 45 Multi-Family - - - - Commercial Real Estate 4,624 42 6,201 172 Home Equity – closed end - - - - Home Equity – open end - - - - Commercial & Industrial – Non-Real Estate - - - - Consumer - - - - Credit Card - - - - Dealer Finance 75 1 112 9 6,033 59 8,132 226 Total Impaired Loans $ 21,345 $ 354 $ 25,107 $ 808 Note 3. Loans, continued The following table presents the aging of the recorded investment of past due loans (dollars in thousands) as of March 31, 2022 and December 31, 2021: March 31, 2022 30-59 Days Past due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loan Receivable Non-Accrual Loans Recorded Investment >90 days & accruing Construction/Land Development $ 31 $ 55 $ - $ 86 $ 72,162 $ 72,248 $ 86 $ - Farmland 20 - - 20 65,483 65,503 1,259 - Real Estate 873 124 366 1,363 137,257 138,620 551 - Multi-Family - - - - 5,667 5,667 - - Commercial Real Estate 244 - 108 352 161,988 162,340 2,798 - Home Equity – closed end 106 - - 106 5,626 5,732 - - Home Equity – open end 333 - 7 340 45,075 45,415 - 7 Commercial & Industrial – Non- Real Estate 28 - 77 105 42,615 42,720 35 41 Consumer 16 - - 16 7,513 7,529 - - Dealer Finance 477 146 - 623 110,614 111,237 22 - Credit Cards 14 2 6 22 2,847 2,869 - 6 Less: Deferred loan fees, net of costs - - - - (320 ) (320 ) - - Total $ 2,142 $ 327 $ 564 $ 3,033 $ 656,527 $ 659,560 $ 4,751 $ 54 December 31, 2021 30-59 Days Past due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loan Receivable Non-Accrual Loans Recorded Investment >90 days & accruing Construction/Land Development $ 360 $ 41 $ 38 $ 439 $ 74,797 $ 75,236 $ 302 $ - Farmland - - - - 66,344 66,344 1,320 - Real Estate 1,254 89 395 1,738 137,814 139,552 827 - Multi-Family - - - - 4,887 4,887 - - Commercial Real Estate - - 108 108 163,456 163,564 2,975 - Home Equity – closed end 53 - - 53 6,209 6,262 - - Home Equity – open end 471 216 - 687 43,560 44,247 - - Commercial & Industrial – Non- Real Estate 35 1 43 79 44,145 44,224 - 43 Consumer 9 67 - 76 7,960 8,036 1 - Dealer Finance 694 91 16 801 106,545 107,346 40 - Credit Cards 16 - - 16 2,984 3,000 - - Less: Deferred loan fees, net of costs - - - - (277 ) (277 ) - - Total $ 2,892 $ 505 $ 600 $ 3,997 $ 658,424 $ 662,421 $ 5,465 $ 43 On March 31, 2022 and December 31, 2021, other real estate owned did not include any foreclosed residential real estate. The Company has $366 thousand of consumer mortgages for which foreclosure was in process on March 31, 2022. Nonaccrual loans on March 31, 2022 would have earned approximately $54 thousand in interest income for the quarter had they been accruing loans.

Allowance for Loan Losses

Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2022
Allowance for Loan Losses
Allowance For Loan Losses	Note 4. Allowance for Loan Losses A summary of changes in the allowance for loan losses (dollars in thousands) for March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 Beginning Balance Charge-offs Recoveries Provision Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Allowance for loan losses: Construction/Land Development $ 977 $ - $ - $ (275 ) $ 702 $ - $ 702 Farmland 448 - - 4 452 - 452 Real Estate 1,162 - - 2 1,164 113 1,051 Multi-Family 29 - - 6 35 - 35 Commercial Real Estate 2,205 - - (112 ) 2,093 456 1,637 Home Equity – closed end 41 - - (2 ) 39 - 39 Home Equity – open end 407 - 129 (162 ) 374 - 374 Commercial & Industrial – Non-Real Estate 288 1 30 (7 ) 310 - 310 Consumer 520 21 11 13 523 - 523 Dealer Finance 1,601 204 152 85 1,634 13 1,621 Credit Cards 70 12 7 (2 ) 63 - 63 Total $ 7,748 $ 238 $ 329 $ (450 ) $ 7,389 $ 582 $ 6,807 December 31, 2021 Beginning Balance Charge-offs Recoveries Provision Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Allowance for loan losses: Construction/Land Development $ 1,249 $ - $ 307 $ (579 ) $ 977 $ - $ 977 Farmland 731 - - (283 ) 448 - 448 Real Estate 1,624 - 76 (538 ) 1,162 119 1,043 Multi-Family 54 - - (25 ) 29 - 29 Commercial Real Estate 3,662 - 19 (1,476 ) 2,205 603 1,602 Home Equity – closed end 55 - - (14 ) 41 - 41 Home Equity – open end 463 - 13 (69 ) 407 - 407 Commercial & Industrial – Non- Real Estate 363 40 37 (72 ) 288 - 288 Consumer 521 33 24 8 520 - 520 Dealer Finance 1,674 1,038 754 211 1,601 14 1,587 Credit Cards 79 54 29 16 70 - 70 Total $ 10,475 $ 1,165 $ 1,259 $ (2,821 ) $ 7,748 $ 736 $ 7,012 Note 4. Allowance for Loan Losses, continued The following table presents the recorded investment in loans (dollars in thousands) based on impairment method as of March 31, 2022 and December 31, 2021: March 31, 2022 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 72,248 $ 637 $ 71,611 Farmland 65,503 2,215 63,288 Real Estate 138,620 3,879 134,741 Multi-Family 5,667 - 5,667 Commercial Real Estate 162,340 14,275 148,065 Home Equity – closed end 5,732 - 5,732 Home Equity –open end 45,415 - 45,415 Commercial & Industrial – Non-Real Estate 42,720 - 42,720 Consumer 7,529 - 7,529 Dealer Finance 111,237 69 111,168 Credit Cards 2,869 - 2,869 Gross loans 659,880 21,075 638,805 Less: Deferred loan fees, net of costs (320 ) - (320 ) Total $ 659,560 $ 21,075 $ 638,485 December 31, 2021 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 75,236 $ 645 $ 74,591 Farmland 66,344 2,286 64,058 Real Estate 139,552 3,920 135,632 Multi-Family 4,887 - 4,887 Commercial Real Estate 163,564 14,498 149,066 Home Equity – closed end 6,262 147 6,115 Home Equity –open end 44,247 - 44,247 Commercial & Industrial – Non-Real Estate 44,224 - 44,224 Consumer 8,036 5 8,031 Dealer Finance 107,346 107 107,239 Credit Cards 3,000 - 3,000 Gross Loans 662,698 21,608 641,090 Less: Deferred loan fees, net of costs (277 ) - (277 ) Total $ 662,421 $ 21,608 $ 640,813 Note 4. Allowance for Loan Losses, continued The following table shows the Company’s loan portfolio broken down by internal loan grade (dollars in thousands) as of March 31, 2022 and December 31, 2021: March 31, 2022 Grade 1 Minimal Risk Grade 2 Modest Risk Grade 3 Average Risk Grade 4 Acceptable Risk Grade 5 Marginally Acceptable Grade 6 Watch Grade 7 Substandard Grade 8 Doubtful Total Construction/Land Development $ - $ 5 $ 10,237 $ 42,138 $ 18,116 $ 1,666 $ 86 $ - $ 72,248 Farmland 56 284 6,541 42,425 13,409 1,529 1,259 - 65,503 Real Estate - 893 29,446 64,516 28,028 11,129 4,608 - 138,620 Multi-Family - - 1,007 2,838 1,700 122 - - 5,667 Commercial Real Estate - 1,250 31,985 71,222 41,352 3,890 12,641 - 162,340 Home Equity – closed end - 58 1,051 2,968 685 970 - - 5,732 Home Equity – open end - 1,336 17,138 22,957 2,278 1,484 222 - 45,415 Commercial & Industrial -Non-Real Estate 14 996 9,704 23,440 7,927 543 96 - 42,720 Consumer (excluding dealer) 18 276 3,420 3,598 149 68 - - 7,529 Gross Loans $ 88 $ 5,098 $ 110,529 $ 276,102 $ 113,644 $ 21,401 $ 18,912 $ - $ 545,774 Less: Deferred loan fees, net of costs (320 ) Total $ 545,454 Credit Cards Dealer Finance Performing $ 2,863 $ 111,215 Non-performing 6 22 Total $ 2,869 $ 111,237 Note 4. Allowance for Loan Losses, continued December 31, 2021 Grade 1 Minimal Risk Grade 2 Modest Risk Grade 3 Average Risk Grade 4 Acceptable Risk Grade 5 Marginally Acceptable Grade 6 Watch Grade 7 Substandard Grade 8 Doubtful Total Construction/Land Development $ - $ 6 $ 9,952 $ 43,861 $ 19,457 $ 1,658 $ 302 $ - $ 75,236 Farmland 56 291 6,804 42,615 13,620 1,638 1,320 - 66,344 Real Estate - 1,128 30,268 61,940 28,895 12,462 4,859 - 139,552 Multi-Family - - 1,021 2,586 1,154 126 - - 4,887 Commercial Real Estate - 2,124 36,308 72,414 35,444 4,428 12,846 - 163,564 Home Equity – closed end - 61 1,268 3,103 762 1,068 - - 6,262 Home Equity – open end - 1,293 17,333 21,296 2,477 1,632 216 - 44,247 Commercial & Industrial - Non-Real Estate - 1,001 7,562 21,527 13,538 533 63 - 44,224 Consumer (excluding dealer) 10 522 2,919 3,526 980 79 - - 8,036 Gross loans $ 66 $ 6,426 $ 113,435 $ 272,868 $ 116,327 $ 23,624 $ 19,606 $ - $ 552,352 Less: Deferred loan fees, net of costs (277 ) Total $ 552,075 Credit Cards Dealer Finance Performing $ 3,000 $ 107,330 Non-performing - 16 Total $ 3,000 $ 107,346 Description of internal loan grades: Grade 1 – Minimal Risk Grade 2 – Modest Risk Grade 3 – Average Risk Grade 4 – Acceptable Risk Grade 5 – Marginally acceptable s Grade 6 – Watch Note 4. Allowance for Loan Losses, continued Grade 7 – Substandard Grade 8 – Doubtful Credit card and dealer finance loans are classified as performing or nonperforming. A loan is nonperforming when payments of principal and interest are past due 90 days or more.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	Mar. 31, 2022
Employee Benefit Plan
Employee Benefit Plan	Note 5. Employee Benefit Plan The Bank has a qualified noncontributory defined benefit pension plan which covers substantially all of its full-time employees hired before April 1, 2012. The benefits are primarily based on years of service and earnings. The Company uses December 31 st The following is a summary of net periodic pension costs for the three month periods ended March 31, 2022 and 2021 (dollars in thousands): Three Months Ended March 31, 2022 March 31, 2021 Service cost $ 190 $ 216 Interest cost 104 95 Expected return on plan assets (195 ) (198 ) Amortization of net loss 58 72 Net periodic pension cost $ 157 $ 185

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Allowance for Loan Losses
Fair Value	Note 6. Fair Value The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Accounting guidance for fair value excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The Company records fair value adjustments to certain assets and liabilities and determines fair value disclosures utilizing a definition of fair value of assets and liabilities that states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Additional considerations are involved to determine the fair value of financial assets in markets that are not active. Note 6. Fair Value, continued The Company uses a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 – Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 – Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 – Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 securities would include U.S. agency securities, mortgage-backed agency securities, obligations of states and political subdivisions and certain corporate, asset backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. The carrying value of restricted Federal Reserve Bank and Federal Home Loan Bank stock approximates fair value based upon the redemption provisions of each entity and is therefore excluded from the following table. Loans Held for Sale The Company uses the fair value accounting for its entire portfolio of originated loans held for sale in accordance with ASC 820 – Fair Value Measurement and Disclosures. Fair value of the Company’s originated loans held for sale through F&M Mortgage is based on observable market prices for similar instruments traded in the secondary mortgage loan markets in which the Company conducts business. The Company’s portfolio of loans held for sale through F&M Mortgage is classified as Level 2. Gains and losses on the sale of loans are recorded within mortgage banking income, net on the Consolidated Statements of Income. Derivative assets – IRLCs The Company recognizes IRLCs at fair value based on the price of the underlying loans obtained from an investor for loans that will be delivered on a best-efforts basis while taking into consideration the probability that the rate lock commitments will close. All of the Company’s IRLCs are classified as Level 2. Derivative Asset/Liability – Forward Sale Commitments The Company uses the fair value accounting for its forward sales commitments related to IRLCs and LHFS. Best efforts sales commitments are entered into for loans intended for sale in the secondary market at the time the borrower commitment is made. The best efforts commitments are valued using the committed price to the counter-party against the current market price of the interest rate lock commitment or mortgage loan held for sale. All the Company’s forward sale commitments are classified Level 2. Derivative Asset/Liability – Indexed Certificate of Deposit The Company’s derivatives, which are associated with the Indexed Certificate of Deposit (ICD) product once offered, are recorded at fair value based on third party vendor supplied information using discounted cash flow analysis from observable-market based inputs, which are considered Level 2 inputs. This product is no longer offered, however there are a few certificates of deposits that have not matured. Note 6. Fair Value, continued The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (dollars in thousands): March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 2,479 $ - $ 2,479 $ - U. S. Treasury securities 42,868 - 42,868 - U. S. Government sponsored enterprises 158,540 - 158,540 - Securities issued by States and political subdivisions in the U. S. 32,674 - 32,674 - Mortgage-backed obligations of federal agencies 197,594 - 197,594 - Corporate debt securities 30,146 - 30,146 - Forward Sales Commitments 637 - 637 - Assets at Fair Value $ 464,938 $ - $ 464,938 $ - Liabilities: Derivatives - ICD $ 3 $ - $ 3 $ - IRLC 262 - 262 - Liabilities at Fair Value $ 265 $ - $ 265 $ - December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 4,887 $ - $ 4,887 $ - IRLC 258 - 258 - U. S. Treasury securities 29,482 - 29,482 - U.S. Government sponsored enterprises 133,714 - 133,714 - Securities issued by States and political subdivisions of the US 34,337 - 34,337 - Mortgage-backed obligations of federal agencies 183,647 - 183,647 - Corporate debt securities 22,702 - 22,702 - Forward sales commitments 112 - 112 - Assets at Fair Value $ 409,139 $ - $ 409,139 $ - Liabilities: Derivatives – ICD $ 3 $ - $ 3 $ - Liabilities at Fair Value $ 3 $ - $ 3 $ - Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements: Assets Held for Sale Assets held for sale were transferred from bank premises at the lower of cost less accumulated depreciation or fair value at the date of transfer. The Company periodically evaluates the value of assets held for sale and records an impairment charge for any subsequent declines in fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the Company records the assets held for sale as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the asset held for sale as nonrecurring Level 3. Note 6. Fair Value, continued Impaired Loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due will not be collected according to the contractual terms of the loan agreement. Troubled debt restructurings are impaired loans. Impaired loans are measured at fair value on a nonrecurring basis. If an individually-evaluated impaired loan’s balance exceeds fair value, the amount is allocated to the allowance for loan losses. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Consolidated Statements of Income. The fair value of an impaired loan and measurement of associated loss is based on one of three methods: the observable market price of the loan, the present value of projected cash flows, or the fair value of the collateral. The observable market price of a loan is categorized as a Level 1 input. The present value of projected cash flows method results in a Level 3 categorization because the calculation relies on the Company’s judgment to determine projected cash flows, which are then discounted at the current rate of the loan, or the rate prior to modification if the loan is a troubled debt restructure. Loans measured using the fair value of collateral method are categorized in Level 3. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. Most collateral is real estate. The Company bases collateral method fair valuation upon the “liquidation” value of independent appraisals or evaluations. The value of real estate collateral is determined by an independent appraisal utilizing an income or market valuation approach. The Company discounts appraised value by estimated selling costs to arrive at net fair value. Appraisals conducted by an independent, licensed appraiser outside of the Company as observable market data is categorized as Level 3. The value of business equipment is based upon an outside appraisal (Level 3) if deemed significant, or the net book value on the applicable business’ financial statements (Level 3) if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). As of March 31, 2022 and December 31, 2021, the fair value measurements for impaired loans with specific allocations were primarily based upon the fair value of the collateral. The following table summarizes the Company’s financial assets that were measured at fair value on a nonrecurring basis during the period (dollars in thousands): March 31, 2022 Total Level 1 Level 2 Level 3 Real Estate $ 1,382 $ - $ - $ 1,382 Commercial Real Estate 2,787 - - 2,787 Dealer Finance 41 - - 41 Impaired loans $ 4,210 $ - $ - $ 4,210 Bank premises held for sale $ 300 $ - $ - $ 300 December 31, 2021 Total Level 1 Level 2 Level 3 Real Estate $ 1,053 $ - $ - $ 1,053 Commercial Real Estate 5,401 - - 5,401 Dealer Finance 81 - - 81 Impaired loans $ 6,535 $ - $ - $ 6,535 Bank premises held for sale $ 300 $ - $ - $ 300 The following table presents information about Level 3 Fair Value Measurements for March 31, 2022 (dollars in thousands): Fair Value at March 31, 2022 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 4,210 Discounted appraised value Discount for selling costs and marketability 14.00%-32.92% (Average 22.97%) Note 6. Fair Value, continued Impaired Loans, continued The following table presents information about Level 3 Fair Value Measurements for December 31, 2021 (dollars in thousands): Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 6,535 Discounted appraised value Discount for selling costs and marketability 11.76%-28.00% (Average 17.31%) Other Real Estate Owned Certain assets such as other real estate owned (OREO) are measured at fair value less cost to sell. Valuation of other real estate owned is determined using current appraisals from independent parties, a Level 2 input. If current appraisals cannot be obtained prior to reporting dates, or if declines in value are identified after a recent appraisal is received, appraisal values are discounted, resulting in Level 3 estimates. If the Company markets the property with a realtor, estimated selling costs reduce the fair value, resulting in a valuation based on Level 3 inputs. The Company markets other real estate owned and assets held for sale both independently and with local realtors. Properties marketed by realtors are discounted by selling costs. Properties that the Company markets independently are not discounted by selling costs. The Company did not have any other real estate owned as of March 31, 2022 and December 31, 2021.

Disclosures about Fair Value of

Disclosures about Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2022
Allowance for Loan Losses
Disclosures about Fair Value of Financial Instruments	N ote 7. Disclosures about Fair Value of Financial Instruments The following presents the carrying amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and December 31, 2021. Fair values for March 31, 2022 and December 31, 2021 are estimated under the exit price notion in accordance with the prospective adoption of ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities. The estimated fair values, and related carrying amounts (dollars in thousands), of the Company’s financial instruments are as follows (dollars in thousands): Fair Value Measurements at March 31, 2022 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at March 31, 2022 Assets: Cash and cash equivalents $ 48,376 $ 48,376 $ - $ - $ 48,376 Securities 461,947 - 461,947 - 461,947 Loans held for sale 2,479 - 2,479 - 2,479 Loans held for investment, net 659,560 - - 646,369 646,369 Interest receivable 3,345 - 3,345 - 3,345 Bank owned life insurance 23,042 - 23,042 - 23,042 Forward sales commitments 637 - 637 - 637 Total $ 1,199,386 $ 48,376 $ 491,450 $ 646,369 $ 1,186,195 Liabilities: Deposits $ 1,112,295 $ - $ 1,004,305 $ 117,811 $ 1,122,116 Long-term debt 21,780 - - 22,105 22,105 IRLC 262 - 262 - 262 Interest payable 251 - 251 - 251 Total $ 1,134,588 $ - $ 1,004,818 $ 139,916 $ 1,144,734 N ote 7. Disclosures about Fair Value of Financial Instruments, continued Fair Value Measurements at December 31, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2021 Assets: Cash and cash equivalents $ 88,121 $ 88,121 $ - $ - $ 88,121 Securities 404,007 - 404,007 - 404,007 Loans held for sale 4,887 - 4,887 - 4,887 IRLC 258 - 258 - 258 Loans held for investment, net 662,421 - - 652,096 652,096 Interest receivable 3,117 - 3,117 - 3,117 Bank owned life insurance 22,878 - 22,878 - 22,878 Forward sales commitments 112 - 112 - 112 Total $ 1,185,801 $ 88,121 $ 435,259 $ 652,096 $ 1,175,476 Liabilities: Deposits $ 1,080,295 $ - $ 968,604 $ 123,718 $ 1,092,322 Long-term debt 21,772 - - 22,443 22,443 Interest payable 491 - 491 - 491 Total $ 1,102,558 $ - $ 969,095 $ 146,161 $ 1,115,256

Troubled Debt Restructuring

Troubled Debt Restructuring	3 Months Ended
	Mar. 31, 2022
Troubled Debt Restructuring
Troubled Debt Restructuring	Note 8. Troubled Debt Restructuring In the determination of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings by adjusting the loan grades of such loans, which are considered in the qualitative factors within the allowance. Defaults resulting in charge-offs affect the historical loss experience ratios which are a component of the allowance for loan loss methodology. Additionally, specific reserves may be established on restructured loans which are evaluated individually for impairment. During the three months ended March 31, 2022, there was one loan modification that was considered to be troubled debt restructurings. The modification was due to a revision to the amortization schedule. Three months ended March 31, 2022 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real Estate 1 $ 164 $ 164 On March 31, 2022, there were no loans restructured in the previous 12 months in default or on nonaccrual status. A restructured loan is considered in default when it becomes 90 days past due. During the three months ended March 31, 2021, there was one loan modification that was considered to be troubled debt restructurings. The modifications included a partial release of the collateral. Three months ended March 31, 2021 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real Estate 1 $ 110 $ 110 On March 31, 2021, there were no loans restructured in the previous 12 months in default or on nonaccrual status. A restructured loan is considered in default when it becomes 90 days past due.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	Note 9. Accumulated Other Comprehensive Loss The balances in accumulated other comprehensive loss are shown in the following tables for March 31, 2022 and 2021 (dollars in thousands): Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ (1,801 ) $ (3,291 ) $ (5,092 ) Change in unrealized securities gains (losses), net of tax (14,259 ) - (14,259 ) Balance at March 31, 2022 $ (16,060 ) $ (3,291 ) $ (19,351 ) Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ 804 $ (3,821 ) $ (3,017 ) Change in unrealized securities gains (losses), net of tax (1,114 ) - (1,114 ) Balance at March 13, 2021 $ (310 ) $ (3,821 ) $ (4,131 ) There were no reclassifications adjustments reported on the consolidated statements of income during the three months ended March 31, 2022 or 2021.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2022
Business Segments
Business Segments	Note 10. Business Segments The Company utilizes its subsidiaries to provide multiple business segments including retail banking, mortgage banking, title insurance services, investment services and credit life and accident and health insurance products related to lending. Revenues from retail banking operations consist primarily of interest earned on loans and investment securities and service charges on deposit accounts. Mortgage banking operating revenues consist principally of gains on sales of loans in the secondary market, loan origination fee income and interest earned on mortgage loans held for sale. Revenues from title insurance services, investment services and insurance products consist of commissions on products provided. The following tables represent revenues and expenses by segment for the three months ended March 31, 2022 and 2021 (dollars in thousands). Three Months Ended March 31, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 9,037 $ 29 $ 8 $ - $ - $ (13 ) $ 9,061 Service charges on deposits 307 - - - - - 307 Investment services and insurance income - - 253 - - (2 ) 251 Mortgage banking income, net - 742 - - - - 742 Title insurance income - - - 473 - - 473 Other operating income 708 2 - - - - 710 Total income (loss) 10,052 773 261 473 - (15 ) 11,544 Expenses: Interest Expense 874 6 - - 137 (13 ) 1,004 (Recovery of) loan losses (450 ) - - - - - (450 ) Salary and benefit expense 3,947 573 104 301 - - 4,925 Other operating expenses 3,328 214 21 83 (19 ) (2 ) 3,625 Total expense 7,699 793 125 384 118 (15 ) 9,104 Net income (loss) before taxes 2,353 (20 ) 136 89 (118 ) - 2,440 Income tax expense (benefit) 386 - 31 - (505 ) - (88 ) Net Income attributable to F & M Bank Corp. $ 1,967 $ (20 ) $ 105 $ 89 $ 387 $ - $ 2,528 Total Assets $ 1,242,957 $ 9,012 $ 8,532 $ 2,967 $ 99,890 $ (125,099 ) $ 1,238,259 Goodwill $ 2,868 $ - $ - $ 3 $ 211 $ - $ 3,082 Three months ended March 31, 2021 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 8,716 $ 72 $ 30 $ - $ - $ (72 ) $ 8,746 Service charges on deposits 285 - - - - - 285 Investment services and insurance income - - 348 - - (1 ) 347 Mortgage banking income, net - 1,672 - - - - 1,672 Title insurance income - - - 456 - - 456 Other operating income (loss) 593 23 - - (21 ) - 595 Total income (loss) 9,594 1,767 378 456 (21 ) (73 ) 12,101 Expenses: Interest Expense 876 66 - - 198 (72 ) 1,068 (Recovery of) loan losses (725 ) - - - - - (725 ) Salary and benefit expense 3,514 615 97 286 - - 4,512 Other operating expenses 2,834 233 6 82 20 (1 ) 3,174 Total expense 6,499 914 103 368 218 (73 ) 8,029 Net income (loss) before taxes 3,095 853 275 88 (239 ) - 4,072 Income tax expense (benefit) 521 - 57 - (307 ) - 271 Net Income attributable to F & M Bank Corp. $ 2,574 $ 853 $ 218 $ 88 $ 68 $ - $ 3,801 Total Assets $ 1,016,023 $ 14,340 $ 8,519 $ 2,559 $ 109,474 $ (139,938 ) $ 1,010,977 Goodwill $ 2,670 $ 47 $ - $ 3 $ 164 $ - $ 2,884

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Business Segments
Debt	Note 11. Debt Short-term Debt The Company utilizes short-term debt such as Federal funds purchased and Federal Home Loan Bank of Atlanta (FHLB) short term borrowings to support the loans held for sale participation program and provide liquidity. Federal funds purchased are unsecured overnight borrowings from other financial institutions. FHLB short term debt, which is secured by the loan portfolio, can be a daily rate variable loan that acts as a line of credit or a fixed rate advance, depending on the need of the Company. There was no short-term debt at March 31, 2022 and December 31, 2021. Long-term Debt The Company utilizes the FHLB advance program to fund loan growth and provide liquidity. The interest rates on long-term debt are fixed at the time of the advance; the weighted average interest rate was .81% at March 31, 2022 and at December 31, 2021. The balance of these obligations at March 31, 2022 and December 31, 2021 was $10,000. FHLB advances include a $10,000 letter of credit at FHLB that is pledged to the Commonwealth of Virginia to secure public funds. On July 29, 2020, the Company sold and issued to certain institutional accredited investors $5,000 in aggregate principal amount of 5.75% fixed rated subordinated notes due July 31, 2027 (the “2027 Notes”) and $7,000 in aggregate principal amount of 6.00% fixed to floating rate subordinated notes due July 31, 2030 (the “2030 Notes”). The 2027 Notes will bear interest at 5.75% per annum, payable semi-annually in arrears. Beginning on July 31, 2022 through maturity, the 2027 Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. The 2027 Notes will mature on July 31, 2027. The 2030 Notes will initially bear interest at 6.00% per annum, beginning July 29, 2020 to but excluding July 31, 2025, payable semi-annually in arrears. From and including July 31, 2025 through July 30, 2030, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 593 basis points, payable quarterly in arrears. Beginning on July 31, 2025 through maturity, the 2030 Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. The 2030 Notes will mature on July 31, 2030. The subordinated notes, net of issuance costs totaled $11,780 at March 31, 2022.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Revenue Recognition	Note 12. Revenue Recognition Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, interchange fees, merchant income, and annuity and insurance commissions. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Investment Services and Insurance Income Investment services and insurance income primarily consists of commissions received on mutual funds and other investment sales. Commissions from the sale of mutual funds and other investments are recognized on trade date, which is when the Company has satisfied its performance obligation. Title Insurance Income VSTitle provides title insurance and real estate settlement services. Revenue is recognized at the time the real estate transaction is completed. Note 12. Revenue Recognition, continued ATM and Check Card Fees ATM and Check Card Fees are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other Other noninterest income consists of other recurring revenue streams such as safe deposit box rental fees, and other service charges. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. Other service charges include revenue from processing wire transfers, online payment fees, cashier’s checks, mobile banking fees and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Gains/Losses on sale of OREO The Company records a gain or loss from the sale of OREO when the control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. The Company recorded no losses on the sale of OREO property in the three months ended March 31, 2022 and 2021, which is presented on the consolidated income statement as a noninterest expense and therefore, not reflected in the table below. The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2022 and 2021 (dollars in thousands). Three Months Ended March 31, 2022 2021 Noninterest Income In-scope of Topic 606: Service Charges on Deposits $ 307 $ 285 Investment Services and Insurance Income 251 347 Title Insurance Income 473 456 ATM and check card fees 563 520 Other 157 63 Noninterest Income (in-scope of Topic 606) 1,751 1,671 Noninterest Income (out-of-scope of Topic 606) 732 1,684 Total Noninterest Income $ 2,483 $ 3,355 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2022 and December 31, 2021, the Company did not have any significant contract balances. Note 12. Revenue Recognition, continued Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition cost.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases
Leases	Note 13. Leases The Company adopted ASU No. 2016-02 “Leases (Topic 842)” Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases (dollars in thousands): March 31, 2022 March 31, 2021 Lease Liabilities $ 911 $ 839 Right-of-use assets $ 889 $ 814 Weighted average remaining lease term 3.17 years 3.89 years Weighted average discount rate 3.05 % 3.50 % For the Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost $ 153 $ 26 Total lease cost $ 153 $ 26 Cash paid for amounts included in the measurement of lease liabilities $ 181 $ 31 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands): March 31, 2022 Nine months ending December 31, 2022 $ 132 Twelve months ending December 31, 2023 135 Twelve months ending December 31, 2024 136 Twelve months ending December 31, 2025 98 Twelve months ending December 31, 2026 70 Thereafter 518 Total undiscounted cash flows $ 1,089 Discount 178 Lease liabilities $ 911

Mortgage Banking and Derivative

Mortgage Banking and Derivatives	3 Months Ended
	Mar. 31, 2022
Leases
Mortgage Banking And Derrivatives	Note 14. Mortgage Banking and Derivatives Loans Held for Sale The Company, through the Bank’s mortgage banking subsidiary, F&M Mortgage Company, originates residential mortgage loans for sale in the secondary market. Residential mortgage loans held for sale are sold to the permanent investor with the mortgage servicing rights released. The Company uses fair value accounting for its entire portfolio of loans held for sale (LHFS) in accordance with ASC 820 – Fair Value Measurement and Disclosures. Fair value of the Company’s LHFS is based on observable market prices for the identical instruments traded in the secondary mortgage loan markets in which the Company conducts business total $2,479 as of March 31, 2022 of which $2,544 is related to unpaid principal. The Company’s portfolio of LHFS is classified as Level 2. Interest Rate Lock Commitments and Forward Sales Commitments The Company, through F&M Mortgage Company, enters into commitments to originate residential mortgage loans in which the interest rate on the loan is determined prior to funding, termed interest rate lock commitments (IRLCs). Such rate lock commitments on mortgage loans to be sold in the secondary market are considered to be derivatives. Upon entering into a commitment to originate a loan, the Company protects itself from changes in interest rates during the period prior to sale by requiring a firm purchase agreement from a permanent investor before a loan can be closed (forward sales commitment). The Company locks in the loan and rate with an investor and commits to deliver the loan if settlement occurs on a best efforts basis, thus limiting interest rate risk. Certain additional risks exist if the investor fails to meet its purchase obligation; however, based on historical performance and the size and nature of the investors the Company does not expect them to fail to meet their obligation. The Company determines the fair value of the IRLCs based on the price of the underlying loans obtained from an investor for loans that will be delivered on a best efforts basis while taking into consideration the probability that the rate loan commitments will close. The fair value of these derivative instruments is reported in “Other Liabilities” in the Consolidated Balance Sheet at March 31, 2022, and totaled $262, with a notional amount of $25,542 and total positions of 82. The fair value of the IRLCs at December 31, 2021 totaled $258, with a notional amount of $18,801 and total positions of 70. Changes in fair value are recorded as a component of “Mortgage banking income, net” in the Consolidated Income Statement for the period ended March 31, 2022. The Company’s IRLCs are classified as Level 2. At March 31, 2022 and December 31, 2021, each IRLC and all LHFS were subject to a forward sales commitment on a best efforts basis. The Company uses fair value accounting for its forward sales commitments related to IRLCs and LHFS under ASC 825-10-15-4(b). The fair value of forward sales commitments was reported in “Other Assets” in the Consolidated Balance Sheet at March 31, 2022 totaled $637, with a notional amount of $28,085 and total positions of $96. The fair value of forward sales commitments was reported in “Other Assets” in the Consolidated Balance Sheet at December 31, 2021 totaled $112, with a notional amount of $23,721 and total positions of 91.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Leases
Stock-based Compensation	Note 15. Stock-Based Compensation The Company maintains the F & M Bank Corp. 2020 Stock Incentive Plan, which was designed to further the long-term stability and financial success of the Company by attracting and retaining personnel, including employees, directors, and consultants, through the use of stock and stock-based incentives. It was adopted by the Company’s Board, effective upon shareholder approval on May 2, 2020 and will expire on March 18, 2030. The plan provides for the granting of an option, restricted stock, restricted stock unit, stock appreciation right, or stock award to employees, directors, and consultants. It authorizes the issuance of up to 200,000 shares of the Company’s common stock. The Company’s Stock Plan Committee administers the plan, identifies which participants will be granted awards, and determines the terms and conditions applicable to the awards. On March 7, 2022 the Company’s Stock Plan Committee awarded 17,763 shares with a fair value of $547,989 from this plan to selected employees. These shares vest 25% over each of the next four years. The Committee also awarded 1,145 shares with a fair value of $35,323 to directors that vested upon issuance. As of March 31, 2022, there was $837 thousand of unrecognized compensation cost related to nonvested restricted stock. Note 15. Stock-Based Compensation, continued The following table summarizes the status of the Company’s nonvested awards for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested, beginning of period 15,869 $ 26.78 - $ - Granted 17,763 30.85 16,140 26.75 Vested (3,920 ) 30.85 - - Forfeited (474 ) 29.10 - - Nonvested, end of period 29,238 $ 29.20 16,140 $ 26.75

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature Of Operations	The Company, through its subsidiary Farmers & Merchants Bank (the “Bank”), operates under a charter issued by the Commonwealth of Virginia and provides commercial banking services. As a state chartered bank, the Bank is subject to regulation by the Virginia Bureau of Financial Institutions and the Federal Reserve Bank. The Bank provides services to customers primarily in the counties of Rockingham, Shenandoah, and Augusta, and the cities of Harrisonburg, Staunton, Waynesboro and Winchester in Virginia. Services are provided at thirteen branch offices and a Dealer Finance Division. The Company offers insurance, mortgage lending, title insurance and financial services through its subsidiaries, TEB Life Insurance Company, Farmers & Merchants Financial Services, Inc. (“FMFS”), F&M Mortgage, and VSTitle, LLC (“VST”).
Risk And Uncertainties	The coronavirus (“COVID-19”) pandemic spread rapidly across the world in the first quarter of 2020 and was declared a pandemic by the World Health Organization. The government and private sector responses to contain its spread began to significantly affect our business operations in March 2020 with branch lobby closings, operations and administrative staff working remotely and the use of virtual meetings. Branch lobbies were only open by appointment from March 2020 to April 12, 2021 and from January 18, 2022 to March 7, 2022. The full impact of COVID-19 and its length and duration remains uncertain at this time. The Company is closely monitoring the effects of the pandemic on our customers and loan portfolio. The risks and uncertainties resulting from the pandemic may adversely affect our future earnings, cash flows and financial condition, including among others, credit losses resulting from financial stress on borrowers, decreased demand for products and operational failures. In addition, significant assumptions, judgments, and estimates used in the preparation of our financial statements, including those associated with evaluations of goodwill for impairment, and allowance for loan losses, may be subject to adjustments in future periods due to the rapidly changing, uncertain and unprecedented nature of the pandemic.
Reclassification	Certain reclassifications have been made to prior period amounts to conform to current period presentation. None of these reclassifications are considered material and have no impact on net income.
Earnings Per Share	Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of conversion of preferred stock is reflected in the diluted earnings per common share calculation. All of the Company’s outstanding preferred stock was redeemed by the Company for cash or converted to common stock during the fourth quarter of 2021. Nonvested restricted shares are included in the computation of basic earnings per share as the holder is entitled to full shareholder benefits during the vesting period, including voting rights and sharing in nonforfeitable dividends. Net income available to common stockholders represents consolidated net income adjusted for preferred dividends declared. The following table provides a reconciliation of net income to net income available to common stockholders for the periods presented (dollars in thousands): For the Three months ended For the Three months ended March 31, 2022 March 31, 2021 Earnings available to common stockholders: Net income $ 2,528 $ 3,801 Preferred stock dividends - 65 Net income available to common stockholders $ 2,528 $ 3,736 The following table shows the effect of dilutive preferred stock conversion on the Company’s earnings per share for the periods indicated (dollars in thousands): Three months ended March 31, 2022 Three months ended March 31, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 2,528 3,434,892 $ 0.74 $ 3,736 3,205,074 $ 1.17 Effect of Dilutive Securities: Convertible Preferred Stock - - - 65 228,118 (0.06 ) Diluted EPS $ 2,528 3,434,892 $ 0.74 $ 3,801 3,433,192 $ 1.11
Principles Of Consolidation	The accompanying unaudited consolidated financial statements include the accounts of Farmers & Merchants Bank, TEB Life Insurance Company, Farmers & Merchants Financial Services, Inc., VBS Mortgage, LLC (dba F&M Mortgage), and VSTitle, LLC and were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). The accompanying unaudited consolidated financial statements include the accounts of the Company, the Bank and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Basis Of Presentation	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and fair value. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for fair presentation of the results of operations in these financial statements, have been made.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule Of Effect Of Dilutive Preferred Stock Conversion	For the Three months ended For the Three months ended March 31, 2022 March 31, 2021 Earnings available to common stockholders: Net income $ 2,528 $ 3,801 Preferred stock dividends - 65 Net income available to common stockholders $ 2,528 $ 3,736
Schedule Of Earnings Per Share	Three months ended March 31, 2022 Three months ended March 31, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 2,528 3,434,892 $ 0.74 $ 3,736 3,205,074 $ 1.17 Effect of Dilutive Securities: Convertible Preferred Stock - - - 65 228,118 (0.06 ) Diluted EPS $ 2,528 3,434,892 $ 0.74 $ 3,801 3,433,192 $ 1.11

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Investment Securities (Tables)
Schedule Of Amortized Cost And Fair Value For Securities	Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2022 U. S. Government Treasuries $ 44,759 $ - $ 1,891 $ 42,868 U. S. Government sponsored enterprises 163,460 - 4,920 158,540 Securities issued by States and political subdivisions in the U.S. 34,570 - 1,896 32,674 Mortgage-backed obligations of federal agencies 208,812 248 11,466 197,594 Corporate debt security 30,550 318 722 30,146 Total Securities Available for Sale $ 482,151 $ 566 $ 20,895 $ 461,822 December 31, 2021 U. S. Government Treasuries $ 29,847 $ - $ 365 $ 29,482 U. S. Government sponsored enterprises 134,466 - 752 133,714 Securities issued by States and political subdivisions of the U.S. 34,078 406 147 34,337 Mortgage-backed obligations of federal agencies 185,216 522 2,091 183,647 Corporate debt securities 22,555 372 225 22,702 Total Securities Available for Sale $ 406,162 $ 1,300 $ 3,580 $ 403,882
Schedule Of Amortized Cost And Fair Value Of Securities Current	Securities Held to Maturity Securities Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 125 $ 125 $ 4,835 $ 4,797 Due after one year through five years - - 195,056 189,575 Due after five years - - 105,218 100,754 Due after ten years - - 177,042 166,696 Total $ 125 $ 125 $ 482,151 $ 461,822
Schedule Amortized Cost And Fair Value Of Securities, Maturity	Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2021 U. S. Government treasuries $ 29,481 $ 365 $ - $ - $ 29,481 $ 365 U. S. Government sponsored enterprises 93,714 752 - - 93,714 752 Securities issued by State and political subdivisions in the U. S. 13,308 147 - - 13,308 147 Mortgage-backed obligations of federal agencies 126,501 1,871 10,074 220 136,575 2,091 Corporate debt securities 8,825 225 - - 8,825 225 Total $ 271,829 $ 3,360 $ 10,074 $ 220 $ 281,903 $ 3,850
Schedule Of Unrealized Losses	Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2022 U. S. Government treasuries $ 28,752 $ 1,074 $ 9,088 $ 817 $ 37,840 $ 1,891 U. S. Government sponsored enterprises 135,152 3,315 23,388 1,605 158,540 4,920 Securities issued by States and political subdivisions in the U.S. 32,674 1,896 - - 32,674 1,896 Mortgage-backed obligations of federal agencies 129,236 8,898 31,274 2,568 160,510 11,466 Corporate debt security 15,339 711 489 11 15,828 722 Total $ 341,153 $ 15,894 $ 64,239 $ 5,001 $ 405,392 $ 20,895

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2022
Loans
Schedule Of Loans Outstanding	2022 2021 Construction/Land Development $ 72,248 $ 75,236 Farmland 65,503 66,344 Real Estate 138,620 139,552 Multi-Family 5,667 4,887 Commercial Real Estate 162,340 163,564 Home Equity – closed end 5,732 6,262 Home Equity – open end 45,415 44,247 Commercial & Industrial – Non-Real Estate 42,720 44,224 Consumer 7,529 8,036 Dealer Finance 111,237 107,346 Credit Cards 2,869 3,000 Gross loans 659,880 662,698 Less: Deferred loan fees, net of costs (320 ) (277 ) Total $ 659,560 $ 662,421
Summary Of Information Pertaining To Impaired Loans	March 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment(1) Balance Allowance Investment Balance Allowance Impaired loans without a valuation allowance: Construction/Land Development $ 637 $ 637 $ - $ 645 $ 645 $ - Farmland 2,215 2,215 - 2,286 2,286 - Real Estate 2,384 2,384 - 2,748 2,748 - Multi-Family - - - - - - Commercial Real Estate 11,032 11,032 - 8,494 8,494 - Home Equity – closed end - - - 147 147 - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - 5 5 - Credit cards - - - - - - Dealer Finance 15 15 - 12 12 - 16,283 16,283 - 14,337 14,337 - Impaired loans with a valuation allowance Construction/Land Development - - - - - - Farmland - - - - - - Real Estate 1,495 1,495 113 1,172 1,172 119 Multi-Family - - - - - - Commercial Real Estate 3,243 3,243 456 6,004 6,004 603 Home Equity – closed end - - - - - - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - - - - Credit cards - - - - - - Dealer Finance 54 54 13 95 95 14 4,792 4,792 582 7,271 7,271 736 Total impaired loans $ 21,075 $ 21,075 $ 582 $ 21,608 $ 21,608 $ 736
Summary Of The Average Investment And Interest Income	March 31, 2022 December 31, 2021 Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Impaired loans without a valuation allowance: Construction/Land Development $ 641 $ 6 $ 984 $ 29 Farmland 2,251 70 1,760 126 Real Estate 2,566 33 4,575 155 Multi-Family - - - - Commercial Real Estate 9,763 186 9,225 253 Home Equity – closed end 74 - 414 18 Home Equity – open end - - - - Commercial & Industrial – Non-Real Estate - - 2 - Consumer 3 - 1 - Credit Cards - - - - Dealer Finance 14 - 14 1 15,312 295 16,975 582 Impaired loans with a valuation allowance: Construction/Land Development $ - $ - $ - $ - Farmland - - 420 - Real Estate 1,334 16 1,399 45 Multi-Family - - - - Commercial Real Estate 4,624 42 6,201 172 Home Equity – closed end - - - - Home Equity – open end - - - - Commercial & Industrial – Non-Real Estate - - - - Consumer - - - - Credit Card - - - - Dealer Finance 75 1 112 9 6,033 59 8,132 226 Total Impaired Loans $ 21,345 $ 354 $ 25,107 $ 808
Schedule Of Recorded Investment Of Past Due Loans	March 31, 2022 30-59 Days Past due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loan Receivable Non-Accrual Loans Recorded Investment >90 days & accruing Construction/Land Development $ 31 $ 55 $ - $ 86 $ 72,162 $ 72,248 $ 86 $ - Farmland 20 - - 20 65,483 65,503 1,259 - Real Estate 873 124 366 1,363 137,257 138,620 551 - Multi-Family - - - - 5,667 5,667 - - Commercial Real Estate 244 - 108 352 161,988 162,340 2,798 - Home Equity – closed end 106 - - 106 5,626 5,732 - - Home Equity – open end 333 - 7 340 45,075 45,415 - 7 Commercial & Industrial – Non- Real Estate 28 - 77 105 42,615 42,720 35 41 Consumer 16 - - 16 7,513 7,529 - - Dealer Finance 477 146 - 623 110,614 111,237 22 - Credit Cards 14 2 6 22 2,847 2,869 - 6 Less: Deferred loan fees, net of costs - - - - (320 ) (320 ) - - Total $ 2,142 $ 327 $ 564 $ 3,033 $ 656,527 $ 659,560 $ 4,751 $ 54 December 31, 2021 30-59 Days Past due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loan Receivable Non-Accrual Loans Recorded Investment >90 days & accruing Construction/Land Development $ 360 $ 41 $ 38 $ 439 $ 74,797 $ 75,236 $ 302 $ - Farmland - - - - 66,344 66,344 1,320 - Real Estate 1,254 89 395 1,738 137,814 139,552 827 - Multi-Family - - - - 4,887 4,887 - - Commercial Real Estate - - 108 108 163,456 163,564 2,975 - Home Equity – closed end 53 - - 53 6,209 6,262 - - Home Equity – open end 471 216 - 687 43,560 44,247 - - Commercial & Industrial – Non- Real Estate 35 1 43 79 44,145 44,224 - 43 Consumer 9 67 - 76 7,960 8,036 1 - Dealer Finance 694 91 16 801 106,545 107,346 40 - Credit Cards 16 - - 16 2,984 3,000 - - Less: Deferred loan fees, net of costs - - - - (277 ) (277 ) - - Total $ 2,892 $ 505 $ 600 $ 3,997 $ 658,424 $ 662,421 $ 5,465 $ 43

Allowance for Loan Losses (Tabl

Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Allowance for Loan Losses (Tables)
Summary Loan Loss Allowance Transactions	March 31, 2022 Beginning Balance Charge-offs Recoveries Provision Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Allowance for loan losses: Construction/Land Development $ 977 $ - $ - $ (275 ) $ 702 $ - $ 702 Farmland 448 - - 4 452 - 452 Real Estate 1,162 - - 2 1,164 113 1,051 Multi-Family 29 - - 6 35 - 35 Commercial Real Estate 2,205 - - (112 ) 2,093 456 1,637 Home Equity – closed end 41 - - (2 ) 39 - 39 Home Equity – open end 407 - 129 (162 ) 374 - 374 Commercial & Industrial – Non-Real Estate 288 1 30 (7 ) 310 - 310 Consumer 520 21 11 13 523 - 523 Dealer Finance 1,601 204 152 85 1,634 13 1,621 Credit Cards 70 12 7 (2 ) 63 - 63 Total $ 7,748 $ 238 $ 329 $ (450 ) $ 7,389 $ 582 $ 6,807 December 31, 2021 Beginning Balance Charge-offs Recoveries Provision Ending Balance Individually Evaluated for Impairment Collectively Evaluated for Impairment Allowance for loan losses: Construction/Land Development $ 1,249 $ - $ 307 $ (579 ) $ 977 $ - $ 977 Farmland 731 - - (283 ) 448 - 448 Real Estate 1,624 - 76 (538 ) 1,162 119 1,043 Multi-Family 54 - - (25 ) 29 - 29 Commercial Real Estate 3,662 - 19 (1,476 ) 2,205 603 1,602 Home Equity – closed end 55 - - (14 ) 41 - 41 Home Equity – open end 463 - 13 (69 ) 407 - 407 Commercial & Industrial – Non- Real Estate 363 40 37 (72 ) 288 - 288 Consumer 521 33 24 8 520 - 520 Dealer Finance 1,674 1,038 754 211 1,601 14 1,587 Credit Cards 79 54 29 16 70 - 70 Total $ 10,475 $ 1,165 $ 1,259 $ (2,821 ) $ 7,748 $ 736 $ 7,012
Schedule Of Recorded Investment In Loans	March 31, 2022 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 72,248 $ 637 $ 71,611 Farmland 65,503 2,215 63,288 Real Estate 138,620 3,879 134,741 Multi-Family 5,667 - 5,667 Commercial Real Estate 162,340 14,275 148,065 Home Equity – closed end 5,732 - 5,732 Home Equity –open end 45,415 - 45,415 Commercial & Industrial – Non-Real Estate 42,720 - 42,720 Consumer 7,529 - 7,529 Dealer Finance 111,237 69 111,168 Credit Cards 2,869 - 2,869 Gross loans 659,880 21,075 638,805 Less: Deferred loan fees, net of costs (320 ) - (320 ) Total $ 659,560 $ 21,075 $ 638,485 December 31, 2021 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 75,236 $ 645 $ 74,591 Farmland 66,344 2,286 64,058 Real Estate 139,552 3,920 135,632 Multi-Family 4,887 - 4,887 Commercial Real Estate 163,564 14,498 149,066 Home Equity – closed end 6,262 147 6,115 Home Equity –open end 44,247 - 44,247 Commercial & Industrial – Non-Real Estate 44,224 - 44,224 Consumer 8,036 5 8,031 Dealer Finance 107,346 107 107,239 Credit Cards 3,000 - 3,000 Gross Loans 662,698 21,608 641,090 Less: Deferred loan fees, net of costs (277 ) - (277 ) Total $ 662,421 $ 21,608 $ 640,813
Schedule Of Loan Portfolio	March 31, 2022 Grade 1 Minimal Risk Grade 2 Modest Risk Grade 3 Average Risk Grade 4 Acceptable Risk Grade 5 Marginally Acceptable Grade 6 Watch Grade 7 Substandard Grade 8 Doubtful Total Construction/Land Development $ - $ 5 $ 10,237 $ 42,138 $ 18,116 $ 1,666 $ 86 $ - $ 72,248 Farmland 56 284 6,541 42,425 13,409 1,529 1,259 - 65,503 Real Estate - 893 29,446 64,516 28,028 11,129 4,608 - 138,620 Multi-Family - - 1,007 2,838 1,700 122 - - 5,667 Commercial Real Estate - 1,250 31,985 71,222 41,352 3,890 12,641 - 162,340 Home Equity – closed end - 58 1,051 2,968 685 970 - - 5,732 Home Equity – open end - 1,336 17,138 22,957 2,278 1,484 222 - 45,415 Commercial & Industrial -Non-Real Estate 14 996 9,704 23,440 7,927 543 96 - 42,720 Consumer (excluding dealer) 18 276 3,420 3,598 149 68 - - 7,529 Gross Loans $ 88 $ 5,098 $ 110,529 $ 276,102 $ 113,644 $ 21,401 $ 18,912 $ - $ 545,774 Less: Deferred loan fees, net of costs (320 ) Total $ 545,454 Credit Cards Dealer Finance Performing $ 2,863 $ 111,215 Non-performing 6 22 Total $ 2,869 $ 111,237 December 31, 2021 Grade 1 Minimal Risk Grade 2 Modest Risk Grade 3 Average Risk Grade 4 Acceptable Risk Grade 5 Marginally Acceptable Grade 6 Watch Grade 7 Substandard Grade 8 Doubtful Total Construction/Land Development $ - $ 6 $ 9,952 $ 43,861 $ 19,457 $ 1,658 $ 302 $ - $ 75,236 Farmland 56 291 6,804 42,615 13,620 1,638 1,320 - 66,344 Real Estate - 1,128 30,268 61,940 28,895 12,462 4,859 - 139,552 Multi-Family - - 1,021 2,586 1,154 126 - - 4,887 Commercial Real Estate - 2,124 36,308 72,414 35,444 4,428 12,846 - 163,564 Home Equity – closed end - 61 1,268 3,103 762 1,068 - - 6,262 Home Equity – open end - 1,293 17,333 21,296 2,477 1,632 216 - 44,247 Commercial & Industrial - Non-Real Estate - 1,001 7,562 21,527 13,538 533 63 - 44,224 Consumer (excluding dealer) 10 522 2,919 3,526 980 79 - - 8,036 Gross loans $ 66 $ 6,426 $ 113,435 $ 272,868 $ 116,327 $ 23,624 $ 19,606 $ - $ 552,352 Less: Deferred loan fees, net of costs (277 ) Total $ 552,075 Credit Cards Dealer Finance Performing $ 3,000 $ 107,330 Non-performing - 16 Total $ 3,000 $ 107,346

Employee Benefit Plan (Tables)

Employee Benefit Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Employee Benefit Plan
Schedule Of Employee Benefit Plan	Three Months Ended March 31, 2022 March 31, 2021 Service cost $ 190 $ 216 Interest cost 104 95 Expected return on plan assets (195 ) (198 ) Amortization of net loss 58 72 Net periodic pension cost $ 157 $ 185

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value (Tables)
Schedule Of Assets And Liabilities At Fair Value On Recurring Basis	March 31, 2022 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 2,479 $ - $ 2,479 $ - U. S. Treasury securities 42,868 - 42,868 - U. S. Government sponsored enterprises 158,540 - 158,540 - Securities issued by States and political subdivisions in the U. S. 32,674 - 32,674 - Mortgage-backed obligations of federal agencies 197,594 - 197,594 - Corporate debt securities 30,146 - 30,146 - Forward Sales Commitments 637 - 637 - Assets at Fair Value $ 464,938 $ - $ 464,938 $ - Liabilities: Derivatives - ICD $ 3 $ - $ 3 $ - IRLC 262 - 262 - Liabilities at Fair Value $ 265 $ - $ 265 $ - December 31, 2021 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 4,887 $ - $ 4,887 $ - IRLC 258 - 258 - U. S. Treasury securities 29,482 - 29,482 - U.S. Government sponsored enterprises 133,714 - 133,714 - Securities issued by States and political subdivisions of the US 34,337 - 34,337 - Mortgage-backed obligations of federal agencies 183,647 - 183,647 - Corporate debt securities 22,702 - 22,702 - Forward sales commitments 112 - 112 - Assets at Fair Value $ 409,139 $ - $ 409,139 $ - Liabilities: Derivatives – ICD $ 3 $ - $ 3 $ - Liabilities at Fair Value $ 3 $ - $ 3 $ -
Summarizes Measured At Fair Value On A Nonrecurring Basis	March 31, 2022 Total Level 1 Level 2 Level 3 Real Estate $ 1,382 $ - $ - $ 1,382 Commercial Real Estate 2,787 - - 2,787 Dealer Finance 41 - - 41 Impaired loans $ 4,210 $ - $ - $ 4,210 Bank premises held for sale $ 300 $ - $ - $ 300 December 31, 2021 Total Level 1 Level 2 Level 3 Real Estate $ 1,053 $ - $ - $ 1,053 Commercial Real Estate 5,401 - - 5,401 Dealer Finance 81 - - 81 Impaired loans $ 6,535 $ - $ - $ 6,535 Bank premises held for sale $ 300 $ - $ - $ 300
Schedule Fair Value Measurements Level 3	Fair Value at March 31, 2022 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 4,210 Discounted appraised value Discount for selling costs and marketability 14.00%-32.92% (Average 22.97%)
Summary Of Other Real Estate Owned	Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 6,535 Discounted appraised value Discount for selling costs and marketability 11.76%-28.00% (Average 17.31%)

Disclosures About Fair Value _2

Disclosures About Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosures About Fair Value of Financial Instruments (Tables)
Schedule Of Carrying Value And Estimated Fair Value For Financial Instruments	Fair Value Measurements at March 31, 2022 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at March 31, 2022 Assets: Cash and cash equivalents $ 48,376 $ 48,376 $ - $ - $ 48,376 Securities 461,947 - 461,947 - 461,947 Loans held for sale 2,479 - 2,479 - 2,479 Loans held for investment, net 659,560 - - 646,369 646,369 Interest receivable 3,345 - 3,345 - 3,345 Bank owned life insurance 23,042 - 23,042 - 23,042 Forward sales commitments 637 - 637 - 637 Total $ 1,199,386 $ 48,376 $ 491,450 $ 646,369 $ 1,186,195 Liabilities: Deposits $ 1,112,295 $ - $ 1,004,305 $ 117,811 $ 1,122,116 Long-term debt 21,780 - - 22,105 22,105 IRLC 262 - 262 - 262 Interest payable 251 - 251 - 251 Total $ 1,134,588 $ - $ 1,004,818 $ 139,916 $ 1,144,734 Fair Value Measurements at December 31, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2021 Assets: Cash and cash equivalents $ 88,121 $ 88,121 $ - $ - $ 88,121 Securities 404,007 - 404,007 - 404,007 Loans held for sale 4,887 - 4,887 - 4,887 IRLC 258 - 258 - 258 Loans held for investment, net 662,421 - - 652,096 652,096 Interest receivable 3,117 - 3,117 - 3,117 Bank owned life insurance 22,878 - 22,878 - 22,878 Forward sales commitments 112 - 112 - 112 Total $ 1,185,801 $ 88,121 $ 435,259 $ 652,096 $ 1,175,476 Liabilities: Deposits $ 1,080,295 $ - $ 968,604 $ 123,718 $ 1,092,322 Long-term debt 21,772 - - 22,443 22,443 Interest payable 491 - 491 - 491 Total $ 1,102,558 $ - $ 969,095 $ 146,161 $ 1,115,256

Troubled Debt Restructuring (Ta

Troubled Debt Restructuring (Tables)	3 Months Ended
	Mar. 31, 2022
Troubled Debt Restructuring (Tables)
Schedule Of Loan Restructured	Three months ended March 31, 2022 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real Estate 1 $ 164 $ 164 Three months ended March 31, 2021 Troubled Debt Restructurings Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Real Estate 1 $ 110 $ 110

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Loss
Schedule Of Accumulated Other Comprehensive Loss	Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ (1,801 ) $ (3,291 ) $ (5,092 ) Change in unrealized securities gains (losses), net of tax (14,259 ) - (14,259 ) Balance at March 31, 2022 $ (16,060 ) $ (3,291 ) $ (19,351 ) Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ 804 $ (3,821 ) $ (3,017 ) Change in unrealized securities gains (losses), net of tax (1,114 ) - (1,114 ) Balance at March 13, 2021 $ (310 ) $ (3,821 ) $ (4,131 )

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Business Segments
Schedule Of Business Segments	Three Months Ended March 31, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 9,037 $ 29 $ 8 $ - $ - $ (13 ) $ 9,061 Service charges on deposits 307 - - - - - 307 Investment services and insurance income - - 253 - - (2 ) 251 Mortgage banking income, net - 742 - - - - 742 Title insurance income - - - 473 - - 473 Other operating income 708 2 - - - - 710 Total income (loss) 10,052 773 261 473 - (15 ) 11,544 Expenses: Interest Expense 874 6 - - 137 (13 ) 1,004 (Recovery of) loan losses (450 ) - - - - - (450 ) Salary and benefit expense 3,947 573 104 301 - - 4,925 Other operating expenses 3,328 214 21 83 (19 ) (2 ) 3,625 Total expense 7,699 793 125 384 118 (15 ) 9,104 Net income (loss) before taxes 2,353 (20 ) 136 89 (118 ) - 2,440 Income tax expense (benefit) 386 - 31 - (505 ) - (88 ) Net Income attributable to F & M Bank Corp. $ 1,967 $ (20 ) $ 105 $ 89 $ 387 $ - $ 2,528 Total Assets $ 1,242,957 $ 9,012 $ 8,532 $ 2,967 $ 99,890 $ (125,099 ) $ 1,238,259 Goodwill $ 2,868 $ - $ - $ 3 $ 211 $ - $ 3,082 Three months ended March 31, 2021 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 8,716 $ 72 $ 30 $ - $ - $ (72 ) $ 8,746 Service charges on deposits 285 - - - - - 285 Investment services and insurance income - - 348 - - (1 ) 347 Mortgage banking income, net - 1,672 - - - - 1,672 Title insurance income - - - 456 - - 456 Other operating income (loss) 593 23 - - (21 ) - 595 Total income (loss) 9,594 1,767 378 456 (21 ) (73 ) 12,101 Expenses: Interest Expense 876 66 - - 198 (72 ) 1,068 (Recovery of) loan losses (725 ) - - - - - (725 ) Salary and benefit expense 3,514 615 97 286 - - 4,512 Other operating expenses 2,834 233 6 82 20 (1 ) 3,174 Total expense 6,499 914 103 368 218 (73 ) 8,029 Net income (loss) before taxes 3,095 853 275 88 (239 ) - 4,072 Income tax expense (benefit) 521 - 57 - (307 ) - 271 Net Income attributable to F & M Bank Corp. $ 2,574 $ 853 $ 218 $ 88 $ 68 $ - $ 3,801 Total Assets $ 1,016,023 $ 14,340 $ 8,519 $ 2,559 $ 109,474 $ (139,938 ) $ 1,010,977 Goodwill $ 2,670 $ 47 $ - $ 3 $ 164 $ - $ 2,884

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition
Summary Of Noninterest Income, Segregated By Revenue Streams	Three Months Ended March 31, 2022 2021 Noninterest Income In-scope of Topic 606: Service Charges on Deposits $ 307 $ 285 Investment Services and Insurance Income 251 347 Title Insurance Income 473 456 ATM and check card fees 563 520 Other 157 63 Noninterest Income (in-scope of Topic 606) 1,751 1,671 Noninterest Income (out-of-scope of Topic 606) 732 1,684 Total Noninterest Income $ 2,483 $ 3,355

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule Of Leases	March 31, 2022 March 31, 2021 Lease Liabilities $ 911 $ 839 Right-of-use assets $ 889 $ 814 Weighted average remaining lease term 3.17 years 3.89 years Weighted average discount rate 3.05 % 3.50 % For the Three Months Ended March 31, 2022 2021 Lease cost Operating lease cost $ 153 $ 26 Total lease cost $ 153 $ 26 Cash paid for amounts included in the measurement of lease liabilities $ 181 $ 31
Schedule Of Operating Lease Liabilities And Reconciliation	March 31, 2022 Nine months ending December 31, 2022 $ 132 Twelve months ending December 31, 2023 135 Twelve months ending December 31, 2024 136 Twelve months ending December 31, 2025 98 Twelve months ending December 31, 2026 70 Thereafter 518 Total undiscounted cash flows $ 1,089 Discount 178 Lease liabilities $ 911

Stock-Based Compensation, conti

Stock-Based Compensation, continued (Table)	3 Months Ended
	Mar. 31, 2022
Leases
Stock Based Compensation Continued (table)	Three Months Ended March 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested, beginning of period 15,869 $ 26.78 - $ - Granted 17,763 30.85 16,140 26.75 Vested (3,920 ) 30.85 - - Forfeited (474 ) 29.10 - - Nonvested, end of period 29,238 $ 29.20 16,140 $ 26.75

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Net Income	$ 2,528,000	$ 3,801,000
Preferred Stock Dividends	0	65
Net Income Available To Common Stockholders	$ 2,528,000	$ 3,736,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 2) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basic Eps, Income	$ 2,528,000	$ 3,736,000
Effect Of Dilutive Securities Convertible Preferred Stock, Income	0	65,000
Diluted Eps, Income	$ 2,528,000	$ 3,801,000
Basic Eps, Shares	3,434,892	3,205,074
Effect Of Dilutive Securities Convertible Preferred Stock, Shares	0	228,118
Diluted Eps, Share	3,434,892	3,433,192
Basic Eps, Per Shares	$ 0.74	$ 1.17
Effect Of Dilutive Securities Convertible Preferred Stock, Per Shares	0	(0.06)
Diluted Eps, Per Shares	$ 0.74	$ 1.11

Investment Securities (Details)

Investment Securities (Details) - Treasury and agency obligations - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 125,000	$ 125,000
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 125,000	$ 125,000

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value	$ 461,822	$ 403,882
Amortized Cost	482,151,000	406,162,000
Gross Unrealized Gains	566,000	1,300,000
Gross Unrealized Losses	20,895,000	3,580,000
U S Treasuries [Member]
Fair Value	42,868,000	29,482,000
Amortized Cost	44,759,000	29,847,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,891,000	365,000
U. S. Government Sponsored Enterprises [Member]
Fair Value	158,540,000	133,714,000
Amortized Cost	163,460,000	134,466,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	4,920,000	752,000
Securities issued by States and political subdivisions in the U.S. [Member]
Fair Value	32,674,000	34,337,000
Amortized Cost	34,570,000	34,078,000
Gross Unrealized Gains	0	406,000
Gross Unrealized Losses	1,896,000	147,000
Mortgage-backed obligations of federal agencies [Member]
Fair Value	197,594,000	183,647,000
Amortized Cost	208,812,000	185,216,000
Gross Unrealized Gains	248,000	522,000
Gross Unrealized Losses	11,466,000	2,091,000
Corporate debt security [Member]
Fair Value	30,146,000	22,702,000
Amortized Cost	30,550,000	22,555,000
Gross Unrealized Gains	318,000	372,000
Gross Unrealized Losses	$ 722,000	$ 225,000

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Total, Amortized Cost	$ 125	$ 125
Securities Held to Maturity [Member]
Due In One Year Or Less, Amortized Cost	125,000
Due In One Year Or Less, Fair Value	125,000
Due After One Year Through Five Years, Amortized Cost	0
Due After One Year Through Five Years, Fair Value	0
Due After Five Years Through Ten Years, Amortized Cost	0
Due After Five Years Through Ten Years, Fair Value	0
Due After Ten Years, Amortized Cost	0
Due After Ten Years, Fair Value	0
Total, Amortized Cost	125,000
Total Fair Value	125,000
Securities Available for Sale [Member]
Due In One Year Or Less, Amortized Cost	4,835,000
Due In One Year Or Less, Fair Value	4,797,000
Due After One Year Through Five Years, Amortized Cost	195,056,000
Due After One Year Through Five Years, Fair Value	189,575,000
Due After Five Years Through Ten Years, Amortized Cost	105,218,000
Due After Five Years Through Ten Years, Fair Value	100,754,000
Due After Ten Years, Amortized Cost	177,042,000
Due After Ten Years, Fair Value	166,696,000
Total, Amortized Cost	482,151,000
Total Fair Value	$ 461,822,000

Investment Securities (Detail_3

Investment Securities (Details 3) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value Less Than 12 Months	$ 341,153,000	$ 271,829,000
Unrealized Losses Less Than 12 Months	15,894,000	3,360,000
Fair Value More Than 12 Months	64,239,000	10,074,000
Unrealized Losses More Than 12 Months	5,001,000	220,000
Fair Value Total	405,392,000	281,903,000
Unrealized Losses Total	20,895,000	3,850,000
U S Treasuries [Member]
Fair Value Less Than 12 Months	28,752,000	29,481,000
Unrealized Losses Less Than 12 Months	1,074,000	365,000
Fair Value More Than 12 Months	9,088,000	0
Unrealized Losses More Than 12 Months	817,000	0
Fair Value Total	37,840,000	29,481,000
Unrealized Losses Total	1,891,000	365,000
U. S. Government Sponsored Enterprises [Member]
Fair Value Less Than 12 Months	135,152,000	93,714,000
Unrealized Losses Less Than 12 Months	3,315,000	752,000
Fair Value More Than 12 Months	23,388,000	0
Unrealized Losses More Than 12 Months	1,605,000	0
Fair Value Total	158,540,000	93,714,000
Unrealized Losses Total	4,920	752
Securities issued by States and political subdivisions in the U.S. [Member]
Fair Value Less Than 12 Months	32,674,000	13,308,000
Unrealized Losses Less Than 12 Months	1,896,000	147,000
Fair Value More Than 12 Months	0	0
Unrealized Losses More Than 12 Months	0	0
Fair Value Total	32,674,000	13,308,000
Unrealized Losses Total	1,896,000	147,000
Mortgage-backed obligations of federal agencies [Member]
Fair Value Less Than 12 Months	129,236,000	126,501,000
Unrealized Losses Less Than 12 Months	8,898,000	1,871,000
Fair Value More Than 12 Months	31,274,000	10,074,000
Unrealized Losses More Than 12 Months	2,568,000	220,000
Fair Value Total	160,510,000	136,575,000
Unrealized Losses Total	11,466,000	2,091,000
Corporate debt security [Member]
Fair Value Less Than 12 Months	15,339,000	8,825,000
Unrealized Losses Less Than 12 Months	711,000	225,000
Fair Value More Than 12 Months	489,000	0
Unrealized Losses More Than 12 Months	11,000	0
Fair Value Total	15,828,000	8,825,000
Unrealized Losses Total	$ 722,000	$ 225,000

Investment Securities (Detail_4

Investment Securities (Details Narrative) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Subordinated Debt	$ 489,000
Other Investments	9,142	$ 9,210
Twenty Low-Income housing [Member]
Other Investments	6,558,000
Federal Home Loan Bank [Member]
Other Investments	1,590,000
Stock	994,000
Fifteen low-income housing limited partnerships [Member]
Other Investments	$ 961,000

Loans (Details)

Loans (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Gross Loans	$ 659,880,000	$ 662,698,000
Less: Deferred Loan Fess, Net Of Costs	320,000	277
Loans Outstanding	659,560,000	662,421,000
Commercial Real Estate [Member]
Loans Outstanding	162,340,000	163,564,000
Multi-Family [Member]
Loans Outstanding	5,667,000	4,887,000
Real Estate Loan [Member]
Loans Outstanding	138,620,000	139,552,000
Credit Cards [Member]
Loans Outstanding	2,869,000	3,000,000
Construction/Land Development [Member]
Loans Outstanding	72,248,000	75,236,000
Farmland [Member]
Loans Outstanding	65,503,000	66,344,000
Home Equity - Closed End [Member]
Loans Outstanding	5,732,000	6,262,000
Home Equity - Open End [Member]
Loans Outstanding	45,415,000	44,247,000
Commercial & Industrial - Non- Real Estate [Member]
Loans Outstanding	42,720,000	44,224,000
Consumer [Member]
Loans Outstanding	7,529,000	8,036,000
Dealers Finance [Member]
Loans Outstanding	$ 111,237,000	$ 107,346,000

Loans (Details 1)

Loans (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Impaired loans without a valuation allowance [Member]
Related Allowance	$ 0	$ 0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Impaired loans without a valuation allowance [Member] | Commercial Real Estate [Member]
Related Allowance	0	0
Unpaid Principal Balance	11,032,000	8,494,000
Recorded Investment	11,032,000	8,494,000
Impaired loans without a valuation allowance [Member] | Multi-Family [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Impaired loans without a valuation allowance [Member] | Real Estate Loan [Member]
Related Allowance	0	0
Unpaid Principal Balance	2,384,000	2,748,000
Recorded Investment	2,384,000	2,748,000
Impaired loans without a valuation allowance [Member] | Credit Cards [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Impaired loans With a valuation allowance [Member]
Related Allowance	582,000	736,000
Unpaid Principal Balance	4,792,000	7,271,000
Recorded Investment	4,792,000	7,271,000
Impaired loans With a valuation allowance [Member] | Commercial Real Estate [Member]
Related Allowance	456,000	603,000
Unpaid Principal Balance	3,243,000	6,004,000
Recorded Investment	3,243,000	6,004,000
Impaired loans With a valuation allowance [Member] | Multi-Family [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Impaired loans With a valuation allowance [Member] | Real Estate Loan [Member]
Related Allowance	113,000	119,000
Unpaid Principal Balance	1,495,000	1,172,000
Recorded Investment	1,495,000	1,172,000
Impaired loans With a valuation allowance [Member] | Credit Cards [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Construction/Land Development [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	637,000	645,000
Recorded Investment	637,000	645,000
Construction/Land Development [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Farmland [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	2,215,000	2,286,000
Recorded Investment	2,215,000	2,286,000
Home Equity - Close End [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	147,000
Recorded Investment	0	147,000
Home Equity - Close End [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Home Equity Open End [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Home Equity Open End [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Commercial & Industrial (Non-Real Estate) | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Consumer [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	5,000
Recorded Investment	0	5,000
Dealers Finance [Member] | Impaired loans without a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	15,000	12,000
Recorded Investment	15,000	12,000
Dealers Finance [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	13,000	14,000
Unpaid Principal Balance	54,000	95,000
Recorded Investment	54,000	95,000
Farmland [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Commercial & Industrial - Non- Real Estate [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Consumer [Member] | Impaired loans With a valuation allowance [Member]
Related Allowance	0	0
Unpaid Principal Balance	0	0
Recorded Investment	0	0
Total impaired loans [Member]
Unpaid Principal Balance	21,075,000	21,608,000
Recorded Investment	21,075,000	21,608,000
Related Allowance	$ 582,000	$ 736,000

Loans (Details 2)

Loans (Details 2) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Impaired loans without a valuation allowance [Member]
Interest Income Recognized	$ 295,000	$ 582,000
Average Recorded Investment	15,312,000	16,975,000
Impaired loans without a valuation allowance [Member] | Commercial Real Estate [Member]
Interest Income Recognized	186,000	253,000
Average Recorded Investment	9,763,000	9,225,000
Impaired loans without a valuation allowance [Member] | Multi-Family [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Impaired loans without a valuation allowance [Member] | Real Estate Loan [Member]
Interest Income Recognized	33,000	155,000
Average Recorded Investment	2,566,000	4,575,000
Impaired loans without a valuation allowance [Member] | Credit Cards [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Impaired loans With a valuation allowance [Member]
Interest Income Recognized	59,000	226,000
Average Recorded Investment	6,033,000	8,132,000
Impaired loans With a valuation allowance [Member] | Commercial Real Estate [Member]
Interest Income Recognized	42,000	172,000
Average Recorded Investment	4,624,000	6,201,000
Impaired loans With a valuation allowance [Member] | Multi-Family [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Impaired loans With a valuation allowance [Member] | Real Estate Loan [Member]
Interest Income Recognized	16,000	45,000
Average Recorded Investment	1,334,000	1,399,000
Impaired loans With a valuation allowance [Member] | Credit Cards [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Construction/Land Development [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	6,000	29,000
Average Recorded Investment	641,000	984,000
Construction/Land Development [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Farmland [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	70,000	126,000
Average Recorded Investment	2,251,000	1,760,000
Home Equity - Close End [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	18,000
Average Recorded Investment	74,000	414,000
Home Equity - Close End [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Home Equity Open End [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Home Equity Open End [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Commercial & Industrial (Non-Real Estate) | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	2,000
Consumer [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	3,000	1,000
Dealers Finance [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	1,000
Average Recorded Investment	14,000	14,000
Dealers Finance [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	1,000	9,000
Average Recorded Investment	75,000	112,000
Farmland [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	420,000
Commercial & Industrial - Non- Real Estate [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Consumer [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0
Average Recorded Investment	0	0
Total impaired loans [Member]
Interest Income Recognized	354,000	808,000
Average Recorded Investment	$ 21,345,000	$ 25,107,000

Loans (Details 3)

Loans (Details 3) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Less: Deferred Aoan Fees, Net Of Costs, 30-59 Days Past Due	$ 0	$ 0
Less: Deferred Aoan Fees, Net Of Costs, 60-89 Days Past Due	0	0
Less: Deferred Aoan Fees, Net Of Costs, Greater Than 90 Days	0	0
Less: Deferred Aoan Fees, Net Of Costs, Total Past Due	0	0
Less: Deferred Aoan Fees, Net Of Costs, Non Accruel Loans	(320)	(277)
Less: Deferred Aoan Fees, Net Of Costs, Recorded Investment Greater Than 90 Days And Accruing	(320)	(277)
Less: Deferred Aoan Fees, Net Of Costs, Current	0	0
Less: Deferred Loan Fees, Net Of Costs, Total Loan Receivable	0	0
Commercial Real Estate [Member]
30-59 Days Past Due	244,000	0
60-89 Days Past Due	0	0
Greater Than 90 Days	108,000	108,000
Total Past Due	352,000	108,000
Current	161,988,000	163,456,000
Total Loan Receivable	162,340,000	163,564,000
Non-accrual Loans	2,798,000	2,975,000
Recorded Investment >90 Days & Accruing	0	0
Multi-Family [Member]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Greater Than 90 Days	0	0
Total Past Due	0	0
Current	5,667,000	4,887,000
Total Loan Receivable	5,667,000	4,887,000
Non-accrual Loans	0	0
Recorded Investment >90 Days & Accruing	0	0
Real Estate Loan [Member]
30-59 Days Past Due	873,000	1,254,000
60-89 Days Past Due	124,000	89,000
Greater Than 90 Days	366,000	395,000
Total Past Due	1,738,000	1,738,000
Current	137,257,000	137,814,000
Total Loan Receivable	138,620,000	139,552,000
Non-accrual Loans	551,000	827,000
Recorded Investment >90 Days & Accruing	0	0
Credit Cards [Member]
30-59 Days Past Due	14,000	16,000
60-89 Days Past Due	2,000	0
Greater Than 90 Days	6,000	0
Total Past Due	22,000	16,000
Current	2,847,000	2,984,000
Total Loan Receivable	2,869,000	3,000,000
Non-accrual Loans	0	0
Recorded Investment >90 Days & Accruing	6,000	0
Construction/Land Development [Member]
30-59 Days Past Due	31,000	360,000
60-89 Days Past Due	55,000	41,000
Greater Than 90 Days	0	38,000
Total Past Due	86,000	439,000
Current	72,162,000	74,797,000
Total Loan Receivable	72,248,000	75,236,000
Non-accrual Loans	86,000	302,000
Recorded Investment >90 Days & Accruing	0	0
Farmland [Member]
30-59 Days Past Due	20,000	0
60-89 Days Past Due	0	0
Greater Than 90 Days	0	0
Total Past Due	20,000	0
Current	65,483,000	66,344,000
Total Loan Receivable	65,503,000	66,344,000
Non-accrual Loans	1,259,000	1,320,000
Recorded Investment >90 Days & Accruing	0	0
Commercial & Industrial - Non- Real Estate [Member]
30-59 Days Past Due	28,000	35,000
60-89 Days Past Due	0	1,000
Greater Than 90 Days	77,000	43,000
Total Past Due	105,000	79,000
Current	42,615,000	44,145,000
Total Loan Receivable	42,720,000	44,224,000
Non-accrual Loans	35,000	0
Recorded Investment >90 Days & Accruing	41,000	43,000
Consumer [Member]
30-59 Days Past Due	16,000	9,000
60-89 Days Past Due	0	67,000
Greater Than 90 Days	0	0
Total Past Due	16,000	76,000
Current	7,513,000	7,960,000
Total Loan Receivable	7,529,000	8,036,000
Non-accrual Loans	0	1,000
Recorded Investment >90 Days & Accruing	0	0
Dealers Finance [Member]
30-59 Days Past Due	477,000	694,000
60-89 Days Past Due	146,000	91,000
Greater Than 90 Days	0	16,000
Total Past Due	623,000	801,000
Current	110,614,000	106,545,000
Total Loan Receivable	111,237,000	107,346,000
Non-accrual Loans	22,000	40,000
Recorded Investment >90 Days & Accruing	0	0
Home Equity - Close End [Member]
30-59 Days Past Due	106,000	53,000
60-89 Days Past Due	0	0
Greater Than 90 Days	0	0
Total Past Due	106,000	53,000
Current	5,626,000	6,209,000
Total Loan Receivable	5,732,000	6,262,000
Non-accrual Loans	0	0
Recorded Investment >90 Days & Accruing	0	0
Home Equity Open End [Member]
30-59 Days Past Due	333,000	471,000
60-89 Days Past Due	0	216,000
Greater Than 90 Days	7,000	0
Total Past Due	340,000	687,000
Current	45,075,000	43,560,000
Total Loan Receivable	45,415,000	44,247,000
Non-accrual Loans	0	0
Recorded Investment >90 Days & Accruing	$ 7,000	$ 0

Loans (Details Narrative)

Loans (Details Narrative) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Loans Held For Sale	$ 2,479,000	$ 4,887,000
Pledged Loans	163,070,000	$ 163,326,000
CARES Act [Member]
Deferral Loan, Amount	366,000
Interest Income	$ 54,000

Allowance for Loan Losses (Deta

Allowance for Loan Losses (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Total [Member]
Beginning Balance	$ 7,748,000	$ 10,475,000
Charge-offs	238,000	1,165,000
Recoveries	329,000	1,259,000
Provision For Loan Losses	(450,000)	(2,821,000)
Ending Balance	7,389,000	7,748,000
Individually Evaluated For Impairment	582,000	736,000
Collectively Evaluated For Impairment	6,807,000	7,012,000
Commercial Real Estate [Member]
Beginning Balance	2,205,000	3,662,000
Charge-offs	0	0
Recoveries	0	19,000
Provision For Loan Losses	(112,000)	1,476,000
Ending Balance	2,093,000	2,205,000
Individually Evaluated For Impairment	456,000	603,000
Collectively Evaluated For Impairment	1,637,000	1,602,000
Multi-Family [Member]
Beginning Balance	29,000	54,000
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	6,000	(25,000)
Ending Balance	35,000	29,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	35,000	29,000
Real Estates [Member]
Beginning Balance	1,162,000	1,624,000
Charge-offs	0	0
Recoveries	0	76,000
Provision For Loan Losses	2,000	(538,000)
Ending Balance	1,164	1,162,000
Individually Evaluated For Impairment	113,000	119,000
Collectively Evaluated For Impairment	1,051,000	1,043,000
Credit Cards [Member]
Beginning Balance	70,000	79,000
Charge-offs	12,000	54,000
Recoveries	7,000	29,000
Provision For Loan Losses	(2,000)	16,000
Ending Balance	63,000	70,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	63,000	70,000
Construction/Land Development [Member]
Beginning Balance	977,000	1,249,000
Charge-offs	0	0
Recoveries	0	307
Provision For Loan Losses	(275,000)	(579,000)
Ending Balance	702,000	977,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	702,000	977,000
Farmland [Member]
Beginning Balance	448,000	731,000
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	4,000	(283,000)
Ending Balance	452,000	448,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	452,000	448,000
Consumer [Member]
Beginning Balance	520,000	521,000
Charge-offs	21,000	33,000
Recoveries	11,000	24,000
Provision For Loan Losses	13,000	8,000
Ending Balance	523,000	520,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	523,000	520,000
Dealers Finance [Member]
Beginning Balance	1,601,000	1,674,000
Charge-offs	204,000	1,038,000
Recoveries	152,000	754,000
Provision For Loan Losses	85,000	211,000
Ending Balance	1,634,000	1,601,000
Individually Evaluated For Impairment	13,000	14,000
Collectively Evaluated For Impairment	1,621,000	1,587,000
Home Equity - Close End [Member]
Beginning Balance	411,000	55,000
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	(2,000)	(14,000)
Ending Balance	39,000	41,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	39,000	41,000
Home Equity Open End [Member]
Beginning Balance	407,000	463,000
Charge-offs	0	0
Recoveries	129,000	13,000
Provision For Loan Losses	(162,000)	(69,000)
Ending Balance	374,000	407,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	374,000	407,000
Commercial & Industrial (Non-Real Estate)
Beginning Balance	288,000	363,000
Charge-offs	1	40,000
Recoveries	30,000	37,000
Provision For Loan Losses	(7,000)	(72,000)
Ending Balance	310,000	288,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	$ 310,000	$ 288,000

Allowance for Loan Losses (De_2

Allowance for Loan Losses (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Gross loans [Member]
Loan Receivable	$ 659,880,000	$ 662,698,000
Loan Individually Evaluated For Impairment	21,075,000	21,608,000
Collectively Evaluated For Impairment	638,805,000	641,090,000
Real Estates [Member]
Loan Receivable	138,620,000	139,552,000
Loan Individually Evaluated For Impairment	3,879,000	3,920,000
Collectively Evaluated For Impairment	134,741,000	135,632,000
Credit Card [Member]
Loan Receivable	2,869,000	3,000,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	2,869,000	3,000,000
Total [Member]
Loan Receivable	659,560,000	662,421,000
Loan Individually Evaluated For Impairment	21,075	21,608,000
Collectively Evaluated For Impairment	638,485,000	640,813,000
Less: Deferred loan fees, net of costs [Member]
Loan Receivable	320,000	277,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	320,000	277,000
Commercial Real Estate [Member]
Loan Receivable	162,340,000	163,564,000
Loan Individually Evaluated For Impairment	14,275,000	14,498,000
Collectively Evaluated For Impairment	148,065,000	149,066,000
Multi-Family [Member]
Loan Receivable	5,667,000	4,887,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	5,667,000	4,887,000
Construction/Land Development [Member]
Loan Receivable	72,248,000	75,236,000
Loan Individually Evaluated For Impairment	637,000	645,000
Collectively Evaluated For Impairment	71,611,000	74,591,000
Farmland [Member]
Loan Receivable	65,503,000	66,344,000
Loan Individually Evaluated For Impairment	2,215,000	2,286,000
Collectively Evaluated For Impairment	63,288	64,058,000
Consumer [Member]
Loan Receivable	7,529,000	8,036,000
Loan Individually Evaluated For Impairment	0	5,000
Collectively Evaluated For Impairment	7,529,000	8,031,000
Dealers Finance [Member]
Loan Receivable	111,237,000	107,346,000
Loan Individually Evaluated For Impairment	69,000	107,000
Collectively Evaluated For Impairment	111,168,000	107,239,000
Home Equity - Close End [Member]
Loan Receivable	5,732,000	6,262,000
Loan Individually Evaluated For Impairment	0	147,000
Collectively Evaluated For Impairment	5,732,000	6,115,000
Home Equity Open End [Member]
Loan Receivable	45,415,000	44,247,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	45,415,000	44,247,000
Commercial & Industrial (Non-Real Estate)
Loan Receivable	42,720,000	44,224,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	$ 42,720,000	$ 44,224,000

Allowance for Loan Losses (De_3

Allowance for Loan Losses (Details 2) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Gross loans [Member]
Grade 1 Minimal Risk	$ 88,000	$ 66,000
Grade 2 Modest Risk	5,098,000	6,426,000
Grade 3 Average Risk	110,529,000	113,435,000
Grade 4 Acceptable Risk	276,102,000	272,868,000
Grade 5 Marginally Acceptable	113,644,000	116,327,000
Grade 6 Watch	21,401,000	23,624,000
Grade 7 Substandard	18,912,000	19,606,000
Total	545,774	552,352
Grade 8 Doubtful	0	0
Commercial Real Estate [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	1,250,000	2,124,000
Grade 3 Average Risk	31,985,000	36,308,000
Grade 4 Acceptable Risk	71,222,000	72,414,000
Grade 5 Marginally Acceptable	41,352,000	35,444,000
Grade 6 Watch	3,890,000	4,428,000
Grade 7 Substandard	12,641,000	12,846,000
Total	162,340,000	163,564,000
Grade 8 Doubtful Account	0	0
Multi-Family [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	0	0
Grade 3 Average Risk	1,007,000	1,021,000
Grade 4 Acceptable Risk	2,838,000	2,586,000
Grade 5 Marginally Acceptable	1,700,000	1,154,000
Grade 6 Watch	122,000	0
Grade 7 Substandard	0	0
Total	5,667,000	4,887,000
Grade 8 Doubtful	0	0
Credit Card [Member]
Total	2,869,000	3,000,000
Non-performing	6	0
Performing	2,863,000	3,000,000
Real Estate [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	893,000	1,128,000
Grade 3 Average Risk	29,446,000	30,268,000
Grade 4 Acceptable Risk	64,516,000	61,940,000
Grade 5 Marginally Acceptable	28,028,000	28,895,000
Grade 6 Watch	11,129,000	12,462,000
Grade 7 Substandard	4,608,000	4,859,000
Total	138,620,000	139,552,000
Grade 8 Doubtful	0	0
Less: Deferred loan fees, net of costs [Member]
Grade 1 Minimal Risk	0
Grade 2 Modest Risk	0
Grade 3 Average Risk	0
Grade 4 Acceptable Risk	0
Grade 5 Marginally Acceptable	0
Grade 6 Watch	0
Grade 7 Substandard	0
Total	(320,000)	(277,000)
Grade 8 Doubtful	0
Construction/Land Development [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	5,000	6,000
Grade 3 Average Risk	10,237,000	9,952,000
Grade 4 Acceptable Risk	42,138,000	83,861,000
Grade 5 Marginally Acceptable	18,116,000	19,457,000
Grade 6 Watch	1,666,000	1,658,000
Grade 7 Substandard	86,000	302,000
Total	72,248,000	75,236,000
Grade 8 Doubtful	0	0
Farmland [Member]
Grade 1 Minimal Risk	56,000	56,000
Grade 2 Modest Risk	284,000	291,000
Grade 3 Average Risk	6,541,000	6,804,000
Grade 4 Acceptable Risk	42,425,000	42,615,000
Grade 5 Marginally Acceptable	13,409,000	13,620,000
Grade 6 Watch	1,529,000	1,638,000
Grade 7 Substandard	1,259,000	1,320,000
Total	65,503,000	66,344,000
Grade 8 Doubtful	0	0
Consumer [Member]
Grade 1 Minimal Risk	18	10
Grade 2 Modest Risk	276,000	522,000
Grade 3 Average Risk	3,420,000	2,919,000
Grade 4 Acceptable Risk	3,598,000	3,526,000
Grade 5 Marginally Acceptable	149,000	980,000
Grade 6 Watch	68,000	79,000
Grade 7 Substandard	0	0
Total	7,529,000	8,036,000
Grade 8 Doubtful	0	0
Dealers Finance [Member]
Total	111,237	107,346
Non-performing	22,000	16,000
Performing	111,215,000	107,330,000
Home Equity - Close End [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	58,000	61,000
Grade 3 Average Risk	1,051,000	1,268,000
Grade 4 Acceptable Risk	2,968,000	3,103,000
Grade 5 Marginally Acceptable	685,000	762,000
Grade 6 Watch	970,000	1,068,000
Grade 7 Substandard	0	0
Total	5,732,000	6,262,000
Grade 8 Doubtful	0	0
Home Equity Open End [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	1,336,000	1,293,000
Grade 3 Average Risk	17,138,000	17,333,000
Grade 4 Acceptable Risk	22,957,000	21,296,000
Grade 5 Marginally Acceptable	2,278,000	2,477,000
Grade 6 Watch	1,484,000	1,632,000
Grade 7 Substandard	222,000	216,000
Total	45,415,000	44,247,000
Grade 8 Doubtful	0	0
Commercial & Industrial (Non-Real Estate)
Grade 1 Minimal Risk	14,000	0
Grade 2 Modest Risk	996,000	1,001,000
Grade 3 Average Risk	9,704,000	7,562,000
Grade 4 Acceptable Risk	23,440,000	21,527,000
Grade 5 Marginally Acceptable	7,927,000	13,538,000
Grade 6 Watch	543,000	533,000
Grade 7 Substandard	96,000	63,000
Total	42,720,000	44,224,000
Grade 8 Doubtful	0	0
Total [Member]
Grade 1 Minimal Risk	0
Grade 2 Modest Risk	0
Grade 3 Average Risk	0
Grade 4 Acceptable Risk	0
Grade 5 Marginally Acceptable	0
Grade 6 Watch	0
Grade 7 Substandard	0
Grade 8 Doubtful	0
Total	$ 545,454,000	$ 552,075,000

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Benefit Plan
Service Cost	$ 190,000	$ 216
Interest Cost	104,000	95,000
Expected Return On Plan Assets	(195,000)	(198,000)
Amortization Of Net Loss	58,000	72,000
Net Periodic Pension Cost	$ 157,000	$ 185,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Loans Held For Sale	$ 2,479,000	$ 4,887,000
U. S. Treasury Securities	42,868	29,482
U. S. Government Sponsored Enterprises	158,540,000	133,714,000
Securities Issued By States And Political Subdivisions In The U. S.	32,674,000	34,337,000
Mortgage-backed Obligations Of Federal Agencies	197,594,000	183,647,000
Corporate Debt Securities	30,146,000	22,702,000
Assets At Fair Value	464,938	409,139,000
Derivatives Icd	3,000	3,000
Irlc	262,000
Forward Sales Commitments	637,000	112,000
Total Fair Value Of Liabilities	265,000	3,000
Fair Value Inputs Level 1
Loans Held For Sale	0	0
U. S. Treasury Securities	0	0
U. S. Government Sponsored Enterprises	0	0
Securities Issued By States And Political Subdivisions In The U. S.	0	0
Mortgage-backed Obligations Of Federal Agencies	0
Irlc	0	0
Fair Value Inputs Level 2
Loans Held For Sale	2,479,000	4,887,000
U. S. Treasury Securities	42,868,000	29,482,000
U. S. Government Sponsored Enterprises	158,540,000	133,714,000
Securities Issued By States And Political Subdivisions In The U. S.	32,674,000	34,337,000
Mortgage-backed Obligations Of Federal Agencies	197,594,000	183,647,000
Corporate Debt Securities	30,146,000	22,702,000
Assets At Fair Value	464,938	409,139,000
Derivatives Icd	3,000	3,000
Irlc	262,000	258,000
Forward Sales Commitments	637,000	112,000
Total Fair Value Of Liabilities	265,000	3,000
Fair Value Inputs Level 3
Loans Held For Sale	0	0
U. S. Treasury Securities	0	0
U. S. Government Sponsored Enterprises	0	0
Securities Issued By States And Political Subdivisions In The U. S.	0	0
Mortgage-backed Obligations Of Federal Agencies	0
Irlc	$ 0	$ 0

Fair Value (Details 1)

Fair Value (Details 1) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Dealers Finance [Member]
Impaired Loans	$ 41,000	$ 81,000
Bank premises [Member]
Impaired Loans	300,000	300,000
Commercial Real Estate [Member]
Impaired Loan	2,787,000	5,401,000
Fair Value Inputs Level 1
Impaired Loans	0	0
Fair Value Inputs Level 1 | Dealers Finance [Member]
Impaired Loans	0	0
Fair Value Inputs Level 1 | Bank premises [Member]
Impaired Loans	0	0
Fair Value Inputs Level 1 | Commercial Real Estate [Member]
Impaired Loans	0	0
Fair Value Inputs Level 2
Impaired Loans	0	0
Fair Value Inputs Level 2 | Dealers Finance [Member]
Impaired Loans	0	0
Fair Value Inputs Level 2 | Bank premises [Member]
Impaired Loans	0	0
Fair Value Inputs Level 2 | Commercial Real Estate [Member]
Impaired Loans	0	0
Fair Value Inputs Level 3
Impaired Loans	4,210,000	6,535,000
Fair Value Inputs Level 3 | Dealers Finance [Member]
Impaired Loans	41,000	81,000
Fair Value Inputs Level 3 | Impaired loans [Member]
Impaired Loans	4,210,000	6,535,000
Fair Value Inputs Level 3 | Bank premises [Member]
Impaired Loans	300,000	300,000
Fair Value Inputs Level 3 | Commercial Real Estate [Member]
Impaired Loans	2,787,000	5,401,000
Real Estate [Member]
Impaired Loans	1,382,000	1,053,000
Real Estate [Member] | Fair Value Inputs Level 1
Impaired Loans	0	0
Real Estate [Member] | Fair Value Inputs Level 2
Impaired Loans	0	0
Real Estate [Member] | Fair Value Inputs Level 3
Impaired Loans	$ 1,382,000	$ 1,053,000

Fair Value (Details 2)

Fair Value (Details 2) - Fair Value Inputs Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Valuation Technique Other Real Estate Owned	Discounted appraised value	Discounted appraised value
Significant Unobservable Inputs Lmpaired Loans	Discount for selling costs and marketability	Discount for selling costs and marketability
Impaired Loans	$ 4,210	$ 6,535
Minimum [Member]
Range Impaired Loans	14.00%	11.76%
Maximum [Member]
Range Impaired Loans	32.92%	28.00%

Disclosures About Fair Value _3

Disclosures About Fair Value of Financial Instruments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents, Carrying Amount	$ 48,376	$ 88,121	$ 103,729	$ 78,408
Securities, Carrying Amount	461,947,000	404,007
Loans Held For Sale, Carrying Amount	2,479,000	4,887
Loans Held For Investment, Net, Carrying Amount	659,560,000	662,421
Interest Receivable, Carrying Amount	3,345	3,117
Bank Owned Life Insurance, Carrying Amount	23,042	22,878
Forward Sales Commitments, Carrying Amount	637,000	112
Total Assets, Carrying Amount	1,199,386,000	1,185,801
Deposits, Carrying Amount	1,112,295,000	1,080,295
Long-term Debt, Carrying Amount	21,780,000	21,772
Irlc, Carrying Amount	262,000	258
Interest Payable, Carrying Amount	251,000	491
Total Liabilities, Carrying Amount	1,134,588,000	1,102,558
Loans Held For Sale, Fair Value	2,479,000	4,887,000
Fair Value Inputs Level 2
Forward Sales Commitments, Carrying Amount	637,000	112
Irlc, Carrying Amount	262,000	258
Cash And Cash Equivalents, Fair Value	0	0
Securities, Fair Value	461,947,000	404,007
Loans Held For Sale, Fair Value	2,479,000	4,887
Loans Held For Investment, Net, Fair Value	0	0
Interest Receivable, Fair Value	3,345,000	3,117
Bank Owned Life Insurance, Fair Value	23,042,000	22,878
Total Assets, Fair Value	491,450,000	435,259
Deposits, Fair Value	1,004,305,000	968,604
Long-term Debt, Fair Value	0	0
Interest Payable, Fair Value	251,000	491
Total Liabilities, Fair Value	1,004,818,000	969,095
Fair Value Inputs Level 3
Cash And Cash Equivalents, Fair Value	0	0
Securities, Fair Value	0	0
Loans Held For Sale, Fair Value	0	0
Loans Held For Investment, Net, Fair Value	646,369,000	652,096
Interest Receivable, Fair Value	0	0
Bank Owned Life Insurance, Fair Value	0	0
Total Assets, Fair Value	646,369,000	652,096
Deposits, Fair Value	117,811,000	123,718
Long-term Debt, Fair Value	22,105	22,443
Interest Payable, Fair Value	0	0
Total Liabilities, Fair Value	139,916,000	146,161
Fair Value Inputs Level 1
Cash And Cash Equivalents, Fair Value	48,376,000	88,121
Securities, Fair Value	0	0
Loans Held For Sale, Fair Value	0	0
Loans Held For Investment, Net, Fair Value	0	0
Interest Receivable, Fair Value	0	0
Bank Owned Life Insurance, Fair Value	0	0
Total Assets, Fair Value	48,376,000	88,121
Deposits, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Interest Payable, Fair Value	0	0
Total Liabilities, Fair Value	0	0
Fair Value [Member]
Forward Sales Commitments, Carrying Amount	637,000	112
Irlc, Carrying Amount	262,000	258
Cash And Cash Equivalents, Fair Value	48,376,000	88,121
Securities, Fair Value	461,947,000	404,007
Loans Held For Sale, Fair Value	2,479,000	4,887
Loans Held For Investment, Net, Fair Value	646,369,000	652,096
Interest Receivable, Fair Value	3,345,000	3,117
Bank Owned Life Insurance, Fair Value	23,042,000	22,878
Total Assets, Fair Value	1,186,195,000	1,175,476
Deposits, Fair Value	1,122,116,000	1,092,322
Long-term Debt, Fair Value	22,105,000	22,443
Interest Payable, Fair Value	251,000	491
Total Liabilities, Fair Value	$ 1,144,734	$ 1,115,256,000

Troubled Debt Restructuring (De

Troubled Debt Restructuring (Details) - Real Estate [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)integer	Mar. 31, 2021USD ($)integer
Number Of Contracts | integer	1	1
Pre-modification Outstanding Recorded Investment	$ 164	$ 110
Post-modification Outstanding Recorded Investment	$ 164	$ 110

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Beginning Balance	$ (5,092)
Ending Balance	(19,351)
Unrealized Securities Gains (Losses) [Member]
Beginning Balance	(1,801,000)	$ 804,000
Change In Unrealized Securities Gains (losses), Net Of Tax	(14,259,000)	(1,114,000)
Ending Balance	(16,060,000)	(310,000)
Adjustments Related to Pension Plan [Member]
Beginning Balance	(3,291,000)	(3,821,000)
Change In Unrealized Securities Gains (losses), Net Of Tax	0	0
Ending Balance	(3,291,000)	(3,821,000)
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(5,092,000)	(3,017,000)
Change In Unrealized Securities Gains (losses), Net Of Tax	(14,259,000)	(1,114,000)
Ending Balance	$ (19,351,000)	$ (4,131,000)

Business Segments (Details)

Business Segments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total Interest And Dividend Income	$ 9,061	$ 8,746
Service Charges On Deposits	307	285
Mortgage Banking Income, Net	742	1,672
Title Insurance Income	473	456
Interest Expense	1,004	1,068
Income Tax Expense (benefit)	(88)	271
Net Income Attributable To F & M Bank Corp.	2,528	3,801
Goodwill	3,082		$ 3,082
Total Assets	1,238,259		$ 1,219,342
F&M Bank Member
Total Interest And Dividend Income	9,037,000	8,716,000
Service Charges On Deposits	307,000	285,000
Investment Services And Insurance Income	0	0
Mortgage Banking Income, Net	0	0
Title Insurance Income	0	0
Other Operating Income	708,000	593,000
Total Income	10,052,000	9,594,000
Interest Expense	874,000	876,000
Provision For Loan Losses	(450,000)	(725,000)
Salary And Benefit Expense	3,947,000	3,514,000
Other Operating Expenses	3,328,000	2,834,000
Total Expense	7,699,000	6,499,000
Income (loss) Before Taxes	2,353,000	3,095,000
Income Tax Expense (benefit)	386,000	521,000
Net Income Attributable To F & M Bank Corp.	1,967,000	2,574,000
Goodwill	2,868,000	2,670,000
Total Assets	1,242,957,000	1,016,023,000
F&M Mortgage
Total Interest And Dividend Income	29,000	72,000
Service Charges On Deposits	0	0
Investment Services And Insurance Income	0	0
Mortgage Banking Income, Net	742,000	1,672,000
Title Insurance Income	0	0
Other Operating Income	2,000	23,000
Total Income	773,000	1,767,000
Interest Expense	6,000	66,000
Provision For Loan Losses	0	0
Salary And Benefit Expense	573,000	615,000
Other Operating Expenses	214,000	233,000
Total Expense	793,000	914,000
Income (loss) Before Taxes	(20,000)	853,000
Income Tax Expense (benefit)	0	0
Net Income Attributable To F & M Bank Corp.	(20,000)	853,000
Goodwill	0	47,000
Total Assets	9,012,000	14,340,000
TEB Life/FMFS
Total Interest And Dividend Income	8,000	30,000
Service Charges On Deposits	0	0
Investment Services And Insurance Income	253,000	348,000
Mortgage Banking Income, Net	0	0
Title Insurance Income	0	0
Other Operating Income	0	0
Total Income	261,000	378,000
Interest Expense	0	0
Provision For Loan Losses	0	0
Salary And Benefit Expense	104,000	97,000
Other Operating Expenses	21,000	6,000
Total Expense	125,000	103,000
Income (loss) Before Taxes	136,000	275,000
Income Tax Expense (benefit)	31,000	57,000
Net Income Attributable To F & M Bank Corp.	105,000	218,000
Goodwill	0	0
Total Assets	8,532,000	8,519,000
VS Title
Total Interest And Dividend Income	0	0
Service Charges On Deposits	0	0
Investment Services And Insurance Income	0	0
Mortgage Banking Income, Net	0	0
Title Insurance Income	473,000	456,000
Other Operating Income	0	0
Total Income	473,000	456,000
Interest Expense	0	0
Provision For Loan Losses	0	0
Salary And Benefit Expense	301,000	286,000
Other Operating Expenses	83,000	82,000
Total Expense	384,000	368,000
Income (loss) Before Taxes	89,000	88,000
Income Tax Expense (benefit)	0	0
Net Income Attributable To F & M Bank Corp.	89,000	88,000
Goodwill	3,000	3,000
Total Assets	2,967,000	2,559,000
Parent Only
Total Interest And Dividend Income	0	0
Service Charges On Deposits	0	0
Investment Services And Insurance Income	0	0
Mortgage Banking Income, Net	0	0
Title Insurance Income	0	0
Other Operating Income	0	21
Total Income	0	(21)
Interest Expense	137,000	198
Provision For Loan Losses	0	0
Salary And Benefit Expense	0	0
Other Operating Expenses	(19,000)	20,000
Total Expense	118,000	218,000
Income (loss) Before Taxes	(118,000)	(239,000)
Income Tax Expense (benefit)	(505,000)	(307,000)
Net Income Attributable To F & M Bank Corp.	387,000	68,000
Goodwill	211,000	164,000
Total Assets	99,890,000	109,474,000
Eliminations
Total Interest And Dividend Income	13,000	72,000
Service Charges On Deposits	0	0
Investment Services And Insurance Income	(2,000)	(1,000)
Mortgage Banking Income, Net	0	0
Title Insurance Income	0	0
Other Operating Income	0	0
Total Income	(15,000)	(73,000)
Interest Expense	13,000	72,000
Provision For Loan Losses	0	0
Salary And Benefit Expense	0	0
Other Operating Expenses	(2,000)	(1,000)
Total Expense	(15,000)	(73,000)
Income (loss) Before Taxes	0	0
Income Tax Expense (benefit)	0	0
Net Income Attributable To F & M Bank Corp.	0	0
Goodwill	0	0
Total Assets	125,099,000	139,938,000
F&M Bank Corp Consolidated
Total Interest And Dividend Income	9,061,000	8,746,000
Service Charges On Deposits	307,000	285,000
Investment Services And Insurance Income	251,000	347,000
Mortgage Banking Income, Net	742,000	1,672,000
Title Insurance Income	473,000	456,000
Other Operating Income	710,000	595,000
Total Income	11,544,000	12,101,000
Interest Expense	1,004,000	1,068,000
Provision For Loan Losses	(450,000)	(725,000)
Salary And Benefit Expense	4,925,000	4,512,000
Other Operating Expenses	3,625,000	3,174,000
Total Expense	9,104,000	8,029,000
Income (loss) Before Taxes	2,440,000	4,072,000
Income Tax Expense (benefit)	(88,000)	271,000
Net Income Attributable To F & M Bank Corp.	2,528,000	3,801,000
Goodwill	3,082,000	2,884,000
Total Assets	$ 1,238,259,000	$ 1,010,977,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended
	Jul. 29, 2020	Mar. 31, 2022	Dec. 31, 2021
Balance Of Obligations		$ 10,000,000	$ 10,000,000
Subordinated Notes, Net Of Issuance Costs		$ 11,780,000
Weighted Average Cost		0.81%	0.81%
FHLB short term
Letter Of Credit		$ 10,000,000
2027 Notes [Member] | Accredited Investor [Member]
Interest Rate	5.75%
Interest Rate Description	The 2027 Notes will bear interest at 5.75% per annum, payable semi-annually in arrears. Beginning on July 31, 2022 through maturity, the 2027 Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. The 2027 Notes will mature on July 31, 2027.
Maturity Date	July 31, 2027.
Principal Amount	$ 5,000,000
2030 Notes [Member] | Accredited Investor [Member]
Interest Rate	6.00%
Interest Rate Description	The 2030 Notes will initially bear interest at 6.00% per annum, beginning July 29, 2020 to but excluding July 31, 2025, payable semi-annually in arrears.
Maturity Date	July 31, 2030
Principal Amount	$ 7,000,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total Noninterest Income	$ 2,483	$ 3,355
Service Charges on Deposits
Total Noninterest Income	307,000	285,000
Investment Services and Insurance Income
Total Noninterest Income	251,000	347,000
Title Insurance Income
Total Noninterest Income	473,000	456,000
ATM and check card fees
Total Noninterest Income	563,000	520,000
Other
Total Noninterest Income	157,000	63,000
Noninterest Income (in-scope of Topic 606)
Total Noninterest Income	1,751,000	1,671,000
Noninterest Income (out-of-scope of Topic 606)
Total Noninterest Income	$ 732,000	$ 1,684,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases
Lease Liabilities	$ 911	$ 839
Right-of-use Assets	$ 889	$ 814
Weighted Average Remaining Lease Term	3 years 2 months 1 day	3 years 10 months 20 days
Weighted Average Discount Rate	3.05%	3.50%
Operating Lease Cost	$ 153	$ 26
Total Lease Cost	153	26
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities	$ 181	$ 31

Leases (Details 1)

Leases (Details 1) $ in Thousands	Mar. 31, 2022USD ($)
Leases
Nine Months Ending December 31, 2022	$ 132
Twelve Months Ending December 31, 2023	135
Twelve Months Ending December 31, 2024	136
Twelve Months Ending December 31, 2025	98
Twelve Months Ending December 31, 2026	70
Thereafter	518
Total Undiscounted Cash Flows	1,089
Discount	178
Lease Liabilities	$ 911

Mortgage Banking and Derivati_2

Mortgage Banking and Derivatives (Details Narrative)	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)integer	Dec. 31, 2021USD ($)integer
Total Amount Of Conducted Business	$ 2,479
Total Amount Of Conducted Business Unpaid	2,544
Other Assets [Member]
Notional Debt Amount	$ 25,542,000	$ 18,801,000
Total Notional Positions | integer	82	70
Fair Value Of Derivative Instruments	$ 262,000	$ 258,000
Other Liability [Member]
Total Notional Positions | integer	96	91
Fair Value Of Forward Sales	$ 637,000	$ 112,000
Notional Amount	$ 28,085,000	$ 23,721,000

StockBased Compensation (Detail

StockBased Compensation (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unrecognized Compensation Cost Related To Nonvested Restricted Stock	$ 837
Common Stock Shares Authorizes	6,000,000	6,000,000
Directors [Member]
Stock Plan Committee Awarded Shares Issued	1,145
Employee Service Fair Value			$ 35,323
March 5, 2021 [Member]
Stock Plan Committee Awarded Shares Issued	17,763
Employee Service Fair Value			$ 547,989
Description Of Vest Shares	These shares vest 25% over each of the next four years.
Stock Incentive Plan [Member]
Common Stock Shares Authorizes	200,000
Expire Date	March 18, 2030

StockBased Compensation (Deta_2

StockBased Compensation (Details 3) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
StockBased Compensation (Details 3)
Nonvested At Beginning	15,869	0
Granted	17,763	16,140
Vested	(3,920)	0
Forfeited	(474)	0
Nonvested At Ending	29,238	16,140
Date Fair Value Per Share, Nonvested At Beginning	$ 26.78	$ 0
Date Fair Value Per Share, Granted	30.85	26.75
Date Fair Value Per Share, Vested	30.85	0
Date Fair Value Per Share, Forfeited	29.10	0
Date Fair Value Per Share, Nonvested At Ending	$ 29.20	$ 26.75