F & M Bank (FMBM) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 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	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		3,453,393
Document Quarterly Report	true
Entity File Number	000-13273
Entity Incorporation State Country Code	VA
Entity Tax Identification Number	54-1280811
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
Entity Interactive Data Current	Yes
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 13,556	$ 8,516
Money market funds and interest-bearing deposits in other banks	268	2,938
Federal funds sold	3,430	76,667
Cash and cash equivalents	17,254	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	446,823	403,882
Other investments	9,688	9,210
Loans held for sale, at fair value	5,449	4,887
Loans held for investment, net of deferred fees and costs	690,497	662,421
Less: allowance for loan losses	(7,798)	(7,748)
Net loans held for investment	682,699	654,673
Bank premises and equipment, net	18,901	17,063
Bank premises held for sale	300	300
Interest receivable	3,567	3,117
Goodwill	3,082	3,082
Bank owned life insurance	23,210	22,878
Other real estate owned	197	0
Other assets	20,257	12,004
Total Assets	1,231,552	1,219,342
Deposits:
Noninterest bearing	291,728	280,993
Interest bearing	808,482	799,302
Total deposits	1,100,210	1,080,295
Short-term debt	30,000	0
Long-term debt	11,788	21,772
Other liabilities	17,604	16,819
Total liabilities	1,159,602	1,118,886
Stockholders' Equity
Common stock, $5 par value, 6,000,000 shares authorized, 200,000 designated, 3,453,393 and 3,430,175 shares issued and outstanding (29,238 and 15,869 unvested restricted shares)	17,121	17,071
Additional paid in capital - common stock	10,351	10,127
Retained earnings	80,878	78,350
Accumulated other comprehensive loss	(36,400)	(5,092)
Total stockholders' equity	71,950	100,456
Total liabilities and stockholders' equity	$ 1,231,552	$ 1,219,342

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Held To Maturity - Fair Value	$ 125,000	$ 125,000
Common Stock, Shares Par Value	$ 5	$ 5
Common Stock, Shares Authorized	6,000,000	6,000,000
Common Stock, Shares Designated	200,000	200,000
Common Stock, Shares Issued	3,453,393	3,430,175
Common Stock, Shares Outstanding	3,453,393	3,430,175
Unvested Restricted Shares	29,238	15,869

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest and Dividend income
Interest and fees on loans held for investment	$ 7,993	$ 8,217	$ 15,503	$ 16,387
Interest and fees on loans held for sale	32	37	61	137
Interest from money market funds and federal funds sold	14	29	39	44
Interest on debt securities	1,970	536	3,467	997
Total interest and dividend income	10,009	8,819	19,070	17,565
Interest expense
Total interest on deposits	837	818	1,682	1,613
Interest from short-term debt	46	0	46	0
Interest from long-term debt	124	251	283	524
Total interest expense	1,007	1,069	2,011	2,137
Net interest income	9,002	7,750	17,059	15,428
Provision for (Recovery of) Loan Losses	600	(1,250)	150	(1,975)
Net Interest Income After Provision for (Recovery of) Loan Losses	8,402	9,000	16,909	17,403
Noninterest income
Service charges on deposit accounts	274	254	581	539
Investment services and insurance income, net	198	180	449	527
Mortgage banking income, net	637	1,027	1,379	2,699
ATM and check card fees Noninterest income	632	600	1,195	1,120
Title insurance income	366	595	839	1,051
Income on bank owned life insurance	173	165	344	333
Low income housing partnership losses	(204)	(216)	(408)	(431)
Net investment securities (losses)	(97)	0	(97)	0
Other operating income	292	481	472	603
Total noninterest income	2,271	3,086	4,754	6,441
Noninterest expense
Salaries	3,965	3,589	7,602	6,885
Employee benefits	1,137	1,056	2,425	2,272
Occupancy expense	346	343	686	638
Equipment expense	314	319	600	596
FDIC insurance assessment	165	105	281	204
Advertising expense	228	197	406	333
Legal and professional fees	215	246	423	445
ATM and check card fees Noninterest expense	335	294	633	551
Telecommunication and data processing expense	685	582	1,586	1,122
Directors fees	129	112	293	258
Bank franchise tax	158	179	332	352
Impairment on long lived assets	0	171	0	171
Other operating expenses	1,076	1,251	2,036	2,303
Total noninterest expense	8,753	8,444	17,303	16,130
Income before income taxes	1,920	3,642	4,360	7,714
Income tax expense	131	422	43	693
Net Income	1,789	3,220	4,317	7,021
Dividends paid/accumulated on preferred stock	0	66	0	131
Net income available to common stockholders	$ 1,789	$ 3,154	$ 4,317	$ 6,890
Per Common Share Data
Net income - basic	$ 0.51	$ 0.98	$ 1.25	$ 2.15
Net income - diluted	0.51	0.93	1.25	2.04
Cash dividends on common stock	$ 0.26	$ 0.26	$ 0.52	$ 0.52
Weighted average common shares outstanding - basic	3,452,711	3,207,978	3,443,850	3,206,534
Weighted average common shares outstanding - diluted	3,452,711	3,413,305	3,443,850	3,434,652

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Net Income	$ 1,789	$ 3,220	$ 4,317	$ 7,021
Other comprehensive (loss) income:
Unrealized holding (losses) gains on available-for sale securities	(21,678)	353	(39,727)	(1,057)
Tax effect	4,552	(74)	8,342	222
Unrealized holding (losses) gains, net of tax	(17,126)	279	(31,385)	(835)
Reclassifications adjustment for losses included in net income	97	0	97	0
Tax effect after adjustment	20	0	20	0
Realized losses on sale of available-for sale securities, net	77	0	77	0
Total other comprehensive (loss) income	(17,049)	279	(31,308)	(835)
Total comprehensive income	$ (15,260)	$ 3,499	$ (26,991)	$ 6,186

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders Equity (Unaudited) - USD ($) $ in Thousands	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	7,021	0	0	0	7,021	0
Other comprehensive income (loss)	(835)	0	0	0	0	(835)
Dividends on preferred stock	(131)	0	0	0	(131)	0
Dividends on common stock	(1,670)	0	0	0	(1,670)	0
Common stock issued	127	0	23	104	0	0
Common stock issued for Stock-based Compensation	36	0	7	29	0	0
Stock-based compensation expense	35	0	0	35	0	0
Balance, amount at Jun. 30, 2021	100,212	4,558	16,047	7,034	76,425	(3,852)
Balance, amount at Mar. 31, 2021	97,527	4,558	16,036	6,956	74,108	(4,131)
Net Income	3,220	0	0	0	3,220	0
Other comprehensive income (loss)	279	0	0	0	0	279
Dividends on preferred stock	(66)	0	0	0	(66)	0
Dividends on common stock	(837)	0	0	0	(837)	0
Common stock issued	63	0	11	52	0	0
Stock-based compensation expense	26	0	0	26	0	0
Balance, amount at Jun. 30, 2021	100,212	4,558	16,047	7,034	76,425	(3,852)
Balance, amount at Dec. 31, 2021	100,456	0	17,071	10,127	78,350	(5,092)
Net Income	4,317	0	0	0	4,317	0
Other comprehensive income (loss)	(31,308)	0	0	0	0	(31,308)
Dividends on common stock	(1,789)	0	0	0	(1,789)	0
Common stock issued	144	0	24	120	0	0
Common stock issued for Stock-based Compensation	56	0	26	30	0	0
Stock-based compensation expense	74	0	0	74	0	0
Balance, amount at Jun. 30, 2022	71,950	0	17,121	10,351	80,878	(36,400)
Balance, amount at Mar. 31, 2022	87,985	0	17,110	10,240	79,986	(19,351)
Net Income	1,789	0	0	0	1,789	0
Other comprehensive income (loss)	(17,049)	0	0	0	0	(17,049)
Dividends on common stock	(897)	0	0	0	(897)	0
Common stock issued	64	0	11	53	0	0
Stock-based compensation expense	58	0	0	58	0	0
Balance, amount at Jun. 30, 2022	$ 71,950	$ 0	$ 17,121	$ 10,351	$ 80,878	$ (36,400)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 4,317	$ 7,021
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	562	595
Amortization of intangibles	19	33
Amortization of securities	13,690	495
Proceeds from loans held for sale originated	76,909	121,553
Loans held for sale originated	(76,266)	(112,965)
Gain on sale of loans held for sale originated	(1,205)	(3,136)
Provision for (Recovery of) loan losses	150	(1,975)
(Increase) decrease in interest receivable	(450)	250
(Increase) in deferred taxes	(253)	(189)
(Decrease) in taxes payable	0	(469)
Decrease in other assets	42	1,159
Increase (decrease) in accrued expenses	1,059	(505)
Amortization of limited partnership investments	408	443
Income from life insurance investment	(345)	(333)
Loss on the sale of investment securities	97	0
(Gain) on the sale of fixed assets	(10)	0
Stock-based compensation expense	74	35
Loss on sale and valuation adjustments for other real estate owned and bank premises held for sale	0	171
Net cash provided by operating activities	18,798	12,183
Cash flows from investing activities
Purchase of investments available for sale and other investments	(108,057)	(92,006)
Proceeds from maturity of investments available for sale	3,000	8,699
Proceeds from the sale of investments available for sale	8,699	0
(Investment in) proceeds from the redemption of restricted stock, net	(886)	395
Net (increase) decrease in loans held for investment	(28,373)	600
Net decrease in loans held for sale participations	0	44,372
Proceeds from the sale of fixed assets	27	0
Net purchase of property and equipment	(2,417)	(288)
Proceeds from life insurance benefits	0	421
Cash received in branch acquisition (net of cash paid)	0	13,946
Net cash (used in) investing activities	(128,007)	(23,861)
Cash flows from financing activities
Net change in deposits	19,915	122,816
Net change in short-term debt	30,000	0
Dividends paid in cash	(1,789)	(1,801)
Proceeds from issuance of common stock	200	198
Amortization of debt issuance costs	16	16
Repayments of long-term debt	(10,000)	(1,909)
Net cash provided by financing activities	38,342	119,285
Net (decrease) increase in Cash and Cash Equivalents	(70,867)	107,607
Cash and cash equivalents, beginning of period	88,121	78,408
Cash and cash equivalents, end of period	17,254	186,015
Supplemental Cash Flow information:
Cash paid for: Interest	2,162	2,187
Taxes	0	1,537
Supplemental non-cash disclosures:
Change in unrealized (loss) on securities available for sale	(39,630)	(1,057)
Transfer from loans to other real estate owned	197	0
Tangible assets acquired (net of cash received)	0	61
Identifiable intangible assets acquired	0	73
Liabilities assumed	$ 0	$ 14,044

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Note 1. 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 and six months ended June 30, 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 COVID-19 pandemic has had a disruptive impact on the U.S. and global economy since the first quarter of 2020. Since the pandemic is ongoing and dynamic, there are many uncertainties on the potential impacts to our customers, employees and vendors; as well as the economy as a whole. The Company carefully monitors economic impacts attributable to the COVID-19 pandemic and the potential impacts on the Company’s loan portfolio and their borrowers ability to repay their loans. As the COVID-19 pandemic continues, its magnitude and duration remain uncertain. The risks and uncertainties resulting from the pandemic may adversely the Company’s future operational and financial performance; however, these remain highly uncertain and cannot be predicted. 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 Six months ended For the Three months ended For the Six months ended For the Three months ended June 30, 2022 June 30, 2022 June 30, 2021 June 30, 2021 Earnings available to common stockholders: Net income $ 4,317 $ 1,789 $ 7,021 $ 3,220 Preferred stock dividends - - 131 66 Net income available to common stockholders $ 4,317 $ 1,789 $ 6,890 $ 3,154 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): Six months ended June 30, 2022 Six months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 4,317 3,443,850 $ 1.25 $ 6,890 3,206,534 $ 2.15 Effect of Dilutive Securities: Convertible Preferred Stock - - - 131 228,118 (0.11 ) Diluted EPS $ 4,317 3,443,850 $ 1.25 $ 7,021 3,434,652 $ 2.04 Three months ended June 30, 2022 Three months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 1,789 3,452,711 $ 0.51 $ 3,154 3,207,978 $ 0.98 Effect of Dilutive Securities: Convertible Preferred Stock - - - 66 205,327 (0.05 ) Diluted EPS $ 1,789 3,452,711 $ 0.51 $ 3,220 3,413,305 $ 0.93

Investment securities

Investment securities	6 Months Ended
	Jun. 30, 2022
Investment securities
Note 2. 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 June 30, 2022 and December 31, 2021 are as follows (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2022 U. S. Treasuries $ 125 $ - $ - $ 125 December 31, 2021 U. S. Treasuries $ 125 $ - $ - $ 125 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 June 30, 2022 U.S. Government treasuries $ 49,778 $ - $ 3,041 $ 46,737 U.S. Government sponsored enterprises 168,464 - 12,315 156,149 Securities issued by States and political subdivisions in the U.S. 47,416 - 3,730 43,686 Mortgage-backed obligations of federal agencies 192,525 106 21,601 171,030 Corporate debt security 30,550 640 1,969 29,221 Total Securities Available for Sale $ 488,733 $ 746 $ 42,656 $ 446,823 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 June 30, 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 $ 4,833 $ 4,789 Due after one year through five years - - 210,477 198,311 Due after five years - - 107,718 97,741 Due after ten years - - 165,705 145,982 Total $ 125 $ 125 $ 488,733 $ 446,823 The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and six months ended June 30, 2022 and 2021 (dollars in thousands): Three Months Ended June 30, 2022 Six Month Ended June 30, 2022 Realized gains (losses): Gross realized gains $ - $ - Gross realized losses (97 ) - Net realized (losses) $ (97 ) $ - Proceeds from sales of securities $ 8,699 $ - Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Realized gains (losses): Gross realized gains $ - $ - Gross realized (losses) - - Net realized (losses) $ - $ - Proceeds from sales of securities $ - $ - 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. Two bank subordinated debt offerings were in a loss position for 12 consecutive months and totaled $1,132 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. A summary of unrealized losses (in thousands) and the length of time in a continuous loss position, by security type of June 30, 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 June 30, 2022 U.S. Government treasuries $ 38,025 $ 1,843 $ 8,711 $ 1,198 $ 46,736 $ 3,041 U.S. Government sponsored enterprises 134,269 9,201 21,880 3,114 156,149 12,315 Securities issued by States and political subdivisions in the U.S. 43,686 3,730 - - 43,686 3,730 Mortgage-backed obligations of federal agencies 131,930 17,112 34,388 4,489 166,318 21,601 Corporate debt security 19,749 1,851 1,132 118 20,881 1,969 Total $ 367,659 $ 33,737 $ 66,111 $ 8,919 $ 433,770 $ 42,656 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 security 8,825 225 - - 8,825 225 Total $ 271,829 $ 3,360 $ 10,074 $ 220 $ 281,903 $ 3,850 As of June 30, 2022, other investments consist of investments in thirteen low-income housing and historic equity partnerships (carrying basis of $6,354), stock in the Federal Home Loan Bank (carrying basis $1,744) 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 June 30, 2022. At June 30, 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	6 Months Ended
	Jun. 30, 2022
Loans
Note 3. Loans	Note 3. Loans Loans held for investment outstanding at June 30, 2022 and December 31, 2021 are summarized as follows (in thousands): 2022 2021 Construction/Land Development $ 71,212 $ 75,236 Farmland 72,573 66,344 Real Estate 133,747 139,552 Multi-Family 8,548 4,887 Commercial Real Estate 172,680 163,564 Home Equity – closed end 5,524 6,262 Home Equity – open end 44,267 44,247 Commercial & Industrial – Non-Real Estate 50,689 44,224 Consumer 8,852 8,036 Dealer Finance 119,758 107,346 Credit Cards 3,051 3,000 Gross loans 690,901 662,698 Less: Deferred loan fees, net of costs (404 ) (277 ) Total $ 690,497 $ 662,421 The Company has pledged loans held for investment as collateral for borrowings with the Federal Home Loan Bank of Atlanta totaling $161,729 and $163,326 as of June 30, 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 June 30, 2022 and December 31, 2021 were $5,449 and $4,887, respectively. The following is a summary of information pertaining to impaired loans (dollars in thousand): June 30, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment (1) Balance Allowance Investment (1) Balance Allowance Impaired loans without a valuation allowance: Construction/Land Development $ 468 $ 468 $ - $ 645 $ 645 $ - Farmland 2,165 2,165 - 2,286 2,286 - Real Estate 2,331 2,331 - 2,748 2,748 - Multi-Family - - - - - - Commercial Real Estate 8,058 8,058 - 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 12 12 - 12 12 - 13,034 13,034 - 14,337 14,337 - Impaired loans with a valuation allowance Construction/Land Development - - - - - - Farmland - - - - - - Real Estate 1,546 1,546 34 1,172 1,172 119 Multi-Family - - - - - - Commercial Real Estate 2,527 2,527 446 6,004 6,004 603 Home Equity – closed end - - - - - - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - - - - Credit cards - - - - - - Dealer Finance 77 77 3 95 95 14 4,150 4,150 483 7,271 7,271 736 Total impaired loans $ 17,184 $ 17,184 $ 483 $ 21,608 $ 21,608 $ 736 1 The following is a summary of the average investment and interest income recognized for impaired loans (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average Recorded Interest Income Average Recorded Interest Income Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Investment Recognized Investment Recognized Impaired loans without a valuation allowance: Construction/Land Development $ 553 $ 4 $ 1,280 $ 3 $ 601 $ 10 $ 1,222 $ 16 Farmland 2,190 10 1,191 108 2,268 80 1,191 108 Real Estate 2,358 32 6,287 (52 ) 2,654 65 3,985 87 Multi-Family - - - - - - - - Commercial Real Estate 9,545 (31 ) 9,940 102 8,291 155 5,558 123 Home Equity – closed end - - 674 6 81 - 684 11 Home Equity – open end - - - - - - - - Commercial & Industrial – Non-Real Estate - - 4 - - - 7 - Consumer - - - - - - - - Credit Cards - - - - - - - - Dealer Finance 14 1 15 1 14 1 17 1 14,660 16 19,391 168 13,909 311 12,664 346 Impaired loans with a valuation allowance: Construction/Land Development $ - $ - $ - $ - $ - $ - $ 131 $ - Farmland - - 839 (59 ) - - 876 - Real Estate 1,521 18 1,621 22 1,363 34 5,456 32 Multi-Family - - - - - - - - Commercial Real Estate 2,885 25 6,382 25 4,281 67 4,973 91 Home Equity – closed end - - - - - - - - Home Equity – open end - - - - - - 76 - Commercial & Industrial – Non-Real Estate - - - - - - - - Consumer - - - - - - 1 - Credit Card - - - - - - - - Dealer Finance 66 3 124 2 90 4 135 5 4,472 46 8,966 (10 ) 5,734 105 11,648 128 Total Impaired Loans $ 19,132 $ 62 $ 28,357 $ 158 $ 19,643 $ 416 $ 24,312 $ 474 The following table presents the aging of the recorded investment of past due loans (dollars in thousands) as of June 30, 2022 and December 31, 2021: June 30, 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 $ 521 $ 28 $ - $ 549 $ 70,663 $ 71,212 $ 28 $ - Farmland - 332 - 332 72,241 72,573 1,218 - Real Estate 1,636 34 142 1,812 131,935 133,747 402 - Multi-Family - - - - 8,548 8,548 - - Commercial Real Estate - - 108 108 172,572 172,680 108 - Home Equity – closed end - 105 - 105 5,419 5,524 - - Home Equity – open end 431 167 - 598 43,669 44,267 - - Commercial & Industrial – Non- Real Estate 180 22 41 243 50,446 50,689 - 41 Consumer 23 - - 23 8,829 8,852 - - Dealer Finance 572 125 95 792 118,966 119,758 95 - Credit Cards 12 20 13 45 3,006 3,051 - 13 Less: Deferred loan fees, net of costs - - - - (404 ) (404 ) - - Total $ 3,375 $ 833 $ 399 $ 4,584 $ 685,890 $ 690,497 $ 1,851 $ 55 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 June 30, 2022, other real estate owned included $197 of foreclosed residential real estate and on December 31, 2021, other real estate owned did not include any foreclosed residential real estate. The Company has $122 thousand of consumer mortgages for which foreclosure was in process on June 30, 2022. Nonaccrual loans on June 30, 2022 would have earned approximately $28 thousand in interest income for the quarter had they been accruing loans.

Allowance for Loan Losses

Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2022
Allowance for Loan Losses
Note 4. Allowance For Loan Losses	Note 4. Allowance for Loan Losses A summary of changes in the allowance for loan losses (dollars in thousands) for June 30, 2022 and December 31, 2021 is as follows: June 30, 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 $ - $ - $ (97 ) $ 880 $ - $ 880 Farmland 448 - - 71 519 - 519 Real Estate 1,162 17 - (14 ) 1,131 34 1,097 Multi-Family 29 - - 25 54 - 54 Commercial Real Estate 2,205 - - 98 2,303 446 1,857 Home Equity – closed end 41 - - (2 ) 39 - 39 Home Equity – open end 407 - 130 (162 ) 375 - 375 Commercial & Industrial – Non-Real Estate 288 36 32 100 384 - 384 Consumer 520 24 14 (148 ) 362 - 362 Dealer Finance 1,601 523 337 272 1,687 3 1,684 Credit Cards 70 21 8 7 64 - 64 Total $ 7,748 $ 621 $ 521 $ 150 $ 7,798 $ 483 $ 7,315 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 The following table presents the recorded investment in loans (dollars in thousands) based on impairment method as of June 30, 2022 and December 31, 2021: June 30, 2022 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 71,212 $ 468 $ 70,744 Farmland 72,573 2,165 70,408 Real Estate 133,747 3,877 129,870 Multi-Family 8,548 - 8,548 Commercial Real Estate 172,680 10,585 162,095 Home Equity – closed end 5,524 - 5,524 Home Equity –open end 44,267 - 44,267 Commercial & Industrial – Non-Real Estate 50,689 - 50,689 Consumer 8,852 - 8,852 Dealer Finance 119,758 89 119,669 Credit Cards 3,051 - 3,051 Gross loans 690,901 17,184 673,717 Less: Deferred loan fees, net of costs (404 ) - (404 ) Total $ 690,497 $ 17,184 $ 673,313 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 The following table shows the Company’s loan portfolio broken down by internal loan grade (dollars in thousands) as of June 30, 2022 and December 31, 2021: June 30, 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 $ 11,182 $ 39,977 $ 18,463 $ 1,557 $ 28 $ - $ 71,212 Farmland 55 283 9,519 42,734 16,916 1,848 1,218 - 72,573 Real Estate - 694 26,840 65,846 27,333 8,598 4,436 - 133,747 Multi-Family - - 992 5,315 2,120 121 - - 8,548 Commercial Real Estate - 1,350 37,964 77,168 31,341 15,199 9,658 - 172,680 Home Equity – closed end - 55 983 2,804 672 1,010 - - 5,524 Home Equity – open end - 1,346 17,430 21,853 1,927 1,494 217 - 44,267 Commercial & Industrial -Non-Real Estate 25 1,186 12,133 29,606 6,350 1,330 59 - 50,689 Consumer 26 368 3,451 4,769 171 67 - - 8,852 Gross Loans $ 106 $ 5,287 $ 120,494 $ 290,072 $ 105,293 $ 31,224 $ 15,616 $ - $ 568,092 Less: Deferred loan fees, net of costs (404 ) Total $ 567,688 Credit Cards Dealer Finance Performing $ 3,038 $ 119,663 Non-performing 13 95 Total $ 3,051 $ 119,758 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 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 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	6 Months Ended
	Jun. 30, 2022
Employee Benefit Plan
Note 5. 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 and six month periods ended June 30, 2022 and 2021 (dollars in thousands): Six Months Ended Three Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Service cost $ 380 $ 606 $ 190 $ 216 Interest cost 208 314 104 95 Expected return on plan assets - (55 ) - (198 ) Amortization of prior service cost (390 ) (9 ) (195 ) - Amortization of net loss 116 166 58 72 Net periodic pension cost $ 314 $ 1,022 $ 157 $ 185

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2022
Fair Value
Note 6. 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. 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 and the remaining certificates of deposits matured in the three months ending June 30, 2022. The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (dollars in thousands): June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 5,449 $ - $ 5,449 $ - U. S. Treasury securities 46,737 - 46,737 - U. S. Government sponsored enterprises 156,149 - 156,149 - Securities issued by States and political subdivisions in the U. S. 43,686 - 43,686 - Mortgage-backed obligations of federal agencies 171,030 - 171,030 - Corporate debt securities 29,221 - 29,221 - Forward Sales Commitments 535 - 535 - Assets at Fair Value $ 452,807 $ - $ 452,807 $ - Liabilities: IRLC $ 273 $ - $ 273 $ - Liabilities at Fair Value $ 273 $ - $ 273 $ - 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. Government treasuries 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. 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. 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 June 30, 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. 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 two 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 following table summarizes the Company’s other real estate owned and assets held for sale that were measured at fair value on a nonrecurring basis as of June 30, 2022 and December 31, 2021 (dollars in thousands). 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): June 30, 2022 Total Level 1 Level 2 Level 3 Real Estate $ 1,512 $ - $ - $ 1,512 Commercial Real Estate 2,081 - - 2,081 Dealer Finance 74 - - 74 Impaired loans $ 3,667 $ - $ - $ 3,667 Bank premises held for sale $ 300 $ - $ - $ 300 Other real estate owned $ 197 $ - $ - $ 197 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 Other real estate owned $ - $ - $ - $ - The following table presents information about Level 3 Fair Value Measurements for June 30, 2022 and December 31, 2021 (dollars in thousands): Fair Value at June 30, 2022 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 3,667 Discounted appraised value Discount for selling costs and marketability 14.00%-32.92% (Average 22.97%) Bank premises held for sale 300 Contract value Discount for selling costs and marketability n/a Other real estate owned 197 Discounted appraised value Discount for selling costs and marketability 6.00% (Average 6.00%) 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%) Bank premises held for sale 300 Contract value Discount for selling costs and marketability n/a Other real estate owned - - - -

Disclosures about Fair Value of

Disclosures about Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Disclosures about Fair Value of Financial Instruments
Note 7. 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 June 30, 2022 and December 31, 2021. Fair values for June 30, 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 June 30, 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 June 30, 2022 Assets: Cash and cash equivalents $ 17,254 $ 17,254 $ - $ - $ 17,254 Securities 446,948 - 446,948 - 446,948 Loans held for sale 5,449 - 5,449 - 5,449 Loans held for investment, net 690,497 - - 676,687 676,687 Interest receivable 3,567 - 3,567 - 3,567 Bank owned life insurance 23,210 - 23,210 - 23,210 Forward sales commitments 535 - 535 - 535 Total $ 1,187,460 $ 17,254 $ 479,709 $ 676,687 $ 1,173,650 Liabilities: Deposits $ 1,100,210 $ - $ 980,822 $ 116,563 $ 1,097,385 Short-term debt 30,000 - 30,015 30,015 Long-term debt 11,788 - - 11,890 11,890 IRLC 273 - 273 273 Interest payable 341 - 341 - 341 Total $ 1,142,612 $ - $ 981,436 $ 158,468 $ 1,139,904 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 $ - $ 956,439 $ 123,718 $ 1,080,157 Long-term debt 21,772 - - 22,443 22,443 Interest payable 491 - 491 - 491 Total $ 1,102,558 $ - $ 956,930 $ 146,161 $ 1,103,091

Troubled Debt Restructuring

Troubled Debt Restructuring	6 Months Ended
	Jun. 30, 2022
Troubled Debt Restructuring
Note 8. Troubled Debt Restructuring	Note 8. Troubled Debt Restructuring As of June 30, 2022, the Company had TDRs totaling $4,205 with an estimated allowance of $124. As of December 31, 2021, the Company had TRDs totaling $5,138 with an estimated allowance of $167. Troubled debt restructurings include modifications of interest rates, revisions to amortization schedules, suspension of principal payments for a temporary period, re-advancing funds to be applied as payments to bring the loan(s) current, or any combination thereof. All loans that are considered to be TDRs are reviewed for impairment in accordance with the Company’s ALLL methodology. The Company considers loans placed on nonaccrual status or 90 days past due to be nonperforming. There were no nonperforming TDRs at June 30, 2022 and December 31, 2021. The following table shows, by modification type, TDRs that occurred during the three and six months ended June 30, 2022 and 2021 (dollars in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Change in terms - $ - $ - 1 $ 164 $ 164 Extended maturity 3 50 50 3 50 50 Total 3 $ 50 $ 50 4 $ 214 $ 214 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Change in terms 1 $ 986 $ 986 2 $ 1,096 $ 1,096 Total 1 $ 986 $ 986 2 $ 1,096 $ 1,096

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Loss
Note 9. Accumulated Other Comprehensive Loss	Note 9. Accumulated Other Comprehensive Loss The following tables present components of accumulated other comprehensive loss for the periods stated (dollars in thousands). For the three months ended June 30, 2022 Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at March 31, 2022 $ (16,060 ) $ (3,291 ) $ (19,351 ) Change in unrealized securities gains (losses), net of tax benefit of $4,512 (16,972 ) - (16,972 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20 (77 ) - (77 ) Balance at June 30, 2022 $ (33,109 ) $ (3,291 ) $ (36,400 ) For the three months ended June 30, 2021 Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at March 31, 2021 $ (310 ) $ (3,821 ) $ (4,131 ) Change in unrealized securities gains (losses), net of tax expense of $74 279 - 279 Balance at June 30, 2021 $ (31 ) $ (3,821 ) $ (3,852 ) For the six months ended June 30, 2022 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 benefit of $8,301 (31,231 ) - (31,231 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20 (77 ) - (77 ) Balance at June 30, 2022 $ (33,109 ) $ (3,291 ) $ (36,400 ) For the six months ended June 30, 2021 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 benefit of $222 (835 ) - (835 ) Balance at June 30, 2021 $ (31 ) $ (3,821 ) $ (3,852 ) During the three months ended June 30, 2022 there were security losses of $97, net of tax of $20, that were reclassified out of unrealized gains on available for sale securities and reclassified into net investment security losses on the consolidated statements of income. There were no reclassifications adjustments reported on the consolidated statements of income during the three or six months ended June 30, 2021.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2022
Business Segments
Note 10. 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 and six months ended June 30, 2022 and 2021 (dollars in thousands). Six Months Ended June 30, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 19,019 $ 61 $ 15 $ - $ 1 $ (26 ) $ 19,070 Service charges on deposits 581 - - - - - 581 Investment services and insurance income - - 454 - - (5 ) 449 Mortgage banking income, net - 1,379 - - - - 1,379 Title insurance income - - - 839 - - 839 Other operating income 1,504 2 - - - - 1,506 Total income (loss) 21,104 1,442 469 839 1 (31 ) 23,824 Expenses: Interest Expense 1,774 12 - - 251 (26 ) 2,011 Provision for loan losses 150 - - - - - 150 Salary and benefit expense 8,003 1,196 218 610 - - 10,027 Other operating expenses 6,636 464 32 162 (13 ) (5 ) 7,276 Total expense 16,563 1,672 250 772 238 (31 ) 19,464 Net income (loss) before taxes 4,541 (230 ) 219 67 (237 ) - 4,360 Income tax expense (benefit) 469 - 47 - (473 ) - 43 Net Income (Loss) attributable to F&M Bank Corp. $ 4,072 $ (230 ) $ 172 $ 67 $ 236 $ - $ 4,317 Total Assets $ 1,230,308 $ 9,499 $ 8,863 $ 4,635 $ 83,962 $ (105,715 ) $ 1,231,552 Goodwill $ 2,868 $ - $ - $ 3 $ 211 $ - $ 3,082 Three months ended June 30, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 9,982 $ 32 $ 7 $ - $ 1 $ (13 ) $ 10,009 Service charges on deposits 274 - - - - - 274 Investment services and insurance income - - 201 - - (3 ) 198 Mortgage banking income, net - 637 - - - - 637 Title insurance income - - - 366 - - 366 Other operating income 796 - - - - - 796 Total income (loss) 11,052 669 208 366 1 (16 ) 12,280 Expenses: Interest Expense 900 6 - - 114 (13 ) 1,007 Provision for loan losses 600 - - - - - 600 Salary and benefit expense 4,056 623 114 309 - - 5,102 Other operating expenses 3,308 250 11 79 6 (3 ) 3,651 Total expense 8,864 879 125 388 120 (16 ) 10,360 Net income (loss) before taxes 2,188 (210 ) 83 (22 ) (119 ) - 1,920 Income tax expense 83 - 16 - 32 - 131 Net Income (Loss) attributable to F&M Bank Corp. $ 2,105 $ (210 ) $ 67 $ (22 ) $ (151 ) $ - $ 1,789 Six Months Ended June 30, 2021 F&M Bank VBS Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 17,489 $ 124 $ 59 $ - $ 1 $ (108 ) $ 17,565 Service charges on deposits 539 - - - - - 539 Investment services and insurance income - - 530 - - (3 ) 527 Mortgage banking income, net - 2,699 - - - - 2,699 Title insurance income - - - 1,051 - - 1,051 Other operating income (loss) 1,621 80 - - (76 ) - 1,625 Total income (loss) 19,649 2,903 589 1,051 (75 ) (111 ) 24,006 Expenses: Interest Expense 1,771 98 - - 376 (108 ) 2,137 (Recovery of) loan losses (1,975 ) - - - - - (1,975 ) Salary and benefit expense 7,112 1,282 181 582 - - 9,157 Other operating expenses 6,300 464 19 154 39 (3 ) 6,973 Total expense 13,208 1,844 200 736 415 (111 ) 16,292 Net income (loss) before taxes 6,441 1,059 389 315 (490 ) - 7,714 Income tax expense (benefit) 922 - 81 - (310 ) - 693 Net Income (Loss) attributable to F&M Bank Corp. $ 5,519 $ 1,059 $ 308 $ 315 $ (180 ) $ - $ 7,021 Total Assets $ 1,110,211 $ 13,969 $ 8,367 $ 3,049 $ 112,338 $ (142,959 ) $ 1,104,975 Goodwill $ 2,868 $ 47 $ - $ 3 $ 164 $ - $ 3,082 Three Months Ended June 30, 2021 F&M Bank VBS Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 8,773 $ 52 $ 29 $ - $ 1 $ (36 ) $ 8,819 Service charges on deposits 254 - - - - - 254 Investment services and insurance income - - 182 - - (2 ) 180 Mortgage banking income, net - 1,027 - - - - 1,027 Title insurance income - - - 595 - - 595 Other operating income (loss) 1,028 57 - - (55 ) - 1,030 Total income (loss) 10,055 1,136 211 595 (54 ) (38 ) 11,905 Expenses: Interest Expense 895 32 - - 178 (36 ) 1,069 (Recovery of) loan losses (1,250 ) - - - - - (1,250 ) Salary and benefit expense 3,598 667 84 296 - - 4,645 Other operating expenses 3,466 231 13 72 19 (2 ) 3,799 Total expense 6,709 930 97 368 197 (38 ) 8,263 Net income (loss) before taxes 3,346 206 114 227 (251 ) - 3,642 Income tax expense (benefit) 401 - 24 - (3 ) - 422 Net Income (Loss) attributable to F&M Bank Corp. $ 2,945 $ 206 $ 90 $ 227 $ (248 ) $ - $ 3,220

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt
Note 11. 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 loans growth 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 $30,000 in short-term debt at June 30, 2022 and no short-term debt at December 31, 2021. Long-term Debt The Company also utilizes the FHLB advance program to fund loan growth and provide liquidity. The balance of these obligations at June 30, 2022 and December 31, 2021 were $0 and $10,000, respectively. The interest rates on long-term debt are fixed at the time of the advance; the weighted average interest rate was .81% at at December 31, 2021. 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 $11,788 at June 30, 2022.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Note 12. 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 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. 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 June 30, 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 and six months ended June 30, 2022 and 2021 (dollars in thousands). Six Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Noninterest Income In-scope of Topic 606: Service Charges on Deposits $ 581 $ 539 $ 274 $ 254 Investment Services and Insurance Income 449 527 198 180 Title Insurance Income 839 1,051 366 595 ATM and check card fees 1,195 1,120 632 600 Other 399 514 242 448 Noninterest Income (in-scope of Topic 606) 3,463 3,751 1,712 2,077 Noninterest Income (out-of-scope of Topic 606) 1,291 2,690 559 1,009 Total Noninterest Income $ 4,754 $ 6,441 $ 2,271 $ 3,086 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 June 30, 2022 and December 31, 2021, the Company did not have any significant contract balances. 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	6 Months Ended
	Jun. 30, 2022
Leases
Note 13. 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): June 30, 2022 Lease Liabilities $ 865 Right-of-use assets $ 842 Weighted average remaining lease term (years) 2.97 years Weighted average discount rate 3.10 % For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 47 $ 15 $ 94 $ 51 Total lease cost $ 47 $ 15 $ 94 $ 51 Cash paid for amounts included in the measurement of lease liabilities $ 53 $ 35 $ 105 $ 66 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): June 30, 2022 Six months ending December 31, 2022 $ 79 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 $ 1,036 Discount 171 Lease liabilities $ 865

Mortgage Banking and Derivative

Mortgage Banking and Derivatives	6 Months Ended
	Jun. 30, 2022
Mortgage Banking and Derivatives
Note 14. 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, 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 $5,449 as of June 30, 2022 of which $5,509 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, 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 June 30, 2022, and totaled $273, with a notional amount of $24,826 and total positions of 78. 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 June 30, 2022 and 2021. The Company’s IRLCs are classified as Level 2. At June 30, 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 June 30, 2022 totaled $535, with a notional amount of $30,335 and total positions of 95. 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.

StockBased Compensation

StockBased Compensation	6 Months Ended
	Jun. 30, 2022
StockBased Compensation
Note 15. Stock-based Compensation	Note 15. Stock-Based Compensation The Company granted stock awards to directors and employees under the Company’s 2020 Stock Incentive Plan. On March 7, 2022 the Company’s Stock Plan Committee awarded 17,763 shares with a fair value of $547,989 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. There were no restricted stock awards granted, vested or forfeited during the three months ending June 30, 2022. Unrecognized compensation expense related to the nonvested restricted stock as of June 30, 2022 totaled $780 thousand.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events
Note 16. Subsequent Events	Note 16. Subsequent Events On July 29, 2022 the Company redeemed the $5,000 in subordinated notes described in Note 11 as the “2027 Notes.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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 and six months ended June 30, 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 COVID-19 pandemic has had a disruptive impact on the U.S. and global economy since the first quarter of 2020. Since the pandemic is ongoing and dynamic, there are many uncertainties on the potential impacts to our customers, employees and vendors; as well as the economy as a whole. The Company carefully monitors economic impacts attributable to the COVID-19 pandemic and the potential impacts on the Company’s loan portfolio and their borrowers ability to repay their loans. As the COVID-19 pandemic continues, its magnitude and duration remain uncertain. The risks and uncertainties resulting from the pandemic may adversely the Company’s future operational and financial performance; however, these remain highly uncertain and cannot be predicted.
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 Six months ended For the Three months ended For the Six months ended For the Three months ended June 30, 2022 June 30, 2022 June 30, 2021 June 30, 2021 Earnings available to common stockholders: Net income $ 4,317 $ 1,789 $ 7,021 $ 3,220 Preferred stock dividends - - 131 66 Net income available to common stockholders $ 4,317 $ 1,789 $ 6,890 $ 3,154 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): Six months ended June 30, 2022 Six months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 4,317 3,443,850 $ 1.25 $ 6,890 3,206,534 $ 2.15 Effect of Dilutive Securities: Convertible Preferred Stock - - - 131 228,118 (0.11 ) Diluted EPS $ 4,317 3,443,850 $ 1.25 $ 7,021 3,434,652 $ 2.04 Three months ended June 30, 2022 Three months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 1,789 3,452,711 $ 0.51 $ 3,154 3,207,978 $ 0.98 Effect of Dilutive Securities: Convertible Preferred Stock - - - 66 205,327 (0.05 ) Diluted EPS $ 1,789 3,452,711 $ 0.51 $ 3,220 3,413,305 $ 0.93

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Schedule Of Net income avalaible to shareholders	For the Six months ended For the Three months ended For the Six months ended For the Three months ended June 30, 2022 June 30, 2022 June 30, 2021 June 30, 2021 Earnings available to common stockholders: Net income $ 4,317 $ 1,789 $ 7,021 $ 3,220 Preferred stock dividends - - 131 66 Net income available to common stockholders $ 4,317 $ 1,789 $ 6,890 $ 3,154
Schedule Of dilutive preferred stock conversion	Six months ended June 30, 2022 Six months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 4,317 3,443,850 $ 1.25 $ 6,890 3,206,534 $ 2.15 Effect of Dilutive Securities: Convertible Preferred Stock - - - 131 228,118 (0.11 ) Diluted EPS $ 4,317 3,443,850 $ 1.25 $ 7,021 3,434,652 $ 2.04 Three months ended June 30, 2022 Three months ended June 30, 2021 Income Weighted Average Shares Per Share Amounts Income Weighted Average Shares Per Share Amounts Basic EPS $ 1,789 3,452,711 $ 0.51 $ 3,154 3,207,978 $ 0.98 Effect of Dilutive Securities: Convertible Preferred Stock - - - 66 205,327 (0.05 ) Diluted EPS $ 1,789 3,452,711 $ 0.51 $ 3,220 3,413,305 $ 0.93

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investment Securities (Tables)
Schedule Of Amortized Cost And Fair Value For Securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2022 U. S. Treasuries $ 125 $ - $ - $ 125 December 31, 2021 U. S. Treasuries $ 125 $ - $ - $ 125
Schedule Of Amortized Cost And Fair Value Of Securities Current	Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2022 U.S. Government treasuries $ 49,778 $ - $ 3,041 $ 46,737 U.S. Government sponsored enterprises 168,464 - 12,315 156,149 Securities issued by States and political subdivisions in the U.S. 47,416 - 3,730 43,686 Mortgage-backed obligations of federal agencies 192,525 106 21,601 171,030 Corporate debt security 30,550 640 1,969 29,221 Total Securities Available for Sale $ 488,733 $ 746 $ 42,656 $ 446,823 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 Amortized Cost And Fair Value Of Securities, Maturity	Securities Held to Maturity Securities Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 125 $ 125 $ 4,833 $ 4,789 Due after one year through five years - - 210,477 198,311 Due after five years - - 107,718 97,741 Due after ten years - - 165,705 145,982 Total $ 125 $ 125 $ 488,733 $ 446,823
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 June 30, 2022 U.S. Government treasuries $ 38,025 $ 1,843 $ 8,711 $ 1,198 $ 46,736 $ 3,041 U.S. Government sponsored enterprises 134,269 9,201 21,880 3,114 156,149 12,315 Securities issued by States and political subdivisions in the U.S. 43,686 3,730 - - 43,686 3,730 Mortgage-backed obligations of federal agencies 131,930 17,112 34,388 4,489 166,318 21,601 Corporate debt security 19,749 1,851 1,132 118 20,881 1,969 Total $ 367,659 $ 33,737 $ 66,111 $ 8,919 $ 433,770 $ 42,656 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 security 8,825 225 - - 8,825 225 Total $ 271,829 $ 3,360 $ 10,074 $ 220 $ 281,903 $ 3,850
Schedule of Realized gains and losses	Three Months Ended June 30, 2022 Six Month Ended June 30, 2022 Realized gains (losses): Gross realized gains $ - $ - Gross realized losses (97 ) - Net realized (losses) $ (97 ) $ - Proceeds from sales of securities $ 8,699 $ - Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Realized gains (losses): Gross realized gains $ - $ - Gross realized (losses) - - Net realized (losses) $ - $ - Proceeds from sales of securities $ - $ -

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2022
Loans
Schedule Of Loans Outstanding	2022 2021 Construction/Land Development $ 71,212 $ 75,236 Farmland 72,573 66,344 Real Estate 133,747 139,552 Multi-Family 8,548 4,887 Commercial Real Estate 172,680 163,564 Home Equity – closed end 5,524 6,262 Home Equity – open end 44,267 44,247 Commercial & Industrial – Non-Real Estate 50,689 44,224 Consumer 8,852 8,036 Dealer Finance 119,758 107,346 Credit Cards 3,051 3,000 Gross loans 690,901 662,698 Less: Deferred loan fees, net of costs (404 ) (277 ) Total $ 690,497 $ 662,421
Summary Of Information Pertaining To Impaired Loans	June 30, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment (1) Balance Allowance Investment (1) Balance Allowance Impaired loans without a valuation allowance: Construction/Land Development $ 468 $ 468 $ - $ 645 $ 645 $ - Farmland 2,165 2,165 - 2,286 2,286 - Real Estate 2,331 2,331 - 2,748 2,748 - Multi-Family - - - - - - Commercial Real Estate 8,058 8,058 - 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 12 12 - 12 12 - 13,034 13,034 - 14,337 14,337 - Impaired loans with a valuation allowance Construction/Land Development - - - - - - Farmland - - - - - - Real Estate 1,546 1,546 34 1,172 1,172 119 Multi-Family - - - - - - Commercial Real Estate 2,527 2,527 446 6,004 6,004 603 Home Equity – closed end - - - - - - Home Equity – open end - - - - - - Commercial & Industrial – Non-Real Estate - - - - - - Consumer - - - - - - Credit cards - - - - - - Dealer Finance 77 77 3 95 95 14 4,150 4,150 483 7,271 7,271 736 Total impaired loans $ 17,184 $ 17,184 $ 483 $ 21,608 $ 21,608 $ 736
Summary Of The Average Investment And Interest Income	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average Recorded Interest Income Average Recorded Interest Income Average Recorded Interest Income Average Recorded Interest Income Investment Recognized Investment Recognized Investment Recognized Investment Recognized Impaired loans without a valuation allowance: Construction/Land Development $ 553 $ 4 $ 1,280 $ 3 $ 601 $ 10 $ 1,222 $ 16 Farmland 2,190 10 1,191 108 2,268 80 1,191 108 Real Estate 2,358 32 6,287 (52 ) 2,654 65 3,985 87 Multi-Family - - - - - - - - Commercial Real Estate 9,545 (31 ) 9,940 102 8,291 155 5,558 123 Home Equity – closed end - - 674 6 81 - 684 11 Home Equity – open end - - - - - - - - Commercial & Industrial – Non-Real Estate - - 4 - - - 7 - Consumer - - - - - - - - Credit Cards - - - - - - - - Dealer Finance 14 1 15 1 14 1 17 1 14,660 16 19,391 168 13,909 311 12,664 346 Impaired loans with a valuation allowance: Construction/Land Development $ - $ - $ - $ - $ - $ - $ 131 $ - Farmland - - 839 (59 ) - - 876 - Real Estate 1,521 18 1,621 22 1,363 34 5,456 32 Multi-Family - - - - - - - - Commercial Real Estate 2,885 25 6,382 25 4,281 67 4,973 91 Home Equity – closed end - - - - - - - - Home Equity – open end - - - - - - 76 - Commercial & Industrial – Non-Real Estate - - - - - - - - Consumer - - - - - - 1 - Credit Card - - - - - - - - Dealer Finance 66 3 124 2 90 4 135 5 4,472 46 8,966 (10 ) 5,734 105 11,648 128 Total Impaired Loans $ 19,132 $ 62 $ 28,357 $ 158 $ 19,643 $ 416 $ 24,312 $ 474
Schedule Of Recorded Investment Of Past Due Loans	June 30, 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 $ 521 $ 28 $ - $ 549 $ 70,663 $ 71,212 $ 28 $ - Farmland - 332 - 332 72,241 72,573 1,218 - Real Estate 1,636 34 142 1,812 131,935 133,747 402 - Multi-Family - - - - 8,548 8,548 - - Commercial Real Estate - - 108 108 172,572 172,680 108 - Home Equity – closed end - 105 - 105 5,419 5,524 - - Home Equity – open end 431 167 - 598 43,669 44,267 - - Commercial & Industrial – Non- Real Estate 180 22 41 243 50,446 50,689 - 41 Consumer 23 - - 23 8,829 8,852 - - Dealer Finance 572 125 95 792 118,966 119,758 95 - Credit Cards 12 20 13 45 3,006 3,051 - 13 Less: Deferred loan fees, net of costs - - - - (404 ) (404 ) - - Total $ 3,375 $ 833 $ 399 $ 4,584 $ 685,890 $ 690,497 $ 1,851 $ 55 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)	6 Months Ended
	Jun. 30, 2022
Allowance for Loan Losses (Tables)
Summary Loan Loss Allowance Transactions	June 30, 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 $ - $ - $ (97 ) $ 880 $ - $ 880 Farmland 448 - - 71 519 - 519 Real Estate 1,162 17 - (14 ) 1,131 34 1,097 Multi-Family 29 - - 25 54 - 54 Commercial Real Estate 2,205 - - 98 2,303 446 1,857 Home Equity – closed end 41 - - (2 ) 39 - 39 Home Equity – open end 407 - 130 (162 ) 375 - 375 Commercial & Industrial – Non-Real Estate 288 36 32 100 384 - 384 Consumer 520 24 14 (148 ) 362 - 362 Dealer Finance 1,601 523 337 272 1,687 3 1,684 Credit Cards 70 21 8 7 64 - 64 Total $ 7,748 $ 621 $ 521 $ 150 $ 7,798 $ 483 $ 7,315 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	June 30, 2022 Loan Receivable Individually Evaluated for Impairment Collectively Evaluated for Impairment Construction/Land Development $ 71,212 $ 468 $ 70,744 Farmland 72,573 2,165 70,408 Real Estate 133,747 3,877 129,870 Multi-Family 8,548 - 8,548 Commercial Real Estate 172,680 10,585 162,095 Home Equity – closed end 5,524 - 5,524 Home Equity –open end 44,267 - 44,267 Commercial & Industrial – Non-Real Estate 50,689 - 50,689 Consumer 8,852 - 8,852 Dealer Finance 119,758 89 119,669 Credit Cards 3,051 - 3,051 Gross loans 690,901 17,184 673,717 Less: Deferred loan fees, net of costs (404 ) - (404 ) Total $ 690,497 $ 17,184 $ 673,313 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	June 30, 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 $ 11,182 $ 39,977 $ 18,463 $ 1,557 $ 28 $ - $ 71,212 Farmland 55 283 9,519 42,734 16,916 1,848 1,218 - 72,573 Real Estate - 694 26,840 65,846 27,333 8,598 4,436 - 133,747 Multi-Family - - 992 5,315 2,120 121 - - 8,548 Commercial Real Estate - 1,350 37,964 77,168 31,341 15,199 9,658 - 172,680 Home Equity – closed end - 55 983 2,804 672 1,010 - - 5,524 Home Equity – open end - 1,346 17,430 21,853 1,927 1,494 217 - 44,267 Commercial & Industrial -Non-Real Estate 25 1,186 12,133 29,606 6,350 1,330 59 - 50,689 Consumer 26 368 3,451 4,769 171 67 - - 8,852 Gross Loans $ 106 $ 5,287 $ 120,494 $ 290,072 $ 105,293 $ 31,224 $ 15,616 $ - $ 568,092 Less: Deferred loan fees, net of costs (404 ) Total $ 567,688 Credit Cards Dealer Finance Performing $ 3,038 $ 119,663 Non-performing 13 95 Total $ 3,051 $ 119,758 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 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)	6 Months Ended
	Jun. 30, 2022
Employee Benefit Plan
Schedule Of Employee Benefit Plan	Six Months Ended Three Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Service cost $ 380 $ 606 $ 190 $ 216 Interest cost 208 314 104 95 Expected return on plan assets - (55 ) - (198 ) Amortization of prior service cost (390 ) (9 ) (195 ) - Amortization of net loss 116 166 58 72 Net periodic pension cost $ 314 $ 1,022 $ 157 $ 185

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value
Schedule Of Assets And Liabilities At Fair Value On Recurring Basis	June 30, 2022 Total Level 1 Level 2 Level 3 Assets: Loans held for sale, F&M Mortgage $ 5,449 $ - $ 5,449 $ - U. S. Treasury securities 46,737 - 46,737 - U. S. Government sponsored enterprises 156,149 - 156,149 - Securities issued by States and political subdivisions in the U. S. 43,686 - 43,686 - Mortgage-backed obligations of federal agencies 171,030 - 171,030 - Corporate debt securities 29,221 - 29,221 - Forward Sales Commitments 535 - 535 - Assets at Fair Value $ 452,807 $ - $ 452,807 $ - Liabilities: IRLC $ 273 $ - $ 273 $ - Liabilities at Fair Value $ 273 $ - $ 273 $ - 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. Government treasuries 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	June 30, 2022 Total Level 1 Level 2 Level 3 Real Estate $ 1,512 $ - $ - $ 1,512 Commercial Real Estate 2,081 - - 2,081 Dealer Finance 74 - - 74 Impaired loans $ 3,667 $ - $ - $ 3,667 Bank premises held for sale $ 300 $ - $ - $ 300 Other real estate owned $ 197 $ - $ - $ 197 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 Other real estate owned $ - $ - $ - $ -
Schedule Fair Value Measurements Level 3	Fair Value at June 30, 2022 Valuation Technique Significant Unobservable Inputs Range Impaired Loans $ 3,667 Discounted appraised value Discount for selling costs and marketability 14.00%-32.92% (Average 22.97%) Bank premises held for sale 300 Contract value Discount for selling costs and marketability n/a Other real estate owned 197 Discounted appraised value Discount for selling costs and marketability 6.00% (Average 6.00%) 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%) Bank premises held for sale 300 Contract value Discount for selling costs and marketability n/a Other real estate owned - - - -

Disclosures About Fair Value _2

Disclosures About Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosures about Fair Value of Financial Instruments
Schedule Of Carrying Value And Estimated Fair Value For Financial Instruments	Fair Value Measurements at June 30, 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 June 30, 2022 Assets: Cash and cash equivalents $ 17,254 $ 17,254 $ - $ - $ 17,254 Securities 446,948 - 446,948 - 446,948 Loans held for sale 5,449 - 5,449 - 5,449 Loans held for investment, net 690,497 - - 676,687 676,687 Interest receivable 3,567 - 3,567 - 3,567 Bank owned life insurance 23,210 - 23,210 - 23,210 Forward sales commitments 535 - 535 - 535 Total $ 1,187,460 $ 17,254 $ 479,709 $ 676,687 $ 1,173,650 Liabilities: Deposits $ 1,100,210 $ - $ 980,822 $ 116,563 $ 1,097,385 Short-term debt 30,000 - 30,015 30,015 Long-term debt 11,788 - - 11,890 11,890 IRLC 273 - 273 273 Interest payable 341 - 341 - 341 Total $ 1,142,612 $ - $ 981,436 $ 158,468 $ 1,139,904 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 $ - $ 956,439 $ 123,718 $ 1,080,157 Long-term debt 21,772 - - 22,443 22,443 Interest payable 491 - 491 - 491 Total $ 1,102,558 $ - $ 956,930 $ 146,161 $ 1,103,091

Troubled Debt Restructuring (Ta

Troubled Debt Restructuring (Tables)	6 Months Ended
	Jun. 30, 2022
Troubled Debt Restructuring (Tables)
Schedule Of Loan Restructured	Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Change in terms - $ - $ - 1 $ 164 $ 164 Extended maturity 3 50 50 3 50 50 Total 3 $ 50 $ 50 4 $ 214 $ 214 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment No. of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Change in terms 1 $ 986 $ 986 2 $ 1,096 $ 1,096 Total 1 $ 986 $ 986 2 $ 1,096 $ 1,096

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2022
Accumulated Other Comprehensive Loss
Schedule Of Accumulated Other Comprehensive Loss	For the three months ended June 30, 2022 Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at March 31, 2022 $ (16,060 ) $ (3,291 ) $ (19,351 ) Change in unrealized securities gains (losses), net of tax benefit of $4,512 (16,972 ) - (16,972 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20 (77 ) - (77 ) Balance at June 30, 2022 $ (33,109 ) $ (3,291 ) $ (36,400 ) For the three months ended June 30, 2021 Unrealized Securities Gains (Losses) Adjustments Related to Pension Plan Accumulated Other Comprehensive Loss Balance at March 31, 2021 $ (310 ) $ (3,821 ) $ (4,131 ) Change in unrealized securities gains (losses), net of tax expense of $74 279 - 279 Balance at June 30, 2021 $ (31 ) $ (3,821 ) $ (3,852 ) For the six months ended June 30, 2022 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 benefit of $8,301 (31,231 ) - (31,231 ) Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20 (77 ) - (77 ) Balance at June 30, 2022 $ (33,109 ) $ (3,291 ) $ (36,400 ) For the six months ended June 30, 2021 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 benefit of $222 (835 ) - (835 ) Balance at June 30, 2021 $ (31 ) $ (3,821 ) $ (3,852 )

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2022
Business Segments
Schedule Of Business Segments	Six Months Ended June 30, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 19,019 $ 61 $ 15 $ - $ 1 $ (26 ) $ 19,070 Service charges on deposits 581 - - - - - 581 Investment services and insurance income - - 454 - - (5 ) 449 Mortgage banking income, net - 1,379 - - - - 1,379 Title insurance income - - - 839 - - 839 Other operating income 1,504 2 - - - - 1,506 Total income (loss) 21,104 1,442 469 839 1 (31 ) 23,824 Expenses: Interest Expense 1,774 12 - - 251 (26 ) 2,011 Provision for loan losses 150 - - - - - 150 Salary and benefit expense 8,003 1,196 218 610 - - 10,027 Other operating expenses 6,636 464 32 162 (13 ) (5 ) 7,276 Total expense 16,563 1,672 250 772 238 (31 ) 19,464 Net income (loss) before taxes 4,541 (230 ) 219 67 (237 ) - 4,360 Income tax expense (benefit) 469 - 47 - (473 ) - 43 Net Income (Loss) attributable to F&M Bank Corp. $ 4,072 $ (230 ) $ 172 $ 67 $ 236 $ - $ 4,317 Total Assets $ 1,230,308 $ 9,499 $ 8,863 $ 4,635 $ 83,962 $ (105,715 ) $ 1,231,552 Goodwill $ 2,868 $ - $ - $ 3 $ 211 $ - $ 3,082 Three months ended June 30, 2022 F&M Bank F&M Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 9,982 $ 32 $ 7 $ - $ 1 $ (13 ) $ 10,009 Service charges on deposits 274 - - - - - 274 Investment services and insurance income - - 201 - - (3 ) 198 Mortgage banking income, net - 637 - - - - 637 Title insurance income - - - 366 - - 366 Other operating income 796 - - - - - 796 Total income (loss) 11,052 669 208 366 1 (16 ) 12,280 Expenses: Interest Expense 900 6 - - 114 (13 ) 1,007 Provision for loan losses 600 - - - - - 600 Salary and benefit expense 4,056 623 114 309 - - 5,102 Other operating expenses 3,308 250 11 79 6 (3 ) 3,651 Total expense 8,864 879 125 388 120 (16 ) 10,360 Net income (loss) before taxes 2,188 (210 ) 83 (22 ) (119 ) - 1,920 Income tax expense 83 - 16 - 32 - 131 Net Income (Loss) attributable to F&M Bank Corp. $ 2,105 $ (210 ) $ 67 $ (22 ) $ (151 ) $ - $ 1,789 Six Months Ended June 30, 2021 F&M Bank VBS Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 17,489 $ 124 $ 59 $ - $ 1 $ (108 ) $ 17,565 Service charges on deposits 539 - - - - - 539 Investment services and insurance income - - 530 - - (3 ) 527 Mortgage banking income, net - 2,699 - - - - 2,699 Title insurance income - - - 1,051 - - 1,051 Other operating income (loss) 1,621 80 - - (76 ) - 1,625 Total income (loss) 19,649 2,903 589 1,051 (75 ) (111 ) 24,006 Expenses: Interest Expense 1,771 98 - - 376 (108 ) 2,137 (Recovery of) loan losses (1,975 ) - - - - - (1,975 ) Salary and benefit expense 7,112 1,282 181 582 - - 9,157 Other operating expenses 6,300 464 19 154 39 (3 ) 6,973 Total expense 13,208 1,844 200 736 415 (111 ) 16,292 Net income (loss) before taxes 6,441 1,059 389 315 (490 ) - 7,714 Income tax expense (benefit) 922 - 81 - (310 ) - 693 Net Income (Loss) attributable to F&M Bank Corp. $ 5,519 $ 1,059 $ 308 $ 315 $ (180 ) $ - $ 7,021 Total Assets $ 1,110,211 $ 13,969 $ 8,367 $ 3,049 $ 112,338 $ (142,959 ) $ 1,104,975 Goodwill $ 2,868 $ 47 $ - $ 3 $ 164 $ - $ 3,082 Three Months Ended June 30, 2021 F&M Bank VBS Mortgage TEB Life/FMFS VS Title Parent Only Eliminations F&M Bank Corp. Consolidated Revenues: Interest Income $ 8,773 $ 52 $ 29 $ - $ 1 $ (36 ) $ 8,819 Service charges on deposits 254 - - - - - 254 Investment services and insurance income - - 182 - - (2 ) 180 Mortgage banking income, net - 1,027 - - - - 1,027 Title insurance income - - - 595 - - 595 Other operating income (loss) 1,028 57 - - (55 ) - 1,030 Total income (loss) 10,055 1,136 211 595 (54 ) (38 ) 11,905 Expenses: Interest Expense 895 32 - - 178 (36 ) 1,069 (Recovery of) loan losses (1,250 ) - - - - - (1,250 ) Salary and benefit expense 3,598 667 84 296 - - 4,645 Other operating expenses 3,466 231 13 72 19 (2 ) 3,799 Total expense 6,709 930 97 368 197 (38 ) 8,263 Net income (loss) before taxes 3,346 206 114 227 (251 ) - 3,642 Income tax expense (benefit) 401 - 24 - (3 ) - 422 Net Income (Loss) attributable to F&M Bank Corp. $ 2,945 $ 206 $ 90 $ 227 $ (248 ) $ - $ 3,220

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue Recognition
Summary Of Noninterest Income, Segregated By Revenue Streams	Six Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Noninterest Income In-scope of Topic 606: Service Charges on Deposits $ 581 $ 539 $ 274 $ 254 Investment Services and Insurance Income 449 527 198 180 Title Insurance Income 839 1,051 366 595 ATM and check card fees 1,195 1,120 632 600 Other 399 514 242 448 Noninterest Income (in-scope of Topic 606) 3,463 3,751 1,712 2,077 Noninterest Income (out-of-scope of Topic 606) 1,291 2,690 559 1,009 Total Noninterest Income $ 4,754 $ 6,441 $ 2,271 $ 3,086

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases
Schedule Of Leases	June 30, 2022 Lease Liabilities $ 865 Right-of-use assets $ 842 Weighted average remaining lease term (years) 2.97 years Weighted average discount rate 3.10 %
Schedule Of Operating Lease Liabilities And Reconciliation	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 47 $ 15 $ 94 $ 51 Total lease cost $ 47 $ 15 $ 94 $ 51 Cash paid for amounts included in the measurement of lease liabilities $ 53 $ 35 $ 105 $ 66
Schedule Of Operating Lease Liabilities and Maturities	June 30, 2022 Six months ending December 31, 2022 $ 79 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 $ 1,036 Discount 171 Lease liabilities $ 865

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies
Net Income	$ 1,789	$ 3,220	$ 4,317	$ 7,021
Preferred Stock Dividends	0	66	0	131
Net Income Available To Common Stockholders	$ 1,789	$ 3,154	$ 4,317	$ 6,890

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies
Basic Eps, Income	$ 1,789,000	$ 3,154,000	$ 4,317,000	$ 6,890,000
Effect Of Dilutive Securities Convertible Preferred Stock, Income		66,000	0	131
Diluted Eps, Income	$ 1,789,000	$ 3,220,000	$ 4,317,000	$ 7,021,000
Basic Eps, Shares	3,452,711	3,207,978	3,443,850	3,206,534
Effect Of Dilutive Securities Convertible Preferred Stock, Shares		205,327		228,118
Diluted Eps, Share	3,452,711	3,413,305	3,443,850	3,434,652
Basic Eps, Per Shares	$ 0.51	$ 0.98	$ 1.25	$ 2.15
Effect Of Dilutive Securities Convertible Preferred Stock, Per Shares		(0.05)	0	(0.11)
Diluted Eps, Per Shares	$ 0.51	$ 0.93	$ 1.25	$ 2.04

Investment Securities (Details)

Investment Securities (Details) - Treasury and agency obligations - USD ($)	Jun. 30, 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 ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost	$ 488,733	$ 406,162
Gross Unrealized Gains	746	1,300
Gross Unrealized Losses	42,656	3,580
Fair Value	446,823	403,882
U S Treasuries [Member]
Amortized Cost	49,778	29,847
Gross Unrealized Gains	0	0
Gross Unrealized Losses	3,041
Fair Value	46,737	29,482
U. S. Government Sponsored Enterprises [Member]
Amortized Cost	168,464	134,466
Gross Unrealized Gains	0	0
Gross Unrealized Losses	12,315	752
Fair Value	156,149	133,714
Securities issued by States and political subdivisions in the U.S. [Member]
Amortized Cost	47,416	34,078
Gross Unrealized Gains	0	406
Gross Unrealized Losses	3,730	147
Fair Value	43,686	34,337
Mortgage-backed obligations of federal agencies [Member]
Amortized Cost	192,525	185,216
Gross Unrealized Gains	106	522
Gross Unrealized Losses	21,601	2,091
Fair Value	171,030	183,647
Corporate debt security [Member]
Amortized Cost	30,550	22,555
Gross Unrealized Gains	640	372
Gross Unrealized Losses	1,969	225
Fair Value	$ 29,221	$ 22,702

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total, Amortized Cost	$ 125,000	$ 125,000
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	4,833,000
Due In One Year Or Less, Fair Value	4,789,000
Due After One Year Through Five Years, Amortized Cost	210,477,000
Due After One Year Through Five Years, Fair Value	198,311,000
Due After Five Years Through Ten Years, Amortized Cost	107,718,000
Due After Five Years Through Ten Years, Fair Value	97,741,000
Due After Ten Years, Amortized Cost	165,705,000
Due After Ten Years, Fair Value	145,982,000
Total, Amortized Cost	488,733,000
Total Fair Value	$ 446,823,000

Investment Securities (Detail_3

Investment Securities (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investment Securities (Tables)
Gross realized gains	$ 0	$ 0	$ 0	$ 0
Gross realized losses	(97)	0	0	0
Net realized (losses)	(97)	0	0	0
Proceeds from sale of securities	$ 8,699	$ 0	$ 0	$ 0

Investment Securities (Detail_4

Investment Securities (Details 4) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Less Than 12 Months	$ 367,659,000	$ 271,829,000
Unrealized Losses Less Than 12 Months	33,737,000	3,360,000
Fair Value More Than 12 Months	66,111,000	10,074,000
Unrealized Losses More Than 12 Months	8,919,000	220,000
Fair Value Total	433,770,000	281,903,000
Unrealized Losses Total	42,656,000	3,850,000
U S Treasuries [Member]
Fair Value Less Than 12 Months	38,025,000	29,481,000
Unrealized Losses Less Than 12 Months	1,843,000	365,000
Fair Value More Than 12 Months	8,711,000	0
Unrealized Losses More Than 12 Months	1,198,000	0
Fair Value Total	46,736,000	29,481,000
Unrealized Losses Total	3,041,000	365,000
U. S. Government Sponsored Enterprises [Member]
Fair Value Less Than 12 Months	134,269,000	93,714,000
Unrealized Losses Less Than 12 Months	9,201,000	752,000
Fair Value More Than 12 Months	21,880,000	0
Unrealized Losses More Than 12 Months	3,114,000	0
Fair Value Total	156,149,000	93,714,000
Unrealized Losses Total	12,315,000	752,000
Securities issued by States and political subdivisions in the U.S. [Member]
Fair Value Less Than 12 Months	43,686,000	13,308,000
Unrealized Losses Less Than 12 Months	3,730,000	147,000
Fair Value More Than 12 Months	0	0
Unrealized Losses More Than 12 Months	0
Fair Value Total	43,686,000	13,308,000
Unrealized Losses Total	3,730,000	147,000
Mortgage-backed obligations of federal agencies [Member]
Fair Value Less Than 12 Months	131,930,000	126,501,000
Unrealized Losses Less Than 12 Months	17,112,000	1,871,000
Fair Value More Than 12 Months	34,388,000	10,074,000
Unrealized Losses More Than 12 Months	4,489,000	220,000
Fair Value Total	166,318,000	136,575,000
Unrealized Losses Total	21,601,000	2,091,000
Corporate debt security [Member]
Fair Value Less Than 12 Months	19,749,000	8,825,000
Unrealized Losses Less Than 12 Months	1,851,000	225,000
Fair Value More Than 12 Months	1,132,000	0
Unrealized Losses More Than 12 Months	118,000
Fair Value Total	20,881,000	8,825,000
Unrealized Losses Total	$ 1,969,000	$ 225,000

Investment Securities (Detail_5

Investment Securities (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Subordinated Debt	$ 1,132
Other Investments	9,688	$ 9,210
Twenty Low-Income housing [Member]
Other Investments	6,354
Federal Home Loan Bank [Member]
Other Investments	1,590
Stock	1,744
Fifteen low-income housing limited partnerships [Member]
Other Investments	$ 961

Loans (Details)

Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Gross Loans	$ 690,901	$ 662,698
Less: Deferred Loan Fess, Net Of Costs	404	277
Total	690,497	662,421
Commercial Real Estate [Member]
Loans Outstanding	172,680	163,564
Multi-Family [Member]
Loans Outstanding	8,548	4,887
Real Estate Loan [Member]
Loans Outstanding	133,747	139,552
Credit Cards [Member]
Loans Outstanding	3,051	3,000
Construction/Land Development [Member]
Loans Outstanding	71,212	75,236
Farmland [Member]
Loans Outstanding	72,573	66,344
Home Equity - Closed End [Member]
Loans Outstanding	5,524	6,262
Home Equity - Open End [Member]
Loans Outstanding	44,267	44,247
Commercial & Industrial - Non- Real Estate [Member]
Loans Outstanding	50,689	44,224
Consumer [Member]
Loans Outstanding	8,852	8,036
Dealers Finance [Member]
Loans Outstanding	$ 119,758	$ 107,346

Loans (Details 1)

Loans (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Impaired loans without a valuation allowance [Member]
Recorded Investment	$ 0	$ 0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Impaired loans without a valuation allowance [Member] | Commercial Real Estate [Member]
Recorded Investment	8,058,000	8,494,000
Unpaid Principal Balance	8,058,000	8,494,000
Related Allowance	0	0
Impaired loans without a valuation allowance [Member] | Multi-Family [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Impaired loans without a valuation allowance [Member] | Real Estate Loan [Member]
Recorded Investment	2,331,000	2,748,000
Unpaid Principal Balance	2,331,000	2,748,000
Related Allowance	0	0
Impaired loans without a valuation allowance [Member] | Credit Cards [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Impaired loans With a valuation allowance [Member]
Recorded Investment	4,150,000	7,271,000
Unpaid Principal Balance	4,150,000	7,271,000
Related Allowance	483,000	736,000
Impaired loans With a valuation allowance [Member] | Commercial Real Estate [Member]
Recorded Investment	2,527,000	6,004,000
Unpaid Principal Balance	2,527,000	6,004,000
Related Allowance	446,000	603,000
Impaired loans With a valuation allowance [Member] | Multi-Family [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Impaired loans With a valuation allowance [Member] | Real Estate Loan [Member]
Recorded Investment	1,546,000	1,172,000
Unpaid Principal Balance	1,546,000	1,172,000
Related Allowance	34,000	119,000
Impaired loans With a valuation allowance [Member] | Credit Cards [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Construction/Land Development [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	468,000	645,000
Unpaid Principal Balance	468,000	645,000
Related Allowance	0	0
Construction/Land Development [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Farmland [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	2,165,000	2,286,000
Unpaid Principal Balance	2,165,000	2,286,000
Related Allowance	0	0
Home Equity - Close End [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	0	147,000
Unpaid Principal Balance	0	147,000
Related Allowance	0	0
Home Equity - Close End [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Home Equity Open End [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Home Equity Open End [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Commercial & Industrial (Non-Real Estate) | Impaired loans without a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Consumer [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	0	5,000
Unpaid Principal Balance	0	5,000
Related Allowance	0	0
Dealers Finance [Member] | Impaired loans without a valuation allowance [Member]
Recorded Investment	12,000	12,000
Unpaid Principal Balance	12,000	12,000
Related Allowance	0	0
Dealers Finance [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	77,000	95,000
Unpaid Principal Balance	77,000	95,000
Related Allowance	3,000	14,000
Farmland [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Commercial & Industrial - Non- Real Estate [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Consumer [Member] | Impaired loans With a valuation allowance [Member]
Recorded Investment	0	0
Unpaid Principal Balance	0	0
Related Allowance	0	0
Total impaired loans [Member]
Recorded Investment	17,184,000	21,608,000
Unpaid Principal Balance	17,184,000	21,608,000
Related Allowance	$ 483,000	$ 736,000

Loans (Details 2)

Loans (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Impaired loans without a valuation allowance [Member]
Interest Income Recognized	$ 16,000	$ 168,000	$ 311,000	$ 346,000
Average Recorded Investment	14,660,000	19,391,000	13,909,000	12,664,000
Impaired loans without a valuation allowance [Member] | Commercial Real Estate [Member]
Interest Income Recognized	31,000	102,000	155,000	123,000
Average Recorded Investment	9,545,000	9,940,000	8,291,000	5,558,000
Impaired loans without a valuation allowance [Member] | Multi-Family [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Impaired loans without a valuation allowance [Member] | Real Estate Loan [Member]
Interest Income Recognized	10,000	52,000	65,000	87,000
Average Recorded Investment	2,190,000	6,287,000	2,654,000	3,985,000
Impaired loans without a valuation allowance [Member] | Credit Cards [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Impaired loans With a valuation allowance [Member]
Interest Income Recognized	46,000	10,000	105,000	128,000
Average Recorded Investment	4,472,000	8,966,000	5,734,000	11,648,000
Impaired loans With a valuation allowance [Member] | Commercial Real Estate [Member]
Interest Income Recognized	25,000	25,000	67,000	91,000
Average Recorded Investment	2,885,000	6,382,000	4,281,000	4,973,000
Impaired loans With a valuation allowance [Member] | Multi-Family [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Impaired loans With a valuation allowance [Member] | Real Estate Loan [Member]
Interest Income Recognized	18,000	22,000	34,000	32,000
Average Recorded Investment	1,521,000	1,621,000	1,363,000	5,456,000
Impaired loans With a valuation allowance [Member] | Credit Cards [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Construction/Land Development [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	4,000	3,000	10,000	16,000
Average Recorded Investment	553,000	1,280,000	601,000	1,222,000
Construction/Land Development [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	131,000	0
Farmland [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	10,000	108,000	80,000	108,000
Average Recorded Investment	2,190,000	1,191,000	2,268,000	1,191,000
Home Equity - Close End [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	6,000	0	11,000
Average Recorded Investment	0	674,000	81,000	684,000
Home Equity - Close End [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Home Equity Open End [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Home Equity Open End [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	76,000
Commercial & Industrial (Non-Real Estate) | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	4,000	0	7,000
Average Recorded Investment	0	0	0	0
Consumer [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Dealers Finance [Member] | Impaired loans without a valuation allowance [Member]
Interest Income Recognized	1,000	1,000	1,000	1,000
Average Recorded Investment	14,000	15,000	14,000	17,000
Dealers Finance [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	3,000	2,000	4,000	5,000
Average Recorded Investment	66,000	124,000	90,000	135,000
Farmland [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	59,000	0	0
Average Recorded Investment	0	839,000	0	876,000
Commercial & Industrial - Non- Real Estate [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	0
Consumer [Member] | Impaired loans With a valuation allowance [Member]
Interest Income Recognized	0	0	0	0
Average Recorded Investment	0	0	0	1,000
Total impaired loans [Member]
Interest Income Recognized	62,000	158,000	416,000	474,000
Average Recorded Investment	$ 19,132,000	$ 28,357,000	$ 19,643,000	$ 24,312,000

Loans (Details 3)

Loans (Details 3) - USD ($)	Jun. 30, 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	(404,000)	(277,000)
Less: Deferred Aoan Fees, Net Of Costs, Recorded Investment Greater Than 90 Days And Accruing	(404,000)	(277,000)
Less: Deferred Aoan Fees, Net Of Costs, Current	0	0
Less: Deferred Loan Fees, Net Of Costs, Total Loan Receivable	0	0
30-59 Days Past Due	3,375,000	2,892,000
60-89 Days Past Due	833,000	505,000
Greater Than 90 Days	399,000	600,000
Total Past Due	4,584,000	3,997,000
Current	685,890,000	658,424,000
Total Loan Receivable	690,497,000	662,421,000
Non-accrual Loans	1,851,000	5,465,000
Recorded Investment & 90 Days & Accruing	55,000	43,000
Commercial Real Estate [Member]
30-59 Days Past Due	0	0
60-89 Days Past Due	0	0
Greater Than 90 Days	108,000	108,000
Total Past Due	108,000	108,000
Current	172,572,000	163,456,000
Total Loan Receivable	172,680,000	163,564,000
Non-accrual Loans	180,000	2,975,000
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	8,548,000	4,887,000
Total Loan Receivable	8,548,000	4,887,000
Non-accrual Loans	0	0
Real Estate Loan [Member]
30-59 Days Past Due	1,636,000	1,254,000
60-89 Days Past Due	34,000	89,000
Greater Than 90 Days	142,000	395,000
Total Past Due	1,812,000	1,738,000
Current	131,935,000	137,814,000
Total Loan Receivable	133,747,000	139,552,000
Non-accrual Loans	402,000	827,000
Credit Cards [Member]
30-59 Days Past Due	12,000	16,000
60-89 Days Past Due	20,000	0
Greater Than 90 Days	13,000	0
Total Past Due	45,000	16,000
Current	3,006,000	2,984,000
Total Loan Receivable	3,051,000	3,000,000
Non-accrual Loans	0	0
Recorded Investment & 90 Days & Accruing	13,000	0
Construction/Land Development [Member]
30-59 Days Past Due	521,000	360,000
60-89 Days Past Due	28,000	41,000
Greater Than 90 Days	0	38,000
Total Past Due	549,000	439,000
Current	70,663,000	74,797,000
Total Loan Receivable	71,212,000	75,236,000
Non-accrual Loans	28,000	302,000
Farmland [Member]
30-59 Days Past Due	0	0
60-89 Days Past Due	332,000	0
Greater Than 90 Days	0	0
Total Past Due	332,000	0
Current	72,241,000	66,344,000
Total Loan Receivable	72,573,000	66,344,000
Non-accrual Loans	1,218,000	1,320,000
Commercial & Industrial - Non- Real Estate [Member]
30-59 Days Past Due	180,000	35,000
60-89 Days Past Due	22,000	1,000
Greater Than 90 Days	41,000	43,000
Total Past Due	243,000	79,000
Current	50,446,000	44,145,000
Total Loan Receivable	50,689,000	44,224,000
Recorded Investment & 90 Days & Accruing	41,000	43,000
Consumer [Member]
30-59 Days Past Due	23,000	9,000
60-89 Days Past Due	0	67,000
Greater Than 90 Days	0	0
Total Past Due	23,000	76,000
Current	8,829,000	7,960,000
Total Loan Receivable	8,852,000	8,036,000
Non-accrual Loans	0	1,000
Dealers Finance [Member]
30-59 Days Past Due	572,000	694,000
60-89 Days Past Due	125,000	91,000
Greater Than 90 Days	95,000	16,000
Total Past Due	792,000	801,000
Current	118,966,000	106,545,000
Total Loan Receivable	119,758,000	107,346,000
Non-accrual Loans	95,000	40,000
Recorded Investment & 90 Days & Accruing		0
Home Equity - Close End [Member]
30-59 Days Past Due	0	53,000
60-89 Days Past Due	105,000	0
Greater Than 90 Days	0	0
Total Past Due	105,000	53,000
Current	5,419,000	6,209,000
Total Loan Receivable	5,524,000	6,262,000
Non-accrual Loans	0	0
Recorded Investment & 90 Days & Accruing		0
Home Equity Open End [Member]
30-59 Days Past Due	431,000	471,000
60-89 Days Past Due	167,000	216,000
Greater Than 90 Days	0	0
Total Past Due	598,000	687,000
Current	43,669,000	43,560,000
Total Loan Receivable	44,267,000	44,247,000
Non-accrual Loans	$ 0	0
Recorded Investment & 90 Days & Accruing		$ 0

Loans (Details Narrative)

Loans (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Transfer from loans to other real estate owned	$ 197	$ 0
Loans Held For Sale	5,449		$ 4,887
Pledged Loans	161,729		$ 163,326
CARES Act [Member]
Deferral Loan, Amount	122
Interest Income	$ 28

Allowance for Loan Losses (Deta

Allowance for Loan Losses (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Total [Member]
Beginning Balance	$ 7,748,000	$ 10,475,000
Charge-offs	621,000	1,165,000
Recoveries	521,000	1,259,000
Provision For Loan Losses	150,000	(2,821,000)
Ending Balance	7,798,000	7,748,000
Individually Evaluated For Impairment	483,000	736,000
Collectively Evaluated For Impairment	7,315,000	7,012,000
Real Estates [Member]
Beginning Balance	1,162,000	1,624,000
Charge-offs	17,000	0
Recoveries	0	76,000
Provision For Loan Losses	(14,000)	(538,000)
Ending Balance	1,131,000	1,162,000
Individually Evaluated For Impairment	34,000	119,000
Collectively Evaluated For Impairment	1,097,000	1,043,000
Credit Cards [Member]
Beginning Balance	70,000	79,000
Charge-offs	21,000	54,000
Recoveries	8,000	29,000
Provision For Loan Losses	7,000	16,000
Ending Balance	64,000	70,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	64,000	70,000
Commercial Real Estate [Member]
Beginning Balance	2,205,000	3,662,000
Charge-offs	0	0
Recoveries	0	19,000
Provision For Loan Losses	98,000	(1,476,000)
Ending Balance	2,303,000	2,205,000
Individually Evaluated For Impairment	446,000	603,000
Collectively Evaluated For Impairment	1,857,000	1,602,000
Multi-Family [Member]
Beginning Balance	29,000	54,000
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	25,000	(25,000)
Ending Balance	54,000	29,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	54,000	29,000
Construction/Land Development [Member]
Beginning Balance	977,000	1,249,000
Charge-offs	0	0
Recoveries	0	307
Provision For Loan Losses	(97,000)	(579,000)
Ending Balance	880,000	977,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	880,000	977,000
Farmland [Member]
Beginning Balance	448,000	731,000
Charge-offs	0	0
Recoveries	0	0
Provision For Loan Losses	71,000	(283,000)
Ending Balance	519,000	448,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	519,000	448,000
Consumer [Member]
Beginning Balance	520,000	521,000
Charge-offs	24,000	33,000
Recoveries	14,000	24,000
Provision For Loan Losses	(148,000)	8,000
Ending Balance	362,000	520,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	362,000	520,000
Dealers Finance [Member]
Beginning Balance	1,601,000	1,674,000
Charge-offs	523,000	1,038,000
Recoveries	337,000	754,000
Provision For Loan Losses	272,000	211,000
Ending Balance	1,687,000	1,601,000
Individually Evaluated For Impairment	3,000	14,000
Collectively Evaluated For Impairment	1,684,000	1,587,000
Home Equity - Close End [Member]
Beginning Balance	41,000	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	130,000	13,000
Provision For Loan Losses	(162,000)	(69,000)
Ending Balance	375,000	407,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	375,000	407,000
Commercial & Industrial (Non-Real Estate)
Beginning Balance	288,000	363,000
Charge-offs	36,000	40,000
Recoveries	32,000	37,000
Provision For Loan Losses	100,000	(72,000)
Ending Balance	384,000	288,000
Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	$ 384,000	$ 288,000

Allowance for Loan Losses (De_2

Allowance for Loan Losses (Details 1) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loan Receivable	$ 690,497,000	$ 662,421,000
Less: Deferred loan fees, net of costs [Member]
Loan Receivable	404,000	277,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	404,000	277,000
Gross loans [Member]
Loan Receivable	690,901,000	662,698,000
Loan Individually Evaluated For Impairment	17,184,000	21,608,000
Collectively Evaluated For Impairment	673,717,000	641,090,000
Total [Member]
Loan Receivable	690,497,000	662,421,000
Loan Individually Evaluated For Impairment	17,184,000	21,608,000
Collectively Evaluated For Impairment	673,313,000	640,813,000
Real Estates [Member]
Loan Receivable	133,747,000	139,552,000
Loan Individually Evaluated For Impairment	3,877,000	3,920,000
Collectively Evaluated For Impairment	129,870,000	135,632,000
Credit Card [Member]
Loan Receivable	3,051,000	3,000,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	3,051,000	3,000,000
Commercial Real Estate [Member]
Loan Receivable	172,680,000	163,564,000
Loan Individually Evaluated For Impairment	10,585,000	14,498,000
Collectively Evaluated For Impairment	162,095,000	149,066,000
Multi-Family [Member]
Loan Receivable	8,548,000	4,887,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	8,548,000	4,887,000
Construction/Land Development [Member]
Loan Receivable	71,212,000	75,236,000
Loan Individually Evaluated For Impairment	468,000	645,000
Collectively Evaluated For Impairment	70,744,000	74,591,000
Farmland [Member]
Loan Receivable	72,573,000	66,344,000
Loan Individually Evaluated For Impairment	2,165,000	2,286,000
Collectively Evaluated For Impairment	70,408	64,058,000
Consumer [Member]
Loan Receivable	8,852,000	8,036,000
Loan Individually Evaluated For Impairment	0	5,000
Collectively Evaluated For Impairment	8,852,000	8,031,000
Dealers Finance [Member]
Loan Receivable	119,758,000	107,346,000
Loan Individually Evaluated For Impairment	89,000	107,000
Collectively Evaluated For Impairment	119,669,000	107,239,000
Home Equity - Close End [Member]
Loan Receivable	5,524,000	6,262,000
Loan Individually Evaluated For Impairment	0	147,000
Collectively Evaluated For Impairment	5,524,000	6,115,000
Home Equity Open End [Member]
Loan Receivable	44,267,000	44,247,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	44,267,000	44,247,000
Commercial & Industrial (Non-Real Estate)
Loan Receivable	50,689,000	44,224,000
Loan Individually Evaluated For Impairment	0	0
Collectively Evaluated For Impairment	$ 50,689,000	$ 44,224,000

Allowance for Loan Losses (De_3

Allowance for Loan Losses (Details 2) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Less: Deferred loan fees, net of costs [Member]
Total	$ (404,000)	$ (277,000)
Gross loans [Member]
Grade 1 Minimal Risk	106,000	66,000
Grade 2 Modest Risk	5,287,000	6,426,000
Grade 3 Average Risk	120,494,000	113,435,000
Grade 4 Acceptable Risk	290,072,000	272,868,000
Grade 5 Marginally Acceptable	105,293,000	116,327,000
Grade 6 Watch	31,224,000	23,624,000
Grade 7 Substandard	15,616,000	19,606,000
Total	568,092	552,352
Grade 8 Doubtful	0	0
Credit Card [Member]
Total	3,051,000	3,000,000
Non-performing	13,000	0
Performing	3,038,000	3,000,000
Real Estate [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	694,000	1,128,000
Grade 3 Average Risk	26,840,000	30,268,000
Grade 4 Acceptable Risk	65,846,000	61,940,000
Grade 5 Marginally Acceptable	27,333,000	28,895,000
Grade 6 Watch	8,598,000	12,462,000
Grade 7 Substandard	4,436,000	4,859,000
Total	133,747,000	139,552,000
Grade 8 Doubtful	0	0
Total [Member]
Total	567,688,000	552,075,000
Commercial Real Estate [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	1,350,000	2,124,000
Grade 3 Average Risk	37,964,000	36,308,000
Grade 4 Acceptable Risk	77,168,000	72,414,000
Grade 5 Marginally Acceptable	31,341,000	35,444,000
Grade 6 Watch	15,199,000	4,428,000
Grade 7 Substandard	9,658,000	12,846,000
Total	172,680,000	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	992,000	1,021,000
Grade 4 Acceptable Risk	5,315,000	2,586,000
Grade 5 Marginally Acceptable	2,120,000	1,154,000
Grade 6 Watch	121,000	0
Grade 7 Substandard	0	0
Total	8,548,000	4,887,000
Grade 8 Doubtful	0	0
Construction/Land Development [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	5,000	6,000
Grade 3 Average Risk	11,182,000	9,952,000
Grade 4 Acceptable Risk	39,977,000	43,861
Grade 5 Marginally Acceptable	18,463,000	19,457,000
Grade 6 Watch	1,557,000	1,658,000
Grade 7 Substandard	28,000	302,000
Total	71,212,000	75,236,000
Grade 8 Doubtful	0	0
Farmland [Member]
Grade 1 Minimal Risk	55,000	56,000
Grade 2 Modest Risk	283,000	291,000
Grade 3 Average Risk	9,519,000	6,804,000
Grade 4 Acceptable Risk	42,734,000	42,615,000
Grade 5 Marginally Acceptable	16,916,000	13,620,000
Grade 6 Watch	1,848,000	1,638,000
Grade 7 Substandard	1,218,000	1,320,000
Total	72,573,000	66,344,000
Grade 8 Doubtful	0	0
Consumer [Member]
Grade 1 Minimal Risk	26,000	10,000
Grade 2 Modest Risk	368,000	522,000
Grade 3 Average Risk	3,451,000	2,919,000
Grade 4 Acceptable Risk	4,769,000	3,526,000
Grade 5 Marginally Acceptable	171,000	980,000
Grade 6 Watch	67,000	79,000
Grade 7 Substandard	0	0
Total	8,852,000	8,036,000
Grade 8 Doubtful	0	0
Dealers Finance [Member]
Total	119,758	107,346
Non-performing	95,000	16,000
Performing	119,663,000	107,330,000
Home Equity - Close End [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	55,000	61,000
Grade 3 Average Risk	983,000	1,268,000
Grade 4 Acceptable Risk	2,804,000	3,103,000
Grade 5 Marginally Acceptable	672,000	762,000
Grade 6 Watch	1,010,000	1,068,000
Grade 7 Substandard	0	0
Total	5,524,000	6,262,000
Grade 8 Doubtful	0	0
Home Equity Open End [Member]
Grade 1 Minimal Risk	0	0
Grade 2 Modest Risk	1,346,000	1,293,000
Grade 3 Average Risk	17,430,000	17,333,000
Grade 4 Acceptable Risk	21,853,000	21,296,000
Grade 5 Marginally Acceptable	1,927,000	2,477,000
Grade 6 Watch	1,494,000	1,632,000
Grade 7 Substandard	217,000	216,000
Total	44,267,000	44,247,000
Grade 8 Doubtful	0	0
Commercial & Industrial (Non-Real Estate)
Grade 1 Minimal Risk	25,000	0
Grade 2 Modest Risk	1,186,000	1,001,000
Grade 3 Average Risk	12,133,000	7,562,000
Grade 4 Acceptable Risk	29,606,000	21,527,000
Grade 5 Marginally Acceptable	6,350,000	13,538,000
Grade 6 Watch	1,330,000	533,000
Grade 7 Substandard	59,000	63,000
Total	50,689,000	44,224,000
Grade 8 Doubtful	$ 0	$ 0

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Benefit Plan
Service Cost	$ 190,000	$ 216,000	$ 380,000	$ 606,000
Interest Cost	104,000	95,000	208,000	314,000
Expected Return On Plan Assets	0	(198,000)	0	(55,000)
Amortization of prior service cost	(195,000)	0	(390,000)	(9,000)
Amortization Of Net Loss	58,000	72,000	116,000	166,000
Net Periodic Pension Cost	$ 157,000	$ 185,000	$ 314,000	$ 1,022,000

Fair Value (Details)

Fair Value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans Held For Sale	$ 5,449,000	$ 4,887,000
U. S. Treasury Securities	46,737,000	29,482,000
U. S. Government Sponsored Enterprises	156,149,000	133,714,000
Securities Issued By States And Political Subdivisions In The U. S.	43,686,000	34,337,000
Mortgage-backed Obligations Of Federal Agencies	171,030,000	183,647,000
Corporate Debt Securities	29,221,000	22,702,000
Assets At Fair Value	452,807	409,139,000
Derivatives Icd		3,000
Irlc	273,000	258,000
Forward Sales Commitments	535,000	112,000
Total Fair Value Of Liabilities	273,000	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	5,449,000	4,887,000
U. S. Treasury Securities	46,737,000	29,482,000
U. S. Government Sponsored Enterprises	156,149,000	133,714,000
Securities Issued By States And Political Subdivisions In The U. S.	43,686,000	34,337,000
Mortgage-backed Obligations Of Federal Agencies	171,030,000	183,647,000
Corporate Debt Securities	29,221,000	22,702,000
Assets At Fair Value	452,807	409,139,000
Derivatives Icd		3,000
Irlc	273,000	258,000
Forward Sales Commitments	535,000	112,000
Total Fair Value Of Liabilities	273,000	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 ($)	Jun. 30, 2022	Dec. 31, 2021
Other real estate owned [Member]
Impaired Loans	$ 197,000	$ 0
Fair Value Inputs Level 1
Impaired Loans	0	0
Fair Value Inputs Level 2
Impaired Loans	0	0
Fair Value Inputs Level 3
Impaired Loans	3,667,000	6,535,000
Fair Value Inputs Level 3 | Commercial Real Estate [Member]
Impaired Loans	2,081,000	5,401,000
Fair Value Inputs Level 3 | Other real estate owned [Member]
Impaired Loans	197,000	0
Real Estate [Member]
Impaired Loans	1,512,000	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	1,512,000	1,053,000
Dealers Finance [Member]
Impaired Loans	74,000	81,000
Dealers Finance [Member] | Fair Value Inputs Level 1
Impaired Loans	0	0
Dealers Finance [Member] | Fair Value Inputs Level 2
Impaired Loans	0	0
Dealers Finance [Member] | Fair Value Inputs Level 3
Impaired Loans	74,000	81,000
Bank premises [Member]
Impaired Loans	300,000	300,000
Bank premises [Member] | Fair Value Inputs Level 1
Impaired Loans	0	0
Bank premises [Member] | Fair Value Inputs Level 2
Impaired Loans	0	0
Bank premises [Member] | Fair Value Inputs Level 3
Impaired Loans	300,000	300,000
Impaired loans [Member] | Fair Value Inputs Level 3
Impaired Loans	3,667,000	6,535,000
Commercial Real Estate [Member]
Impaired Loan	2,081,000	5,401,000
Commercial Real Estate [Member] | Fair Value Inputs Level 1
Impaired Loans	0	0
Commercial Real Estate [Member] | Fair Value Inputs Level 2
Impaired Loans	$ 0	$ 0

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Other real estate owned [Member]
Valuation Technique Other Real Estate Owned	Discounted appraised value
Significant Unobservable Inputs Lmpaired Loans	Discount for selling costs and marketability
Impaired Loans	$ 197
Range Impaired Loans	6%
Fair Value Inputs Level 3 | Minimum [Member]
Range Impaired Loans	14%	11.76%
Fair Value Inputs Level 3 | Maximum [Member]
Range Impaired Loans	32.92%	28%
Impaired loans [Member] | Fair Value Inputs Level 3
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	$ 3,667	$ 6,535
Bank premises [Member] | Fair Value Inputs Level 3
Valuation Technique Other Real Estate Owned	Contract value	Contract value
Significant Unobservable Inputs Lmpaired Loans	Discount for selling costs and marketability	Discount for selling costs and marketability
Impaired Loans	$ 300	$ 300

Disclosures About Fair Value _3

Disclosures About Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash And Cash Equivalents, Carrying Amount	$ 17,254,000	$ 88,121,000	$ 186,015,000	$ 78,408,000
Securities, Carrying Amount	446,948,000	404,007,000
Loans Held For Sale, Carrying Amount	5,449,000	4,887,000
Loans Held For Investment, Net, Carrying Amount	690,497,000	662,421,000
Interest Receivable, Carrying Amount	3,567,000	3,117,000
Bank Owned Life Insurance, Carrying Amount	23,210,000	22,878,000
Forward Sales Commitments, Carrying Amount	535,000	112,000
Total Assets, Carrying Amount	1,187,460,000	1,185,801,000
Deposits, Carrying Amount	1,100,210,000	1,080,295,000
Short-term Debt, Carrying Amount	30,000,000
Long-term Debt, Carrying Amount	11,788,000	21,772,000
IRLC, Carrying Amount	273,000	258,000
Interest Payable, Carrying Amount	341,000	491,000
Total Liabilities, Carrying Amount	1,142,612,000	1,102,558,000
Loans Held For Sale, Fair Value	5,449,000	4,887,000
Short-term Debt, Fair Value	30,000,000	0
Fair Value [Member]
Forward Sales Commitments, Carrying Amount	535,000	112,000
IRLC, Carrying Amount	273,000	258,000
Cash And Cash Equivalents, Fair Value	17,254,000	88,121,000
Securities, Fair Value	446,948,000	404,007,000
Loans Held For Sale, Fair Value	5,449,000	4,887,000
Loans Held For Investment, Net, Fair Value	676,687,000	652,096,000
Interest Receivable, Fair Value	3,567,000	3,117,000
Bank Owned Life Insurance, Fair Value	23,210,000	22,878,000
Total Assets, Fair Value	1,173,650,000	1,175,476,000
Deposits, Fair Value	1,097,385,000	1,080,157,000
Short-term Debt, Fair Value	30,015,000
Long-term Debt, Fair Value	11,890,000	22,443,000
Interest Payable, Fair Value	341,000	491,000
Total Liabilities, Fair Value	1,139,904,000	1,103,091,000
Fair Value Inputs Level 1
Cash And Cash Equivalents, Fair Value	17,254,000	88,121,000
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	17,254,000	88,121,000
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 Inputs Level 2
Forward Sales Commitments, Carrying Amount	535,000	112,000
IRLC, Carrying Amount	273,000	258,000
Cash And Cash Equivalents, Fair Value	0	0
Securities, Fair Value	446,948,000	404,007,000
Loans Held For Sale, Fair Value	5,449,000	4,887,000
Loans Held For Investment, Net, Fair Value	0	0
Interest Receivable, Fair Value	3,567,000	3,117,000
Bank Owned Life Insurance, Fair Value	23,210,000	22,878,000
Total Assets, Fair Value	479,709,000	435,259,000
Deposits, Fair Value	980,822,000	956,439,000
Long-term Debt, Fair Value	0	0
Interest Payable, Fair Value	341,000	491,000
Total Liabilities, Fair Value	981,436,000	956,930,000
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	676,687,000	652,096,000
Interest Receivable, Fair Value	0	0
Bank Owned Life Insurance, Fair Value	0	0
Total Assets, Fair Value	676,687,000	652,096,000
Deposits, Fair Value	116,563,000	123,718,000
Short-term Debt, Fair Value	30,015,000
Long-term Debt, Fair Value	11,890,000	22,443,000
Interest Payable, Fair Value	0	0
Total Liabilities, Fair Value	$ 158,468,000	$ 146,161,000

Troubled Debt Restructuring (De

Troubled Debt Restructuring (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) integer	Jun. 30, 2021 USD ($) integer	Jun. 30, 2022 USD ($) integer	Jun. 30, 2021 USD ($) integer
Extended maturity [Member]
Number Of Contracts | integer	3		3
Pre-modification Outstanding Recorded Investment	$ 50,000		$ 50,000
Post-modification Outstanding Recorded Investment	$ 50,000		$ 50,000
Change in terms [Member]
Number Of Contracts | integer	0	1	1	2
Pre-modification Outstanding Recorded Investment	$ 0	$ 986,000	$ 164,000	$ 1,096,000
Post-modification Outstanding Recorded Investment	$ 0	$ 986,000	$ 164,000	$ 1,096,000
Total [Member]
Number Of Contracts | integer	3	1	4	2
Pre-modification Outstanding Recorded Investment	$ 50,000	$ 986,000	$ 214,000	$ 1,096,000
Post-modification Outstanding Recorded Investment	$ 50,000	$ 986,000	$ 214,000	$ 1,096,000

Troubled Debt Restructuring (_2

Troubled Debt Restructuring (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Troubled Debt Restructuring (Tables)
Troubled debt restructuring cost	$ 4,205	$ 5,138
Allowance of debt restructuring	$ 124	$ 167

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Beginning Balance			$ (5,092,000)
Ending Balance	$ (36,400,000)		(36,400,000)
Unrealized Securities Gains (Losses) [Member]
Beginning Balance	(16,060,000)	$ (310,000)	(1,801,000)	$ 804,000
Change In Unrealized Securities Gains (losses), Net Of Tax	(16,972,000)	279,000	(31,231,000)	(835,000)
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20	(77,000)		(77,000)
Ending Balance	(33,109,000)	(31,000)	(33,109,000)	(31,000)
Adjustments Related to Pension Plan [Member]
Beginning Balance	(3,291,000)	(3,821,000)	(3,291,000)	(3,821,000)
Change In Unrealized Securities Gains (losses), Net Of Tax	0	0	0	0
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20	0		0
Ending Balance	(3,291,000)	(3,821,000)	(3,291,000)	(3,821,000)
Accumulated Other Comprehensive Loss [Member]
Beginning Balance	(19,351,000)	(4,131,000)	(5,092,000)	(3,017,000)
Change In Unrealized Securities Gains (losses), Net Of Tax	(16,972,000)	279,000	(31,231,000)	(835,000)
Reclassification for previously unrealized net losses recognized in net income, net of tax benefit of $20	(77,000)		(77,000)
Ending Balance	$ (36,400,000)	$ (3,852,000)	$ (36,400,000)	$ (3,852,000)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Loss
Tax effect after adjustment	$ 20	$ 0	$ 20	$ 0
Reclassifications adjustment for losses included in net income	$ 97	$ 0	$ 97	$ 0

Business Segments (Details)

Business Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Interest Income	$ 10,009,000	$ 8,819,000	$ 19,070,000	$ 17,565,000
Service Charges On Deposits	274,000	254,000	581,000	539,000
Mortgage Banking Income, Net	637,000	1,027,000	1,379,000	2,699,000
Title Insurance Income	366,000	595,000	839,000	1,051,000
Interest Expense	1,007,000	1,069,000	2,011,000	2,137,000
Income Tax Expense (benefit)	131,000	422,000	43,000	693,000
Net Income (Loss) attributable to F&M Bank Corp.	1,789,000	3,220,000	4,317,000	7,021,000
Goodwill	3,082,000		3,082,000		$ 3,082,000
Total Assets	1,231,552,000		1,231,552,000		$ 1,219,342,000
VS Title
Interest Income	0	0	0
Service Charges On Deposits	0	0	0
Investment Services And Insurance Income	0	0	0
Mortgage Banking Income, Net	0	0	0
Title Insurance Income	366,000	595,000	839,000	1,051,000
Other Operating Income	0	0	0
Total Income	366,000	595,000	839,000	1,051,000
Interest Expense	0	0	0
Provision For Loan Losses	0	0	0
Salary And Benefit Expense	309,000	296,000	610,000	582,000
Other Operating Expenses	79,000	72,000	162,000	154,000
Total Expense	388,000	368,000	772,000	736,000
Income (loss) Before Taxes	(22,000)	227,000	67,000	315,000
Income Tax Expense (benefit)	0	0	0
Net Income (Loss) attributable to F&M Bank Corp.	(22,000)	227,000	67,000	315,000
Goodwill	3,000	3,000	3,000	3,000
Total Assets	4,635,000	3,049,000	4,635,000	3,049,000
Parent Only
Interest Income	1,000	1,000	1,000	1,000
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		55,000	0	76,000
Total Income	1,000	(54,000)	1,000	(75,000)
Interest Expense	114,000	178,000	251,000	376,000
Provision For Loan Losses		0	0
Salary And Benefit Expense		0	0
Other Operating Expenses	6,000	19,000	(13,000)	39,000
Total Expense	120,000	197,000	238,000	415,000
Income (loss) Before Taxes	(119,000)	(251,000)	(237,000)	(490,000)
Income Tax Expense (benefit)	32,000	(3,000)	(473,000)	(310,000)
Net Income (Loss) attributable to F&M Bank Corp.	(151,000)	(248,000)	236,000	(180,000)
Goodwill	211,000	164,000	211,000	164,000
Total Assets	83,962,000	112,338,000	83,962,000	112,338,000
F&M Bank Member
Interest Income	9,982,000	8,773,000	19,019,000	17,489,000
Service Charges On Deposits	274,000	254,000	581,000	539,000
Investment Services And Insurance Income		0	0
Mortgage Banking Income, Net		0	0
Title Insurance Income		0	0
Other Operating Income	796,000	1,028,000	1,504,000	1,621,000
Total Income	11,052,000	10,055,000	21,104,000	19,649,000
Interest Expense	900,000	895,000	1,774,000	1,771,000
Provision For Loan Losses	600,000	(1,250,000)	150,000	(1,975,000)
Salary And Benefit Expense	4,056,000	3,598,000	8,003,000	7,112,000
Other Operating Expenses	3,308,000	3,466,000	6,636,000	6,300,000
Total Expense	8,864,000	6,709,000	16,563,000	13,208,000
Income (loss) Before Taxes	2,188,000	3,346,000	4,541,000	6,441,000
Income Tax Expense (benefit)	83,000	401,000	469,000	922,000
Net Income (Loss) attributable to F&M Bank Corp.	2,105,000	2,945,000	4,072,000	5,519,000
Goodwill	2,868,000	2,868,000	2,868,000	2,868,000
Total Assets	1,230,308,000	1,110,211,000	1,230,308,000	1,110,211,000
F&M Mortgage
Interest Income	32,000		61,000
Service Charges On Deposits			0
Investment Services And Insurance Income			0
Mortgage Banking Income, Net	637,000		1,379,000
Title Insurance Income			0
Other Operating Income			2,000
Total Income	669,000		1,442,000
Interest Expense	6,000		12,000
Provision For Loan Losses			0
Salary And Benefit Expense	623,000		1,196,000
Other Operating Expenses	250,000		464,000
Total Expense	879,000		1,672,000
Income (loss) Before Taxes	(210,000)		(230,000)
Income Tax Expense (benefit)			0
Net Income (Loss) attributable to F&M Bank Corp.	(210,000)		(230,000)
Goodwill	0		0
Total Assets	9,499,000		9,499,000
TEB Life/FMFS
Interest Income	7,000	29,000	15,000	59,000
Service Charges On Deposits		0	0
Investment Services And Insurance Income	201,000	182,000	454,000	530,000
Mortgage Banking Income, Net		0	0
Title Insurance Income		0	0
Other Operating Income		0	0
Total Income	208,000	211,000	469,000	589,000
Interest Expense		0	0
Provision For Loan Losses		0	0
Salary And Benefit Expense	114,000	84,000	218,000	181,000
Other Operating Expenses	11,000	13,000	32,000	19,000
Total Expense	125,000	97,000	250,000	200,000
Income (loss) Before Taxes	83,000	114,000	219,000	389,000
Income Tax Expense (benefit)	16,000	24,000	47,000	81,000
Net Income (Loss) attributable to F&M Bank Corp.	67,000	90,000	172,000	308,000
Goodwill	0	0	0	0
Total Assets	8,863,000	8,367,000	8,863,000	8,367,000
Eliminations
Interest Income	13,000	36,000	26,000	108,000
Service Charges On Deposits		0	0
Investment Services And Insurance Income	(3,000)	(2,000)	(5,000)	(3,000)
Mortgage Banking Income, Net		0	0
Title Insurance Income		0	0
Other Operating Income		0	0
Total Income	(16,000)	(38,000)	(31,000)	(111,000)
Interest Expense	13,000	36,000	26,000	108,000
Provision For Loan Losses		0	0
Salary And Benefit Expense		0	0
Other Operating Expenses	(3,000)	(2,000)	(5,000)	(3,000)
Total Expense	(16,000)	(38,000)	(31,000)	(111,000)
Income (loss) Before Taxes		0	0
Income Tax Expense (benefit)		0	0
Net Income (Loss) attributable to F&M Bank Corp.		0	0
Goodwill	0	0	0	0
Total Assets	105,715,000	142,959,000	105,715,000	142,959,000
F&M Bank Corp Consolidated
Interest Income	10,009,000	8,819,000	19,070,000	17,565,000
Service Charges On Deposits	274,000	254,000	581,000	539,000
Investment Services And Insurance Income	198,000	180,000	449,000	527,000
Mortgage Banking Income, Net	637,000	1,027,000	1,379,000	2,699,000
Title Insurance Income	366,000	595,000	839,000	1,051,000
Other Operating Income	796,000	1,030,000	1,506,000	1,625,000
Total Income	12,280,000	11,905,000	23,824,000	24,006,000
Interest Expense	1,007,000	1,069,000	2,011,000	2,137,000
Provision For Loan Losses	600,000	(1,250,000)	150,000	(1,975,000)
Salary And Benefit Expense	5,102,000	4,645,000	10,027,000	9,157,000
Other Operating Expenses	3,651,000	3,799,000	7,276,000	6,973,000
Total Expense	10,360,000	8,263,000	19,464,000	16,292,000
Income (loss) Before Taxes	1,920,000	3,642,000	4,360,000	7,714,000
Income Tax Expense (benefit)	131,000	422,000	43,000	693,000
Net Income (Loss) attributable to F&M Bank Corp.	1,789,000	3,220,000	4,317,000	7,021,000
Goodwill	3,082,000	3,082,000	3,082,000	3,082,000
Total Assets	$ 1,231,552,000	1,104,975,000	$ 1,231,552,000	1,104,975,000
VBS Mortgage
Interest Income		52,000		124,000
Service Charges On Deposits		0
Investment Services And Insurance Income		0
Mortgage Banking Income, Net		1,027,000		2,699,000
Title Insurance Income		0		0
Other Operating Income		57,000		80,000
Total Income		1,136,000		2,903,000
Interest Expense		32,000		98,000
Provision For Loan Losses		0
Salary And Benefit Expense		667,000		1,282,000
Other Operating Expenses		231,000		464,000
Total Expense		930,000		1,844,000
Income (loss) Before Taxes		206,000		1,059,000
Income Tax Expense (benefit)		0
Net Income (Loss) attributable to F&M Bank Corp.		206,000		1,059,000
Goodwill		47,000		47,000
Total Assets		$ 13,969,000		$ 13,969,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended
	Jul. 29, 2020	Jun. 30, 2022	Dec. 31, 2021
Balance Of Obligations		$ 0	$ 10,000
Short term deb		30,000,000
Weighted Average Cost			0.81%
Subordinated Debt		11,788
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%
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. 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.
Maturity Date	July 31, 2030.
Principal Amount	$ 7,000,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total Noninterest Income	$ 2,271	$ 3,086	$ 4,754	$ 6,441
Service Charges on Deposits
Total Noninterest Income	274	254	581	539
Investment Services and Insurance Income
Total Noninterest Income	198	180	449	527
Title Insurance Income
Total Noninterest Income	366	595	839	1,051
ATM and check card fees
Total Noninterest Income	632	600	1,195	1,120
Other
Total Noninterest Income	242	448	399	514
Noninterest Income (in-scope of Topic 606)
Total Noninterest Income	1,712	2,077	3,463	3,751
Noninterest Income (out-of-scope of Topic 606)
Total Noninterest Income	$ 559	$ 1,009	$ 1,291	$ 2,690

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases
Lease Liabilities	$ 865		$ 865
Right-of-use Assets	$ 842		$ 842
Weighted Average Remaining Lease Term			2 years 11 months 19 days
Weighted Average Discount Rate	3.10%		3.10%
Operating Lease Cost	$ 47	$ 15	$ 94	$ 51
Total Lease Cost	47	15	94	51
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities	$ 53	$ 35	$ 105	$ 66

Leases (Details 1)

Leases (Details 1) $ in Thousands	Jun. 30, 2022 USD ($)
Leases
Nine Months Ending December 31, 2022	$ 79
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	1,036
Discount	171
Lease Liabilities	$ 865

Mortgage Banking and Derivati_2

Mortgage Banking and Derivatives (Details Narrative) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) integer	Dec. 31, 2021 USD ($) integer
Total Amount Of Conducted Business	$ 5,449
Total Amount Of Conducted Business Unpaid	5,509
Other Assets [Member]
Notional Debt Amount	$ 24,826	$ 18,801
Total Notional Positions | integer	78	70
Fair Value Of Derivative Instruments	$ 273	$ 258
Other Liability [Member]
Total Notional Positions | integer	95	91
Fair Value Of Forward Sales	$ 535	$ 112
Notional Amount	$ 30,335	$ 23,721

StockBased Compensation (Detail

StockBased Compensation (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Unrecognized compensation expense	$ 780
Directors [Member]
Stock Plan Committee Awarded Shares Issued | shares	1,145
Employee Service Fair Value	$ 35,323
March 5, 2021 [Member]
Stock Plan Committee Awarded Shares Issued | shares	17,763
Employee Service Fair Value	$ 547,989
Description Of Vest Shares	These shares vest 25% over each of the next four years.

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Thousands	1 Months Ended
	Jul. 29, 2022 USD ($)
Subsequent Event
Redeemed amount	$ 5,000