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ABOUT US >> FINANCIAL CONDITION

Dear Clients:  
 
During the last year, F & M’s performance was mixed.  While we experienced solid loan growth of over 9.5%, our assets and deposits shrunk 2.5% and 3.0% respectively.  The loss in deposits which ultimately resulted in a decrease in assets was a deliberate approach.  In 2013 we were unable to utilize excess deposits in alternative investments outside of the loan portfolio that would yield a safe and profitable return.  
 
With a slight increase in net interest income, profitability for 2013 was in excess of $4.7 million.  Although this was a 16% decrease in profitability from the record levels of 2012, the Bank is still aggressively providing additional funding towards our Reserves.  Even though asset quality remains quite strong, we believe building our Reserves is the prudent thing to do. Our focus remains on our financial strength with our Equity and Reserves rising 6.3% which would be in excess of $39.7 million at year end. 
 
On February 3rd, F & M Bank will open our 7th facility in the former Bank of the West location at 111 East 1st Street in Monticello. “We have identified a market which F & M is already a part of - the relationships we have built within Jones County will be further enhanced by convenience and service.  The existing personnel, formally employed by the Bank of the West, will assist the new and existing clients with the proactive, prompt and personalized service that F & M is known for,” states Keith A. Kramer, Executive Vice President.  The Monticello location will offer a full line of banking services; including checking, savings and time deposits, personal and business loans, and a full array of trust services.   
 
Other developments in our market areas are: 
 
• In Manchester, we are excited to see the new commercial development take shape at the junction of Highway 20 and also in the former Econofoods building.  In the next year, we look forward to seeing the Whitewater park transformation and construction of the new dam at Lake Delhi. 
 
• In Cedar Rapids, the community is awaiting the decision this spring that will determine whether a casino is built on the west side of the river, adjacent to our downtown location.  Regardless of a person’s views on gambling, the proposed casino will certainly be a large project and it will increase activity in the neighborhood.  On the west side of town, the Westdale Mall project has begun with some of the demolition work.  With a future location of F & M Bank scheduled to open in the fall of 2015, we anxiously await the redevelopment of this mall and it’s surrounding areas. 
 
• The face of Anamosa continues to change with another expansion of Jones County Regional Hospital.  In the downtown district the Starlighters Community Theater has purchased the old motorcycle museum which, when renovated, will allow them to grow and continue to expand the arts in Jones County and Northeast Iowa. 
 
• In Lino Lakes and Vadnais Heights the general economic environment is improving and our team continues to get involved within the community, building business networks and expanding our footprint.  In fact, much to the credit of our Minnesota team, F & M was a recent recipient of the Minnesota Bankers Association Community Champion Recognition.  This award recognizes banks for their contributions, service and support of their local communities.  
 
• Our realty division, F&M Iowa Realty, experienced a very strong year and our company’s share of the market for “listings and solds” continues to grow. 
 
• The grain farmers in our Ag markets continue to adjust to the lower commodity prices brought on by last year’s large crop.  The seemingly lone highlight of these lower prices for corn and soybeans has been lower feed costs for our livestock producers who can now enjoy better margins. 
 
Our dedicated team continues to promote and facilitate the growth and stability of F & M.  Each member of our team strives to provide the best service we can offer to achieve quality and profitability.  We thank them for the efforts and we thank you, our valued clients, for your loyalty and continued support. 
 
Best regards, 
 
Michael W. Dunn 
President and CEO  


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