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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 0-12638
F&M BANCORP
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MARYLAND 52-1316473
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
110 THOMAS JOHNSON DRIVE
FREDERICK, MARYLAND 21702
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(301) 694-4000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK ($5 PAR VALUE)
(TITLE OF CLASS)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
Common Stock of 11,012,679 shares outstanding as of October 25, 2000.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
F&M Bancorp and Subsidiaries
<TABLE>
<CAPTION>
Nine Months Ended September 30,
(DOLLARS IN THOUSANDS) 2000 1999
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 14,477 $ 12,642
Adjustments to reconcile net income to net cash provided by operating
activities
Provision for credit losses 2,511 950
Depreciation and amortization 3,242 2,942
Amortization of intangibles 853 807
Net premium amortization on investment securities 246 613
Increase in interest receivable (1,185) (1,250)
Increase in interest payable 795 1,795
Deferred income tax benefits 626 (16)
Amortization (accretion) of net loan origination costs (fees) 199 (127)
(Loss) Gain on sales of property -- 12
Loss on sales/calls of securities -- (14)
Decrease in loans held for sale 9,771 13,812
Decrease/(increase) in other assets 16,337 (712)
Decrease in other liabilities (568) (1,627)
Other (1,977) (27)
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Net cash provided by operating activities 45,327 29,800
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CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investment securities to be held to maturity (490) (19,477)
Purchases of investment securities available for sale (39,037) (164,496)
Proceeds from sales/calls of securities available for sale 1,429 39,178
Proceeds from maturing securities available for sale 42,672 108,182
Proceeds from maturing securities held to maturity 8,643 9,881
Net (increase) in loans (110,186) (51,356)
Purchases of premises and equipment (3,665) (2,305)
Proceeds from sales of property -- 558
Other investing activities (85) (1,106)
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Net cash (used) in investing activities (100,719) (80,941)
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CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in noninterest-bearing deposits, interest-bearing checking,
savings and money market accounts 3,274 17,550
Net increase/(decrease) in certificates of deposit 8,439 (15,734)
Net increase in federal funds purchased and securities sold under
agreements to repurchase 21,988 32,290
Net (decrease)/increase in other short-term borrowings (46,190) 9,500
Net increase/(decrease) in long-term borrowings 48,968 (13,030)
Cash dividends paid (9,359) (8,118)
Dividend reinvestment plan (70) 155
Proceeds from issuance of common stock 285 1,413
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Net cash provided by financing activities 27,335 24,026
Net (decrease) in cash and cash equivalents (28,057) (27,115)
Cash and cash equivalents at beginning of year 86,320 101,513
Cash and cash equivalents at end of period 58,263 74,398
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for interest 43,901 38,321
Cash payments for income tax 4,644 1,225
NON-CASH INVESTING AND FINANCING ACTIVITIES
Fair value adjustment for securities available for sale,
net of income taxes 2,568 (7,284)
</TABLE>
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PART II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27. Financial date schedule. Filed as an exhibit hereto and incorporated
herein by reference.
(b) Reports on Form 8-K
None
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
F&M BANCORP
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(Registrant)
October 25, 2000 /s/ Faye E. Cannon
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Date FAYE E. CANNON
PRESIDENT AND CEO
October 25, 2000 /s/ Kaye A. Simmons
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Date KAYE A. SIMMONS
CFO AND TREASURER
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