SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

April 15 24, 2003

F&M BANCORP

(Exact name of registrant as specified in its charter)

Commission file number 0-12638

Maryland		52-1316473
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
(State or other jurisdiction of		(I.R.S. Employer
110 Thomas Johnson Drive Frederick, Maryland 21702
incorporation or organization)		Identification No.)
(Address of principal executive offices) (Zip Code)
(301) 694-4000
(Registrant’s telephone number, including area code)

110 Thomas Johnson Drive

Frederick, Maryland 21702

(Address of principal executive offices) (Zip Code)

(301) 694-4000

(Registrant’s telephone number, including area code)

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.

April 24, 2003	/s/ FAYE E. CANNON
	Faye E. Cannon
	PRESIDENT & CHIEF EXECUTIVE OFFICER

ITEM 5. Other Event and Regulation FD Disclosure

FOR IMMEDIATE RELEASE April 1524, 2003

~~F&M~~Baltimore ~~BANCORP~~and ~~REPORTS 25%~~Frederick, ~~INCREASE IN NET INCOME FOR FIRST QUARTER~~Maryland

~~Kaye~~MERCANTILE A.BANKSHARES ~~Simmons, Executive~~CORPORATION VPAND F&M ~~Chief~~BANCORP ANNOUNCE ~~Financial~~BANK ~~Officer~~NAMES AND MANAGEMENT TEAMS FOR MERCANTILE’S FREDERICK AND WESTERN MARYLAND AFFILIATES

~~301-694-4000~~As part of Mercantile Bankshares Corporation’s [Nasdaq: MRBK] intended acquisition of F&M Bancorp [Nasdaq: FMBN], both companies today announced the bank names and management teams for what will become Mercantile’s Frederick and Western Maryland affiliates.

~~www~~The new Frederick County affiliate of Mercantile Bankshares will combine Mercantile’s existing affiliate, Fredericktown Bank, and the Frederick County branches of Farmers & Mechanics Bank.~~fmbn~~ The resulting bank will be called Farmers & Mechanics Bank.~~com~~ Upon the closing of the acquisition after receipt of the required shareholder and regulatory approvals, O. James Talbott II, Senior Vice President of Mercantile Bankshares, will become Chairman and CEO of the new combined Farmers & Mechanics Bank affiliate. “Jim has worked with the community bank affiliates for the past 26 years and for several years ran the former Belair National Bank, one of our three charter member bank affiliates,” said Edward J. Kelly III, Chairman and CEO of Mercantile Bankshares Corporation. “I am delighted that Jim has agreed to take on this important role. He is uniquely suited to lead the new organization; he knows our business model, our banks and their markets well.”

~~FREDERICK,~~Several MDFarmers & Mechanics Bank executive officers will have key roles in the new organization. David R. Stauffer, ~~April~~currently 15Senior Executive Vice President and Chief Operating Officer, will become Vice Chairman of the Board and play a ~~2003~~senior –role ~~F&M~~with ~~Bancorp~~respect ~~(NASDAQ:FMBN)~~to clients, ~~headquartered~~in addition to helping us manage the nonbank business lines in ~~Frederick~~which Farmers & Mechanics Bank will be engaged. Kaye A. Simmons, Executive Vice President ~~Maryland~~and Chief Financial Officer, ~~today~~will ~~announced~~hold ~~record~~these ~~diluted~~positions ~~earnings~~within ~~per~~the ~~share~~new organization, ofand $0Executive Vice President Stephen K.66 ~~for~~Heine, ~~the~~currently Director ~~first~~of ~~quarter~~Sales ofand ~~2003~~Marketing, upwill 25head ~~percent~~Commercial ~~from~~and ~~last~~Retail ~~year~~Banking. David ~~Net~~L. ~~income~~Hoffman, ~~was~~currently athe ~~record~~Senior Vice ~~$7.2~~President ~~million~~of Commercial Loan Administration at Fredericktown Bank, upwill 25become Executive ~~percent~~Vice ~~from~~President ~~$5.8~~and ~~million~~Chief inCredit Officer for the ~~first~~new ~~quarter~~Farmers of& Mechanics ~~2002~~Bank.

~~For~~In ~~the~~Washington ~~quarter~~and ~~ended March~~Allegany 31counties, ~~2003~~Mercantile’s existing affiliate, ~~return~~Fidelity onBank, ~~average~~headquartered ~~equity~~in ~~was~~Frostburg, 15Md.59, ~~percent~~will ~~compared~~be combined with Farmers & Mechanics’ affiliate Home Federal to ~~13.71~~create an ~~percent~~expanded ~~for~~Western ~~the~~Maryland ~~same~~affiliate ~~prior~~that ~~year~~will ~~period~~be called Fidelity Bank and will be headquartered in Hagerstown. J. Brian ~~Return~~Gaeng, oncurrent ~~average~~CEO ~~assets~~of ~~for~~Fredericktown Bank, will become the ~~first~~President and ~~quarter~~CEO of ~~2003~~this ~~was~~new 1combined organization.42 C. ~~percent~~Joseph Cunningham, ~~compared~~currently toPresident ~~1.26~~and ~~percent~~CEO ~~for~~of Fidelity Bank, will become the ~~first~~Executive Vice President with continued responsibility for the ~~quarter~~greater ofCumberland ~~2002~~and Frostburg markets.

~~“F&M~~The ~~Bancorp’s double-digit~~Farmers ~~net~~& ~~income~~Mechanics ~~growth~~offices ~~resulted~~currently ~~from a continuation of strong net~~located ~~interest~~outside ~~income~~Frederick ~~growth,~~County ~~excellent~~will ~~credit~~be ~~quality~~integrated ~~and~~into ~~well-controlled~~several ~~expenses”~~Mercantile affiliates ~~said~~based ~~President~~on ~~and Chief Executive Officer Faye Cannon~~geography. The ~~“Our~~Carroll ~~strong performance~~County ~~was~~offices ~~due~~will tobecome ~~the~~part ~~diversity within and consistency~~ of ~~our~~Westminster ~~business~~Union ~~model~~Bank, ~~which~~headquartered in ~~focuses~~Westminster, onMd.; ~~understanding~~Montgomery ~~and~~County ~~responding~~offices towill ~~our~~be ~~clients~~integrated ~~needs.~~into ~~We believe that these~~Potomac ~~financial~~Valley ~~results~~Bank, ~~further~~headquartered ~~support~~in ~~the~~Gaithersburg, ~~value~~Md.; ~~that~~Howard ~~our~~County ~~shareholders~~offices will ~~receive~~be inintegrated ~~our~~into ~~recently~~Citizens ~~announced~~National ~~transaction~~Bank, ~~with~~headquartered ~~Mercantile~~in ~~Bankshares~~Laurel, ~~Corporation~~Md.; and ~~The~~Baltimore ~~combination~~County ofoffices ~~our two companies~~ will ~~enhance~~become ~~our~~part ~~competitive~~of ~~position~~Mercantile-Safe Deposit and Trust ~~fuel~~Company, ~~our~~headquartered ~~growth~~ in ~~the best markets in Maryland~~Baltimore.”

~~Revenue~~2

~~Revenue~~Mercantile ofBankshares ~~$27.8~~Corporation, ~~million~~with assets in ~~for~~excess ~~first~~of ~~quarter~~$11 ~~2003~~billion, ~~increased~~is 7a ~~percent~~multibank ~~from~~holding ~~first~~company ~~quarter~~headquartered ~~2002~~in Baltimore. It ~~Revenue growth~~has ~~reflected~~16 ~~solid,~~banking ~~broad-based~~affiliates in ~~sales of core deposit~~Maryland, ~~mortgage~~one ~~and commercial~~banking ~~loan~~affiliate ~~products~~in Delaware and ~~strong~~three ~~increases~~ in ~~insurance product sales~~Virginia.

~~Loans~~F&M Bancorp, with assets in excess of $2 billion, is a bank holding company headquartered in Frederick, Md. Farmers & Mechanics Bank and its affiliate, Home Federal, operate 48 banking offices in Frederick County and six contiguous counties.

Loans outstanding of $1.32 billion at March 31, 2003 increased 13 percent compared with the same period in 2002. Loan growth was driven by robust sales in commercial, commercial real estate and residential mortgage loans. The ~~average~~transaction ~~commercial~~is ~~loan~~subject ~~portfolio increased 8 percent over last year’s first quarter. Due~~ to ~~the ongoing~~approval strong mortgage refinancing activity, the residential mortgage portfolio increased 35 percent over the previous year’s quarter. Commercial real estate demand remained strong, which resulted in a 21 percent increase in this portfolio compared to 2002 first quarter. The strong gains in these loan categories were partially offset by ~~an 12 percent reduction in consumer installment loans from~~ the ~~prior~~F&M ~~year’s~~Bancorp ~~quarter~~shareholders ~~primarily~~and in the ~~indirect automobile~~relevant ~~portfolio, attributable to the zero percent financing programs~~bank ~~offered~~regulatory ~~by the auto manufacturing subsidiaries~~agencies.

~~Deposits~~F&M and Faye E. Cannon, F&M’s President and Chief Executive Officer, and certain of F&M’s other executive officers and directors may be deemed to be participants in the solicitation of proxies from the stockholders of F&M in favor of the Merger. The other executive officers and directors of F&M who may be participants in the solicitation of proxies in connection with the Merger have not been determined as of the date of this filing. A description of the interests of Ms. Cannon and F&M’s other executive officers and directors in F&M is set forth in the proxy statement for F&M’s 2002 Annual Meeting of Stockholders, which was filed with the SEC on March 14, 2002. In addition to those interests (i) Ms. Cannon and David R. Stauffer will receive, at the closing time of the Merger, cash payments in respect of foregone option grants of F&M common stock, (ii) Mercantile will maintain a split-dollar life insurance policy for James L. Hogan, (iii) certain executive officers, including Ms. Cannon, may be entitled to receive lump sum payments of amounts due under certain individual severance agreements or under the FMNB Executive Supplemental Income Plan, (iv) two members of F&M’s current board of directors, who have not been named as of the date of this filing, will become directors of Mercantile following the Merger, (v) four members of F&M’s current board of directors, who have not been named as of the date of this filing, will become directors of a wholly-owned subsidiary bank of Mercantile following the Merger, (vi) a wholly-owned subsidiary bank of Mercantile will form an advisory board which will include all members of F&M’s current board of directors, each member will serve for an initial term of four years at a rate of $15,000 per year, (vii) each executive officer will be entitled to receive reimbursement for tax advice and financial planning, subject to a limit of $5,000 per executive and (viii) each of the F&M’s directors will receive a lump sum payment of $21,000 under the Unfunded Deferred Compensation Plan for Non-Employee Directors when such director ceases to be a member of F&M’s board. If and to the extent that Ms. Cannon and Messrs. Stauffer and Hogan will receive any additional benefits in connection with the Merger that are unknown as of the date of this filing, the details of such benefits will be described in the proxy statement/prospectus. Investors and security holders may obtain more detailed information regarding the direct and indirect interests of Ms. Cannon and Messrs. Stauffer and Hogan and F&M’s other executive officers and directors in the Merger by reading the proxy statement/prospectus when it becomes available.

~~Deposits of $1.650~~ADDITIONAL ~~billion~~INFORMATION ~~for~~ABOUT ~~first~~THE quarter 2003 grew $117 million, or 8 percent, since last year. Noninterest checking accounts grew a total of $56 million, or 23 percent, from last year’s first quarter. Interest-bearing deposit products grew $61 million, or 5 percent, from the previous year. These results were driven by growth in primary account relationships with consumer and commercial customers.MERGER

2AND WHERE TO FIND IT.

~~Net~~F&M ~~Interest~~and ~~Income~~Mercantile intend to file with the SEC a proxy statement/prospectus and other relevant materials in connection with the Merger. The proxy statement/prospectus will be mailed to the stockholders of F&M. Investors and security holders of F&M and Parent are urged to read the proxy statement/prospectus and the other relevant materials when they become available because they will contain important information about F&M, Mercantile and the Merger. The proxy statement/prospectus and other relevant materials (when they become available), and any other documents filed by F&M or Mercantile with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by F&M by contacting Kaye Simmons, F&M Bancorp, 110 Thomas Johnson Drive, Frederick, MD 21702, telephone 888-694-4170 or from F&M’s website at www.fmbn.com. Investors and security holders may obtain free copies of the documents filed with the SEC by Mercantile by

Net interest income on a taxable-equivalent basis was $20.1 million in first quarter 2003, up 7 percent from first quarter of last year. The increase in net interest income was largely due to solid earning asset and core deposit growth, offset by a decline in net interest margin from 4.34 percent a year ago to 4.19 percent in first quarter 2003. The earning asset growth of $191 million included an increase of $141 million in the loan portfolio and $59 million in the securities portfolio, offset by a $9 million decline in short-term funds. The margin compression in the first quarter reflected the earning asset growth being funded by a greater proportion of interest-bearing liabilities rather than noninterest-bearing deposits and equity as well as asset yields declining at a faster rate than interest-bearing liability costs. Average funding costs declined 80 basis points in first quarter 2003, while average net asset yields declined 83 basis points.3

~~Noninterest~~contacting ~~Income~~David Borowy, Mercantile Bankshares Corporation, Two Hopkins Plaza, Baltimore, MD 21201, telephone: (410) 237-5900. Investors and security holders are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the Merger.

~~Noninterest income was $8.3 million for first quarter 2003, up~~ 4 percent from $8.0 million in the first quarter of last year. Fee income growth generated in the first quarter through increases in cash network fees and strong insurance sales were offset by declines in trust and investment fees. Mortgage banking fees of $678 thousand in the first quarter of 2003 were impacted by a $222 thousand charge recorded for the impairment of mortgage servicing rights. Noninterest income during the first quarter of 2003 also included $467 thousand in gains on sales of securities due to a repositioning of the investment portfolio as part of the ongoing asset/liability management strategy of the Bancorp.

Noninterest Expense

Noninterest expense was $16.7 million in first quarter 2003, virtually unchanged from the prior year. Increases in incentive compensation were largely offset by reductions in employee medical expenses and lower occupancy costs.

Credit Quality

F&M Bancorp’s asset quality remained strong throughout the first quarter of 2003. Credit losses were $520 thousand, or .16% of average loans outstanding (annualized). The provision for credit losses during the quarter represented approximately 100 percent of net charge-offs. Losses incurred in the first quarter were primarily in the consumer portfolio and were stable compared to previous quarters. The loan portfolio is well diversified, split nearly equally between consumer and commercial borrowers. Nonperforming assets as a percentage of assets stood at 0.12 percent at March 31, 2003, compared with .13 percent at March 31, 2002. The allowance for credit losses of $13.7 million was 1.05 percent of total loans at March 31, 2003, compared with 1.21 percent at March 31, 2002, reflecting the quality of the portfolio.

F&M Bancorp offers a full line of financial services including retail and commercial banking, a wide range of consumer and business insurance products, wealth management services including trust and estate planning, financial planning and investment management services through its subsidiaries. F&M Bancorp, through its banking affiliates, Farmers and Mechanics Bank and Home Federal, includes 49 community offices, a proprietary network of 81 ATMs and a full service mobile Express Bank operating in eight contiguous counties in Maryland including Frederick, Howard, Baltimore, Carroll, Montgomery, Washington and Allegany County. F&M Bancorp’s Hagerstown, MD-based subsidiary, Keller-Stonebraker Insurance, Inc. and its Beltsville, MD-based subsidiary Potomac Basin Group Associates, Inc., provide a full line of consumer and commercial business insurance products. Residential mortgage services are offered through Classic Mortgage. Visit F&M Bancorp on the web at www.fmbn.com.

Statements contained in this press release that are not historical facts are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

F&M BANCORP and Subsidiaries

	Quarter ended March 31,				% Change
(in thousands, except shares)	2003		2002
	(Unaudited)		(Unaudited)
INTEREST INCOME
Loans	$	20,490	$	20,991	(2	)%
Loans held for sale	296		292		1
Securities available for sale	6,356		6,520		(3	)
Other interest income	94		160		(41	)
Total interest income	27,236		27,963		(3	)
INTEREST EXPENSE
Deposits	6,451		8,849		(27	)
Short-term borrowings	366		312		17
Long-term borrowings	946		779		21
Total interest expense	7,763		9,940		(22	)
NET INTEREST INCOME	19,473		18,023		8
Provision for credit losses	525		825		(36	)
Net interest income after provision for credit losses	18,948		17,198		10
NONINTEREST INCOME
Service charges on deposit accounts	2,113		2,196		(4	)
Insurance income	2,940		2,650		11
Mortgage banking fees	678		845		(20	)
Trust and investment fees	716		921		(22	)
Gains on sales of securities	467		—		100
Gains on sales of property	36		86		(58	)
Other operating income	1,381		1,315		5
Total noninterest income	8,331		8,013		4
NONINTEREST EXPENSE
Salaries	7,330		7,116		3
Incentive compensation	846		629		34
Employee benefits	1,436		1,912		(25	)
Occupancy and equipment expense	2,231		2,474		(10	)
Core deposit intangible	246		215		14
Other operating expense	4,607		4,431		4
Total noninterest expenses	16,696		16,777		(0	)
INCOME BEFORE INCOME TAX EXPENSE	10,583		8,434		25
Income tax expense	3,384		2,657		27
NET INCOME	$	7,199	$	5,777	25	%
EARNINGS PER COMMON SHARE
Earnings per common share	$	0.67	$	0.53	26	%
Diluted earnings per common share	$	0.66	$	0.53	25	%
DIVIDENDS PAID PER COMMON SHARE	$	0.29	$	0.28	4	%
Average common share outstanding	10,738,234		10,852,687		(1	)%
Diluted average common shares outstanding	10,843,032		10,912,294		(1	)%

F&M BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

										% Change March. 31, 2003 from
(in thousands, except shares)	March 31, 2003			December 31, 2002			March 31, 2002			Dec. 31, 2002		Mar.31, 2002
	(Unaudited)			(Unaudited)
ASSETS
Cash and due from banks	$	67,022		$	81,444		$	63,675		(18	)%	5	%
Federal funds sold	10,210			232			12,909			4,301		(21	)
Loans held for sale	16,798			28,722			15,414			(42	)	9
Securities available for sale	627,633			618,452			557,425			1		13
FHLB / FRB stock	7,274			6,780			6,866			7		6
Loans	1,317,789			1,305,348			1,170,385			1		13
Less: Allowance for credit losses	(13,673		)	(13,668		)	(14,132		)	0		(3	)
Net loans	1,304,116			1,291,680			1,156,253			1		13
Bank premises and equipment, net	35,172			36,024			34,952			(2	)	1
Other real estate owned, net	414			414			610			—		(32	)
Interest receivable	9,004			9,513			9,262			(5	)	(3	)
Core deposit intangible	1,640			1,886			2,602			(13	)	(37	)
Mortgage servicing	293			580			963			(49	)	(70	)
Cash value of life insurance	12,262			12,109			11,133			1		10
Other assets	6,631			7,150			11,459			(7	)	(42	)
Total assets	$	2,098,469		$	2,094,986		$	1,883,523		0	%	11	%
LIABILITIES & SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing	$	294,382		$	264,965		$	238,430		11	%	23	%
Interest-bearing	1,355,251			1,330,174			1,294,259			2		5
Total deposits	1,649,633			1,595,139			1,532,689			3		8
Short-term borrowings	163,636			219,060			100,568			(25	)	63
Long-term borrowings	77,918			78,023			63,420			(0	)	23
Accrued taxes and other liabilities	17,565			18,508			17,853			(5	)	(2	)
Total liabilities	1,908,752			1,910,730			1,714,530			(0	)	11
Shareholders’ equity:
Common stock, $5 par value; authorized 50,000,000 shares; issued 10,759,402 shares, 10,729,304 shares, and 10,852,840 shares, respectively	53,797			53,647			54,264			0		(1	)
Surplus	71,166			70,598			74,815			1		(5	)
Retained earnings	54,197			50,178			37,549			8		44
Accumulated other comprehensive income	10,557			9,833			2,365			7		346
Total shareholders’ equity	189,717			184,256			168,993			3		12
Total liabilities and shareholders’ equity	$	2,098,469		$	2,094,986		$	1,883,523		0	%	11	%

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)

	Quarter ended Mar. 31,
	2003						2002
	Average Balance		Interest income/ expense		Yields/ rates		Average Balance		Interest income/ expense		Yields/ rates
(in thousands)
ASSETS
Interest earning assets:
Short-term funds	$	3,150	$	10	1.29	%	$	12,360	$	44	1.44	%
Loans held for sale	19,400		296		6.19		19,082		292		6.21
Securities available for sale (2)(4);
U.S. Treasury and federal agencies	84,764		767		3.67		41,875		462		4.47
U.S. States and political subdivisions	106,327		1,711		6.53		118,421		2,025		6.93
Mortgage-backed securities	377,718		4,157		4.46		387,049		4,702		4.93
Other securities	43,086		320		3.01		5,882		41		2.83
Total investment securities	611,896		6,955		4.61		553,227		7,230		5.30
FHLB / Federal Reserve stock	6,819		84		5.00		6,934		116		6.78
Portfolio Loans (3)(4):
Commercial	172,608		2,502		5.88		159,896		2,822		7.16
Residential real estate	356,418		5,198		5.91		264,514		4,780		7.33
Commercial real estate	406,472		6,710		6.69		335,340		6,210		7.51
Real estate construction	103,832		1,404		5.48		104,419		1,448		5.62
Consumer installment	267,116		4,743		7.20		300,823		5,802		7.82
Total loans	1,306,446		20,557		6.38		1,164,992		21,062		7.33
Total interest-earning assets	1,947,711		27,902		5.81		1,756,595		28,744		6.64
Total noninterest-earning assets	108,738						104,342
Total assets	$	2,056,449					$	1,860,937
LIABILITIES
Interest bearing liabilities:
Interest bearing deposits
Savings	$	226,656	$	498	0.89		$	193,596	$	581	1.22
Checking	212,000		162		0.31		197,733		260		0.53
Money market accounts	278,182		748		1.09		266,285		1,112		1.69
Certificates of deposit	619,303		5,043		3.30		625,737		6,896		4.47
Total interest bearing deposits	1,336,141		6,451		1.96		1,283,351		8,849		2.80
Short-term borrowings	177,236		366		0.84		102,975		312		1.23
Long-term borrowings	77,954		946		4.92		63,429		779		4.98
Total interest bearing liabilities	1,591,331		7,763		1.98	%	1,449,755		9,940		2.78	%
Non-interest bearing liabilities:
Demand deposits	259,439						224,652
Other liabilities	18,411						15,606
Total non-interest bearing liabilities	277,850						240,258
Shareholders’ equity	187,268						170,924
Total liabilities and shareholders’ equity	$	2,056,449					$	1,860,937
Net interest income and net interest margin on a taxable-equivalent basis (4)			20,139		4.19	%			18,804		4.34	%

(1)	The average prime rate was 4.56% and 5.17% for the quarters ended March 31, 2003 and 2002, respectively.
	The average three-month London Interbank Offered Rate (LIBOR) was 1.56% and 2.16% for the quarters ended March 31, 2003 and 2002, respectively.
(2)	Yields are based on amortized cost balances computed on a settlement day basis.
(3)	Loan fee income is included in the interest income calculation, and nonaccrual loans are included in the average loan base upon which the interest rate earned on loans is calculated.
(4)	Interest and yield on obligations of state and political subdivisions and tax-exempt loans are computed on a taxable equivalent basis using U.S. statutory tax rate of 35 percent.

(in thousands, except share amounts)	Mar 31, 2003		Dec 31, 2002		Sep 30, 2002		Jun 30, 2002		Mar 31, 2002
For the Period
Net income	7,199		6,265		6,301		6,116		5,777
Diluted earnings per common share	0.66		0.58		0.58		0.56		0.53
Profitability ratios (annualized)
Net income to average total assets (ROA)	1.42	%	1.24	%	1.29	%	1.30	%	1.26	%
Net income applicable to common stock to average common stockholders equity (ROE)	15.59	%	13.57	%	13.88	%	14.14	%	13.71	%
Efficiency ratio (1)	58.64	%	64.61	%	61.91	%	63.19	%	62.39	%
Dividends paid per common share	0.29		0.28		0.28		0.28		0.28
Average common shares outstanding	10,738,234		10,767,352		10,776,193		10,814,183		10,852,687
Diluted average common shares outstanding	10,843,032		10,857,658		10,864,211		10,877,815		10,912,294
Total revenue	27,804		27,290		27,032		26,538		26,036
Average loans	1,306,446		1,269,793		1,204,657		1,166,372		1,164,992
Average assets	2,056,449		2,012,166		1,938,984		1,882,011		1,860,937
Average deposits	1,595,580		1,569,537		1,526,889		1,528,191		1,508,003
Net interest margin	4.19	%	4.24	%	4.34	%	4.36	%	4.34	%
At Period End
Securities available for sale	627,633		618,452		609,926		606,826		557,425
Loans	1,317,789		1,305,348		1,233,792		1,171,946		1,170,385
Allowance for credit losses	(13,673	)	(13,668	)	(14,055	)	(13,999	)	(14,132	)
Assets	2,098,469		2,094,986		1,993,007		1,916,104		1,883,523
Deposits	1,649,633		1,595,139		1,560,918		1,549,241		1,532,689
Shareholders’ equity	189,717		184,256		183,287		177,462		168,993
Tier 1 capital (2)	177,491		172,648		170,479		167,161		164,848
Total capital (2)	191,952		186,316		184,534		181,160		178,980
Capital ratios
Shareholders’ equity to assets	9.04	%	8.80	%	9.20	%	9.26	%	8.97	%
Risk-based capital (2)
Tier 1 capital	11.85	%	11.74	%	12.12	%	12.20	%	12.40	%
Total capital	12.82	%	12.67	%	13.12	%	13.24	%	13.47	%
Leverage (2)	8.64	%	8.59	%	8.80	%	8.81	%	8.87	%
Book value per common share	17.67		17.11		17.00		16.47		15.57
Staff (active, full-time equivalent)	728		708		694		715		755
Common Stock Price
High	44.94		35.00		35.27		35.66		28.85
Low	28.45		30.75		26.41		26.21		25.05
Period end	44.01		32.00		31.60		35.28		26.99
Credit Quality
Nonperforming assets/total assets	0.12	%	0.12	%	0.13	%	0.13	%	0.13	%
Net chargeoffs/total loans	0.16		0.12		0.08		0.08		0.20
Allowance for credit losses/total loans	1.05		1.08		1.17		1.20		1.21

Filing Compare · F&M BANCORP