First Farmers and Merchants Corporation Announces 4.3% Increase in Quarterly Cash Dividend to $0.24 Per Share

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First Farmers and Merchants Corporation (OTC Pink: FFMH) has announced a 4.3% increase in its regular quarterly cash dividend to $0.24 per share, up from $0.23 per share. The dividend will be paid on July 17, 2023, to shareholders of record as of July 3, 2023. This increase reflects the company's record net income for 2022 and highlights its continued earnings momentum into 2023. First Farmers remains committed to building long-term shareholder value and has a positive outlook for the year.

COLUMBIA, Tenn.--(BUSINESS WIRE)-- First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced that its Board of Directors increased its regular quarterly cash dividend by 4.3% to $0.24 per share from $0.23 per share. The new higher dividend rate will be paid on July 17, 2023, to shareholders of record as of July 3, 2023.

“We are pleased to reward First Farmers’ shareholders with an increase in our cash dividend to $0.24 per share in recognition of our record net income for 2022,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “This increase represents the second time in three quarters that our Board of Directors increased the cash dividend, highlighting our continued earnings momentum into 2023.

“The increase in our cash dividend embraces our commitment to building long-term shareholder value for First Farmers’ shareholders. Our outlook remains positive for this year. Our financial position is very strong, and we remain focused on serving our customers, protecting our capital base and excellent credit quality in light of the projected softness in the national economy,” concluded Williams.

About First Farmers and Merchants Corporation and First Farmers and Merchants Bank

First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of March 31, 2023, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $110 million, and administered trust assets of $5.8 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20230620420989/en/

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation

FAQ

What is the ticker symbol of First Farmers and Merchants Corporation?

The ticker symbol of First Farmers and Merchants Corporation is FFMH.

What is the new dividend rate announced by First Farmers and Merchants Corporation?

The new dividend rate announced by First Farmers and Merchants Corporation is $0.24 per share.

When will the dividend be paid?

The dividend will be paid on July 17, 2023.

Who will receive the dividend?

The dividend will be paid to shareholders of record as of July 3, 2023.

How much is the increase in the cash dividend?

The cash dividend has increased by 4.3% from $0.23 per share to $0.24 per share.

What is the reason for the increase in the cash dividend?

The increase in the cash dividend reflects First Farmers' record net income for 2022 and its continued earnings momentum into 2023.

What is the outlook for First Farmers and Merchants Corporation?

First Farmers has a positive outlook for the year, with a strong financial position and a focus on serving customers, protecting capital base, and maintaining excellent credit quality.