First Farmers and Merchants Corporation Announces 9.5% Increase in Quarterly Cash Dividend to $0.23 Per Share

Rhea-AI Summary

First Farmers and Merchants Corporation (OTC Pink: FFMH) has announced a 9.5% increase in its quarterly cash dividend, raising it to $0.23 per share from $0.21. This increased dividend will be paid on October 14, 2022, to shareholders of record as of September 30, 2022. The company's strong financial performance includes double-digit organic loan growth and increased interest income for the second quarter ended June 30, 2022. The CEO emphasized the company’s commitment to building long-term shareholder value.

Positive

• Increased quarterly cash dividend to $0.23 signifies strong financial performance.
• Reported double-digit organic loan growth and increased interest income.

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• None.

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 9.5%, to $0.23 per share from $0.21 per share. The new higher dividend rate will be paid on October 14, 2022, to shareholders of record as of September 30, 2022.

“We believe the increase in our cash dividend demonstrates our commitment to building long-term shareholder value,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “The increased cash dividend also highlights the strong financial performance of First Farmers and our positive outlook for our future. We recently reported double digit organic loan growth, increased interest income, and higher non-interest income for our second quarter ended June 30, 2022.

“We expect to fund the higher cash dividend from operations. We remain focused on leveraging our strong financial position to invest in First Farmers’ technology, infrastructure and people to support our continued growth,” 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 June 30, 2022, First Farmers reported total assets of approximately $2.0 billion, total shareholders’ equity of approximately $109 million, and administered trust assets of $5.6 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/20220920005951/en/

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation

FAQ

What is the new dividend amount for FFMH?

The new dividend amount for First Farmers and Merchants Corporation (FFMH) is $0.23 per share.

When will First Farmers and Merchants Corporation pay the new dividend?

The new dividend will be paid on October 14, 2022.

What was the previous dividend amount for FFMH before the increase?

The previous dividend amount for FFMH was $0.21 per share.

What is the reason for the dividend increase by FFMH?

The increase in dividend reflects First Farmers' strong financial performance and commitment to long-term shareholder value.