First Farmers and Merchants Corporation Reports Improved Fourth Quarter and 2024 Results

Rhea-AI Summary

First Farmers and Merchants (FFMH) reported strong Q4 2024 results with net income rising 36.4% to $1.20 per share. Net interest income increased 20.9% to $12.1 million, while net interest margin improved for the fourth consecutive quarter to 2.82%.

For full-year 2024, net income remained steady at $16.0 million, with earnings per share growing 2.6% to $3.90. The company saw loans decline 2.0% to $999 million, while average core deposit balances grew by $43.6 million (3.5%). Book value per share increased 14.5% to $34.06.

Notable achievements include record earnings in trust services ($4.7 million) with $6.2 billion in administered trust assets. The Board authorized a new stock repurchase program of 200,000 shares for 2025 and increased the cash dividend by 5.3% in 2024.

Positive

• Net income per share increased 36.4% to $1.20 in Q4 2024
• Net interest income grew 20.9% to $12.1 million in Q4
• Book value per share rose 14.5% to $34.06
• Core deposit balances increased by $43.6 million (3.5%)
• Trust services revenue reached record $4.7 million with $6.2 billion in administered assets
• 5.3% increase in cash dividend

Negative

• Loans declined 2.0% to $999 million
• Total deposits decreased $15 million (0.9%) year-over-year
• Adjusted net income decreased 2.0% to $15.9 million in 2024

Fourth Quarter Net Income Per Share Rises 36% to $1.20

Net Interest Income Increases 21%

Book Value Increases 15% to $34.06 per Share

COLUMBIA, Tenn.--(BUSINESS WIRE)-- First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced unaudited financial results for the fourth quarter and year ended December 31, 2024.

“First Farmers net income rose 36.4% to $1.20 per share in the fourth quarter, our highest level of quarterly earnings since the second quarter of 2021,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Our strong earnings performance benefited from a 22.6% decrease in interest expense compared with the fourth quarter of last year. Our effective balance sheet management and growth in core deposits contributed to reduced funding costs when compared to last year.

“We were impacted by a slowdown in loan demand in the second half of 2024; however, we see an uptick in lending activity as we enter the first quarter of 2025. We remain positive regarding our continued growth in earnings in 2025 based on our current loan pipeline, the strong position of our balance sheet, and improved net interest margin.

“We remain focused on improving our operations to support continued growth. Our balance sheet is positioned to enhance our earnings performance as rates decline in the future. Credit quality remains very strong, and we continue to streamline our operations to enhance efficiency. Our trust services business line reported record earnings again in 2025, and we are building our mortgage banking capabilities in anticipation of future growth opportunities across our footprint. We believe these fundamentals are key to driving earnings growth and building long-term value for First Farmers’ shareholders.”

Key highlights of First Farmers’ results for 2024 include:

• Net income was $16.0 million in 2024, consistent with net income of $16.0 million in 2023;
• Net income per share grew 2.6% to $3.90 for 2024, up from $3.80 in 2023;
• Adjusted net income, which excludes special items, decreased 2.0% to $15.9 million, or $3.87 per common share in 2024, compared with $16.2 million, or $3.84 per common share (see “Non-GAAP Financial Measures” section);
• Loans declined 2.0% to $999 million from 2023;
• Average core deposit balances grew by $43.6 million, or 3.5% from 2023;
• Wealth management and trust services revenue grew to a record $4.7 million in 2024 with $6.2 billion of administered trust assets;
• Net interest margin improved for the fourth consecutive quarter to 2.82%; and
• Book value per share increased 14.5% to $34.06 from $29.74 from the fourth quarter of 2023.

“The Board of Directors authorized the extension of our stock repurchase program with the addition of 200,000 shares for 2025,” continued Williams. “In addition, we raised the cash dividend by 5.3% in 2024 and paid our 100th consecutive quarterly cash dividend during the year. We believe the increase in our cash dividend and renewal of our stock repurchase program highlights our Board’s confidence in the future of First Farmers.”

Commenting on the results, Robert E. Krimmel, Chief Financial Officer of First Farmers, said, “Our strong earnings performance for the fourth quarter was driven by the improvement in net interest income and our net interest margin. Net interest income rose 20.9% to $12.1 million in the fourth quarter and our net interest margin was up 27 basis points from the third quarter and 61 basis points since the fourth quarter of last year. We also benefited from our strong liquidity position, reduced dependence on non-core funding and the payoff of the Federal Reserve Bank’s Bank Term Funding Program (BTFP) borrowings.

“We believe our balance sheet is positioned well to grow future earnings in this interest rate environment. Our improved efficiency ratio benefited from the growth in earnings and focus on expense controls.

“We enter 2025 with a strong capital position to continue our strategic growth initiatives. We expect to benefit from our continued investments in our digital platforms and operating software to improve our future operating efficiencies. We are also building out our mortgage operations and recently received approval to sell mortgage loans directly to Freddie Mac. We expect this will enhance our opportunities to grow non-interest income through mortgage loan sales and servicing in the future,” concluded Krimmel.

Fourth Quarter 2024 Results of Operations

Net income increased to $4.9 million, up $1.2 million, or 33.2%, from the fourth quarter of 2023. Net income per share increased 36.4% to $1.20 for the fourth quarter of 2024 compared with $0.88 for the fourth quarter of 2023. The increase in earnings for the fourth quarter of 2024 resulted from growth in net interest income of $2.1 million driven by higher interest and fees on loans of $546,000, up 4.1%, and a decrease in total interest expense of $1.4 million.

Net interest income after provision increased for the fifth consecutive quarter to $12.4 million, up 20.9%, compared to the fourth quarter of 2023. Non-interest income declined by $291,000 due to a non-recurring gain on redemption of bank-owned life insurance recognized in the fourth quarter of 2023 coupled with a decline in other non-interest income of $80,000, offset in part by an increase in wealth management and trust services fee income of $139,000. Wealth management and trust services reported record revenue for the fourth quarter of the year, highlighting 55 years as a strong source of non-interest income for First Farmers. Non-interest expense grew 3.2% to $305,000 for the fourth quarter of 2024 driven by increases in software support and other computer expense of $100,000, data processing expense of $50,000, legal and professional fees of $43,000 and advertising and promotions of $72,000 compared to the fourth quarter of 2023.

Net income for the fourth quarter of 2024 was up from the sequential third quarter by $924,000, or 23.4%. The increase in earnings was primarily due to growth in net interest income of $788,000 driven by lower interest expense on borrowings, offset in part by lower interest and fees on loans. During the quarter, the net interest margin increased by 27 basis points supported mostly by lower total cost of interest-bearing liabilities due to a decline in average borrowings of $132 million, offset in part by a reduction in average loan balances of $27 million. The decline in average borrowings was mostly driven by the payoff of the Federal Reserve Bank’s BTFP borrowing during the fourth quarter of 2024. Provision for credit losses declined $285,000 for the fourth quarter of 2024 compared to the sequential third quarter driven by a $110,000 principal recovery from a previously charged-off loan coupled with lower loan and unfunded commitment balances. Non-interest income decreased $34,000 driven by a loss on equity securities of $36,000 coupled with a decline in gain on disposal of premises and equipment of $51,000, offset in part by increases in revenue for wealth management and trust services and investment services fee income. Non-interest expense remained flat with decreases in health insurance of $162,000 and recruitment and placement services of $71,000, offset by increases of $112,000 in advertising and promotions and $130,000 in other non-interest expense.

For the fourth quarter of 2024, total cash and cash equivalents decreased $24 million from the sequential third quarter and increased $21 million from the fourth quarter of 2023. The fair market value of available-for-sale securities decreased by $45 million from the sequential third quarter to $589 million, or 33.3% of total assets, and decreased $104 million from $693 million, or 37.0% of total assets, in the fourth quarter of 2023.

Outstanding loan balances decreased $32 million, or 3.1%, from the sequential third quarter to $999 million and decreased $20 million, or 2.0%, from the fourth quarter of 2023. The decrease in loan balances in the fourth quarter was due to commercial real estate loan payoffs and line of credit reductions coupled with the bank’s continued focus on a disciplined lending strategy to manage credit risks by limiting total loans in certain market segments while maintaining overall loan quality criteria. Total deposits were flat when compared to the sequential third quarter at $1.604 billion, and decreased $15 million, or 0.9%, from the fourth quarter of 2023. While total deposits remained flat compared to the sequential third quarter, core deposits grew $52 million, which was offset by reductions in brokered deposits of $46 million and non-core deposits of $11 million. The shift in balances from more expensive borrowings and brokered deposits to less expensive transaction account balances supported the decrease in interest expense of 22.6% in the fourth quarter of 2024. The reduction in total deposits compared to the fourth quarter of 2023 was primarily driven by decreases in brokered deposits of $70 million and a decline in municipal deposits of $18 million, offset in part by an increase in core deposits of $75 million.

For the fourth quarter of 2024, total shareholders’ equity decreased by $7.3 million from the sequential third quarter to $137.7 million and increased $13.4 million from the fourth quarter of 2023. The decline in total shareholders’ equity from the sequential third quarter was primarily the result of an increase in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $9.9 million, net of tax, offset in part by growth in retained earnings of $2.9 million, net of stock repurchases and cash dividends. The increase in total shareholders’ equity from the fourth quarter of 2023 primarily resulted from a decrease in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $5.7 million, net of tax, and growth in retained earnings of $9.0 million, net of stock repurchases and cash dividends. The reduction in the fair value loss adjustment of the available-for-sale securities portfolio’s impact to shareholders’ equity was driven by a smaller securities portfolio and a decrease in market interest rates. The book value per share declined 4.2% from the sequential third quarter to $34.06 but increased 14.5% compared to the fourth quarter of 2023.

Twelve Months Results

Net income available to common shareholders was $16.0 million for 2024, which remained flat compared to $16.0 million in 2023. Net income per share increased 2.8% to $3.90 for 2024 compared with $3.80 for 2023. As compared to 2023, earnings for 2024 were driven by an increase in net interest income of $706,000 coupled with an increase in non-interest income of $629,000, offset by a decrease in provision credit for credit losses of $330,000 and higher non-interest expense of $1.0 million.

The increase in net interest income was driven by higher interest and fees on loans which were up 14.7% to $56.4 million and interest from federal funds sold which were up 239.4% to $1.6 million, offset in part by a 18.6% increase in interest on deposits of $17.0 million and 196.5% increase in interest expense on borrowings of $6.0 million. Provision for credit losses increased by $330,000 driven by a reduced provision credit of $160,000 recorded in 2024 compared to a provision credit of $490,000 recorded in 2023. The increase in non-interest income was driven by growth in wealth management and trust services revenue of $376,000, an increase in gain on equity securities of $438,000, a reduction to loss on sale of available-for-sale securities of $291,000, and an increase to gain on disposal of premises and equipment of $141,000, offset in part by declines in service fees on deposit accounts of $289,000 and gain on redemption of bank-owned life insurance of $329,000 compared to 2023. The increase in non-interest expense was due to increases in salaries expense of $313,00, employee health insurance expense of $399,000, data processing services expense of $242,000, and software support of $323,000 compared to 2023.

Asset Quality

Nonperforming assets increased to $1.3 million, or 0.08% of total assets, up from $852,000, or 0.05% of total assets, from the sequential third quarter but down from $1.4 million, or 0.08% of total assets, from the fourth quarter of 2023. Net recoveries to average loans were 0.01% for the fourth quarter of 2024 compared with charge-offs of 0.01% for the sequential quarter and net charge-offs of 0.00% for the fourth quarter of 2023. A provision credit of $285,000 was recorded to the allowance for credit losses during the fourth quarter of 2024 compared to provision for credit losses expense of less than $1,000 for the sequential third quarter and a provision credit for credit losses of $230,000 for the fourth quarter of 2023. The allowance for credit losses represented 0.80% of total loans outstanding for the fourth quarter of 2024 compared with 0.78% for the sequential third quarter and 0.75% for the fourth quarter of 2023. The provision credit of $285,000 was the result of a $110,000 principal recovery from a previously charged-off loan coupled with declines in loan and unfunded commitment balances in the fourth quarter of 2024. The allowance for credit losses for unfunded commitments declined to $520,000, or 0.20% of total unfunded commitments, for the fourth quarter of 2024 compared with 0.20% for the sequential third quarter and 0.28% for the fourth quarter of 2023. The allowance for credit losses for held-to-maturity (“HTM”) securities represented 0.04% of total HTM securities for the fourth quarter of 2024 compared with 0.06% for the sequential third quarter and 0.06% for the fourth quarter of 2023.

Capital Management Initiatives

During the fourth quarter of 2024, First Farmers repurchased 32,500 shares of the Company’s common stock in the open market and through privately negotiated transactions at an average price of $34.68 per share, with prices ranging from $32.50 to $35.03 per share in accordance with the Company’s stock repurchase program. The fourth quarter of 2024 stock repurchases represented a 44.4% increase compared to the sequential third quarter. The Company repurchased 32,149 more shares in the fourth quarter of 2024 compared to the same period in 2023. First Farmers’ Board of Directors reauthorized the stock repurchase program of up to 200,000 shares through December 2025.

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 December 31, 2024, First Farmers reported total assets of approximately $1.8 billion, total shareholders’ equity of approximately $138 million, and administered trust assets of $6.2 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

Cautionary Note Regarding Forward Looking Statements

This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. First Farmers management uses non-GAAP financial measures, including: (i) adjusted net income and (ii) adjusted basic earnings per share, in its analysis of the Company’s performance. These non-GAAP financial measures exclude the following from net income: securities gains and losses, gain on redemption of bank-owned life insurance, gain on disposal of premises and equipment, and the income tax effect of adjustments. Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE (Dollars in thousands, except per share data)
	Three Months Ended											Twelve Months Ended
		December 31,						September 30,				December 31,
	2024			2023				2024				2024				2023
Total non-interest income	$	3,394		$	3,685			$	3,428			$	13,829			$	13,200
Loss on sale of securities		-			-				26				26				317
Loss (gain) on equity securities		36			31				-				(55	)			383
Gain on redemption of bank-owned life insurance		-			(331	)			-				(149	)			(331	)
Gain on disposal of premises and equipment		-			(1	)			(51	)			(2	)			(8	)
Adjusted non-interest income	$	3,430		$	3,384			$	3,403			$	13,649			$	13,561
Total non-interest expense	$	9,982		$	9,677			$	9,974			$	39,598			$	38,594
Net income as reported	$	4,875		$	3,659			$	3,951			$	16,035			$	16,049
Total adjustments, net of tax1		27			(309	)			(18	)			(134	)			180
Adjusted net income	$	4,902		$	3,350			$	3,933			$	15,901			$	16,229
Basic earnings per share	$	1.20		$	0.88			$	0.97			$	3.90			$	3.80
Total adjustments, net of tax1		0.01			(0.07	)			-				(0.03	)			0.04
Adjusted basic earnings per share	$	1.21		$	0.81			$	0.97			$	3.87			$	3.84
Diluted earnings per share	$	1.20		$	0.88			$	0.96			$	3.89			$	3.79
Total adjustments, net of tax1		0.01			(0.07	)			-				(0.03	)			0.04
Adjusted diluted earnings per share	$	1.21		$	0.81			$	0.96			$	3.86			$	3.83
(1) The effective tax rate of 26.1% is used to determine net of tax amounts.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
			(unaudited)
			December 31,				December 31,
	(dollars in thousands, except per share data)		2024				2023(1)
ASSETS	Cash and due from banks		$	26,034			$	22,654
	Interest-bearing deposits		20,493				2,689
	Federal funds sold		86				117
	Total cash and cash equivalents		46,613				25,460
	Securities:
	Available-for-sale		588,523				692,763
	Held-to-maturity (fair market value $23,382 and $14,394)		24,532				15,038
	Equity securities		2,178				2,123
	Loans held-for-sale		-				470
	Loans, net of deferred fees		998,818				1,018,866
	Allowance for credit losses		(7,952		)		(7,666		)
	Net loans		990,866				1,011,200
	Bank premises and equipment, net		29,094				30,208
	Bank-owned life insurance		36,672				34,602
	Goodwill		9,018				9,018
	Deferred tax asset		22,795				24,862
	Other assets		15,020				25,859
	TOTAL ASSETS		$	1,765,311			$	1,871,603
LIABILITIES	Deposits:
	Non-interest-bearing		$	482,398			$	463,858
	Interest-bearing		1,121,223				1,154,706
	Total deposits		1,603,621				1,618,564
	Accounts payable and accrued liabilities		24,017				24,798
	Federal Reserve Bank BTFP borrowings		-				104,000
	TOTAL LIABILITIES		1,627,638				1,747,362
SHAREHOLDERS’ EQUITY	Common stock - $10 par value per share, 8,000,000 shares authorized; 4,039,445 and 4,174,142 shares issued and outstanding as of the periods presented		40,394				41,741
	Additional paid-in capital		85				-
	Retained earnings		152,268				143,249
	Accumulated other comprehensive loss		(55,169		)		(60,844		)
	Total shareholders’ equity attributable to First Farmers and Merchants Corporation		137,578				124,146
	Noncontrolling interest - preferred stock of subsidiary		95				95
	TOTAL SHAREHOLDERS’ EQUITY		137,673				124,241
	TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,765,311			$	1,871,603
(1) Derived from audited financial statements as of December 31, 2023.

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
	(dollars in thousands, except per share data)	2024				2023				2024				2023
INTEREST AND	Interest and fees on loans	$	13,900			$	13,354			$	56,417			$	49,180
DIVIDEND	Income on investment securities
INCOME	Taxable interest	2,027				2,222				8,401				9,329
	Exempt from federal income tax	431				433				1,762				1,786
	Interest from federal funds sold and other	467				82				1,551				457
	Total interest income	16,825				16,091				68,131				60,752
INTEREST	Interest on deposits	4,411				5,054				17,037				14,362
EXPENSE	Interest on borrowings	271				994				6,033				2,035
	Total interest expense	4,682				6,048				23,070				16,397
	Net interest income	12,143				10,043				45,061				44,355
	Provision credit for credit losses	(285		)		(230		)		(160		)		(490		)
	Net interest income after provision	12,428				10,273				45,221				44,845
NON-INTEREST	Mortgage banking activities	45				26				167				127
INCOME	Wealth management and trust services fees	1,203				1,064				4,707				4,331
	Service fees on deposit accounts	1,711				1,781				6,881				7,170
	Investment services fee income	100				87				393				366
	Earnings on bank-owned life insurance (BOLI)	181				156				670				558
	Loss on sale of available-for-sale securities	-				-				(26		)		(317		)
	Gain on disposal of premises and equipment	-				1				149				8
	(Loss) gain on equity securities	(36		)		(31		)		55				(383		)
	Gain on redemption of BOLI	-				331				2				331
	Other non-interest income	190				270				831				1,009
	Total non-interest income	3,394				3,685				13,829				13,200
NON-INTEREST	Salaries and employee benefits	5,400				5,336				22,312				21,581
EXPENSE	Net occupancy expense	559				627				2,318				2,570
	Depreciation expense	409				441				1,630				1,670
	Data processing expense	581				531				2,308				2,066
	Software support and other computer expense	1,219				1,119				4,598				4,275
	Legal and professional fees	274				231				862				874
	Audits and exams expense	174				181				706				706
	Advertising and promotions	324				252				946				1,001
	FDIC insurance premium expense	204				239				899				920
	Other non-interest expense	830				712				3,003				2,915
	Total non-interest expense	9,974				9,669				39,582				38,578
	Income before provision for income taxes	5,848				4,289				19,468				19,467
	Provision for income taxes	965				622				3,417				3,402
	Net income	4,883				3,667				16,051				16,065
	Noncontrolling interest - dividends on preferred stock subsidiary	8				8				16				16
	Net income available to common shareholders	$	4,875			$	3,659			$	16,035			$	16,049
	Weighted average shares outstanding - basic	4,055,843				4,174,283				4,109,510				4,228,232
	Weighted average shares outstanding - diluted	4,068,164				4,175,998				4,121,831				4,229,947
	Earnings per share	$	1.20			$	0.88			$	3.90			$	3.80
	Diluted earnings per share	$	1.20			$	0.88			$	3.89			$	3.79

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
	For the Three Months Ended
(dollars in thousands, except per share data)	December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Results of Operations:
Interest income	$	16,825			$	17,550			$	16,975			$	16,781			$	16,091
Interest expense	4,682				6,195				6,024				6,169				6,048
Net interest income	12,143				11,355				10,951				10,612				10,043
Provision (credit) for credit losses	(285		)		-				60				65				(230		)
Non-interest income	3,394				3,428				3,523				3,483				3,685
Non-interest expense and non-controlling interest – preferred stock of subsidiary	9,982				9,974				9,788				9,853				9,677
Income before income taxes	5,840				4,809				4,626				4,177				4,281
Income taxes	965				858				836				758				622
Net income for common shareholders	$	4,875			$	3,951			$	3,790			$	3,419			$	3,659
Per Share Data:
Basic earnings per share	$	1.20			$	0.97			$	0.92			$	0.82			$	0.88
Diluted earnings per share	$	1.20			$	0.96			$	0.92			$	0.82			$	0.88
Book value per share	$	34.06			$	35.56			$	30.68			$	29.92			$	29.74
Weighted average shares outstanding per quarter - basic	4,055,843				4,087,043				4,127,442				4,166,834				4,174,283
Weighted average shares outstanding per quarter - diluted	4,068,164				4,099,707				4,140,106				4,177,909				4,175,998
Financial Condition Data and Ratios:
Total securities	$	615,233			$	651,808			$	662,834			$	686,795			$	709,924
Available-for-sale securities, fair market value	$	588,523			$	633,734			$	644,451			$	669,552			$	692,763
Available-for-sale securities, amortized cost	$	663,980			$	695,808			$	729,602			$	755,162			$	776,078
Loans, net of deferred fees	$	998,818			$	1,031,098			$	1,053,814			$	1,017,677			$	1,018,866
Allowance for credit losses	$	(7,952	)		$	(8,049	)		$	(8,064	)		$	(7,803	)		$	(7,666	)
Total assets	$	1,765,311			$	1,854,791			$	1,854,337			$	1,884,126			$	1,871,603
Total deposits	$	1,603,621			$	1,603,672			$	1,524,077			$	1,567,083			$	1,618,564
Net interest income, on a fully taxable-equivalent basis	$	12,370			$	11,612			$	11,188			$	10,834			$	10,268
Net interest margin	2.82		%		2.55		%		2.48		%		2.39		%		2.21		%
Efficiency	61.20		%		66.36		%		67.37		%		69.72		%		67.56		%
Asset Quality Data and Ratios:
Total nonperforming assets	$	1,344			$	852			$	863			$	945			$	1,407
Nonperforming assets to total assets	0.08		%		0.05		%		0.05		%		0.05		%		0.08		%
Allowance for credit losses to total loans	0.80		%		0.78		%		0.77		%		0.77		%		0.75		%
Net (recoveries) charge-offs to average loans (annualized)	(0.01		)%		0.01		%		0.00		%		0.00		%		0.00		%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250127011689/en/

For additional information contact

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

Source: First Farmers and Merchants Corporation

FAQ

What was FFMH's Q4 2024 earnings per share?

FFMH reported earnings of $1.20 per share in Q4 2024, representing a 36.4% increase from $0.88 in Q4 2023.

How much did FFMH's book value per share increase in 2024?

FFMH's book value per share increased 14.5% to $34.06 from $29.74 in Q4 2023.

What is the size of FFMH's new stock repurchase program for 2025?

The Board authorized a new stock repurchase program of 200,000 shares for 2025.

How did FFMH's loan portfolio perform in 2024?

FFMH's loans declined 2.0% to $999 million compared to 2023.

What was FFMH's trust services revenue in 2024?

FFMH's wealth management and trust services revenue grew to a record $4.7 million in 2024, managing $6.2 billion in administered trust assets.