First Farmers and Merchants Corporation Reports Second Quarter Results
First Farmers and Merchants (OTC Pink: FFMH) reported second quarter 2024 results with mixed performance. Net income decreased 24.8% year-over-year to $3.8 million but increased 10.9% from the previous quarter. Key highlights include:
- Record loans of $1.054 billion, up 9.2% year-over-year
- Net interest margin improved to 2.48%
- Efficiency improved to 67.37% from 69.72% in Q1 2024
- Book value per share increased 20.1% year-over-year to $30.68
- Total stock repurchased increased 119.6% from Q1 2024
The company faced challenges from higher interest rates but remains optimistic about future performance based on loan pipeline and strategic balance sheet management.
First Farmers and Merchants (OTC Pink: FFMH) ha riportato risultati del secondo trimestre 2024 con prestazioni miste. Il reddito netto è diminuito del 24,8% rispetto all'anno precedente, scendendo a $3,8 milioni, ma è aumentato del 10,9% rispetto al trimestre precedente. I principali punti salienti includono:
- Prestiti record di $1,054 miliardi, in aumento del 9,2% su base annua.
- Il margine di interesse netto è migliorato al 2,48%.
- L'efficienza è migliorata al 67,37% rispetto al 69,72% nel Q1 2024.
- Il valore contabile per azione è aumentato del 20,1% su base annua, raggiungendo $30,68.
- Il totale delle azioni riacquistate è aumentato del 119,6% rispetto al Q1 2024.
L'azienda ha affrontato sfide a causa dei tassi di interesse più elevati, ma rimane ottimista riguardo alle prestazioni future grazie al portafoglio di prestiti e alla gestione strategica del bilancio.
First Farmers and Merchants (OTC Pink: FFMH) informó sobre los resultados del segundo trimestre de 2024 con un rendimiento mixto. El ingreso neto disminuyó un 24,8% en comparación con el año anterior, alcanzando los $3,8 millones, pero aumentó un 10,9% con respecto al trimestre anterior. Los aspectos destacados incluyen:
- Préstamos récord de $1.054 mil millones, un aumento del 9,2% en comparación con el año anterior.
- El margen de interés neto mejoró al 2,48%.
- La eficiencia mejoró al 67,37% desde el 69,72% en el Q1 2024.
- El valor en libros por acción aumentó un 20,1% en comparación con el año anterior a $30,68.
- El total de acciones recompradas aumentó un 119,6% desde el Q1 2024.
La empresa enfrentó desafíos debido a las altas tasas de interés, pero se mantiene optimista sobre el rendimiento futuro basado en la cartera de préstamos y la gestión estratégica del balance.
퍼스트 파머스 앤 머천츠 (OTC Pink: FFMH)가 2024년 2분기 실적을 발표했습니다. 실적은 혼합된 결과를 보였습니다. 순익은 전년 대비 24.8% 감소하여 380만 달러에 달했지만, 이전 분기 대비 10.9% 증가했습니다. 주요 하이라이트는 다음과 같습니다:
- 기록적인 대출금액 $1.054억, 전년 대비 9.2% 증가
- 순이자 마진이 2.48%로 개선됨
- 효율성이 2024년 1분기의 69.72%에서 67.37%로 개선됨
- 주당 장부 가치는 전년 대비 20.1% 증가하여 $30.68에 도달함
- 재매입된 주식 총액이 2024년 1분기 대비 119.6% 증가
회사는 높은 이자율로부터 도전 과제를 겪었으나, 대출 파이프라인과 전략적 재무 관리에 기반하여 미래의 성과에 대해 낙관적입니다.
First Farmers and Merchants (OTC Pink: FFMH) a annoncé ses résultats du deuxième trimestre 2024 avec des performances mixtes. Le bénéfice net a diminué de 24,8 % par rapport à l'année précédente, atteignant 3,8 millions de dollars, mais a augmenté de 10,9 % par rapport au trimestre précédent. Les principaux points forts incluent :
- Des prêts record de $1,054 milliard, en hausse de 9,2 % par rapport à l'année précédente.
- La marge d'intérêt nette s'est améliorée à 2,48%.
- L'efficacité s'est améliorée à 67,37 % contre 69,72 % au T1 2024.
- La valeur comptable par action a augmenté de 20,1 % par rapport à l'année précédente, atteignant $30,68.
- Le nombre total d'actions rachetées a augmenté de 119,6 % par rapport au T1 2024.
La société a été confrontée à des défis dus à des taux d'intérêt plus élevés, mais reste optimiste quant aux performances futures, grâce à son pipeline de prêts et à la gestion stratégique de son bilan.
First Farmers and Merchants (OTC Pink: FFMH) berichtete über die Ergebnisse des zweiten Quartals 2024 mit gemischter Leistung. Das Nettoergebnis sank im Jahresvergleich um 24,8% auf 3,8 Millionen US-Dollar, stieg jedoch um 10,9% im Vergleich zum vorherigen Quartal. Die wichtigsten Highlights umfassen:
- Rekorddarlehen von $1,054 Milliarden, ein Anstieg von 9,2% im Jahresvergleich.
- Die Nettomarge verbesserte sich auf 2,48%.
- Die Effizienz verbesserte sich von 69,72% im Q1 2024 auf 67,37%.
- Der Buchwert pro Aktie stieg im Jahresvergleich um 20,1% auf $30,68.
- Die Gesamtzahl der zurückgekauften Aktien stieg um 119,6% im Vergleich zum Q1 2024.
Das Unternehmen sah sich Herausforderungen durch höhere Zinsen gegenüber, bleibt jedoch aufgrund der Darlehenspipeline und des strategischen Bilanzmanagements optimistisch hinsichtlich der zukünftigen Leistungsfähigkeit.
- Record loan balance of $1.054 billion, up 9.2% year-over-year
- Net interest margin improved for the second consecutive quarter to 2.48%
- Efficiency improved to 67.37% from 69.72% in Q1 2024
- Book value per share increased 20.1% year-over-year to $30.68
- Total non-performing assets declined 8.7% from Q1 2024
- Net income increased 10.9% from Q1 2024
- Net income decreased 24.8% year-over-year to $3.8 million
- Net income per common share decreased 22.8% year-over-year to $0.92
- Total deposits decreased 8.1% year-over-year to $1.524 billion
- Interest expense increased by 106.1% year-over-year
- Non-interest expense grew by $419,000 year-over-year
Growth in Net Income of
Record Loans of
“We reported growth in net income and net interest margin compared to the first quarter of 2024 that benefited from loan growth to a record
Key highlights of First Farmers’ results for the second quarter of 2024 include:
-
Net income decreased
24.8% to from$3.8 million for the year-earlier quarter. Net income per common share decreased$5.0 million 22.8% to from$0.92 in the second quarter of 2023. Net income increased$1.19 10.9% from , or$3.4 million , per common share, reported in the first quarter of 2024;$0.82 -
Adjusted net income, which excludes special items, declined
27.7% to , or$3.7 million per common share, compared with$0.90 , or$5.1 million per common share, for the year earlier quarter. Second quarter adjusted net income improved$1.21 10.9% from , or$3.4 million per common share, reported in the first quarter of 2024 (see “Non-GAAP Financial Measures” section);$0.80 -
Total loans increased
, or$36 million 14% annualized, to a record from the first quarter of 2024, and increased$1.05 4 billion , or$89 million 9.2% , compared to the second quarter of 2023; -
Net interest margin improved for the second consecutive quarter to
2.48% ; -
Efficiency improved to
67.37% compared to69.72% from the first quarter of 2024; -
Total non-performing assets declined
8.7% to from the first quarter of 2024;$863,000 -
Book value per share increased
20.1% to from$30.68 in the second quarter of 2023 and increased$25.54 2.5% from for the first quarter of 2024; and$29.92 -
Total stock repurchased increased to 55,000 shares, up
119.6% , from the first quarter of 2024, and increased29.3% from the second quarter of 2023.
“We accelerated stock repurchases during the second quarter based on our confidence in First Farmers’ outlook,” continued Williams. “This was our largest quarterly stock repurchase since 2016. We continued to invest in our future by hiring a high performing three-person treasury management team that will strengthen our core deposit base and enhance services to our business customers. We also added a secondary mortgage operations manager to accelerate our mortgage lending capabilities. First Farmers’ investments in digital banking and lending technology are also improving our operational efficiencies and customer service. We believe these strategic moves will continue to build earnings performance and shareholder value in the future.”
Robert E. Krimmel, Chief Financial Officer, added, “Our second quarter marked the second consecutive quarterly improvement in our net interest margin, highlighting our success in repositioning First Farmers’ balance sheet over the past year and our trajectory of earnings for the second half of 2024. We also benefited from a disciplined approach to loan and deposit pricing during the quarter and a shift in the mix of interest-earning assets.
“Our investment portfolio is generating approximately
Second Quarter 2024 Results of Operations
Net income decreased to
Net income for the second quarter of 2024 was up from the sequential first quarter by
For the second quarter of 2024, available-for-sale securities decreased by
For the second quarter of 2024, total shareholders’ equity increased by
Six Months Results
Net income available to common shareholders was
The decline in adjusted net income for the first six months of 2024 was due to a decrease in net interest income of
Asset Quality
Nonperforming assets declined to
Capital Management Initiatives
During the second quarter of 2024, First Farmers repurchased 55,000 shares of the Company’s common stock in the open market and through privately negotiated transactions at an average price of
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, 2024, First Farmers reported total assets of approximately
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
|
|||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
June 30, |
|
March 31, |
|
June 30, |
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Total non-interest income |
$ |
3,523 |
|
|
$ |
3,262 |
|
$ |
3,483 |
|
|
$ |
7,006 |
|
|
$ |
6,017 |
|
|
Loss on sale of securities |
|
- |
|
|
|
134 |
|
|
- |
|
|
|
- |
|
|
|
317 |
|
|
(Gain) loss on equity securities |
|
- |
|
|
|
- |
|
|
(91 |
) |
|
|
(91 |
) |
|
|
351 |
|
|
Gain on redemption of bank-owned life insurance |
|
(2 |
) |
|
|
- |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
Gain on disposal of premises and equipment |
|
(98 |
) |
|
|
- |
|
|
- |
|
|
|
(98 |
) |
|
|
(4 |
) |
|
Adjusted non-interest income |
$ |
3,423 |
|
|
$ |
3,396 |
|
$ |
3,392 |
|
|
$ |
6,815 |
|
|
$ |
6,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total non-interest expense |
$ |
9,780 |
|
|
$ |
9,361 |
|
$ |
9,853 |
|
|
$ |
19,633 |
|
|
$ |
19,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income as reported |
$ |
3,790 |
|
|
$ |
5,039 |
|
$ |
3,419 |
|
|
$ |
7,209 |
|
|
$ |
9,051 |
|
|
Total adjustments, net of tax1 |
|
(74 |
) |
|
|
99 |
|
|
(67 |
) |
|
|
(142 |
) |
|
|
491 |
|
|
Adjusted net income |
$ |
3,716 |
|
|
$ |
5,138 |
|
$ |
3,352 |
|
|
$ |
7,067 |
|
|
$ |
9,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per share |
$ |
0.92 |
|
|
$ |
1.19 |
|
$ |
0.82 |
|
|
$ |
1.74 |
|
|
$ |
2.13 |
|
|
Total adjustments, net of tax1 |
|
(0.02 |
) |
|
|
0.02 |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
0.12 |
|
|
Adjusted basic earnings per share |
$ |
0.90 |
|
|
$ |
1.21 |
|
$ |
0.80 |
|
|
$ |
1.70 |
|
|
$ |
2.25 |
|
|
(1) The effective tax rate of |
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES
|
|||||||||
|
|
|
(unaudited) |
|
|
||||
|
June 30, |
|
December 31, |
||||||
|
(dollars in thousands, except per share data) |
|
2024 |
|
2023(1) |
||||
ASSETS |
Cash and due from banks |
|
$ |
26,667 |
|
$ |
22,654 |
|
|
Interest-bearing deposits |
|
2,336 |
|
2,689 |
|
||||
Federal funds sold |
|
28 |
|
117 |
|
||||
Total cash and cash equivalents |
|
29,031 |
|
25,460 |
|
||||
Securities: |
|
|
|
||||||
Available-for-sale |
|
644,451 |
|
692,763 |
|
||||
Held-to-maturity (fair market value |
|
16,169 |
|
15,038 |
|
||||
|
Equity securities |
|
2,214 |
|
|
2,123 |
|
||
Loans held-for-sale |
|
- |
|
470 |
|
||||
Loans, net of deferred fees |
|
1,053,814 |
|
1,018,866 |
|
||||
Allowance for credit losses |
|
(8,064 |
) |
(7,666 |
) |
||||
Net loans |
|
1,045,750 |
|
1,011,200 |
|
||||
Bank premises and equipment, net |
|
29,592 |
|
30,208 |
|
||||
Bank-owned life insurance |
|
36,314 |
|
34,602 |
|
||||
Goodwill |
|
9,018 |
|
9,018 |
|
||||
|
Deferred tax asset |
|
25,366 |
|
|
24,862 |
|
||
Other assets |
|
16,432 |
|
25,859 |
|
||||
|
TOTAL ASSETS |
|
$ |
1,854,337 |
|
|
$ |
1,871,603 |
|
LIABILITIES |
Deposits: |
|
|
||||||
Noninterest-bearing |
|
$ |
465,712 |
|
$ |
463,858 |
|
||
Interest-bearing |
|
1,058,365 |
|
1,154,706 |
|
||||
Total deposits |
|
1,524,077 |
|
1,618,564 |
|
||||
|
Accounts payable and accrued liabilities |
|
26,559 |
|
|
24,798 |
|
||
|
FRB Bank Term Funding Program borrowings |
|
168,000 |
|
|
104,000 |
|
||
|
FHLB Borrowings |
|
10,000 |
|
|
- |
|
||
|
TOTAL LIABILITIES |
|
1,728,636 |
|
|
1,747,362 |
|
||
SHAREHOLDERS’ EQUITY |
Common stock - |
|
40,941 |
|
41,741 |
|
|||
Retained earnings |
|
146,926 |
|
143,249 |
|
||||
Accumulated other comprehensive loss |
|
(62,261 |
) |
(60,844 |
) |
||||
Total shareholders’ equity attributable to First Farmers and Merchants Corporation |
|
125,606 |
|
124,146 |
|
||||
Noncontrolling interest - preferred stock of subsidiary |
|
95 |
|
95 |
|
||||
TOTAL SHAREHOLDERS’ EQUITY |
|
125,701 |
|
124,241 |
|
||||
|
|
||||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,854,337 |
|
|
$ |
1,871,603 |
|
|
|
|
|
||||||
(1) Derived from audited financial statements as of December 31, 2023. |
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES
|
||||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
(dollars in thousands, except per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
INTEREST AND DIVIDEND INCOME |
Interest and fees on loans |
$ |
14,160 |
|
$ |
11,959 |
|
|
$ |
28,050 |
|
$ |
23,409 |
|
||
|
Income on investment securities |
|
|
|
|
|||||||||||
|
Taxable interest |
2,134 |
|
2,376 |
|
|
4,301 |
|
4,816 |
|
||||||
Exempt from federal income tax |
436 |
|
448 |
|
|
869 |
|
911 |
|
|||||||
Interest from federal funds sold and other |
245 |
|
237 |
|
|
536 |
|
285 |
|
|||||||
|
Total interest income |
16,975 |
|
15,020 |
|
|
33,756 |
|
29,421 |
|
||||||
INTEREST EXPENSE |
Interest on deposits |
3,976 |
|
2,918 |
|
|
8,300 |
|
4,740 |
|
||||||
|
Interest on other borrowings |
2,048 |
|
5 |
|
|
3,893 |
|
372 |
|
||||||
Total interest expense |
6,024 |
|
2,923 |
|
|
12,193 |
|
5,112 |
|
|||||||
Net interest income |
10,951 |
|
12,097 |
|
|
21,563 |
|
24,309 |
|
|||||||
Provision (credit) for credit losses |
60 |
|
(260 |
) |
|
125 |
|
(260 |
) |
|||||||
|
Net interest income after provision |
10,891 |
|
12,357 |
|
|
21,438 |
|
24,569 |
|
||||||
NON-INTEREST INCOME |
Mortgage banking activities |
18 |
|
35 |
|
|
77 |
|
75 |
|
||||||
|
Wealth management and trust services fees |
1,167 |
|
1,080 |
|
|
2,324 |
|
2,164 |
|
||||||
|
Service fees on deposit accounts |
1,771 |
|
1,841 |
|
|
3,455 |
|
3,572 |
|
||||||
Investment services fee income |
114 |
|
84 |
|
|
215 |
|
189 |
|
|||||||
Earnings on bank-owned life insurance |
154 |
|
129 |
|
|
312 |
|
244 |
|
|||||||
Loss on sale of available-for-sale securities |
- |
|
(134 |
) |
|
- |
|
(317 |
) |
|||||||
|
Gain on disposal of premises and equipment |
98 |
|
- |
|
|
98 |
|
4 |
|
||||||
|
Gain (loss) on equity securities |
- |
|
- |
|
|
91 |
|
(351 |
) |
||||||
|
Gain on redemption of bank-owned life insurance |
2 |
|
- |
|
|
2 |
|
- |
|
||||||
Other non-interest income |
199 |
|
227 |
|
|
432 |
|
437 |
|
|||||||
|
Total non-interest income |
3,523 |
|
3,262 |
|
|
7,006 |
|
6,017 |
|
||||||
NON-INTEREST EXPENSE |
Salaries and employee benefits |
5,599 |
|
5,286 |
|
|
11,222 |
|
10,957 |
|
||||||
|
Net occupancy expense |
561 |
|
622 |
|
|
1,160 |
|
1,311 |
|
||||||
Depreciation expense |
405 |
|
410 |
|
|
811 |
|
822 |
|
|||||||
Data processing expense |
581 |
|
509 |
|
|
1,144 |
|
999 |
|
|||||||
|
Software support and other computer expense |
1,111 |
|
1,032 |
|
|
2,206 |
|
2,070 |
|
||||||
Legal and professional fees |
188 |
|
170 |
|
|
408 |
|
441 |
|
|||||||
Audits and exams expense |
172 |
|
181 |
|
|
359 |
|
367 |
|
|||||||
Advertising and promotions |
210 |
|
249 |
|
|
410 |
|
494 |
|
|||||||
FDIC insurance premium expense |
222 |
|
226 |
|
|
440 |
|
493 |
|
|||||||
Other non-interest expense |
731 |
|
676 |
|
|
1,473 |
|
1,467 |
|
|||||||
Total non-interest expense |
9,780 |
|
9,361 |
|
|
19,633 |
|
19,421 |
|
|||||||
Income before provision for income taxes |
4,634 |
|
6,258 |
|
|
8,811 |
|
11,165 |
|
|||||||
|
Provision for income taxes |
836 |
|
1,211 |
|
|
1,594 |
|
2,106 |
|
||||||
Net income |
3,798 |
|
5,047 |
|
|
7,217 |
|
9,059 |
|
|||||||
Noncontrolling interest - dividends on preferred stock subsidiary |
8 |
|
8 |
|
|
8 |
|
8 |
|
|||||||
|
Net income available to common shareholders |
$ |
3,790 |
|
$ |
5,039 |
|
|
$ |
7,209 |
|
$ |
9,051 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
4,127,442 |
|
4,244,359 |
|
|
4,146,840 |
|
4,258,884 |
|
|||||||
|
Earnings per share |
$ |
0.92 |
|
$ |
1.19 |
|
|
$ |
1.74 |
|
$ |
2.13 |
|
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||
For the Three Months Ended |
|||||||||||||||||||
(dollars in thousands, except per share data) |
June 30, 2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
|
June 30, 2023 |
||||||||||
Results of Operations: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
$ |
16,975 |
|
|
$ |
16,781 |
|
|
$ |
16,091 |
|
|
$ |
15,240 |
|
|
$ |
15,020 |
|
Interest expense |
6,024 |
|
|
6,169 |
|
|
6,048 |
|
|
5,237 |
|
|
2,923 |
|
|||||
Net interest income |
10,951 |
|
|
10,612 |
|
|
10,043 |
|
|
10,003 |
|
|
12,097 |
|
|||||
Provision (credit) for credit losses |
60 |
|
|
65 |
|
|
(230 |
) |
|
- |
|
|
(260 |
) |
|||||
Non-interest income |
3,523 |
|
|
3,483 |
|
|
3,685 |
|
|
3,497 |
|
|
3,262 |
|
|||||
Non-interest expense and non-controlling interest – preferred stock of subsidiary |
9,788 |
|
|
9,853 |
|
|
9,677 |
|
|
9,487 |
|
|
9,369 |
|
|||||
Income before income taxes |
4,626 |
|
|
4,177 |
|
|
4,281 |
|
|
4,013 |
|
|
6,250 |
|
|||||
Income taxes |
836 |
|
|
758 |
|
|
622 |
|
|
675 |
|
|
1,211 |
|
|||||
Net income for common shareholders |
$ |
3,790 |
|
|
$ |
3,419 |
|
|
$ |
3,659 |
|
|
$ |
3,338 |
|
|
$ |
5,039 |
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per share |
$ |
0.92 |
|
|
$ |
0.82 |
|
|
$ |
0.88 |
|
|
$ |
0.79 |
|
|
$ |
1.19 |
|
Book value per share |
$ |
30.68 |
|
|
$ |
29.92 |
|
|
$ |
29.74 |
|
|
$ |
23.61 |
|
|
$ |
25.54 |
|
Weighted average shares outstanding per quarter |
4,127,442 |
|
|
4,166,834 |
|
|
4,174,283 |
|
|
4,206,805 |
|
|
4,244,359 |
|
|||||
Financial Condition Data and Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Total securities |
$ |
662,834 |
|
|
$ |
686,795 |
|
|
$ |
709,924 |
|
|
$ |
713,707 |
|
|
$ |
762,175 |
|
Available-for-sale securities, fair market value |
$ |
644,451 |
|
|
$ |
669,552 |
|
|
$ |
692,763 |
|
|
$ |
696,505 |
|
|
$ |
744,963 |
|
Available-for-sale securities, amortized cost |
$ |
729,602 |
|
|
$ |
755,162 |
|
|
$ |
776,078 |
|
|
$ |
810,959 |
|
|
$ |
845,712 |
|
Loans, net of deferred fees |
$ |
1,053,814 |
|
|
$ |
1,017,677 |
|
|
$ |
1,018,866 |
|
|
$ |
1,004,066 |
|
|
$ |
964,822 |
|
Allowance for credit losses |
$ |
(8,064 |
) |
|
$ |
(7,803 |
) |
|
$ |
(7,666 |
) |
|
$ |
(7,871 |
) |
|
$ |
(8,200 |
) |
Total assets |
$ |
1,854,337 |
|
|
$ |
1,884,126 |
|
|
$ |
1,871,603 |
|
|
$ |
1,868,540 |
|
|
$ |
1,878,675 |
|
Total deposits |
$ |
1,524,077 |
|
|
$ |
1,567,083 |
|
|
$ |
1,618,564 |
|
|
$ |
1,674,673 |
|
|
$ |
1,657,587 |
|
Net interest income, on a fully taxable-equivalent basis |
$ |
11,188 |
|
|
$ |
10,834 |
|
|
$ |
10,268 |
|
|
$ |
10,223 |
|
|
$ |
12,298 |
|
Net interest margin |
2.48 |
% |
|
2.39 |
% |
|
2.21 |
% |
|
2.22 |
% |
|
2.64 |
% |
|||||
Efficiency |
67.37 |
% |
|
69.72 |
% |
|
62.84 |
% |
|
69.17 |
% |
|
58.04 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
||||||||||
Total nonperforming assets |
$ |
863 |
|
|
$ |
945 |
|
|
$ |
1,407 |
|
|
$ |
3,109 |
|
|
$ |
803 |
|
Nonperforming assets to total assets |
0.05 |
% |
|
0.05 |
% |
|
0.08 |
% |
|
0.17 |
% |
|
0.04 |
% |
|||||
Allowance for credit losses to total loans |
0.77 |
% |
|
0.77 |
% |
|
0.75 |
% |
|
0.78 |
% |
|
0.85 |
% |
|||||
Net charge-offs to average loans (annualized) |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722676382/en/
Robert E. Krimmel
Chief Financial Officer
(931) 380-8257
Source: First Farmers and Merchants Corporation
FAQ
What was First Farmers and Merchants 's (FFMH) net income for Q2 2024?
How much did First Farmers and Merchants 's (FFMH) loan balance grow in Q2 2024?
What was First Farmers and Merchants 's (FFMH) book value per share in Q2 2024?