First Farmers and Merchants Corporation Reports Third Quarter Results
First Farmers and Merchants (FFMH) reported strong third quarter 2024 results with net income rising 18.4% to $4.0 million and earnings per share increasing 22.8% to $0.97. The company's book value jumped 50.6% to $35.56 per share. Net interest income grew 13.5% to $11.4 million, while net interest margin improved for the third consecutive quarter to 2.55%. The Board increased quarterly cash dividend by 12.5% to $0.27 per share. The company reported its lowest level of nonperforming assets in over a year, with improved efficiency at 66.36%.
First Farmers and Merchants (FFMH) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto che è aumentato del 18,4% a 4,0 milioni di dollari e un utile per azione che è salito del 22,8% a 0,97 dollari. Il valore contabile dell'azienda è aumentato del 50,6% a 35,56 dollari per azione. I proventi netti da interessi sono cresciuti del 13,5% a 11,4 milioni di dollari, mentre il margine di interesse netto è migliorato per il terzo trimestre consecutivo, arrivando al 2,55%. Il Consiglio ha aumentato il dividendo in contante trimestrale del 12,5% a 0,27 dollari per azione. L'azienda ha riportato il suo livello più basso di prestiti non performanti in oltre un anno, con un'efficienza migliorata al 66,36%.
First Farmers and Merchants (FFMH) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto que aumentó un 18.4% a 4.0 millones de dólares y ganancias por acción que crecieron un 22.8% a 0.97 dólares. El valor en libros de la compañía saltó un 50.6% a 35.56 dólares por acción. Los ingresos netos por intereses crecieron un 13.5% a 11.4 millones de dólares, mientras que el margen de interés neto mejoró por tercer trimestre consecutivo al 2.55%. La Junta aumentó el dividendo en efectivo trimestral en un 12.5% a 0.27 dólares por acción. La compañía reportó su nivel más bajo de activos no productivos en más de un año, con una eficiencia mejorada del 66.36%.
퍼스트 파머스 앤 머천츠 (FFMH)는 2024년 3분기 강력한 실적을 보고하며, 순이익이 18.4% 증가하여 400만 달러에 달하고 주당 순이익이 22.8% 증가하여 0.97달러에 이르렀습니다. 회사의 장부 가치는 50.6% 증가하여 주당 35.56달러가 되었습니다. 순이자 수익은 13.5% 증가하여 1140만 달러에 이르렀고, 순이자 마진은 3분기 연속 개선되어 2.55%에 도달했습니다. 이사회는 분기별 현금 배당금을 12.5% 증가시켜 주당 0.27달러로 결정했습니다. 회사는 1년 이상 만에 최저 수준의 비수익 자산을 보고하며, 효율성도 66.36%로 향상되었습니다.
First Farmers and Merchants (FFMH) a annoncé de solides résultats pour le troisième trimestre 2024, avec un revenu net en hausse de 18,4 % à 4,0 millions de dollars et un bénéfice par action en augmentation de 22,8 % à 0,97 dollar. La valeur comptable de l'entreprise a bondi de 50,6 % à 35,56 dollars par action. Le produit net d'intérêts a augmenté de 13,5 % pour atteindre 11,4 millions de dollars, tandis que la marge nette d'intérêts s'est améliorée pour le troisième trimestre consécutif, atteignant 2,55 %. Le Conseil d'administration a augmenté le dividende en espèces trimestriel de 12,5 % à 0,27 dollar par action. L'entreprise a signalé son niveau le plus bas d'actifs non performants depuis plus d'un an, avec une efficacité améliorée à 66,36 %.
First Farmers and Merchants (FFMH) hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit einem Anstieg des Nettogewinns um 18,4% auf 4,0 Millionen Dollar und einem Anstieg des Gewinns pro Aktie um 22,8% auf 0,97 Dollar. Der Buchwert des Unternehmens sprang um 50,6% auf 35,56 Dollar pro Aktie. Der Nettozinsertrag wuchs um 13,5% auf 11,4 Millionen Dollar, während die Nettozinsspanne im dritten Quartal in Folge auf 2,55% verbessert wurde. Der Vorstand erhöhte die vierteljährliche Barausschüttung um 12,5% auf 0,27 Dollar pro Aktie. Das Unternehmen meldete den niedrigsten Stand an notleidenden Krediten seit über einem Jahr, mit einer verbesserten Effizienz von 66,36%.
- Net income increased 18.4% to $4.0 million YoY
- EPS grew 22.8% to $0.97
- Book value per share rose 50.6% to $35.56
- Net interest income up 13.5% to $11.4 million
- Quarterly dividend increased 12.5% to $0.27 per share
- Efficiency improved to 66.36% from 69.17% YoY
- Nonperforming assets decreased to 0.05% of total assets
- Nine-month net income declined 9.9% to $11.2 million
- Total deposits decreased 4.2% YoY
- Loan balances decreased 2.2% from previous quarter
- Nine-month adjusted net income down 14.6% YoY
Net Income Rises
Book Value Increases
“We had a strong third quarter with our best earnings performance this year,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Net income rose
“The Board of Directors recently increased our quarterly cash dividend by
“Additionally, robust risk management practices and well-managed concentration levels continue to deliver strong asset quality, as this quarter marked the lowest level of nonperforming assets in over a year.”
Key highlights of First Farmers’ results for the third quarter of 2024 include:
-
Net income rose
18.4% to$4.0 million $3.3 million 22.8% to$0.97 $0.79 4.2% from$3.8 million $0.92 -
Adjusted net income, which excludes special items, increased
17.9% to$3.9 million $0.97 $3.3 million $0.79 5.8% from$3.7 million $0.90 -
Net interest income increased
13.5% to$11.4 million $10.0 million 3.7% from$11.0 million -
Net interest margin improved for the third consecutive quarter to
2.55% ; -
Efficiency improved to
66.36% compared to69.17% from the third quarter of 2023 and67.36% from the second quarter of 2024; and -
Book value per share increased
50.6% to$35.56 $23.61 15.9% from$30.68
Robert E. Krimmel, Chief Financial Officer, added, “Our third quarter marked the third consecutive quarterly improvement in our net interest margin. We benefited from an increase in loan yields outpacing the increase in the total cost of interest-bearing liabilities. We are pleased with the stability of our core deposit base and took advantage of the lower interest rate environment to pay down Federal Reserve Bank Term Funding Program borrowings with lower cost brokered deposits. Our success in repositioning First Farmers’ balance sheet over the past year was a strong contributor to our third quarter’s earnings growth and will benefit the trajectory of earnings in the fourth quarter and beyond as rates decline.
“We remain focused on improving our operating efficiency while enhancing customer service and support. We posted our third consecutive improvement in our operating efficiency this year and believe we have further opportunities to enhance operations. We continue to upgrade our digital banking and lending technology platforms. We have also added new team members in mortgage operations and treasury management to expand our growth opportunities.
“First Farmers’ capital position remains strong and continues to benefit from lower market interest rates that are reducing the impact from the fair value adjustment of our investment portfolio. Our book value per share rose for the fourth consecutive quarter and was up
Third Quarter 2024 Results of Operations
Net income increased to
Net income for the third quarter of 2024 was up from the sequential second quarter by
For the third quarter of 2024, total cash and cash equivalents increased
For the third quarter of 2024, total shareholders’ equity increased by
Nine Months Results
Net income available to common shareholders was
The decline in adjusted net income for the first nine months of 2024 was due to a decrease in net interest income of
Asset Quality
Nonperforming assets declined to
Capital Management Initiatives
During the third quarter of 2024, First Farmers repurchased 22,500 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 September 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 |
||||||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||||
|
September 30, |
|
June 30, |
|
September 30, |
|||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 | |||||||||||
Total non-interest income |
$ |
3,428 |
|
|
$ |
3,497 |
|
|
$ |
3,523 |
|
|
$ |
10,434 |
|
|
$ |
9,514 |
|
|
Loss on sale of securities |
|
26 |
|
|
|
- |
|
|
|
- |
|
|
|
26 |
|
|
|
317 |
|
|
(Gain) loss on equity securities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(91 |
) |
|
|
351 |
|
|
Gain on redemption of bank-owned life insurance |
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
- |
|
|
Gain on disposal of premises and equipment |
|
(51 |
) |
|
|
(3 |
) |
|
|
(98 |
) |
|
|
(149 |
) |
|
|
(7 |
) |
|
Adjusted non-interest income |
$ |
3,403 |
|
|
$ |
3,494 |
|
|
$ |
3,423 |
|
|
$ |
10,218 |
|
|
$ |
10,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total non-interest expense |
$ |
9,974 |
|
|
$ |
9,487 |
|
|
$ |
9,780 |
|
|
$ |
29,607 |
|
|
$ |
28,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income as reported |
$ |
3,951 |
|
|
$ |
3,338 |
|
|
$ |
3,790 |
|
|
$ |
11,160 |
|
|
$ |
12,390 |
|
|
Total adjustments, net of tax1 |
|
(18 |
) |
|
|
(2 |
) |
|
|
(74 |
) |
|
|
(160 |
) |
|
|
490 |
|
|
Adjusted net income |
$ |
3,933 |
|
|
$ |
3,336 |
|
|
$ |
3,716 |
|
|
$ |
11,000 |
|
|
$ |
12,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
0.97 |
|
|
$ |
0.79 |
|
|
$ |
0.92 |
|
|
$ |
2.70 |
|
|
$ |
2.92 |
|
|
Total adjustments, net of tax1 |
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
0.11 |
|
|
Adjusted basic earnings per share |
$ |
0.97 |
|
|
$ |
0.79 |
|
|
$ |
0.90 |
|
|
$ |
2.66 |
|
|
$ |
3.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
$ |
0.96 |
|
|
$ |
0.79 |
|
|
$ |
0.92 |
|
|
$ |
2.70 |
|
|
$ |
2.92 |
|
|
Total adjustments, net of tax1 |
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
0.11 |
|
|
Adjusted diluted earnings per share |
$ |
0.96 |
|
|
$ |
0.79 |
|
|
$ |
0.90 |
|
|
$ |
2.66 |
|
|
$ |
3.03 |
|
|
(1) The effective tax rate of |
||||||||||||||||||||
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES |
||||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||
|
|
|
|
(unaudited) |
|
|
||||
|
September 30, |
December 31, |
||||||||
|
|
(dollars in thousands, except per share data) |
|
2024 |
|
2023(1) |
||||
ASSETS |
|
Cash and due from banks |
|
$ |
26,299 |
|
$ |
22,654 |
|
|
Interest-bearing deposits |
|
44,770 |
|
2,689 |
|
|||||
Federal funds sold |
|
31 |
|
117 |
|
|||||
Total cash and cash equivalents |
|
71,100 |
|
25,460 |
|
|||||
Securities: |
|
|
|
|||||||
Available-for-sale |
|
633,734 |
|
692,763 |
|
|||||
Held-to-maturity (fair market value |
|
15,860 |
|
15,038 |
|
|||||
|
|
Equity securities |
|
2,214 |
|
|
2,123 |
|
||
Loans held-for-sale |
|
165 |
|
470 |
|
|||||
Loans, net of deferred fees |
|
1,031,098 |
|
1,018,866 |
|
|||||
Allowance for credit losses |
|
(8,049 |
) |
(7,666 |
) |
|||||
Net loans |
|
1,023,049 |
|
1,011,200 |
|
|||||
Bank premises and equipment, net |
|
29,362 |
|
30,208 |
|
|||||
Bank-owned life insurance |
|
36,491 |
|
34,602 |
|
|||||
Goodwill |
|
9,018 |
|
9,018 |
|
|||||
|
|
Deferred tax asset |
|
19,214 |
|
|
24,862 |
|
||
Other assets |
|
14,584 |
|
25,859 |
|
|||||
|
|
TOTAL ASSETS |
|
$ |
1,854,791 |
|
|
$ |
1,871,603 |
|
LIABILITIES |
|
Deposits: |
|
|
||||||
Noninterest-bearing |
|
$ |
463,688 |
|
$ |
463,858 |
|
|||
Interest-bearing |
|
1,139,984 |
|
1,154,706 |
|
|||||
Total deposits |
|
1,603,672 |
|
1,618,564 |
|
|||||
|
|
Accounts payable and accrued liabilities |
|
26,167 |
|
|
24,798 |
|
||
|
|
FRB Bank Term Funding Program borrowings |
|
80,000 |
|
|
104,000 |
|
||
|
|
TOTAL LIABILITIES |
|
1,709,839 |
|
|
1,747,362 |
|
||
|
|
|
|
|
|
|||||
SHAREHOLDERS’ EQUITY |
|
Common stock - |
|
40,716 |
|
|
41,741 |
|
||
|
|
Additional paid-in capital |
|
61 |
|
|
- |
|
||
Retained earnings |
|
149,297 |
|
143,249 |
|
|||||
Accumulated other comprehensive loss |
|
(45,217 |
) |
(60,844 |
) |
|||||
Total shareholders’ equity attributable to First Farmers and Merchants Corporation |
|
144,857 |
124,146 |
|
||||||
Noncontrolling interest - preferred stock of subsidiary |
|
95 |
|
95 |
|
|||||
TOTAL SHAREHOLDERS’ EQUITY |
|
144,952 |
|
124,241 |
|
|||||
|
|
|||||||||
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,854,791 |
|
|
$ |
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 |
|
Nine Months Ended |
||||||||||||||||
September 30, |
September 30, |
|||||||||||||||||
|
|
(dollars in thousands, except per share data) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
INTEREST AND |
Interest and fees on loans |
$ |
14,467 |
|
|
$ |
12,417 |
|
|
$ |
42,517 |
|
|
$ |
35,826 |
|
||
DIVIDEND |
Income on investment securities |
|
|
|
|
|||||||||||||
INCOME |
Taxable interest |
2,073 |
|
|
2,291 |
|
|
6,374 |
|
|
7,107 |
|
||||||
Exempt from federal income tax |
462 |
|
|
442 |
|
|
1,331 |
|
|
1,353 |
|
|||||||
Interest from federal funds sold and other |
548 |
|
|
90 |
|
|
1,084 |
|
|
375 |
|
|||||||
|
Total interest income |
17,550 |
|
|
15,240 |
|
|
51,306 |
|
|
44,661 |
|
||||||
INTEREST |
Interest on deposits |
4,325 |
|
|
4,568 |
|
|
12,625 |
|
|
9,308 |
|
||||||
EXPENSE |
Interest on borrowings |
1,870 |
|
|
669 |
|
|
5,763 |
|
|
1,041 |
|
||||||
Total interest expense |
6,195 |
|
|
5,237 |
|
|
18,388 |
|
|
10,349 |
|
|||||||
Net interest income |
11,355 |
|
|
10,003 |
|
|
32,918 |
|
|
34,312 |
|
|||||||
Provision (credit) for credit losses |
- |
|
|
- |
|
|
125 |
|
|
(260 |
) |
|||||||
|
Net interest income after provision |
11,355 |
|
|
10,003 |
|
|
32,793 |
|
|
34,572 |
|
||||||
NON-INTEREST |
Mortgage banking activities |
45 |
|
|
26 |
|
|
122 |
|
|
101 |
|
||||||
INCOME |
Wealth management and trust services fees |
1,180 |
|
|
1,103 |
|
|
3,504 |
|
|
3,267 |
|
||||||
|
Service fees on deposit accounts |
1,715 |
|
|
1,817 |
|
|
5,170 |
|
|
5,389 |
|
||||||
Investment services fee income |
77 |
|
|
90 |
|
|
292 |
|
|
279 |
|
|||||||
Earnings on bank-owned life insurance |
177 |
|
|
158 |
|
|
489 |
|
|
402 |
|
|||||||
Loss on sale of available-for-sale securities |
(26 |
) |
|
- |
|
|
(26 |
) |
|
(317 |
) |
|||||||
|
Gain on disposal of premises and equipment |
51 |
|
|
3 |
|
|
149 |
|
|
7 |
|
||||||
|
Gain (loss) on equity securities |
- |
|
|
- |
|
|
91 |
|
|
(351 |
) |
||||||
Other non-interest income |
209 |
|
|
300 |
|
|
643 |
|
|
737 |
|
|||||||
|
Total non-interest income |
3,428 |
|
|
3,497 |
|
|
10,434 |
|
|
9,514 |
|
||||||
NON-INTEREST |
Salaries and employee benefits |
5,689 |
|
|
5,288 |
|
|
16,911 |
|
|
16,245 |
|
||||||
EXPENSE |
Net occupancy expense |
599 |
|
|
632 |
|
|
1,759 |
|
|
1,943 |
|
||||||
Depreciation expense |
410 |
|
|
407 |
|
|
1,221 |
|
|
1,229 |
|
|||||||
Data processing expense |
583 |
|
|
536 |
|
|
1,727 |
|
|
1,535 |
|
|||||||
|
Software support and other computer expense |
1,173 |
|
|
1,086 |
|
|
3,379 |
|
|
3,156 |
|
||||||
Legal and professional fees |
180 |
|
|
202 |
|
|
588 |
|
|
643 |
|
|||||||
Audits and exams expense |
173 |
|
|
158 |
|
|
532 |
|
|
525 |
|
|||||||
Advertising and promotions |
212 |
|
|
255 |
|
|
622 |
|
|
749 |
|
|||||||
FDIC insurance premium expense |
255 |
|
|
188 |
|
|
695 |
|
|
681 |
|
|||||||
Other non-interest expense |
700 |
|
|
735 |
|
|
2,173 |
|
|
2,202 |
|
|||||||
Total non-interest expense |
9,974 |
|
|
9,487 |
|
|
29,607 |
|
|
28,908 |
|
|||||||
Income before provision for income taxes |
4,809 |
|
|
4,013 |
|
|
13,620 |
|
|
15,178 |
|
|||||||
|
Provision for income taxes |
858 |
|
|
675 |
|
|
2,452 |
|
|
2,780 |
|
||||||
Net income |
3,951 |
|
|
3,338 |
|
|
11,168 |
|
|
12,398 |
|
|||||||
Noncontrolling interest - dividends on preferred stock subsidiary |
- |
|
|
- |
|
|
8 |
|
|
8 |
|
|||||||
|
Net income available to common shareholders |
$ |
3,951 |
|
|
$ |
3,338 |
|
|
$ |
11,160 |
|
|
$ |
12,390 |
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding - basic |
4,087,043 |
|
|
4,206,805 |
|
|
4,126,960 |
|
|
4,246,412 |
|
|||||||
|
Weighted average shares outstanding - diluted |
4,099,707 |
|
|
4,206,805 |
|
|
4,139,624 |
|
|
4,246,412 |
|
||||||
|
Earnings per share |
$ |
0.97 |
|
|
$ |
0.79 |
|
|
$ |
2.70 |
|
|
$ |
2.92 |
|
||
|
Diluted earnings per share |
$ |
0.96 |
|
$ |
0.79 |
$ |
2.70 |
|
$ |
2.92 |
|||||||
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES |
||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
For the Three Months Ended |
||||||||||||||||||||
(dollars in thousands, except per share data) |
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|||||||||||
Results of Operations: |
|
|
|
|
|
|
|
|
|
|||||||||||
Interest income |
$ |
17,550 |
|
|
$ |
16,975 |
|
|
$ |
16,781 |
|
|
$ |
16,091 |
|
|
$ |
15,240 |
|
|
Interest expense |
6,195 |
|
|
6,024 |
|
|
6,169 |
|
|
6,048 |
|
|
5,237 |
|
||||||
Net interest income |
11,355 |
|
|
10,951 |
|
|
10,612 |
|
|
10,043 |
|
|
10,003 |
|
||||||
Provision (credit) for credit losses |
- |
|
|
60 |
|
|
65 |
|
|
(230 |
) |
|
- |
|
||||||
Non-interest income |
3,428 |
|
|
3,523 |
|
|
3,483 |
|
|
3,685 |
|
|
3,497 |
|
||||||
Non-interest expense and non-controlling interest – preferred stock of subsidiary |
9,974 |
|
|
9,788 |
|
|
9,853 |
|
|
9,677 |
|
|
9,487 |
|
||||||
Income before income taxes |
4,809 |
|
|
4,626 |
|
|
4,177 |
|
|
4,281 |
|
|
4,013 |
|
||||||
Income taxes |
858 |
|
|
836 |
|
|
758 |
|
|
622 |
|
|
675 |
|
||||||
Net income for common shareholders |
$ |
3,951 |
|
|
$ |
3,790 |
|
|
$ |
3,419 |
|
|
$ |
3,659 |
|
|
$ |
3,338 |
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|||||||||||
Basic earnings per share |
$ |
0.97 |
|
|
$ |
0.92 |
|
|
$ |
0.82 |
|
|
$ |
0.88 |
|
|
$ |
0.79 |
|
|
Diluted earnings per share |
$ |
0.96 |
|
|
$ |
0.92 |
|
|
$ |
0.82 |
|
|
$ |
0.88 |
|
|
$ |
0.79 |
|
|
Book value per share |
$ |
35.56 |
|
|
$ |
30.68 |
|
|
$ |
29.92 |
|
|
$ |
29.74 |
|
|
$ |
23.61 |
|
|
Weighted average shares outstanding per quarter - basic |
4,087,043 |
|
|
4,127,442 |
|
|
4,166,834 |
|
|
4,174,283 |
|
|
4,206,805 |
|
||||||
Weighted average shares outstanding per quarter - diluted |
4,099,707 |
|
|
4,140,106 |
|
|
4,177,909 |
|
|
4,175,998 |
|
|
4,206,805 |
|
||||||
Financial Condition Data and Ratios: |
|
|
|
|
|
|
|
|
|
|||||||||||
Total securities |
$ |
651,808 |
|
|
$ |
662,834 |
|
|
$ |
686,795 |
|
|
$ |
709,924 |
|
|
$ |
713,707 |
|
|
Available-for-sale securities, fair market value |
$ |
633,734 |
|
|
$ |
644,451 |
|
|
$ |
669,552 |
|
|
$ |
692,763 |
|
|
$ |
696,505 |
|
|
Available-for-sale securities, amortized cost |
$ |
695,808 |
|
|
$ |
729,602 |
|
|
$ |
755,162 |
|
|
$ |
776,078 |
|
|
$ |
810,959 |
|
|
Loans, net of deferred fees |
$ |
1,031,098 |
|
|
$ |
1,053,814 |
|
|
$ |
1,017,677 |
|
|
$ |
1,018,866 |
|
|
$ |
1,004,066 |
|
|
Allowance for credit losses |
$ |
(8,049 |
) |
|
$ |
(8,064 |
) |
|
$ |
(7,803 |
) |
|
$ |
(7,666 |
) |
|
$ |
(7,871 |
) |
|
Total assets |
$ |
1,854,791 |
|
|
$ |
1,854,337 |
|
|
$ |
1,884,126 |
|
|
$ |
1,871,603 |
|
|
$ |
1,868,540 |
|
|
Total deposits |
$ |
1,603,672 |
|
|
$ |
1,524,077 |
|
|
$ |
1,567,083 |
|
|
$ |
1,618,564 |
|
|
$ |
1,674,673 |
|
|
Net interest income, on a fully taxable-equivalent basis |
$ |
11,612 |
|
|
$ |
11,188 |
|
|
$ |
10,834 |
|
|
$ |
10,268 |
|
|
$ |
10,223 |
|
|
Net interest margin |
2.55 |
% |
|
2.48 |
% |
|
2.39 |
% |
|
2.21 |
% |
|
2.22 |
% |
||||||
Efficiency |
66.36 |
% |
|
67.37 |
% |
|
69.72 |
% |
|
67.56 |
% |
|
69.17 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset Quality Data and Ratios: |
|
|
|
|
|
|
|
|
|
|||||||||||
Total nonperforming assets |
$ |
852 |
|
|
$ |
863 |
|
|
$ |
945 |
|
|
$ |
1,407 |
|
|
$ |
3,109 |
|
|
Nonperforming assets to total assets |
0.05 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
0.08 |
% |
|
0.17 |
% |
||||||
Allowance for credit losses to total loans |
0.78 |
% |
|
0.77 |
% |
|
0.77 |
% |
|
0.75 |
% |
|
0.78 |
% |
||||||
Net charge-offs to average loans (annualized) |
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028486821/en/
Robert E. Krimmel
Chief Financial Officer
(931) 380-8257
Source: First Farmers and Merchants Corporation
FAQ
What was FFMH's net income for Q3 2024?
How much did FFMH's book value per share increase in Q3 2024?
What was FFMH's net interest margin in Q3 2024?
How did FFMH's dividend change in Q3 2024?
