FIRST FMRS & MERCHANTS CO - FFMH STOCK NEWS

First Farmers and Merchants Corporation reports double digit growth in net income for the second quarter of 2023. Net income rose 11% to $5 million compared to the second quarter of 2022. Adjusted net income increased 15% to $5.1 million. Net interest income increased 3.5% to $12.1 million. Total deposits decreased by $119 million. Efficiency improved to 58.04%. Provision credit for credit losses was $260,000. Total nonperforming assets dropped to $803,000.

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.

First Farmers and Merchants Corporation (OTC Pink: FFMH) reported a 9% increase in net income to $4 million for Q1 2023, compared to $3.7 million in Q1 2022. Adjusted net income rose 14.9% to $4.4 million, driven by strong loan performance and reduced non-interest expenses. Net interest income increased 9.8% to $12.2 million, although it was down 3.9% from Q4 2022. Loan balances grew by 2.8% to $964 million. Book value per share also saw significant growth, up 13.9% to $25.72. The company maintained a solid capital position, with 87% of total deposits insured by the FDIC. However, total deposits fell by 1.2% quarter-over-quarter due to increased competition.

First Farmers and Merchants Corporation (OTC Pink: FFMH) held its annual meeting where shareholders elected two new directors, Dr. Christa S. Martin and W. Eric Mayberry, enhancing board expertise. The meeting celebrated the highest earnings in the company’s 113-year history, with total assets reported at approximately $1.9 billion and total shareholders’ equity near $97 million. Shareholders also ratified the selection of Plante & Moran, PLLC as the independent public accounting firm for fiscal year 2023. The Board now consists of ten directors focused on the company's strategic direction.

First Farmers and Merchants Corporation (OTC Pink: FFMH) has declared a quarterly cash dividend of $0.23 per share, to be paid on April 17, 2023, for shareholders on record as of April 3, 2023. This dividend marks a 9.5% increase compared to last year's payout during the same period. As of December 31, 2022, the company reported total assets of approximately $1.9 billion and total shareholders’ equity of around $97 million. First Farmers operates 22 offices in seven Middle Tennessee counties, highlighting its robust community presence.

First Farmers and Merchants Corporation (OTC Pink: FFMH) reported a 15.6% increase in net income, achieving a record $18.1 million for 2022, compared to $15.6 million in 2021. The company's net income per common share rose 16.7% to $4.19. Key highlights include a 9.1% growth in net loans and a 6.6% increase in net interest income after provision. The Board rewarded shareholders with a 9.5% dividend increase and extended the share repurchase program through 2023. The company also reported improvements in operating efficiency with a 60.4% efficiency ratio for Q4 2022. However, non-interest income declined 15.7% due to reduced mortgage banking activities.

First Farmers and Merchants Corporation (OTC Pink: FFMH) has declared a quarterly cash dividend of $0.23 per share, set to be paid on January 17, 2023. Shareholders on record as of January 3, 2023 will be eligible for this dividend. The company reported total assets of approximately $1.9 billion and total shareholders’ equity of around $85 million as of September 30, 2022. This announcement underscores the company's commitment to returning value to its shareholders.