FIRST FMRS & MERCHANTS CO - FFMH STOCK NEWS

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.

First Farmers and Merchants Corporation (OTC Pink: FFMH) has appointed Ms. Darcy Wagner as the new Chief Compliance Officer. Wagner joined the company in early 2022 and has significantly contributed to compliance efforts. As CCO, she will oversee regulatory compliance in all areas of the bank. Wagner has a robust background, including nearly 20 years with Capital One and World’s Foremost Bank, and holds multiple degrees, including a Doctor of Jurisprudence. First Farmers reported assets of approximately $1.9 billion and total equity of about $85 million as of September 30, 2022.

First Farmers and Merchants Corporation (OTC Pink: FFMH) reported an 18% increase in net income for Q3 2022, reaching $4.8 million. This growth was driven by a 7.3% rise in net interest income to $12.5 million and a decline in non-interest expenses. Adjusted net income also grew by 22.1% to a record $4.8 million. The Board approved a 9.5% cash dividend increase to $0.23 per share, reflecting confidence in ongoing growth. Despite challenges in the securities portfolio, asset quality remains strong with nonperforming assets at 0.04% of total assets.