Business
First Farmers and Merchants Corporation Reports First Quarter Results
First Farmers and Merchants Corporation Reports First Quarter Results.
About this update from First Farmers & Merchants Corp.
[{"type":"text","content":"\nFirst Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced its results for the first quarter of 2024.\n\n\n“First Farmers’ results for the first quarter were on track with our expectations,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “We are pleased to report that our growth in interest income accelerated and outpaced the growth in interest expense during the first quarter, contributing to our net interest margin improvement during the quarter. We also reported that non-interest income grew, and non-interest expenses were down for the ninth consecutive quarter-over-quarter reduction. We expect to report continued sequential quarterly improvement based upon growth in net interest margin and growth in earnings as we progress through the remainder of 2024. We maintain a positive outlook for 2024 given the strategic changes we have made to our balance sheet, continued loan demand and strong credit quality.”\n\n\nKey highlights of First Farmers’ results for the first quarter of 2024 include:\n\n\n\nNet income decreased 14.8% to $3.4 million from $4.0 million for the year-earlier quarter. Net income per common share decreased 12.6% to $0.82 from $0.94 in the first quarter of 2023. Net income decreased 6.5% from $3.7 million, or $0.88, per common share, reported in the fourth quarter of 2023;\n\n\n\nAdjusted net income, which excludes special items, declined 23.9% to $3.4 million, or $0.80 per common share, compared with $4.4 million, or $1.03 per common share, for the year earlier quarter. First quarter adjusted net income improved 0.1% from $3.4 million, or $0.80 per common share, reported in the fourth quarter of 2023 (see “Non-GAAP Financial Measures” section);\n\n\n\nTotal loans decreased $1 million from the fourth quarter of 2023, but increased $46 million, or 4.7%, compared to the first quarter of 2023;\n\n\n\nNet-interest income decreased 13.1% to $10.6 million from $12.2 million for the first quarter of 2023 but was up 5.7% from $10.0 million for the fourth quarter of 2023;\n\n\n\nProvision for credit losses expense increased to $65,000 from $0 for the first quarter of 2023 and was up from a provision credit for credit losses of $230,000 for the fourth quarter of 2023;...