Business
First Farmers and Merchants Corporation Reports Improved Fourth Quarter and 2024 Results
First Farmers and Merchants Corporation Reports Improved Fourth Quarter and 2024 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 unaudited financial results for the fourth quarter and year ended December 31, 2024.\n\n\n“First Farmers net income rose 36.4% to $1.20 per share in the fourth quarter, our highest level of quarterly earnings since the second quarter of 2021,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Our strong earnings performance benefited from a 22.6% decrease in interest expense compared with the fourth quarter of last year. Our effective balance sheet management and growth in core deposits contributed to reduced funding costs when compared to last year.\n\n\n“We were impacted by a slowdown in loan demand in the second half of 2024; however, we see an uptick in lending activity as we enter the first quarter of 2025. We remain positive regarding our continued growth in earnings in 2025 based on our current loan pipeline, the strong position of our balance sheet, and improved net interest margin.\n\n\n“We remain focused on improving our operations to support continued growth. Our balance sheet is positioned to enhance our earnings performance as rates decline in the future. Credit quality remains very strong, and we continue to streamline our operations to enhance efficiency. Our trust services business line reported record earnings again in 2025, and we are building our mortgage banking capabilities in anticipation of future growth opportunities across our footprint. We believe these fundamentals are key to driving earnings growth and building long-term value for First Farmers’ shareholders.”\n\n\nKey highlights of First Farmers’ results for 2024 include:\n\n\n\nNet income was $16.0 million in 2024, consistent with net income of $16.0 million in 2023;\n\n\n\nNet income per share grew 2.6% to $3.90 for 2024, up from $3.80 in 2023;\n\n\n\nAdjusted net income, which excludes special items, decreased 2.0% to $15.9 million, or $3.87 per common share in 2024, compared with $16.2 million, or $3.84 per common share (see “Non-GAAP Financial Measures” section);\n\n\n\nLoans declined 2.0% to $999 million from 2023;\n\n\n\nAverage core deposit balances grew by $43.6 million, or 3.5% from 2023;\n\n\n\nWealth management and t...