Business
First Farmers and Merchants Corporation Reports Improved Second Quarter Results
First Farmers and Merchants Corporation Reports Improved Second 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 double digit growth in net income for the second quarter of 2023, compared with 2022.\n\n\nKey highlights of First Farmers’ results for the second quarter of 2023 include:\n\n\n\nNet income rose 11.0% to $5.0 million from $4.5 million for the second quarter of 2022. Net income per common share increased 12.8% to $1.19 from $1.05 for the year-earlier quarter. Net income increased 25.6% from $4.0 million, or $0.94, per common share, reported in the first quarter of 2023;\n\n\n\nAdjusted net income, which excludes special items, rose 15.4% to $5.1 million, or $1.21 per common share, compared with $4.5 million, or $1.03 per common share, for the second quarter of 2022. Second quarter adjusted net income increased 16.6% from $4.4 million, or $1.03 per common share, reported in the first quarter of 2023 (see “Non-GAAP Financial Measures” section);\n\n\n\nNet interest income increased 3.5% to $12.1 million from $11.7 million for the second quarter of 2022 but was down 0.9% from $12.2 million for the first quarter of 2023;\n\n\n\nTotal deposits were $1.658 billion at the end of the second quarter 2023 and were down $119 million from the first quarter of 2023 primarily due to the withdrawal of $113 million from a single municipal customer;\n\n\n\nInsured deposits rose $30 million to $1.161 billion. Uninsured deposits not covered by FDIC insurance were $220 million, or 13.3% of total deposits for the second quarter of 2023;\n\n\n\nEfficiency improved to 58.04% from 62.94% for the second quarter of 2022 and 64.05% for the first quarter of 2023;\n\n\n\nProvision credit for credit losses was $260,000 compared with provision credit for loan and lease losses of $320,000 for the second quarter of 2022 and $0 for the first quarter of 2023; and\n\n\n\nTotal nonperforming assets dropped to $803,000, or 0.04% of total assets, from $1.6 million for the second quarter of 2022 and $873,000 for the first quarter of 2023.\n\n\n\nCommenting on the results, Brian K. Williams, Chairman and Chief Executive Officer of First Farmers, said, “First Farmers’ net income accelerated in the second quarter and benefited from higher net interest income, the continuation of disciplined expense controls and ...