Business
First Farmers and Merchants Corporation Reports Improved Third Quarter Results
First Farmers and Merchants Corporation Reports Improved Third 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 growth in net interest income and net income for the third quarter ended September 30, 2021, compared with the prior year’s third quarter. The Company also reported record assets and deposits for the third quarter ended September 30, 2021.\n\nKey highlights of First Farmers’ results for the third quarter of 2021 include:\n\n\nNet income rose 10.6% to $4.1 million from $3.7 million for the year-earlier quarter. Net income per common share increased 11.1% to $0.94 from $0.84 in the third quarter of 2020. Net income declined 25.7% from $5.5 million, or $1.26 per common share, reported in the second quarter of 2021 that included a one-time gain of $1.3 million, net of tax, on the sale of the Company’s Visa Class B common stock;\n\n\nAdjusted net income, which excludes special items, rose 6.9% to $3.9 million, or $0.91 per common share, compared with $3.7 million, or $0.84 per common share, for the year-earlier quarter. Third quarter adjusted income rose 0.6% from $3.9 million, or $0.90 per common share, reported in the second quarter of 2021 (see non-GAAP reconciliation);\n\n\nNet interest income increased 6.1% to $11.6 million from $11.0 million for the year-earlier quarter and was up 3.9% from $11.2 million for the second quarter of 2021;\n\n\nLoan growth, excluding SBA Paycheck Protection (“SBA PPP”) loans, was up 2.7% for the quarter; and\n\n\nTotal assets reached a record $1.9 billion and total deposits reached a record $1.7 billion.\n\n\nCommenting on the results, T. Randy Stevens, Chairman and Chief Executive Officer of First Farmers, said, “We are pleased to report continued growth in the third quarter with record deposits and assets as well as a solid increase in net income compared with last year’s third quarter. These strong results allowed us to increase our stock repurchases during the quarter, which were up 87.9% to 20,477 shares compared with 10,900 shares repurchased in the second quarter, and a significant increase over our first quarter purchases of 930 shares. This marked our third consecutive quarterly increase in stock repurchases and an increase in the return of a portion of our earnings to First Farmers’ shareholders.”\n\nBri...