Business
First Farmers and Merchants Corporation Reports Second Quarter Net Income up 22.0% to $4.6 Million
First Farmers and Merchants Corporation Reports Second Quarter Net Income up 22.0% to $4.6 Million.
About this update from First Farmers & Merchants Corp.
[{"type":"text","content":"\r\n\r\n \r\n \r\n First Farmers and Merchants Corporation Reports Second Quarter Net Income up 22.0% to $4.6 Million\r\n \r\n \r\n\r\n\r\nFirst Farmers and Merchants Corporation Reports Second Quarter Net Income up 22.0% to $4.6 Million\r\n\r\n\r\n\r\n\r\n\r\n\r\nBook Value Per Share Surges 27.2%, Highlighting Continued Balance Sheet Strength\r\n\r\n\r\n COLUMBIA, Tenn.--(BUSINESS WIRE)--\r\nFirst Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced its results for the second quarter of 2025.\r\n\r\n\r\n \r\n“I am incredibly proud of our team for delivering another strong quarter, with net income increasing 22.0% and book value per share surging 27.2% from the prior year,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “This performance is a direct result of the dedication of our entire banking team, who are deeply committed to our customers and our community.”\r\n\r\n\r\n \r\n“While the broader national economic picture remains complex, the Middle Tennessee market continues to be dynamic, and our team’s disciplined work allows us to effectively navigate these challenges. As the market for high-quality loans remains competitive, our foundational strength and sound credit principles allow us to be selective as we continue to support our customers.”\r\n\r\n\r\n \r\nKey highlights of First Farmers’ results for the second quarter of 2025 include:\r\n\r\n\r\n \r\n \r\nNet income increased 22.0% to $4.6 million from $3.8 million for the year-earlier quarter. Net income per common share increased 25.2% to $1.15 from $0.92 in the second quarter of 2024. Net income increased 3.7% from $4.5 million, or $1.11, per common share, reported in the first quarter of 2025;\r\n\r\n\r\n \r\nAdjusted net income, which excludes special items, increased 17.8% to $4.4 million, or $1.09 per common share, compared with $3.7 million, or $0.90 per common share, for the year-earlier quarter. Second quarter adjusted net income increased 4.8% from $4.2 million, or $1.04 per common share, reported in the first quarter of 2025 (see “Non-GAAP Financial Measures” section);\r\n\r\n\r\n \r\nTotal loans increased $1.6 million from the first quarter of 2025, but declined $49.0 million, or 4.7...