Business
First Farmers and Merchants Corporation Reports Third Quarter Results
First Farmers and Merchants Corporation Reports 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 income, net interest income, net interest margin and book value per share for the third quarter of 2024.\n\n“We had a strong third quarter with our best earnings performance this year,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “Net income rose 18.4% to $4.0 million and earnings per share increased 22.8% to $0.97. Our book value also jumped 50.6% to $35.56 per share. These solid results benefited from the continued net interest margin expansion we have been experiencing over the past three quarters.\n\n“The Board of Directors recently increased our quarterly cash dividend by 12.5% to $0.27 per share highlighting our favorable earnings results, our strong capital position and positive outlook for First Farmers’ future performance. We have positioned our balance sheet to enhance earnings as interest rates decline, and we are optimistic about continued earnings growth in the coming quarters.\n\n“Additionally, robust risk management practices and well-managed concentration levels continue to deliver strong asset quality, as this quarter marked the lowest level of nonperforming assets in over a year.”\n\nKey highlights of First Farmers’ results for the third quarter of 2024 include:\n\n\nNet income rose 18.4% to $4.0 million from $3.3 million for the third quarter of 2023. Net income per common share increased 22.8% to $0.97 from $0.79 in the third quarter of 2023. Net income increased 4.2% from $3.8 million, or $0.92, per common share, reported in the second quarter of 2024;\n\n\nAdjusted net income, which excludes special items, increased 17.9% to $3.9 million, or $0.97 per common share, compared with $3.3 million, or $0.79 per common share, for the third quarter of 2023. Third quarter adjusted net income improved 5.8% from $3.7 million, or $0.90 per common share, reported in the second quarter of 2024 (see “Non-GAAP Financial Measures” section);\n\n\nNet interest income increased 13.5% to $11.4 million from $10.0 million for the third quarter of 2023 and was up 3.7% from $11.0 million from the second quarter of 2024;\n\n\nNet interest margin improved for the third consecutive quarter to 2...