First Farmers & Merchants Corp. · OTC:FFMH
First Farmers & Merchants — Shareholder Meeting (April 2025)
53 slides from First Farmers & Merchants's shareholder meeting presentation, Apr 22, 2025
Slide 1: First Farmers and Merchants Corporation 2025 Annual Meeting of Shareholders
First Farmers and Merchants Corporation 2025 Annual Meeting Of Shareholders April 22, 2025 INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 2: 2025 Annual Meeting Of Shareholders
2025 Annual Meeting Of Shareholders April 22, 2025 INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 3: 2024 Financial Highlights
2024 Financial Highlights • Net Income Per Share: $3.90 • Net Interest Income: $45.06 million • Net Interest Margin: 2.82% INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 4: Order of Business
Order of Business • Election of Directors • Ratification of Selection of Independent Registered Public Accounting Firm INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 5: Election of Directors
Election of Directors Dr. Martin M. Chaney Chief Executive Officer Maury Regional Health INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 6: Election of Directors
Election of Directors Jonathan M. Edwards President and Chief Executive Officer Edwards Oil Company INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 7: Election of Directors
Election of Directors Dr. Christa S. Martin Executive Director of Belonging and Student Resources Columbia State Community College INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 8: Election of Directors
Election of Directors W. Eric Mayberry President Tennessee Farm Bureau Federation INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 9: Election of Directors
Election of Directors E. Marlee Mitchell Retired Partner Holland & Knight LLP INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 10: Election of Directors
Election of Directors Jeffrey L. Pannell Chief Executive Officer Tennessee Farmers Insurance Companies INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 11: Election of Directors
Election of Directors Richard C. Perko President & Chief Executive Officer Lee Company INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 12: Election of Directors
Election of Directors Gina B. Wolfe Co-Owner Wolfe Enterprises INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 13: Election of Directors
Election of Directors Brian K. Williams Chairman & Chief Executive Officer First Farmers and Merchants Bank INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 14: In Appreciation Of
In Appreciation Of Jeffrey L. Aiken INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 15: Order of Business
Order of Business • Election of Directors • Ratification of Selection of Independent Registered Public Accounting Firm INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 16: Board of Directors Elected April 22, 2025
Board of Directors Elected April 22, 2025 Dr. Martin M Jonathan M. Dr. Christa S. W. Eric Chaney Edwards Martin Mayberry Brian K. Williams E. Marlee Mitchell Jeffrey L. Pannell Richard C. Perko Gina B. Wolfe INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 17: Independent Registered Public Accounting Firm
Independent Registered Public Accounting Firm Fiscal Year Ending December 31, 2025 INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 18: INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 19: 2024 Net Income - Quarterly Comparison
2024 Net Income - Quarterly Comparison ($ in thousands) INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 20: Quarterly Interest Expense
Quarterly Interest Expense ($ in thousands) INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 21: Average Core Deposits
Average Core Deposits ($ in millions) INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 22: Book Value Per Share
Book Value Per Share INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 23: Open Market Price Per Share
Open Market Price Per Share INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 24: Senior Leadership Team
Senior Leadership Team Brian K. Williams Jennifer J. McConnell Stephen K. Hughes Rory A. Mallard Jill A. Giles Elizabeth G. Miller Shannon L. Tidwell C. Stacey Shedd Molly T. Hissong Dawn D. Moore Darcy A. Wagner INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 25: Jill A. Giles, Chief Financial Officer & Corporate Secretary
Jill A. Giles Chief Financial Officer & Corporate Secretary INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 26: Financial Results: Net Income $16 million
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Financial Results Net Income - $16 million, fourth best year in our 115-year history Earnings Per Share
Slide 27: Margin Expansion
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Margin Expansion
Slide 28: 2024 Loan Portfolio
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. 2024 Loan Portfolio ($ in thousands)
Slide 29: Asset Quality
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Asset Quality (Ratio of Non Performing Loans to Total Loans)
Slide 30: Non-Interest Income
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Non-Interest Income ($ in thousands)
Slide 31: Non-Interest Expense
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Non-Interest Expense ($ in thousands)
Slide 32: Stock Repurchases
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Stock Repurchases (in shares)
Slide 33: Cash Dividends Paid Per Share
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Cash Dividends Paid Per Share
Slide 34: Capital
Capital • Shareholders’ Equity grew by 11% in 2024 to $138 million • Tier 1 Capital grew by 5% in 2024 to $184 million INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 35: Rory A. Mallard, Chief Banking Officer
Rory A. Mallard Chief Banking Officer INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 36: Quarterly Change - Average Deposits vs. Loans
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Quarterly Change - Average Deposits vs. Loans ($ in thousands) $1,300,204 $1,253,025 $1,256,611 $1,249,203 $1,259,892
Slide 37: Banking At Your Fingertips
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Banking At Your Fingertips
Slide 38: Strategic Team Expansions
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Strategic Team Expansions Treasury Management Mortgage Lending Jill Turnmyre Racheal Maddox Dana Proffitt Alicia Mattice Teresa Matthews
Slide 39: How We Serve
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. How We Serve
Slide 40: Jennifer J. McConnell, Chief Credit Officer
Jennifer J. McConnell Chief Credit Officer INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 41: Balance Sheet & Income Proposition
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Balance Sheet & Income Proposition Net Loans as a Percentage Loan Interest as a of Total Assets Percentage of Total Income $81,960 $1,765,311 ($ in thousands) ($ in thousands) $990,866 $56,417 ($ in thousands) ($ in thousands)
Slide 42: Credit Administration
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Credit Administration • Risk Management • Loan Policy Guidelines • Analyze Loan Requests • Portfolio Management • Protect Asset Quality
Slide 43: Positioned for Growth
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Positioned for Growth • Strong Credit Quality Discipline • Enhanced Infrastructure • Streamlined Process for Speed to Market
Slide 44: Stephen K. Hughes, Chief Operating Officer
Stephen K. Hughes Chief Operating Officer INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 45: Key Partnerships
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Key Partnerships Enhancing Mortgage Offerings Providing Faster Payment Options
Slide 46: 2024 ACH payment originations and receipts
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. 2024 • $7.6 billion in ACH payment originations • $8.7 billion in ACH payment receipts
Slide 47: Wealth Management and Trust
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Wealth Management and Trust • Year-End 2024 $6.2 billion in assets • Generated $4.7 million in non-interest income for the bank
Slide 48: Wealth Management and Trust Division
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH. Wealth Management and Trust Division Clint Binkley Sam W. Short Joanna Matthews Dawn D. Moore Fred Palmliden Linda W. Thomason Jesse Ramoya Amy Vaught
Slide 49: Innovative. Resilient. Well Positioned for Growth.
Innovative. Resilient. Well Positioned for Growth. INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 50: Our Mission and Our Vision
Our Mission: Our Vision: To enrich the lives of our team To be the financial partner members, customers, and Middle Tennesseans value and communities. trust. INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 51: INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 52: Well Positioned for What is Ahead
Well Positioned for What is Ahead Strong Capital Levels Vibrant Economy Cost Savings Disciplined Risk Outstanding Team Management Revenue Stream Expansion Improved Service Levels Healthy Risk Profile Strong Liquidity INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
Slide 53: We Appreciate Your Support - Thank You
We Appreciate Your Support THANK YOU! INNOVATIVE. RESILIENT. WELL POSITIONED FOR GROWTH.
First Farmers and Merchants — Shareholder Meeting (April 2025) on 6ix