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First Farmers Merchants Corp (FFMH) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2014

First Farmers Merchants Corp

CIK: 703329 Ticker: FFMH

 

 

 

 

 

 

FOR IMMEDIATE RELEASE     

 CONTACT:  Frank Limpus

 

 615-668-9938

 

FIRST FARMERS AND MERCHANTS CORPORATION

REPORTS SOLID FOURTH QUARTER AND 2013 GROWTH

 

Bank experienced excellent 2013 despite persistent rate and economic headwinds

 

COLUMBIA, Tenn.  (February 23, 2014)

- First Farmers and Merchants Corporation, the parent of First Farmers & Merchants Bank, today reported strong fourth quarter and annual earnings for 2013, continuing its positive performance in a year of economic challenges throughout the country. 

            The bank reported the net income available to common shareholders for the fourth quarter of 2013 of $2.4 million, or $.47 per common share, compared to fourth quarter 2012 earnings of $1.2 million, or $.23 per common share.  The company also reported 2013 annual net income available to common shareholders of $9.9 million compared to 2012 earnings of $7.6 million.   On a per-share basis, 2013 earnings were $1.93 per common share compared to the $1.43 per common share reported in 2012. 

            For the year, Return on Average Assets and Return on Common Equity increased to 0.91 percent and 8.90 percent respectively compared to 0.72 percent and 6.65 percent as reported for 2012.

For the year ending December 31, 2013, total average annual deposits increased 5.0 percent, or $44.5 million to $938 million, and average annual total loans increased 10.4 percent to $581.6 million.   Net interest income on a taxable-equivalent basis increased 5.0 percent to $36.5 million.

            "Our solid results for 2013 demonstrate First Farmers' steady performance in a sluggish but slowly improving economy," said T. Randy Stevens, chairman and CEO of First Farmers & Merchants Bank and Corporation.  "In an environment of continued regulatory, economic and rate challenges, we are executing our plan well, thanks to an extraordinary team of directors, officers and employees." 

 

 

 

 

First Farmers & Merchants Bank, Member FDIC

816 S. Garden St. l  P.O. Box 1148 Columbia, TN 38402 l (931) 388-3145 or (800) 882-8378  l  www.myfirstfarmers.com

 

 

 

 

The following information was filed by First Farmers Merchants Corp (FFMH) on Thursday, February 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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First Farmers Merchants Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

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SEC Filing Tools
Ticker: FFMH
CIK: 703329
Form Type: 10-Q Quarterly Report
Accession Number: 0001003297-14-000396
Submitted to the SEC: Mon Aug 11 2014 12:51:15 PM EST
Accepted by the SEC: Mon Aug 11 2014
Period: Monday, June 30, 2014
Industry: State Commercial Banks

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