Friday, September 24th, 2021

First Farmers announces record third quarter

Posted: Friday, November 1, 2013

First Farmers Financial Corporation, parent company of First Farmers Bank & Trust, announced record third quarter earnings of $4.0 million, or $2.24 per share for the period ending September 30, 2013.  Through nine months, net income was also a record at $12.0 million, or $6.74 per share, an increase of $1.16 per share from the 2012 period.

Through September 30, 2013 operating revenues increased 11.4% to $40.7 million from the prior year while operating expenses increased 6.6% and the provision for credit losses fell 3.2%.  Return on average assets and return on average equity were 1.4% and 17.3%, respectively.  Dividends of $0.39 per share were declared during the quarter and paid on October 15, 2013.  Average assets increased to $1.14 billion during the quarter an increase of $39.6 million, or 3.6%, over the same quarter in 2012.  Total loans, net of the allowance for loan and lease losses increased to $872.5 million as of September 30, 2013 an increase of $10.8 million for the quarter and $65.7 million over the prior twelve months.  Deposits increased $17.6 million during the quarter to $926.2 million as of September 30, 2013 while they have increased $26.3 million over the course of the prior twelve months.

On October 2, 2013 FINRA issued a stock trading symbol for First Farmers Financial Corp. allowing it to trade on the OTCQB market.  The symbol assigned by FINRA is FFMR and information such as current bid and ask as well as transaction data are available through brokerages and financial web sites.

On October 23, 2013 First Farmers Financial Corporation (symbol: FFMR) completed a previously announced 2-for-1 stock split.  Following the split, the Company had 3,561,708 shares outstanding.

First Farmers Financial Corporation is a financial services holding company based in Converse, Indiana. The Company’s subsidiary, First Farmers Bank & Trust, operates 27 banking facilities in Indiana and Illinois.