COLUMBIA, Tenn. – First Farmers and Merchants Corporation, the parent of First Farmers & Merchants Bank, has released its first quarter 2014 financial results showing continued growth in the new year.
From December 31, 2013 to March 31, 2014, the consolidated total assets of First Farmers and Merchants Corporation increased 3.1 percent, or $1.094 million, to $1.128 billion. Loans grew $13.7 million, or 2.2 percent, and deposits grew $28.8 million, or 3 percent.
Comparing first quarter 2014 to first quarter 2013, the bank reported a slight increase in net interest income of 0.40 percent, or $33,000. For the quarter, total net income decreased 26 percent, or $794,000 and earnings per share decreased 23.7 percent, to $0.45.
“Overall, this is a great start for our bank in 2014 and I am pleased with our performance,” said T. Randy Stevens, chairman and CEO, First Farmers and Merchants Corporation. “We were able to attract new loans and deposits despite the unusually harsh weather in the first quarter. Our growth underscores our strengthening position in the marketplace and having the right team in place in each of the communities we serve. We are especially looking forward to bringing our relationship-oriented approach to banking to Green Hills later this year as we open our newest office.”
In March 2014, First Farmers & Merchants Bank announced that it was entering Davidson County, locating its 19th office in the Green Hills section of the city. The financial center is expected to include personal banking, small business banking, investment services, commercial banking, mortgage lending and trust & estate planning and is expected to be open by the Fall.