COLUMBIA, Tenn. – First Farmers and Merchants Corporation, the parent of First Farmers & Merchants Bank, reported healthy growth during the first half of 2014, the bank said today in releasing its results for the first six months of the year.
From January to June 2014, total assets for the community bank and holding company increased 1.9 percent to $1.115 billion, gross loans increased 2.0 percent to $618.7 million and deposits climbed 1.0 percent to $967 million.
Year over year, assets rose 4.7 percent, loans increased 6.7 percent and deposits grew 4.9 percent above their position last year.
Additionally, the corporation declared its 125th consecutive semi-annual dividend, which amounted to $1.8 million paid to over 2,000 shareholders.
“We have a strong team that continues to do all the right things to further fuel our growth throughout our Middle Tennessee markets,” said T. Randy Stevens, chairman and CEO, First Farmers and Merchants Corporation. “Our key performance indicators are strong and our new mobile banking products and services that we’re offering to consumers and businesses have been well received, two of the reasons our numbers have continued to climb. We’re also controlling our non-interest expenses in a volatile marketplace. All of that is helping us remain nicely positioned for continued growth.”
During the quarter, construction work continued on the bank’s new Financial Center in the Green Hills section of Davidson County. The move into Davidson County, which was announced in March 2014, will put the bank in eight counties in Middle Tennessee and at 19 offices in total. The new financial center will include personal banking, small business banking, investment services, commercial banking, mortgage lending and trust & estate planning and will open later this Fall.