First Farmers and Merchants (FFMH) Inactive
Filed: 6 Aug 03, 12:00am
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report | |
(Date of earliest event reported) | |
August 6, 2003 | |
(August 6, 2003) | |
Commission file number0-10972 | |
First Farmers and Merchants Corporation | |
(Exact name of registrant as specified in its charter) | |
______________Tennessee______________ | ____________62-1148660_______________ |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
816 South Garden Street | |
________Columbia, Tennessee________ | ___________38402 - 1148____________ |
(Address of principal executive offices) | (Zip Code) |
______________________________(931) 388-3145______________________________ | |
(Registrant's telephone number, including area code) | |
FORM 8-K
FIRST FARMERS AND MERCHANTS CORPORATION
Item 7. | Financial Statements and Exhibits |
(c) | The following exhibits are filed herewith: |
Exhibit Number 99.1 - Press Release issued on August 6, 2003 by First Farmers and Merchants Corporation | |
Items 9 and 12. Regulation FD Disclosure
The information included in this section is intended to be included under "Item 12. Disclosure of Results of Operations and Financial Condition" and is included under this Item 9 in accordance with Securities and Exchange Act Release No. 33-8216.
On August 6, 2003, First Farmers and Merchants Corporation issued a press release announcing its financial results for the six months ended June 30, 2003. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety. The information furnished under Item 9 of this Current Report on Form 8-K, including Exhibit 99.1, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
FIRST FARMERS AND MERCHANTS CORPORATION
(Registrant)
Date August 6, 2003 | _____/s/ T. Randy Stevens______ |
T. Randy Stevens, | |
President | |
(Chief Executive Officer) | |
Date August 6, 2003 | ____/s/ Patricia N. McClanahan__ |
Patricia N. McClanahan, | |
Treasurer | |
(Chief Financial Officer) |
EXHIBIT INDEX
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARY
Exhibit Number | Title or Description |
99.1 | PRESS RELEASE ISSUED ON AUGUST 6, 2003 BY FIRST FARMERS AND MERCHANTS CORPORATION |
Information for Release | Contact: Jeff Bradford |
615-312-7220 |
First Farmers & Merchants Corporation Announces Higher Earnings Per Share and Continued Growth in Stockholders' Equity
Columbia, Tenn., Aug. 6, 2003 -- First Farmers & Merchants Corporation today announced higher earnings per share for the first six months of 2003 compared to the first six months of 2002. Other highlights of the period included lower additions to the allowance for loan losses as a result of improved loan quality and continued growth in stockholders' equity.
"We are pleased with the bank's performance for the first six months of this year, particularly with our significant increase in net income," said President and CEO T. Randy Stevens. "Our bank has built its success since 1909 by adhering to a simple philosophy of putting the community first. Our chairman, Waymon Hickman, has long said that if you take care of the community, the community will take care of you.
"One way we live out this community-centered philosophy is by constantly striving to reward our 1,875 shareholders for the trust they've placed in First Farmers & Merchants National Bank. I'm happy to report that the results released today show shareholders' equity continues to grow, increasing over 10 percent in the last year."
Net income for the first six months of 2003 of $4.3 million or $1.46 per share was 25.1 percent higher than net income for the same period in 2002. Net interest income, down 6 percent in a lower rate environment, was still strong. Due primarily to the effect of a one time change in loan classifications that led to an unexpected provision for loan losses in 2002, provisions for loan losses during the first six months of 2003 are 86.5 percent lower than provisions added during the same period in 2002. This contributed to the improved performance for this period.
Stockholders' equity continued to grow, showing an increase of 10.97 percent from June 30, 2002 and 3.95 percent from Dec. 31, 2002. Dividends declared June 17, 2003 of $.55 per share were paid July 1, 2003. This dividend pay out was 2 percent higher than the dividend paid January 2, 2003.
Farmers & Merchants National Bank has a long history of continually increasing dividends to our shareholders. We feel it's our duty to give back to the many, many people in our community who have invested their money and faith in this bank," said Chairman Waymon L. Hickman.
"Our neighbors have invested not just their money, but also their time, energy and good will in F&M. Because we've been blessed with this kind of support for over 90 years, South Central Tennessee is today able to draw on the resources of one of the largest independent community banks in the state. The strength of First Farmers & Merchants National Bank is something our entire community can take pride in. This is the bank our community built," he added.
First Farmers and Merchants Corporation, headquartered in Columbia,Tennessee, is the holding company for First Farmers and Merchants National Bank of Columbia. First Farmers and Merchants National Bank is one of the largest community banks in Middle Tennessee and has over twenty commercial banking offices in six counties in southern Middle Tennessee.
First Farmers and Merchants Corporation and Subsidiary | |||||||||
Unaudited Financial Highlights | |||||||||
(Dollars In Thousands Except Per Share Data) | |||||||||
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2003 | 2002 | 2003 | 2002 | ||||||
Interest income | $ | 10,940 | $ | 13,579 | $ | 22,335 | $ | 26,367 | |
Interest expense | 3,000 | 4,663 | 6,311 | 9,290 | |||||
Net interest income | 7,940 | 8,916 | 16,024 | 17,077 | |||||
Provision for loan losses | 350 | 350 | 760 | 5,650 | |||||
Net interest income after provision | |||||||||
for loan losses | 7,590 | 8,566 | 15,264 | 11,427 | |||||
Noninterest income | 2,301 | 2,522 | 4,876 | 5,029 | |||||
Noninterest expense | 7,266 | 6,477 | 14,377 | 12,453 | |||||
Income before provision | |||||||||
for income taxes | 2,625 | 4,611 | 5,763 | 4,003 | |||||
Income taxes | 820 | 1,249 | 1,494 | 596 | |||||
Net Income | $ | 1,805 | $ | 3,362 | $ | 4,269 | $ | 3,407 | |
Earnings per share | $ | 0.62 | $ | 1.15 | $ | 1.46 | $ | 1.17 | |
Dividends declared per share | $ | 0.55 | $ | 0.53 | |||||
June 30, | Dec. 31, | ||||||||
2003 | 2002 | ||||||||
Total Assets | $ | 865,432 | $ | 898,896 | |||||
Cash and cash equivalents | 49,360 | 51,701 | |||||||
Investment securities | 322,209 | 310,183 | |||||||
Loans, net | 446,150 | 489,141 | |||||||
Deposits | 753,096 | 789,187 | |||||||
Stockholders' equity | 103,620 | 99,682 | |||||||
Book value per share | $ | 35.49 | $ | 34.14 | |||||