Growth trend not slowing down; bank sees rise in most quarter and annual markers
COLUMBIA, Tenn. (November 6, 2013) – First Farmers and Merchants Corporation, the parent of First Farmers & Merchants Bank, has released third quarter 2013 financial results.
As of September 30, 2013, the consolidated total assets of First Farmers and Merchants Corporation were $1.08 billion, an increase of 2.8% from last year’s third quarter total of $1.05 billion. Additionally, net income increased 17.8% over third quarter 2012, at $7.5 million, deposits increased $48.5 million, or 5.5%, and loans were up $48.6 million over the same period in 2012.
Year-to-date, assets are down 1.1% or $12 million, but deposits are up 0.3%, or $3.2 million, and loans are up 4.3%, or $24.6 million.
“First Farmers continues to deliver strong numbers for both the year and quarter,” said T. Randy Stevens, chairman and chief executive officer, First Farmers & Merchants Bank. “We believe our growth comes from being in tune with the marketplace and working hard to meet the banking needs of our customers. Our dedication to customer service continues to be a key factor in our success. The outstanding efforts of our employees should help us continue to grow and succeed in each of our middle Tennessee markets.”
First Farmers & Merchants Bank is one of the largest independent community banks in Middle Tennessee, with eighteen banking offices in seven Middle Tennessee counties. For more information, visit www.myfirstfarmers.com.