COLUMBIA, Tenn., September 20, 2022--(BUSINESS WIRE)--First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced that its Board of Directors increased its regular quarterly cash dividend by 9.5%, to $0.23 per share from $0.21 per share. The new higher dividend rate will be paid on October 14, 2022, to shareholders of record as of September 30, 2022.
"We believe the increase in our cash dividend demonstrates our commitment to building long-term shareholder value," stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. "The increased cash dividend also highlights the strong financial performance of First Farmers and our positive outlook for our future. We recently reported double digit organic loan growth, increased interest income, and higher non-interest income for our second quarter ended June 30, 2022.
"We expect to fund the higher cash dividend from operations. We remain focused on leveraging our strong financial position to invest in First Farmers’ technology, infrastructure and people to support our continued growth," concluded Williams.
About First Farmers and Merchants Corporation and First Farmers and Merchants Bank
First Farmers and Merchants Corporation is the holding company for First Farmers and Merchants Bank, a community bank serving the Middle Tennessee area through 22 offices in seven Middle Tennessee counties. As of June 30, 2022, First Farmers reported total assets of approximately $2.0 billion, total shareholders’ equity of approximately $109 million, and administered trust assets of $5.6 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under "Investor Relations."
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Robert E. Krimmel
Chief Financial Officer