First Farmers and Merchants Corporation Reports Second Quarter Results

Growth in Net Income of 11% from Sequential Quarter

Record Loans of $1.054 Billion

First Farmers and Merchants Corporation (OTC Pink: FFMH), the holding company for First Farmers and Merchants Bank, today announced its results for the second quarter of 2024.

“We reported growth in net income and net interest margin compared to the first quarter of 2024 that benefited from loan growth to a record $1.054 billion and our proactive management of funding costs,” stated Brian K. Williams, Chairman and Chief Executive Officer of First Farmers. “As expected, our earnings were down compared with last year due to the higher interest rate environment and doubling of interest expense over the past year. We remain very positive about the remainder of the year based on our loan pipeline, strong asset quality and the strategic changes we made to our balance sheet to benefit earnings as interest rates remain at an elevated level or begin to decline.”

Key highlights of First Farmers’ results for the second quarter of 2024 include:

  • Net income decreased 24.8% to $3.8 million from $5.0 million for the year-earlier quarter. Net income per common share decreased 22.8% to $0.92 from $1.19 in the second quarter of 2023. Net income increased 10.9% from $3.4 million, or $0.82, per common share, reported in the first quarter of 2024;
  • Adjusted net income, which excludes special items, declined 27.7% to $3.7 million, or $0.90 per common share, compared with $5.1 million, or $1.21 per common share, for the year earlier quarter. Second quarter adjusted net income improved 10.9% from $3.4 million, or $0.80 per common share, reported in the first quarter of 2024 (see “Non-GAAP Financial Measures” section);
  • Total loans increased $36 million, or 14% annualized, to a record $1.054 billion from the first quarter of 2024, and increased $89 million, or 9.2%, compared to the second quarter of 2023;
  • Net interest margin improved for the second consecutive quarter to 2.48%;
  • Efficiency improved to 67.37% compared to 69.72% from the first quarter of 2024;
  • Total non-performing assets declined 8.7% to $863,000 from the first quarter of 2024;
  • Book value per share increased 20.1% to $30.68 from $25.54 in the second quarter of 2023 and increased 2.5% from $29.92 for the first quarter of 2024; and
  • Total stock repurchased increased to 55,000 shares, up 119.6%, from the first quarter of 2024, and increased 29.3% from the second quarter of 2023.

“We accelerated stock repurchases during the second quarter based on our confidence in First Farmers’ outlook,” continued Williams. “This was our largest quarterly stock repurchase since 2016. We continued to invest in our future by hiring a high performing three-person treasury management team that will strengthen our core deposit base and enhance services to our business customers. We also added a secondary mortgage operations manager to accelerate our mortgage lending capabilities. First Farmers’ investments in digital banking and lending technology are also improving our operational efficiencies and customer service. We believe these strategic moves will continue to build earnings performance and shareholder value in the future.”

Robert E. Krimmel, Chief Financial Officer, added, “Our second quarter marked the second consecutive quarterly improvement in our net interest margin, highlighting our success in repositioning First Farmers’ balance sheet over the past year and our trajectory of earnings for the second half of 2024. We also benefited from a disciplined approach to loan and deposit pricing during the quarter and a shift in the mix of interest-earning assets.

“Our investment portfolio is generating approximately $34 million per quarter in liquidity for the remainder of the year to fund new loan growth. We are also focused on maintaining our high credit standards and remain selective in funding new loan opportunities. This quarter marked a decline in nonperforming assets, and the minimal increase in the second quarter’s provision for credit losses was due primarily to growth in our loan portfolio. Our capital levels remain solid and the impact from the fair value adjustment of our investment portfolio continues to diminish at a measured pace. Book value per share marked the third consecutive quarter of growth and reached the highest level since the fourth quarter of 2021.”

Second Quarter 2024 Results of Operations

Net income decreased to $3.8 million, down $1.2 million, or 24.8% from the second quarter of 2023. Net income per share declined 22.8% to $0.92 for the second quarter of 2024 compared with $1.19 for the second quarter of 2023. The decline in earnings for the second quarter of 2024 resulted from a decrease in net interest income of $1.1 million driven by growth in total interest expense of $3.1 million, an increase of 106.1% that was offset in part by an increase in interest and fees on loans of $2.2 million. Provision for credit losses expense increased by $320,000 primarily driven by a provision credit of $260,000 recorded in the second quarter of 2023. Non-interest expense grew $419,000 for the second quarter of 2024 driven by increases in health insurance expense of $137,000, employee incentive expense of $126,000, software support and other computer expense of $79,000, and data processing expense of $72,000 compared to the second quarter of 2023. Non-interest income improved, offsetting the decline in net interest income by $261,000 due to a loss on sale of securities of $134,000 recorded in the second quarter of 2023, an increase in the gain on disposal of premises and equipment of $98,000, and an increase in wealth management and trust fee income of $87,000, offset in part by a reduction in service fees on deposit accounts of $70,000 compared to the second quarter of 2023. The reduction in service fees on deposit accounts was due in part to lower fees from debit card transactions resulting from decreased levels of consumer spending.

Net income for the second quarter of 2024 was up from the sequential first quarter by $371,000, or 10.9%. The increase in earnings was due to growth in net interest income of $339,000 driven by higher interest and fees on loans and lower interest expense on deposits. During the quarter, the net interest margin increased by nine basis points supported by growth in loan yields of five basis points along with a decline in the total cost of interest-bearing liabilities of three basis points. Non-interest income increased $40,000 driven by growth in service fees on deposit accounts of $87,000 offset in part by a decrease in mortgage banking activities of $41,000. Non-interest expense decreased $73,000 because of lower net occupancy expense of $38,000 and legal and professional fees of $32,000.

For the second quarter of 2024, available-for-sale securities decreased by $25 million from the sequential first quarter to $644 million, or 34.8% of total assets, and decreased $101 million from $745 million, or 39.7% of total assets, from the second quarter of 2023. Outstanding loan balances increased $36 million, or 3.6%, from the sequential first quarter to a record $1.054 billion and increased $89 million, or 9.2%, from the second quarter of 2023. The loan growth compared to the sequential quarter was broad-based and covered five different loan segments. Total deposits decreased $43 million, or 2.7%, from the sequential first quarter to $1.524 billion, and decreased $134 million, or 8.1%, from the second quarter of 2023. The decline in total deposits compared to the sequential quarter was related to a reduction in core deposits of $21 million, municipal deposits of $17 million, and other commercial deposits of $8 million offset in part by growth in brokered deposits of $3 million. The core deposit reduction compared to the sequential quarter was related to commercial accounts making their estimated Federal income tax payments. The reduction in total deposits compared to the second quarter of 2023 was primarily driven by decreases in brokered deposits of $106 million, municipal deposits of $38 million, and core deposits of $7 million offset in part by an increase in other commercial deposits of $17 million.

For the second quarter of 2024, total shareholders’ equity increased by $1.5 million from the sequential first quarter to $125.7 million and increased $17.8 million from the second quarter of 2023. The increase in total shareholders’ equity from the year-earlier quarter primarily resulted from a decrease in the unrealized loss adjustment to the available-for-sale securities portfolio that totaled $11.6 million, net of tax, and growth in retained earnings of $6.4 million, net of stock repurchases and cash dividends. The reduction in the fair value loss adjustment of the available-for-sale securities portfolio was driven by a decrease in the portfolio compared to the year-earlier quarter. The book value per share improved 2.5% from the sequential first quarter to $30.68 and increased 20.1% compared to the second quarter of 2023.

Six Months Results

Net income available to common shareholders was $7.2 million for the first six months of 2024, down 20.4% compared with $9.1 million in the first six months of 2023. Net income per share declined 18.4% to $1.74 for the first six months of 2024 compared with $2.13 for the same period in 2023. The decline in earnings was driven by a decrease in net interest income of $2.7 million, an increase in provision for credit losses of $385,000, and higher non-interest expense of $212,000, offset in part by an increase in non-interest income of $989,000 compared to the same period in 2023. Adjusted net income was $7.1 million for the first six months of 2024, down 25.9% compared with $9.5 million in the first six months of 2023. Adjusted net income per share declined 24.5% to $1.70 for the first six months of 2024 compared with $2.25 for the same period in 2023.

The decline in adjusted net income for the first six months of 2024 was due to a decrease in net interest income of $2.7 million driven by growth in total interest expense of $7.1 million, an increase of 138.5%, that was offset in part by an increase in interest and fees on loans of $4.6 million compared to the same period in 2023. Provision for credit losses increased by $385,000 driven by a provision credit of $260,000 recorded in the second quarter of 2023 and provision expense of $125,000 recorded in 2024 for loan growth. The increase in adjusted non-interest income of $134,000 was attributable to revenue from wealth management and trust services fees of $160,000 and earnings on bank-owned life insurance of $68,000, offset in part by a decrease in service fees on deposit accounts of $117,000 compared to the first six months of 2023. The increase in non-interest expense of $212,000 was due to higher health insurance expense of $158,000, data processing expense of $145,000, and software support and other computer expense of $136,000, offset in part by a decline in net occupancy expense of $151,000 compared to the first six months of 2023.

Asset Quality

Nonperforming assets declined to $863,000, or 0.05% of total assets, down from $945,000, or 0.05% of total assets, from the sequential first quarter but up from $803,000, or 0.04% of total assets, from the second quarter of 2023. Net charge-offs to average loans were 0.00% for the second quarter of 2024 compared with net charge-offs of 0.00% for the sequential quarter and net charge-offs of 0.00% for the second quarter of 2023. A provision expense of $60,000 was recorded to the allowance for credit losses during the second quarter of 2024. The increase in provision expense was due to higher loan balances during the quarter. The allowance for credit losses represented 0.77% of total loans outstanding for the second quarter of 2024 compared with 0.77% for the sequential first quarter and 0.85% for the second quarter of 2023. The allowance for credit losses for unfunded commitments declined to $610,000, or 0.21% of total unfunded commitments, for the second quarter of 2024 compared with 0.26% for the sequential first quarter and 0.19% for the second quarter of 2023. The allowance for credit losses for held-to-maturity (“HTM”) securities represented 0.06% of total HTM securities for the second quarter of 2024 compared with 0.06% for the sequential first quarter and 0.06% for the second quarter of 2023.

Capital Management Initiatives

During the second quarter of 2024, First Farmers repurchased 55,000 shares of the Company’s common stock in the open market and through privately negotiated transactions at an average price of $29.44, with prices ranging from $26.00 to $30.03 per share in accordance with the Company’s stock repurchase program. The second quarter 2024 stock repurchases represented the highest level of stock repurchases since the second quarter of 2016, a 120% increase compared to the sequential first quarter and a 29% increase compared to the year earlier quarter. Authorization to repurchase approximately 119,960 shares remains under the current program, which is set to expire in December 2024, unless extended or otherwise completed.

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, 2024, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $126 million, and administered trust assets of $6.0 billion. For more information about First Farmers, visit us on the Web at www.myfirstfarmers.com under “Investor Relations.”

Cautionary Note Regarding Forward Looking Statements

This news release may contain certain “forward-looking statements” that represent First Farmers’ expectations or beliefs concerning future events and often use words or phrases such as “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. Such forward-looking statements contained herein represent the current expectations, plans or forecast of First Farmers’ and are about matters that are inherently subject to risks and uncertainties. These statements are not guarantees of future results or performance and readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Farmers or on its behalf. First Farmers disclaims any obligation to update such forward-looking statements.

Non-GAAP Financial Measures

Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. First Farmers management uses non-GAAP financial measures, including: (i) adjusted net income and (ii) adjusted basic earnings per share, in its analysis of the Company’s performance. These non-GAAP financial measures exclude the following from net income: securities gains and losses, gain on redemption of bank-owned life insurance, gain on disposal of premises and equipment, and the income tax effect of adjustments. Management believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company.

 
 
 

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES PRESENTED IN EARNINGS RELEASE

(Dollars in thousands, except per share data) 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

March 31,

 

June 30,

 

2024

 

2023

 

2024

 

2024

 

2023

Total non-interest income

$

3,523

 

 

$

3,262

 

 

$

3,483

 

 

$

7,006

 

 

$

6,017

 

Loss on sale of securities

 

-

 

 

 

134

 

 

 

-

 

 

 

-

 

 

 

317

 

(Gain) loss on equity securities

 

-

 

 

 

-

 

 

 

(91

)

 

 

(91

)

 

 

351

 

Gain on redemption of bank-owned life insurance

 

(2

)

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

Gain on disposal of premises and equipment

 

(98

)

 

 

-

 

 

 

-

 

 

 

(98

)

 

 

(4

)

Adjusted non-interest income

$

3,423

 

 

$

3,396

 

 

$

3,392

 

 

$

6,815

 

 

$

6,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-interest expense

$

9,780

 

 

$

9,361

 

 

$

9,853

 

 

$

19,633

 

 

$

19,421

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income as reported

$

3,790

 

 

$

5,039

 

 

$

3,419

 

 

$

7,209

 

 

$

9,051

 

Total adjustments, net of tax1

 

(74

)

 

 

99

 

 

 

(67

)

 

 

(142

)

 

 

491

 

Adjusted net income

$

3,716

 

 

$

5,138

 

 

$

3,352

 

 

$

7,067

 

 

$

9,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.92

 

 

$

1.19

 

 

$

0.82

 

 

$

1.74

 

 

$

2.13

 

Total adjustments, net of tax1

 

(0.02

)

 

 

0.02

 

 

 

(0.02

)

 

 

(0.04

)

 

 

0.12

 

Adjusted basic earnings per share

$

0.90

 

 

$

1.21

 

 

$

0.80

 

 

$

1.70

 

 

$

2.25

 

 

(1) The effective tax rate of 26.1% is used to determine net of tax amounts. 

 
 
 
 

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
 

 

 

 

 

(unaudited)

 

 

 

June 30,

 

December 31,

 

(dollars in thousands, except per share data)

 

2024

 

2023(1)

ASSETS

Cash and due from banks

 

$

26,667

 

$

22,654

 

Interest-bearing deposits

 

2,336

 

2,689

 

Federal funds sold

 

28

 

117

 

Total cash and cash equivalents

 

29,031

 

25,460

 

Securities:

 

 

 

Available-for-sale

 

644,451

 

692,763

 

Held-to-maturity (fair market value $15,053 and $14,394)

 

16,169

 

15,038

 

 

Equity securities

 

2,214

 

 

2,123

 

Loans held-for-sale

 

-

 

470

 

Loans, net of deferred fees

 

1,053,814

 

1,018,866

 

Allowance for credit losses

 

(8,064

)

(7,666

)

Net loans

 

1,045,750

 

1,011,200

 

Bank premises and equipment, net

 

29,592

 

30,208

 

Bank-owned life insurance

 

36,314

 

34,602

 

Goodwill

 

9,018

 

9,018

 

 

Deferred tax asset

 

25,366

 

 

24,862

 

Other assets

 

16,432

 

25,859

 

 

TOTAL ASSETS

 

$

1,854,337

 

 

$

1,871,603

 

LIABILITIES

Deposits:

 

 

Noninterest-bearing

 

$

465,712

 

$

463,858

 

Interest-bearing

 

1,058,365

 

1,154,706

 

Total deposits

 

1,524,077

 

1,618,564

 

 

Accounts payable and accrued liabilities

 

26,559

 

 

24,798

 

 

FRB Bank Term Funding Program borrowings

 

168,000

 

 

104,000

 

 

FHLB Borrowings

 

10,000

 

 

-

 

 

TOTAL LIABILITIES

 

1,728,636

 

 

1,747,362

 

SHAREHOLDERS’ EQUITY

Common stock - $10 par value per share, 8,000,000 shares authorized; 4,094,102 and 4,174,142 shares issued and outstanding as of the periods presented

 

40,941

 

41,741

 

Retained earnings

 

146,926

 

143,249

 

Accumulated other comprehensive loss

 

(62,261

)

(60,844

)

Total shareholders’ equity attributable to First Farmers and Merchants Corporation

 

125,606

 

124,146

 

Noncontrolling interest - preferred stock of subsidiary

 

95

 

95

 

TOTAL SHAREHOLDERS’ EQUITY

 

125,701

 

124,241

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,854,337

 

 

$

1,871,603

 

 

 

 

 

(1) Derived from audited financial statements as of December 31, 2023.

 
 
 
 

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)
 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

(dollars in thousands, except per share data)

2024

 

2023

 

2024

 

2023

INTEREST AND DIVIDEND INCOME

Interest and fees on loans

$

14,160

 

 

$

11,959

 

 

$

28,050

 

 

$

23,409

 

 

Income on investment securities

 

 

 

 

 

 

 

Taxable interest

2,134

 

 

2,376

 

 

4,301

 

 

4,816

 

Exempt from federal income tax

436

 

 

448

 

 

869

 

 

911

 

Interest from federal funds sold and other

245

 

 

237

 

 

536

 

 

285

 

 

Total interest income

16,975

 

 

15,020

 

 

33,756

 

 

29,421

 

INTEREST EXPENSE

Interest on deposits

3,976

 

 

2,918

 

 

8,300

 

 

4,740

 

 

Interest on other borrowings

2,048

 

 

5

 

 

3,893

 

 

372

 

Total interest expense

6,024

 

 

2,923

 

 

12,193

 

 

5,112

 

Net interest income

10,951

 

 

12,097

 

 

21,563

 

 

24,309

 

Provision (credit) for credit losses

60

 

 

(260

)

 

125

 

 

(260

)

 

Net interest income after provision

10,891

 

 

12,357

 

 

21,438

 

 

24,569

 

NON-INTEREST INCOME

Mortgage banking activities

18

 

 

35

 

 

77

 

 

75

 

 

Wealth management and trust services fees

1,167

 

 

1,080

 

 

2,324

 

 

2,164

 

 

Service fees on deposit accounts

1,771

 

 

1,841

 

 

3,455

 

 

3,572

 

Investment services fee income

114

 

 

84

 

 

215

 

 

189

 

Earnings on bank-owned life insurance

154

 

 

129

 

 

312

 

 

244

 

Loss on sale of available-for-sale securities

-

 

 

(134

)

 

-

 

 

(317

)

 

Gain on disposal of premises and equipment

98

 

 

-

 

 

98

 

 

4

 

 

Gain (loss) on equity securities

-

 

 

-

 

 

91

 

 

(351

)

 

Gain on redemption of bank-owned life insurance

2

 

 

-

 

 

2

 

 

-

 

Other non-interest income

199

 

 

227

 

 

432

 

 

437

 

 

Total non-interest income

3,523

 

 

3,262

 

 

7,006

 

 

6,017

 

NON-INTEREST EXPENSE

Salaries and employee benefits

5,599

 

 

5,286

 

 

11,222

 

 

10,957

 

 

Net occupancy expense

561

 

 

622

 

 

1,160

 

 

1,311

 

Depreciation expense

405

 

 

410

 

 

811

 

 

822

 

Data processing expense

581

 

 

509

 

 

1,144

 

 

999

 

 

Software support and other computer expense

1,111

 

 

1,032

 

 

2,206

 

 

2,070

 

Legal and professional fees

188

 

 

170

 

 

408

 

 

441

 

Audits and exams expense

172

 

 

181

 

 

359

 

 

367

 

Advertising and promotions

210

 

 

249

 

 

410

 

 

494

 

FDIC insurance premium expense

222

 

 

226

 

 

440

 

 

493

 

Other non-interest expense

731

 

 

676

 

 

1,473

 

 

1,467

 

Total non-interest expense

9,780

 

 

9,361

 

 

19,633

 

 

19,421

 

Income before provision for income taxes

4,634

 

 

6,258

 

 

8,811

 

 

11,165

 

 

Provision for income taxes

836

 

 

1,211

 

 

1,594

 

 

2,106

 

Net income

3,798

 

 

5,047

 

 

7,217

 

 

9,059

 

Noncontrolling interest - dividends on preferred stock subsidiary

8

 

 

8

 

 

8

 

 

8

 

 

Net income available to common shareholders

$

3,790

 

 

$

5,039

 

 

$

7,209

 

 

$

9,051

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

4,127,442

 

 

4,244,359

 

 

4,146,840

 

 

4,258,884

 

 

Earnings per share

$

0.92

 

 

$

1.19

 

 

$

1.74

 

 

$

2.13

 

 
 
 
 

FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL HIGHLIGHTS

(unaudited)
 

 

For the Three Months Ended

(dollars in thousands, except per share data)

June 30,

2024

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

Results of Operations:

 

 

 

 

 

 

 

 

 

Interest income

$

16,975

 

 

$

16,781

 

 

$

16,091

 

 

$

15,240

 

 

$

15,020

 

Interest expense

6,024

 

 

6,169

 

 

6,048

 

 

5,237

 

 

2,923

 

Net interest income

10,951

 

 

10,612

 

 

10,043

 

 

10,003

 

 

12,097

 

Provision (credit) for credit losses

60

 

 

65

 

 

(230

)

 

-

 

 

(260

)

Non-interest income

3,523

 

 

3,483

 

 

3,685

 

 

3,497

 

 

3,262

 

Non-interest expense and non-controlling interest – preferred stock of subsidiary

9,788

 

 

9,853

 

 

9,677

 

 

9,487

 

 

9,369

 

Income before income taxes

4,626

 

 

4,177

 

 

4,281

 

 

4,013

 

 

6,250

 

Income taxes

836

 

 

758

 

 

622

 

 

675

 

 

1,211

 

Net income for common shareholders

$

3,790

 

 

$

3,419

 

 

$

3,659

 

 

$

3,338

 

 

$

5,039

 

Per Share Data:

 

 

 

 

 

 

 

 

 

Basic earnings per share

$

0.92

 

 

$

0.82

 

 

$

0.88

 

 

$

0.79

 

 

$

1.19

 

Book value per share

$

30.68

 

 

$

29.92

 

 

$

29.74

 

 

$

23.61

 

 

$

25.54

 

Weighted average shares outstanding per quarter

4,127,442

 

 

4,166,834

 

 

4,174,283

 

 

4,206,805

 

 

4,244,359

 

Financial Condition Data and Ratios:

 

 

 

 

 

 

 

 

 

Total securities

$

662,834

 

 

$

686,795

 

 

$

709,924

 

 

$

713,707

 

 

$

762,175

 

Available-for-sale securities, fair market value

$

644,451

 

 

$

669,552

 

 

$

692,763

 

 

$

696,505

 

 

$

744,963

 

Available-for-sale securities, amortized cost

$

729,602

 

 

$

755,162

 

 

$

776,078

 

 

$

810,959

 

 

$

845,712

 

Loans, net of deferred fees

$

1,053,814

 

 

$

1,017,677

 

 

$

1,018,866

 

 

$

1,004,066

 

 

$

964,822

 

Allowance for credit losses

$

(8,064

)

 

$

(7,803

)

 

$

(7,666

)

 

$

(7,871

)

 

$

(8,200

)

Total assets

$

1,854,337

 

 

$

1,884,126

 

 

$

1,871,603

 

 

$

1,868,540

 

 

$

1,878,675

 

Total deposits

$

1,524,077

 

 

$

1,567,083

 

 

$

1,618,564

 

 

$

1,674,673

 

 

$

1,657,587

 

Net interest income, on a fully taxable-equivalent basis

$

11,188

 

 

$

10,834

 

 

$

10,268

 

 

$

10,223

 

 

$

12,298

 

Net interest margin

2.48

%

 

2.39

%

 

2.21

%

 

2.22

%

 

2.64

%

Efficiency

67.37

%

 

69.72

%

 

62.84

%

 

69.17

%

 

58.04

%

 

 

 

 

 

 

 

 

 

 

Asset Quality Data and Ratios:

 

 

 

 

 

 

 

 

 

Total nonperforming assets

$

863

 

 

$

945

 

 

$

1,407

 

 

$

3,109

 

 

$

803

 

Nonperforming assets to total assets

0.05

%

 

0.05

%

 

0.08

%

 

0.17

%

 

0.04

%

Allowance for credit losses to total loans

0.77

%

 

0.77

%

 

0.75

%

 

0.78

%

 

0.85

%

Net charge-offs to average loans (annualized)

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

Robert E. Krimmel

Chief Financial Officer

(931) 380-8257

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