CONVERSE, Ind., Oct. 30, 2013 /PRNewswire/ -- First Farmers
Financial Corporation, parent company of First Farmers Bank &
Trust, announced record third quarter earnings of $4.0 million, or $2.24 per share for the period ending
September 30, 2013. Through
nine months, net income was also a record at $12.0 million, or $6.74 per share, an increase of $1.16 per share from the 2012 period.
Through September 30, 2013 operating
revenues increased 11.4% to $40.7
million from the prior year while operating expenses
increased 6.6% and the provision for credit losses fell 3.2%.
Return on average assets and return on average equity were 1.4% and
17.3%, respectively. Dividends of $0.39 per share were declared during the quarter
and paid on October 15, 2013.
Average assets increased to $1.14
billion during the quarter an increase of $39.6 million, or 3.6%, over the same quarter in
2012. Total loans, net of the allowance for loan and lease
losses increased to $872.5 million as
of September 30, 2013 an increase of
$10.8 million for the quarter and
$65.7 million over the prior twelve
months. Deposits increased $17.6
million during the quarter to $926.2
million as of September 30,
2013 while they have increased $26.3
million over the course of the prior twelve
months.
(Logo: http://photos.prnewswire.com/prnh/20060302/DETH023LOGO
)
On October 2, 2013 FINRA issued a
stock trading symbol for First Farmers Financial Corp allowing it
to trade on the OTCQB market. The symbol assigned by FINRA is
FFMR and information such as current bid and ask as well as
transaction data is available through brokerages and financial web
sites.
On October 23, 2013 First Farmers
Financial Corporation (symbol:FFMR) completed a previously
announced 2-for-1 stock split. Following the split, the
Company had 3,561,708 shares outstanding.
First Farmers Financial Corporation is a financial services
holding company based in Converse,
Indiana. The Company's subsidiary, First Farmers Bank &
Trust, operates 27 banking facilities in Indiana and Illinois.
SOURCE First Farmers Financial Corporation