First Farmers and Merchants Corporation, the holding company for First Farmers and Merchants Bank, today announced double digit growth in net income for 2022, compared with 2021.
Net income rose 15.6% to a record $18.1 million in 2022 compared with $15.6 million for 2021.
Net income per common share increased 16.7%, Net loans grew 9.1% to $956.8 million from 2021.
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 December 31, 2022, First Farmers reported total assets of approximately $1.9 billion, total shareholders’ equity of approximately $96.7 million.