First Farmers Q3 net income rises on strong loan growth
FFMH•FFMH•FFMH•FFMH•First Farmers’ third-quarter net income rose 12.7% to $5.50 million, while adjusted EPS increased 14% year over year to $1.38. Record net interest income was $15.70 million, and the company declared a higher quarterly dividend.
First Farmers reported third-quarter net income of $5.50 million, up 12.7%. Adjusted EPS rose 14% year over year to $1.38, and net interest income reached a record $15.70 million.
The company said loan growth, higher yields on new loans and investment securities, and easing deposit-cost pressures supported margin expansion. Record wealth management and trust services revenue contributed to higher non-interest income. First Farmers expects typical year-end seasonal payoffs to affect fourth-quarter loan balances, while lending pipelines remain supportive of continued growth.
The company declared a higher quarterly dividend, marking its fifth consecutive year of annual increases. It continues to focus on balance-sheet optimization and scenario testing amid interest-rate uncertainty.
