Q3 Net Income Climbs 12.7% on Record Net Interest Income, Dividend Raised Again
FFMR sits 16% above its 52-week low of $32.05 on elevated volume (3.4× avg).
Summary
First Farmers posted Q3 net income of $5.50 million, up 12.7% year-over-year, with adjusted EPS of $1.38, up 14%. Record net interest income of $15.70 million came from strong loan growth, higher yields on new loans and securities, and easing deposit costs; record wealth management and trust fees lifted non-interest income. The board also raised the quarterly dividend, the fifth straight year of annual increases. Management flagged typical year-end seasonal loan payoffs in Q4 but said lending pipelines still support growth. The stock sits near its 52-week high, so the bar was high; the beat on margin and the dividend hike are the parts that matter.
At the time of this announcement, FFMR was trading at $37.25 on OTC in the Finance sector, with a market capitalization of approximately $516.9M. The 52-week trading range was $32.05 to $37.65. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.