First Farmers and Merchants Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 12:02 am IST
First Farmers and Merchants Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's net interest income was $9,294,000 against $8,704,000 a year ago. Net interest income after provision was $9,264,000 against $8,704,000 a year ago. Income before provision for income taxes was $3,047,000 against $3,536,000 a year ago. Net income for common shareholders was $2,268,000 against $2,657,000 a year ago. Earnings per share were $0.48,000 against $0.54 a year ago. Adjusted net income was $2,179,000 against $2,560,000 a year ago. Adjusted basic earnings per share were $0.46 against $0.52 a year ago.
For the year, the company's net interest income was $36,457,000 against $34,352,000 a year ago. Net interest income after provision was $36,427,000 against $34,352,000 a year ago. Income before provision for income taxes was $13,671,000 against $13,814,000 a year ago. Net income for common shareholders was $10,306,000 against $10,242,000 a year ago. Earnings per share were $2.13 against $2.06 a year ago. Adjusted net income was $9,957,000 against $9,524,000 a year ago. Adjusted basic earnings per share were $2.06 against $1.92 a year ago.