First Farmers Boosts Cash Dividend by 12.5% to Encourage Investors
First Farmers and Merchants Corporation Dividend Increase Announcement
First Farmers and Merchants Corporation, known by its stock ticker OTC Pink: FFMH, recently revealed an exciting development regarding its quarterly cash dividend. The company has announced that it has increased its regular cash dividend by 12.5%, elevating the amount from $0.24 to $0.27 per share. This decision was made by the Board of Directors to reflect the company's strong performance and confidence in future growth.
Details of the Dividend Increase
The new dividend rate, effective for the upcoming payment, underscores First Farmers' commitment to returning value to its shareholders. This adjustment is set to take place soon, marking a significant milestone for the company as it reinforces its dedication to increasing shareholder returns. The payment will be distributed to shareholders of record who hold stock up until the designated cutoff date.
CEO's Insights on the Dividend Raise
Brian K. Williams, the Chairman and Chief Executive Officer of First Farmers, expressed enthusiasm regarding the increase during a recent communication with stakeholders. He stated, “We are pleased to announce a 12.5% increase in our cash dividend per share.” This statement reflects a broader strategy to foster investor confidence and highlights the firm's ongoing commitment to sustainable growth.
Confidence in Future Growth
During his remarks, Williams emphasized that the increase in dividends serves as an indication of the robust health of First Farmers. The company has been positioning itself for future success, ensuring that its balance sheet is well-prepared to support growth in net interest income. Williams added, “The increase in the cash dividend reflects our confidence in the trajectory of our company.”
Understanding First Farmers and Merchants Corporation
First Farmers and Merchants Corporation operates as the holding entity for First Farmers and Merchants Bank, which serves as a vital community bank in Middle Tennessee. Through a network of 22 branches spread across seven counties, the bank caters to the financial needs of its local communities.
Financial Performance and Community Impact
As of the latest financial reports, First Farmers has approximately $1.9 billion in total assets and around $126 million in total shareholders' equity. Furthermore, the company oversees administered trust assets totaling about $6.0 billion. This impressive financial standing illustrates the company's stability and potential for continued growth.
Conclusion
The recent announcement of a dividend increase by First Farmers and Merchants Corporation is a positive signal for investors and reflects the company's ongoing commitment to shareholder value enhancement. As the firm continuously aligns its operations with community needs and addresses market demands, it aims to solidify its standing within the financial sector.
Frequently Asked Questions
What is the new dividend amount announced by First Farmers?
The new dividend amount is $0.27 per share, a 12.5% increase from the previous dividend of $0.24.
When will the new dividend be paid?
The new dividend will be paid to shareholders on the designated payment date for those who hold shares by the cutoff date.
What has the CEO said about the dividend increase?
The CEO expressed that the dividend increase highlights the company’s strong fundamentals and positive outlook for future growth.
How many branches does First Farmers operate?
First Farmers operates 22 branches across seven counties in Middle Tennessee.
What is the total asset value of First Farmers?
As of the latest figures, First Farmers reported total assets amounting to approximately $1.9 billion.
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