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First Farmers and Merchants OTCPK:FFMH Stock Report

Last Price


Market Cap







22 Jun, 2022


Company Financials
FFMH fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health6/6

FFMH Stock Overview

First Farmers and Merchants Corporation operates as the bank holding company for First Farmers and Merchants Bank that provides various banking and financial services in Tennessee and Alabama.

First Farmers and Merchants Competitors













Price History & Performance

Summary of all time highs, changes and price drops for First Farmers and Merchants
Historical stock prices
Current Share PriceUS$26.50
52 Week HighUS$36.13
52 Week LowUS$26.50
1 Month Change-5.36%
3 Month Change-21.25%
1 Year Change-22.06%
3 Year Change-40.21%
5 Year Change-23.19%
Change since IPO-24.29%

Recent News & Updates

Shareholder Returns

FFMHUS BanksUS Market

Return vs Industry: FFMH underperformed the US Banks industry which returned -16.2% over the past year.

Return vs Market: FFMH underperformed the US Market which returned -20.6% over the past year.

Price Volatility

Is FFMH's price volatile compared to industry and market?
FFMH volatility
FFMH Average Weekly Movementn/a
Banks Industry Average Movement3.8%
Market Average Movement7.9%
10% most volatile stocks in US Market16.5%
10% least volatile stocks in US Market3.1%

Stable Share Price: Insufficient data to determine FFMH's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine FFMH's volatility change over the past year.

About the Company

1909n/aRandy Stevens

First Farmers and Merchants Corporation operates as the bank holding company for First Farmers and Merchants Bank that provides various banking and financial services in Tennessee and Alabama. The company’s deposit products include personal and business checking and savings, and individual retirement and investment accounts, as well as certificates of deposit. Its loan portfolio comprises personal mortgages; home equity lines of credit; debit and credit cards; personal, auto, and farmer loans; and business loans, such as commercial mortgages, equipment lending and leasing, construction lending, accounts receivable financing, lines of credit, and other products.

First Farmers and Merchants Fundamentals Summary

How do First Farmers and Merchants's earnings and revenue compare to its market cap?
FFMH fundamental statistics
Market CapUS$114.22m
Earnings (TTM)US$16.30m
Revenue (TTM)US$62.70m


P/E Ratio


P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FFMH income statement (TTM)
Cost of RevenueUS$0
Gross ProfitUS$62.70m
Other ExpensesUS$46.40m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)3.78
Gross Margin100.00%
Net Profit Margin25.99%
Debt/Equity Ratio0.0%

How did FFMH perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is FFMH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FFMH?

Other financial metrics that can be useful for relative valuation.

FFMH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Earnings Ratio vs Peers

How does FFMH's PE Ratio compare to its peers?

FFMH PE Ratio vs Peers
The above table shows the PE ratio for FFMH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.9x

Price-To-Earnings vs Peers: FFMH is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does FFMH's PE Ratio compare vs other companies in the U.S. Banks Industry?

Price-To-Earnings vs Industry: FFMH is good value based on its Price-To-Earnings Ratio (7x) compared to the US Banks industry average (9.6x)

Price to Earnings Ratio vs Fair Ratio

What is FFMH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FFMH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FFMH's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of FFMH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FFMH ($26.5) is trading below our estimate of fair value ($85.81)

Significantly Below Fair Value: FFMH is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FFMH's PEG Ratio to determine if it is good value.

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Future Growth

How is First Farmers and Merchants forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First Farmers and Merchants has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine whether First Farmers and Merchants is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on the OTC Markets Website. If you are looking for more of a qualitative research into the company, you can access First Farmers and Merchants's filings and announcements here.

Past Performance

How has First Farmers and Merchants performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FFMH has high quality earnings.

Growing Profit Margin: FFMH's current net profit margins (26%) are higher than last year (24.6%).

Past Earnings Growth Analysis

Earnings Trend: FFMH's earnings have grown by 8.1% per year over the past 5 years.

Accelerating Growth: FFMH's earnings growth over the past year (16.4%) exceeds its 5-year average (8.1% per year).

Earnings vs Industry: FFMH earnings growth over the past year (16.4%) underperformed the Banks industry 20.4%.

Return on Equity

High ROE: FFMH's Return on Equity (13.1%) is considered low.

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Financial Health

How is First Farmers and Merchants's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score


Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: FFMH's Assets to Equity ratio (17.2x) is moderate.

Allowance for Bad Loans: FFMH has a sufficient allowance for bad loans (791%).

Low Risk Liabilities: 99% of FFMH's liabilities are made up of primarily low risk sources of funding.

Loan Level: FFMH has an appropriate level of Loans to Assets ratio (41%).

Low Risk Deposits: FFMH's Loans to Deposits ratio (44%) is appropriate.

Level of Bad Loans: FFMH has an appropriate level of bad loans (0.1%).

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What is First Farmers and Merchants's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FFMH's dividend (3.17%) is higher than the bottom 25% of dividend payers in the US market (1.63%).

High Dividend: FFMH's dividend (3.17%) is low compared to the top 25% of dividend payers in the US market (4.33%).

Stability and Growth of Payments

Stable Dividend: FFMH's dividends per share have been stable in the past 10 years.

Growing Dividend: FFMH's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (22.3%), FFMH's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Randy Stevens (69 yo)





Mr. Thomas Randall Stevens, also known as Randy, has been the Chief Executive Officer at First Farmers and Merchants Corporation since June 30, 2002. He served as Chairman & CEO at First Farmers and Mercha...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Randy's total compensation is reasonable compared to companies of similar size in the US market.

Compensation vs Earnings: Insufficient data to compare Randy's compensation with company performance.

Leadership Team

Experienced Management: FFMH's management team is seasoned and experienced (7.1 years average tenure).

Board Members

Experienced Board: FFMH's board of directors are considered experienced (5.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

First Farmers and Merchants Corporation's employee growth, exchange listings and data sources

Key Information

  • Name: First Farmers and Merchants Corporation
  • Ticker: FFMH
  • Exchange: OTCPK
  • Founded: 1909
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$114.224m
  • Shares outstanding: 4.31m
  • Website:

Number of Employees


  • First Farmers and Merchants Corporation
  • 816 South Garden Street
  • Columbia
  • Tennessee
  • 38401
  • United States


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/22 00:00
End of Day Share Price2022/06/17 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.