CONVERSE, Ind., Jan. 30, 2015 /PRNewswire/ -- First Farmers Financial Corp. (OTCQB: FFMR), parent company of First Farmers Bank & Trust Co., announced earnings of $3.9 million, or $1.10 per share, for the quarter ended December 31, 2014 compared with $3.8 million, or $1.07 per share, for the quarter ended December 31, 2013. The Company's net income for the year ended December 31, 2014 increased 2.6% to a record $16.2 million, or $4.55 per share, from $15.8 million, or $4.44 per share for 2013.
Total assets at December 31, 2014 were $1.34 billion compared to $1.23 billion at December 31, 2013, an increase of $110.1 million, or 9.0%. Net portfolio loans increased $47.7 million, or 5.2%, to $959.0 million during 2014 while total deposits increased $89.6 million, or 8.9%, to $1.1 billion during 2014.
During November 2014, First Farmers successfully completed the previously announced acquisition of certain deposits, loans and facilities associated with 9 Indiana branches of BMO Harris Bank, N.A. At closing, deposits of $120.9 million were assumed and loans of $0.1 million were purchased. The branches complement the Bank's existing presence in Logansport, Marion and Terre Haute, Indiana and introduced our community banking approach in Brazil, Clay City, Farmersburg and Sullivan, Indiana.
First Farmers also announced during October 2014 that it had agreed to acquire three commonly owned banks in Illinois with total assets of approximately $165 million. As a result of that transaction, the Bank will establish a presence in Chrisman, Danville, Oakwood and Hoopeston, Illinois, expanding on its current Illinois branch network in Coles and Edgar counties. Subject to regulatory approvals, the transaction is expected to close by April 2015.
First Farmers Financial Corp. is a $1.3 billion financial holding company headquartered in Converse, Indiana. The Company's subsidiary, First Farmers Bank & Trust Co., is a regional leader in agricultural and community banking in the Midwest with 28 offices throughout Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Johnson, Starke, Sullivan, Tipton, Vermillion, Vigo and Wabash counties in Indiana and 3 offices in Coles and Edgar counties in Illinois.
SOURCE First Farmers Financial Corp.