Starke County Youth Club
FFBT believes in investing in youth.
Annual Report
2024
First Farmers Financial
Mission Statement
The Mission of First Famers Bank & Trust is to deliver personalized financial services that foster a commitment to the relationships that serve and grow our communities.
First Farmers delivered another healthy and sound performance in 2024, once again achieving better results than a large portion of our peers. While the banking industry has experienced several challenges over the past few years, our ongoing performance demonstrates that we have built a strong foundation combined with a long-term plan that positions us for future growth.
According to preliminary 2024 data, we once again outperformed our peers for Return on Assets (ROA). We were approximately 8 basis points above our peer group ($3-$10 billion total asset USA commercial banks) bank’s average for ROA, and we were significantly above our peer group for Return on Equity (ROE) by more than 23%. Additionally, we continued to see asset growth in 2024 as our assets surpassed $3.2 Billion.
As previously reported, First Farmers experienced elevated credit costs in the first half of 2024 due to unusual circumstances with two significant credit relationships. The respective borrowers each experienced extraordinary personal or business-related events resulting in an outsized financial impact for First Farmers. Excluding these unusual events, First Farmers would have experienced a 5% earnings increase in 2024.
An additional macro-economic challenge for the banking industry has been an inverted yield curve for almost two years. With short-term interest rates higher than long-term rates, this has contributed to net interest margins to be less than robust. However, we have seen positive economic signs in late Q4 and early 2025 that have created a positive yield curve, and we believe will cause the yield curve to shift back to more normal historic levels.
While we continue to have concerns about the national debt and consumer inflation at a macro level, overall, we know that First Farmers remains financially strong. Our capital levels and liquidity remain robust, and we believe we’re well positioned for continued strong earnings and future growth.
A Message from our President
Statewide Expansion and Technology Growth
The past 12 months has seen First Farmers continue its expansion into new markets outside our traditional branch network. We’re expanding our footprint in northern Indianapolis, Lebanon, Lafayette and Terre Haute, while still maintaining our strong rural and agricultural business offerings in our legacy markets.
Additionally, cyber threats continue to increase around the globe. We’ve made significant investments in technology during 2024 to increase our fraud protection efforts to better protect your assets and ours.
And we’re planning even more technological enhancements in 2025 with more online banking options and account opening services coming soon.
Celebrating 140 Years
This coming year is a special one for First Farmers, as we’ll be celebrating 140 years in business. Our rich history, strength and growing presence throughout Indiana and eastern Illinois demonstrates once again our commitment to our local communities.
Yes, we’ve grown substantially in the past 50 years. But we’re just as proud of our community relationships, employee involvement and ongoing efforts to make all our communities a better place to live and work. Many banks claim to be for the community. We prove it every day.
Special Recognition
I also want to take a moment to recognize two board directors – Brad Howell and Dr. Freddie Barnard – who are retiring from the board in May 2025. Both of these men have played integral roles while serving on the board of directors for many years. Their leadership and service have been invaluable to First Farmers. While we will certainly miss them, we wish them nothing but the best in the future.
In closing, I want to express our deep dedication to serving our local communities, customers and shareholders. First Farmers never takes these relationships for granted, and we are committed to maintaining these relationships for another 140 years. Thank you for placing your trust with First Farmers.
Mark "Doc" Holt
President & CEO
Commitment to Community
As a bank that is committed to its local communities, First Farmers proves it every day. The Bank and its employees not only provide financial services, but are also active members of the neighborhoods, towns and cities they call home. As moms, dads, coaches and volunteers, First Farmers team members not only work in their community, they’re invested in its success.
Helping 1 Local Charities & Organizations
More Than $1 Donated in 2024
Celebrating 1 Employee Service Hours
I am grateful for being able to do this for our community every year, it is a rewarding experience and the return is so much greater.
Julie Everhart, Sullivan
Making a Local Impact
$15,000 Given to the Vermilion County Community Development Corporation in Illinois to Support Micro-Loans for Small Businesses
$10,000 Given to Grant County Habitat for Humanity to Support a New Home for a Family in Need
$5,000 Given to the Anderson Impact Center to Sponsor Community Garden
$5,000 Given to Lafayette Transitional Housing Center to Support Emergency Shelter
$3,500 Given to Terre Haute Boys & Girls Club to Support Youth Education and Resources
Building Partnerships
First Farmers is honored to partner with local businesses and organizations to help build that sense of community. From sponsoring the Indy Fuel arena in Fishers to helping bring concerts to Terre Haute's The Mill or even running down Main Street in Lafayette for the Dino Dash, the Bank is ready to jump in, have fun, and build a thriving neighborhood while supporting the businesses and families with the financial services they need to succeed.
As the operational footprint of the organization has grown to include larger metropolitan market areas , strategic partnerships and sponsorships have been established to assist in branding awareness and promoting bank services to a wider audience.
Showing up for the community and being a resource is one reason I love my job and working at First Farmers!
Erin Wethington, Tipton
Our Vision for Clients
To provide superior service through cultivating and nurturing relationships while maintaining our focus on progressive technology to better serve our clients.
In 2024, First Farmers supported hundreds of our agricultural and commercial lending customers by providing important loans to help them invest and achieve their farm and business goals.
Driven by our long-standing relationships across Indiana and Illinois, First Farmers experienced significant growth in key markets such as Lafayette and Hamilton County.
Commercial Real Estate
First Farmers saw solid growth in 2022 and 2023 in the commercial real estate (CRE) market. While that growth wasn’t as robust in 2024 due to higher interest rates, the bank was able to grow its CRE and Construction & Development loan portfolio by $51 million, demonstrating the portfolio's continued strength and resilience in fluctuating market conditions.
A great example of a community-driven, large-scale initiative is the Kokomo Rescue Mission. First Farmers provided the real estate loan to help this organization expand its facilities to serve even more homeless and at-risk individuals and families. This project will have a meaningful impact on the area for years to come by more than doubling its current bed occupancy to 130.
The Kokomo Rescue Mission is taking a big step with our new expansion project. Our friends at FFBT have been excellent at helping us take it. Having a local bank as a partner is very reassuring. Thanks FFBT!
Kevin Smith, Executive Director of Kokomo Rescue Mission
Slide the line for before and after rendering.
First Farmers Commercial & Ag Lending Team
Commercial & Industrial Lending
With the announcement of opening our new bank branch in Carmel, First Farmers will continue to expand its relationship-driven commercial lending out of the dynamic Carmel Arts & Design District to support the growth of business opportunities surrounding that region. Over the past five years, the Bank has continued to grow its Commercial & Industrial team by adding nine experienced lenders. Each team member has deep ties with their local community and brings a wealth of knowledge, experience and local commitment to their role. It is an exciting time to see these new team members thrive in the Bank's business-driven culture that has been appreciated by their loyal customers and friends as they have been welcomed to First Farmers.
Finding a bank that’s vested in agriculture is getting harder, and First Farmers Bank and Trust understands what is needed to operate and expand for the next generation. Having a loan officer who understands our goals has made a positive difference for our family farm.
Tom Moulder, FFBT Farm Customer for more than 25 years
Agricultural Lending
By its nature, agriculture is a cyclical business. Through ups and downs over the years, First Farmers has been a steady force for its ag customers throughout its 140-year history.
The 2024 crop year will be remembered for further grain price deterioration stressing the ability to achieve positive margins through the early fall, but prices have recovered to a more optimistic level the past couple of months.
The reduction in commodity prices over the past year was evidenced in the Federal Crop Insurance price movement for corn from $4.88 per bushel to a harvest price of $4.16 per bushel, down 13% and a soybean projected price of $12.84 per bushel to $10.03 per bushel, a reduction of 22%.
First Farmers prides itself on the relevant experience and expertise of its Commercial and Ag lending team, while continuing to recruit top talent. This equips the Bank to understand the more diverse and specialized consumer food, fiber, and energy preferences in the years to come, and build lender succession strength within the organization. With its experienced team, First Farmers plans to continue its dedicated support of valued relationships in this time of market transitions and opportunity in Agriculture.
We pride ourselves on the relevant experience to understand the more diverse and specialized consumer food/fiber/energy preferences in the years to come.
Jeff Rodibaugh, Senior Vice President, Chief Lending Officer
Credit Health and Monitoring
Reducing risk for customers and the Bank continues to be a priority for the Credit Health and Monitoring Team. First Farmers is continually updating internal processes and systems to monitor and reduce risk throughout its financial portfolio. By adding more efficiency and technology, First Farmers is better positioned to maintain strong oversight to catch credit concerns as soon as possible.
2024 Highlights:
- Maintained strong financial position through solid credit risk and health monitoring procedures
- Positive trend in non-current loans
- Allowance for Credit Losses to Total Loans at 1.40% vs. 1.20% Peer Group Average
Customers rely on First Farmers for a number of financial services. The Bank's key objective is to help them achieve their financial goals. Whether they’re a recent high school or college graduate, a young couple just starting a family, or a business owner looking to improve margins, First Farmers is determined to be their financial partner of choice, offering financial solutions that fit their goals and situation.
COMMITTED TO FINANCIAL EMPOWERMENT
8.4% Deposit Growth – Nearly Doubling National Averages
$219 Million Increase in Deposit Portfolio
Hundreds of Business Customers Add Fraud Protection Services
$2.8 Billion in Total Retail Deposits
3-Year Compound Total Deposit Growth - 10.4%
Harvest Rewards Checking Remains Top of Class as an Interest-bearing Checking Account
Increased Demand for FFBT’s industry-leading Treasury Management Services
2024 HIGHLIGHTS
Technology Enhancements
MORE THAN
1
ITM SESSIONS- UP 24% YOY
DIGITAL BANKING USERS
1%
INCREASE
MOBILE DEPOSITS
1%
INCREASE
DOLLARS DEPOSITED VIA MOBILE APP
1%
INCREASE
ACH GROWTH VIA DIGITAL CHANNELS
1%
INCREASE
First Farmers saw growth across its footprint in 2024, with some of the largest gains happening in newer markets as the Bank brought its products, services, and high standards for customer engagement into new locations. The Carmel branch achieved over 200% deposit growth, while Lafayette followed with a respectable 30% growth rate.
The Bank’s Treasury Management services are in high demand, and with increased activity, the Bank recognized an essential need for fraud protection and awareness. First Farmers trained staff and clients on Positive Pay/Payee in 2024, giving customers more insight and control over their accounts. Positive Pay/Payee is a fraud protection service that works to stop fraudulent transactions from being processed. To meet the growing customer demands in this area, the Bank added more staffing.
First Farmers wrapped up the year with its seasonal Holiday Palooza event, which focused on debit card usage, customer appreciation, and charitable giving to local not-for-profit organizations. In 2024, the Bank directed more than $25,000 to charities through this program.
Helping Hands Soup Kitchen, Paris Illinois
Food Finders, Logansport, Indiana
Culver Public Library Teen Space, Culver, Indiana
Walkway of Lights, Marion, Indiana
I’m honored to work with a wonderful team at First Farmers. The people you see in your local branches, behind the teller window, volunteering in their communities, and out visiting our local businesses, schools, and municipalities are the ones who make this work, day in and day out. The whole bank is determined to have the products, services, and expertise that will help power our clients’ financial success. We do this with a commitment to great customer service while understanding the needs of our local communities. I couldn’t be prouder of all our boots on the ground individuals!
Mark Miles, Chief Retail Officer
First Farmers continues to be a go-to solution for consumer lending needs— whether the need is a new car, a new roof, assistance with buying/refinancing a home, or a little help consolidating debt.
The Bank's Home Equity Line of Credit (HELOC) portfolio increased 21.50% while closing loans quickly in two weeks or sooner.
MORTGAGE & CONSUMER LENDING
The Bank's Personal Lending options for auto, boat, RV, ATV, and other items are easy, convenient and flexible.
Unlike most lenders, an FFBT mortgage or HELOC includes LOCAL loan decisioning and servicing. From approving the loan to collecting the last payment, the Bank is right by the customers’ side every step of the way. Customers appreciate that their servicing and payment processes remain consistent, further emphasizing the bank's commitment to local communities and customer service. Customers can stop by any branch and talk to an FFBT team member face to face.
In large part, First Farmers credits the success of its lending solutions to this local service.
Bridge HELOC
First Farmers stands out from other financial institutions by offering this “bridge financing,” which lets borrowers use the equity in their current home to purchase, build a new home, or place a down payment on a new house.
Freedom HELOC
The FFBT Freedom HELOC features a competitive interest rate and interest-only payments.
Traditional HELOC
No cost HELOC with principal and interest payments.
MORTGAGE BY THE NUMBERS
TOTAL MORTGAGE ORIGINATION VOLUME UP
YEAR OVER YEAR
0%
SECONDARY MARKET LOAN ORIGINATIONS UP
YEAR OVER YEAR
0%
ADJUSTABLE-RATE MORTGAGE ORIGINATIONS UP
YEAR OVER YEAR
0%
CONSTRUCTION LOAN ORIGINATIONS UP
YEAR OVER YEAR
0%
Lending a Helping Hand Outside the Bank
The mortgage and consumer lending team at First Farmers is focused on offering the loans and personal service today's consumer demands, but also on giving back. The Bank's lenders also give their time and effort to local real estate organizations, community boards, community charities, Rotary Clubs and Habitat for Humanity, to name just a few. By being active in these organization, the Bank's lending team is able to anticipate and meet the changing financial needs of local communities and families.
Committed to Progress
In 2024, First Farmers continued advancing technologically for the customers’ convenience and safety.
The Bank began rolling out Contactless Debit Cards in the fall of 2024. These cards ensure secure payments not only by keeping customers’ financial details in their hands at all times but in transmitting unique, one-time codes for every transaction.
The Bank continued to build on its Digital Banking Platform, which has seen significant growth over the past year, including:
0% Growth in Enrolled Users
0% Growth in Active Users
0% Growth in Mobile Deposits
Slide the line for the card art switch!
First Farmers continued its efforts to defend customers against fraudsters by investing in financial crime management technology solutions like Verafin, DefenseStorm and Q6. The Bank's fraud and debit card departments actively worked with those customers targeted by the increasing influx of fraudulent transactions common to today’s financial network.
Along with digital expansion, First Farmers will increase its physical community presence in 2025 with the opening of a full-service branch in the heart of Midtown Carmel — in the same building as a brand-new 1933 Lounge steakhouse. This bustling, high-traffic area will expand the Bank's reach in Hamilton County, allowing First Farmers to bring the community banking model to an ever larger market.
With its strong team and operational strategy, the Bank looks forward to continued growth and success in 2025, both online and in the local communities it serves.
Our Vision for Employees
To enrich the lives of our employees by providing a productive learning and working environment that encourages professional development, personal growth, and community engagement.
In 2024, First Farmers Bank & Trust continued its dedication to fostering success and growth opportunities for employee teams throughout the organization. The Bank's workforce has expanded to 430 employees. By creating new roles and enhancing current business models, First Farmers is better positioned to offer substantial support and success to both colleagues and clients.
Throughout 2024, First Farmers committed itself to equipping its team with the training, opportunities, and benefits that would further strengthen employee culture and nurture leadership potential.
Professional Growth and Development Opportunities
- Management and Leadership Development Programs.
- Mentor Program
Avenues to enhance communication for achievement and career pathway opportunities
- Use of journals and goals
- Increased opportunities for two-way communication between employee and supervisor
- Improved documentation of employee of achievement, growth, and career pathway
Improved New-Hire Onboarding Process and Employee Support
- Scheduled check-ins with new hires and those who have gone through an internal move job change
- Meetings with recently hired employees to review and remind individuals of FFBT employee benefits.
Wellness Incentives
- Improve health and wellness of employees
- Opportunity for reduction in employee’s insurance premiums
- Wellness challenges where those who complete the challenge earn prizes
Committed to Employees
First Farmers doesn’t just invest in its current employees, but also in potential future employees. Partnering with local high schools and universities for career fairs, educational opportunities, and school to work programs allows the Bank to broaden the general financial understanding of a youthful audience while promoting career opportunities to the next generation.
Support of Local School Systems - Provided Career Advice
- Oakwood, Illinois School System
- Franklin, Indiana School System
- Lewis Cass School System
- Logansport School System
- Miami-Grant School System
- North Miami School System
- Rossville, Indiana School System
- Tipton, Indiana School System
Career Fairs
- Purdue University, Lafayette
- University of Illinois, Champaign
- Indiana University, Kokomo
- Indiana State University, Terre Haute
- Ivy Tech College, Kokomo
- Taylor University, Upland
- Indiana Wesleyan University, Marion
Our Vision for Shareholders
To financially strengthen First Farmers Bank & Trust through sound fiscal management, sustained asset growth, and respected return on investment.
FINANCIAL SUMMARY
While First Farmers Financial Corp continued to exceed the performance of our peers in 2024, we fell short of our own high standards as net income declined for the first time since 2007. Net earnings of $35.4 million for the twelve months ended December 31, 2024, were down 23.3% from the prior year. Despite the pullback in 2024, they have still averaged a strong 10.5% compound annual rate of growth since 2007. The stable earnings growth we experienced from 2007 – 2023 occurred through multiple economic and agricultural cycles, through the lowest interest rates the modern banking system has experienced, and through the most aggressive monetary policy tightening of the last 40 years. Overcoming each of those challenging environments was an achievement, but in 2024, an unusually large increase in credit costs proved too much, preventing a 17th consecutive year of record earnings. The year’s return on average assets of 1.12% remained ahead of our publicly traded peers and the overall community banking industry.
With a lower return on average assets and a reduction in leverage, the Company’s return on average equity fell to 13.09% in 2024 from a recent historical peak of 19.22% in 2023. Earnings per share declined to $5.04 in 2024 from $6.57 in 2023. The Company’s historically conservative dividend policy and strong capital levels put us in a position to increase our annual dividend payout to $1.93 in 2024, the 34th consecutive increase in dividends. In addition to dividends, another $1.9 million was returned to shareholders in the form of stock repurchases.
Revenues increased $7.3 million, or 6.1%, to $126.2 million in 2024 with net interest income accounting for $6.3 million of the increase. Average earning assets increased 11.3% during 2024 while the tax-equivalent net interest margin narrowed 0.19% to 3.64% as deposit costs rose faster than loan yields. Margin compression was most concentrated in the first half of the year where it hit a cycle low of 3.60% during the quarter ended June 30, 2024 followed by a slight expansion during the second half of the year. Stabilization of net the net interest margin was aided by the dis-inversion of the yield curve in the fourth quarter of 2024.
The provision for credit losses increased $17.3 million, to $22.4 million in 2024, with one commercial and industrial borrower driving much of the increase. The allowance for credit losses totaled $33.5 million, or 1.40%, of loans held for investment as of December 31, 2024.
The $1.0 million increase in non-interest income was due primarily to increases of $0.6 million in loan sales and servicing revenue and $0.4 million in customer swap revenue. Both lines of business benefited from a more favorable yield curve during 2024.
Non-interest expense totaled $60.8 million in 2024, an increase of $3.9 million, or 6.9%, with personnel costs, technology, and professional services contributing $1.7 million, $0.9 million, and $0.9 million of the increase, respectively. Personnel costs increased 5.0% in 2024, compared to 6.1% revenue growth, with the difference due to a decline in performance-based compensation between years. Technology costs increased with investments in digital banking, information security, fraud monitoring and automation platforms. Professional services increased with additional supplementary resources for risk management functions.
The provision for income taxes declined $3.2 million, or 29.9%, to $7.5 million in 2024 due to a 24.6% decrease in pretax income and a decline in the effective tax rate with a higher proportion of exempt income in 2024.
Loan portfolio growth continued in 2024 with ending loans held for investments increasing $136.1 million between December 31, 2023 and 2024 to $2.390 billion. Commercial loans and residential real estate loans accounting for $89.2 million and $20.2 million of the increase, respectively. On an average balance basis loan balance increased 8.3% while yields increased 0.41% to 6.98% in 2024.
The deposit portfolio increased $219.0 million between December 31, 2023 and 2024 with branch-sourced deposits increasing $173.4 million and brokered deposits increasing $45.5 million. Our retail time deposit offerings were well-received during the year, generating $125.9 million in growth. By branch, Carmel stood out with an $80.1 million contribution to total deposit growth. Average deposits increased 12.0% between 2023 and 2024 to $2.733 billion while the average cost of funds on total deposits increased 0.64% to 2.74%.
Growth in the investment securities portfolio(1) slowed in 2024 with securities holdings increasing $33.4 million to $607.9 million between December 31, 2023 and 2024. Amortizing agency-backed securities increased to 60% of securities holdings at December 31, 2024 while state a local political issuers declined to just under 32%. Average portfolio securities balances increased 16.2% between 2023 and 2024 to $600.4 million while tax equivalent yields increased 0.33% to 3.96%.
Borrowings were little changed between December 31, 2023 and 2024, increasing $2.7 million to $116.6 million. Average balances declined 7.2% between 2023 and 2024 to $142.8 million while the costs of borrowings actually declined 0.20% to 4.54%.
Shareholders equity increased $14.0 million, or $1.99 per share, between December 31, 2023 and 2024 to $273.6 million. Earnings of $35.4 million were partially offset by dividends of $13.6 million, a net increase in unrealized losses on AFS securities and cash flow hedges of $7.2 million, and net stock repurchase activity of $1.3 million. First Farmers Bank & Trust Co. ended 2024 with ample capital to execute its business plan, support returns to shareholders and evaluate new business opportunities that may emerge.
(1) Investment securities portfolio includes investment securities available for sale, investment securities held to maturity and fair value equity securities.
First Farmers Financial Corporation
Summary Financial Highlights
(Dollars in Thousands, Except Per Share Data)
2024
2023
2022
2021
2020
Results of Operations | |||||
Net Interest Income | 109,070 | 102,750 | 91,766 | 79,238 | 70,723 |
Provision for Credit Losses | 22,399 | 5,050 | 5,900 | 9,500 | 10,400 |
Non-Interest Income | 17,126 | 16,150 | 16,080 | 24,022 | 24,844 |
Non-Interest Expense (5) | 60,850 | 56,939 | 50,715 | 48,665 | 47,011 |
Income Taxes (5) | 7,519 | 10,728 | 9,954 | 8,750 | 7,248 |
Net Income (5) | 35,428 | 46,183 | 41,277 | 36,345 | 30,908 |
| |||||
Financial Ratios | |||||
Return on Average Assets (5) | 1.12 | 1.62 | 1.63 | 1.56 | 1.51 |
Return on Average Equity (5) | 13.09 | 19.22 | 17.88 | 15.42 | 14.67 |
Net Interest Margin (1) | 3.65 | 3.83 | 3.88 | 3.65 | 3.65 |
Efficiency Ratio (2,5) | 47.34 | 46.84 | 45.39 | 47.37 | 48.34 |
| |||||
Balance Sheet Data | |||||
Average Total Assets | 3,160,387 | 2,855,155 | 2,527,585 | 2,306,324 | 2,051,039 |
Average Loans (3) | 2,294,097 | 2,117,269 | 1,821,829 | 1,582,023 | 1,489,836 |
Average Deposits | 2,732,698 | 2,439,333 | 2,179,754 | 1,927,351 | 1,627,662 |
| |||||
Per Share Data | |||||
Basic Earnings Per Share (5) | 5.04 | 6.57 | 5.88 | 5.15 | 4.36 |
Diluted Earnings Per Share (5) | 5.04 | 6.57 | 5.88 | 5.15 | 4.36 |
Cash Dividends Declared | 1.93 | 1.88 | 1.73 | 1.39 | 1.29 |
Book Value | 38.97 | 36.95 | 33.21 | 34.69 | 31.30 |
| |||||
Capital (First Farmers Bank & Trust Co.) | |||||
Leverage Ratio | 9.6 | 9.8 | 10.2 | 10.3 | 10.2 |
Tier I capital to risk-weighted assets | 12.3 | 12.1 | 11.8 | 12.6 | 13.1 |
Total capital to risk-weighted assets | 13.4 | 13.3 | 12.8 | 13.6 | 14.1 |
| |||||
Asset Quality | |||||
Allowance to Total Portfolio Loans (4) | 1.40 | 1.55 | 1.08 | 1.15 | 1.16 |
Non-performing Loans / Total Portfolio Loans (4) | 0.74 | 0.67 | 1.25 | 1.51 | 1.89 |
Net Charge Offs / Average Portfolio Loans (4) | 1.02 | 0.31 | 0.18 | 0.48 | 0.64 |
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
(1) Fully tax equivalent |
(2) Fully tax equivalent, excludes gain (loss) on sales of bonds, amortization of intangibles, loss on sale of a branch for 2024 |
(3) Including loans held for sale, net of allowance for credit losses |
(4) Excludes loans held for sale |
(5) For 2020-2021, values have been restated for comparability to reflect adoption of the proportional amortization method for affordable housing partnerships during 2022. |
BOARD OF DIRECTORS
Brian Renbarger
Chairman, Owner, Brian Renbarger Farms
Greentown
Chris Norris
Vice-Chairman, President, Norris Insurance Agency, Inc.
amboy
Freddie Barnard
Emeritus Professor of Agricultural Economics, Purdue University
calhoun, ky
Jeff Harts
Vice-President & Chief Risk Officer, Central Indiana Ethanol
cicero
Keith Hill
Chief Financial Officer, First Farmers Bank & Trust
kokomo
Amy Hock
Chief Legal Officer, Union Health Systems, Inc.
terre haute
Mark Holt
Chief Executive Officer, First Farmers Bank & Trust
sweetser
Brad Howell
Owner, Brad Howell Ford
Greentown
Jennifer Jones
CEO & Co-Owner, Royal Title Services, Inc.
lebanon
Kelly McClure
President, McClure Oil Corporation
indianapolis
Gene Miles
CEO, First Farmers Financial Corporation
Greentown
Kevin Trimble
Owner, Trimble Farms
amboy
Roland Winger
Retired, Sr. Vice President, Allakos, Inc.
lafayette
EXECUTIVE MANAGEMENT
Mark Holt
President
Chief Executive officer
Keith Hill
Executive Vice President
chief financial officer
Brandt Downing
Senior Vice President
chief operations officer
Matt Maher
Hamilton County Market President
Robert Martin
Senior Vice President
chief information officer
Cary Mawbey
Senior Vice President
chief credit officer
Mark Miles
Senior Vice President
chief retail officer
Marcus Misinec
Senior Vice President
Chief administrative officer & general counsel
Tammy Pence
Senior Vice President
chief human resource officer
Jeff Rodibaugh
Senior Vice President
chief lending officer
First Farmers Financial Corp is a $3.3 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and offices in Coles, Edgar and Vermilion counties in Illinois.
Member FDIC
Inst. ID # 478756