First Farmers Financial : FR Y-9SP

Board of Governors of the Federal Reserve System

FR Y-9SP

OMB Number: 7100-0128 Approval expires January 31, 2025 Page 1 of 9

Parent Company Only Financial Statements for Small Holding Companies-FRY-9SP

Report at the close of business as of the last calendar day of June and December

This Report is required by law: Section 5(c) of the Bank Holding Company Act (12 U.S.C. § 1844) and Section 225.5(b) of Regulation Y (12 CFR § 225.5(b)) and Section 10 of the Home Owners' Loan Act (12 U.S.C. § 1467a(b)).

This report form is to be filed by the parent company of small holding companies. For purposes of this report, small holding companies are holding companies that have total consolidated assets of less than

NOTE: The Parent Company Only Financial Statements for Small Holding Companies must be signed and attested by the Chief Financial Officer (CFO) of the reporting holding company (or by the individual performing this equivalent function).

I, the undersigned CFO (or equivalent) of the named holding company, attest that the Parent Company Only Financial Statements for Small Holding Companies for this report date have been prepared in conformance with the instructions issued by the Federal Reserve System and are true and correct to the best of my knowledge and belief.

$3 billion, except holding companies that meet certain criteria to file the Consolidated Financial Statements for Holding Companies (FR Y-9C). When such holding companies are tiered holding companies, separate reports are also to be filed by each of the subsidiary holding companies. The Federal Reserve may not conduct or sponsor, and an organization (or a person) is not required to respond to, a collection of information unless it displays a currently valid OMB control number.

Date of Report: December 31, 2021

Month / Date / Year (BHSP 9999)

Keith D Hill		First Farmers Financial Corporation
Printed Name of Chief Financial Officer (or Equivalent) (BHSP C490)	Legal Title of Holding Company (RSSD 9017)
		123 North Jefferson Street
Signature of Chief Financial Officer (or Equivalent) (BHSP H321)	(Mailing Address of the Holding Company) Street / P.O. Box (RSSD 9110)
02/09/2022		Converse	IN		46919
Date of Signature (MM/DD/CCYY) (BHSX J196)		City (RSSD 9130)	State (RSSD 9200)		Zip Code (RSSD 9220)
Holding companies must maintain in their files a manually signed and attested printout of the data submitted.
		Person to whom questions about this report should be directed:
		Tony Hull, Senior Accountant
		Name / Title (BHSX 8901)
For Federal Reserve Bank Use Only		[phone]
		Area Code / Phone Number (BHSX 8902)
RSSD ID		[phone]
		FAX Number (BHSX 9116)
C.I.	S.F.	[e-mail]
		E-mail Address of Contact (BHSX 4086)
		Is confidential treatment requested for any	0=No	BHSP
		portion of this report submission?..................	1=Yes	C447	0
		In accordance with the General Instructions for this report
		(check only one),
		1. a letter justifying this request is being provided along
		with the report (BHSP KY38)......................................................		NR
		2. a letter justifying this request has been provided
		separately (BHSP KY38)............................................................		NR

Public reporting burden for this information collection is estimated to vary from 1.5 to 8 hours per response, with an average of 5.4 hours per response, including time to gather and maintain data in the required form and to review instructions and complete the information collection. Comments regarding this burden estimate or any other aspect of this information collection, including suggestions for reducing the burden, may be sent to Secretary, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington, DC 20551, and to the Office of Management and Budget, Paperwork Reduction Project (7100-0128), Washington, DC 20503.

Printed: March 22, 2022 11:35 AM

Transmission file created on 02/24/2022 at 12:57 PM

FR Y-9SP

Page 2 of 9

Chief Executive Officer Contact Information

This information is being requested so the Board can distribute notifications about policy initiatives and other matters directly to the Chief Executive Officers of reporting institutions. Please provide contact information for the Chief Executive Officer of the reporting institution. Enter "none" for the Chief Executive Officer's email address if not available. Chief Executive Officer contact information is for the confidential use of the Board and will not be released to the public.

Chief Executive Officer

Gene Miles

Name (BHSP FT42)

[phone]

Area Code / Phone Number / Extension (BHSP FT43)

[e-mail]

E-mail Address (BHSP FT44)

Printed: March 22, 2022 11:35 AM

Transmission file created on 02/24/2022 at 12:57 PM

First Farmers Financial Corporation	For Federal Reserve Use Only	FR Y-9SP
Name of Holding Company	RSSD Number ________	Page 3 of 9
	C.I.	___	S.F. ___
The Income Statement is to be reported on a calendar year-to-date basis
in thousands of dollars.

Schedule SI-Income Statement

	Dollar Amounts in Thousands BHSP		Amount
1. Income from bank subsidiary(ies):
	a. Dividends...........................................................................................................................................	0508		11,000	1.a.
	b. Other income.....................................................................................................................................	2111		0	1.b.
2. Income from nonbank subsidiary(ies): (1)
	a. Dividends...........................................................................................................................................	0523		960	2.a.
	b. Other income.....................................................................................................................................		0530		43	2.b.
3. Income from subsidiary holding company(ies): (2)
	a. Dividends...........................................................................................................................................	0206				3.a.
	b. Other income.....................................................................................................................................	1283				3.b.
4.	Other income........................................................................................................................................	0447		101	4.
...............................................................5. TOTAL OPERATING INCOME (sum of items 1, 2, 3, and 4)	4000		12,104	5.
6.	Interest expense...................................................................................................................................	4073		404	6.
7.	Other expenses (3)...............................................................................................................................	4093		1,288	7.
.....................................................................8. TOTAL OPERATING EXPENSE (sum of items 6 and 7)	4130		1,692	8.
9.a. Income (loss) before change in net unrealized holding gains (losses) on equity securities not
	held for trading, applicable income taxes, and discontinued operations (item 5 minus 8).................	HT69		10,412	9.a.
	b. Change in net unrealized holding gains (losses) on equity securities not held for trading (4)...........	HT70		40	9.b.
	c. Income (loss) before applicable income taxes, discontinued operations and undistributed
	income (sum of items 9.a and 9.b)....................................................................................................	4250		10,452	9.c.
......................................................10. Applicable income taxes (benefits) (estimated) (see instructions)	4302		(392)	10.
....................................................................11. Discontinued operations, net of applicable income taxes	FT28		0	11.
12. Income (loss) before undistributed income of subsidiary(ies) (sum of items 9.c and 11 minus 10) ....		0496		10,844	12.
13. Equity in undistributed income (loss) of subsidiary(ies): (see instructions)
	a. Bank subsidiary(ies)..........................................................................................................................	3156		24,959	13.a.
	b. Nonbank subsidiary(ies) (1)...............................................................................................................	2112		259	13.b.
	c. Subsidiary holding company(ies) (2)..................................................................................................	3513				13.c.
14. Net income (loss) (sum of items 12 and 13)........................................................................................		4340		36,062	14.
Memoranda
1. Cash dividends (or non-taxable distributions) declared by the holding company to its
	shareholders..........................................................................................................................................			9,790
	3158		M.1.
2. Does the reporting holding company have a Subchapter S election in effect for federal	0=No	BHSP
	income tax purposes for the current tax year? (enter "1" for Yes; enter "0" for No)...............................	1=Yes	A530	0	M.2.
3.	Interest expense paid to special-purpose subsidiaries that issued trust preferred securities		BHSP		Amount
	(included in item 7 above)......................................................................................................................		C254		341	M.3.
Memorandum item 4 is to be completed by holding companies that have elected to account for
financial instruments or servicing assets and liabilities at fair value under a fair value option.
4. Net change in fair values of financial instruments accounted for under a fair value option
J980				M.4.

Memorandum item 5 is to be completed by top-tier holding companies for the December report date only.

5.	Does your holding company have 100 or more full-time equivalent employees on a	BHSP
	consolidated basis? (enter "1" for Yes; leave blank for No)...........................................................
	1=Yes MZ36	M.5.

1. Leave blank if the reporting holding company does not own a nonbank subsidiary.
2. Leave blank if the reporting holding company does not own a subsidiary holding company.
3. Holding companies that have adopted ASU 2016-13 should report provisions for credit losses on all financial assets and off-balance-sheet credit exposures.
4. Item 9.b is to be completed by all holding companies. See the instructions for this item and the FR Y-9C Glossary entry for

"Securities Activities" for further detail on accounting for investments in equity securities.

Printed: March 22, 2022 11:35 AM

Transmission file created on 02/24/2022 at 12:57 PM

							FR Y-9SP
							Page 4 of 9
	Schedule SC-Balance Sheet
			Amount
		Dollar Amounts in Thousands	BHSP
	Assets
	1. Cash and due from depository institutions
	a. Balances with subsidiary or affiliated depository institutions............................................................		5993	2,926	1.a.
	b. Balances with unrelated depository institutions................................................................................		0010	681	1.b.
	2. Securities (1).........................................................................................................................................		0390	3,667	2.
	3. Loans and lease financing receivables (exclusive of loans and lease financing receivables due
	from bank(s) and nonbank subsidiaries):
	............................a. Loans and leases, held for investment and held for sale	2122	0			3.a.
	..........................................b. LESS: Allowance for loan and lease losses (2)	3123	0			3.b.
	c. Loans and leases, held for investment and held for sale, net of the allowance for loan and lease
	..............................................................................................................losses (item 3.a minus 3.b)		2723	0	3.c.
	4. Investment in bank subsidiary(ies): (see instructions)
	a. Equity investment..............................................................................................................................		3239	261,729	4.a.
	b. Goodwill............................................................................................................................................		3238	0	4.b.
	c. Loans and advances to and receivables due from bank subsidiary(ies)...........................................		3148	0	4.c.
	5. Investment in nonbank subsidiary(ies): (see instructions) (3)
	a. Equity investment..............................................................................................................................		0088	4,759	5.a.
	b. Goodwill............................................................................................................................................		0087	0	5.b.
	c. Loans and advances to and receivables due from nonbank subsidiary(ies).....................................		0089	1	5.c.
	6. Investment in subsidiary holding company(ies) (These items are to be completed only by
	companies that have subsidiary holding companies): (4)
	..............................................................................................................................a. Equity investment		0201		6.a.
	b. Goodwill............................................................................................................................................		0202		6.b.
	c. Loans and advances to and receivables due from subsidiary holding company(ies).......................		3523		6.c.
	7. Other assets (5)....................................................................................................................................		0027	632	7.
	8. Balances due from related nonbank companies (other than investments) (6)......................................		3620	0	8.
	9. TOTAL ASSETS (sum of items 1 through 8) .......................................................................................		2170	274,395	9.
	Liabilities and Equity Capital
	10. Short-term borrowings:
	a. Commercial paper...........................................................................................................................		2309	0	10.a.
	b. Other short-term borrowings ..........................................................................................................		2724	1,000	10.b.
	11. Long-term borrowings (includes limited-life preferred stock and related surplus)................................		3151	7,977	11.
	12. Accrued interest payable (see instructions).........................................................................................		3166	86	12.
	13. Other liabilities.....................................................................................................................................		3167	3,620	13.
	14. Balances due to subsidiaries and related institutions:
	a. Subsidiary bank(s)..........................................................................................................................		3605	0	14.a.
	b. Nonbank subsidiaries and related institutions (3)...........................................................................		3621	18,575	14.b.
	15. Not applicable
	16. Equity capital:
	a. Perpetual preferred stock (including related surplus).....................................................................		3283	0	16.a.
	b. Common stock (including related surplus)......................................................................................		3230	12,200	16.b.
	c. Retained earnings ..........................................................................................................................		3247	232,076	16.c.
	d. Accumulated other comprehensive income (7)...............................................................................		B530	7,355	16.d.
	e. Other equity capital components (8)...............................................................................................		A130	(8,494)	16.e.
	f. Total equity capital (sum of 16.a through 16.e)................................................................................		3210	243,137	16.f.
	17. TOTAL LIABILITIES AND EQUITY CAPITAL (Sum of items 10 through 14.b, and 16.f) ...................		3300	274,395	17.

1. Holding companies that have adopted ASU 2016-13 should report held-to-maturity securities in item 2 net of any applicable allowance for credit losses.
2. Holding companies that have adopted ASU 2016-13 should report in item 3.b the allowance for credit losses on loans and leases.
3. Leave blank if the reporting holding company does not own a nonbank subsidiary.
4. Leave blank if the reporting holding company does not own a subsidiary holding company.
5. Holding companies that have adopted ASU 2016-13 should report in item 7 amounts net of any applicable allowance for credit losses.
6. This item should be completed only by lower-tier holding companies. Lower-tier holding companies should leave this item blank if no related nonbank companies exist.
7. Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and minimum pension liability adjustments.
8. Includes treasury stock and unearned Employee Stock Ownership Plan shares.

Printed: March 22, 2022 11:35 AM

Transmission file created on 02/24/2022 at 12:57 PM

FR Y-9SP

Page 5 of 9

Schedule SC-Continued

Memoranda (to be completed annually only by top-tier and single-tier holding companies for the December 31 report date)*

1. Has the holding company engaged in a full-scope independent external audit at any time during the calendar year? (enter "1" for Yes; enter "0" for No).........................................................................................

0=No BHSP

1=Yes C884 1 M.1.

2. If response to Memorandum item 1 is yes, indicate below the name and address of the holding company's independent
external auditing firm (see instructions), and the name and e-mail address of the auditing firm's engagement partner. (9)	M.2.
a. BKD, LLP	b.	Matt Stout
(1) Name of External Auditing Firm (TEXT C703)		(1) Name of Engagement Partner (TEXT C704)

Fort Wayne	[e-mail]
(2)	City (TEXT C708)	(2) E-mail Address (TEXT C705)
IN		46802
(3)	State Abbrev. (TEXT C714)	Zip Code (TEXT C715)

Dollar Amounts in Thousands

Memoranda items 3.a and 3.b are to be completed by holding companies that have elected to account for financial instruments or servicing assets and liabilities at fair value under a fair value option.

3. Financial assets and liabilities measured at fair value:

1. Total assets .....................................................................................................................................
2. Total liabilities .................................................................................................................................

BHSP Amount

F819	M.3.a.
F820	M.3.b.

• Annual reporting only applies to Schedule SC, Memoranda items 1, 2.a, and 2.b. Items 3.a and 3.b are to be reported semiannually in June and December.

9. The Federal Reserve regards information submitted in response to Memorandum item 2.b. as confidential.

Printed: March 22, 2022 11:35 AM

Transmission file created on 02/24/2022 at 12:57 PM