UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

**FORM 10-Q**

(Mark one)

**[X] QUARTERLY REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly periodended **September 30, 2006**

or

**[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition periodfrom _______________ to _______________________

Commission File Number: 0-10972

| First Farmers and Merchants  Corporation                |
|---------------------------------------------------------|
| (Exact name of registrant as specified in its  charter) |

| Tennessee                                                       | 62-1148660                           |
|-----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or  organization) | (I.R.S. Employer Identification No.) |
|                                                                 |                                      |
|                                                                 |                                      |
| 816 South Garden Street                                         |                                      |
| Columbia, Tennessee                                             | 38402-1148                           |
| (Address of principal executive offices)                        | (Zip Code)                           |
|                                                                 |                                      |

| 931-388-3145                                                                        |
|-------------------------------------------------------------------------------------|
| (Registrant's telephone number, including area code)                                |
|                                                                                     |
|                                                                                     |
| (Former name, former address and former fiscal year,  if changed since last report) |

                Indicate bycheck mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.               [X]Yes           [  ] No

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, or a non-accelerated filer.  See definition of"accelerated filer and large accelerated filer" in Rule 12b-2 of theExchange Act.  (Check one):  

Largeaccelerated filer [ ]     Accelerated filer [X]            Non-acceleratedfiler [ ]       

Indicate by check markwhether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct). [ ] Yes [X]No

Indicate the number of shares outstanding of each ofthe registrant's classes of common stock, as of the latest practicable date. 5,815,300shares as of November 9, 2006**PART I - FINANCIAL INFORMATIO**N

**Item 1. FinancialStatements.**

Thefollowing unaudited consolidated financial statements of the Registrant and itssubsidiary are included in this Report:

Consolidatedbalance sheets - September 30, 2006 and December 31, 2005.

Consolidatedstatements of income - For the three months and nine months ended September 30,2006 and September 30, 2005.

Consolidatedstatements of cash flows - For the ninemonths ended September 30, 2006 and September30, 2005.

Selectednotes to consolidated financial statements.

| FIRST FARMERS AND MERCHANTS CORPORATION AND  SUBSIDIARY                                                               |
|-----------------------------------------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                                                                                           |
|                                                                                                                       |  |  |  |  |
|                                                                                                                       |  |  |  |  |
|                                                                                                                       |  | **September 30,** |  | December 31, |
|                                                                                                                       | (Dollars In Thousands, Except Per Share Data) | **2006** |  | 2005 |
|                                                                                                                       |  | (Unaudited) |  | (1) |
| **ASSETS**                                                                                                            | Cash and due from banks | ** $** | **25,535 ** |  |  $ | 28,489  |
| ** **                                                                                                            | Interest-bearing deposits in banks | **117 ** |  | 49  |
| ** **                                                                                                            |               Total cash and cash equivalents | **25,652 ** |  | 28,538  |
| ** **                                                                                                            | Securities | ** ** |  |  |
| ** **                                                                                                            |     Available for sale (amortized cost $166,266 | ** ** |  |  |
| ** **                                                                                                            |          and $195,448, respectively) | **166,618 ** |  | 191,931  |
| ** **                                                                                                            |     Held to maturity (fair value $84,588 | ** ** |  |  |
| ** **                                                                                                            |          and $90,810, respectively) | **83,453 ** |  | 89,832  |
| ** **                                                                                                            |               Total securities | **250,071 ** |  | 281,763  |
| ** **                                                                                                            | Loans, net of deferred fees | **481,992 ** |  | 459,897  |
| ** **                                                                                                            |     Allowance for possible loan losses | **(7,459)** |  | (7,794) |
| ** **                                                                                                            |               Net loans | **474,533 ** |  | 452,103  |
| ** **                                                                                                            | Bank premises and equipment, at cost | ** ** |  |  |
| ** **                                                                                                            |          less allowance for depreciation | **11,371 ** |  | 11,909  |
| ** **                                                                                                            | Core deposit and other intangibles | **10,667 ** |  | 10,930  |
| ** **                                                                                                            | Other assets | **25,245 ** |  | 25,796  |
| ** **                                                                                                            |             TOTAL ASSETS | ** $** | **797,539 ** |  |  $ | 811,039  |
| ** **                                                                                                            |  | ** ** |  |  |
| **LIABILITIES**                                                                                                       | Deposits | ** ** |  |  |
| ** **                                                                                                            |      Noninterest-bearing | ** $** | **120,766 ** |  |  $ | 117,065  |
| ** **                                                                                                            |      Interest-bearing (including certificates of  deposit | ** ** |  |  |
| ** **                                                                                                            |           over $100:  2006 - $84,633; 2005 - $94,471) | **552,332 ** |  | 566,523  |
| ** **                                                                                                            |             Total deposits | **673,098 ** |  | 683,588  |
| ** **                                                                                                            | Federal funds purchased and securities sold | ** ** |  |  |
| ** **                                                                                                            |            under agreements to repurchase | **6,133 ** |  | 13,132  |
| ** **                                                                                                            | Dividends payable | **- ** |  | 1,869  |
| ** **                                                                                                            | Other short-term liabilities | **428 ** |  | 522  |
| ** **                                                                                                            | Accounts payable and accrued liabilities | **8,210 ** |  | 5,417  |
| ** **                                                                                                            |             TOTAL LIABILITIES | **687,869 ** |  | 704,528  |
|                                                                                                                       |  | ** ** |  |  |
| **SHAREHOLDERS'**                                                                                                     | Common stock - $10 par value per share, 8,000,000  shares | ** ** |  |  |
| **EQUITY**                                                                                                            |  authorized, but unissued - 5,815,300 and 5,840,000,  respectively | **58,153 ** |  | 58,400  |
|                                                                                                                       | Additional paid-in capital | **3,332 ** |  | 4,320  |
|                                                                                                                       | Retained earnings | **49,806 ** |  | 45,954  |
|                                                                                                                       | Accumulated other comprehensive income | **(1,621)** |  | (2,163) |
|                                                                                                                       |             TOTAL SHAREHOLDERS' EQUITY | **109,670 ** |  | 106,511  |
|                                                                                                                       |  | ** ** |  |  |
|                                                                                                                       |             TOTAL LIABILITIES AND | ** ** |  |  |
|                                                                                                                       |                 SHAREHOLDERS' EQUITY | ** $** | **797,539 ** |  |  $ | 811,039  |
|                                                                                                                       |  |  |  |  |
|       (1)  Derived from audited financial  statements.                                  |  |  |  |
|       The accompanying notes are an integral part of  the consolidated financial statements. |  |  |

|  
 

 

 
FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars In Thousands, Except Per Share Data)

Three Months Ended	

Nine Months Ended	

(Unaudited)

September 30,

September 30,

**2006**

2005

**2006**

2005

** **

** **

**INTEREST INCOME**

Interest and fees on loans

** $**

**8,093 **

 $

 $

6,917  

** $**

**23,214 **

 $

19,840  

Income on investment securities

** **

** **

     Taxable interest

**1,576 **

2,084  

**4,935 **

6,604  

     Exempt from federal income tax

**1,040 **

888  

**3,186 **

2,293  

     Dividends

**43 **

35  

**137 **

101  

**2,659 **

3,007  

**8,258 **

8,998  

Other interest income

**27 **

38  

**83 **

164  

    TOTAL INTEREST INCOME

**10,779 **

9,962  

**31,555 **

29,002  

** **

** **

**INTEREST EXPENSE**

Interest on deposits

**3,442 **

2,532  

**9,461 **

7,024  

Interest on other short-term borrowings

**148 **

55  

**417 **

115  

      TOTAL INTEREST EXPENSE

**3,590 **

2,587  

**9,878 **

7,139  

** **

** **

      NET INTEREST INCOME

**7,189 **

7,375  

**21,677 **

21,863  

PROVISION FOR POSSIBLE LOAN LOSSES

**(421)**

(94)

**(421)**

(890)

** **

** **

      NET INTEREST INCOME AFTER

** **

** **

           PROVISION FOR LOAN LOSSES

**7,610 **

7,469  

**22,098 **

22,753  

** **

** **

**NONINTEREST  INCOME**

Trust department income

**593 **

567  

**1,740 **

1,680  

Service fees on deposit accounts

**1,996 **

1,868  

**5,836 **

5,318  

Other service fees, commissions, and fees

**130 **

84  

**323 **

290  

Other operating income

**192 **

183  

**588 **

617  

Securities gains

**- **

513  

**- **

513  

      TOTAL NONINTEREST  INCOME

**2,911 **

3,215  

**8,487 **

8,418  

** **

** **

**NONINTEREST  EXPENSE**

Salaries and employee benefits

**4,100 **

4,050  

**12,447 **

12,041  

Net occupancy expense

**547 **

595  

**1,660 **

1,768  

Furniture and equipment expense

**257 **

305  

**862 **

895  

Other operating expenses

**2,450 **

2,368  

**8,128 **

7,505  

      TOTAL NONINTEREST EXPENSE

**7,354 **

7,318  

**23,097 **

22,209  

      INCOME BEFORE PROVISION FOR

** **

** **

                 INCOME TAXES

**3,167 **

3,366  

**7,488 **

8,962  

PROVISION FOR INCOME TAXES

**950 **

916  

**1,709 **

2,463  

** **

** **

      NET INCOME 

**2,217 **

2,450  

**5,779 **

6,499  

** **

** **

**BASIC EARNINGS PER**

Per Share Data (1)

** **

** **

**SHARE**

(5,833,139 average  shares for quarter, 5,835,577  shares for nine months, 5,840,000 shares in 2005)

** $**

**0.38 **

 $

0.42  

** $**

**0.99 **

 $

1.11  

      The accompanying notes are an integral part of  the consolidated financial statements.
   
 

 

 
**FIRST FARMERS AND MERCHANTS CORPORATION AND SUBSIDIARY                **

**CONSOLIDATED STATEMENTS OF CASH  FLOWS                 **

(Dollars In Thousands, Except Per Share Data)

(Unaudited)

Nine Months ended September 2006 and 2005

**2006**

2005

** **

**OPERATING**

Net income

** $**

**5,779 **

 $

6,499  

**ACTIVITIES**

   Adjustments to reconcile net income to net cash  provided

** **

     by operating activities

** **

       Deficiency of provision for possible loan  losses

** **

          over net charge offs

**(335)**

(602)

       Provision for depreciation and amortization  of

** **

          premises and equipment

**834 **

933  

       Securities gains

**- **

(513)

       Amortization of deposit base intangibles

**792 **

792  

       Amortization of investment security premiums,

** **

          net of accretion of discounts

**873 **

1,699  

       Increase in cash surrender value of life  insurance contracts

**(302)**

(203)

       (Increase) decrease in

** **

          Deferred income taxes

**88 **

(187)

          Interest receivable

**102 **

36  

          Other assets

**(204)**

382  

       Increase in

** **

          Interest payable

**480 **

524  

          Other liabilities

**2,312 **

2,254  

               Total adjustments

**4,640 **

5,115  

               Net cash provided by operating activities

**10,419 **

11,614  

** **

**INVESTING**

Proceeds from maturities, calls, and sales of

** **

**ACTIVITIES**

      available-for-sale securities

**44,847 **

73,034  

Proceeds from maturities and calls of  held-to-maturity securities

**6,293 **

7,072  

Purchases of investment securities

** **

      Available-for-sale

**(19,440)**

(48,888)

      Held-to-maturity

**- **

(24,832)

Net increase in loans

**(22,095)**

(7,938)

Purchase of life insurance premium

**- **

(254)

Purchases of premises and equipment

**(297)**

(540)

               Net cash provided by (used in)  investing activities

**9,308 **

(2,346)

** **

**FINANCING**

Net decrease in noninterest-bearing

** **

**ACTIVITIES**

      and interest-bearing deposits

**(10,489)**

(2,470)

Net decrease in short term borrowings

**(7,093)**

(2,676)

Repurchase of Common stock

**(1,235)**

-  

Cash dividends

**(3,796)**

(3,562)

               Net cash used in financing activities

**(22,613)**

(8,708)

** **

Increase (decrease) in cash and cash equivalents

**(2,886)**

560  

Cash and cash equivalents at beginning of period

**28,538 **

22,251  

Cash and cash equivalents at end of period

** $**

**25,652 **

 $

22,811  

      The accompanying notes are an integral part of  the consolidated financial statements.

 

 

**NOTESTO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1- OTHER INFORMATION**

The unaudited consolidated financial statements have beenprepared on a consistent basis and in accordance with the instructions to Form10-Q and do not include all of the information and notes required by generallyaccepted accounting principles for complete financial statements.  In theopinion of management, all adjustments considered necessary for a fairpresentation have been included.  These adjustments were of a normal, recurringnature and consistent with generally accepted accounting principles.  Forfurther information, refer to the consolidated financial statements and notesincluded in the annual report of First Farmers and Merchants Corporation (the"Corporation") on Form 10-K for the year ended December 31, 2005.

**NOTE 2- BRANCH CONSOLIDATIONS AND CLOSINGS**

            OnMarch 21, 2006, management made the decision to consolidate and/or close fourbranches of First Farmers and Merchants Bank (the "Bank") in three Tennessee counties.  In Marshall County, the Lewisburg East and Lewisburg Downtown offices wereconsolidated into the Ellington office on May 1, 2006. In Giles County, the Pulaski West College office was permanently closed and its operations transferredto the Martin House office on July 3, 2006.  In Lawrence County, the Leomaoffice was permanently closed on July 3, 2006. 

**NOTE 3 - STOCKREPURCHASE**

**           **On July 6, 2006, the Corporation, pursuant to a StockRepurchase Agreement dated as of June 23, 2006, repurchased from the University of Tennessee 20,000 shares of the Corporation's common stock at a price of $50per share for an aggregate purchase price of $1 million.  The Corporation alsorepurchased 4,700 shares at $50 per share during the third quarter 2006 throughindependently negotiated transactions with three different sellers. 

**NOTE 4 - SUBSEQUENTEVENT**

            On November 1,2006 the Bank transferred a 100% participation interest in certain loans ofapproximately $221.1 million to a newly-formed real estate investment trust("REIT") that is an indirect subsidiary of the Bank.  The Bankservices the loans on behalf of the REIT.  The objective for the formation andorganization of the REIT is to have a vehicle in which to raise capital in thefuture.

** **

** **

** **

** **

** **

** **

** **

** **

 

**Item 2.  Management'sDiscussion and Analysis of Financial Condition and Results of Operations.**

** **

**FORWARD-LOOKING STATEMENTS**

    Certain statements contained in this report may not be based on historicalfacts and are "forward-looking statements" within the meaning of Section 27A ofthe Securities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended. These forward-looking statements may beidentified by, among other things, the use of forward-looking terminology suchas "anticipates," "could," "expects," "believes," "plans," "may" or "will," or futureor conditional verb tenses, and variations or  negatives of such terms.  Theseforward-looking statements include, without limitation, those relating to thepotential sale of available-for-sale securities, concentrations within the loanportfolio, repayment of loans by borrowers, failure to meet and satisfaction ofcapital adequacy requirements, adequacy of capital resources to meet liquidityneeds, the payment of dividends, material capital expenditures, the effect offluctuating interest rates, deferred income tax assets and rate risk analysis. We caution you not to place undue reliance on such forward-looking statementsin this report because results could differ materially from those anticipateddue to a variety of factors.  These factors include, but are not limited to,changes in economic conditions; fluctuations in prevailing interest rates andthe effectiveness of our risk monitoring systems; the ability of our borrowersto repay loans; adverse changes in our special mention credits; our ability tosell available-for-sale securities to fund increased loan demand; our abilityto meet regulatory capital adequacy requirements; our ability to meet liquidityneeds from operating activities; the accuracy of assumptions in our rate riskanalysis; our ability to recognize deferred tax assets; our ability to maintaincredit quality; our ability to provide market competitive products andservices; laws and regulations affecting financial institutions in general; ourability to control factors influencing net interest income; the geographicconcentration of our assets; our ability to maintain sufficient asset qualityand cost controls; and other factors generally understood to affect thefinancial results of financial services companies and other factors detailedfrom time to time in First Farmers and Merchants Corporation's filings with theSecurities and Exchange Commission. We undertake no obligation to update theseforward-looking statements to reflect events or circumstances that occur afterthe date of this report.

**EXECUTIVE OVERVIEW**

AtSeptember 30, 2006, the consolidated total assets of First Farmers and MerchantsCorporation (the "Corporation") were $797.5 million, its consolidated net loanswere $474.5 million, its total deposits were $673.0 million and its totalshareholders' equity was $109.7 million.  The loan portfolio at September 30,2006 increased $22.1 million, or 4.8%, compared to December 31, 2005.  The retailportion of the portfolio experienced a 3.0% increase during the first ninemonths of 2006 and the commercial portfolio increased 7.0% during the sameperiod.  Total deposits decreased $10.5 million, or1.5%, and shareholders' equity increased 3.3% during the first nine months of2006.  Total shareholders' equity includes an unrealized loss onavailable-for-sale securities of $1.6 million.

**MATERIALCHANGES IN FINANCIAL CONDITION**

Averageearning assets at September 30, 2006 decreased 0.9% from average earning assets atDecember 31, 2005.  Average overnight investments at September 30, 2006were down $126,000 compared to overnight investments at December 31, 2005.  Averageinvestment securities at September 30, 2006 decreased 9.4% compared to the average atDecember 31, 2005.  Average total assets of $806.1 million at September 30,2006 decreased 1.4%, or $12.5 million, compared to an average of $818.6 millionat December 31, 2005.

**Securities**

Available-for-salesecurities are an integral part of the asset/liability management process for FirstFarmers and Merchants Bank, the Corporation's sole subsidiary (the "Bank"). Accordingly, they represent an important source of liquidity available to fundloans and accommodate asset reallocation strategies dictated by changes in the Bank'soperating and tax plans, shifting yield spread relationships and changes inconfiguration of the yield curve.  At September 30, 2006, the Bank's investment securities portfoliohad $166.6 million available-for-sale securities and $83.5 million held-to-maturity securities compared to $191.9million and $89.8 million, respectively, at December 31, 2005.  The 13.2% decrease in available-for-sale securities for the ninemonths ended September 30, 2006 resulted from the maturity or call ofsecurities that were not re-invested.  The Bank chose to invest proceeds in theloan portfolio as securities matured, loans grew and deposits declined.  TheBank may sell available-for-sale securities to fund planned increased loandemand as needed.  

**Loans**

Theloan portfolio is the largest component of earning assets for the Bank and, consequently, provides the highest amount ofrevenue.  The loan portfolio also containsthe highest exposure to risk as a result of the possibility of unexpecteddeterioration in the credit quality of borrowers.  When analyzing potentialloans, management of the Bank assesses both interest rate objectives and creditquality objectives in determining whether to make a given loan and theappropriate pricing for that loan.  

Realestate-secured loans continue to comprise the vast majority of the Bank's loanportfolio.  Real estate loans represent 78.7% of the total loans outstanding. This concentration in real estate lending is expected, given the markets thatthe Bank serves and the loan products that the Banks offers.  The Bankcontinues to be comfortable with the level of real estate lending activity,given the prudent underwriting standards that are employed and the collectivedepth and experience of the lending staff.  The Bank continues to exhibitstrong growth in the first mortgage loans, secured by one-to-four familyresidential properties, represented 38.2% of the total loan portfolio at September 30,2006.  The commercial loan portfolio represented 56.1% of the total loanportfolio at quarter-end.  The Bank's real estate lending policy and proceduresare being revised to ensure that these practices remain sound, and the Bankcontinued to sell participations in order to limit exposure to certainborrowers.  An industry concentration does not exist as measured by regulatoryguidelines.  However, the Bank currently has heavy exposure in four broadindustry categories, which include construction, real estate renting andleasing, other services (churches) and public administration.  The Bank'smanagement monitors these industries closely to ensure that underwritingpractices, policies and loss allowance levels match the level of risk posed. All loans are expected to be repaid from cash flow or proceeds from the sale ofselected assets of the borrowers.  Collateral requirements for the loanportfolio are based on a credit evaluation of the borrowers.

Theanalysis and review of asset quality by the Bank's credit administrationincludes a formal review that evaluates the adequacy of the allowance forpossible loan losses.  This review is updated monthly and evaluated morecompletely quarterly in conjunction with loan review reports and evaluationsthat are discussed in meetings with loan officers, credit administration and theBank's Board of Directors.  The allowance forpossible loan and lease losses was $7.5 million, or 1.5% of gross loans, at September 30,2006, compared to $7.8 million, or 1.7% of gross loans, at December 31, 2005. Recoveriesnet of charge-off loans through September 30, 2006 were $68,000, which resulted in anannualized net charge-off ratio of negative 0.02%.

Aformal process is in place to provide control over underwriting of loans andmonitor loan collectibility.  This process includes education and training ofpersonnel on the Bank's loan policies and procedures, credit analysts tosupport lenders, timely identification of loans with adverse characteristics, controlof corrective actions and objective monitoring of loan reviews.  A SpecialAssets Department of the Bank identifies and monitors assets that needattention.  At September 30, 2006, this process identified loans totaling $12.4million, or 2.6% of the portfolio, that were classified as other assetsespecially mentioned, compared to loans totaling $5.7 million, or 1.3 % of theportfolio, so classified at December 31, 2005.  Loans totaling $6.0 million, or1.2% of the portfolio, were classified as substandard at September 30,2006, compared to loans totaling $10.0 million, or 2.2% of the portfolio, soclassified at December 31, 2005.  No loans were classified as doubtful atSeptember 30, 2006 and December 31, 2005. 

** **

**Deposits**

            The Bank doesnot have any foreign offices and all deposits are serviced in its 18 domestic offices.  The Bank's average deposits declined2.7% during the first nine months of 2006 compared to a decline of 1.3% in thefirst nine months of 2005.  The primary reason for the decline of averagedeposits during and between these periods is that the Bank reduced itsdependence on large dollar municipal certificates of deposit.   Average totalnoninterest-bearing deposits were 17.1% of total deposits at September 30,2006, contributing to the Bank's low cost of deposits.  This compares to 16.5%at December 31, 2005.

** **

**RegulatoryRequirements for Capital**

TheCorporation and the Bank are subject to federal regulatory risk-adjustedcapital adequacy standards.  Failure to meet capital adequacy requirementscould result in certain mandatory, and possibly additional discretionary,actions by regulators that could have a direct material effect on theconsolidated financial conditions of the Corporation and the Bank.  Theregulations require the Bank to meet specific capital adequacy guidelines thatinvolve quantitative measures of assets, liabilities and certainoff-balance-sheet items as calculated under regulatory accounting practices. The capital classification is also subject to qualitative judgments by theregulators about components, risk weightings and other factors.

            Quantitativemeasures established by the Board of Governors of the Federal Reserve System toensure capital adequacy require the Corporation and the Bank to maintainminimum amounts and ratios of Tier 1 Capital and Total Capital (Tier 1 plusTier 2 Capital) to risk-weighted assets and of Tier 1 Capital to average total assets(leverage capital ratio).   Equity capital (net of certain adjustments forintangible assets and investments in non-consolidated subsidiaries and certainclasses of preferred stock) is considered Tier 1 Capital.  Tier 2 Capitalconsists of core capital plus subordinated debt, some types of preferred stock,and a defined percentage of the allowance for possible loan losses.  To be"well-capitalized" under federal bank regulations, a bank holding company musthave a Tier 1 Capital ratio of at least 6%,a Total Capital ratio of at least 10% and a leverage capital ratio of at least 5%. As of September 30, 2006, the Corporation's Tier 1, Total Capital andleverage capital ratios were 19.4%, 20.7% and 12.7%, respectively.  The ratioswere 18.7%, 20.0% and 12.1%, respectively, at December 31, 2005.  As of September 30,2006, the Bank's Tier 1 Capital, Total Capital and leverage capital were 19.2%,20.5% and 12.6%, respectively, compared to 18.5%, 19.8% and 12.0% at December31, 2005. Management believes, as of September 30, 2006, that the Corporation and the Bank each metall capital adequacy requirements to which they are subject.

** **

**Liquidity and Capital****Resources**

            Most of thecapital needs of the Bank have historically been financed with retainedearnings and deposits received, and the Corporation's primary source ofliquidity is dividends declared by the Bank.  The Corporation and the Bank donot have any long-term debt and do not have plans for material capitalexpenditures in the near future.  The Corporation's average shareholders'equity at September 30,2006 was $108.0 million, a 1.8% increase from the average at December 31, 2005. 

            The Bank issubject to Tennessee statutes and regulations that impose restrictions on theamount of dividends that may be declared.  Furthermore, any dividend paymentsare subject to the continuing ability of the Bank to maintain its compliancewith minimum federal regulatory capital requirements and to retain itscharacterization under federal regulations as a "well-capitalized" institution.The Bank declared a $0.32 per share dividend in the second quarter of 2006,which was paid in the third quarter of 2006.  Management believes that theCorporation's traditional sources of cash generated from the Bank's operatingactivities are adequate to meet the Corporation's liquidity needs for normalongoing operations.  The Bank's Board of Directors has adopted a liquiditypolicy that outlines specific liquidity target balances.  Compliance with thispolicy is reviewed periodically by the Bank's Asset/Liability Committee andresults are reported to the Bank's Board of Directors.

 

TheBank maintains a formal asset and liability management process to controlinterest rate risk and assist management in maintaining reasonable stability inthe gross interest margin as a result of changes in the level of interest ratesand/or the spread relationships among interest rates.  The Bank uses anearnings simulation model to evaluate the impact of different interest ratescenarios on the gross margin.  Each quarter, the Asset/Liability Committee ofthe Bank monitors the relationship of rate sensitive earning assets to ratesensitive interest bearing liabilities (interest rate sensitivity), which isthe principal factor in determining the effect that fluctuating interest rateswill have on future net interest income.  Rate sensitive earning assets andinterest bearing liabilities are financial instruments that can be repriced tocurrent market rates within a defined time period.

**Critical AccountingPolicies**

Theaccounting principles the Corporation follows and the methods of applying theseprinciples conform with accounting principles generally accepted in the United States and with general practices within the banking industry.  In connection withthe application of those principles, the Corporation's management has madejudgments and estimates that, in the case of the determination of the allowancefor loan losses ("ALLL") and the recognition of deferred income taxassets, have been critical to the determination of the Corporation's financialposition, results of operations, and cash flows.

*Allowance for Loan Losses*

           The Bank managementassesses the adequacy of the ALLL prior to the end of each month and prepares amore formal review quarterly to assess the risk in the Bank's loan portfolio. This assessment includes procedures to estimate the allowance and test theadequacy and appropriateness of the resulting balance.  The ALLL representscalculated amounts for specifically identified credit exposure and exposuresreadily predictable by historical or comparative experience.  Although thiscalculation considers specific credits, the entire allowance is available toabsorb any credit losses. 

           These calculatedamounts are determined by assessing loans identified as not in compliance withloan agreements.  These loans are generally in two different risk groups.  Onegroup is unique loans (commercial loans, including those loans consideredimpaired) and the second group is pools of homogenous loans (generally retailloans).  The calculation for unique loans is based primarily on risk ratinggrades assigned to each of these loans as a result of the Bank's loanmanagement and review processes.  Each risk-rating grade is assigned a loss ratio,which is determined based on the experience of management, discussions withbanking regulators and the independent loan review process.  The amountallocated for an impaired loan is based on estimated cash flows discounted atthe loan's original effective interest rate or the underlying collateralvalue.  Historical data, including actual loss experience on specific types ofhomogenous loans, is used to allocate amounts for loans or groups of loansmeeting the specified criteria.  More detailed historical data is accumulatedby category of consumer credit and performance characteristics to broaden theanalysis and improve monitoring of potential credit risk.

     Criteria considered andprocesses utilized in evaluating the adequacy of the ALLL are:

*     Portfolio quality  trends;

*     Changes in the  nature and volume of the portfolio;

*     Present and  prospective economic and business conditions, locally and nationally;

*     Management review  systems and board oversight, including external loan review processes;

*     Changes in credit  policy, credit administration, portfolio management and procedures; and

*     Changes in  personnel, management and staff.  

           In assessing theadequacy of the ALLL, the risk characteristics of the entire loan portfolio areevaluated.  This process includes the judgment of the Bank's management, inputfrom independent loan reviews and reviews that may have been conducted by bankregulators as part of their usual examination process.

* *

 

*Deferred Income TaxAssets*

Deferred income tax assets consistmainly of the tax effect of excess provisions for loan losses over actual lossesincurred and deferred compensation.  Management believes that it is morelikely than not that these assets will be realized in future years.

**Off-Balance SheetArrangements**

TheBank is a party to financial instruments with off-balance-sheet risk in thenormal course of business to meet the financing needs of its customers.  Thesefinancial instruments include commitments to extend credit and stand-by lettersof credit.  Those instruments involve, to varying degrees, elements of creditrisk in excess of the amount recognized in the balance sheet.  The contract ornotional amounts of those instruments reflect the extent of involvement theBank has in those financial instruments.  The total outstanding loancommitments and stand-by letters of credit in the normal course of business at September 30,2006 were $88.6 million and $12.5 million, respectively, compared to $77.0million outstanding loan commitments and $10.0 million stand-by letters ofcredit in the normal course of business at December 31, 2005.  Loan commitmentsare agreements to lend to a customer as long as there is not a violation of anycondition established in the contract.  Stand-by letters of credit areconditional commitments issued by the Bank to guarantee the performance of acustomer to a third party.  Those guarantees are primarily issued to supportpublic and private borrowing arrangements, including commercial paper, bond financingand similar transactions.  The credit risk involved in issuing letters ofcredit is essentially the same as that involved in making a loan.

AtSeptember 30, 2006, theCorporation and the Bank did not have any off-balance sheet arrangements otherthan commitments to extend credit and stand-by letters of credit.

**MATERIAL CHANGES IN RESULTS OF OPERATIONS**

Totalinterest income for the first nine months of 2006 was $31.6 million compared to$29.0 million for the first nine months of 2005.  Interest and fees earned onloans and investments are the components of total interest income.  Interestand fees earned on loans were $23.2 million, an increase of approximately $3.3 million, or 17.0% during the first ninemonths of 2006 compared to the first nine months of 2005.  Nominal interestearned on investment securities and other investments were $8.3 million, a decreaseof approximately $820,000, or 9.0%, during the first nine months of 2006compared to the first nine months of 2005.

            Total interestexpense in the first nine months of 2006 was $9.9 million, an increase of approximately$2.7 million, or 38.4%, compared to the first nine months of 2005.  The higher interest rates for certificates ofdeposit during the first nine months of 2006 were the primary reason for thehigher expense.  As a policy, budgeted financial goals are monitored on amonthly basis by the Bank's Asset/Liability Committee, which reviews the actualdollar change in net interest income for different interest rate movements.  Anegative dollar change in net interest income of less than 4.5% for a 12-monthperiod given a 300 basis point shift in interestrates is considered an acceptable rate risk position.  The rate risk analysisfor the 12-month period beginning October 1, 2006 andending September 30, 2007, during which there was a 300 basis point shift ininterest rates, showed a worst-case potential change to net interest income ofa negative 1.15%, or a decline in net interest income of approximately $333,000by the end of the period.

            Net interestincome of the Corporation on a fully taxable equivalent basis is influencedprimarily by changes in:

(1)               the volume and mix of earningassets and sources of funding;

(2)               market rates of interest; and 

(3)               income tax rates.

            The impact ofsome of these factors can be controlled by management policies and actions. External factors also can have a significant impact on changes in net interestincome from one period to another.  Some examples of such factors are:

(1)               the strength of credit demands bycustomers;

(2)               Federal Reserve Board monetarypolicy; and

(3)               fiscal and debt managementpolicies of the federal government, including changes in tax laws.

            The netinterest margin, on a tax equivalent basis, at September 30, 2006, September 30,2005 and December, 31, 2005 was 4.25%, 4.18% and 4.21%, respectively.

            A credit wastaken as of September 30, 2006, in the amount of $421,000 based upon unexpectedloss recoveries and substantial reductions in the level of criticized assetsduring the period.

            Noninterest incomewas $8.5 million, an increase of $69,000, or 0.9%, during the first nine monthsof 2006 compared to the first nine months of 2005.  An increase in servicecharges on deposits provided the most significant portion of this increase innoninterest income at $517,000 compared to the third quarter of 2005.

Noninterestexpenses, excluding the provision for possible loan losses, were $887,000, or 4.0%,higher in the first nine months of 2006 than in the first nine months of 2005. Salaries and benefits expense was up $406,000, or 3.4%, for the nine months endedSeptember 30, 2006 compared to the same period in 2005 as a result of standardincreases in salaries and significant increases in medical insurance benefitcosts.    

TheCorporation and the Bank do not have any long-term debt or other obligationswith the exception of leases for bank property.  There has not been a change duringthe nine month period ended September 30,2006 in the terms of these leases.

Provisionfor income taxes for the nine months ended September 30, 2006 was $1.7 million,compared to $2.5 million for the nine months ended September 30, 2005.  Increasesin the Bank's investment in municipal securities, which are exempt from federalincome tax, contributed $1.1 million to the decrease in provision for incometaxes for the nine months ended September 30, 2006.

Netincome for the nine months ended September 30, 2006 was $5.8 million, compared to $6.5 million forthe nine months ended September 30, 2005.  There was a $513,000 gain in the sale of available-for-salesecurities during the nine months ended September 30, 2005 that primarilyaccounted for this difference.  

**Item 3.  Quantitativeand Qualitative Disclosures About Market Risk.**

Duringthe nine months ended September 30, 2006, there were nomaterial changes in the quantitative and qualitative disclosures about marketrisk presented in the Corporation's Annual Report on Form 10-K for the yearended December 31, 2005. 

**Item 4. Controls andProcedures.**

(a) Evaluation ofDisclosure Controls and Procedures.  The Corporation carried out anevaluation, under the supervision and with the participation of management,including the Corporation's Chief Executive Officer and Assistant Treasurer(principal financial officer), of the effectiveness of the design and operationof the Corporation's disclosure controls and procedures as of the end of theperiod covered by this report pursuant to Rule 13a-15(e) of the SecuritiesExchange Act of 1934, as amended (the "Exchange Act").  Based upon thatevaluation, the Chief Executive Officer and Assistant Treasurer (principalfinancial officer) concluded that the Corporation's disclosure controls andprocedures were effective with the exception of certain tax accrualscalculation.  Controls relating to tax accruals have been revised, and whilethey were deemed to be a significant deficiency in the quarter, they are notlikely to result in a material weakness ensuring that information required tobe disclosed by the Corporation (including the Corporation's consolidatedsubsidiaries) in reports that the Corporation files or submits under the ExchangeAct is recorded, processed, summarized and reported in a timely manner.

(b) Changes in Internal Control OverFinancial Reporting. Controls relating to tax accruals have been revisedduring the quarter closing process to allow for a more detailed review of thecalculation, ensuring that information required to be disclosed by theCorporation (including the Corporation's consolidated subsidiaries) in reportsthat the Corporation files or submits under the Exchange Act is recorded,processed, summarized and reported in a timely manner. Except as describedabove, there has been no change in the Corporation's internal control overfinancial reporting that occurred during the third quarter of 2006 that hasmaterially affected, or is reasonably likely to materially affect, theCorporation's internal control over financial reporting.
 

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

 

 

 

 

 

 

 

 

 

 

 

 

 

**PART II OTHER INFORMATION**

** **

**Item1A. Risk Factors.**

            There have beenno material changes in the risk factors previously disclosed in theCorporation's Annual Report on Form 10-K for the year ended December 31, 2005.

**Item 2. Unregistered Salesof Equity Securities and Use of Proceeds.**

TheCorporation made the following purchases of its common stock during the quarterended September 30, 2006:

Period

Total  Number of Shares Purchased

Average  Price Paid per Share

Total  Number of Shares Purchased as Party of Publicly Announced Plans or Programs  (1)

Maximum  Number of Shares that May Yet Be Purchased Under the Plans or Programs

July  1 - July 31

         20,000  (2)

$50

N/A

N/A

August  1 - August 31

          3,000 (3)  

-

N/A

N/A

September  1 - September 30

           1,700  (4)

$50

N/A

N/A

(1)        TheCorporation does not have any publicly announced plans or programs torepurchase shares of its common stock.

(2)        Pursuantto a Stock Repurchase Agreement, theCorporation repurchased 20,000 shares from the University of Tennessee.

(3)        Pursuantto two independently negotiated transactions, the Corporation repurchased 2,000shares.

(4)        Pursuantto one independently negotiated transaction, theCorporation repurchased 1,700 shares. 

** **

**Item 6.  Exhibits.**

EXHIBIT

NUMBER          DESCRIPTION

     3.1     Charter. (1)

     3.2     Articles ofAmendment to Charter. (1)

     3.3     Amended andRestated By-laws. (2)

     4.1     Form ofSpecimen Stock Certificate. (1)

   31.1    Certification of the Chief ExecutiveOfficer of First Farmers and Merchants Corporation Pursuant to Rule 13a-14(a)of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant toSection 302 of the Sarbanes-Oxley Act of 2002.

    31.2    Certification of the Chief FinancialOfficer of First Farmers and Merchants Corporation Pursuant to Rule 13a-14(a)of the Securities Exchange Act of 1934, as amended, as Adopted Pursuant toSection 302 of the Sarbanes-Oxley Act of 2002.

    32.1    Certification of the Chief ExecutiveOfficer and Chief Financial Officer of First Farmers and Merchants CorporationPursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of theSarbanes-Oxley Act of 2002.

                              

(1)  Incorporated byreference from the First Farmers and Merchants Corporation Amendment No. 1 tothe Annual Report on Form 10-K/A for the year ended December 31, 2003, FileNumber 0-10972, as filed with the Securities and Exchange Commission on May 7, 2004.

(2)  Incorporated byreference from the First Farmers and Merchants Corporation Current Report onForm 8-K,  File Number 0-10972, as filed with the Securities and ExchangeCommission on December 21, 2005.

            

** **

** **

** **

**SIGNATURES**

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

FIRST FARMERS AND MERCHANTS CORPORATION

(Registrant)

Date             November  9, 2006                            ____                    /s/ T.  Randy Stevens                                

                                                T.  Randy Stevens, Chief Executive Officer/Chairman

Date             November  9, 2006                            ________           /s/ Patricia P.  Moody                                       

 
Patricia P. Moody, Assistant  Treasurer (principal financial officer and principal accounting officer) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|