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 **June 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. 5,820,000shares as of August 7, 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 - June 30, 2006 and December 31, 2005.

Consolidatedstatements of income - For the three months and six months ended June 30, 2006and June 30, 2005.

Consolidatedstatements of cash flows - For the sixmonths ended June 30, 2006 and June 30,2005.

Selectednotes to consolidated financial statements.

**FIRST FARMERS AND MERCHANTS CORPORATION AND  SUBSIDIARY**

**CONSOLIDATED BALANCE SHEETS**

** **

** **

** **

** **

** **

**June 30,**

** **

December 31,

*(Dollars in Thousands, Except Per Share Data)*

**2006**

** **

2005

(Unaudited)

                       (1)

**ASSETS**

Cash and due from banks

** $**

**25,939 **

** **

 $

28,489  

Interest-bearing deposits in banks

**30 **

** **

49  

              Total cash and cash equivalents

**25,969 **

** **

28,538  

Securities

** **

** **

    Available for sale (amortized cost $181,182

** **

** **

         and $195,448, respectively)

**175,736 **

** **

191,931  

    Held to maturity (fair value $85,795

** **

** **

         and $90,810, respectively)

**86,133 **

** **

89,832  

              Total securities

**261,869 **

** **

281,763  

Loans, net of deferred fees

**483,964 **

** **

459,897  

    Allowance for possible loan losses 

**(7,635)**

** **

(7,794)

              Net loans

**476,329 **

** **

452,103  

Bank premises and equipment, at cost

** **

** **

         less allowance for depreciation

**11,634 **

** **

11,909  

Core deposit and other intangibles

**10,666 **

** **

10,930  

Other assets

**26,525 **

** **

25,796  

            TOTAL ASSETS

** $**

**812,992 **

** **

 $

811,039  

**LIABILITIES**

Deposits

** **

** **

     Noninterest-bearing

** $**

**124,323 **

** **

 $

117,065  

     Interest-bearing (including certificates of  deposit

** **

** **

          over $100:  2006 - $98,205; 2005 -  $94,471)

**567,691 **

** **

566,523  

            Total deposits

**692,014 **

** **

683,588  

Federal funds purchased and securities sold

** **

** **

           under agreements to repurchase

**4,907 **

** **

13,132  

Dividends payable

**1,927 **

** **

1,869  

Other short-term liabilities

**600 **

** **

522  

Accounts payable and accrued liabilities

**6,586 **

** **

5,417  

            TOTAL LIABILITIES

**706,034 **

704,528  

**SHAREHOLDERS'**

Common stock - $10 par value per share, 8,000,000  shares

** **

** **

**EQUITY**

        authorized;  issued and outstanding -  5,840,000

**58,400 **

** **

58,400  

Additional paid-in capital

**4,320 **

** **

4,320  

Retained earnings 

**47,588 **

** **

45,954  

Accumulated other comprehensive income

**(3,350)**

** **

(2,163)

            TOTAL SHAREHOLDERS' EQUITY

**106,958 **

** **

106,511  

            TOTAL LIABILITIES AND

                SHAREHOLDERS' EQUITY

** $**

**812,992 **

** **

 $

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

Six	Months Ended

*(Unaudited)*

June	30,

June	30,

**2006**

** **

2005

**2006**

** **

2005

** **

** **

** **

** **

**INTEREST INCOME**

Interest and fees on loans

** $**

**7,853 **

** **

 $

6,555  

** **

** $**

**15,121 **

** **

 $

12,924  

Income on investment securities

** **

** **

** **

** **

** **

     Taxable interest

**1,726 **

** **

2,233  

** **

**3,359 **

** **

4,520  

     Exempt from federal income tax

**1,068 **

** **

735  

** **

**2,146 **

** **

1,405  

     Dividends

**45 **

** **

33  

** **

**94 **

** **

66  

**2,839 **

** **

3,001  

** **

**5,599 **

** **

5,991  

Other interest income

**22 **

** **

94  

** **

**56 **

** **

126  

    TOTAL INTEREST INCOME

**10,714 **

** **

9,650  

**20,776 **

** **

19,041  

** **

** **

** **

** **

**INTEREST EXPENSE**

Interest on deposits

**3,031 **

** **

2,341  

**6,019 **

** **

4,492  

Interest on other short-term borrowings

**193 **

** **

21  

** **

**269 **

** **

60  

      TOTAL INTEREST EXPENSE

**3,224 **

** **

2,362  

** **

**6,288 **

** **

4,552  

** **

** **

** **

** **

** **

       NET INTEREST INCOME

**7,490 **

** **

7,289  

** **

**14,488 **

** **

14,489  

PROVISION FOR POSSIBLE LOAN 

  (RECOVERIES) NET

**- **

** **

(796)

** **

**- **

** **

(796)

** **

** **

** **

** **

      NET INTEREST INCOME AFTER

          	PROVISION FOR LOAN 

** **

** **

** **

** **

             	(RECOVERIES) NET

**7,490 **

** **

8,085  

**14,488 **

** **

15,285  

** **

** **

** **

** **

**NONINTEREST  INCOME**

Trust department income

**608 **

** **

526  

**1,148 **

** **

1,114  

Service fees on deposit accounts

**2,024 **

** **

1,861  

**3,839 **

** **

3,451  

Other service fees, commissions and fees

**106 **

** **

113  

**194 **

** **

205  

Other operating income

**212 **

** **

247  

** **

**396 **

** **

434  

      TOTAL NONINTEREST  INCOME

**2,950 **

** **

2,747  

**5,577 **

** **

5,204  

** **

** **

** **

** **

**NONINTEREST  EXPENSES**

Salaries and employee benefits

**4,212 **

** **

3,969  

**8,347 **

** **

7,992  

Net occupancy expense

**551 **

** **

570  

**1,113 **

** **

1,173  

Furniture and equipment expense

**308 **

** **

298  

**605 **

** **

591  

Other operating expenses

**2,968 **

** **

2,550  

** **

**5,679 **

** **

5,137  

      TOTAL NONINTEREST EXPENSES

**8,039 **

** **

7,387  

**15,744 **

** **

14,893  

          	INCOME BEFORE PROVISION FOR

** **

** **

** **

** **

                	INCOME TAXES

**2,401 **

** **

3,444  

**4,321 **

** **

5,596  

PROVISION FOR INCOME TAXES

**484 **

** **

679  

**760 **

** **

1,547  

** **

** **

** **

** **

                 	NET INCOME 

** $**

**1,917 **

** **

 $

2,765  

** $**

**3,561 **

** **

 $

4,049  

**BASIC EARNINGS PER**

** **

** **

** **

** **

**SHARE**

Common stock 

** **

** **

** **

** **

   (5,840,000 Shares)

** $**

**0.33 **

** **

 $

0.47  

** $**

**0.61 **

** **

 $

0.69  

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

 
**FIRST FARMERS AND MERCHANTS CORPORATION AND  SUBSIDIARY**

**CONSOLIDATED STATEMENTS OF CASH  FLOWS                 **

*(Unaudited)*

*(Dollars in Thousands, Except Per Share Data)*

*Six Months Ended  June 30,*

**2006**

** **

2005

**OPERATING**

Net income

** $**

**3,561 **

** **

 $

4,049  

**ACTIVITIES**

   Adjustments to reconcile net income to net cash  provided

** **

** **

     by operating activities

** **

** **

       Deficiency of provision for possible loan  losses

** **

** **

          over net charge offs

**(159)**

** **

(502)

       Provision for depreciation and amortization  of

** **

** **

          premises and equipment

**556 **

** **

617  

       Amortization of deposit base intangibles

**528 **

** **

528  

       Amortization of investment security premiums,

** **

** **

          net of accretion of discounts

**634 **

** **

1,212  

       Increase in cash surrender value of life  insurance contracts

**(196)**

** **

(117)

      Decrease (increase) in

** **

** **

          Deferred income taxes

**24 **

** **

227  

          Interest receivable

**107 **

** **

129  

          Other assets

**(186)**

** **

234  

       Increase in

** **

** **

          Interest payable

**272 **

** **

313  

          Other liabilities

**896 **

** **

546  

               Total adjustments

**2,476 **

** **

3,187  

               Net cash provided by operating  activities

**6,037 **

** **

7,236  

**INVESTING**

Proceeds from maturities, calls and sales of

** **

** **

**ACTIVITIES**

      available-for-sale securities

**33,082 **

** **

25,115  

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

**3,650 **

** **

5,500  

Purchases of investment securities

      Available-for-sale

**(19,401)**

** **

(14,117)

      Held-to-maturity

**- **

** **

(23,195)

Net decrease (increase) in loans

**(24,067)**

** **

579  

Purchase of single premium life insurance contract

**- **

** **

(254)

Purchases of premises and equipment

**(281)**

** **

(440)

               Net cash used in investing activities

**(7,017)**

** **

(6,812)

**FINANCING**

Net increase in noninterest-bearing

**ACTIVITIES**

      and interest-bearing deposits

**8,426 **

** **

26,506  

Net increase (decrease) increase in short-term  borrowings

**(8,146)**

** **

2,964  

Cash dividends

**(1,869)**

** **

(1,752)

               Net cash (used in) provided by  financing activities

**(1,589)**

** **

27,718  

(Decrease) increase in cash and cash equivalents

**(2,569)**

** **

28,142  

Cash and cash equivalents at beginning of period

**28,538 **

** **

22,251  

Cash and cash equivalents at end of period

** $**

**25,969 **

** **

 $

50,393  

      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 the Bank throughout three counties.  In Marshall County, the Lewisburg East and Lewisburg Downtown offices were consolidated to the Ellingtonoffice on May 1, 2006. In Giles County, the Pulaski West College office was permanentlyclosed and its operations transferred to the Martin House office on July 3,2006.  In Lawrence County, the Leoma office was permanently closed on July 3,2006. 

**NOTE 3 - SUBSEQUENTEVENT**

**           **On July 6, 2006, First Farmers and MerchantsCorporation, pursuant to Stock Repurchase Agreement dated as of June 23, 2006,closed a transaction to repurchase from the University of Tennessee 20,000shares of the Corporation's common stock at a price of $50 per share for anaggregate purchase price of $1 million.  

** **

** **

** **

** **

** **

** **

** **

 

 

 

 

 

** **

** **

**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 ofSection 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. These forward-looking statementsmay be identified by, among other things, the use of forward-lookingterminology such as "anticipates," "could," "expects," "believes," "plans,""may" or "will," or future or conditional verb tenses, andvariations or  negatives of such terms.  These forward-looking statementsinclude, without limitation, those relating to the potential sale of available-for-salesecurities, repayment of loans by borrowers, failure to meet and satisfactionof capital adequacy requirements, adequacy of capital resources to meetliquidity needs, the payment of dividends, material capital expenditures, theeffect of fluctuating interest rates, deferred income tax assets and rate riskanalysis.  We caution you not to place undue reliance on such forward-lookingstatements in this report because results could differ materially from thoseanticipated due to a variety of factors.  These factors include, but are notlimited to, changes in economic conditions; fluctuations in prevailing interestrates and the effectiveness of our risk monitoring systems; the ability of ourborrowers to repay loans; adverse changes in our special mention credits; ourability to sell available-for-sale securities to fund increased loan demand;our ability to meet regulatory capital adequacy requirements; our ability tomeet liquidity needs from operating activities; the accuracy of assumptions inour rate risk analysis; our ability to recognize deferred tax assets; ourability to maintain credit quality; our ability to provide market competitiveproducts and services; laws and regulations affecting financial institutions ingeneral; our ability to control factors influencing net interest income; thegeographic concentration of our assets; our ability to maintain sufficientasset quality and cost controls; and other factors generally understood toaffect the financial results of financial services companies and other factorsdetailed from time to time in First Farmers and Merchants Corporation's filingswith the Securities and Exchange Commission. We undertake no obligation toupdate these forward-looking statements to reflect events or circumstances thatoccur after the date of this report.

**EXECUTIVE OVERVIEW**

AtJune30, 2006, the consolidated total assets of First Farmers and MerchantsCorporation (the "Corporation") were $813.0 million, its consolidated net loanswere $476.3 million, its total deposits were $692.0 million and its totalshareholders' equity was $107.0 million.  The loan portfolio at June 30, 2006 increased$24.1 million, or 5.2%, compared to December 31, 2005.  The retail portion ofthe portfolio experienced a 3.1% increase during the first six months of 2006 andthe commercial portfolio increased 7.9% during the same period.  Total depositsincreased $8.4 million, or 1.2%, andshareholders' equity increased 0.4% during the first six months of 2006.  Totalshareholders' equity includes an unrealized loss on available-for-sale securitiesof $3.4 million.

**MATERIALCHANGES IN FINANCIAL CONDITION**

Averageearning assets at June 30, 2006 decreased 0.7% from average earning assets atDecember 31, 2005.  Average overnight investments at June 30, 2006 weredown $4.7 million compared to December 31, 2005.  Average investment securitiesat June 30, 2006 decreased 7.6% compared to the average at December 31, 2005. Average total assets of $809.1 million at June 30, 2006 decreased 1.2%, or $9.5 million, compared toan average of $818.6 million at 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 June 30, 2006, the Bank's investment securities portfoliohad $175.7 million available-for-sale securities and $86.1 million held-to-maturity securities compared to $191.9million and $89.8 million, respectively, at December 31, 2005.  The 8.4% decrease in available-for-sale securities for the sixmonths ended June 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.  The Bank may sell available-for-salesecurities to fund planned increased loan demand 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.  

Concentrationswithin the Bank's loan portfolio exist.  First mortgage loans, secured by one-to-fourfamily residential properties, represented 37.5% of the total loan portfolio atJune30, 2006.  The Bank recognizes this concentration, but finds the riskacceptable given the strong underwriting practices applied to this portfolioand the acceptable level of historical losses.  The commercial loan portfolio represented45.5% of the total loan portfolio at quarter-end.  The pipeline of commercialloan opportunities was strong throughout the second quarter including theparticipations purchased.  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 underwriting practices,policies and loss allowance levels match the level of risk posed.  All loansare expected to be repaid from cash flow or proceeds from the sale of selectedassets of the borrowers.  Collateral requirements for the loan portfolio arebased on a credit evaluation of the loan customers.

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 $7.6 million, or 1.6% of gross loans, at June 30, 2006,compared to $7.8 million, or 1.7% of gross loans, at December 31, 2005.  Net charge-offloans through June 30, 2006 were $159,000, which resulted in anannualized net charge-off ratio of 0.07%.

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 June 30, 2006, this process identified loans totaling $6.5million, or 1.3% of the portfolio, that were classified as other assetsespecially mentioned, compared to loans totaling $5.7 million, 1.3 % of theportfolio, so classified at December 31, 2005.  Loans totaling $8.4 million, or1.7% of the portfolio, were classified as substandard at June 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 at June 30, 2006and December 31, 2005. 

** **

** **

**Deposits**

            The Bank doesnot have any foreign offices and all deposits are serviced in its 20 domestic offices.  The Bank's average deposits declined2.2% during the first six months of 2006 compared to a decline of 1.2% in thefirst six months of 2005.  The primary reason for the decline of averagedeposits between these periods is that the Bank reduced its dependence on largedollar municipal certificates of deposit.   Average total noninterest-bearingdeposits were 17.0% of total deposits at June 30, 2006, contributing to the Bank's low cost ofdeposits.  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 statements 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 June 30, 2006, the Corporation's Tier 1, Total Capital andleverage capital ratios were 19.1%, 20.3% and 12.5%, respectively.  The ratioswere 18.7%, 20.0% and 12.1%, respectively, at December 31, 2005.  As of June 30, 2006,the Bank's Tier 1 Capital, Total Capital and leverage capital were 18.7%, 20.0%and 12.3%, respectively, compared to 18.5%, 19.8% and 12.0% at December 31,2005. Management believes, as of June 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 June 30,2006 was $107.7 million, a 1.5% 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 compliance withminimum federal regulatory capital requirements and to retain itscharacterization under federal regulations as a "well-capitalized" institution.The Bank declared a $0.33 per share dividend in the second quarter of 2006,which will be 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*

           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 lossratio, which is determined based on the experience of management, discussionswith banking 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 inevaluating the adequacy of the ALLL are:
-  Portfolio quality trends; 
-  Changes in the nature and volumeof the portfolio;
-  Present and prospective economicand business conditions, locally and nationally;
-  Management review systems andboard oversight, including external loan review processes;
-  Changes in credit policy, creditadministration, portfolio management and procedures; and
-  Changes in personnel, managementand 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*

Deferredincome tax assets consist mainly of the tax effect of excess provisions forloan losses over actual losses incurred and deferred compensation.  Managementbelieves that it is more likely than not that these assets will be realized infuture years.

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**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 June 30, 2006were $83.6 million and $10.1 million, respectively, compared to $77 millionoutstanding loan commitments and $10 million stand-by letters of credit in thenormal course of business at December 31, 2005.  Loan commitments areagreements 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, bondfinancing and similar transactions.  The credit risk involved in issuingletters of credit is essentially the same as that involved in making a loan.

AtJune 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 six months of 2006 was $20.8 million compared to $19.0million for the first six months of 2005.  Interest and fees earned on loansand investments are the components of total interest income.  Interest and feesearned on loans were $15.1 million, an increase of approximately $2.2 million,or 17.0% during the first six months of 2006 compared to the first six monthsof 2005.  Nominal interest earned on investment securities and otherinvestments were $5.6 million, a decrease of approximately $392,000, or 6.5%,during the first six months of 2006 compared to the first six months of 2005 anddecreased 5.5% for the three months ending June 30, 2006 compared to the threemonths ending June 30, 2005. 

            Total interestexpense in the first six months of 2006 was $6.3 million, an increase of approximately$1.7 million, or 38.1%, compared to the first six months of 2005.  The higher interest rates for certificates ofdeposit during the first six months of 2006 were the primary reason for thehigher expense.  As a policy, budgeted financial goals are monitored on amonthly basis by the Bank'sAsset/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 July 1, 2006 and ending June 30, 2007 showeda worst-case potential change to net interest income of a negative 0.06%, or a declinein net interest income of approximately $20,000 by 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 June 30, 2006, June 30, 2005and December, 31, 2005 was 4.26%, 4.14% and 4.21%, respectively.

            No additionswere made to the allowance for loan losses in the second quarter of 2006.

            Noninterestincome was $5.6 million, an increase of $373,000, or 7.2%, during the first sixmonths of 2006 compared to the first six months of 2005.  Service charges ondeposits provided the most significant portion of this increase in noninterestincome at $388,000, or 11.3%, compared to the second quarter of 2005.

Noninterestexpenses, excluding the provision for possible loan losses, were $851,000, or 5.7%,higher in the first six months of 2006 than in the first six months of 2005. Salaries and benefits expense was up $355,000, or 4.4%, for the six months ended June 30,2006 compared to the same period in 2005 as a result of standard increases insalaries and significant increases in medical insurance benefit costs.    

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 six month period ended June 30, 2006 in the terms of these leases.

Provisionfor income taxes for the six months ended June 30, 2006 was $760,000, comparedto $1.5 million for the six months ended June 30, 2005.  Increases in theBank's investment in municipal securities, which are exempt from federal incometax, contributed to the decrease in tax expense of $787,000 for the six monthsended June 30, 2006.

Netincome for the six months ended June 30, 2006 was $3.6 million, compared to $4.1 million forthe six months ended June 30, 2005.  There was a credit to the provision forloan and lease losses in February 2005 in the amount of $796,000 that primarilyaccounted for the difference between 2006 and 2005.

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

Duringthe six months ended June 30, 2006, there were no materialchanges in the quantitative and qualitative disclosures about market riskpresented in the Corporation's Annual Report on Form 10-K for the year endedDecember 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 in ensuring that information required to be disclosedby the Corporation (including the Corporation's consolidated subsidiaries) inreports that the Corporation files or submits under the Exchange Act isrecorded, processed, summarized and reported in a timely manner.

(b) Changes in InternalControl Over Financial Reporting.  There has been no change in theCorporation's internal control over financial reporting that occurred duringthe second quarter of 2006 that has materially affected, or is reasonablylikely to materially affect, the Corporation's internal control over financialreporting.

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**PART II OTHER INFORMATION**

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**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 4.  Submission ofMatters to a Vote of Security Holders.**

**            **The annual meeting for shareholders of the Corporationwas held on Tuesday, April 18, 2006.  At the meeting, the election of directorswas voted upon by the Corporation's shareholders.  At the meeting, votes werecast as follows:

Votes For

Votes Against

Abstentions/Non-Votes

Kenneth A. Abercrombie

       3,793,331 

             680 

                      - 

James L. Bailey, Jr.

       3,794,011 

                 - 

                      - 

Hulet M. Chaney

       3,794,011 

                 - 

                      - 

H. Terry Cook, Jr.

       3,793,611 

             400 

                      - 

Tom Napier Gordon

       3,741,899 

        52,112 

                      - 

Dr. O. Rebecca Hawkins

       3,792,819 

          1,192 

                      - 

Dr. Joseph W. Remke, III

       3,792,819 

          1,192 

                      - 

T. Randy Stevens

       3,777,440 

        16,571 

                      - 

John P. Tomlinson, III

       3,766,718 

        27,293 

                      - 

William R. Walter

       3,792,667 

          1,344 

                      - 

Dan C. Wheeler

       3,793,331 

             680 

                      - 

Dr. David W. Williams

       3,790,361 

          3,650 

                      - 

W. Donald Wright

       3,794,011 

                 - 

                      - 

James E. York

       3,794,011 

                 - 

                      - 

                As indicated in the above table, Kenneth A. Abercrombie,James L. Bailey, Jr., Hulet M. Chaney, H. Terry Cook, Jr., Tom Napier Gordon,Dr. O. Rebecca Hawkins, Dr. Joseph W. Remke, III, T. Randy Stevens, John P.Tomlinson, III, Williams R. Walter, Dan C. Wheeler, Dr. David S. Williams, W.Donald Wright and James E. York were elected as directors of the Corporation. The terms of the directors will expire at the annual meeting of shareholders in2007, or until their respective successors are elected and qualified.

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**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)

   10.1     StockRepurchase Agreement, dated as of June 23, 2006, between University of Tennessee and First Farmers 

               and MerchantsCorporation. (3)

   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 by referencefrom the First Farmers and Merchants Corporation Amendment No. 1 to the AnnualReport on Form 10-K/A for the year ended December 31, 2003, File Number 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.

(3)   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 July 10, 2006.

            

**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             August 9,2006                                                      /s/ T. RandyStevens                                

                                    T. Randy Stevens,Chief Executive Officer/Chairman

Date             August 9,2006                                              /s/ Patricia P.Moody                                       

PatriciaP. Moody, Assistant Treasurer (principal financial officer and principalaccounting officer) |
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