##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 MARK ONE
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2005
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD
 FROM ____________TO _________
 Commission File Number 2-90200
 FIRST MCMINNVILLE CORPORATION
  Tennessee
    
    62-1198119(State or Other Jurisdiction of
Incorporation or Organization)
    
    (IRS Employer Identification
Number)
 (Address of Principal Executive Offices and Zip Code)
 (Registrants Telephone Number, including area code)
  þ o
  o þ




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q
 PART I  FINANCIAL INFORMATION
 Item 1. Financial Statements
  Consolidated Balance Sheets  June 30, 2005 and December 31, 2004.Consolidated Statements of Earnings  For the three months and six months ended June 30, 2005
and 2004.Consolidated Statements of Comprehensive Earnings  For the three months and six months ended
June 30, 2005 and 2004.Consolidated Statements of Cash Flows  For the six months ended June 30, 2005 and 2004.Item 2. Managements Discussion and Analysis of Financial Condition and
Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market Risk*
  * Certain of the Disclosures required by Item 3 are incorporated by
reference to Managements Discussion and Analysis of Financial Condition and
Results of Operations.Item 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Submission of Matters to a Vote of Security HoldersItem 5. Other InformationItem 6. ExhibitsSignaturesEX-31.1  SECTION 302 CERTIFICATION OF THE CEOEX-31.2  SECTION 302 CERTIFICATION OF THE CFOEX-32.1  SECTION 906 CERTIFICATION OF THE CEOEX-32.2  SECTION 906 CERTIFICATION OF THE CFO
  2




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 
 Consolidated Balance Sheets
 June 30, 2005 and December 31, 2004
 (Unaudited)
 June 30,
    
    December 31,2005
    
    2004(In Thousands)AssetsLoans
    
    $
    143,462
    
    
    
    149,116Less: Allowance for loan losses
    
    
    (1,844
    )
    
    
    (1,816
    )Net loans
    
    
    141,618
    
    
    
    147,300Securities:Held-to-maturity, at cost (market value $58,175,000 and
$58,547,000, respectively)
    
    
    57,114
    
    
    
    57,126Available-for-sale, at market (amortized cost $86,418,000
and $88,796,000, respectively)
    
    
    85,335
    
    
    
    88,199Restricted equity securities
    
    
    1,329
    
    
    
    1,303Federal funds sold
    
    
    10,500
    
    
    
    6,000Interest bearing deposits in financial institutions
    
    
    38
    
    
    
    25Total earning assets
    
    
    295,934
    
    
    
    299,953Cash and due from banks
    
    
    5,524
    
    
    
    4,220Bank premises and equipment, net of accumulated depreciation
    
    
    1,678
    
    
    
    1,782Accrued interest receivable
    
    
    1,820
    
    
    
    1,713Deferred tax asset, net
    
    
    453
    
    
    
    267Other real estate
    
    
    117
    
    
    
    190Other assets
    
    
    351
    
    
    
    409Total Assets
    
    $
    305,877
    
    
    
    308,534Liabilities and Stockholders EquityDeposits
    
    $
    230,001
    
    
    
    226,588Securities sold under repurchase agreements
    
    
    22,457
    
    
    
    28,633Advances from Federal Home Loan Bank
    
    
    1,000
    
    
    
    1,000Accrued interest and other liabilities
    
    
    1,203
    
    
    
    2,234Total liabilities
    
    
    254,661
    
    
    
    258,455Stockholders equity:Common stock, no par value; authorized 5,000,000 shares, issued
1,235,652 shares and 1,233,922 shares, respectively
    
    
    3,796
    
    
    
    3,745Retained earnings
    
    
    52,730
    
    
    
    51,033Net unrealized losses on available-for-sale securities, net of
income taxes of $415,000 and $229,000, respectively
    
    
    (669
    )
    
    
    (369
    )55,857
    
    
    
    54,409Less cost of treasury stock of 199,324 shares and 193,062 shares,
respectively
    
    
    (4,641
    )
    
    
    (4,330
    )Total stockholders equity
    
    
    51,216
    
    
    
    50,079Total liabilities and stockholders equity
    
    $
    305,877
    
    
    
    308,534
  3




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Earnings
 Three Months and Six Months Ended June 30, 2005 and 2004
 (Unaudited)
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004(Dollars In Thousands, Except Per Share Amounts)Interest income:Interest and fees on loans
    
    $
    2,435
    
    
    
    2,438
    
    
    $
    4,838
    
    
    
    4,893Interest and dividends on securities:Taxable securities
    
    
    939
    
    
    
    864
    
    
    
    1,869
    
    
    
    1,701Exempt from Federal income taxes
    
    
    368
    
    
    
    392
    
    
    
    737
    
    
    
    789Interest on federal funds sold
    
    
    57
    
    
    
    34
    
    
    
    96
    
    
    
    63Interest on interest-bearing deposits in other banks and
other interest
    
    
    1
    
    
    
    
    
    
    
    1
    
    
    
    Total interest income
    
    
    3,800
    
    
    
    3,728
    
    
    
    7,541
    
    
    
    7,446Interest expense:Interest on negotiable order of withdrawal accounts
    
    
    59
    
    
    
    56
    
    
    
    112
    
    
    
    106Interest on money market demand and savings accounts
    
    
    111
    
    
    
    89
    
    
    
    221
    
    
    
    177Interest on certificates of deposit
    
    
    989
    
    
    
    799
    
    
    
    1,892
    
    
    
    1,620Interest on securities sold under repurchase agreements
and short term borrowings
    
    
    90
    
    
    
    83
    
    
    
    178
    
    
    
    154Interest on advances from Federal Home Loan Bank
    
    
    14
    
    
    
    14
    
    
    
    28
    
    
    
    28Total interest expense
    
    
    1,263
    
    
    
    1,041
    
    
    
    2,431
    
    
    
    2,085Net interest income
    
    
    2,537
    
    
    
    2,687
    
    
    
    5,110
    
    
    
    5,361Provision for loan losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net interest income after provision for loan losses
    
    
    2,537
    
    
    
    2,687
    
    
    
    5,110
    
    
    
    5,361Other income:Service charges on deposit accounts
    
    
    112
    
    
    
    114
    
    
    
    241
    
    
    
    224Other fees and commissions
    
    
    47
    
    
    
    34
    
    
    
    94
    
    
    
    74Commissions and fees on fiduciary activities
    
    
    13
    
    
    
    26
    
    
    
    23
    
    
    
    35Securities gains
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    21172
    
    
    
    174
    
    
    
    362
    
    
    
    354Other expenses:Salaries and employee benefits
    
    
    818
    
    
    
    845
    
    
    
    1,534
    
    
    
    1,593Occupancy expenses, net
    
    
    51
    
    
    
    50
    
    
    
    107
    
    
    
    101Furniture and equipment expense
    
    
    22
    
    
    
    33
    
    
    
    52
    
    
    
    53Data processing expense
    
    
    67
    
    
    
    84
    
    
    
    142
    
    
    
    149FDIC insurance
    
    
    8
    
    
    
    8
    
    
    
    16
    
    
    
    17Other operating expenses
    
    
    229
    
    
    
    277
    
    
    
    460
    
    
    
    5261,195
    
    
    
    1,297
    
    
    
    2,311
    
    
    
    2,439Earnings before income taxes
    
    
    1,514
    
    
    
    1,564
    
    
    
    3,161
    
    
    
    3,276Income taxes
    
    
    509
    
    
    
    505
    
    
    
    1,019
    
    
    
    1,032Net earnings
    
    $
    1,005
    
    
    
    1,059
    
    
    $
    2,142
    
    
    
    2,244Basic earnings per common share
    
    $
    .97
    
    
    
    1.01
    
    
    $
    2.06
    
    
    
    2.15Diluted earnings per common share
    
    $
    .95
    
    
    
    1.00
    
    
    $
    2.02
    
    
    
    2.12Dividends per share
    
    $
    .43
    
    
    
    .43
    
    
    $
    .43
    
    
    
    .43
  4




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Comprehensive Earnings
 Three Months and Six Months Ended June 30, 2005 and 2004
 (Unaudited)
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004(In Thousands)Net earnings
    
    $
    1,005
    
    
    
    1,059
    
    
    $
    2,142
    
    
    
    2,244Other comprehensive earnings (loss), net of tax:Unrealized gains (losses) on available-for-sale
securities arising during period, net of income
taxes of $275,000, $866,000, $184,000 and
$671,000, respectively
    
    
    444
    
    
    
    (1,396
    )
    
    
    (297
    )
    
    
    (1,082
    )Reclassification adjustment for gains included in
net earnings, net of taxes of $1,000 and $8,000,
respectively
    
    
    
    
    
    
    
    
    
    
    (3
    )
    
    
    (13
    )Other comprehensive earnings (loss)
    
    
    444
    
    
    
    (1,396
    )
    
    
    (300
    )
    
    
    (1,095
    )Comprehensive earnings (loss)
    
    $
    1,449
    
    
    
    (337
    )
    
    $
    1,843
    
    
    
    1,149
  5




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Cash Flows
 Six Months Ended June 30, 2005 and 2004
 Increase (Decrease) in Cash and Cash Equivalents
 (Unaudited)
 2005
    
    2004(In Thousands)Cash flows from operating activities:Interest received
    
    $
    7,153
    
    
    
    7,764Fees and commissions received
    
    
    358
    
    
    
    333Interest paid
    
    
    (2,260
    )
    
    
    (2,315
    )Cash paid to suppliers and employees
    
    
    (2,008
    )
    
    
    (2,077
    )Income taxes paid
    
    
    (959
    )
    
    
    (1,055
    )Net cash provided by operating activities
    
    
    2,284
    
    
    
    2,650Cash flows from investing activities:Proceeds from maturities of held-to-maturity securities
    
    
    2,269
    
    
    
    4,086Proceeds from maturities of available-for-sale securities
    
    
    6,881
    
    
    
    23,395Purchase of held-to-maturity securities
    
    
    (2,000
    )
    
    
    (4,000
    )Purchase of available-for-sale securities
    
    
    (4,500
    )
    
    
    (26,710
    )Repayments (loans to) customers, net
    
    
    5,673
    
    
    
    (1,049
    )Decrease (increase) in interest bearing deposits in financial
institutions
    
    
    (13
    )
    
    
    46Proceeds from sale of other real estate
    
    
    96
    
    
    
    24Purchase of equipment
    
    
    (41
    )
    
    
    (18
    )Net cash provided by (used in) investing activities
    
    
    8,365
    
    
    
    (4,226
    )Cash flows from financing activities:Net increase in non-interest bearing, savings and NOW
deposit accounts
    
    
    1,777
    
    
    
    6,347Net increase (decrease) in time deposits
    
    
    1,636
    
    
    
    (630
    )Increase (decrease) in securities sold under repurchase agreements
    
    
    (6,176
    )
    
    
    4,069Dividends paid
    
    
    (1,822
    )
    
    
    (1,806
    )Payments to acquire treasury stock
    
    
    (311
    )
    
    
    (34
    )Proceeds from sales of common stock
    
    
    51
    
    
    
    44Net cash provided by financing activities
    
    
    (4,845
    )
    
    
    7,990Net increase in cash and cash equivalents
    
    
    5,804
    
    
    
    6,414Cash and cash equivalents at beginning of period
    
    
    10,220
    
    
    
    13,084Cash and cash equivalents at end of period
    
    $
    16,024
    
    
    
    19,498
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FIRST MCMINNVILLE CORPORATION
 Consolidated Statements of Cash Flows, Continued
 Six Months Ended June 30, 2005 and 2004
 Increase (Decrease) in Cash and Cash Equivalents
 (Unaudited)
 2005
    
    2004(In Thousands)Reconciliation of net earnings to net cash provided by
operating activities:Net earnings
    
    $
    2,142
    
    
    
    2,244Adjustments to reconcile net earnings to net cash
provided by operating activities:Depreciation
    
    
    145
    
    
    
    150Amortization and accretion, net
    
    
    (255
    )
    
    
    255Securities gains
    
    
    (4
    )
    
    
    (21
    )Loss (gain) on sale of other real estate
    
    
    (14
    )
    
    
    6FHLB dividend reinvestment
    
    
    (26
    )
    
    
    (24
    )Decrease (increase) in interest receivable
    
    
    (107
    )
    
    
    87Decrease (increase) in other assets, net
    
    
    111
    
    
    
    52Increase (decrease) in interest payable
    
    
    171
    
    
    
    (230
    )Increase (decrease) in other liabilities
    
    
    121
    
    
    
    131Total adjustments
    
    
    142
    
    
    
    406Net cash provided by operating activities
    
    $
    2,284
    
    
    
    2,650Supplemental schedule of non-cash activities:Unrealized loss in value of securities available-for-sale,
net of income taxes of $186,000 and $679,000, respectively
    
    $
    (300
    )
    
    
    (1,095
    )Non-cash transfers from loans to other real estate
    
    $
    52
    
    
    
    332Other real estate transferred to loans
    
    $
    43
    
    
    
    420
  7




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FIRST MCMINNVILLE CORPORATION
 Notes to Consolidated Financial Statements
 (Unaudited)
 Basis of Presentation
    8




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
  Cautionary Note Concerning Forward-Looking Statements
  Liquidity and Interest Rate Sensitivity Management
  9




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
       10




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
     Capital Resources
  11




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Capital Resources, Continued
    Results of Operations
   12




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
     June 30,
    
    December 31,2005
    
    2004(In Thousands)Commercial, financial and agricultural
    
    $
    25,085
    
    
    
    21,946Real estate construction
    
    
    9,746
    
    
    
    6,563Real estate mortgage
    
    
    105,978
    
    
    
    117,960Consumer
    
    
    2,653
    
    
    
    2,647$
    143,462
    
    
    
    149,116
  13




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
     14




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
     June 30, 2005
    
    December 31, 2004Recorded
    
    Recorded(In Thousands)
    
    Investment
    
    InvestmentRecorded investment
    
    $
    1,015
    
    
    $
    1,097Allowance for loan losses
    
    $
    373
    
    
    $
    357
   15




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
  June 30, 2005
    
    December 31, 2004Past Due
    
    
    
    
    
    Past Due90 Days
    
    Non-Accrual
    
    90 Days
    
    Non-Accrual(In Thousands)
    
    (In Thousands)Real estate mortgage
    
    $
    11
    
    
    
    
    
    
    
    8
    
    
    
    Consumer
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    21
    
    
    
    
    
    
    
    8
    
    
    
    Renegotiated loans
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
  Six Months EndedJune 30,2005
    
    2004(In Thousands)Balance, January 1, 2005 and 2004, respectively
    
    $
    1,816
    
    
    
    1,909Add (deduct):Losses charged to allowance
    
    
    (12
    )
    
    
    (56
    )Recoveries credited to allowance
    
    
    40
    
    
    
    27Provision for loan losses
    
    
    
    
    
    
    Balance, June 30, 2005 and 2004, respectively
    
    $
    1,844
    
    
    
    1,880
  16




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
   June 30, 2005(In Thousands)
    
    SpecialTotal
    
    Mention
    
    Substandard
    
    DoubtfulCommercial, financial and
agricultural
    
    $
    6,087
    
    
    
    5,202
    
    
    
    885
    
    
    
    Real estate mortgage
    
    
    2,701
    
    
    
    
    
    
    
    2,701
    
    
    
    Real estate construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consumer
    
    
    68
    
    
    
    
    
    
    
    68
    
    
    
    $
    8,856
    
    
    
    5,202
    
    
    
    3,654
    
    
    
    
 December 31, 2004(In Thousands)
    
    SpecialTotal
    
    Mention
    
    Substandard
    
    DoubtfulCommercial, financial and
agricultural
    
    $
    5,621
    
    
    
    4,001
    
    
    
    1,620
    
    
    
    Real estate mortgage
    
    
    2,525
    
    
    
    
    
    
    
    2,469
    
    
    
    56Real estate construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consumer
    
    
    38
    
    
    
    
    
    
    
    38
    
    
    
    $
    8,184
    
    
    
    4,001
    
    
    
    4,127
    
    
    
    56
  17




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
   June 30, 2005
    
    December 31, 2004Percent of
    
    
    
    
    
    Percent ofLoans In
    
    
    
    
    
    Loans InIn
    
    Each Category
    
    In
    
    Each CategoryThousands
    
    To Total Loans
    
    Thousands
    
    To Total LoansCommercial, financial and
agricultural
    
    $
    990
    
    
    
    17
    %
    
    $
    843
    
    
    
    15
    %Real estate construction
    
    
    24
    
    
    
    7
    
    
    
    16
    
    
    
    4Real estate mortgage
    
    
    784
    
    
    
    74
    
    
    
    914
    
    
    
    79Consumer
    
    
    46
    
    
    
    2
    
    
    
    43
    
    
    
    2$
    1,844
    
    
    
    100
    %
    
    $
    1,816
    
    
    
    100
    %
      18




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Results of Operations, Continued
   Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,(In Thousands, except share amounts)
    
    2005
    
    2004
    
    2005
    
    2004Basic EPS Computation:Numerator  income available to common
shareholders
    
    $
    1,005
    
    
    
    1,059
    
    
    
    2,142
    
    
    
    2,244Denominator  weighted average number
of common shares outstanding
    
    
    1,039,135
    
    
    
    1,044,318
    
    
    
    1,040,322
    
    
    
    1,043,864Basic earnings per common share
    
    $
    .97
    
    
    
    1.01
    
    
    
    2.06
    
    
    
    2.15Diluted EPS Computation:Numerator
    
    $
    1,005
    
    
    
    1,059
    
    
    
    2,142
    
    
    
    2,244Denominator:Weighted average number of common
shares outstanding
    
    
    1,039,135
    
    
    
    1,044,318
    
    
    
    1,040,322
    
    
    
    1,043,864Dilutive effect of stock options
    
    
    18,435
    
    
    
    16,732
    
    
    
    18,435
    
    
    
    16,7321,057,570
    
    
    
    1,061,050
    
    
    
    1,058,757
    
    
    
    1,060,596Diluted earnings per common share
    
    $
    .95
    
    
    
    1.00
    
    
    
    2.02
    
    
    
    2.12
 Stock Option Plan
   19




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Stock Option Plan, Continued
  Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,(In Thousands)
    
    2005
    
    2004
    
    2005
    
    2004Net earnings:As Reported
    
    $
    1,005
    
    
    
    1,059
    
    
    
    2,142
    
    
    
    2,244Proforma
    
    $
    1,001
    
    
    
    1,057
    
    
    
    2,134
    
    
    
    2,239Basic earnings per common share:As Reported
    
    $
    .97
    
    
    
    1.01
    
    
    
    2.06
    
    
    
    2.15Proforma
    
    $
    .96
    
    
    
    1.01
    
    
    
    2.05
    
    
    
    2.14Diluted earnings per common share:As Reported
    
    $
    .95
    
    
    
    1.00
    
    
    
    2.02
    
    
    
    2.12Proforma
    
    $
    .95
    
    
    
    1.00
    
    
    
    2.02
    
    
    
    2.11
   20




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations,
Continued
 Impact of Inflation
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     21




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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 
 Item 4. Controls and Procedures
    22




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PART II. OTHER INFORMATION
 
 Item 1. LEGAL PROCEEDINGS
  
 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 (a)
    
    Shares of the Companys common stock were issued to Directors and/or Employees pursuant to
the Companys Stock Option Plan as follows:
 Date of Sale
    
    Number of Shares of Common Stock Sold
    
    Price Per ShareJune 15, 2005
    
    
    100
    
    
    $
    29.08
      (b)
    
    Not Applicable.
 (c)
    
    The Issuer repurchased 5,457 of its common shares in the second quarter of this fiscal year,
which ended June 30, 2005.
 (c)
    
    (d)Total Number
    
    Maximumof Shares
    
    Number (orPeriod Covered
    
    
    
    
    
    
    
    
    
    (or Units)
    
    Approximateby this Report -
    
    (a)
    
    
    
    
    
    Purchased as
    
    Dollar Value)Second Fiscal
    
    Total Number
    
    (b)
    
    Part of Publicly
    
    of SharesQuarter of 2005
    
    of Shares
    
    Average Price
    
    Announced
    
    (or Units)(April 1
    
    (or Units)
    
    Paid Per
    
    Plans
    
    that May Yetthrough June 30)
    
    Purchased
    
    Share (or Unit)
    
    or Programs
    
    Be PurchasedApril 1 - 30
    
    
    2,310
    *
    
    $
    49.12
    
    
    
    *
    
    
    
    *May 1 - 31
    
    
    
    *
    
    
    
    
    
    
    *
    
    
    
    *June 1 - 30
    
    
    3,147
    *
    
    
    50.09
    
    
    
    *
    
    
    
    *Total
    
    
    5,457
    *
    
    $
    49.61
    
    
    
    *
    
    
    
    *
 
 *
    
    The Issuer purchases shares of its stock from time to time in order to provide some liquidity in the
stock. The Issuer does not solicit such purchases. There is no preset number of shares that the
Issuer will purchase and no plan or program of purchases. Because there is no established public
trading market, the Issuer has historically acted as the purchasor of last resort to provide some
liquidity in the shares paying book value, as calculated by it, for shares based on the book value
as of the immediately preceding month end (unaudited). The Issuer does not encourage such sales to it
and does not compete in any manner in effecting such purchases.  23




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##### Table of Contents



PART II. OTHER INFORMATION, CONTINUED
 
 Item 3. DEFAULTS UPON SENIOR SECURITIES
 (a)
    
    None.(b)
    
    Not Applicable.
 
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 (a)
    
    The annual meeting of stockholders was held April 12, 2005.(b)
    
    The following persons were elected at the annual meeting of stockholders on April 12, 2005:
  (c)
    
    (1) Each of the above directors were elected by the following tabulation:
 Numberof Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    BrokerVoting
    
    For
    
    Against
    
    Withheld
    
    Non-VotesCharles C. Jacobs
    
    
    724,403
    
    
    
    602,823
    
    
    
    121,580
    
    
    
    
    
    
    
    J. Douglas Milner
    
    
    724,403
    
    
    
    668,296
    
    
    
    56,107
    
    
    
    
    
    
    
    Carl M. Stanley
    
    
    724,403
    
    
    
    603,623
    
    
    
    120,780
    
    
    
    
    
    
    
    
 (2)
    
    The ratification of the Audit Committees selection of Maggart & Associates, P.C.
as independent auditors for the Company for the year ending December 31, 2005 was as
follows:
 Number of
    
    
    
    
    
    
    
    
    
    
    
    
    
    BrokerShares Voting
    
    For
    
    Against
    
    Withheld
    
    Non-Votes724,403
    
    
    561,871
    
    
    
    156,214
    
    
    
    6,318
    
    
    
    
 (3)
    
    The Company proposed to amend and restate its charter at the annual meeting of
the stockholders on April 12, 2005. All the proposed charter amendments were approved
by the shareholders except for one. However, as was set forth in the proxy statements,
the Board could elect, and did elect, not to amend the charter at this time. The Board
has indicated that it is likely to submit a new charter proposal to a future meeting of
the shareholders.
 (d)
    
    Not Applicable.
 
 Item 5. OTHER INFORMATION
 (a)
    
    None.(b)
    
    Not Applicable.
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PART II. OTHER INFORMATION, CONTINUED
 
 Item 6. EXHIBITS
   25




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SIGNATURES
  FIRST MCMINNVILLE CORPORATION(Registrant)DATE:
August 9, 2005
    
    /s/ Charles C. JacobsCharles C. JacobsChairman and Chief Executive OfficerDATE:
August 9, 2005
    
    /s/ Kenny D. NealKenny D. NealChief Financial and Accounting Officer
 26