##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2006
 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 o þ
  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, 2006 and December 31, 2005Consolidated Statements of Earnings  For the three months and six months ended June 30, 2006
and 2005Consolidated Statements of Comprehensive Earnings  For the three months and six months ended
June 30, 2006 and 2005Consolidated Statements of Cash Flows  For the six months ended June 30, 2006 and 2005Item 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 Item 2, Managements Discussion and Analysis of Financial Condition
and Results of Operations.Item 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 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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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Balance Sheets
 June 30, 2006 and December 31, 2005
 (Unaudited)
 June 30,
    
    
    December 31,2006
    
    
    2005(In Thousands)AssetsLoans, less allowance for loan losses of $1,816,000 and
$1,816,000, respectively
    
    $
    156,902
    
    
    
    151,750Securities:Held-to-maturity, at cost (market value $53,206,000 and
$60,301,000, respectively)
    
    
    53,374
    
    
    
    59,956Available-for-sale, at market (amortized cost $96,077,000
and $95,930,000, respectively)
    
    
    93,515
    
    
    
    93,892Total securities
    
    
    146,889
    
    
    
    153,848Interest-bearing deposits in financial institutions
    
    
    53
    
    
    
    45Restricted equity securities
    
    
    1,396
    
    
    
    1,359Total earning assets
    
    
    305,240
    
    
    
    307,002Cash and due from banks
    
    
    4,689
    
    
    
    5,649Premises and equipment, net
    
    
    1,812
    
    
    
    1,836Accrued interest receivable
    
    
    2,056
    
    
    
    1,890Deferred tax asset, net
    
    
    958
    
    
    
    756Foreclosed assets
    
    
    278
    
    
    
    203Other assets
    
    
    379
    
    
    
    445Total Assets
    
    $
    315,412
    
    
    
    317,781Liabilities and Stockholders EquityDeposits
    
    $
    240,858
    
    
    
    239,088Securities sold under repurchase agreements
    
    
    18,165
    
    
    
    19,389Federal fund purchased
    
    
    1,500
    
    
    
    4,300Advances from Federal Home Loan Bank
    
    
    1,000
    
    
    
    1,000Accrued interest and other liabilities
    
    
    1,625
    
    
    
    2,787Total liabilities
    
    
    263,148
    
    
    
    266,564Stockholders equity:Common stock, no par value; authorized 5,000,000 shares, issued
1,237,685 shares and 1,233,922 shares, respectively
    
    
    3,865
    
    
    
    3,804Surplus
    
    
    9
    
    
    
    Retained earnings
    
    
    55,175
    
    
    
    53,620Net unrealized losses on available-for-sale securities, net of
income taxes of $981,000 and $780,000, respectively
    
    
    (1,581
    )
    
    
    (1,257
    )57,468
    
    
    
    56,167Less cost of treasury stock of 210,362 shares and 205,440 shares,
respectively
    
    
    (5,204
    )
    
    
    (4,950
    )Total stockholders equity
    
    
    52,264
    
    
    
    51,217COMMITMENTS AND CONTINGENT LIABILITIESTotal liabilities and stockholders equity
    
    $
    315,412
    
    
    
    317,781
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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Earnings
 Three Months and Six Months Ended June 30, 2006 and 2005
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005(Dollars In Thousands, Except Per Share Amounts)Interest income:Interest and fees on loans
    
    $
    2,675
    
    
    
    2,435
    
    
    $
    5,319
    
    
    
    4,838Interest and dividends on securities:Taxable securities
    
    
    1,117
    
    
    
    939
    
    
    
    2,226
    
    
    
    1,869Exempt from Federal income taxes
    
    
    339
    
    
    
    368
    
    
    
    692
    
    
    
    737Interest on federal funds sold
    
    
    73
    
    
    
    57
    
    
    
    87
    
    
    
    96Interest on interest-bearing deposits in other banks and
other interest
    
    
    1
    
    
    
    1
    
    
    
    1
    
    
    
    1Total interest income
    
    
    4,205
    
    
    
    3,800
    
    
    
    8,325
    
    
    
    7,541Interest expense:Interest on negotiable order of withdrawal accounts
    
    
    72
    
    
    
    59
    
    
    
    139
    
    
    
    112Interest on money market demand and savings accounts
    
    
    153
    
    
    
    111
    
    
    
    309
    
    
    
    221Interest on certificates of deposit
    
    
    1,436
    
    
    
    989
    
    
    
    2,768
    
    
    
    1,892Interest on securities sold under repurchase agreements
and short term borrowings
    
    
    95
    
    
    
    90
    
    
    
    209
    
    
    
    178Interest on advances from Federal Home Loan Bank
    
    
    14
    
    
    
    14
    
    
    
    28
    
    
    
    28Total interest expense
    
    
    1,770
    
    
    
    1,263
    
    
    
    3,453
    
    
    
    2,431Net interest income
    
    
    2,435
    
    
    
    2,537
    
    
    
    4,872
    
    
    
    5,110Provision for loan losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net interest income after provision for loan losses
    
    
    2,435
    
    
    
    2,537
    
    
    
    4,872
    
    
    
    5,110Other income:Service charges on deposit accounts
    
    
    103
    
    
    
    112
    
    
    
    202
    
    
    
    241Other fees and commissions
    
    
    60
    
    
    
    47
    
    
    
    100
    
    
    
    94Commissions and fees on fiduciary activities
    
    
    11
    
    
    
    13
    
    
    
    21
    
    
    
    23Securities gains
    
    
    11
    
    
    
    
    
    
    
    11
    
    
    
    4185
    
    
    
    172
    
    
    
    334
    
    
    
    362Other expenses:Salaries and employee benefits
    
    
    805
    
    
    
    818
    
    
    
    1,522
    
    
    
    1,534Occupancy expenses, net
    
    
    47
    
    
    
    51
    
    
    
    98
    
    
    
    107Furniture and equipment expense
    
    
    10
    
    
    
    22
    
    
    
    35
    
    
    
    52Data processing expense
    
    
    88
    
    
    
    67
    
    
    
    167
    
    
    
    142FDIC insurance
    
    
    7
    
    
    
    8
    
    
    
    15
    
    
    
    16Other operating expenses
    
    
    240
    
    
    
    229
    
    
    
    487
    
    
    
    4601,197
    
    
    
    1,195
    
    
    
    2,324
    
    
    
    2,311Earnings before income taxes
    
    
    1,423
    
    
    
    1,514
    
    
    
    2,882
    
    
    
    3,161Income taxes
    
    
    404
    
    
    
    509
    
    
    
    886
    
    
    
    1,019Net earnings
    
    $
    1,019
    
    
    
    1,005
    
    
    $
    1,996
    
    
    
    2,142Basic earnings per common share
    
    $
    .99
    
    
    
    .97
    
    
    $
    1.94
    
    
    
    2.06Diluted earnings per common share
    
    $
    .97
    
    
    
    .95
    
    
    $
    1.90
    
    
    
    2.02Dividends 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, 2006 and 2005
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005(In Thousands)Net earnings
    
    $
    1,019
    
    
    
    1,005
    
    
    $
    1,996
    
    
    
    2,142Other comprehensive earnings (loss), net of tax:Unrealized gains (losses) on available-for-sale
securities arising during period, net of income
taxes of $146,000, $275,000, $193,000 and
$185,000, respectively
    
    
    (236
    )
    
    
    444
    
    
    
    (312
    )
    
    
    (297
    )Reclassification adjustment for gains included in
net earnings, net of taxes of $7,000, $7,000 and
$1,000, respectively
    
    
    (11
    )
    
    
    
    
    
    
    (11
    )
    
    
    (3
    )Other comprehensive earnings (loss)
    
    
    (247
    )
    
    
    444
    
    
    
    (323
    )
    
    
    (300
    )Comprehensive earnings
    
    $
    772
    
    
    
    1,449
    
    
    $
    1,673
    
    
    
    1,842
  5




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Cash Flows
 Six Months Ended June 30, 2006 and 2005
 Increase (Decrease) in Cash and Cash Equivalents
 (Unaudited)
 2006
    
    
    2005(In Thousands)Cash flows from operating activities:Interest received
    
    $
    7,889
    
    
    
    7,153Fees and commissions received
    
    
    323
    
    
    
    358Interest paid
    
    
    (3,377
    )
    
    
    (2,260
    )Cash paid to suppliers and employees
    
    
    (2,065
    )
    
    
    (2,008
    )Income taxes paid
    
    
    (833
    )
    
    
    (959
    )Net cash provided by operating activities
    
    
    1,937
    
    
    
    2,284Cash flows from investing activities:Proceeds from maturities and calls of held-to-maturity securities
    
    
    6,840
    
    
    
    2,269Proceeds from maturities and calls of available-for-sale securities
    
    
    6,823
    
    
    
    6,881Purchase of held-to-maturity securities
    
    
    
    
    
    
    (2,000
    )Purchase of available-for-sale securities
    
    
    (6,985
    )
    
    
    (4,500
    )Advances on loans, net of repayments
    
    
    (5,221
    )
    
    
    Repayment of loans, net of advances to customers
    
    
    
    
    
    
    5,673Increase in interest bearing deposits in financial institutions
    
    
    (8
    )
    
    
    (13
    )Proceeds from sale of other real estate
    
    
    
    
    
    
    96Purchases of premises and equipment
    
    
    (97
    )
    
    
    (41
    )Net cash provided by investing activities
    
    
    1,352
    
    
    
    8,365Cash flows from financing activities:Net increase (decrease) in non-interest bearing, savings and
NOW deposit accounts
    
    
    (970
    )
    
    
    1,777Net increase in time deposits
    
    
    2,740
    
    
    
    1,636Net decrease in securities sold under repurchase agreements
    
    
    (1,224
    )
    
    
    (6,176
    )Repayment of fed funds purchased
    
    
    (2,800
    )
    
    
    Dividends paid
    
    
    (1,802
    )
    
    
    (1,822
    )Payments to acquire treasury stock
    
    
    (254
    )
    
    
    (311
    )Proceeds from sales of common stock
    
    
    61
    
    
    
    51Net cash provided by financing activities
    
    
    (4,249
    )
    
    
    (4,845
    )Net increase (decrease) in cash and cash equivalents
    
    
    (960
    )
    
    
    5,804Cash and cash equivalents at beginning of period
    
    
    5,649
    
    
    
    10,220Cash and cash equivalents at end of period
    
    $
    4,689
    
    
    
    16,024
  6




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FIRST MCMINNVILLE CORPORATION
 Consolidated Statements of Cash Flows, Continued
 Six Months Ended June 30, 2006 and 2005
 Increase (Decrease) in Cash and Cash Equivalents
 (Unaudited)
 2006
    
    
    2005(In Thousands)Reconciliation of net earnings to net cash provided by
operating activities:Net earnings
    
    $
    1,996
    
    
    
    2,142Adjustments to reconcile net earnings to net cash
provided by operating activities:Depreciation
    
    
    121
    
    
    
    145Amortization and accretion, net
    
    
    (232
    )
    
    
    (255
    )Securities gains
    
    
    (11
    )
    
    
    (4
    )Gain on sale of other real estate
    
    
    (6
    )
    
    
    (14
    )FHLB dividend reinvestment
    
    
    (37
    )
    
    
    (26
    )Increase in interest receivable
    
    
    (167
    )
    
    
    (107
    )Decrease in other assets, net
    
    
    66
    
    
    
    111Increase in interest payable
    
    
    76
    
    
    
    171Increase in other liabilities
    
    
    131
    
    
    
    121Total adjustments
    
    
    (59
    )
    
    
    142Net cash provided by operating activities
    
    $
    1,937
    
    
    
    2,284Supplemental schedule of non-cash activities:Unrealized loss in value of securities available-for-sale,
net of income taxes of $200,000 and $186,000, respectively
    
    $
    (323
    )
    
    
    (300
    )Non-cash transfers from loans to other real estate
    
    $
    143
    
    
    
    52Other real estate transferred to loans
    
    $
    74
    
    
    
    43
  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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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 31,2006
    
    
    2005(In Thousands)Commercial, financial and agricultural
    
    $
    23,767
    
    
    
    20,957Real estate construction
    
    
    7,106
    
    
    
    10,154Real estate mortgage
    
    
    125,016
    
    
    
    119,587Consumer
    
    
    2,829
    
    
    
    2,868$
    158,718
    
    
    
    153,566
  13




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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
     14




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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
     (In Thousands)June 30, 2006
    
    December 31, 2005Recorded investment
    
    $
    1,088
    
    
    $
    1,055Allowance for loan losses
    
    $
    403
    
    
    $
    370
   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, 2006
    
    
    December 31, 2005Past Due
    
    
    
    
    
    
    Past Due90 Days
    
    
    Non-Accrual
    
    
    90 Days
    
    
    Non-Accrual(In Thousands)
    
    
    (In Thousands)Real estate loans
    
    $
    233
    
    
    
    
    
    
    
    72
    
    
    
    Consumer
    
    
    5
    
    
    
    
    
    
    
    22
    
    
    
    Commercial
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    238
    
    
    
    
    
    
    
    94
    
    
    
    Renegotiated loans
    
    $
    
    
    
    
    
    
    
    
    
    
    
    
    
  Six Months EndedJune 30,2006
    
    
    2005(In Thousands)Balance, January 1, 2006 and 2005, respectively
    
    $
    1,816
    
    
    
    1,816Add (deduct):Losses charged to allowance
    
    
    (10
    )
    
    
    (12
    )Recoveries credited to allowance
    
    
    17
    
    
    
    40Reclassification of allowance for off-balance sheet
credit losses
    
    
    (7
    )
    
    
    Provision for loan losses
    
    
    
    
    
    
    Balance, June 30, 2006 and 2005, respectively
    
    $
    1,816
    
    
    
    1,844
  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, 2006(In Thousands)SpecialTotal
    
    
    Mention
    
    
    Substandard
    
    
    DoubtfulCommercial, financial and
agricultural
    
    $
    11,617
    
    
    
    10,079
    
    
    
    1,538
    
    
    
    Real estate mortgage
    
    
    2,905
    
    
    
    145
    
    
    
    2,760
    
    
    
    Real estate construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consumer
    
    
    60
    
    
    
    
    
    
    
    60
    
    
    
    $
    14,582
    
    
    
    10,224
    
    
    
    4,358
    
    
    
    
 December 31, 2005(In Thousands)SpecialTotal
    
    
    Mention
    
    
    Substandard
    
    
    DoubtfulCommercial, financial and
agricultural
    
    $
    5,759
    
    
    
    4,844
    
    
    
    915
    
    
    
    Real estate mortgage
    
    
    3,319
    
    
    
    215
    
    
    
    3,104
    
    
    
    Real estate construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consumer
    
    
    83
    
    
    
    
    
    
    
    83
    
    
    
    $
    9,161
    
    
    
    5,059
    
    
    
    4,102
    
    
    
    
  17




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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, 2006
    
    
    December 31, 2005Percent of
    
    
    
    
    
    
    Percent ofLoans In
    
    
    
    
    
    
    Loans InIn
    
    
    Each Category
    
    
    In
    
    
    Each CategoryThousands
    
    
    To Total Loans
    
    
    Thousands
    
    
    To Total LoansCommercial, financial and
agricultural
    
    $
    910
    
    
    
    15
    %
    
    $
    759
    
    
    
    14
    %Real estate construction
    
    
    2
    
    
    
    4
    
    
    
    25
    
    
    
    7Real estate mortgage
    
    
    897
    
    
    
    79
    
    
    
    982
    
    
    
    78Consumer
    
    
    7
    
    
    
    2
    
    
    
    50
    
    
    
    1$
    1,816
    
    
    
    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)
    
    2006
    
    
    2005
    
    
    2006
    
    
    2005Basic EPS Computation:Numerator  income available to common
shareholders
    
    $
    1,019
    
    
    
    1,005
    
    
    
    1,996
    
    
    
    2,142Denominator  weighted average number
of common shares outstanding
    
    
    1,028,282
    
    
    
    1,039,135
    
    
    
    1,029,572
    
    
    
    1,040,322Basic earnings per common share
    
    $
    .99
    
    
    $
    .97
    
    
    
    1.94
    
    
    
    2.06Diluted EPS Computation:Numerator
    
    $
    1,019
    
    
    
    1,005
    
    
    
    1,996
    
    
    
    2,142Denominator:Weighted average number of common
shares outstanding
    
    
    1,028,282
    
    
    
    1,039,135
    
    
    
    1,029,572
    
    
    
    1,040,322Dilutive effect of stock options
    
    
    19,519
    
    
    
    18,435
    
    
    
    19,519
    
    
    
    18,4351,047,801
    
    
    
    1,057,570
    
    
    
    1,049,091
    
    
    
    1,058,757Diluted earnings per common share
    
    $
    .97
    
    
    
    .95
    
    
    
    1.90
    
    
    
    2.02
 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
    
    Six MonthsEnded
    
    EndedJune 30,
    
    June 30,(In Thousands)
    
    2005
    
    2005Net earnings:As Reported
    
    $
    1,005
    
    
    
    2,142Proforma
    
    $
    1,001
    
    
    
    2,134Basic earnings per common share:As Reported
    
    $
    .97
    
    
    
    2.06Proforma
    
    $
    .96
    
    
    
    2.05Diluted earnings per common share:As Reported
    
    $
    .95
    
    
    
    2.02Proforma
    
    $
    .95
    
    
    
    2.02
 20




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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
 Impact of Inflation
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     21




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##### Table of Contents



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




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##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1.
    
    LEGAL PROCEEDINGS
  
 Item 1A.
    
    Risk Factors
  
 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 7, 2006
    
    
    60
    
    
    $
    29.08June 7, 2006
    
    
    150
    
    
    $
    37.15June 9, 2006
    
    
    40
    
    
    $
    29.08
      (b)
    
    Not Applicable.(c)
    
    The Issuer repurchased 3,822 of its common shares in the second quarter of this fiscal
year, which ended June 30, 2006.
 (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 2006
    
    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
    
    
    3,108
    *
    
    $
    51.85
    
    
    
    *
    
    
    
    *May 1  31
    
    
    672
    *
    
    
    52.10
    
    
    
    *
    
    
    
    *June 1  30
    
    
    42
    *
    
    
    52.40
    
    
    
    *
    
    
    
    *Total
    
    
    3,822
    *
    
    $
    51.90
    
    
    
    *
    
    
    
    *
 
 *
    
    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 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS, 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 11, 2006.(b)
    
    The following person was elected at the annual meeting of stockholders on April 11, 2006:
  (c)
    
    (1) The above director was elected by the following tabulation:
 Numberof Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    BrokerVoting
    
    For
    
    Against
    
    Withheld
    
    Non-VotesC. Levoy Knowles
    
    
    604,278
    
    
    
    577,762
    
    
    
    
    
    
    
    26,516
    
    
    
    
 (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, 2006 was as
follows:
 Numberof Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    BrokerVoting
    
    For
    
    Against
    
    Withheld
    
    Non-Votes604,278
    
    
    
    564,922
    
    
    
    13,180
    
    
    
    26,176
    
    
    
    
 (d)
    
    Not Applicable.
 
 Item 5. OTHER INFORMATION
 (a)
    
    None.(b)
    
    Not Applicable.
 
 Item 6. EXHIBITS
   24




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SIGNATURES
  FIRST MCMINNVILLE CORPORATION(Registrant)DATE: August 11, 2006
    
    /s/ Charles C. JacobsCharles C. JacobsChairman and Chief Executive OfficerDATE: August 11, 2006
    
    /s/ Kenny D. NealKenny D. NealChief Financial and Accounting Officer
 25