##### 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
   o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
 2-90200
 FIRST MCMINNVILLE CORPORATION
  Tennessee
    
    62-1198119(State or Other Jurisdiction of
    
    (IRS Employer Identification Number)Incorporation or Organization)
 
  
   x o
  o o x
  o x
   1




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##### Table of Contents



FIRST MCMINNVILLE CORPORATION
 FORM 10Q
 PART 1 FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3The unaudited consolidated financial statements of the registrant and its wholly-owned subsidiary, First National Bank
of McMinnville (Bank) and the Banks wholly-owned subsidiary, First Community Title & Escrow Company are as follows:Consolidated Balance Sheets  September 30, 2006 and December 31, 2005.
    
    
    3Consolidated Statements of Earnings  For the three months and nine months ended September 30, 2006 and 2005.
    
    
    4Consolidated Statements of Comprehensive Earnings  For the three months and nine months ended September 30, 2006
and 2005.
    
    
    5Consolidated Statements of Cash Flows  For the nine months ended September 30, 2006 and 2005.
    
    
    6Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    9Item 3. Quantitative and Qualitative Disclosures about Market Risk*
    
    
    22* 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 Procedures
    
    
    23PART II  OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    24Item 1A. Risk Factors
    
    
    24Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24Item 3. Defaults Upon Senior Securities
    
    
    25Item 4. Submission of Matters to a Vote of Security Holders
    
    
    25Item 5. Other Information
    
    
    25Item 6. Exhibits
    
    
    26Signatures
    
    
    27EX-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



PART I FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 FIRST MCMINNVILLE CORPORATION
 
 Consolidated Balance Sheets
 September 30, 2006 and December 31, 2005
 (Unaudited)
 September 30,
    
    
    December 31,2006
    
    
    2005(In Thousands)AssetsLoans, less allowance for loan losses of $1,825,000 and $1,816,000,
respectively
    
    $
    162,557
    
    
    
    151,750Securities:Held-to-maturity, at cost (market value $52,498,000 and $60,301,000,
respectively)
    
    
    52,047
    
    
    
    59,956Available-for-sale, at market (amortized cost $87,692,000 and $95,930,000,
respectively)
    
    
    86,205
    
    
    
    93,892Total securities
    
    
    138,252
    
    
    
    153,848Federal funds sold
    
    
    2,000
    
    
    
    Interest-bearing deposits in financial institutions
    
    
    33
    
    
    
    45Restricted equity securities
    
    
    1,415
    
    
    
    1,359Total earning assets
    
    
    304,257
    
    
    
    307,002Cash and due from banks
    
    
    6,056
    
    
    
    5,649Premises and equipment, net
    
    
    1,772
    
    
    
    1,836Accrued interest receivable
    
    
    2,156
    
    
    
    1,890Deferred tax asset, net
    
    
    545
    
    
    
    756Foreclosed assets
    
    
    249
    
    
    
    203Other assets
    
    
    316
    
    
    
    445Total assets
    
    $
    315,351
    
    
    
    317,781Liabilities and Stockholders EquityDeposits
    
    $
    235,516
    
    
    
    239,088Securities sold under repurchase agreements
    
    
    22,888
    
    
    
    19,389Federal funds purchased
    
    
    
    
    
    
    4,300Advances from Federal Home Loan Bank
    
    
    1,000
    
    
    
    1,000Accrued interest and other liabilities
    
    
    2,094
    
    
    
    2,787Total liabilities
    
    
    261,498
    
    
    
    266,564Stockholders equity:Common stock, no par value; authorized 5,000,000 shares issued
1,237,764 shares and 1,233,922 shares, respectively
    
    
    3,868
    
    
    
    3,804Surplus
    
    
    17
    
    
    
    Retained earnings
    
    
    56,157
    
    
    
    53,620Net unrealized losses on available-for-sale securities, net of income
taxes of $570,000 and $780,000, respectively
    
    
    (918
    )
    
    
    (1,257
    )59,124
    
    
    
    56,167Less cost of treasury stock of 211,645 shares and 205,440 shares,
respectively
    
    
    (5,271
    )
    
    
    (4,950
    )Total stockholders equity
    
    
    53,853
    
    
    
    51,217COMMITMENTS AND CONTINGENT LIABILITIESTotal liabilities and stockholders equity
    
    $
    315,351
    
    
    
    317,781
  3




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Earnings
 Three Months and Nine Months Ended September 30, 2006 and 2005
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005
    
    
    2006
    
    
    2005(Dollars In Thousands, Except Per Share Amount)Interest income:Interest and fees on loans
    
    $
    2,970
    
    
    
    2,462
    
    
    $
    8,289
    
    
    
    7,300Interest and dividends on securities:Taxable securities
    
    
    1,117
    
    
    
    1,009
    
    
    
    3,343
    
    
    
    2,878Exempt from Federal income taxes
    
    
    322
    
    
    
    361
    
    
    
    1,014
    
    
    
    1,098Interest on federal funds sold
    
    
    2
    
    
    
    89
    
    
    
    89
    
    
    
    185Interest on interest-bearing deposits in other banks and
other interest
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    1Total interest income
    
    
    4,411
    
    
    
    3,921
    
    
    
    12,736
    
    
    
    11,462Interest expense:Interest on negotiable order of withdrawal accounts
    
    
    70
    
    
    
    58
    
    
    
    209
    
    
    
    170Interest on money market demand and savings accounts
    
    
    160
    
    
    
    131
    
    
    
    469
    
    
    
    352Interest on certificates of deposit
    
    
    1,568
    
    
    
    1,089
    
    
    
    4,336
    
    
    
    2,981Interest on securities sold under repurchase agreements
and short term borrowings
    
    
    150
    
    
    
    99
    
    
    
    359
    
    
    
    277Interest on advances from Federal Home Loan Bank
    
    
    14
    
    
    
    14
    
    
    
    42
    
    
    
    42Total interest expense
    
    
    1,962
    
    
    
    1,391
    
    
    
    5,415
    
    
    
    3,822Net interest income
    
    
    2,449
    
    
    
    2,530
    
    
    
    7,321
    
    
    
    7,640Provision for loan losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net interest income after provision for loan
losses
    
    
    2,449
    
    
    
    2,530
    
    
    
    7,321
    
    
    
    7,640Other income:Service charges on deposit accounts
    
    
    116
    
    
    
    122
    
    
    
    318
    
    
    
    363Other fees and commissions
    
    
    45
    
    
    
    46
    
    
    
    145
    
    
    
    140Commissions and fees on fiduciary activities
    
    
    17
    
    
    
    21
    
    
    
    38
    
    
    
    44Securities gains
    
    
    3
    
    
    
    2
    
    
    
    14
    
    
    
    6Total other income
    
    
    181
    
    
    
    191
    
    
    
    515
    
    
    
    553Other expenses:Salaries and employee benefits
    
    
    724
    
    
    
    732
    
    
    
    2,246
    
    
    
    2,266Occupancy expenses, net
    
    
    53
    
    
    
    52
    
    
    
    151
    
    
    
    159Furniture and equipment expense
    
    
    16
    
    
    
    24
    
    
    
    51
    
    
    
    76Data processing expense
    
    
    71
    
    
    
    43
    
    
    
    238
    
    
    
    185FDIC insurance
    
    
    8
    
    
    
    7
    
    
    
    23
    
    
    
    23Other operating expenses
    
    
    264
    
    
    
    193
    
    
    
    751
    
    
    
    653Total other expenses
    
    
    1,136
    
    
    
    1,051
    
    
    
    3,460
    
    
    
    3,362Earnings before income taxes
    
    
    1,494
    
    
    
    1,670
    
    
    
    4,376
    
    
    
    4,831Income taxes
    
    
    512
    
    
    
    521
    
    
    
    1,398
    
    
    
    1,540Net earnings
    
    $
    982
    
    
    
    1,149
    
    
    $
    2,978
    
    
    
    3,291Basic earnings per common share
    
    $
    .96
    
    
    
    1.11
    
    
    $
    2.90
    
    
    
    3.17Diluted earnings per common share
    
    $
    .94
    
    
    
    1.09
    
    
    $
    2.84
    
    
    
    3.11Dividends per share
    
    $
    
    
    
    
    
    
    
    $
    .43
    
    
    
    .43
  4




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Comprehensive Earnings
 Three Months and Nine Months Ended September 30, 2006 and 2005
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005
    
    
    2006
    
    
    2005(In Thousands)Net earnings
    
    $
    982
    
    
    
    1,149
    
    
    $
    2,978
    
    
    
    3,291Other comprehensive earnings (losses), net of tax:Unrealized gains (losses) on available-for-sale
securities arising during period, net of income
taxes of $413,000, $93,000, $220,000 and
$277,000, respectively
    
    
    666
    
    
    
    (149
    )
    
    
    354
    
    
    
    (446
    )Reclassification adjustment for gains included
in net earnings, net of taxes of $2,000, $1,000,
$9,000 and $2,000, respectively
    
    
    (3
    )
    
    
    (1
    )
    
    
    (14
    )
    
    
    (4
    )Other comprehensive earnings (loss)
    
    
    663
    
    
    
    (150
    )
    
    
    340
    
    
    
    (450
    )Comprehensive earnings
    
    $
    1,645
    
    
    
    999
    
    
    $
    3,318
    
    
    
    2,841
  5




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FIRST MCMINNVILLE CORPORATION
 
 Consolidated Statements of Cash Flows
 Nine Months Ended September 30, 2006 and 2005
 Increase (Decrease) in Cash and Cash Equivalents
 (Unaudited)
 2006
    
    
    2005(In Thousands)Cash flows from operating activities:Interest received
    
    $
    12,048
    
    
    
    11,014Fees and commissions received
    
    
    501
    
    
    
    547Interest paid
    
    
    (4,965
    )
    
    
    (3,409
    )Cash paid to suppliers and employees
    
    
    (2,985
    )
    
    
    (3,023
    )Income taxes paid
    
    
    (1,332
    )
    
    
    (1,483
    )Net cash provided by operating activities
    
    
    3,267
    
    
    
    3,646Cash flows from investing activities:Proceeds from maturities of held-to-maturity securities
    
    
    8,293
    
    
    
    2,501Proceeds from maturities of available-for-sale securities
    
    
    16,219
    
    
    
    14,204Purchase of available-for-sale securities
    
    
    (7,985
    )
    
    
    (17,000
    )Purchase of held-to-maturity securities
    
    
    
    
    
    
    (4,750
    )Loans made to customers, net of repayments
    
    
    (10,847
    )
    
    
    7,099Purchase of premises and equipment
    
    
    (120
    )
    
    
    (284
    )Decrease (increase) in interest bearing deposits in financial
institutions
    
    
    12
    
    
    
    (20
    )Proceeds from sale of other real estate
    
    
    
    
    
    
    96Net cash provided by investing activities
    
    
    5,572
    
    
    
    1,846Cash flows from financing activities:Net increase (decrease) in non-interest bearing, savings and
NOW deposit accounts
    
    
    (9,626
    )
    
    
    4,171Net increase in time deposits
    
    
    6,054
    
    
    
    4,866Increase (decrease) in securities sold under repurchase agreement
    
    
    3,499
    
    
    
    (7,719
    )Repayment of federal funds purchased
    
    
    (4,300
    )
    
    
    Dividends paid
    
    
    (1,802
    )
    
    
    (1,822
    )Payments to acquire treasury stock
    
    
    (321
    )
    
    
    (530
    )Proceeds from sales of common stock
    
    
    64
    
    
    
    50Net cash used in financing activities
    
    
    (6,432
    )
    
    
    (984
    )Net increase in cash and cash equivalents
    
    
    2,407
    
    
    
    4,508Cash and cash equivalents at beginning of period
    
    
    5,649
    
    
    
    10,220Cash and cash equivalents at end of period
    
    $
    8,056
    
    
    
    14,728
  6




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FIRST MCMINNVILLE CORPORATION
 Consolidated Statements of Cash Flows, Continued
 Nine Months Ended September 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
    
    $
    2,978
    
    
    
    3,291Adjustments to reconcile net earnings to net cash
provided by operating activities:Depreciation
    
    
    184
    
    
    
    188Amortization and accretion, net
    
    
    (366
    )
    
    
    (298
    )Securities gains
    
    
    (14
    )
    
    
    (6
    )Gain on sale of other real estate
    
    
    (6
    )
    
    
    (14
    )FHLB dividend reinvestment
    
    
    (56
    )
    
    
    (41
    )Increase in interest receivable
    
    
    (266
    )
    
    
    (109
    )Decrease (increase) in other assets, net
    
    
    89
    
    
    
    (69
    )Increase in interest payable
    
    
    450
    
    
    
    413Increase in other liabilities, net
    
    
    274
    
    
    
    291Total adjustments
    
    
    289
    
    
    
    355Net cash provided by operating activities
    
    $
    3,267
    
    
    
    3,646Supplemental schedule of non-cash activities:Unrealized gain (loss) in value of securities available-for-sale,
net of income taxes of $211,000 and $279,000, respectively
    
    $
    340
    
    
    
    (450
    )Transfer of loans to other real estate
    
    $
    156
    
    
    
    120Other real estate transferred to loans
    
    $
    116
    
    
    
    95
  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
 Liquidity and Interest Rate Sensitivity Management, 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
 Liquidity and Interest Rate Sensitivity Management, Continued
      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
    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
 Capital Resources, Continued
  Results of Operations
      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
  September 30,
    
    
    December 31,2006
    
    
    2005(In Thousands)Commercial, financial and agricultural
    
    $
    26,410
    
    
    
    20,957Real estate  construction
    
    
    8,946
    
    
    
    10,154Real estate  mortgage
    
    
    126,204
    
    
    
    119,587Consumer
    
    
    2,822
    
    
    
    2,868$
    164,382
    
    
    
    153,566
    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
      15




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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)September 30,
    
    
    December 31,2006
    
    
    2005Recorded investment
    
    $
    5,787
    
    
    $
    1,055Allowance for loan losses
    
    $
    701
    
    
    $
    370
    September 30, 2006
    
    
    December 31, 2005Past Due
    
    
    
    
    
    
    Past Due90 Days
    
    
    Non-Accrual
    
    
    90 Days
    
    
    Non-Accrual(In Thousands)
    
    
    (In Thousands)Real estate loans
    
    $
    992
    
    
    
    
    
    
    $
    72
    
    
    
    Consumer
    
    
    25
    
    
    
    
    
    
    
    22
    
    
    
    Commercial
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    1,017
    
    
    
    
    
    
    $
    94
    
    
    
    Renegotiated loans
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
 16




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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
  Nine Months EndedSeptember 30,2006
    
    
    2005(In Thousands)Balance, January 1, 2006 and 2006,
respectively
    
    $
    1,816
    
    
    
    1,816Add (deduct):Losses charged to allowance
    
    
    (12
    )
    
    
    (27
    )Recoveries credited to allowance
    
    
    27
    
    
    
    125Reclassification of allowance for
off-balance sheet credit losses
    
    
    (6
    )
    
    
    Provision for loan losses
    
    
    
    
    
    
    Balance, September 30, 2006 and 2005,
respectively
    
    $
    1,825
    
    
    
    1,914
   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
  September 30, 2006(In Thousands)SpecialTotal
    
    Mention
    
    Substandard
    
    DoubtfulCommercial, financial and
agricultural
    
    $
    12,133
    
    
    
    9,719
    
    
    
    2,414
    
    
    
    Real estate mortgage
    
    
    2,159
    
    
    
    
    
    
    
    2,159
    
    
    
    Real estate construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Consumer
    
    
    65
    
    
    
    
    
    
    
    52
    
    
    
    13$
    14,357
    
    
    
    9,719
    
    
    
    4,625
    
    
    
    13
 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
    
    
    
    
   18




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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
   September 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
    
    $
    1,185
    
    
    
    16
    %
    
    $
    759
    
    
    
    14
    %Real estate construction
    
    
    112
    
    
    
    5
    
    
    
    25
    
    
    
    7Real estate mortgage
    
    
    526
    
    
    
    77
    
    
    
    982
    
    
    
    78Consumer
    
    
    2
    
    
    
    2
    
    
    
    50
    
    
    
    1$
    1,825
    
    
    
    100
    %
    
    $
    1,816
    
    
    
    100
    %
     19




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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
     Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,(In Thousands, except share amounts)
    
    2006
    
    
    2005
    
    
    2006
    
    
    2005Basic EPS Computation:Numerator  income available to common
shareholders
    
    $
    982
    
    
    
    1,149
    
    
    $
    2,978
    
    
    
    3,291Denominator  weighted average number
of common shares outstanding
    
    
    1,026,697
    
    
    
    1,034,909
    
    
    
    1,028,603
    
    
    
    1,038,498Basic earnings per common share
    
    $
    .96
    
    
    
    1.11
    
    
    $
    2.90
    
    
    
    3.17Diluted EPS Computation:Numerator
    
    $
    982
    
    
    
    1,149
    
    
    $
    2,978
    
    
    
    3,291Denominator:Weighted average number of common
shares outstanding
    
    
    1,026,697
    
    
    
    1,034,909
    
    
    
    1,028,603
    
    
    
    1,038,498Dilutive effect of stock options
    
    
    20,829
    
    
    
    19,076
    
    
    
    20,829
    
    
    
    19,0761,047,526
    
    
    
    1,053,985
    
    
    
    1,049,432
    
    
    
    1,057,574Diluted earnings per common share
    
    $
    .94
    
    
    
    1.09
    
    
    $
    2.84
    
    
    
    3.11
 Stock Option Plan
  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
 Stock Option Plan, Continued
    Three Months Ended
    
    
    Nine Months Ended(In Thousands, except per share amounts))
    
    September 30, 2005
    
    
    September 30, 2005Net earnings:As Reported
    
    $
    1,149
    
    
    $
    3,291Proforma
    
    $
    1,145
    
    
    $
    3,279Basic earnings per common share:As Reported
    
    $
    1.11
    
    
    $
    3.17Proforma
    
    $
    1.11
    
    
    $
    3.16Diluted earnings per common share:As Reported
    
    $
    1.09
    
    
    $
    3.11Proforma
    
    $
    1.09
    
    
    $
    3.10
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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
  Recent Development
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
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FIRST MCMINNVILLE CORPORATION
 FORM 10-Q, CONTINUED
 
 Item 4. Controls and Procedures
    23




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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:
 Number of Shares ofDate of Sale
    
    Common Stock Sold
    
    Price Per ShareSeptember 12, 2006
    
    
    19
    
    
    $
    52.75September 15, 2006
    
    
    30
    
    
    $
    37.15September 18, 2006
    
    
    30
    
    
    $
    29.08
      (b)
    
    Not Applicable.
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##### Table of Contents



PART II. OTHER INFORMATION, CONTINUED
 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS, CONTINUED
 (c)
    
    The Issuer repurchased 1,283 of its common shares in the third quarter of
this fiscal year, which ended September 30, 2006.
 (c)
    
    
    (d)Total Number
    
    
    Maximumof Shares
    
    
    Number (orPeriod Covered
    
    
    
    
    
    
    
    
    
    (or Units)
    
    
    Approximateby this Report -
    
    (a)
    
    
    
    
    
    
    Purchased as
    
    
    Dollar Value)Third Fiscal
    
    Total Number
    
    
    (b)
    
    
    Part of Publicly
    
    
    of SharesQuarter of 2005
    
    of Shares
    
    
    Average Price
    
    
    Announced
    
    
    (or Units)(July 1 through
    
    (or Units)
    
    
    Paid Per
    
    
    Plans
    
    
    that May YetSeptember 30)
    
    Purchased
    
    
    Share (or Unit)
    
    
    or Programs
    
    
    Be PurchasedJuly 1 - 31
    
    
    8
    *
    
    $
    52.41
    
    
    
    *
    
    
    
    *August 1 - 31
    
    
    1,200
    *
    
    
    52.58
    
    
    
    *
    
    
    
    *September 1 - 30
    
    
    75
    *
    
    
    52.75
    
    
    
    *
    
    
    
    *Total
    
    
    1,283
    *
    
    $
    52.58
    
    
    
    *
    
    
    
    *
   
 Item 3. DEFAULTS UPON SENIOR SECURITIES
   
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
     
 Item 5. OTHER INFORMATION
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PART II. OTHER INFORMATION, CONTINUED
 
 Item 6. EXHIBITS
   26




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SIGNATURES
  FIRST MCMINNVILLE CORPORATION
(Registrant)DATE: November 14, 2006
    /s/    Charles C. JacobsCharles C. JacobsChairman and Chief Executive Officer DATE: November 14, 2006
    /s/    Kenny D. NealKenny D. NealChief Financial and Accounting Officer 27