First Farmers Financial (First Farmers Financial) Long-Term Capital Lease Obligation : $0.0 Mil (As of Dec. 2023)

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What is First Farmers Financial Long-Term Capital Lease Obligation?

First Farmers Financial's Long-Term Capital Lease Obligation for the quarter that ended in Dec. 2023 was $0.0 Mil.

First Farmers Financial Long-Term Capital Lease Obligation Historical Data

The historical data trend for First Farmers Financial's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
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First Farmers Financial Long-Term Capital Lease Obligation Chart

First Farmers Financial Annual Data

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Long-Term Capital Lease Obligation

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First Farmers Financial Quarterly Data
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First Farmers Financial (OTCPK:FFMR) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

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First Farmers Financial (First Farmers Financial) Business Description

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GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » First Farmers Financial Corp (OTCPK:FFMR) » Definitions » Long-Term Capital Lease Obligation

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Address

123 North Jefferson Street, Converse, IN, USA, 46919

Website

https://www.ffbt.com

First Farmers Financial Corp and its subsidiaries operate in the banking industry. The bank categorized its services into personal, business, borrowing, and investment divisions. Its products and services include deposits, retirement and health saving accounts, consumer loans, home equity, and account management and leasing. The bank makes commercial, installment and mortgage loans to and receives deposits from customers through its offices located in the Indiana counties of Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo, and Wabash; and Illinois counties of Coles, Edgar, and Vermilion.