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The First Bancshares, Inc. (FBMS) is a prominent national banking association headquartered in Hattiesburg, Mississippi. Incorporated on June 23, 1995, and commencing operations on August 5, 1996, the company has significantly expanded its footprint in the banking sector. As the parent company of The First, a national banking association, it has grown through strategic acquisitions like the First National Bank of Wiggins in 2006, eight Whitney Bank branches in 2011, and Bay Bank in Mobile, Alabama in 2014. Today, The First Bancshares, Inc. boasts 30 offices across South Mississippi, Louisiana, and South Alabama.
The core business of The First Bancshares, Inc. focuses on providing a variety of banking products and services. These include deposit accounts such as checking, savings, and time deposits for individuals, businesses, associations, organizations, and governmental authorities. The company also offers a range of lending options including secured and unsecured commercial and personal loans, consumer loans, business expansion loans, equipment and machinery purchase loans, and residential mortgage loans.
In addition to traditional banking services, The First Bancshares, Inc. provides financial and wealth management services, online internet banking, voice response telephone inquiry, safe deposit boxes, traveler's checks, and mobile deposit services. The company operates in three main segments: Commercial/Retail Banking, Mortgage Banking, and Holding Company.
The First Bancshares, Inc. continues to innovate and adapt to the evolving banking needs of its customers, ensuring a robust financial condition and strategic partnerships that enhance its service offerings. Recent achievements include notable expansions and a solid track record of successful integrations, which underpin its reputation as a reliable and forward-thinking financial institution.
The First Bancshares (FBMS) reported Q3 2024 financial results with net income of $18.6 million, down 5.7% from Q2 2024's $19.7 million. Operating earnings (non-GAAP) increased 2.7% to $20.5 million. Total loans grew by $67.7 million (5.2% annualized), while deposits decreased by $65.4 million. Net interest margin improved to 3.33%, up 7 basis points from Q2. The company announced a merger agreement with Renasant , expected to close in H1 2025, where FBMS shareholders will receive 1.00 share of Renasant stock for each FBMS share. The Board declared a cash dividend of $0.25 per share.
The First Bancshares, Inc. (NYSE: FBMS), holding company for The First Bank, has announced that its shareholders have approved the previously announced merger with Renasant . This approval marks a significant step forward in the merger process, which was initially agreed upon through an Agreement and Plan of Merger dated July 29, 2024.
While shareholder approval has been secured, the completion of the transaction still hinges on several factors. The merger remains subject to customary closing conditions, including the critical step of obtaining required regulatory approvals. This announcement indicates progress in the merger process, but final consummation of the deal is still pending these additional steps.
The First Bancshares, Inc. (NYSE: FBMS) reported financial results for Q2 2024. Net income available to common shareholders was $19.7 million, down 4.5% from Q1 2024. Pre-tax pre-provision operating earnings increased 2.9% to $27.4 million. Total loans grew by $110.9 million, an 8.6% annualized increase. Net interest margin improved by 6 basis points to 3.26%. Credit quality remained solid with nonperforming assets at 0.26% of total assets. The company recorded a $1.7 million provision for credit losses. Diluted EPS was $0.62, compared to $0.65 in Q1 2024. FBMS voluntarily transferred its stock listing from Nasdaq to NYSE, trading under the symbol 'FBMS'. The Board declared a cash dividend of $0.25 per share, payable on August 23, 2024.
The First Bancshares, Inc. (NYSE: FBMS), holding company for The First Bank, has announced its plans for the 2024 second quarter earnings release. The company will disclose its Q2 2024 results after the NYSE closing on Wednesday, July 24, 2024. Following this, FBMS will host an executive management conference call on Thursday, July 25, 2024, at 11:00 AM Eastern Time (10:00 AM Central Time). Interested parties can access the webcast through a provided link, and an archived version will be available on the company's website after the call.
The First Bancshares, parent company of The First Bank, announced its transfer from the Nasdaq to the New York Stock Exchange (NYSE). The common stock is set to begin trading under the ticker symbol 'FBMS' on May 30, 2024. Trading on Nasdaq will continue until May 29, 2024. CEO M. Ray 'Hoppy' Cole Jr. highlighted the company's growth from $294 million to nearly $8 billion in assets since its Nasdaq listing in 2006. The bank has expanded from 7 to over 116 locations across five states. John Tuttle, vice chair of the NYSE Group, welcomed The First Bancshares as the sixteenth bank to join since 2021.
The First Bancshares, Inc. (NASDAQ: FBMS) will participate in the 2024 Gulf South Bank Conference, engaging with analysts and investors. The company, headquartered in Hattiesburg, Mississippi, operates in multiple states and trades on NASDAQ under the symbol FBMS.
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