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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, Inc. (FBMS) reported financial results for Q4 2022, highlighting a net income of $16.3 million, a 16.0% increase from Q3 2022. However, year-over-year net income available to common shareholders decreased by 1.9% to $62.9 million. Notably, the company completed its acquisition of Heritage Southeast Bancorporation on January 1, 2023, adding approximately $1.6 billion in assets. A cash dividend of $0.21 per share was declared, a 5% increase from the previous quarter, to be paid on February 24, 2023. The total loans increased by 1.5% sequentially, with nonperforming assets dropping significantly.
The First Bancshares, Inc. (NASDAQ: FBMS) has successfully completed its acquisition of Heritage Southeast Bancorporation, Inc. effective January 1, 2023. This merger enhances The First Bank's market presence, resulting in approximately $7.9 billion in total assets, $6.9 billion in deposits, and $5.0 billion in loans. With this merger, The First Bank now operates 114 branches across Mississippi, Louisiana, Alabama, Florida, and Georgia, poised to leverage synergies for growth in dynamic southeastern markets.
The First Bancshares (FBMS) and Heritage Southeast Bancorporation (HSBI) have announced the approval of their merger by shareholders from both companies. This merger, guided by a previously established agreement, is expected to officially close on January 1, 2023, following all regulatory requirements. First Bancshares operates The First Bank across several states, while HSBI oversees Heritage Southeast Bank with around $1.7 billion in assets. This merger aims to enhance operational efficiencies and market presence.
The First Bancshares has received regulatory approval to merge with Heritage Southeast Bancorporation. The merger, originally announced on July 27, 2022, is pending a 15-day waiting period and shareholder approval. Upon completion, the combined company will have around $8 billion in assets, $7 billion in deposits, and over 100 branches across five Southeastern states. This strategic move aims to enhance market presence and operational efficiencies, looking to close in early January 2023.
The First Bancshares, Inc. (NASDAQ: FBMS) will attend the 2022 Hovde Group Financial Services Conference from November 2 to 3 in Miami, Florida, featuring one-on-one meetings with analysts and investors. Additionally, the company will participate in the East Coast Financial Services Conference hosted by Piper Sandler on November 8 and 9 in Palm Beach, Florida. Presentation materials will be accessible on their website under Investor Relations. Founded in 1996, The First Bancshares operates in Mississippi, Louisiana, Alabama, Florida, and Georgia.
The First Bancshares, Inc. (FBMS) reported Q3 2022 financial results, including net income of $14.0 million, a 10.9% decrease from Q2 2022 due to merger-related expenses. The company acquired Beach Bancorp, adding 7 locations and increasing total assets by $458.2 million. A definitive agreement was made to acquire Heritage Southeast Bancorporation, projected to add $1.7 billion in assets. The Board declared a cash dividend of $0.20 per share, reflecting a 5% increase. Total loans rose by 3.1%, and net interest income grew by 17.9% sequentially.
The First Bancshares, Inc. (NASDAQ: FBMS) will participate in the VirtualBankConference.com on September 13, 2022, from 9:00 a.m. to 4:15 p.m. eastern time. The conference targets bank investors, management, and industry professionals. A presentation for the event will be accessible on the company's website under Investor Relations. Headquartered in Hattiesburg, Mississippi, The First Bancshares operates in multiple states including Mississippi, Louisiana, Alabama, Florida, and Georgia. For more information, visit www.thefirstbank.com.
The First Bancshares, Inc. (NASDAQ: FBMS) announced that M. Ray 'Hoppy' Cole, Jr. has taken on the additional role of Chairman of the Board of Directors, effective August 18, 2022. He succeeds E. Ricky Gibson, who remains on the board. Ted E. Parker has been appointed as Lead Independent Director. Cole commended Gibson for his significant contributions as Chairman, noting the company’s growth to over 900 employees and 97 locations across five states. The leadership changes aim to strengthen the bank's governance and continue its expansion in the southeastern U.S.
The First Bancshares, Inc. (NASDAQ: FBMS) will participate in the 2022 KBW Community Bank Investor Conference from August 1-3, 2022, at the Hilton Midtown in New York City. The company plans to engage in one-on-one meetings with bank stock analysts and investors. A presentation for these meetings will be available on their website under Investor Relations, allowing stakeholders to access key financial information and strategic insights.
Headquartered in Hattiesburg, Mississippi, First Bancshares operates in Mississippi, Louisiana, Alabama, Florida, and Georgia.
The First Bancshares, Inc. (NASDAQ: FBMS) has successfully completed its acquisition of Beach Bancorp, Inc. This merger integrates Beach Bank into The First, enhancing the company's market presence in Northwest Florida and Tampa. Post-merger, The First Bancshares boasts approximately $6.7 billion in assets, $5.8 billion in deposits, and $3.6 billion in loans, with a total of 97 locations across five states. BBI shareholders will receive shares of The First common stock at an exchange ratio of 0.1711 for each share held.
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