The First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2024

HATTIESBURG, Miss.--(BUSINESS WIRE)-- The First Bancshares, Inc. (“FBMS” or “the Company”) (NYSE: FBMS), holding company for The First Bank (“the Bank”), (www.thefirstbank.com) reported today financial results for the quarter ended December 31, 2024.

Highlights for the quarter:

• Net income available to common shareholders totaled $18.3 million for the quarter ended December 31, 2024, representing a decrease of 1.5% when compared to $18.6 million for the quarter ended September 30, 2024. The Company recorded $1.1 million provision for credit losses for the quarter ended December 31, 2024 and $1.0 million provision for credit losses for the quarter ended September 30, 2024.

• Excluding one-time items detailed in the tables located in the appendix of this release, net earnings available to common shareholders, operating (non-GAAP) decreased $0.2 million, or 1.1% to $20.3 million for the quarter ended December 31, 2024 as compared to $20.5 million for the quarter ended September 30, 2024.

• For the quarter ended December 31, 2024, total loans increased $88.6 million, or 6.7%, on an annualized basis, as compared to the quarter ended September 30, 2024.

• Annualized net interest margin increased 4 basis points to 3.37% for the quarter ended December 31, 2024 from 3.33% for the quarter ended September 30, 2024.

• Core net interest margin (non-GAAP) increased 7 basis points during the quarter ended December 31, 2024 from 3.26% to 3.33%.

• Cost of deposits averaged 178 basis points for the fourth quarter of 2024 compared to 183 basis points for the third quarter 2024.

• Past due loans to total loans were $21.8 million or 0.40% for the quarter ending December 31, 2024, compared to $22.8 million, or 0.43% for the quarter ending September 30, 2024, and $20.8 million, or 0.40% for the quarter ending June 30, 2024.

• Annualized quarter-to-date net charge-offs and recoveries to total loans were $0.6 million, or 0.04% for the quarter ended December 31, 2024, compared to $0.4 million, or 0.03% for the quarter ended September 30, 2024, and compared to $0.8 million, or 0.06% for the quarter ended December 31, 2023.

• Nonperforming assets of $29.9 million to total assets was 0.37% for the quarter ended December 31, 2024, compared to $25.1 million, or 0.31% for the quarter ended September 30, 2024, and $20.2 million, or 0.25% for the quarter ended December 31, 2023.

• On July 29, 2024, the Company entered into a definitive merger agreement (the "Merger Agreement") with Renasant Corporation ("Renasant"), the holding company for Renasant Bank, whereby the Company will merge with and into Renasant, with Renasant continuing as the surviving corporation, and immediately thereafter, the Bank will merge with and into Renasant Bank (collectively, the "Merger"). Subject to the terms and conditions of the Merger Agreement, the companies will combine in an all-stock transaction in which all shareholders of the Company will receive 1.00 share of Renasant common stock for each share of Company common stock. The Merger has been approved by each company's board of directors and shareholders and is expected to close in the first half of 2025. Completion of the Merger is subject to customary closing conditions, including the receipt of required regulatory approvals.

Highlights for the year:

• In the year-over-year comparison, net income available to common shareholders increased $1.7 million, or 2.3%, from $75.5 million for the year ended December 31, 2023 to $77.2 million for the same period ended December 31, 2024.

• Total loans increased $237.2 million for the year ended December 31, 2024, representing net growth of 4.6%, as compared to the same period ended December 31, 2023.

• Past due loans of $21.8 million to total loans was 0.40% for the year ended December 31, 2024, compared to $11.7 million, or 0.23% for the same period ended December 31, 2023.

• Total deposits increased $142.0 million, or 2.2%, from $6.463 billion for the year ended December 31, 2023 to $6.605 billion for the same period ended December 31, 2024.

M. Ray “Hoppy” Cole, Jr., President, and Chief Executive Officer, commented, “We are pleased with our fourth quarter performance, which was characterized by strong loan growth, core net interest margin expansion and in line operating results. This performance is the result of the hard work and commitment of our associates in building a high performing southeastern bank franchise.

Two thousand twenty-four was a pivotal year in the history of our company with the announcement of the Merger. We are excited about this strategic partnership and the opportunities it presents for us to continue to build value for all our stakeholders.”

Quarterly Earnings

Net income available to common shareholders totaled $18.3 million for the quarter ended December 31, 2024, a decrease of $0.3 million, or 1.5%, when compared to $18.6 million for the quarter ended September 30, 2024.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $0.2 million, or 1.1%, to $20.3 million for quarter ended December 31, 2024 as compared to $20.5 million for the quarter ended September 30, 2024.

The Company recorded a provision for credit losses of $1.1 million for the quarter ended December 31, 2024 and $1.0 million for the quarter ended September 30, 2024.

Earnings Per Share

For the fourth quarter of 2024, diluted earnings per share were $0.58 compared to $0.59 for the third quarter of 2024 and $0.35 for the fourth quarter of 2023.

Diluted earnings per share, operating (non-GAAP) were $0.64 for the fourth quarter of 2024 compared to $0.65 for the third quarter of 2024 and $0.59 for the fourth quarter of 2023.

Balance Sheet

Consolidated assets increased $38.3 million to $8.005 billion at December 31, 2024 from $7.966 billion at September 30, 2024. Loans increased $88.6 million, and cash increased $6.3 million for the quarterly comparison.

Total loans were $5.407 billion for the quarter ended December 31, 2024, as compared to $5.319 billion for the quarter ended September 30, 2024, and $5.170 billion for the quarter ended December 31, 2023, representing an increase of $88.6 million, or 1.7%, for the sequential quarter comparison, and $237.2 million, or 4.6%, for the prior year quarterly comparison.

Total deposits were $6.605 billion for the quarter ended December 31, 2024, as compared to $6.561 billion for the quarter ended September 30, 2024, and $6.463 billion for the quarter ended December 31, 2023, representing an increase of $44.1 million, or 0.7%, for the sequential quarter comparison, and an increase of $142.0 million, or 2.2%, for the prior year quarterly comparison.

Book value per share decreased to $31.95 at December 31, 2024 from $32.11 at September 30, 2024.

Tangible book value per share (non-GAAP) decreased $0.09 to $21.41 at December 31, 2024 from $21.50 at September 30, 2024. The balance in accumulated other comprehensive loss increased $17.5 million to $109.6 million at December 31, 2024 from $92.1 million at September 30, 2024.

Asset Quality

Nonperforming assets totaled $29.9 million at December 31, 2024, an increase of $4.8 million compared to $25.1 million at September 30, 2024 and an increase of $9.7 million compared to $20.2 million at December 31, 2023.

Nonaccrual loans totaled $20.3 million, an increase of $4.1 million as compared to September 30, 2024 and an increase of $9.6 million as compared to December 31, 2023.

The ratio of the allowance for credit losses (ACL) to total loans was 1.04% at December 31, 2024, 1.05% at September 30, 2024 and 1.05% at December 31, 2023. The ratio of annualized net charge-offs (recoveries) to total loans was 0.04% for the quarter ended December 31, 2024 compared to 0.03% for the quarter ended September 30, 2024 and 0.06% for the quarter ended December 31, 2023.

Fourth Quarter 2024 vs Third Quarter 2024 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2024 decreased $0.3 million to $18.3 million compared to $18.6 million for the third quarter of 2024.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $0.2 million, or 1.1%, to $20.3 million for quarter ended December 31, 2024 as compared to $20.5 million for the quarter ended September 30, 2024.

Net interest income for the fourth quarter of 2024 was $60.1 million as compared to $59.0 million for the third quarter of 2024, an increase of $1.1 million. The increase was largely due to the decrease in interest expense of $1.1 million.

Fourth quarter 2024 net interest margin of 3.37% included 9 basis points related to purchase accounting adjustments compared to 3.33% for the third quarter in 2024, which included 11 basis points related to purchase accounting adjustments.

Core net interest margin (non-GAAP) increased 7 basis points to 3.33% for the fourth quarter of 2024 from 3.26% for the third quarter of 2024.

Investment securities totaled $1.646 billion, or 20.6% of total assets at December 31, 2024, compared to $1.715 billion, or 21.5% of total assets at September 30, 2024. The average balance of investment securities decreased $21.4 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) decreased 4 basis points to 2.52% from 2.56% in sequential-quarter comparison. The investment portfolio had a net unrealized loss of $115.7 million at December 31, 2024 as compared to a net unrealized loss of $91.6 million at September 30, 2024.

The average yield on all earning assets (non-GAAP) decreased in sequential-quarter comparison from 5.27% to 5.25%. Interest expense on average interest bearing liabilities decreased 7 basis points from 2.72% for the third quarter of 2024 to 2.65% for the fourth quarter of 2024.

Cost of all deposits averaged 178 basis points for the fourth quarter of 2024 compared to 183 basis points for the third quarter of 2024. This decrease was a result of lower interest rates and decreased competition for deposits.

Non-interest income decreased $0.7 million from $12.2 million in the third quarter of 2024 to $11.5 million in the fourth quarter of 2024, primarily attributable to lower service charges, fees and a loss on investments totaling $1.1 million, partially offset by an award from U.S. Treasury of $0.3 million.

Non-interest expense for the fourth quarter of 2024 was $48.4 million compared to $46.4 million for the third quarter of 2024, an increase of $2.0 million. The increase is primarily attributable to an increase in salaries and employee benefits of $2.3 million and an increase in other expenses of $1.5 million, partially offset by a decrease in acquisition expense of $1.8 million. Included in the increase in salary expense is $1.9 million in accelerated vesting on restricted stock grants related to the merger.

Fourth Quarter 2024 vs. Fourth Quarter 2023 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2024 totaled $18.3 million compared to $11.0 million for the fourth quarter of 2023, an increase of $7.3 million or 65.6%. This increase was partially attributable to $6.4 million increase in loan interest and fees and the pre-tax loss of $9.7 million on the sale of $123.0 million in available-for-sale securities in 2023, partially offset by an increase in salary expense of $3.8 million, a decrease in the accretion of purchase accounting adjustments of $1.6 million and other one-time items detailed in the tables included with this press release.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $1.5 million, or 8.25%, to $20.3 million for the quarter ended December 31, 2024, as compared to $18.7 million for the quarter ended December 31, 2023.

Net interest income for the fourth quarter of 2024 was $60.1 million, an increase of $2.5 million or 4.3% when compared to the fourth quarter of 2023. FTE net interest income (non-GAAP) totaled $61.1 million and $58.7 million for the fourth quarter of 2024 and 2023, respectively. The increase was largely due to increased loan income, partially offset by a decrease in investment income and increase in the costs of deposits.

Fourth quarter of 2024 net interest margin was 3.37%, which included 9 basis points related to purchase accounting adjustments compared to 3.28% for the same quarter in 2023, which included 19 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) increased 19 basis points in prior year quarterly comparison primarily due to a decrease in rates on interest bearing liabilities.

Non-interest income increased $9.2 million for the fourth quarter of 2024 as compared to the fourth quarter of 2023. This increase was attributed to the loss on sale of available for sale investment securities of $9.7 million in 2023.

Fourth quarter 2024 non-interest expense was $48.4 million, an increase of $3.9 million, or 8.9% as compared to the fourth quarter of 2023. This increase was primarily attributable to an increase of $3.8 million in salary expense with $1.9 million in accelerated vesting on restricted stock grants related to the Merger.

Investment securities totaled $1.646 billion, or 20.6% of total assets at December 31, 2024, compared to $1.735 billion, or 21.7% of total assets at December 31, 2023. For the fourth quarter of 2024 compared to the fourth quarter of 2023, the average balance of investment securities decreased $129.0 million. The average tax equivalent yield on investment securities (non-GAAP) increased 15 basis points to 2.52% from 2.37% in the prior year quarterly comparison. The investment portfolio had a net unrealized loss of $115.7 million at December 31, 2024 as compared to a net unrealized loss of $121.9 million at December 31, 2023.

The average yield on all earning assets increased 21 basis points in prior year quarterly comparison, from 5.04% for the fourth quarter of 2023 to 5.25% for the fourth quarter of 2024. Interest expense on average interest bearing liabilities increased 18 basis points from 2.47% for the fourth quarter of 2023 to 2.65% for the fourth quarter of 2024.

Cost of all deposits averaged 178 basis points for the fourth quarter of 2024 compared to 154 basis points for the fourth quarter of 2023.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders increased $1.7 million, or 2.3%, from $75.5 million for the year ended December 31, 2023, to $77.2 million for the same period ended December 31, 2024.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $15.4 million, or 15.9%, to $81.4 million for the year ended December 31, 2024 as compared to $96.7 million for the same period ended December 31, 2023.

Net interest income was $234.3 million for the twelve months ended December 31, 2024, a decrease of $15.1 million as compared to the same period ended December 31, 2023, primarily due to an increase in interest expense on deposits partially offset by an increase in loan interest income.

Non-interest income was $49.8 million for the year ended December 31, 2024, an increase of $3.1 million as compared to the same period ended December 31, 2023. This increase was attributed to the loss on sale of available for sale investment securities of $9.7 million in 2023, partially offset by the U.S. Treasury award of $6.2 million received in 2023.

Non-interest expense was $182.3 million for the year ended December 31, 2024, a decrease of $2.5 million as compared to the same period ended December 31, 2023. The decrease was partially attributable to $12.2 million decrease in acquisition and other expenses partially offset by an increase of $8.7 million in salary expense.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.25 per share, to be paid on its common stock on February 26, 2025 to shareholders of record as of the close of business on February 10, 2025.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank (“The First”). Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida, and Georgia. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes pre-tax, pre-provision operating earnings, FTE net interest income, FTE net interest margin, core net interest margin, FTE average yield on investment securities, FTE average yield on all earning assets, total tangible common equity, tangible book value per common share, net earnings available to common shareholders, operating, diluted earnings per share, operating, efficiency ratio, operating and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Fully-tax equivalent, or "FTE", financial metrics are measures used by management to evaluate the corresponding GAAP financial metrics in a manner that takes into account the tax benefits associated with income sources that are exempt from state or federal taxes. Core net interest margin is used by management to measure the net return on earnings assets, which includes investment securities, loans, and leases but excludes certain income and expense items that the Company's management considers to be non-core/adjusted in nature. Similarly, "operating" financial metrics, including operating efficiency ratio and operating earnings per share, are used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Management uses "tangible" financial metrics, including tangible common equity and tangible book value, to measure the value of the Company's assets net of intangible assets, such as goodwill. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value, net interest margin, common equity, net earnings available to common shareholders, diluted earnings per share, efficiency ratio, average yield on investment securities, average yield on all earning assets, or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).

Forward Looking Statements

This news release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) prevailing, or changes in, economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of changes in interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, and risks related to the Merger, including the fluctuations of the market value of the consideration to be paid to the Company's shareholders in the Merger, the risks related to combining our businesses, expenses related to the Merger and integration of the combined entity, the risks that the Merger may not occur, and the risk of litigation related to the Merger; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, and (16) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the SEC, which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(Dollars in thousands except per share data)
EARNINGS DATA	Quarter Ended 12/31/24				Quarter Ended 9/30/24				Quarter Ended 6/30/24				Quarter Ended 3/31/24				Quarter Ended 12/31/23
Total Interest Income	$	93,584			$	93,561			$	91,027			$	91,663			$	88,720
Total Interest Expense		33,464				34,547				33,233				34,322				31,055
Net Interest Income		60,120				59,014				57,794				57,341				57,665
Net Interest Income excluding PPP Fee Income		60,120				59,010				57,793				57,340				57,664
FTE net interest income*		61,074				60,004				58,797				58,339				58,651
Provision for credit losses		1,140				1,000				1,650				—				1,250
Non-interest income		11,522				12,242				13,319				12,679				2,346
Non-interest expense		48,368				46,394				44,089				43,425				44,433
Earnings before income taxes		22,134				23,862				25,374				26,595				14,328
Income tax expense		3,836				5,291				5,677				5,967				3,281
Net income available to common shareholders	$	18,298			$	18,571			$	19,697			$	20,628			$	11,047
PER COMMON SHARE DATA
Basic earnings per share	$	0.58			$	0.59			$	0.62			$	0.66			$	0.35
Diluted earnings per share		0.58				0.59				0.62				0.65				0.35
Diluted earnings per share, operating*		0.64				0.65				0.63				0.65				0.59
Quarterly dividends per share		0.25				0.25				0.25				0.25				0.24
Book value per common share at end of period		31.95				32.11				30.83				30.45				30.22
Tangible book value per common share at period end*		21.41				21.50				20.15				19.70				19.35
Market price at end of period		35.00				32.13				25.98				25.95				29.33
Shares outstanding at period end		31,470,782				31,511,260				31,525,232				31,528,748				31,399,803
Weighted average shares outstanding:
Basic		31,501,398				31,516,823				31,527,592				31,475,254				31,401,612
Diluted		31,658,617				31,713,385				31,679,827				31,630,745				31,587,506
AVERAGE BALANCE SHEET DATA
Total assets	$	7,958,881			$	7,944,553			$	7,939,783			$	8,005,574			$	7,917,303
Loans and leases		5,350,549				5,288,321				5,202,006				5,158,071				5,145,228
Total deposits		6,512,395				6,560,761				6,625,500				6,599,287				6,440,774
Total common equity		1,014,793				975,359				963,445				952,708				901,530
Total tangible common equity*		681,706				639,891				625,586				612,470				558,889
SELECTED RATIOS
Annualized return on avg assets (ROA)		0.92	%			0.94	%			0.99	%			1.03	%			0.56	%
Annualized return on avg assets, operating*		1.02	%			1.03	%			1.01	%			1.03	%			0.95	%
Annualized pre-tax, pre-provision, operating*		1.30	%			1.38	%			1.38	%			1.33	%			1.31	%
Annualized return on avg common equity, operating*		8.00	%			8.41	%			8.29	%			8.66	%			8.32	%
Annualized return on avg tangible common equity, operating*		11.90	%			12.82	%			12.76	%			13.48	%			13.41	%
Average loans to average deposits		82.16	%			80.61	%			78.51	%			78.16	%			79.89	%
FTE Net Interest Margin*		3.43	%			3.38	%			3.32	%			3.26	%			3.33	%
Efficiency Ratio		66.63	%			64.22	%			61.14	%			61.15	%			72.84	%
Efficiency Ratio, operating*		62.84	%			60.63	%			60.65	%			61.14	%			62.00	%
*See reconciliation of Non-GAAP financial measures
CREDIT QUALITY
Allowance for credit losses (ACL) as a % of total loans		1.04	%			1.05	%			1.05	%			1.05	%			1.05	%
Nonperforming assets to tangible equity + ACL		4.09	%			3.42	%			3.05	%			2.72	%			3.05	%
Nonperforming assets to total loans + OREO		0.55	%			0.47	%			0.40	%			0.36	%			0.39	%
Annualized QTD net charge-offs (recoveries) to total loans		0.045	%			0.033	%			0.036	%			0.006	%			0.061	%

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
BALANCE SHEET	December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Assets
Cash and cash equivalents	$	220,411			$	214,135			$	207,606			$	339,964			$	355,147
Securities available for sale		1,003,303				1,060,014				1,118,861				1,085,517				1,039,322
Securities held to maturity		582,939				602,328				607,502				622,574				654,539
Equity securities		15,684				8,383				5,601				3,051				3,043
Other investments		44,168				44,003				39,293				34,094				37,754
Total investment securities		1,646,094				1,714,728				1,771,257				1,745,236				1,734,658
Loans held for sale		3,687				2,987				5,892				4,241				2,914
Total loans		5,407,231				5,318,590				5,250,893				5,139,952				5,170,042
Allowance for credit losses		(56,205	)			(55,700	)			(55,133	)			(53,959	)			(54,032	)
Loans, net		5,351,026				5,262,890				5,195,760				5,085,993				5,116,010
Premises and equipment		176,900				177,652				179,289				181,194				182,162
Other Real Estate Owned		7,874				7,314				6,356				6,743				8,320
Goodwill and other intangibles		331,798				334,178				336,561				338,946				341,332
Other assets		266,988				252,571				263,079				261,442				258,802
Total assets	$	8,004,778			$	7,966,455			$	7,965,800			$	7,963,759			$	7,999,345
Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	1,796,685			$	1,796,746			$	1,870,305			$	1,836,952			$	1,849,013
Interest-bearing deposits		4,808,171				4,763,966				4,755,812				4,873,403				4,613,859
Total deposits		6,604,856				6,560,712				6,626,117				6,710,355				6,462,872
Borrowings		210,000				207,500				182,400				110,000				390,000
Subordinated debentures		123,731				123,645				123,558				123,472				123,386
Other liabilities		60,760				62,915				61,840				60,020				74,053
Total liabilities		6,999,347				6,954,772				6,993,915				7,003,847				7,050,311
Total shareholders’ equity		1,005,431				1,011,683				971,885				959,912				949,034
Total liabilities and shareholders’ equity	$	8,004,778			$	7,966,455			$	7,965,800			$	7,963,759			$	7,999,345

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
	12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
Interest Income:
Loans, including fees	$	80,790			$	80,123			$	76,269			$	76,172			$	74,357
Investment securities		10,656				10,989				11,833				11,248				10,803
Accretion of purchase accounting adjustments		1,609				2,008				2,067				2,627				3,235
Other interest income		529				441				858				1,616				325
Total interest income		93,584				93,561				91,027				91,663				88,720
Interest Expense:
Deposits		28,850				29,763				29,247				29,182				24,489
Borrowings		2,695				2,607				1,956				3,022				4,500
Subordinated debentures		1,774				1,961				1,814				1,887				1,807
Accretion of purchase accounting adjustments		145				216				216				231				259
Total interest expense		33,464				34,547				33,233				34,322				31,055
Net interest income		60,120				59,014				57,794				57,341				57,665
Provision for credit losses		1,140				1,000				1,650				—				1,250
Net interest income after provision for credit losses		58,980				58,014				56,144				57,341				56,415
Non-interest Income:
Service charges on deposit accounts		3,495				3,709				3,334				3,367				3,447
Mortgage Income		751				927				972				704				582
Interchange Fee Income		4,366				4,460				4,893				4,195				4,593
Gain (Loss) on securities, net		(300	)			225				14				(48	)			(9,670	)
Treasury Awards		280				—				—				—				—
Loss on sale of premises and equipment		(2	)			(344	)			163				—				(524	)
Other charges and fees		2,932				3,265				3,943				4,461				3,918
Total non-interest income		11,522				12,242				13,319				12,679				2,346
Non-interest Expense:
Salaries and employee benefits		27,469				25,131				25,045				24,508				23,717
Occupancy expense		5,992				5,659				5,490				5,714				5,688
FDIC/OCC premiums		1,014				973				1,020				1,008				1,263
Marketing		198				49				59				139				71
Amortization of core deposit intangibles		2,380				2,384				2,385				2,385				2,385
Other professional services		890				1,457				2,028				1,833				2,309
Acquisition and charter conversion charges		788				2,592				352				8				593
Other non-interest expense		9,637				8,149				7,710				7,830				8,407
Total non-interest expense		48,368				46,394				44,089				43,425				44,433
Earnings before income taxes		22,134				23,862				25,374				26,595				14,328
Income tax expense		3,836				5,291				5,677				5,967				3,281
Net income available to common shareholders	$	18,298			$	18,571			$	19,697			$	20,628			$	11,047
Diluted earnings per common share	$	0.58			$	0.59			$	0.62			$	0.65			$	0.35
Diluted earnings per common share, operating*	$	0.64			$	0.65			$	0.63			$	0.65			$	0.59
*See reconciliation of Non-GAAP financial measures

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENT	Year to Date
		2024				2023
Interest Income:
Loans, including fees	$	313,349			$	276,817
PPP loan fee income		5				210
Investment securities		44,726				43,939
Accretion of purchase accounting adjustments		8,311				17,514
Other interest income		3,444				2,453
Total interest income		369,835				340,933
Interest Expense:
Deposits		117,042				70,599
Borrowings		10,280				12,279
Subordinated debentures		7,436				7,970
Amortization of purchase accounting adjustments		808				760
Total interest expense		135,566				91,608
Net interest income		234,269				249,325
Provision for credit losses		3,790				14,500
Net interest income after provision for credit losses		230,479				234,825
Non-interest Income:
Service charges on deposit accounts		13,905				14,175
Mortgage Income		3,354				2,866
Interchange Fee Income		17,914				18,914
(Loss) gain on securities, net		(109	)			(9,716	)
Treasury Awards		280				6,197
(Loss) gain on sale of premises and equipment		(183	)			—
Other charges and fees		14,601				14,269
Total non-interest income		49,762				46,705
Non-interest expense:
Salaries and employee benefits		102,153				93,412
Occupancy expense		22,855				21,368
FDIC/OCC premiums		4,015				3,849
Marketing		445				833
Amortization of core deposit intangibles		9,534				9,563
Other professional services		6,208				6,446
Acquisition & charter conversion charges		3,740				9,075
Other non-interest expense		33,326				40,180
Total Non-interest expense		182,276				184,726
Earnings before income taxes		97,965				96,804
Income tax expense		20,771				21,347
Net income available to common shareholders		77,194				75,457
Diluted earnings per common share	$	2.44			$	2.39
Diluted earnings per common share, operating*	$	2.57			$	3.06
*See reconciliation of Non-GAAP financial measures

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(Dollars in thousands)
COMPOSITION OF LOANS		December 31, 2024				Percent of Total			September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				Percent of Total
Commercial, financial and agricultural		$	709,996			13.1	%		$	716,391			$	710,808			$	737,511			$	765,422			14.8	%
Real estate – construction			592,304			10.9	%			625,521				639,931				633,804				629,660			12.2	%
Real estate – commercial			2,554,154			47.2	%			2,472,332				2,435,853				2,356,552				2,377,864			45.8	%
Real estate – residential			1,481,090			27.4	%			1,431,342				1,387,102				1,330,589				1,311,395			25.4	%
Lease Financing Receivable			2,231			—	%			1,915				1,749				1,794				1,292			—	%
Obligations of States & subdivisions			25,373			0.5	%			25,905				27,286				28,541				29,316			0.6	%
Consumer			42,083			0.8	%			45,184				48,164				51,161				55,094			1.1	%
Loans held for sale			3,687			0.1	%			2,987				5,892				4,241				2,914			0.1	%
Total loans		$	5,410,918			100	%		$	5,321,577			$	5,256,785			$	5,144,193			$	5,172,957			100.0	%
COMPOSITION OF DEPOSITS		December 31, 2024				Percent of Total			September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				Percent of Total
Non-interest bearing		$	1,796,685			27.2	%		$	1,796,746			$	1,870,305			$	1,836,952			$	1,849,013			28.6	%
NOW and other			1,963,776			29.7	%			2,002,693				2,075,566				2,135,343				1,914,792			29.6	%
Money Market/Savings			1,542,787			23.4	%			1,566,648				1,573,194				1,656,688				1,623,311			25.1	%
Time Deposits of less than $250,000			1,016,207			15.4	%			921,056				825,460				816,153				813,877			12.6	%
Time Deposits of $250,000 or more			285,401			4.3	%			273,569				281,591				265,219				261,879			4.1	%
Total Deposits		$	6,604,856			100	%		$	6,560,712			$	6,626,116			$	6,710,355			$	6,462,872			100.0	%
ASSET QUALITY DATA		December 31, 2024							September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Nonaccrual loans		$	20,338						$	16,284			$	13,553			$	10,961			$	10,691
Loans past due 90 days and over			1,641							1,455				1,174				687				1,163
Total nonperforming loans			21,979							17,739				14,727				11,648				11,854
Other real estate owned			7,874							7,314				6,356				6,743				8,320
Total nonperforming assets		$	29,853						$	25,053			$	21,083			$	18,391			$	20,174
Nonperforming assets to total assets			0.37	%						0.31	%			0.26	%			0.23	%			0.25	%
Nonperforming assets to total loans + OREO			0.55	%						0.47	%			0.40	%			0.36	%			0.39	%
ACL to nonperforming loans			255.72	%						314.00	%			374.37	%			463.25	%			455.81	%
ACL to total loans			1.04	%						1.05	%			1.05	%			1.05	%			1.05	%
Qtr-to-date net charge-offs (recoveries)		$	603						$	433			$	476			$	73			$	783
Annualized QTD net chg-offs (recs) to loans			0.045	%						0.033	%			0.036	%			0.006	%			0.061	%

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
Yield	Three Months Ended								Three Months Ended								Three Months Ended								Three Months Ended								Three Months Ended
Analysis	December 31, 2024								September 30, 2024								June 30, 2024								March 31, 2024								December 31, 2023
			Tax								Tax								Tax								Tax								Tax
	Avg		Equivalent			Yield/			Avg		Equivalent			Yield/			Avg		Equivalent			Yield/			Avg		Equivalent			Yield/			Avg		Equivalent			Yield/
	Balance		interest			Rate			Balance		interest			Rate			Balance		interest			Rate			Balance		interest			Rate			Balance		interest			Rate
Taxable securities	$	1,246,303	$	7,765		2.49	%		$	1,269,082	$	8,064		2.54	%		$	1,328,780	$	8,868		2.67	%		$	1,342,644	$	8,303		2.47	%		$	1,375,695	$	7,892		2.29	%
Tax-exempt securities		446,768		3,845		3.44	%			445,376		3,915		3.52	%			458,752		3,968		3.46	%			468,432		3,944		3.37	%			446,348		3,897		3.49	%
Total investment securities		1,693,071		11,610		2.74	%			1,714,458		11,979		2.79	%			1,787,532		12,836		2.87	%			1,811,076		12,247		2.70	%			1,822,043		11,789		2.59	%
Int bearing dep in other banks		85,240		528		2.48	%			92,122		441		1.92	%			99,290		858		3.46	%			189,785		1,616		3.41	%			70,193		325		1.85	%
Loans		5,350,549		82,400		6.16	%			5,288,321		82,131		6.21	%			5,202,006		78,336		6.02	%			5,158,071		78,798		6.11	%			5,145,228		77,592		6.03	%
Total interest earning assets		7,128,860		94,538		5.30	%			7,094,901		94,551		5.33	%			7,088,828		92,030		5.19	%			7,158,932		92,661		5.18	%			7,037,464		89,706		5.10	%
Other assets		830,021								849,652								850,955								846,642								879,839
Total assets	$	7,958,881							$	7,944,553							$	7,939,783							$	8,005,574							$	7,917,303
Interest-bearing liabilities:
Deposits	$	4,696,337	$	28,994		2.47	%		$	4,740,726	$	29,979		2.53	%		$	4,795,120	$	29,463		2.46	%		$	4,803,277	$	29,412		2.45	%		$	4,533,386	$	24,748		2.18	%
Borrowed Funds		237,435		2,695		4.54	%			214,192		2,607		4.87	%			157,045		1,956		4.98	%			254,505		3,023		4.75	%			361,445		4,500		4.98	%
Subordinated debentures		123,682		1,774		5.74	%			123,596		1,961		6.35	%			123,510		1,814		5.87	%			123,424		1,887		6.12	%			126,925		1,807		5.69	%
Total interest bearing
liabilities		5,057,454		33,464		2.65	%			5,078,514		34,547		2.72	%			5,075,675		33,233		2.62	%			5,181,206		34,322		2.65	%			5,021,756		31,055		2.47	%
Other liabilities		1,886,634								1,890,680								1,900,663								1,871,660								1,994,017
Shareholders' equity		1,014,793								975,359								963,445								952,708								901,530
Total liabilities and
shareholders' equity	$	7,958,881							$	7,944,553							$	7,939,783							$	8,005,574							$	7,917,303
Net interest
income (FTE)*			$	61,074		2.66	%				$	60,004		2.61	%				$	58,797		2.57	%				$	58,339		2.53	%				$	58,651		2.63	%
Net interest margin (FTE)*						3.43	%							3.38	%							3.32	%							3.26	%							3.33	%
Core net interest margin*						3.33	%							3.26	%							3.19	%							3.10	%							3.14	%
*See reconciliation for Non-GAAP financial measures

THE FIRST BANCSHARES, INC and SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures (unaudited)
(in thousands except per share data)
	Three Months Ended
Per Common Share Data	Dec 31, 2024				Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023
Book value per common share	$	31.95			$	32.11			$	30.83			$	30.45			$	30.22
Effect of intangible assets per share		10.54				10.61				10.68				10.75				10.87
Tangible book value per common share	$	21.41			$	21.50			$	20.15			$	19.70			$	19.35
Diluted earnings per share	$	0.58			$	0.59			$	0.62			$	0.65			$	0.35
Effect of acquisition and charter conversion charges		0.02				0.08				0.01				—				0.02
Tax on acquisition and charter conversion charges		(0.01	)			(0.02	)			—				—				(0.01	)
Effect of Treasury awards		0.01				—				—				—				—
Tax on Treasury awards		—				—				—				—				—
Effect on contributions/consulting/advertising related to Treasury awards		(0.01	)			—				—				—				—
Tax on contributions/consulting/advertising related to Treasury awards		—				—				—				—				—
Loss on securities repositioning		—				—				—				—				0.31
Tax loss on securities repositioning		—				—				—				—				(0.08	)
Restricted stock grant early vesting		0.06				—				—				—				—
Tax on restricted stock grant early vesting		(0.01	)			—				—				—				—
Diluted earnings per share, operating	$	0.64			$	0.65			$	0.63			$	0.65			$	0.59

	Year to Date
		2024						2023
Diluted earnings per share	$	2.44					$	2.39
Effect of acquisition and charter conversion charges		0.12						0.28
Tax on acquisition and charter conversion charges		(0.03	)					(0.07	)
Effect of Treasury awards		0.01						(0.20	)
Tax on Treasury awards		—						0.05
Effect on contributions/consulting/advertising related to Treasury awards		(0.01	)					0.17
Tax on contributions/consulting/advertising related to Treasury awards		—						(0.04	)
Initial provision for acquired loans		—						0.34
Tax on initial provision for acquired loans		—						(0.09	)
Loss on securities repositioning		—						0.31
Tax loss on securities repositioning		—						(0.08	)
Restricted stock grant early vesting		0.06						—
Tax on restricted stock grant early vesting		(0.01	)					—
Diluted earnings per share, operating	$	2.57					$	3.06
	Year to Date
		2024						2023
Net income available to common shareholders	$	77,194					$	75,457
Acquisition and charter conversion charges		3,740						9,075
Tax on acquisition and charter conversion charges		(942	)					(2,296	)
Treasury awards		(280	)					(6,197	)
Tax on Treasury awards		69						1,568
Contributions/consulting/advertising related to Treasury awards		255						5,190
Tax on contributions/consulting/advertising related to Treasury awards		(63	)					(1,313	)
Initial provision for acquired loans		—						10,727
Tax on initial provision for acquired loans		—						(2,714	)
Loss on securities repositioning		—						9,708
Tax loss on securities repositioning		—						(2,457	)
Restricted stock grant early vesting		1,882						—
Tax on restricted stock grant early vesting		(467	)					—
Net earnings available to common shareholders, operating	$	81,388					$	96,748

		Three Months Ended
Average Balance Sheet Data		Dec 31, 2024		Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023
Total average assets	A	$	7,958,881	$	7,944,553	$	7,939,783	$	8,005,574	$	7,917,303
Total average earning assets	B		7,128,860		7,094,901		7,088,828		7,158,932		7,037,464
Common Equity	C	$	1,014,793	$	975,359	$	963,445	$	952,708	$	901,530
Less intangible assets			333,087		335,468		337,859		340,238		342,641
Total Tangible common equity	D	$	681,706	$	639,891	$	625,586	$	612,470	$	558,889

		Three Months Ended
Net Interest Income Fully Tax Equivalent		Dec 31, 2024			Sept 30, 2024			June 30, 2024			Mar 31, 2024			Dec 31, 2023
Net interest income	E	$	60,120		$	59,014		$	57,794		$	57,341		$	57,665
Tax-exempt investment income			(2,891	)		(2,925	)		(2,965	)		(2,946	)		(2,911	)
Taxable investment income			3,845			3,915			3,968			3,944			3,897
Net Interest Income Fully Tax Equivalent	F	$	61,074		$	60,004		$	58,797		$	58,339		$	58,651
Annualized Net Interest Margin	E/B		3.37	%		3.33	%		3.26	%		3.20	%		3.28	%
Annualized Net Interest Margin, Fully Tax Equivalent	F/B		3.43	%		3.38	%		3.32	%		3.26	%		3.33	%
Total Interest Income, Fully Tax Equivalent
Total Interest Income	R	$	93,584		$	93,561		$	91,027		$	91,663		$	88,720
Tax-exempt investment income			(2,891	)		(2,925	)		(2,965	)		(2,946	)		(2,911	)
Taxable investment income			3,845			3,915			3,968			3,944			3,897
Total Interest Income, Fully Tax Equivalent	G	$	94,538		$	94,551		$	92,030		$	92,661		$	89,706
Yield on Average Earning Assets	R/B		5.25	%		5.27	%		5.14	%		5.12	%		5.04	%
Yield on Average Earning Assets, Fully Tax Equivalent	G/B		5.30	%		5.33	%		5.19	%		5.18	%		5.10	%
Interest Income Investment Securities, Fully Tax Equivalent
Interest Income Investment Securities	S	$	10,656		$	10,989		$	11,833		$	11,248		$	10,803
Tax-exempt investment income			(2,891	)		(2,925	)		(2,965	)		(2,946	)		(2,911	)
Taxable investment Income			3,845			3,915			3,968			3,944			3,897
Interest Income Investment Securities, Fully Tax Equivalent	H	$	11,610		$	11,979		$	12,836		$	12,246		$	11,789
Average Investment Securities	I	$	1,693,071		$	1,714,458		$	1,787,532		$	1,811,076		$	1,822,043
Yield on Investment Securities	S/I		2.52	%		2.56	%		2.65	%		2.48	%		2.37	%
Yield on Investment Securities, Fully Tax Equivalent	H/I		2.74	%		2.79	%		2.87	%		2.70	%		2.59	%

		Three Months Ended
Core Net Interest Margin		Dec 31, 2024			Sept 30, 2024			June 30, 2024			Mar 31, 2024			Dec 31, 2023
Net interest income (FTE)		$	61,074		$	60,004		$	58,797		$	58,339		$	58,651
Less purchase accounting adjustments			1,609			2,008			2,067			2,627			3,235
Net interest income, net of purchase accounting adj	J	$	59,465		$	57,996		$	56,730		$	55,712		$	55,416
Total average earning assets		$	7,128,860		$	7,094,901		$	7,088,828		$	7,158,932		$	7,037,464
Add average balance of loan valuation discount			18,566			20,306			22,341			24,675			27,573
Avg earning assets, excluding loan valuation discount	K	$	7,147,426		$	7,115,207		$	7,111,169		$	7,183,607		$	7,065,037
Core net interest margin	J/K		3.33	%		3.26	%		3.19	%		3.10	%		3.14	%

		Three Months Ended
Efficiency Ratio		Dec 31, 2024			Sept 30, 2024			June 30, 2024			Mar 31, 2024			Dec 31, 2023
Operating Expense
Total non-interest expense		$	48,368		$	46,394		$	44,089		$	43,425		$	44,433
Pre-tax non-operating expenses			(2,925	)		(2,592	)		(352	)		(8	)		(594	)
Adjusted Operating Expense	L	$	45,443		$	43,802		$	43,737		$	43,417		$	43,839
Operating Revenue
Net interest income, FTE		$	61,074		$	60,004		$	58,797		$	58,339		$	58,651
Total non-interest income			11,522			12,242			13,319			12,679			2,346
Pre-tax non-operating items			(280	)		—			—			—			9,708
Adjusted Operating Revenue	M	$	72,316		$	72,246		$	72,116		$	71,018		$	70,705
Efficiency Ratio, operating	L/M		62.84	%		60.63	%		60.65	%		61.14	%		62.00	%

		Three Months Ended
Return Ratios		Dec 31, 2024			Sept 30, 2024			June 30, 2024			Mar 31, 2024			Dec 31, 2023
Net income available to common shareholders	N	$	18,298		$	18,571		$	19,697		$	20,628		$	11,047
Acquisition and charter conversion charges			788			2,592			352			8			593
Tax on acquisition and charter conversion charges			(195	)		(656	)		(89	)		(2	)		(150	)
Treasury awards			(280	)		—			—			—			—
Tax on Treasury awards			69			—			—			—			—
Contributions/consulting/advertising related to Treasury awards			255			—			—			—			—
Tax on contributions/consulting/advertising related to Treasury awards			(63	)		—			—			—			—
Loss on securities repositioning			—			—			—			—			9,708
Tax loss on securities repositioning			—			—			—			—			(2,457	)
Restricted stock grant early vesting			1,882			—			—			—			—
Tax on restricted stock grant early vesting			(467	)		—			—			—			—
Net earnings available to common shareholders, operating	O	$	20,287		$	20,507		$	19,960		$	20,634		$	18,741

		Three Months Ended
Pre-Tax Pre-Provision Operating Earnings		Dec 31, 2024			Sept 30, 2024			June 30, 2024			Mar 31, 2024			Dec 31, 2023
Earnings before income taxes	P	$	22,134		$	23,862		$	25,374		$	26,595		$	14,328
Acquisition and charter conversion charges			788			2,592			352			8			593
Provision for credit losses			1,140			1,000			1,650			—			1,250
Treasury awards			(280	)		—			—			—			—
Contributions/consulting/advertising related to Treasury awards			255			—			—			—			—
Loss on securities repositioning			—			—			—			—			9,708
Restricted stock grant early vesting			1,882			—			—			—			—
Pre-Tax, Pre-Provision Operating Earnings	Q	$	25,919		$	27,454		$	27,376		$	26,603		$	25,879
Annualized return on avg assets	N/A		0.92	%		0.94	%		0.99	%		1.03	%		0.56	%
Annualized return on avg assets, oper	O/A		1.02	%		1.03	%		1.01	%		1.03	%		0.95	%
Annualized pre-tax, pre-provision, oper	Q/A		1.30	%		1.38	%		1.38	%		1.33	%		1.31	%
Annualized return on avg common equity, oper	O/C		8.00	%		8.41	%		8.29	%		8.66	%		8.32	%
Annualized return on avg tangible common equity, operating	O/D		11.90	%		12.82	%		12.76	%		13.48	%		13.41	%

		Three Months Ended
Capital Ratios		Dec 31, 2024*		Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023
Common equity tier 1 (CET1) ratio		14.5	%	12.5	%	12.4	%	12.2	%	12.1	%
Leverage (Tier 1) ratio		11.6	%	10.3	%	10.0	%	9.7	%	9.7	%
Total risk based capital ratio		15.4	%	15.4	%	15.3	%	15.2	%	15.0	%
Tangible common equity ratio		8.8	%	8.9	%	8.3	%	8.1	%	7.9	%
*estimated

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128688591/en/

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

Source: The First Bancshares, Inc.