The First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2024
The First Bancshares (FBMS) reported Q4 2024 financial results with net income of $18.3 million, down 1.5% from Q3 2024's $18.6 million. The company recorded a $1.1 million provision for credit losses. Total loans increased by $88.6 million (6.7% annualized) compared to Q3, while deposits grew by $44.1 million to $6.605 billion.
Key metrics include a net interest margin increase to 3.37%, improved core net interest margin to 3.33%, and reduced cost of deposits at 178 basis points. Nonperforming assets rose to $29.9 million (0.37% of total assets). The company maintains an allowance for credit losses ratio of 1.04%.
Notably, FBMS entered into a definitive merger agreement with Renasant in July 2024, where shareholders will receive 1.00 share of Renasant common stock for each FBMS share. The merger is expected to close in first half of 2025, pending regulatory approvals.
The First Bancshares (FBMS) ha riportato i risultati finanziari del quarto trimestre 2024 con un reddito netto di 18,3 milioni di dollari, in calo dell'1,5% rispetto ai 18,6 milioni di dollari del terzo trimestre 2024. L'azienda ha registrato una provvista per perdite su crediti di 1,1 milioni di dollari. I prestiti totali sono aumentati di 88,6 milioni di dollari (6,7% annualizzato) rispetto al terzo trimestre, mentre i depositi sono cresciuti di 44,1 milioni di dollari, raggiungendo 6,605 miliardi di dollari.
Le metriche chiave includono un aumento del margine di interesse netto al 3,37%, un miglioramento del margine di interesse netto core al 3,33% e una riduzione del costo dei depositi a 178 punti base. Gli attivi non performanti sono saliti a 29,9 milioni di dollari (0,37% del totale degli attivi). L'azienda mantiene un rapporto di riserva per perdite su crediti dell'1,04%.
È degno di nota che FBMS ha stipulato un accordo di fusione definitivo con Renasant a luglio 2024, secondo cui gli azionisti riceveranno 1,00 azione ordinaria di Renasant per ogni azione FBMS. La fusione dovrebbe concludersi nella prima metà del 2025, in attesa delle approvazioni regolatorie.
The First Bancshares (FBMS) informó los resultados financieros del cuarto trimestre de 2024 con un ingreso neto de 18,3 millones de dólares, una caída del 1,5% respecto a los 18,6 millones de dólares del tercer trimestre de 2024. La compañía registró una provisión para pérdidas crediticias de 1,1 millones de dólares. Los préstamos totales aumentaron en 88,6 millones de dólares (6,7% anualizado) en comparación con el tercer trimestre, mientras que los depósitos crecieron en 44,1 millones de dólares, alcanzando los 6,605 millones de dólares.
Los indicadores clave incluyen un aumento en el margen de interés neto al 3,37%, una mejora en el margen de interés neto básico al 3,33% y una reducción en el costo de los depósitos a 178 puntos básicos. Los activos no productivos aumentaron a 29,9 millones de dólares (0,37% del total de activos). La compañía mantiene una relación de provisión para pérdidas crediticias del 1,04%.
Es notable que FBMS firmó un acuerdo de fusión definitivo con Renasant en julio de 2024, donde los accionistas recibirán 1,00 acción común de Renasant por cada acción de FBMS. Se espera que la fusión se cierre en la primera mitad de 2025, pendiente de las aprobaciones regulatorias.
퍼스트 뱅크쉐어스(FBMS)는 2024년 4분기 재무 결과를 발표했으며, 순이익은 1,830만 달러로 2024년 3분기의 1,860만 달러에서 1.5% 감소했습니다. 회사는 110만 달러의 신용 손실 준비금을 기록했습니다. 총 대출액은 8,860만 달러(연율 6.7%) 증가했으며, 예금은 4410만 달러 증가하여 66억 6050만 달러에 도달했습니다.
주요 지표로는 순이자 마진이 3.37%로 증가했으며, 기본 순이자 마진이 3.33%로 개선되었고, 예금 비용이 178 베이시스 포인트로 줄어들었습니다. 비수익 자산은 2,990만 달러(총 자산의 0.37%)로 증가했습니다. 회사는 신용 손실 준비금 비율이 1.04%인 것을 유지하고 있습니다.
특히 FBMS는 2024년 7월 Renasant와 최종 합병 계약을 체결했으며, 주주들은 FBMS 주식 1주당 Renasant 보통주 1주를 받을 수 있습니다. 합병은 2025년 상반기 중에 규제 승인을 기다리며 마무리될 예정입니다.
The First Bancshares (FBMS) a annoncé des résultats financiers pour le quatrième trimestre 2024 avec un revenu net de 18,3 millions de dollars, en baisse de 1,5 % par rapport aux 18,6 millions de dollars du troisième trimestre 2024. L'entreprise a enregistré une provision pour pertes de crédit de 1,1 million de dollars. Les prêts totaux ont augmenté de 88,6 millions de dollars (6,7 % annualisé) par rapport au troisième trimestre, tandis que les dépôts ont augmenté de 44,1 millions de dollars pour atteindre 6,605 milliards de dollars.
Les indicateurs clés incluent une augmentation de la marge d'intérêt nette à 3,37 %, une amélioration de la marge d'intérêt nette de base à 3,33 % et une réduction du coût des dépôts à 178 points de base. Les actifs non performants ont augmenté à 29,9 millions de dollars (0,37 % des actifs totaux). L'entreprise maintient un ratio de provisions pour pertes de crédit de 1,04 %.
Notamment, FBMS a conclu un accord de fusion définitif avec Renasant en juillet 2024, où les actionnaires recevront 1,00 action ordinaire de Renasant pour chaque action FBMS. La fusion devrait se finaliser dans la première moitié de 2025, sous réserve des approbations réglementaires.
The First Bancshares (FBMS) berichtete über die Finanzzahlen des 4. Quartals 2024 mit einem Nettogewinn von 18,3 Millionen Dollar, was einem Rückgang von 1,5% im Vergleich zu 18,6 Millionen Dollar im 3. Quartal 2024 entspricht. Das Unternehmen verzeichnete eine Rückstellung für Kreditverluste von 1,1 Millionen Dollar. Die Gesamtdarlehen erhöhten sich um 88,6 Millionen Dollar (annualisierte 6,7%) im Vergleich zum 3. Quartal, während die Einlagen um 44,1 Millionen Dollar auf 6,605 Milliarden Dollar wuchsen.
Wichtige Kennzahlen umfassen eine Erhöhung der Nettomarge auf 3,37%, eine Verbesserung der Kern-Nettomarge auf 3,33% und reduzierte Einlagenkosten von 178 Basispunkten. Die notleidenden Aktiva stiegen auf 29,9 Millionen Dollar (0,37% der Gesamtaktiva). Das Unternehmen hält eine Rückstellung für Kreditverluste von 1,04%.
Bemerkenswert ist, dass FBMS im Juli 2024 eine endgültige Fusionsvereinbarung mit Renasant eingegangen ist, bei der die Aktionäre 1,00 Aktie der Renasant-Stammaktie für jede FBMS-Aktie erhalten. Die Fusion soll in der ersten Hälfte von 2025 abgeschlossen werden, vorbehaltlich der regulatorischen Genehmigungen.
- Loan growth of $88.6 million (6.7% annualized) in Q4 2024
- Net interest margin improved to 3.37% from 3.33% in Q3 2024
- Cost of deposits decreased to 178 basis points from 183 basis points in Q3 2024
- Total deposits increased by $142.0 million (2.2%) year-over-year
- Net income decreased 1.5% to $18.3 million compared to Q3 2024
- Nonperforming assets increased to $29.9 million from $25.1 million in Q3 2024
- Nonaccrual loans increased by $4.1 million compared to Q3 2024
- Book value per share decreased to $31.95 from $32.11 in Q3 2024
Insights
The Q4 2024 results for FBMS reveal a complex picture of operational resilience amid challenging conditions. The bank delivered $18.3M in net income, with operating earnings (non-GAAP) of $20.3M showing remarkable stability despite industry headwinds.
Core performance metrics demonstrate strength in key areas:
- Loan growth reached an impressive 6.7% annualized rate, significantly outpacing the industry average
- Net interest margin expanded to 3.37%, with core NIM improving 7 basis points to 3.33%
- Deposit costs decreased to 178bps from 183bps, indicating strong deposit pricing discipline
However, asset quality metrics warrant attention: nonperforming assets increased to $29.9M (0.37% of total assets) from $25.1M QoQ, suggesting potential stress in the loan portfolio. The 1.04% loan loss reserve provides adequate coverage but may need monitoring given the uptick in NPAs.
The pending merger with Renasant represents a strategic transformation. The all-stock transaction at 1:1 exchange ratio will create a stronger regional banking franchise with enhanced scale and competitive positioning in the Southeast. Integration planning appears on track, though merger-related expenses impacted Q4 results through $1.9M in accelerated stock compensation.
The $0.25 quarterly dividend demonstrates management's confidence in the bank's capital position and earnings stability. With a tangible book value of $21.41, the franchise maintains solid fundamental value despite temporary AOCI pressure from the $115.7M unrealized securities portfolio loss.
Highlights for the quarter:
-
Net income available to common shareholders totaled
$18.3 million 1.5% when compared to$18.6 million $1.1 million $1.0 million
-
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 1.1% to$20.3 million $20.5 million
-
For the quarter ended December 31, 2024, total loans increased
$88.6 million 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 from3.33% 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% to3.33% .
- 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 0.40% for the quarter ending December 31, 2024, compared to$22.8 million 0.43% for the quarter ending September 30, 2024, and$20.8 million 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 0.04% for the quarter ended December 31, 2024, compared to$0.4 million 0.03% for the quarter ended September 30, 2024, and compared to$0.8 million 0.06% for the quarter ended December 31, 2023.
-
Nonperforming assets of
$29.9 million 0.37% for the quarter ended December 31, 2024, compared to$25.1 million 0.31% for the quarter ended September 30, 2024, and$20.2 million 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 2.3% , from$75.5 million $77.2 million
-
Total loans increased
$237.2 million 4.6% , as compared to the same period ended December 31, 2023.
-
Past due loans of
$21.8 million 0.40% for the year ended December 31, 2024, compared to$11.7 million 0.23% for the same period ended December 31, 2023.
-
Total deposits increased
$142.0 million 2.2% , from$6.46 3 billion$6.60 5 billion
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
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased
The Company recorded a provision for credit losses of
Earnings Per Share
For the fourth quarter of 2024, diluted earnings per share were
Diluted earnings per share, operating (non-GAAP) were
Balance Sheet
Consolidated assets increased
Total loans were
Total deposits were
Book value per share decreased to
Tangible book value per share (non-GAAP) decreased
Asset Quality
Nonperforming assets totaled
Nonaccrual loans totaled
The ratio of the allowance for credit losses (ACL) to total loans was
Fourth Quarter 2024 vs Third Quarter 2024 Earnings Comparison
Net income available to common shareholders for the fourth quarter of 2024 decreased
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased
Net interest income for the fourth quarter of 2024 was
Fourth quarter 2024 net interest margin of
Core net interest margin (non-GAAP) increased 7 basis points to
Investment securities totaled
The average yield on all earning assets (non-GAAP) decreased in sequential-quarter comparison from
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
Non-interest expense for the fourth quarter of 2024 was
Fourth Quarter 2024 vs. Fourth Quarter 2023 Earnings Comparison
Net income available to common shareholders for the fourth quarter of 2024 totaled
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased
Net interest income for the fourth quarter of 2024 was
Fourth quarter of 2024 net interest margin was
Non-interest income increased
Fourth quarter 2024 non-interest expense was
Investment securities totaled
The average yield on all earning assets increased 21 basis points in prior year quarterly comparison, from
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
Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased
Net interest income was
Non-interest income was
Non-interest expense was
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a cash dividend of
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in
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
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 |
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Condensed Consolidated Financial Information (unaudited) |
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(Dollars in thousands except per share data) |
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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,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
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,
|
|
Percent of Total |
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
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,
|
|
Percent of Total |
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
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 |
|
|
1,016,207 |
|
|
15.4 |
% |
|
|
921,056 |
|
|
|
825,460 |
|
|
|
816,153 |
|
|
|
813,877 |
|
|
12.6 |
% |
Time Deposits of |
|
|
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,
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
||||||||||||
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.
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