The First Bancshares, Inc. Reports Results for Second Quarter ended June 30, 2024

Rhea-AI Summary

The First Bancshares, Inc. (NYSE: FBMS) reported financial results for Q2 2024. Net income available to common shareholders was $19.7 million, down 4.5% from Q1 2024. Pre-tax pre-provision operating earnings increased 2.9% to $27.4 million. Total loans grew by $110.9 million, an 8.6% annualized increase. Net interest margin improved by 6 basis points to 3.26%. Credit quality remained solid with nonperforming assets at 0.26% of total assets. The company recorded a $1.7 million provision for credit losses. Diluted EPS was $0.62, compared to $0.65 in Q1 2024. FBMS voluntarily transferred its stock listing from Nasdaq to NYSE, trading under the symbol 'FBMS'. The Board declared a cash dividend of $0.25 per share, payable on August 23, 2024.

Positive

• Pre-tax pre-provision operating earnings increased 2.9% to $27.4 million
• Total loans grew by $110.9 million, an 8.6% annualized increase
• Net interest margin improved by 6 basis points to 3.26%
• Core net interest margin increased 9 basis points to 3.19%
• Credit quality remained solid with nonperforming assets at 0.26% of total assets

Negative

• Net income available to common shareholders decreased 4.5% to $19.7 million
• Diluted EPS decreased to $0.62 from $0.65 in Q1 2024
• Recorded a $1.7 million provision for credit losses compared to no provision in Q1 2024
• Total deposits decreased by $84.2 million or 1.3% compared to Q1 2024
• Past due loans increased to 0.40% of total loans from 0.26% in Q1 2024

Insights

Financial Analyst

The First Bancshares, Inc.'s Q2 2024 results present a mixed picture with some positive developments and areas of concern. Net income available to common shareholders decreased by 4.5% to $19.7 million compared to Q1 2024, primarily due to a $1.7 million provision for credit losses. However, pre-tax pre-provision operating earnings increased by 2.9% to $27.4 million.

Positively, the bank showed strong loan growth of $110.9 million, representing an annualized increase of 8.6%. The net interest margin also improved, increasing by 6 basis points to 3.26%. Core net interest margin saw a more significant improvement of 9 basis points, reaching 3.19%.

However, there are some concerning trends in asset quality. Past due loans increased to 0.40% of total loans, up from 0.26% in the previous quarter. Nonperforming assets to total assets also increased slightly to 0.26% from 0.23%. While these figures are still relatively low, their upward trend warrants monitoring.

The bank's deposit base showed some weakness, with total deposits decreasing by $84.2 million or 1.3%. However, the proportion of non-interest bearing deposits increased to 28.2%, which is a positive sign for funding costs.

Overall, while the bank is showing resilience in a challenging environment, the declining net income and increasing credit quality concerns suggest potential headwinds. Investors should closely monitor these trends in future quarters.

Market Research Analyst

The First Bancshares' Q2 2024 results offer insights into broader banking sector trends. The bank's performance reflects the challenges and opportunities facing regional banks in the current economic environment.

The increase in net interest margin to 3.26% is particularly noteworthy. This improvement, despite a highly competitive deposit environment, suggests effective balance sheet management. Many banks are struggling with margin compression, so this positive trend sets First Bancshares apart.

The strong loan growth of 8.6% annualized is another positive indicator. It suggests robust demand in the bank's markets, potentially reflecting economic strength in its southeastern U.S. footprint. This growth outpaces many peers and the industry average.

However, the decline in deposits by 1.3% is a concern shared across the banking sector. It highlights the intense competition for deposits and the challenges banks face in retaining low-cost funding sources. The increase in non-interest bearing deposits as a percentage of total deposits to 28.2% is a bright spot, as it helps mitigate funding cost pressures.

The slight uptick in credit quality metrics, while still at manageable levels, aligns with industry-wide concerns about potential credit deterioration. As the economic cycle matures, investors across the banking sector are closely watching these indicators.

First Bancshares' decision to move its listing to the NYSE is interesting and may signal ambitions for increased visibility and liquidity. This move, combined with the bank's performance, suggests a strategy focused on growth and market expansion.

07/24/2024 - 04:30 PM

HATTIESBURG, Miss.--(BUSINESS WIRE)-- The First Bancshares, Inc. (“FBMS” or “the Company”) (NYSE: FBMS), holding company for The First Bank, (www.thefirstbank.com) reported today financial results for the quarter ended June 30, 2024.

Highlights for the Quarter:

• Net income available to common shareholders totaled $19.7 million for the quarter ended June 30, 2024, representing a decrease of 4.5% when compared to $20.6 million for the quarter ended March 31, 2024. The Company recorded $1.7 million provision for credit losses for the quarter ended June 30, 2024 and no provision for credit losses for the quarter ended March 31, 2024.

• Pre-tax pre-provision operating earnings (non-GAAP) totaled $27.4 million for the quarter ended June 30, 2024, representing an increase of 2.9% when compared to $26.6 million for the quarter ended March 31, 2024.

• Total loans increased $110.9 million during the quarter ended June 30, 2024, which represented an annualized increase of 8.6%.

• Annualized net interest margin increased 6 basis points to 3.26% for the quarter ended June 30, 2024 from 3.20% for the quarter ended March 31, 2024.

• Core net interest margin increased 9 basis points during the quarter ended June 30, 2024 from 3.10% to 3.19%.

• Cost of deposits averaged 178 basis points for the second and first quarter of 2024.

• Past due loans to total loans were $20.8 million or 0.40% for the quarter ending June 30, 2024, compared to $13.4 million, or 0.26% for the quarter ending March 31, 2024, and $12.6 million, or 0.25% for the quarter ending June 30, 2023.

• Annualized quarter-to-date net charge-offs to total loans were $0.5 million, or 0.04% for the quarter ending June 30, 2024, compared to $0.1 million, or 0.01% for the quarter ending March 31, 2024 and $0.8 million, or 0.07% for the quarter ending June 30, 2023.

• Nonperforming assets to total assets were $21.1 million, or 0.26% for the quarter ending June 30, 2024, compared to $18.4 million, or 0.23% for the quarter ending March 31, 2024, and $21.6 million, 0.28% for the quarter ending June 30, 2023.

• On May 17, 2024, the Company, acting pursuant to authorization from its Board of Directors, provided written notice to The Nasdaq Stock Market LLC ("Nasdaq") of its determination to voluntarily withdraw the principal listing of the Company's voting common stock, $1.00 par value per share (the "Common Stock"), from Nasdaq and transfer the listing to the New York Stock Exchange ("NYSE"). The listing and trading of the Common Stock on Nasdaq ended at market close on May 29, 2024, and trading commenced on the NYSE at market open on May 30, 2024. The Common Stock is traded on the NYSE under the symbol "FBMS."

• For additional information, see the investor presentation filed and available under presentations and press releases included in the investor relations section of the Company's website: www.thefirstbank.com.

M. Ray “Hoppy” Cole, Jr., President and Chief Executive Officer, commented, "We are pleased with the results of the second quarter. Strong loan growth and improvement in our net interest margin combined to produce a 2.9% increase in pre- tax pre- provision income. Credit quality continued to be solid and operating expenses were well controlled. Our markets continue to do well and we are optimistic about our performance for the second half of 2024."

Quarterly Earnings

Net income available to common shareholders totaled $19.7 million for the quarter ended June 30, 2024, a decrease of $0.9 million, or 4.5%, when compared to $20.6 million for the quarter ended March 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 $0.7 million, or 3.3%, to $20.0 million for quarter ended June 30, 2024 as compared to $20.6 million for the quarter ended March 31, 2024. The decrease in net earnings is largely attributable to an increase in provision for credit losses of $1.7 million, which was due primarily to loan growth.

The Company recorded $1.7 million provision for credit losses for the quarter ended June 30, 2024 and no provision for credit losses for the quarter ended March 31, 2024.

Earnings Per Share

For the second quarter of 2024, diluted earnings per share were $0.62 compared to $0.65 for the first quarter of 2024 and $0.75 for the second quarter of 2023.

Diluted earnings per share, operating (non-GAAP) were $0.63 for the second quarter of 2024 compared to $0.65 for the first quarter of 2024 and $0.85 for the second quarter of 2023.

Balance Sheet

Consolidated assets increased $2.0 million to $7.966 billion at June 30, 2024 from $7.964 billion at March 31, 2024. Loans increased $110.9 million, or 2.2%, for the quarterly comparison and deposits decreased $84.2 million for the quarterly comparison.

Total loans were $5.251 billion for the quarter ended June 30, 2024, as compared to $5.140 billion for the quarter ended March 31, 2024, and $5.011 billion for the quarter ended June 30, 2023, representing an increase of $110.9 million, or 2.2%, for the sequential quarter comparison, and an increase of $240.0 million, or 4.8%, for the prior year quarterly comparison.

Total deposits were $6.626 billion for the quarter ended June 30, 2024, as compared to $6.710 billion for the quarter ended March 31, 2024, and $6.492 billion for the quarter ended June 30, 2023, representing a decrease of $84.2 million, or 1.3%, for the sequential quarter comparison, and an increase of $133.9 million, or 2.1%, for the prior year quarterly comparison. Excluding a decrease in public funds of $38.3 million, deposits decreased $45.9 million, or 0.7% for the sequential quarter comparison. Non-interest bearing deposits as a percentage of total deposits increased to 28.2% for the quarter ended June 30, 2024.

Asset Quality

Nonperforming assets totaled $21.1 million at June 30, 2024, an increase of $2.7 million compared to $18.4 million at March 31, 2024 and a decrease of $0.5 million compared to $21.6 million at June 30, 2023.

Nonaccrual loans totaled $13.6 million, an increase of $2.6 million as compared to March 31, 2024 and a decrease of $2.5 million as compared to June 30, 2023.

The ratio of the allowance for credit losses (ACL) to total loans was 1.05% at June 30, 2024, 1.05% at March 31, 2024 and 1.05% at June 30, 2023. The ratio of annualized net charge-offs to total loans was 0.04% for the quarter ended June 30, 2024 compared to 0.01% for the quarter ended March 31, 2024 and 0.07% for the quarter ended June 30, 2023.

Second Quarter 2024 vs First Quarter 2024 Earnings Comparison

Net income available to common shareholders for the second quarter of 2024 decreased $0.9 million to $19.7 million compared to $20.6 million for the first quarter of 2024. The Company recorded a $1.7 million provision for credit losses for the quarter ended June 30, 2024 and none for the quarter ended March 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 $0.7 million, or 3.3%, to $20.0 million for quarter ended June 30, 2024 as compared to $20.6 million for the quarter ended March 31, 2024. The decrease in net earnings is largely attributable to an increase in provision for credit losses of $1.7 million.

Net interest income for the second quarter of 2024 was $57.8 million as compared to $57.3 million for the first quarter of 2024, an increase of $0.5 million. The increase was largely due to the decrease in interest expense on borrowings of $1.1 million offset by a decrease in interest income of $0.6 million.

Second quarter 2024 net interest margin of 3.26% included 12 basis points related to purchase accounting adjustments compared to 3.20% for the first quarter in 2024, which included 15 basis points related to purchase accounting adjustments.

Core net interest margin increased 9 basis points to 3.19% for the second quarter of 2024 from 3.10% for the first quarter of 2024.

Investment securities increased $26.0 million to $1.771 billion, or 22.2% of total assets at June 30, 2024, compared to $1.745 billion, or 21.9% of total assets at March 31, 2024. The average balance of investment securities decreased $23.5 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) increased 17 basis points to 2.65% from 2.48% in sequential-quarter comparison. The investment portfolio had a net unrealized loss of $129.0 million at June 30, 2024 as compared to a net unrealized loss of $127.6 million at March 31, 2024.

The average yield on all earning assets (non-GAAP) increased in sequential-quarter comparison from 5.12% to 5.14%. Interest expense on average interest bearing liabilities decreased 3 basis points from 2.65% for the first quarter of 2024 to 2.62% for the second quarter of 2024.

Cost of all deposits averaged 178 basis points for the second and first quarter of 2024.

Non-interest income increased $0.6 million from $12.7 million in the first quarter of 2024 to $13.3 million in the second quarter of 2024, primarily attributable to an increase in interchange fee income of $0.7 million.

Non-interest expense for the second quarter of 2024 was $44.1 million compared to $43.4 million for the first quarter of 2024, an increase of $0.7 million.

Second Quarter 2024 vs. Second Quarter 2023 Earnings Comparison

Net income available to common shareholders for the second quarter of 2024 totaled $19.7 million compared to $23.8 million for the second quarter of 2023, a decrease of $4.1 million or 17.2%. This decrease is largely attributable to a decrease in net interest income of $8.2 million.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $6.9 million, or 25.6%, to $20.0 million for quarter ended June 30, 2024, as compared to $26.8 million for the quarter ended June 30, 2023. This decrease is attributable to a decrease in net interest income of $8.2 million offset by a decrease in other expenses of $2.0 million.

Net interest income for the second quarter of 2024 was $57.8 million, a decrease of $8.2 million or 12.5% when compared to the second quarter of 2023. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $58.8 million and $67.0 million for the second quarter of 2024 and 2023, respectively. Purchase accounting adjustments decreased $4.5 million for the second quarter comparisons. The decrease was largely due to increased interest expense due to increased competition for deposits offset by an increase in interest income of $4.8 million.

Second quarter of 2024 net interest margin was 3.26%, which included 12 basis points related to purchase accounting adjustments compared to 3.76% for the same quarter in 2023, which included 37 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 25 basis points in prior year quarterly comparison primarily due to an increase in rates on interest bearing liabilities.

Non-interest income increased $0.9 million for the second quarter of 2024 as compared to the second quarter of 2023.

Second quarter 2024 non-interest expense was $44.1 million, a decrease of $2.8 million, or 6.0% as compared to the second quarter of 2023. Excluding acquisition charges, non-interest expense increased $0.9 million of which salaries and employee benefits, occupancy and professional service increased $ 2.6 million offset by a decrease in other expenses of $2.0 million.

Investment securities totaled $1.771 billion, or 22.2% of total assets at June 30, 2024, compared to $1.898 billion, or 24.1% of total assets at June 30, 2023. For the second quarter of 2024 compared to the second quarter of 2023, the average balance of investment securities decreased $156.4 million. The average tax equivalent yield on investment securities (non-GAAP) increased 42 basis points to 2.65% from 2.23% in the prior year quarterly comparison. The investment portfolio had a net unrealized loss of $129.0 million at June 30, 2024 as compared to a net unrealized loss of $157.6 million at June 30, 2023.

The average yield on all earning assets increased 23 basis points in prior year quarterly comparison, from 4.91% for the second quarter of 2023 to 5.14% for the second quarter of 2024. Interest expense on average interest bearing liabilities increased 97 basis points from 1.65% for the second quarter of 2023 to 2.62% for the second quarter of 2024.

Cost of all deposits averaged 178 basis points for the second quarter of 2024 compared to 91 basis points for the second quarter of 2023.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders increased $0.3 million, or 0.7%, from $40.1 million for the six months ended June 30, 2023, to $40.3 million for the same period ended June 30, 2024.

Net interest income was $115.1 million for the six months ended June 30, 2024, a decrease of $15.8 million as compared to the same period ended June 30, 2023, primarily due to an increase in interest expense on deposits offset by an increase in loan interest income.

Non-interest income was $26.0 million for the six months ended June 30, 2024, an increase of $1.0 million as compared to the same period ended June 30, 2023. An increase in other charges and fees accounted for the change.

Non-interest expense was $87.5 million for the six months ended June 30, 2024, a decrease of $5.1 million as compared to the same period ended June 30, 2023. The decrease was primarily due to decreased acquisition charges of $7.5 million offset by an increase in salaries and employee benefits of $2.7 million.

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 August 23, 2024 to shareholders of record as of the close of business on August 8, 2024.

Conference Call

The Company will host a conference call for analysts and investors to discuss the Company’s financial results at 10:00 a.m. Central Time on Thursday, July 25, 2024. Investors and analysts may participate by clicking on the Participant Conference Link: https://register.vevent.com/register/BI543394697ff8411dad8a7bcdd9804108. An audio archive of the conference call along with the transcript will be available within 24-48 hours after the call and placed in the Investor Relations section of our website.

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 New York Stock Exchange 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 rising 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, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (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 6/30/24				Quarter Ended 3/31/24				Quarter Ended 12/31/23				Quarter Ended 9/30/23				Quarter Ended 6/30/23
Total Interest Income	$	91,027			$	91,663			$	88,720			$	85,681			$	86,194
Total Interest Expense		33,233				34,322				31,055				24,977				20,164
Net Interest Income		57,794				57,341				57,665				60,704				66,030
Net Interest Income excluding PPP Fee Income		57,793				57,340				57,664				60,703				66,029
FTE net interest income*		58,797				58,339				58,651				61,696				67,028
Provision for credit losses		1,650				—				1,250				1,000				1,250
Non-interest income		13,319				12,679				2,346				19,324				12,423
Non-interest expense		44,089				43,425				44,433				47,724				46,899
Earnings before income taxes		25,374				26,595				14,328				31,304				30,304
Income tax expense		5,677				5,967				3,281				6,944				6,525
Net income available to common shareholders	$	19,697			$	20,628			$	11,047			$	24,360			$	23,779
PER COMMON SHARE DATA
Basic earnings per share	$	0.62			$	0.66			$	0.35			$	0.78			$	0.76
Diluted earnings per share		0.62				0.65				0.35				0.77				0.75
Diluted earnings per share, operating*		0.63				0.65				0.59				0.76				0.85
Quarterly dividends per share		0.25				0.25				0.24				0.23				0.22
Book value per common share at end of period		30.83				30.45				30.22				28.57				28.64
Tangible book value per common share at period end*		20.15				19.70				19.35				17.62				17.62
Market price at end of period		25.98				25.95				29.33				26.97				25.84
Shares outstanding at period end		31,525,232				31,528,748				31,399,803				31,404,231				31,406,220
Weighted average shares outstanding:
Basic		31,527,592				31,475,254				31,401,612				31,405,439				31,378,364
Diluted		31,679,827				31,630,745				31,587,506				31,609,564				31,591,665
AVERAGE BALANCE SHEET DATA
Total assets	$	7,939,783			$	8,005,574			$	7,917,303			$	7,873,345			$	7,882,130
Loans and leases		5,202,006				5,158,071				5,145,228				5,038,928				4,982,368
Total deposits		6,625,500				6,599,287				6,440,774				6,466,141				6,501,372
Total common equity		963,445				952,708				901,530				905,070				901,499
Total tangible common equity*		625,586				612,470				558,889				560,071				554,792
SELECTED RATIOS
Annualized return on avg assets (ROA)		0.99	%			1.03	%			0.56	%			1.24	%			1.21	%
Annualized return on avg assets, operating*		1.01	%			1.03	%			0.95	%			1.22	%			1.36	%
Annualized pre-tax, pre-provision, operating*		1.38	%			1.33	%			1.31	%			1.62	%			1.81	%
Annualized return on avg common equity, operating*		8.29	%			8.66	%			8.32	%			10.63	%			11.91	%
Annualized return on avg tangible common equity, operating*		12.76	%			13.48	%			13.41	%			17.17	%			19.35	%
Average loans to average deposits		78.51	%			78.16	%			79.89	%			77.93	%			76.64	%
FTE Net Interest Margin*		3.32	%			3.26	%			3.33	%			3.52	%			3.82	%
Efficiency Ratio		61.14	%			61.15	%			72.84	%			58.90	%			59.02	%
Efficiency Ratio, operating*		60.65	%			61.14	%			62.00	%			56.06	%			53.87	%
*See reconciliation of non-GAAP financial measures
CREDIT QUALITY
Allowance for credit losses (ACL) as a % of total loans		1.05	%			1.05	%			1.05	%			1.05	%			1.05	%
Nonperforming assets to tangible equity + ACL		3.05	%			2.72	%			3.05	%			3.69	%			3.57	%
Nonperforming assets to total loans + OREO		0.40	%			0.36	%			0.39	%			0.44	%			0.43	%
Annualized QTD net charge-offs (recoveries) to total loans		0.036	%			0.006	%			0.061	%			0.004	%			0.070	%

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands)
BALANCE SHEET	June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023
Assets
Cash and cash equivalents	$	207,606			$	339,964			$	355,147			$	197,632			$	194,050
Securities available for sale		1,124,462				1,088,568				1,042,365				1,141,971				1,199,103
Securities held to maturity		607,502				622,574				654,539				658,524				663,473
Other investments		39,293				34,094				37,754				35,872				35,725
Total investment securities		1,771,257				1,745,236				1,734,658				1,836,367				1,898,301
Loans held for sale		5,892				4,241				2,914				5,960				6,602
Total loans		5,250,893				5,139,952				5,170,042				5,089,800				5,010,925
Allowance for credit losses		(55,133	)			(53,959	)			(54,032	)			(53,565	)			(52,614	)
Loans, net		5,195,760				5,085,993				5,116,010				5,036,235				4,958,311
Premises and equipment		179,289				181,194				182,162				183,740				186,381
Other Real Estate Owned		6,356				6,743				8,320				4,920				5,588
Goodwill and other intangibles		336,561				338,946				341,332				343,869				346,104
Other assets		263,079				261,442				258,802				275,562				266,771
Total assets	$	7,965,800			$	7,963,759			$	7,999,345			$	7,884,285			$	7,862,108
Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	1,870,305			$	1,836,952			$	1,849,013			$	1,967,661			$	2,086,666
Interest-bearing deposits		4,755,812				4,873,403				4,613,859				4,512,364				4,405,601
Total deposits		6,626,117				6,710,355				6,462,872				6,480,025				6,492,267
Borrowings		182,400				110,000				390,000				302,000				280,000
Subordinated debentures		123,558				123,472				123,386				128,300				128,214
Other liabilities		61,840				60,020				74,053				76,739				62,181
Total liabilities		6,993,915				7,003,847				7,050,311				6,987,064				6,962,662
Total shareholders’ equity		971,885				959,912				949,034				897,221				899,446
Total liabilities and shareholders’ equity	$	7,965,800			$	7,963,759			$	7,999,345			$	7,884,285			$	7,862,108

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
	6/30/2024			3/31/2024				12/31/2023				9/30/2023				6/30/2023
Interest Income:
Loans, including fees	$	76,269		$	76,172			$	74,357			$	70,349			$	68,057
Investment securities		11,833			11,248				10,803				10,614				10,815
Accretion of purchase accounting adjustments		2,067			2,627				3,235				4,277				6,533
Other interest income		858			1,616				325				441				789
Total interest income		91,027			91,663				88,720				85,681				86,194
Interest Expense:
Deposits		29,247			29,182				24,489				19,314				14,613
Borrowings		1,956			3,022				4,500				3,556				3,264
Subordinated debentures		1,814			1,887				1,807				1,849				2,138
Accretion of purchase accounting adjustments		216			231				259				258				149
Total interest expense		33,233			34,322				31,055				24,977				20,164
Net interest income		57,794			57,341				57,665				60,704				66,030
Provision for credit losses		1,650			—				1,250				1,000				1,250
Net interest income after provision for credit losses		56,144			57,341				56,415				59,704				64,780
Non-interest Income:
Service charges on deposit accounts		3,334			3,367				3,447				3,646				3,425
Mortgage Income		972			704				582				878				773
Interchange Fee Income		4,893			4,195				4,593				5,280				4,543
Gain (Loss) on securities, net		14			(48	)			(9,670	)			2				(48	)
Treasury Awards		—			—				—				6,197				—
Loss on sale of premises and equipment		163			—				(524	)			(104	)			—
Other charges and fees		3,943			4,461				3,918				3,425				3,730
Total non-interest income		13,319			12,679				2,346				19,324				12,423
Non-interest expense:
Salaries and employee benefits		25,045			24,508				23,717				22,807				23,315
Occupancy expense		5,490			5,714				5,688				5,343				5,041
FDIC/OCC premiums		1,020			1,008				1,263				1,158				758
Marketing		59			139				71				559				45
Amortization of core deposit intangibles		2,385			2,385				2,385				2,385				2,391
Other professional services		2,028			1,833				2,309				1,499				1,570
Acquisition and charter conversion charges		352			8				593				588				4,101
Other non-interest expense		7,710			7,830				8,407				13,385				9,678
Total non-interest expense		44,089			43,425				44,433				47,724				46,899
Earnings before income taxes		25,374			26,595				14,328				31,304				30,304
Income tax expense		5,677			5,967				3,281				6,944				6,525
Net income available to common shareholders	$	19,697		$	20,628			$	11,047			$	24,360			$	23,779
Diluted earnings per common share	$	0.62		$	0.65			$	0.35			$	0.77			$	0.75
Diluted earnings per common share, operating*	$	0.63		$	0.65			$	0.59			$	0.76			$	0.85
*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	$	152,440			$	132,113
PPP loan fee income		1				209
Investment securities		23,081				22,522
Accretion of purchase accounting adjustments		4,694				10,002
Other interest income		2,474				1,686
Total interest income		182,690				166,532
Interest Expense:
Deposits		58,429				26,796
Borrowings		4,978				4,223
Subordinated debentures		3,701				4,314
Amortization of purchase accounting adjustments		447				243
Total interest expense		67,555				35,576
Net interest income		115,135				130,956
Provision for credit losses		1,650				12,250
Net interest income after provision for credit losses		113,485				118,706
Non-interest Income:
Service charges on deposit accounts		6,701				7,082
Mortgage Income		1,676				1,406
Interchange Fee Income		9,088				9,041
Gain (loss) on securities, net		(34	)			(48	)
Bargain Purchase Gain and gain on sale of premises and equipment		163				—
Other charges and fees		8,404				7,554
Total non-interest income		25,998				25,035
Non-interest expense:
Salaries and employee benefits		49,553				46,888
Occupancy expense		11,204				10,337
FDIC/OCC premiums		2,028				1,428
Marketing		198				203
Amortization of core deposit intangibles		4,770				4,793
Other professional services		3,861				2,638
Acquisition & charter conversion charges		360				7,894
Other non-interest expense		15,540				18,388
Total non-interest expense		87,514				92,569
Earnings before income taxes		51,969				51,172
Income tax expense		11,644				11,122
Net income available to common shareholders		40,325				40,050
Diluted earnings per common share	$	1.27			$	1.27
Diluted earnings per common share, operating*	$	1.28			$	1.71
*See reconciliation of non-GAAP financial measures

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands)
COMPOSITION OF LOANS		June 30, 2024				Percent of Total			March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023				Percent of Total
Commercial, financial and agricultural		$	710,808			13.5	%		$	737,511			$	765,422			$	753,120			$	753,415			15.0	%
Real estate – construction			639,931			12.2	%			633,804				629,660				633,682				634,120			12.6	%
Real estate – commercial			2,435,853			46.4	%			2,356,552				2,377,864				2,317,666				2,251,710			44.9	%
Real estate – residential			1,387,102			26.4	%			1,330,589				1,311,395				1,298,980				1,286,343			25.6	%
Lease Financing Receivable			1,749			—	%			1,794				1,292				1,548				1,187			—	%
Obligations of States & subdivisions			27,286			0.5	%			28,541				29,316				29,650				31,137			0.6	%
Consumer			48,164			0.9	%			51,161				55,094				55,154				53,013			1.1	%
Loans held for sale			5,892			0.1	%			4,241				2,914				5,960				6,602			0.1	%
Total loans		$	5,256,785			100	%		$	5,144,193			$	5,172,957			$	5,095,760			$	5,017,527			100.0	%
COMPOSITION OF DEPOSITS		June 30, 2024				Percent of Total			March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023				Percent of Total
Non-interest bearing		$	1,870,305			28.2	%		$	1,836,952			$	1,849,013			$	1,967,661			$	2,086,666			32.1	%
NOW and other			2,075,566			31.4	%			2,135,343				1,914,792				1,962,383				2,014,420			31.0	%
Money Market/Savings			1,573,194			23.7	%			1,656,688				1,623,311				1,532,822				1,565,212			24.1	%
Time Deposits of less than $250,000			825,460			12.5	%			816,153				813,877				766,553				627,782			9.7	%
Time Deposits of $250,000 or more			281,591			4.2	%			265,219				261,879				250,606				198,187			3.1	%
Total Deposits		$	6,626,116			100	%		$	6,710,355			$	6,462,872			$	6,480,025			$	6,492,267			100.0	%
ASSET QUALITY DATA		June 30, 2024							March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023
Nonaccrual loans		$	13,553						$	10,961			$	10,691			$	17,423			$	16,037
Loans past due 90 days and over			1,174							687				1,163				53				—
Total nonperforming loans			14,727							11,648				11,854				17,476				16,037
Other real estate owned			6,356							6,743				8,320				4,920				5,588
Total nonperforming assets		$	21,083						$	18,391			$	20,174			$	22,396			$	21,625
Nonperforming assets to total assets			0.26	%						0.23	%			0.25	%			0.28	%			0.28	%
Nonperforming assets to total loans + OREO			0.40	%						0.36	%			0.39	%			0.44	%			0.43	%
ACL to nonperforming loans			374.37	%						463.25	%			455.81	%			306.51	%			328.08	%
ACL to total loans			1.05	%						1.05	%			1.05	%			1.05	%			1.05	%
Qtr-to-date net charge-offs (recoveries)		$	476						$	73			$	783			$	49			$	837
Annualized QTD net chg-offs (recs) to loans			0.036	%						0.006	%			0.061	%			0.004	%			0.070	%

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	June 30, 2024							March 31, 2024							December 31, 2023							September 30, 2023							June 30, 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	$	1,328,780	$	8,868	2.67	%		$	1,342,644	$	8,303	2.47	%		$	1,375,695	$	7,892	2.29	%		$	1,419,343	$	7,685	2.17	%		$	1,473,166	$	7,867	2.14	%
Tax-exempt securities		458,752		3,968	3.46	%			468,432		3,944	3.37	%			446,348		3,897	3.49	%			463,329		3,921	3.39	%			470,742		3,946	3.35	%
Total investment securities		1,787,532		12,836	2.87	%			1,811,076		12,247	2.70	%			1,822,043		11,789	2.59	%			1,882,672		11,606	2.47	%			1,943,908		11,813	2.43	%
Int bearing dep in other banks		99,290		858	3.46	%			189,785		1,616	3.41	%			70,193		325	1.85	%			79,448		441	2.22	%			93,464		789	3.38	%
Loans		5,202,006		78,336	6.02	%			5,158,071		78,798	6.11	%			5,145,228		77,592	6.03	%			5,038,928		74,626	5.92	%			4,982,368		74,590	5.99	%
Total interest earning assets		7,088,828		92,030	5.19	%			7,158,932		92,661	5.18	%			7,037,464		89,706	5.10	%			7,001,048		86,673	4.95	%			7,019,740		87,192	4.97	%
Other assets		850,955							846,642							879,839							872,297							862,390
Total assets	$	7,939,783						$	8,005,574						$	7,917,303						$	7,873,345						$	7,882,130
Interest-bearing liabilities:
Deposits	$	4,795,120	$	29,463	2.46	%		$	4,803,277	$	29,412	2.45	%		$	4,533,386	$	24,748	2.18	%		$	4,459,869	$	19,572	1.76	%		$	4,465,800	$	14,762	1.32	%
Borrowed Funds		157,045		1,956	4.98	%			254,505		3,023	4.75	%			361,445		4,500	4.98	%			296,963		3,556	4.79	%			277,531		3,264	4.70	%
Subordinated debentures		123,510		1,814	5.87	%			123,424		1,887	6.12	%			126,925		1,807	5.69	%			128,251		1,849	5.77	%			145,418		2,138	5.88	%
Total interest bearing
liabilities		5,075,675		33,233	2.62	%			5,181,206		34,322	2.65	%			5,021,756		31,055	2.47	%			4,885,083		24,977	2.05	%			4,888,749		20,164	1.65	%
Other liabilities		1,900,663							1,871,660							1,994,017							2,083,192							2,091,882
Shareholders' equity		963,445							952,708							901,530							905,070							901,499
Total liabilities and
shareholders' equity	$	7,939,783						$	8,005,574						$	7,917,303						$	7,873,345						$	7,882,130
Net interest
income (FTE)*			$	58,797	2.57	%				$	58,339	2.53	%				$	58,651	2.63	%				$	61,696	2.91	%				$	67,028	3.32	%
Net interest margin (FTE)*					3.32	%						3.26	%						3.33	%						3.52	%						3.82	%
Core net interest margin*					3.19	%						3.10	%						3.14	%						3.27	%						3.43	%
*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	June 30, 2024			Mar 31, 2024				Dec 31, 2023				Sept 30, 2023				June 30, 2023
Book value per common share	$	30.83		$	30.45			$	30.22			$	28.57			$	28.64
Effect of intangible assets per share		10.68			10.75				10.87				10.95				11.02
Tangible book value per common share	$	20.15		$	19.70			$	19.35			$	17.62			$	17.62
Diluted earnings per share	$	0.62		$	0.65			$	0.35			$	0.77			$	0.75
Effect of acquisition and charter conversion charges		0.01			—				0.02				0.02				0.13
Tax on acquisition and charter conversion charges		—			—				(0.01	)			(0.01	)			(0.03	)
Effect of Treasury awards		—			—				—				(0.20	)			—
Tax on Treasury awards		—			—				—				0.05				—
Effect on contributions/consulting/advertising related to Treasury awards		—			—				—				0.17				—
Tax on contributions/consulting/advertising related to Treasury awards		—			—				—				(0.04	)			—
Loss on securities repositioning		—			—				0.31				—				—
Tax loss on securities repositioning		—			—				(0.08	)			—				—
Diluted earnings per share, operating	$	0.63		$	0.65			$	0.59			$	0.76			$	0.85
				Year to Date
					2024								2023
Diluted earnings per share				$	1.27							$	1.27
Effect of acquisition and charter conversion charges					0.01								0.25
Tax on acquisition and charter conversion charges					—								(0.06	)
Initial provision for acquired loans					—								0.34
Tax on initial provision for acquired loans					—								(0.09	)
Diluted earnings per share, operating				$	1.28							$	1.71
				Year to Date
					2024								2023
Net income available to common shareholders				$	40,325							$	40,050
Acquisition and charter conversion charges					360								7,894
Tax on acquisition and charter conversion charges					(91	)							(1,997	)
Initial provision for acquired loans					—								10,727
Tax on initial provision for acquired loans					—								(2,714	)
Net earnings available to common shareholders, operating				$	40,594							$	53,960

		Three Months Ended
Average Balance Sheet Data		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Total average assets	A	$	7,939,783		$	8,005,574		$	7,917,303		$	7,873,345		$	7,882,130
Total average earning assets	B	$	7,088,828		$	7,158,932		$	7,037,464		$	7,001,048		$	7,019,740
Common Equity	C	$	963,445		$	952,708		$	901,530		$	905,070		$	901,499
Less intangible assets			337,859			340,238			342,641			344,999			346,707
Total Tangible common equity	D	$	625,586		$	612,470		$	558,889		$	560,071		$	554,792
		Three Months Ended
Net Interest Income Fully Tax Equivalent		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Net interest income	E	$	57,794		$	57,341		$	57,665		$	60,704		$	66,030
Tax-exempt investment income			(2,965	)		(2,946	)		(2,911	)		(2,929	)		(2,948	)
Taxable investment income			3,968			3,944			3,897			3,921			3,946
Net Interest Income Fully Tax Equivalent	F	$	58,797		$	58,339		$	58,651		$	61,696		$	67,028
Annualized Net Interest Margin	E/B		3.26	%		3.20	%		3.28	%		3.47	%		3.76	%
Annualized Net Interest Margin, Fully Tax Equivalent	F/B		3.32	%		3.26	%		3.33	%		3.52	%		3.82	%
Total Interest Income, Fully Tax Equivalent
Total Interest Income	R	$	91,027		$	91,663		$	88,720		$	85,681		$	86,194
Tax-exempt investment income			(2,965	)		(2,946	)		(2,911	)		(2,929	)		(2,948	)
Taxable investment income			3,968			3,944			3,897			3,921			3,946
Total Interest Income, Fully Tax Equivalent	G	$	92,030		$	92,661		$	89,706		$	86,673		$	87,192
Yield on Average Earning Assets	R/B		5.14	%		5.12	%		5.04	%		4.90	%		4.91	%
Yield on Average Earning Assets, Fully Tax Equivalent	G/B		5.19	%		5.18	%		5.10	%		4.95	%		4.97	%
Interest Income Investment Securities, Fully Tax Equivalent
Interest Income Investment Securities	S	$	11,833		$	11,248		$	10,803		$	10,614		$	10,815
Tax-exempt investment income			(2,965	)		(2,946	)		(2,911	)		(2,929	)		(2,948	)
Taxable investment Income			3,968			3,944			3,897			3,921			3,946
Interest Income Investment Securities, Fully Tax Equivalent	H	$	12,836		$	12,246		$	11,789		$	11,606		$	11,813
Average Investment Securities	I	$	1,787,532		$	1,811,076		$	1,822,043		$	1,882,672		$	1,943,908
Yield on Investment Securities	S/I		2.65	%		2.48	%		2.37	%		2.26	%		2.23	%
Yield on Investment Securities, Fully Tax Equivalent	H/I		2.87	%		2.70	%		2.59	%		2.47	%		2.43	%
		Three Months Ended
Core Net Interest Margin		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Net interest income (FTE)		$	58,797		$	58,339		$	58,651		$	61,696		$	67,028
Less purchase accounting adjustments			2,067			2,627			3,235			4,276			6,533
Net interest income, net of purchase accounting adj	J	$	56,730		$	55,712		$	55,416		$	57,420		$	60,495
Total average earning assets		$	7,088,828		$	7,158,932		$	7,037,464		$	7,001,048		$	7,019,740
Add average balance of loan valuation discount			22,341			24,675			27,573			31,269			38,306
Avg earning assets, excluding loan valuation discount	K	$	7,111,169		$	7,183,607		$	7,065,037		$	7,032,317		$	7,058,046
Core net interest margin	J/K		3.19	%		3.10	%		3.14	%		3.27	%		3.43	%
		Three Months Ended
Efficiency Ratio		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Operating Expense
Total non-interest expense		$	44,089		$	43,425		$	44,433		$	47,724		$	46,899
Pre-tax non-operating expenses			(352	)		(8	)		(594	)		(5,777	)		(4,101	)
Adjusted Operating Expense	L	$	43,737		$	43,417		$	43,839		$	41,947		$	42,798
Operating Revenue
Net interest income, FTE		$	58,797		$	58,339		$	58,651		$	61,696		$	67,028
Total non-interest income			13,319			12,679			2,346			19,324			12,423
Pre-tax non-operating items			—			—			9,708			(6,197	)		—
Adjusted Operating Revenue	M	$	72,116		$	71,018		$	70,705		$	74,823		$	79,451
Efficiency Ratio, operating	L/M		60.65	%		61.14	%		62.00	%		56.06	%		53.87	%
		Three Months Ended
Return Ratios		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Net income available to common shareholders	N	$	19,697		$	20,628		$	11,047		$	24,360		$	23,779
Acquisition and charter conversion charges			352			8			593			588			4,101
Tax on acquisition and charter conversion charges			(89	)		(2	)		(150	)		(149	)		(1,037	)
Treasury awards			—			—			—			(6,197	)		—
Tax on Treasury awards			—			—			—			1,568			—
Contributions/consulting/advertising related to Treasury awards			—			—			—			5,190			—
Tax on contributions/consulting/advertising related to Treasury awards			—			—			—			(1,313	)		—
Loss on securities repositioning			—			—			9,708			—			—
Tax loss on securities repositioning			—			—			(2,457	)		—			—
Net earnings available to common shareholders, operating	O	$	19,960		$	20,634		$	18,741		$	24,047		$	26,843
		Three Months Ended
Pre-Tax Pre-Provision Operating Earnings		June 30, 2024			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Earnings before income taxes	P	$	25,374		$	26,595		$	14,328		$	31,304		$	30,304
Acquisition and charter conversion charges			352			8			593			588			4,101
Provision for credit losses			1,650			—			1,250			1,000			1,250
Treasury awards			—			—			—			(6,197	)		—
Contributions/consulting/advertising related to Treasury awards			—			—			—			5,190			—
Loss on securities repositioning			—			—			9,708			—			—
Pre-Tax, Pre-Provision Operating Earnings	Q	$	27,376		$	26,603		$	25,879		$	31,885		$	35,655
Annualized return on avg assets	N/A		0.99	%		1.03	%		0.56	%		1.24	%		1.21	%
Annualized return on avg assets, oper	O/A		1.01	%		1.03	%		0.95	%		1.22	%		1.36	%
Annualized pre-tax, pre-provision, oper	Q/A		1.38	%		1.33	%		1.31	%		1.62	%		1.81	%
Annualized return on avg common equity, oper	O/C		8.29	%		8.66	%		8.32	%		10.63	%		11.91	%
Annualized return on avg tangible common equity, operating	O/D		12.76	%		13.48	%		13.41	%		17.17	%		19.35	%
		Three Months Ended
Capital Ratios		June 30, 2024*			Mar 31, 2024			Dec 31, 2023			Sept 30, 2023			June 30, 2023
Common equity tier 1 (CET1) ratio			12.4	%		12.2	%		12.1	%		12.0	%		11.5	%
Leverage (Tier 1) ratio			10.0	%		9.7	%		9.7	%		9.6	%		9.1	%
Total risk based capital ratio			15.3	%		15.2	%		15.0	%		15.1	%		14.5	%
Tangible common equity ratio			8.3	%		8.1	%		7.9	%		7.3	%		7.4	%
*estimated

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723507823/en/

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

Source: The First Bancshares, Inc.

FAQ

What was FBMS's net income for Q2 2024?

FBMS reported net income available to common shareholders of $19.7 million for Q2 2024.

How much did FBMS's total loans increase in Q2 2024?

FBMS's total loans increased by $110.9 million during Q2 2024, representing an annualized increase of 8.6%.

What was FBMS's diluted earnings per share for Q2 2024?

FBMS reported diluted earnings per share of $0.62 for Q2 2024.

Did FBMS declare a dividend for Q2 2024?

Yes, FBMS declared a cash dividend of $0.25 per share, payable on August 23, 2024.

What was FBMS's net interest margin for Q2 2024?

FBMS's net interest margin increased to 3.26% for Q2 2024, up 6 basis points from Q1 2024.