The First Bancshares, Inc. Reports Results for Third Quarter Ended September 30, 2024

Rhea-AI Summary

The First Bancshares (FBMS) reported Q3 2024 financial results with net income of $18.6 million, down 5.7% from Q2 2024's $19.7 million. Operating earnings (non-GAAP) increased 2.7% to $20.5 million. Total loans grew by $67.7 million (5.2% annualized), while deposits decreased by $65.4 million. Net interest margin improved to 3.33%, up 7 basis points from Q2. The company announced a merger agreement with Renasant , expected to close in H1 2025, where FBMS shareholders will receive 1.00 share of Renasant stock for each FBMS share. The Board declared a cash dividend of $0.25 per share.

Positive

• Operating earnings (non-GAAP) increased 2.7% to $20.5 million QoQ
• Loan growth of $67.7 million (5.2% annualized)
• Net interest margin improved 7 basis points to 3.33%
• Low net charge-offs ratio of 0.03%

Negative

• Net income decreased 5.7% QoQ to $18.6 million
• Deposits decreased by $65.4 million (1.0%)
• Non-performing assets increased to $25.1 million from $21.1 million QoQ
• Non-interest income decreased $1.1 million QoQ

Insights

Financial Analyst

The Q3 2024 results for First Bancshares (FBMS) show mixed performance with some concerning trends. Net income decreased -5.7% to $18.6 million quarter-over-quarter, though operating earnings increased 2.7% when excluding one-time items. Key metrics reveal:

• Loan growth was solid at an annualized 5.2% rate
• Net interest margin improved modestly by 0.07% to 3.33%
• Asset quality showed slight deterioration with nonperforming assets increasing to 0.31% of total assets
• Cost of deposits rose to 1.83%, up from 1.78% in Q2

The pending merger with Renasant could create strategic value but is currently impacting expenses. The 1.05% loan loss reserve appears adequate given the modest net charge-offs of 0.03%.

Market Research Analyst

The announced merger with Renasant represents a significant strategic shift that will create a larger southeastern banking franchise. Key market implications include:

• All-stock transaction at 1:1 exchange ratio suggests fair value alignment
• Combined entity will have enhanced scale and efficiency potential
• Deposit trends warrant monitoring with $65.4 million quarterly decline
• Non-interest bearing deposits decreased to 27.4% of total deposits, indicating potential margin pressure

The $91.6 million unrealized loss in the investment portfolio improved from previous quarters but remains a drag on tangible book value.

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 September 30, 2024.

Highlights for the Quarter:

• Net income available to common shareholders totaled $18.6 million for the quarter ended September 30, 2024, representing a decrease of 5.7% when compared to $19.7 million for the quarter ended June 30, 2024. The Company recorded $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million provision for credit losses for the quarter ended June 30, 2024.
• Excluding one-time items detailed in the tables located in the appendix of this release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7% to $20.5 million for the quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.
• Total loans increased $67.7 million during the quarter ended September 30, 2024, which represented an annualized increase of 5.2%, as compared to the quarter ending June 30, 2024.
• Annualized net interest margin increased 7 basis points to 3.33% for the quarter ended September 30, 2024 from 3.26% for the quarter ended June 30, 2024.
• Core net interest margin (non-GAAP) increased 7 basis points during the quarter ended September 30, 2024 from 3.19% to 3.26%.
• Cost of deposits averaged 183 basis points and 178 basis points for the third and second quarter of 2024, respectively.
• Past due loans to total loans were $22.8 million or 0.43% for the quarter ending September 30, 2024, compared to $20.8 million, or 0.40% for the quarter ending June 30, 2024, and $15.7 million, or 0.31% for the quarter ending September 30, 2023.
• Annualized quarter-to-date net charge-offs to total loans were $0.4 million, or 0.03% for the quarter ending September 30, 2024, compared to $0.5 million, or 0.04% for the quarter ending June 30, 2024 and $49 thousand, or 0.004% for the quarter ending September 30, 2023.
• Nonperforming assets to total assets were $25.1 million, or 0.31% for the quarter ending September 30, 2024, compared to $21.1 million, or 0.26% for the quarter ending June 30, 2024, and $22.4 million, 0.28% for the quarter ending September 30, 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.

M. Ray “Hoppy” Cole, Jr., President and Chief Executive Officer, commented, "We were excited to announce our potential merger with Renasant Bank during the quarter. Together we create a high performing southeastern franchise with a simple community bank model, focused on building relationships and growing our business.

In addition to our merger announcement, the quarter was characterized by continued strong performance in terms of profitability and growth. Loans increased by 5.0% on an annualized basis, core operating earnings increased 2.7% quarter over quarter and our margin expanded six basis points.

We look forward to the opportunities that lie ahead and the value we hope to create for our shareholders through this strategic partnership with Renasant."

Quarterly Earnings

Net income available to common shareholders totaled $18.6 million for the quarter ended September 30, 2024, a decrease of $1.1 million, or 5.7%, when compared to $19.7 million for the quarter ended June 30, 2024.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7%, to $20.5 million for quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.

The Company recorded $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million provision for credit losses for the quarter ended June 30, 2024.

Earnings Per Share

For the third quarter of 2024, diluted earnings per share were $0.59 compared to $0.62 for the second quarter of 2024 and $0.77 for the third quarter of 2023.

Diluted earnings per share, operating (non-GAAP) were $0.65 for the third quarter of 2024 compared to $0.63 for the second quarter of 2024 and $0.76 for the third quarter of 2023.

Balance Sheet

Consolidated assets increased $0.7 million to $7.966 billion at September 30, 2024 from $7.966 billion at June 30, 2024. Loans increased $67.7 million, or 1.3%, for the quarterly comparison and deposits decreased $65.4 million, or 1.0% for the quarterly comparison.

Total loans were $5.319 billion for the quarter ended September 30, 2024, as compared to $5.251 billion for the quarter ended June 30, 2024, and $5.090 billion for the quarter ended September 30, 2023, representing an increase of $67.7 million, or 1.3%, for the sequential quarter comparison, and an increase of $228.8 million, or 4.5%, for the prior year quarterly comparison.

Total deposits were $6.561 billion for the quarter ended September 30, 2024, as compared to $6.626 billion for the quarter ended June 30, 2024, and $6.480 billion for the quarter ended September 30, 2023, representing a decrease of $65.4 million, or 1.0%, for the sequential quarter comparison, and an increase of $80.7 million, or 1.2%, for the prior year quarterly comparison. Excluding a decrease in public funds of $39.8 million, deposits decreased $25.6 million, or 0.4% for the sequential quarter comparison. Non-interest bearing deposits as a percentage of total deposits decreased to 27.4% for the quarter ended September 30, 2024 compared to 28.2% for June 30, 2024.

Asset Quality

Nonperforming assets totaled $25.1 million at September 30, 2024, an increase of $4.0 million compared to $21.1 million at June 30, 2024 and an increase of $2.7 million compared to $22.4 million at September 30, 2023.

Nonaccrual loans totaled $16.3 million, an increase of $2.7 million as compared to June 30, 2024 and a decrease of $1.1 million as compared to September 30, 2023.

The ratio of the allowance for credit losses (ACL) to total loans was 1.05% at September 30, 2024, 1.05% at June 30, 2024 and 1.05% at September 30, 2023. The ratio of annualized net charge-offs to total loans was 0.03% for the quarter ended September 30, 2024 compared to 0.04% for the quarter ended June 30, 2024 and 0.004% for the quarter ended September 30, 2023.

Third Quarter 2024 vs. Second Quarter 2024 Earnings Comparison

Net income available to common shareholders for the third quarter of 2024 decreased $1.1 million to $18.6 million compared to $19.7 million for the second quarter of 2024. The Company recorded a $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million for the quarter ended June 30, 2024.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7%, to $20.5 million for quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.

Net interest income for the third quarter of 2024 was $59.0 million as compared to $57.8 million for the second quarter of 2024, an increase of $1.2 million. The increase was largely due to an increase in interest income on loans and partially offset by an increase in interest expense of $1.3 million.

Third quarter 2024 net interest margin of 3.33% included 11 basis points related to purchase accounting adjustments compared to 3.26% for the second quarter in 2024, which included 12 basis points related to purchase accounting adjustments.

Core net interest margin (non-GAAP) increased 7 basis points to 3.26% for the third quarter of 2024 from 3.19% for the second quarter of 2024.

Investment securities decreased $56.5 million to $1.715 billion, or 21.5% of total assets at September 30, 2024, compared to $1.771 billion, or 22.2% of total assets at June 30, 2024. The average balance of investment securities decreased $73.1 million in sequential-quarter comparison. The average yield on investment securities decreased 9 basis points to 2.56% from 2.65% in sequential-quarter comparison. The investment portfolio had a net unrealized loss of $91.6 million at September 30, 2024 as compared to a net unrealized loss of $129.0 million at June 30, 2024.

The average yield on all earning assets increased in sequential-quarter comparison from 5.14% to 5.27%. Interest expense on average interest bearing liabilities increased 10 basis points from 2.62% for the second quarter of 2024 to 2.72% for the third quarter of 2024.

Cost of all deposits averaged 183 basis points and 178 basis points for the third and second quarter of 2024, respectively.

Non-interest income decreased $1.1 million from $13.3 million in the second quarter of 2024 to $12.2 million in the third quarter of 2024, primarily attributable to a decrease in interchange fee income of $0.4 million and decrease of $0.7 million in other charges and fees.

Non-interest expense for the third quarter of 2024 was $46.4 million compared to $44.1 million for the second quarter of 2024, an increase of $2.3 million, attributable to expenses relating to the pending merger with Renasant.

Third Quarter 2024 vs. Third Quarter 2023 Earnings Comparison

Net income available to common shareholders for the third quarter of 2024 totaled $18.6 million compared to $24.4 million for the third quarter of 2023, a decrease of $5.8 million or 23.8%. This decrease is largely attributable to a decrease in a U.S. Treasury award of $6.2 million and a decrease in other non-interest expense of $5.2 million, offset by a decrease in net interest income of $1.7 million and increases in salaries and acquisition charges of $2.3 million and $2.0 million, respectively.

Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) decreased $3.5 million, or 14.7%, to $20.5 million for quarter ended September 30, 2024, as compared to $24.0 million for the quarter ended September 30, 2023. This decrease is largely attributable to a decrease in a U.S. Treasury award of $6.2 million and a decrease in other non-interest expense of $5.2 million, offset by a decrease in net interest income of $1.7 million and increases in salaries of $2.3 million.

Net interest income for the third quarter of 2024 was $59.0 million, a decrease of $1.7 million or 2.8% when compared to the third quarter of 2023. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $60.0 million and $61.7 million for the third quarter of 2024 and 2023, respectively. The decrease was largely due to a decrease in purchase accounting adjustments of $2.3 million for the third quarter comparisons.

Third quarter of 2024 net interest margin was 3.33%, which included 11 basis points related to purchase accounting adjustments compared to 3.47% for the same quarter in 2023, which included 25 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) increased 11 basis points in prior year quarterly comparison primarily due to an increase in rates on loans, partially offset by a corresponding increase in rates on interest bearing liabilities.

Non-interest income decreased $7.1 million for the third quarter of 2024 as compared to the third quarter of 2023. A decrease in U.S. Treasury awards of $6.2 million accounted for a majority of the change.

Third quarter 2024 non-interest expense was $46.4 million, a decrease of $1.3 million, or 2.8% as compared to the third quarter of 2023. Excluding acquisition charges, non-interest expense decreased $3.3 million of which salaries and employee benefits increased $2.3 million offset by a decrease in other expenses of $5.2 million.

Investment securities totaled $1.715 billion, or 21.5% of total assets at September 30, 2024, compared to $1.836 billion, or 23.3% of total assets at September 30, 2023. For the third quarter of 2024 compared to the third quarter of 2023, the average balance of investment securities decreased $168.2 million. The average yield on investment securities increased 30 basis points to 2.56% from 2.26% in the prior year quarterly comparison. The investment portfolio had a net unrealized loss of $91.6 million at September 30, 2024 as compared to a net unrealized loss of $184.9 million at September 30, 2023.

The average yield on all earning assets increased 37 basis points in prior year quarterly comparison, from 4.90% for the third quarter of 2023 to 5.27% for the third quarter of 2024. Interest expense on average interest bearing liabilities increased 67 basis points from 2.05% for the third quarter of 2023 to 2.72% for the third quarter of 2024.

Cost of all deposits averaged 183 basis points for the third quarter of 2024 compared to 121 basis points for the third quarter of 2023.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders decreased $5.5 million, or 8.6%, from $64.4 million for the nine months ended September 30, 2023, to $58.9 million for the same period ended September 30, 2024.

Net interest income was $174.1 million for the nine months ended September 30, 2024, a decrease of $17.5 million as compared to the same period ended September 30, 2023, primarily due to an increase in interest expense on deposits partially offset by an increase in loan interest income.

Non-interest income was $38.2 million for the nine months ended September 30, 2024, a decrease of $6.1 million as compared to the same period ended September 30, 2023. A decrease in U.S. Treasury awards of $6.2 million accounted for the change.

Non-interest expense was $133.9 million for the nine months ended September 30, 2024, a decrease of $6.4 million as compared to the same period ended September 30, 2023. The decrease was primarily due to decreased acquisition charges of $5.5 million and other non-interest expense of $8.1 million, partially offset by an increase in salaries and employee benefits of $5.0 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 November 22, 2024 to shareholders of record as of the close of business on November 8, 2024.

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 elevated interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, and risks related to the Merger, including the fluctuations of the market value of the consideration to be paid to the Company's shareholders in the Merger, the risks related to combining our businesses, expenses related to the Merger and integration of the combined entity, the risks that the Merger may not occur, and the risk of litigation related to the Merger; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company's participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia's military action in Ukraine or the conflict in Israel and surrounding areas, and (16) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services.

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

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands except per share data)
EARNINGS DATA	Quarter Ended 9/30/24				Quarter Ended 6/30/24				Quarter Ended 3/31/24				Quarter Ended 12/31/23				Quarter Ended 9/30/23
Total Interest Income	$	93,561			$	91,027			$	91,663			$	88,720			$	85,681
Total Interest Expense		34,547				33,233				34,322				31,055				24,977
Net Interest Income		59,014				57,794				57,341				57,665				60,704
Net Interest Income excluding PPP Fee Income		59,010				57,793				57,340				57,664				60,703
FTE net interest income*		60,004				58,797				58,339				58,651				61,696
Provision for credit losses		1,000				1,650				—				1,250				1,000
Non-interest income		12,242				13,319				12,679				2,346				19,324
Non-interest expense		46,394				44,089				43,425				44,433				47,724
Earnings before income taxes		23,862				25,374				26,595				14,328				31,304
Income tax expense		5,291				5,677				5,967				3,281				6,944
Net income available to common shareholders	$	18,571			$	19,697			$	20,628			$	11,047			$	24,360
PER COMMON SHARE DATA
Basic earnings per share	$	0.59			$	0.62			$	0.66			$	0.35			$	0.78
Diluted earnings per share		0.59				0.62				0.65				0.35				0.77
Diluted earnings per share, operating*		0.65				0.63				0.65				0.59				0.76
Quarterly dividends per share		0.25				0.25				0.25				0.24				0.23
Book value per common share at end of period		32.11				30.83				30.45				30.22				28.57
Tangible book value per common share at period end*		21.50				20.15				19.70				19.35				17.62
Market price at end of period		32.13				25.98				25.95				29.33				26.97
Shares outstanding at period end		31,511,260				31,525,232				31,528,748				31,399,803				31,404,231
Weighted average shares outstanding:
Basic		31,516,823				31,527,592				31,475,254				31,401,612				31,405,439
Diluted		31,713,385				31,679,827				31,630,745				31,587,506				31,609,564
AVERAGE BALANCE SHEET DATA
Total assets	$	7,944,553			$	7,939,783			$	8,005,574			$	7,917,303			$	7,873,345
Loans and leases		5,288,321				5,202,006				5,158,071				5,145,228				5,038,928
Total deposits		6,560,761				6,625,500				6,599,287				6,440,774				6,466,141
Total common equity		975,359				963,445				952,708				901,530				905,070
Total tangible common equity*		639,891				625,586				612,470				558,889				560,071
SELECTED RATIOS
Annualized return on avg assets (ROA)		0.94	%			0.99	%			1.03	%			0.56	%			1.24	%
Annualized return on avg assets, operating*		1.03	%			1.01	%			1.03	%			0.95	%			1.22	%
Annualized pre-tax, pre-provision, operating*		1.38	%			1.38	%			1.33	%			1.31	%			1.62	%
Annualized return on avg common equity, operating*		8.41	%			8.29	%			8.66	%			8.32	%			10.63	%
Annualized return on avg tangible common equity, operating*		12.82	%			12.76	%			13.48	%			13.41	%			17.17	%
Average loans to average deposits		80.61	%			78.51	%			78.16	%			79.89	%			77.93	%
FTE Net Interest Margin*		3.38	%			3.32	%			3.26	%			3.33	%			3.52	%
Efficiency Ratio		64.22	%			61.14	%			61.15	%			72.84	%			58.90	%
Efficiency Ratio, operating*		60.63	%			60.65	%			61.14	%			62.00	%			56.06	%
*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		3.42	%			3.05	%			2.72	%			3.05	%			3.69	%
Nonperforming assets to total loans + OREO		0.47	%			0.40	%			0.36	%			0.39	%			0.44	%
Annualized QTD net charge-offs (recoveries) to total loans		0.033	%			0.036	%			0.006	%			0.061	%			0.004	%

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands)
BALANCE SHEET	September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
Assets
Cash and cash equivalents	$	214,135			$	207,606			$	339,964			$	355,147			$	197,632
Securities available for sale		1,060,014				1,124,462				1,088,568				1,042,365				1,141,971
Securities held to maturity		602,328				607,502				622,574				654,539				658,524
Other investments		52,386				39,293				34,094				37,754				35,872
Total investment securities		1,714,728				1,771,257				1,745,236				1,734,658				1,836,367
Loans held for sale		2,987				5,892				4,241				2,914				5,960
Total loans		5,318,590				5,250,893				5,139,952				5,170,042				5,089,800
Allowance for credit losses		(55,700	)			(55,133	)			(53,959	)			(54,032	)			(53,565	)
Loans, net		5,262,890				5,195,760				5,085,993				5,116,010				5,036,235
Premises and equipment		177,652				179,289				181,194				182,162				183,740
Other Real Estate Owned		7,314				6,356				6,743				8,320				4,920
Goodwill and other intangibles		334,178				336,561				338,946				341,332				343,869
Other assets		252,571				263,079				261,442				258,802				275,562
Total assets	$	7,966,455			$	7,965,800			$	7,963,759			$	7,999,345			$	7,884,285
Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	1,796,746			$	1,870,305			$	1,836,952			$	1,849,013			$	1,967,661
Interest-bearing deposits		4,763,966				4,755,812				4,873,403				4,613,859				4,512,364
Total deposits		6,560,712				6,626,117				6,710,355				6,462,872				6,480,025
Borrowings		207,500				182,400				110,000				390,000				302,000
Subordinated debentures		123,645				123,558				123,472				123,386				128,300
Other liabilities		62,915				61,840				60,020				74,053				76,739
Total liabilities		6,954,772				6,993,915				7,003,847				7,050,311				6,987,064
Total shareholders’ equity		1,011,683				971,885				959,912				949,034				897,221
Total liabilities and shareholders’ equity	$	7,966,455			$	7,965,800			$	7,963,759			$	7,999,345			$	7,884,285

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
	9/30/2024				6/30/2024				3/31/2024				12/31/2023				9/30/2023
Interest Income:
Loans, including fees	$	80,123			$	76,269			$	76,172			$	74,357			$	70,349
Investment securities		10,989				11,833				11,248				10,803				10,614
Accretion of purchase accounting adjustments		2,008				2,067				2,627				3,235				4,277
Other interest income		441				858				1,616				325				441
Total interest income		93,561				91,027				91,663				88,720				85,681
Interest Expense:
Deposits		29,763				29,247				29,182				24,489				19,314
Borrowings		2,607				1,956				3,022				4,500				3,556
Subordinated debentures		1,961				1,814				1,887				1,807				1,849
Accretion of purchase accounting adjustments		216				216				231				259				258
Total interest expense		34,547				33,233				34,322				31,055				24,977
Net interest income		59,014				57,794				57,341				57,665				60,704
Provision for credit losses		1,000				1,650				—				1,250				1,000
Net interest income after provision for credit losses		58,014				56,144				57,341				56,415				59,704
Non-interest Income:
Service charges on deposit accounts		3,709				3,334				3,367				3,447				3,646
Mortgage Income		927				972				704				582				878
Interchange Fee Income		4,460				4,893				4,195				4,593				5,280
Gain (Loss) on securities, net		225				14				(48	)			(9,670	)			2
Treasury Awards		—				—				—				—				6,197
Loss on sale of premises and equipment		(344	)			163				—				(524	)			(104	)
Other charges and fees		3,265				3,943				4,461				3,918				3,425
Total non-interest income		12,242				13,319				12,679				2,346				19,324
Non-interest expense:
Salaries and employee benefits		25,131				25,045				24,508				23,717				22,807
Occupancy expense		5,659				5,490				5,714				5,688				5,343
FDIC/OCC premiums		973				1,020				1,008				1,263				1,158
Marketing		49				59				139				71				559
Amortization of core deposit intangibles		2,384				2,385				2,385				2,385				2,385
Other professional services		1,457				2,028				1,833				2,309				1,499
Acquisition and charter conversion charges		2,592				352				8				593				588
Other non-interest expense		8,149				7,710				7,830				8,407				13,385
Total non-interest expense		46,394				44,089				43,425				44,433				47,724
Earnings before income taxes		23,862				25,374				26,595				14,328				31,304
Income tax expense		5,291				5,677				5,967				3,281				6,944
Net income available to common shareholders	$	18,571			$	19,697			$	20,628			$	11,047			$	24,360
Diluted earnings per common share	$	0.59			$	0.62			$	0.65			$	0.35			$	0.77
Diluted earnings per common share, operating*	$	0.65			$	0.63			$	0.65			$	0.59			$	0.76
*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	$	232,559			$	202,460
PPP loan fee income		5				210
Investment securities		34,070				33,136
Accretion of purchase accounting adjustments		6,702				14,279
Other interest income		2,915				2,128
Total interest income		276,251				252,213
Interest Expense:
Deposits		88,192				46,110
Borrowings		7,585				7,779
Subordinated debentures		5,662				6,163
Amortization of purchase accounting adjustments		663				501
Total interest expense		102,102				60,553
Net interest income		174,149				191,660
Provision for credit losses		2,650				13,250
Net interest income after provision for credit losses		171,499				178,410
Non-interest Income:
Service charges on deposit accounts		10,410				10,728
Mortgage Income		2,603				2,284
Interchange Fee Income		13,548				14,321
Gain (loss) on securities, net		191				(46	)
Treasury Awards		—				6,197
(Loss) gain on sale of premises and equipment		(181	)			559
Other charges and fees		11,669				10,316
Total non-interest income		38,240				44,359
Non-interest expense:
Salaries and employee benefits		74,684				69,695
Occupancy expense		16,863				15,680
FDIC/OCC premiums		3,001				2,586
Marketing		247				762
Amortization of core deposit intangibles		7,154				7,178
Other professional services		5,318				4,137
Acquisition & charter conversion charges		2,952				8,482
Other non-interest expense		23,689				31,773
Total non-interest expense		133,908				140,293
Earnings before income taxes		75,831				82,476
Income tax expense		16,935				18,066
Net income available to common shareholders		58,896				64,410
Diluted earnings per common share	$	1.86			$	2.04
Diluted earnings per common share, operating*	$	1.93			$	2.47
*See reconciliation of non-GAAP financial measures

THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands)
COMPOSITION OF LOANS		September 30, 2024				Percent of Total			June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023				Percent of Total
Commercial, financial and agricultural		$	716,391			13.5	%		$	710,808			$	737,511			$	765,422			$	753,120			14.8	%
Real estate – construction			625,521			11.8	%			639,931				633,804				629,660				633,682			12.4	%
Real estate – commercial			2,472,332			46.4	%			2,435,853				2,356,552				2,377,864				2,317,666			45.5	%
Real estate – residential			1,431,342			26.9	%			1,387,102				1,330,589				1,311,395				1,298,980			25.5	%
Lease Financing Receivable			1,915			—	%			1,749				1,794				1,292				1,548			—	%
Obligations of States & subdivisions			25,905			0.5	%			27,286				28,541				29,316				29,650			0.6	%
Consumer			45,184			0.8	%			48,164				51,161				55,094				55,154			1.1	%
Loans held for sale			2,987			0.1	%			5,892				4,241				2,914				5,960			0.1	%
Total loans		$	5,321,577			100	%		$	5,256,785			$	5,144,193			$	5,172,957			$	5,095,760			100.0	%
COMPOSITION OF DEPOSITS		September 30, 2024				Percent of Total			June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023				Percent of Total
Non-interest bearing		$	1,796,746			27.4	%		$	1,870,305			$	1,836,952			$	1,849,013			$	1,967,661			30.4	%
NOW and other			2,002,693			30.5	%			2,075,566				2,135,343				1,914,792				1,962,383			30.3	%
Money Market/Savings			1,566,648			23.9	%			1,573,194				1,656,688				1,623,311				1,532,822			23.7	%
Time Deposits of less than $250,000			921,056			14.0	%			825,460				816,153				813,877				766,553			11.8	%
Time Deposits of $250,000 or more			273,569			4.2	%			281,591				265,219				261,879				250,606			3.8	%
Total Deposits		$	6,560,712			100	%		$	6,626,116			$	6,710,355			$	6,462,872			$	6,480,025			100.0	%
ASSET QUALITY DATA		September 30, 2024							June 30, 2024				March 31, 2024				December 31, 2023				September 30, 2023
Nonaccrual loans		$	16,284						$	13,553			$	10,961			$	10,691			$	17,423
Loans past due 90 days and over			1,455							1,174				687				1,163				53
Total nonperforming loans			17,739							14,727				11,648				11,854				17,476
Other real estate owned			7,314							6,356				6,743				8,320				4,920
Total nonperforming assets		$	25,053						$	21,083			$	18,391			$	20,174			$	22,396
Nonperforming assets to total assets			0.31	%						0.26	%			0.23	%			0.25	%			0.28	%
Nonperforming assets to total loans + OREO			0.47	%						0.40	%			0.36	%			0.39	%			0.44	%
ACL to nonperforming loans			314.00	%						374.37	%			463.25	%			455.81	%			306.51	%
ACL to total loans			1.05	%						1.05	%			1.05	%			1.05	%			1.05	%
Qtr-to-date net charge-offs (recoveries)		$	433						$	476			$	73			$	783			$	49
Annualized QTD net chg-offs (recs) to loans			0.033	%						0.036	%			0.006	%			0.061	%			0.004	%

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	September 30, 2024								June 30, 2024								March 31, 2024								December 31, 2023								September 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	$	1,269,082	$	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	%		$	1,419,343	$	7,685		2.17	%
Tax-exempt securities		445,376		3,915		3.52	%			458,752		3,968		3.46	%			468,432		3,944		3.37	%			446,348		3,897		3.49	%			463,329		3,921		3.39	%
Total investment securities		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	%			1,882,672		11,606		2.47	%
Int bearing dep in other banks		92,122		441		1.92	%			99,290		858		3.46	%			189,785		1,616		3.41	%			70,193		325		1.85	%			79,448		441		2.22	%
Loans		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	%			5,038,928		74,626		5.92	%
Total interest earning assets		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	%			7,001,048		86,673		4.95	%
Other assets		849,652								850,955								846,642								879,839								872,297
Total assets	$	7,944,553							$	7,939,783							$	8,005,574							$	7,917,303							$	7,873,345
Interest-bearing liabilities:
Deposits	$	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	%		$	4,459,869	$	19,572		1.76	%
Borrowed Funds		214,192		2,607		4.87	%			157,045		1,956		4.98	%			254,505		3,023		4.75	%			361,445		4,500		4.98	%			296,963		3,556		4.79	%
Subordinated debentures		123,596		1,961		6.35	%			123,510		1,814		5.87	%			123,424		1,887		6.12	%			126,925		1,807		5.69	%			128,251		1,849		5.77	%
Total interest bearing liabilities		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	%			4,885,083		24,977		2.05	%
Other liabilities		1,890,680								1,900,663								1,871,660								1,994,017								2,083,192
Shareholders' equity		975,359								963,445								952,708								901,530								905,070
Total liabilities and shareholders' equity	$	7,944,553							$	7,939,783							$	8,005,574							$	7,917,303							$	7,873,345
Net interest income (FTE)*			$	60,004		2.61	%				$	58,797		2.57	%				$	58,339		2.53	%				$	58,651		2.63	%				$	61,696		2.91	%
Net interest margin (FTE)*						3.38	%							3.32	%							3.26	%							3.33	%							3.52	%
Core net interest margin*						3.26	%							3.19	%							3.10	%							3.14	%							3.27	%
*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	Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Book value per common share	$	32.11			$	30.83			$	30.45			$	30.22			$	28.57
Effect of intangible assets per share		10.61				10.68				10.75				10.87				10.95
Tangible book value per common share	$	21.50			$	20.15			$	19.70			$	19.35			$	17.62
Diluted earnings per share	$	0.59			$	0.62			$	0.65			$	0.35			$	0.77
Effect of acquisition and charter conversion charges		0.08				0.01				—				0.02				0.02
Tax on acquisition and charter conversion charges		(0.02	)			—				—				(0.01	)			(0.01	)
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	$	0.65			$	0.63			$	0.65			$	0.59			$	0.76
					Year to Date
						2024								2023
Diluted earnings per share					$	1.86							$	2.04
Effect of acquisition and charter conversion charges						0.09								0.27
Tax on acquisition and charter conversion charges						(0.02	)							(0.07	)
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	)
Initial provision for acquired loans						—								0.34
Tax on initial provision for acquired loans						—								(0.09	)
Diluted earnings per share, operating					$	1.93							$	2.47
					Year to Date
						2024								2023
Net income available to common shareholders					$	58,896							$	64,410
Acquisition and charter conversion charges						2,952								8,482
Tax on acquisition and charter conversion charges						(747	)							(2,146	)
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	)
Initial provision for acquired loans						—								10,727
Tax on initial provision for acquired loans						—								(2,714	)
Net earnings available to common shareholders, operating					$	61,101							$	78,007

		Three Months Ended
Average Balance Sheet Data		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Total average assets	A	$	7,944,553			$	7,939,783			$	8,005,574			$	7,917,303			$	7,873,345
Total average earning assets	B	$	7,094,901			$	7,088,828			$	7,158,932			$	7,037,464			$	7,001,048
Common Equity	C	$	975,359			$	963,445			$	952,708			$	901,530			$	905,070
Less intangible assets			335,468				337,859				340,238				342,641				344,999
Total Tangible common equity	D	$	639,891			$	625,586			$	612,470			$	558,889			$	560,071
		Three Months Ended
Net Interest Income Fully Tax Equivalent		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Net interest income	E	$	59,014			$	57,794			$	57,341			$	57,665			$	60,704
Tax-exempt investment income			(2,925	)			(2,965	)			(2,946	)			(2,911	)			(2,929	)
Taxable investment income			3,915				3,968				3,944				3,897				3,921
Net Interest Income Fully Tax Equivalent	F	$	60,004			$	58,797			$	58,339			$	58,651			$	61,696
Annualized Net Interest Margin	E/B		3.33	%			3.26	%			3.20	%			3.28	%			3.47	%
Annualized Net Interest Margin, Fully Tax Equivalent	F/B		3.38	%			3.32	%			3.26	%			3.33	%			3.52	%
Total Interest Income, Fully Tax Equivalent
Total Interest Income	R	$	93,561			$	91,027			$	91,663			$	88,720			$	85,681
Tax-exempt investment income			(2,925	)			(2,965	)			(2,946	)			(2,911	)			(2,929	)
Taxable investment income			3,915				3,968				3,944				3,897				3,921
Total Interest Income, Fully Tax Equivalent	G	$	94,551			$	92,030			$	92,661			$	89,706			$	86,673
Yield on Average Earning Assets	R/B		5.27	%			5.14	%			5.12	%			5.04	%			4.90	%
Yield on Average Earning Assets, Fully Tax Equivalent	G/B		5.33	%			5.19	%			5.18	%			5.10	%			4.95	%
Interest Income Investment Securities, Fully Tax Equivalent
Interest Income Investment Securities	S	$	10,989			$	11,833			$	11,248			$	10,803			$	10,614
Tax-exempt investment income			(2,925	)			(2,965	)			(2,946	)			(2,911	)			(2,929	)
Taxable investment Income			3,915				3,968				3,944				3,897				3,921
Interest Income Investment Securities, Fully Tax Equivalent	H	$	11,979			$	12,836			$	12,246			$	11,789			$	11,606
Average Investment Securities	I	$	1,714,458			$	1,787,532			$	1,811,076			$	1,822,043			$	1,882,672
Yield on Investment Securities	S/I		2.56	%			2.65	%			2.48	%			2.37	%			2.26	%
Yield on Investment Securities, Fully Tax Equivalent	H/I		2.79	%			2.87	%			2.70	%			2.59	%			2.47	%

		Three Months Ended
Core Net Interest Margin		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Net interest income (FTE)		$	60,004			$	58,797			$	58,339			$	58,651			$	61,696
Less purchase accounting adjustments			2,008				2,067				2,627				3,235				4,276
Net interest income, net of purchase accounting adj	J	$	57,996			$	56,730			$	55,712			$	55,416			$	57,420
Total average earning assets		$	7,094,901			$	7,088,828			$	7,158,932			$	7,037,464			$	7,001,048
Add average balance of loan valuation discount			20,306				22,341				24,675				27,573				31,269
Avg earning assets, excluding loan valuation discount	K	$	7,115,207			$	7,111,169			$	7,183,607			$	7,065,037			$	7,032,317
Core net interest margin	J/K		3.26	%			3.19	%			3.10	%			3.14	%			3.27	%
		Three Months Ended
Efficiency Ratio		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Operating Expense
Total non-interest expense		$	46,394			$	44,089			$	43,425			$	44,433			$	47,724
Pre-tax non-operating expenses			(2,592	)			(352	)			(8	)			(594	)			(5,777	)
Adjusted Operating Expense	L	$	43,802			$	43,737			$	43,417			$	43,839			$	41,947
Operating Revenue
Net interest income, FTE		$	60,004			$	58,797			$	58,339			$	58,651			$	61,696
Total non-interest income			12,242				13,319				12,679				2,346				19,324
Pre-tax non-operating items			—				—				—				9,708				(6,197	)
Adjusted Operating Revenue	M	$	72,246			$	72,116			$	71,018			$	70,705			$	74,823
Efficiency Ratio, operating	L/M		60.63	%			60.65	%			61.14	%			62.00	%			56.06	%
		Three Months Ended
Return Ratios		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Net income available to common shareholders	N	$	18,571			$	19,697			$	20,628			$	11,047			$	24,360
Acquisition and charter conversion charges			2,592				352				8				593				588
Tax on acquisition and charter conversion charges			(656	)			(89	)			(2	)			(150	)			(149	)
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	$	20,507			$	19,960			$	20,634			$	18,741			$	24,047

		Three Months Ended
Pre-Tax Pre-Provision Operating Earnings		Sept 30, 2024				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Earnings before income taxes	P	$	23,862			$	25,374			$	26,595			$	14,328			$	31,304
Acquisition and charter conversion charges			2,592				352				8				593				588
Provision for credit losses			1,000				1,650				—				1,250				1,000
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	$	27,454			$	27,376			$	26,603			$	25,879			$	31,885
Annualized return on avg assets	N/A		0.94	%			0.99	%			1.03	%			0.56	%			1.24	%
Annualized return on avg assets, oper	O/A		1.03	%			1.01	%			1.03	%			0.95	%			1.22	%
Annualized pre-tax, pre-provision, oper	Q/A		1.38	%			1.38	%			1.33	%			1.31	%			1.62	%
Annualized return on avg common equity, oper	O/C		8.41	%			8.29	%			8.66	%			8.32	%			10.63	%
Annualized return on avg tangible common equity, operating	O/D		12.82	%			12.76	%			13.48	%			13.41	%			17.17	%
		Three Months Ended
Capital Ratios		Sept 30, 2024*				June 30, 2024				Mar 31, 2024				Dec 31, 2023				Sept 30, 2023
Common equity tier 1 (CET1) ratio			12.5	%			12.4	%			12.2	%			12.1	%			12.0	%
Leverage (Tier 1) ratio			10.3	%			10.0	%			9.7	%			9.7	%			9.6	%
Total risk based capital ratio			15.4	%			15.3	%			15.2	%			15.0	%			15.1	%
Tangible common equity ratio			8.9	%			8.3	%			8.1	%			7.9	%			7.3	%
*estimated

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023387041/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 Q3 2024?

FBMS reported net income of $18.6 million for Q3 2024, representing a 5.7% decrease from $19.7 million in Q2 2024.

What are the terms of FBMS's merger with Renasant ?

FBMS shareholders will receive 1.00 share of Renasant common stock for each FBMS share. The merger is expected to close in the first half of 2025, subject to regulatory approvals.

What was FBMS's loan growth in Q3 2024?

Total loans increased by $67.7 million during Q3 2024, representing an annualized growth rate of 5.2% compared to Q2 2024.

What dividend did FBMS declare for Q3 2024?

FBMS declared a cash dividend of $0.25 per share, payable on November 22, 2024, to shareholders of record as of November 8, 2024.