First Bancshares, Inc. Announces Operating Results for Quarter Ended September 30, 2024
First Bancshares (OTCQX: FBSI), the holding company for Stockmens Bank, announced its financial results for the quarter ended September 30, 2024. The company reported net income of $1,576,000 or $0.65 per share-diluted, compared to $1,635,000 or $0.68 per share-diluted for the same period in 2023. Year-to-date net income was $4,859,000 or $2.00 per share-diluted, down from $5,158,000 or $2.12 per share-diluted in 2023. The Bank successfully navigated rising interest rates through careful management of interest rate risk and avoidance of debt securities. Despite inflationary pressures on non-interest expenses, the Bank maintained strong earnings, efficiency, liquidity, and asset quality ratios. Consolidated total assets decreased 4.42% to $517.65 million, net loans increased 1.11% to $422.69 million, total deposits decreased 4.02% to $453.00 million, and GAAP capital rose 8.03% to $57.90 million. The Bank meets all regulatory requirements for “well-capitalized” status.
First Bancshares (OTCQX: FBSI), la società di holding per Stockmens Bank, ha annunciato i risultati finanziari per il trimestre conclusosi il 30 settembre 2024. L'azienda ha riportato un utile netto di 1.576.000 dollari, ovvero 0,65 dollari per azione diluita, rispetto a 1.635.000 dollari, ovvero 0,68 dollari per azione diluita, per lo stesso periodo del 2023. L'utile netto da inizio anno ammonta a 4.859.000 dollari, ossia 2,00 dollari per azione diluita, in calo rispetto a 5.158.000 dollari, ovvero 2,12 dollari per azione diluita nel 2023. La Banca ha gestito con successo l'aumento dei tassi di interesse attraverso un'attenta gestione del rischio di tasso d'interesse e l'evitare valori mobiliari a debito. Nonostante le pressioni inflazionistiche sulle spese non legate agli interessi, la Banca ha mantenuto solide proporzioni di utili, efficienza, liquidità e qualità degli attivi. Gli attivi totali consolidati sono diminuiti del 4,42% a 517,65 milioni di dollari, i prestiti netti sono aumentati dell'1,11% a 422,69 milioni di dollari, i depositi totali sono diminuiti del 4,02% a 453,00 milioni di dollari, e il capitale GAAP è aumentato dell'8,03% a 57,90 milioni di dollari. La Banca soddisfa tutti i requisiti normativi per lo stato di
First Bancshares (OTCQX: FBSI), la empresa matriz de Stockmens Bank, anunció sus resultados financieros para el trimestre finalizado el 30 de septiembre de 2024. La empresa reportó un ingreso neto de 1.576.000 dólares o 0,65 dólares por acción diluida, en comparación con 1.635.000 dólares o 0,68 dólares por acción diluida en el mismo período de 2023. El ingreso neto acumulado en el año fue de 4.859.000 dólares o 2,00 dólares por acción diluida, en comparación con 5.158.000 dólares o 2,12 dólares por acción diluida en 2023. El Banco navegó con éxito por el aumento de las tasas de interés mediante una gestión cuidadosa del riesgo de tasa de interés y evitando valores de deuda. A pesar de las presiones inflacionarias sobre los gastos no relacionados con intereses, el Banco mantuvo sólidas proporciones de ganancias, eficiencia, liquidez y calidad de activos. Los activos totales consolidados disminuyeron un 4,42% a 517,65 millones de dólares, los préstamos netos aumentaron un 1,11% a 422,69 millones de dólares, los depósitos totales disminuyeron un 4,02% a 453,00 millones de dólares y el capital GAAP aumentó un 8,03% a 57,90 millones de dólares. El Banco cumple con todos los requisitos regulatorios para el estatus de 'bien capitalizado'.
퍼스트 뱅크쉐어스(OTCQX: FBSI), 스톡멘스 뱅크의 지주 회사는 2024년 9월 30일로 종료된 분기의 재무 결과를 발표했습니다. 회사는 순이익이 1,576,000달러, 즉 희석 주당 0.65달러로, 2023년 같은 기간의 1,635,000달러 또는 희석 주당 0.68달러와 비교되었습니다. 누적 순이익은 4,859,000달러, 즉 희석 주당 2.00달러로, 2023년의 5,158,000달러 또는 희석 주당 2.12달러에서 감소했습니다. 은행은 이자율 리스크에 대한 신중한 관리와 채무증권의 회피를 통해 상승하는 이자율을 성공적으로 극복했습니다. 비이자 비용에 대한 인플레이션 압박에도 불구하고 은행은 안정적인 수익, 효율성, 유동성 및 자산 품질 비율을 유지했습니다. 총 자산은 4.42% 감소하여 5억 1,765만 달러로, 순 대출은 1.11% 증가하여 4억 2,269만 달러로, 총 예금은 4.02% 감소하여 4억 5,300만 달러로, GAAP 자본은 8.03% 증가하여 5,790만 달러로 나타났습니다. 은행은 '자본이 충분한' 지위를 위한 모든 규제 요건을 충족하고 있습니다.
First Bancshares (OTCQX: FBSI), la société mère de Stockmens Bank, a annoncé ses résultats financiers pour le trimestre se terminant le 30 septembre 2024. La société a rapporté un revenu net de 1 576 000 dollars, soit 0,65 dollar par action diluée, comparé à 1 635 000 dollars, soit 0,68 dollar par action diluée pour la même période en 2023. Le revenu net cumulé depuis le début de l'année s'élevait à 4 859 000 dollars, soit 2,00 dollars par action diluée, en baisse par rapport à 5 158 000 dollars, soit 2,12 dollars par action diluée en 2023. La Banque a navigué avec succès à travers la hausse des taux d'intérêt grâce à une gestion prudente du risque de taux d'intérêt et à l'évitement des titres de créance. Malgré les pressions inflationnistes sur les dépenses non liées aux intérêts, la Banque a maintenu de solides ratios de bénéfices, d'efficacité, de liquidité et de qualité des actifs. Les actifs totaux consolidés ont diminué de 4,42 % pour atteindre 517,65 millions de dollars, les prêts nets ont augmenté de 1,11 % pour atteindre 422,69 millions de dollars, les dépôts totaux ont diminué de 4,02 % pour atteindre 453,00 millions de dollars, et le capital GAAP a augmenté de 8,03 % pour atteindre 57,90 millions de dollars. La Banque respecte toutes les exigences réglementaires pour le statut de 'bien capitalisé'.
First Bancshares (OTCQX: FBSI), die Holdinggesellschaft der Stockmens Bank, gab ihre finanziellen Ergebnisse für das am 30. September 2024 endende Quartal bekannt. Das Unternehmen berichtete von einem Nettoeinkommen von 1.576.000 US-Dollar oder 0,65 US-Dollar pro verwässerter Aktie, verglichen mit 1.635.000 US-Dollar oder 0,68 US-Dollar pro verwässerter Aktie im gleichen Zeitraum 2023. Das kumulierte Nettoeinkommen für das Jahr betrug 4.859.000 US-Dollar oder 2,00 US-Dollar pro verwässerter Aktie, ein Rückgang gegenüber 5.158.000 US-Dollar oder 2,12 US-Dollar pro verwässerter Aktie im Jahr 2023. Die Bank überwand erfolgreich die steigenden Zinssätze durch eine sorgfältige Verwaltung des Zinsrisikos und das Vermeiden von Schuldtiteln. Trotz der inflationsbedingten Kosten im Nichtzinsbereich hielt die Bank starke Gewinn-, Effizienz-, Liquiditäts- und Vermögensqualitätskennzahlen aufrecht. Die konsolidierten Gesamtvermögen sanken um 4,42 % auf 517,65 Millionen US-Dollar, die Nettodarlehen stiegen um 1,11 % auf 422,69 Millionen US-Dollar, die Gesamt- Einlagen sanken um 4,02 % auf 453,00 Millionen US-Dollar und das GAAP-Kapital stieg um 8,03 % auf 57,90 Millionen US-Dollar. Die Bank erfüllt alle regulatorischen Anforderungen für den Status 'gut kapitalisiert'.
- Net income of $1,576,000 for Q3 2024.
- Year-to-date net income of $4,859,000.
- GAAP capital increased 8.03% to $57.90 million.
- Net loans increased 1.11% to $422.69 million.
- The Bank meets all regulatory requirements for 'well-capitalized' status.
- Net income decreased from $1,635,000 in Q3 2023 to $1,576,000 in Q3 2024.
- Year-to-date net income decreased from $5,158,000 in 2023 to $4,859,000 in 2024.
- Consolidated total assets decreased 4.42% to $517.65 million.
- Total deposits decreased 4.02% to $453.00 million.
MOUNTAIN GROVE, Mo., Oct. 11, 2024 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2024.
For the quarter ended September 30, 2024, the Company reported net income of
Through conscientious management of interest rate risk and avoidance of debt securities, the Bank positioned itself well to navigate the unprecedented run up in interest rates. The increase in net interest income during the rate ramp period was sufficient to overcome persistent inflationary pressures on non-interest expenses. During the 2024 fiscal year, the Bank experienced a normalization of the interest rate environment while upward pressure on non-interest expenses continued. Despite this, the Bank has and will continue to meet it’s expectations by maintaining strong earnings, efficiency, liquidity, and asset quality ratios for the 2024 fiscal year.
Consolidated total assets decreased
The Bank meets all regulatory requirements for “well-capitalized” status.
About the Company
First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.
Cautionary Note Regarding Forward-Looking Statements
The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.
The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800
| First Bancshares, Inc. and Subsidiaries | |||||||||||
| Financial Highlights | |||||||||||
| (unaudited) | |||||||||||
| (In thousands, except per share amounts) | |||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Operating Data: | |||||||||||
| Total interest income | $ | 8,220 | $ | 7,441 | $ | 24,374 | $ | 20,611 | |||
| Total interest expense | 2,748 | 2,155 | 8,234 | 4,940 | |||||||
| Net interest income | 5,472 | 5,286 | 16,140 | 15,671 | |||||||
| Provision for credit losses | 200 | 141 | 543 | 572 | |||||||
| Net interest income after provision for credit losses | 5,272 | 5,145 | 15,597 | 15,099 | |||||||
| Gain (loss) on sale of investments | - | - | - | - | |||||||
| Non-interest income | 435 | 437 | 1,221 | 1,251 | |||||||
| Non-interest expense | 3,609 | 3,507 | 10,366 | 9,525 | |||||||
| Income before taxes | 2,098 | 2,075 | 6,452 | 6,825 | |||||||
| Income tax expense | 522 | 440 | 1,593 | 1,667 | |||||||
| Net income | $ | 1,576 | $ | 1,635 | $ | 4,859 | $ | 5,158 | |||
| Earnings per share | $ | 0.65 | $ | 0.68 | $ | 2.00 | $ | 2.12 | |||
| At | At | ||||||||||
| September 30, | December 31, | ||||||||||
| Financial Condition Data: | 2024 | 2023 | |||||||||
| Cash and cash equivalents | |||||||||||
| (excludes CDs) | $ | 49,348 | $ | 79,032 | |||||||
| Investment securities | |||||||||||
| (includes CDs) | 13,137 | 13,104 | |||||||||
| Loans receivable, net | 422,687 | 418,044 | |||||||||
| Goodwill and intangibles | 1,550 | 1,658 | |||||||||
| Total assets | 517,648 | 541,561 | |||||||||
| Deposits | 453,002 | 471,992 | |||||||||
| Repurchase agreements | 1,952 | 836 | |||||||||
| Borrowings | - | 11,000 | |||||||||
| Stockholders' equity | 57,895 | 53,592 | |||||||||
| Book value per share | $ | 23.85 | $ | 22.07 | |||||||
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