First Bancshares, Inc. Announces Operating Results for Quarter Ended June 30, 2024

Rhea-AI Summary

First Bancshares, the holding company for Stockmens Bank, released its financial results for Q2 2024. The company reported a net income of $1.63 million or $0.67 per diluted share, down from $1.735 million or $0.71 per diluted share in Q2 2023. For the first half of 2024, net income was $3.283 million or $1.35 per diluted share, compared to $3.522 million or $1.44 per diluted share for the same period in 2023. Key changes included a $371,000 increase in net interest income, a $156,000 decrease in income tax expense, but were offset by a $28,000 decrease in non-interest income, a $402,000 increase in non-interest expenses, and a $336,000 extraordinary income in January 2023. Total assets saw a 4.58% decrease to $516.78 million, and total deposits decreased 3.60% to $454.99 million since year-end 2023. Net loans increased 2.73% to $429.44 million, and GAAP capital grew 4.56% to $56.04 million. The Bank remains well-capitalized by regulatory standards.

Positive

• Net loans increased by 2.73% to $429.44 million.
• GAAP capital increased by 4.56% to $56.04 million.
• The Bank continues to meet all regulatory requirements for 'well-capitalized' status.
• Net interest income increased by $371,000 year-to-date.

Negative

• Net income for Q2 2024 decreased by $105,000 compared to Q2 2023.
• Year-to-date net income decreased by $239,000 compared to the same period in 2023.
• Total assets decreased by 4.58% to $516.78 million.
• Total deposits decreased by 3.60% to $454.99 million.
• Non-interest expenses increased by $402,000 year-to-date.
• Non-interest income decreased by $28,000 year-to-date.

MOUNTAIN GROVE, Mo., July 08, 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 June 30, 2024.

For the quarter ended June 30, 2024, the Company reported net income of $1,630,000 or $0.67 per share-diluted, compared to $1,735,000, or $0.71 per share-diluted for the comparable period in 2023. Year to date the Company reported net income of $3,283,000 or $1.35 per share-diluted compared to $3,522,000 or $1.44 per share-diluted for the same period in 2023. Year to date changes from the six months ended June 30, 2023 include a $371,000 increase in net interest income after provisions for credit losses and a $156,000 decrease in income tax expense, offset by a $28,000 decrease in non-interest income, a $402,000 increase in standard non-interest expenses, and a $336,000 adjustment due to an extraordinary income item in January 2023. This resulted in a $239,000 decrease in net income for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. The Company has offset much of the increase in non-interest expenses through the continued deployment of excess cash balances into high quality, well-secured loan assets.

Consolidated total assets decreased 4.58% to $516.78 million as of June 30, 2024, compared to $541.56 million on December 31, 2023. Since year end 2023, net loans increased 2.73% to $429.44 million, total deposits decreased 3.60% to $454.99 million, and GAAP capital increased 4.56% to $56.04 million.

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								Six Months Ended
			June 30,								June 30,
				2024				2023				2024				2023
Operating Data:
Total interest income			$	8,013			$	7,142			$	16,154			$	13,171
Total interest expense				2,689				1,670				5,486				2,785
	Net interest income			5,324				5,472				10,668				10,386
Provision for credit losses				141				217				343				432
	Net interest income after provision for credit losses			5,183				5,255				10,325				9,954
Gain (loss) on sale of investments				-				-				-				-
Non-interest income				410				414				786				814
Non-interest expense				3,434				3,304				6,757				6,019
Income before taxes				2,159				2,365				4,354				4,749
Income tax expense				529				630				1,071				1,227
	Net income		$	1,630			$	1,735			$	3,283			$	3,522
	Earnings per share		$	0.67			$	0.71			$	1.35			$	1.44
			At				At
			June 30,				December 31,
Financial Condition Data:				2024				2023
Cash and cash equivalents			$	42,769			$	79,032
	(excludes CDs)
Investment securities				12,966				13,104
	(includes CDs)
Loans receivable, net				429,444				418,044
Goodwill and intangibles				1,586				1,658
Total assets				516,784				541,561
Deposits				454,992				471,992
Repurchase agreements				1,601				836
Borrowings				-				11,000
Stockholders' equity				56,037				53,592
Book value per share			$	23.08			$	22.07

FAQ

What were First Bancshares' net income results for Q2 2024?

First Bancshares reported a net income of $1.63 million or $0.67 per diluted share for Q2 2024.

How did First Bancshares' net income for the first half of 2024 compare to the same period in 2023?

For the first half of 2024, First Bancshares reported a net income of $3.283 million or $1.35 per diluted share, down from $3.522 million or $1.44 per diluted share for the same period in 2023.

What was the change in First Bancshares' total assets as of June 30, 2024?

First Bancshares' total assets decreased by 4.58% to $516.78 million as of June 30, 2024.

How did First Bancshares' net interest income change in the first half of 2024?

First Bancshares' net interest income increased by $371,000 in the first half of 2024.

What is the current status of First Bancshares' GAAP capital?

As of June 30, 2024, First Bancshares' GAAP capital increased by 4.56% to $56.04 million.

What are First Bancshares' total deposits as of June 30, 2024?

First Bancshares' total deposits decreased by 3.60% to $454.99 million as of June 30, 2024.

What was the percentage increase in net loans for First Bancshares as of June 30, 2024?

First Bancshares' net loans increased by 2.73% to $429.44 million as of June 30, 2024.