First Bancshares, Inc. Announces Operating Results for Quarter Ended March 31, 2024

Rhea-AI Summary

First Bancshares, Inc. reported a net income of $1,653,000 for the quarter ended March 31, 2024, with a decrease compared to the same period in 2023. The company saw a rise in net interest income and total deposits, offset by an increase in non-interest expenses. Despite a decrease in total assets, the Bank remains 'well-capitalized'.

Positive

• First Bancshares, Inc. reported a net income of $1,653,000 for the quarter ended March 31, 2024.
• Year-over-year changes included a $442,000 increase in net interest income and a $56,000 decrease in income tax expense.
• Total deposits increased by 1.28% to $478.04 million.
• Consolidated total assets decreased by 0.38% to $539.52 million.
• The Bank remains 'well-capitalized' meeting all regulatory requirements.

Negative

• Net income decreased by $134,000 compared to the same period in 2023.
• Non-interest expenses increased by $273,000.
• Total assets decreased by 0.38% to $539.52 million.
• Despite a decrease in total assets, the Bank remains 'well-capitalized'.

MOUNTAIN GROVE, Mo., April 12, 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 March 31, 2024.

For the quarter ended March 31, 2024, the Company reported net income of $1,653,000 or $0.68 per share-diluted, compared to $1,787,000, or $0.73 per share-diluted for the comparable period in 2023. Year over year changes from the quarter ended March 31, 2023, include a $442,000 increase in net interest income after provisions for credit losses, along with a $56,000 decrease in income tax expense, offset by a $273,000 increase in standard non-interest expenses, a $23,000 decrease in non-interest income, and a $336,000 adjustment due to an extraordinary income item in January 2023. This resulted in a $134,000 decrease in net income for the quarter ended March 31, 2024, compared to the quarter ended March 31, 2023. The Bank has successfully offset the persistent increases in non-interest expenses through its ability to fund operations with core deposits and reprice earning assets at a relatively swift pace.

Consolidated total assets decreased 0.38% to $539.52 million as of March 31, 2024, compared to $541.56 million on December 31, 2023. Since year end 2023, liquid assets increased 16.82% to $95.55 million, net loans decreased 1.28% to $412.69 million, total deposits increased 1.28% to $478.04 million, and GAAP capital increased 3.03% to $55.22 million. The changes in total assets and liquid assets occurred despite the payoff of the Bank’s $11,000,000 Bank Term Funding Program advance without any compensating borrowings from the Bank’s contingency funding plan.

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
	March 31,
		2024				2023
Operating Data:
Total interest income	$	8,141			$	6,029
Total interest expense		2,798				1,115
Net interest income		5,343				4,914
Provision for credit losses		202				215
Net interest income after provision for credit losses		5,141				4,699
Gain (loss) on sale of investments		-				-
Non-interest income		377				400
Non-interest expense		3,323				2,714
Income before taxes		2,195				2,385
Income tax expense		542				598
Net income	$	1,653			$	1,787
Earnings per share	$	0.68			$	0.73
		At				At
	March 31,				December 31,
Financial Condition Data:		2024				2023
Cash and cash equivalents (excludes CDs)	$	82,987			$	79,032
Investment securities (includes CDs)		12,959				13,104
Loans receivable, net		412,692				418,044
Goodwill and intangibles		1,622				1,658
Total assets		539,520				541,561
Deposits		478,037				471,992
Repurchase agreements		1,357				836
Borrowings		-				11,000
Stockholders' equity		55,216				53,592
Book value per share	$	22.74			$	22.07

FAQ

What was First Bancshares, Inc.'s net income for the quarter ended March 31, 2024?

First Bancshares, Inc. reported a net income of $1,653,000 for the quarter ended March 31, 2024.

How did the total deposits change for First Bancshares, Inc.?

Total deposits increased by 1.28% to $478.04 million.

What regulatory status does the Bank hold?

The Bank meets all regulatory requirements for 'well-capitalized' status.