First Bancshares, Inc. Announces Strong Operating Results for the Quarter and Year Ended December 31, 2021

Rhea-AI Summary

First Bancshares, Inc. (FBSI) reported a net income of $1.38 million for Q4 2021, up from $1.02 million in Q4 2020, translating to $0.54 per share diluted. For the year 2021, net income reached a record $5.09 million, a 29% increase year-over-year. Total assets grew to $445.09 million, and net loans increased by 16.90% to $340.77 million. The allowance for loan losses stood at 1.59% of total gross loans. Both Q4 and annual results were driven by increased net interest income, which rose $2.47 million for the year, despite higher non-interest expense and tax burdens.

Positive

• Net income increased to $1.38 million for Q4 2021, a 35% YoY rise.
• Record annual net income of $5.09 million for 2021, up 29% from 2020.
• Total assets rose to $445.09 million, a significant increase of 9.56% YoY.
• Net loans grew by 16.90% to $340.77 million for the year.
• Strong net interest income growth of $2.47 million for 2021.

Negative

• Non-interest expenses increased by $939,000 for the year.
• Tax expense rose by $419,000 year-over-year.

MOUNTAIN GROVE, Mo., Jan. 21, 2022 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCPink - FstBksh: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter and year ended December 31, 2021.

For the quarter ended December 31, 2021, the Company had net income, of $1.38 million or $0.54 per share-diluted, compared to net income of $1.02 million, or $0.38 per share diluted for the respective period in 2020. The $361,000 increase in net income for the quarter ended December 31, 2021, compared to the quarter ended December 31, 2020 was attributable to a $729,000 increase in net interest income, a $202,000 increase in non-interest income, a $343,000 increase in non-interest expense, and a $227,000 increase in tax expense.

At December 31, 2021, loans 30+ days past due totaled $601,000 or 0.17% of the $346.26 million gross loan portfolio. The allowance for loan and lease losses was 1.59% of total gross loans, resting at $5.49 million at year end.

For the year ended December 31, 2021, Stockmens Bank (wholly owned, sole subsidiary) ended the year with net income of $5.29 million, the highest in the combined company’s history. After additional holding company expenses and accruals, the Company posted net income of $5.09 million, or $1.96 per share – diluted, compared to a net income of $3.94 million, or $1.49 per share – diluted for the year ended December 31, 2020. The $1.15 million increase in net income for the year ended December 31, 2021, compared to the year ended December 31, 2020, was attributable to an increase of $2.47 million in net interest income, a $486,000 increase in provision expense, a $457,000 increase in non-interest income, a $65,000 increase in gains on sales of investments, a $939,000 increase in non-interest expense and a $419,000 increase in income tax expense.

Consolidated total assets as of December 31, 2021, were $445.09 million, compared to $406.27 million at December 31, 2020. In 2021: Net loans increased 16.90% to $340.77 million, total deposits increased 11.24% to $396.53 million, and total capital increase 3.24% to $44.15 million, or 9.92% of total assets compared to $42.77 million, or 10.53% of total assets, at December 31, 2020.

The Bank meets all regulatory requirements for “well-capitalized” status and has elected to opt-in to the Community Bank Leverage Ratio framework.

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, Hartville, Crane and Springfield, and a full-service office in Bartley, Nebraska.

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
(In thousands, except per share amounts)
			Quarter Ended						Year Ended
			December 31,						December 31,
			2021			2020			2021			2020
Operating Data:
Total interest income			$	4,456		$	3,940		$	17,567		$	16,288
Total interest expense				252			465			1,137			2,330
	Net interest income			4,204			3,475			16,430			13,958
Provision for loan losses				225			225			1,342			856
	Net interest income after provision for loan losses			3,979			3,250			15,088			13,102
Gain (loss) on sale of investments				-			-			127			62
Non-interest income				492			290			1,598			1,141
Non-interest expense				2,700			2,357			10,103			9,164
Income before taxes				1,771			1,183			6,710			5,141
Income tax expense				393			166			1,617			1,197
	Net income		$	1,378		$	1,017		$	5,093		$	3,944
	Earnings per share		$	0.54		$	0.38		$	1.96		$	1.49
			At			At
			December 31,			December 31,
Financial Condition Data:			2021			2020
Cash and cash equivalents			$	60,604		$	61,834
	(excludes CDs)
Investment securities				15,729			25,678
	(includes CDs)
Loans receivable, net				340,767			291,497
Goodwill and intangibles				1,943			2,086
Total assets				445,095			406,265
Deposits				396,527			356,474
Repurchase agreements				490			1,625
Borrowings				1,500			3,000
Stockholders’ equity				44,161			42,765
Book value per share			$	18.08		$	16.35

FAQ

What were First Bancshares, Inc.'s financial results for Q4 2021?

First Bancshares, Inc. reported a net income of $1.38 million for Q4 2021, compared to $1.02 million in Q4 2020.

How much did net income increase for First Bancshares, Inc. in 2021?

Net income for First Bancshares, Inc. rose to $5.09 million in 2021, a 29% increase from $3.94 million in 2020.

What is the total asset value of First Bancshares, Inc. as of December 31, 2021?

Total assets for First Bancshares, Inc. were $445.09 million as of December 31, 2021.

What was the increase in net loans for First Bancshares, Inc. in 2021?

Net loans increased by 16.90% to $340.77 million for First Bancshares, Inc. in 2021.

How did First Bancshares, Inc.'s net interest income change in 2021?

Net interest income for First Bancshares, Inc. increased by $2.47 million in 2021.