The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (
) today reported earnings for the quarter ended June 30, 2010. The First Bancshares, Inc. also announced a quarterly dividend of $.025 per common share. The record date will be August 13, 2010 with a payable date of August 27, 2010.
Net income available to common stockholders for the three months ended June 30, 2010 amounted to $572,000, or $.19 per diluted share, compared to $104,000, or $.03 per diluted share for the same quarter in 2009, an increase of $468,000 or 450.0%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Our bank continues to show improving performance in a very difficult economic environment. A significant increase in our net income during the second quarter is the result of strategic business development resulting in loan and deposit growth during the first six months of 2010, continued emphasis on expense control, and a managed effort to increase our net interest margin. Although the general economic climate is still challenging, our bank is well positioned to take advantage of the opportunities that are available for continued growth.”
The following are key highlights for the quarter ended June 30, 2010:
Net Interest Income and Non-Interest Income
- Net interest margin increased to 3.45% from 3.30% at March 31, 2010
- Return on average assets increased to .42% from .37% at March 31, 2010
- Return on average equity increased to 4.67% from 4.18% at March 31, 2010
Net interest income for the quarter ended June 30, 2010, was $4.1 million, a $557,000 increase compared to the second quarter of 2009. This increase was a result of increased loan volume as well as an overall improvement in the bank’s net interest margin.