This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The First Bancshares, Inc. Reports Increased Earnings For The Nine Months Ended September 30, 2010

The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, ( www.thefirstbank.com) today reported earnings for the quarter ended September 30, 2010. Net income available to common stockholders for the three months ended September 30, 2010 amounted to $547,000, or $.18 per diluted share, compared to $572,000, or $.19 per diluted share for the three months ended June 30, 2010. Net income available to common stockholders for the nine months ended September 30, 2010 amounted to $1,579,000 or $.52 per diluted share, compared to $937,000, or $.31 per diluted share for the nine months ended September 30, 2009, an increase of $642,000 or $.21 per diluted share.

The following are key highlights for the quarter ended September 30, 2010:

  • Net interest margin increased to 3.52% from 3.45% at June 30, 2010
  • Return on average assets increased to .43% from .42% at June 30, 2010
  • Return on average equity increased to 4.74% from 4.67% at June 30, 2010
  • Certified as a Community Development Financial Institution (“CDFI”) and participated in the Community Development Capital Initiative (“CDCI”)

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased with the improvement in the Company’s performance during 2010. Profitability has increased significantly, net income is up 58% and earnings per share is up 68% for the nine months ended September 30, 2010, compared to the same period in 2009. We have been successful in improving our net interest margin while growing both loans and deposits. Our staff has done an excellent job delivering superior customer service, leveraging our existing customer base, and establishing new customer relationships in order to continue to grow our organization.” Cole added, “We were very excited to receive certification as a Community Development Financial Institution (CDFI) and to participate in the Community Development Capital Initiative (CDCI). The Company was awarded a total of $17.1 million of new capital, of which $5 million was used to exchange capital received under CPP/TARP, and an additional $12.1 million to be invested in our local markets. The capital is favorably priced at a fixed rate of 2% for a term of eight years and helps our Company further its mission of community development in South MS.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,237.54 +104.84 0.58%
S&P 500 2,111.58 +7.08 0.34%
NASDAQ 4,991.4630 +27.9360 0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs