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The First Bancshares, Inc. Reports Increased 4th Quarter Earnings And Declaration Of Dividend

First graph, second sentence of release should read: The record date will be February 11, 2011 with a payable date of February 25, 2011 (sted The record date will be February 11, 2010 with a payable date of February 25, 2010).

The corrected release reads:

THE FIRST BANCSHARES, INC. REPORTS INCREASED 4 TH QUARTER EARNINGS AND DECLARATION OF DIVIDEND

The First Bancshares, Inc. (NASDAQ:FBMS), holding company for The First, A National Banking Association, ( www.thefirstbank.com) today reported earnings for the quarter and the year ended December 31, 2010. The First Bancshares, Inc. also announced a quarterly dividend of $0.0375 per common share. The record date will be February 11, 2011 with a payable date of February 25, 2011.

Net income available to common shareholders for the three months ended December 31, 2010 amounted to $654,000, or $.22 per diluted share, compared to $525,000 or $.17 per diluted share for the same quarter in 2009, an increase of $129,000 or 24.6%.

Net income available to common shareholders for the year ended December 31, 2010, amounted to $2,233,000, a 52.8% increase from the $1,461,000 reported for the year ended December 31, 2009.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased with the performance of our Company, especially given the challenging banking environment in which we currently operate. Our directors and staff remain committed to providing excellent service to our customers; which in turn yields growth, profitability, and increased value to our shareholders.”

The following are key highlights for the last twelve months ended December 31, 2010:

  • Total assets increased $25.5 million or 5.3%
  • Loans, net of unearned interest increased $13.8 million or 4.3%
  • Deposits increased $12.7 million or 3.3%
  • Certified as a Community Development Financial Institution and participated in the Community Development Capital Initiative

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended December 31, 2010 increased to $4.2 million compared to $3.8 million for the same quarter in 2009. Net interest income for the twelve months ended December 31, 2010 increased to $16.3 million compared to $14.4 million for the twelve months ended December 31, 2009. These increases were a result of increased loan volume, and lower funding costs.

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