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The First Bancshares, Inc. Reports 1st 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 ended March 31, 2011. The First Bancshares, Inc. also announced a quarterly dividend of $0.0375 per common share. The record date will be May 12, 2011 with a payable date of May 26, 2011.

Net income available to common shareholders for the three months ended March 31, 2011 amounted to $415,000, or $.14 per diluted share, compared to $460,000 or $.15 per diluted share for the same quarter in 2010, a decrease of $45,000 or 9.8%.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Our first quarter results show continued improvement in profitability and growth. Total assets, total loans and total deposits increased and our net interest margin improved during the first three months of 2011. Our Company’s earnings also improved after adjusting for the one-time expenses incurred during the quarter. We are pleased with the Company’s progress and remain committed to our strategy of safe, sound, profitable growth.”

The following are key highlights for the three months ended March 31, 2011:

  • Total assets increased $38.2 million or 7.6%
  • Loans, net of unearned interest increased $4.2 million or 1.3%
  • Deposits increased $38.2 million or 9.6%
  • Completed construction of 9,000 square foot branch facility in Gulfport, MS

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended March 31, 2011 increased to $4.3 million compared to $3.8 million for the same quarter in 2010. This increase was a result of increased loan volume, and lower funding costs. Net interest margin for the quarter ended March 31, 2011 was 3.65% as compared to 3.60% for the calendar year 2010.

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