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The First Bancshares, Inc. Reports 2nd Quarter 2011 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 June 30, 2011. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be August 12, 2011 with a payable date of August 26, 2011.

Net income available to common stockholders for the three months ended June 30, 2011 amounted to $585,000, or $.19 per diluted share, compared to $572,000, or $.19 per diluted share for the same quarter in 2010, an increase of $13,000 or 2.3%.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased to see continued growth in our business as we position the bank for the addition of the 8 Whitney branches we are acquiring. We plan to have the acquisition closed during the third quarter of this year and look forward to welcoming those customers and employees to our team.”

The following are key highlights for the six months ended June 30, 2011:
  • Assets grew 7.58% to $541.2 million
  • Loans, net of unearned interest increased 4.23% to $346.6 million
  • Deposits increased 9.41% to $433.8 million
  • Annualized return on average assets increased to .43% during the quarter from .32% at March 31, 2011
  • Annualized return on average equity increased to 4.01% during the quarter from 2.89% at March 31, 2011

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended June 30, 2011, was $4.5 million, a $432,000 increase compared to the second quarter of 2010. This improvement was a result of higher loan volume as well as continued decreases in overall funding costs.

Non-interest income increased for the second quarter of 2011 to $1,024,000 as compared to $986,000 for the second quarter of 2010. An increase in fee income and a smaller impairment loss on our securities portfolio attributed to this increase.

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