The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (
) today reported earnings for the quarter ended June 30, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be August 13, 2012 with a payable date of August 27, 2012.
Net income available to common stockholders for the three months ended June 30, 2012 amounted to $931,000, or $.30 per diluted share, compared to $585,000, or $.19 per diluted share for the same quarter in 2011, an increase of $346,000 or 59.1%.
Net income available to common stockholders for the six months ended June 30, 2012 amounted to $1,796,000, or $.58 per diluted share, compared to $1,000,000, or $.33 per diluted share for the same period in 2011, an increase of $796,000 or 79.6%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are extremely happy with the performance of the company during the first half of 2012. We continue to grow our business and increase our profitability. Our team members have done an excellent job of integrating the new branches and taking advantage of the opportunities provided by our increased market share.”
The following are key highlights for the six months ended June 30, 2012:
Net Interest Income and Non-Interest Income
- Assets grew 2.8% to $700.6 million
- Deposits increased 2.6% to $588.0 million
- Annualized return on average assets increased to .52% during the six month period from .44% for the calendar year 2011
- Annualized return on average equity increased to 5.81% during the six month period from 5.16% for the calendar year 2011
Net interest income for the quarter ended June 30, 2012, was $5.5 million, a $1.0 million increase compared to the second quarter of 2011. This improvement was a result of increased loan volume as well as lower funding costs.