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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, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be November 8, 2012 with a payable date of November 26, 2012.
Net income available to common stockholders for the three months ended September 30, 2012 amounted to $766,000, or $.24 per diluted share, compared to $660,000, or $.21 per diluted share for the same quarter in 2011, an increase of $106,000 or 16.1%.
Net income available to common stockholders for the nine months ended September 30, 2012 amounted to $2,561,000, or $.82 per diluted share, compared to $1,660,000, or $.54 per diluted share for the same period in 2011, an increase of $901,000 or 54.3%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Although the economy remains challenging, our company continues to perform well. We have been successful in growing the company both in terms of size and profitability. Total assets increased 6.5% to $725.7 million during the first 9 months of 2012 and earnings per share is up 52% year over year. We appreciate the hard work and commitment of our team members and the support of our customers and shareholders.”
The following are key highlights for the nine months ended September 30, 2012:
Assets grew 6.5% to $725.7 million
Loans increased 1.3% to $393.0 million
Deposits increased 8.5% to $621.9 million
Annualized return on average assets increased to .49% during the nine month period from .44% for the calendar year 2011
Annualized return on average equity increased to 5.43% during the nine month period from 5.16% for the calendar year 2011
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended September 30, 2012, was $5.4 million, a $0.7 million increase compared to the third quarter of 2011. This improvement was a result of increased loan volume and increased securities as well as lower funding costs.