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First Bancshares, Inc. Announces Second Quarter Fiscal 2013 Results

MOUNTAIN GROVE, Mo., Jan. 18, 2013 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQB:FBSI), the holding company for First Home Savings Bank ("Bank"), today announced its financial results for the second quarter of its fiscal year ending June 30, 2013. All data as of December 31, 2012 and for the three and six months then ended are unaudited.

For the quarter ended December 31, 2012, the Company had a net loss of $398,000, or $0.26 per share - diluted, compared to a net loss of $662,000, or $0.43 per share - diluted for the quarter ended December 31, 2011. The decrease in net loss for the quarter ended December 31, 2012 compared to the quarter ended December 31, 2011 is attributable to a $572,000 increase in non-interest income. This increase is partially offset by a $348,000 increase in non-interest expense.

During the quarter ended December 31, 2012, net interest income decreased by $81,000 or 6.3%, to $1.2 million from $1.3 million during the quarter ended December 31, 2011. The decrease was the result of a decrease in interest income of $150,000, or 9.0%, which was partially offset by a decrease in interest expense of $69,000, or 18.1%. The decrease in both interest income and interest expense was primarily the result of a decrease in market interest rates between the two periods.

During the quarter ended December 31, 2012, there was no provision for loan losses, compared to a provision of $18,000 during the quarter ended December 31, 2011. The allowance for loan losses was $1.7 million, or 1.8% of gross loans at December 31, 2012.

During the quarter ended December 31, 2012, there were no gains or losses on the sale of investments, compared to a loss of $18,000 on the sale of investments during the quarter ended December 31, 2011.

Non-interest income increased by $572,000 to $244,000 during the quarter ended December 31, 2012 from a loss of $328,000 during the quarter ended December 31, 2011. This change was the result of a decrease in loss on sale of property and equipment of $574,000 and an increase in other non-interest income of $14,000. This was partially offset by a decrease in service charge and fee income of $16,000.

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