First Bancshares, Inc. Announces Second Quarter Fiscal 2013 Results
During the six months ended December 31, 2012, there was no provision for loan losses, compared to a provision of $74,000 during the quarter ended December 31, 2011. This was primarily the result of a decrease in classified assets. Classified assets decreased $3.3 million from $8.3 million at December 31, 2011 to $5.0 million at December 31, 2012.
Gains on the sale of investments increased by $168,000 to $264,000 during the six months ended December 31, 2012 from $96,000 during the six months ended December 31, 2011.
Non-interest income improved by $416,000 to $282,000 during the six months ended December 31, 2012 from a loss of $134,000 during the six months ended December 31, 2011. This change was the result of a decrease in loss on sale of property and equipment of $403,000. Other non-interest income items increased $13,000.
Non-interest expense decreased by $120,000 to $3.35 million during the six months ended December 31, 2012 compared to $3.47 million during the six months ended December 31, 2011. This was the result of a decrease of $117,000 in compensation expense, a decrease of $30,000 in occupancy and equipment, and a decrease of $165,000 in professional fees. This was partially offset by an increase of $90,000 in deposit insurance premiums and an increase of $102,000 in other non-interest expenses. Included in the Company's compensation expense for the six months ended December 31, 2012 is a one time early retirement package that cost the Company $186,000.Total consolidated assets at December 31, 2012 were $187.2 million, compared to $193.4 million at June 30, 2012, representing a decrease of $6.2 million, or 3.2%. Stockholders' equity at December 31, 2012 was $15.9 million, or 8.5% of assets, compared with $16.3 million, or 8.4% of assets at June 30, 2012. Book value per common share decreased to $10.26 at December 31, 2012 from $10.53 at June 30, 2012. The $400,000, or 2.5% decrease in equity was primarily attributable to a net loss for the six months ended December 31, 2012 of $349,000 and a decrease in the market value of available-for-sale securities, net of income taxes of $68,000 during the six months ended December 31, 2012.
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