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The First Bancshares, Inc. Reports Record 2012 Net Income And Declaration Of Dividend

Stocks in this article: FBMS

The First Bancshares, Inc. (NASDAQ:FBMS), holding company for The First, A National Banking Association, ( www.thefirstbank.com) today reported earnings for the quarter and the year ended December 31, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $0.0375 per common share. The record date will be February 13, 2013 with a payable date of February 28, 2013.

Net income of $4,048,000 for the year ended December 31, 2012, exceeded a previous high of $3,823,000 set back in 2007.

Net income available to common shareholders for the year ended December 31, 2012, increased to $3,624,000, or $1.16 per diluted share, a 43.3% increase from the $2,529,000, or $.82 per diluted share reported for the year ended December 31, 2011.

Net income available to common shareholders for the three months ended December 31, 2012 amounted to $1,062,000, or $.34 per diluted share, compared to $869,000 or $.28 per diluted share for the same quarter in 2011, an increase of $193,000 or 22.2%.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased to report that our Company achieved record net income during 2012. Our record performance is the result of the dedication and commitment of our team members and the support of our local communities. We believe the Company is well positioned for future growth and look forward to the opportunities available in 2013 to increase our shareholders value.”

The following are key highlights for the last twelve months ended December 31, 2012:

  • Total assets increased to $721.4 million ranking The First the 12 th largest bank headquartered in MS
  • Loans, net of unearned interest increased $25.8 million or 6.6% to $413.7 million for the year ended December 31, 2012
  • Deposits increased $23.2 million or 4.1% to $596.6 million for the year ended December 31, 2012

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended December 31, 2012 increased to $5.8 million compared to $5.6 million for the same quarter in 2011. Net interest income for the twelve months ended December 31, 2012 increased to $22.2 million compared to $19.1 million for the twelve months ended December 31, 2011. These increases were a result of increased loan volume, and increased securities as well as lower funding costs.

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