First graph, second sentence of release should read: The record date will be February 11, 2011 with a payable date of February 25, 2011 (sted The record date will be February 11, 2010 with a payable date of February 25, 2010).

The corrected release reads:

THE FIRST BANCSHARES, INC. REPORTS INCREASED 4 TH QUARTER EARNINGS AND DECLARATION OF DIVIDEND

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, 2010. The First Bancshares, Inc. also announced a quarterly dividend of $0.0375 per common share. The record date will be February 11, 2011 with a payable date of February 25, 2011.

Net income available to common shareholders for the three months ended December 31, 2010 amounted to $654,000, or $.22 per diluted share, compared to $525,000 or $.17 per diluted share for the same quarter in 2009, an increase of $129,000 or 24.6%.

Net income available to common shareholders for the year ended December 31, 2010, amounted to $2,233,000, a 52.8% increase from the $1,461,000 reported for the year ended December 31, 2009.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased with the performance of our Company, especially given the challenging banking environment in which we currently operate. Our directors and staff remain committed to providing excellent service to our customers; which in turn yields growth, profitability, and increased value to our shareholders.”

The following are key highlights for the last twelve months ended December 31, 2010:
  • Total assets increased $25.5 million or 5.3%
  • Loans, net of unearned interest increased $13.8 million or 4.3%
  • Deposits increased $12.7 million or 3.3%
  • Certified as a Community Development Financial Institution and participated in the Community Development Capital Initiative

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended December 31, 2010 increased to $4.2 million compared to $3.8 million for the same quarter in 2009. Net interest income for the twelve months ended December 31, 2010 increased to $16.3 million compared to $14.4 million for the twelve months ended December 31, 2009. These increases were a result of increased loan volume, and lower funding costs.

Non-interest income decreased for the twelve months ended December 31, 2010 as compared to the same period in 2009 by $503,000. An increase of $360,000 in impairment losses related to our trust preferred securities attributed to this decrease.

Non-Interest Expense Increased

Non-interest expense increased $518,000 to $15,842,000 during the year 2010 as compared to the year ended December 31, 2009. This reflects an increase of 3.4% in non-interest expenses with expenses related to Other Real Estate and FDIC assessments accounting for approximately $175,000 of this increase.

Total Assets, Net Loans and Deposits Increased

Total assets were up $25.5 million or 5.3% between December 31, 2009 and December 31, 2010. Total deposits increased $12.7 million or 3.3% over the same period. Total loans net of unearned discount and allowance for loan losses increased $13.9 million or 4.4% between December 31, 2009 and December 31, 2010.

At December 31, 2010, The First Bancshares, Inc. reported total net loans of $332.6 million, total assets of $503.0 million, total deposits of $396.5 million and stockholders’ equity of $57.1 million. Return on average assets was .44% and return on average equity was 5.11%.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, The First has operations in Hattiesburg, Laurel, Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins and Gulfport, Mississippi. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Forward Looking Statement

This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the Company to conduct business combinations or new operations. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information on The First Bancshares, Inc. is available in its filings with the Securities and Exchange Commission, available at the SEC’s website, http://www.sec.gov.

 
 
 
 
 
 

THE FIRST BANCSHARES, INC.

FINANCIAL HIGHLIGHTS

(Unaudited)

($ amounts in thousands, except earnings, book value and total share volume)
               
 

For three months

For twelve months

ended December 31,

ended December 31,

2010

2009

2010

2009
 
Interest income $ 5,776 $ 6,116 $ 23,453 $ 24,629
Interest expense 1,537 2,301 7,119 10,240
Net interest income 4,239 3,815 16,334 14,389
Provision for loan losses 229 150 983 1,206

Net interest income after provision for loan losses
4,010 3,665 15,351 13,183
Non-interest income 1,014 1,114 3,895 4,398
Non-interest expense 4,224 4,069 15,842 15,324
Income before income taxes 800 710 3,404 2,257
Income taxes 58 109 855 514
Net income 742 601 2,549 1,743
Preferred Dividends 88 62 274 225
Preferred Stock Accretion - 14 42 57

Net income applicable to Common Stock
654 525 2,233 1,461
 

Earnings per share applicable to common shareholders-Basic
$ .22 $ .17 $ .74 $ .49

Earnings per share applicable to common shareholders-Diluted
$ .22 $ .17 $ .74 $ .49
Dividends per share $ - $ - $ .15 $ -
 
 
 
 

Dec. 31, 2010

Dec. 31, 2009
Total assets $ 503,045 $ 477,552
Cash and due from banks 24,894 8,416
Federal funds sold 9,083 7,575
Investment securities 104,537 112,234
Loans, net of unearned interest 332,573 318,795

Allowance for loan losses as % of net loans
1.39 % 1.49 %

Loans past due 90 days and still accruing
1,071 1,447
Non-accrual loans 4,212 4,367
Non-accrual securities 1,950 1,700
Other real estate owned 3,995 2,903
Deposits-interest bearing 348,167 335,227
Deposits-non interest bearing 48,312 48,527
Total deposits 396,479 383,754
Borrowed funds 30,107 32,037
Subordinated debentures 10,310 10,310
Stockholders’ equity 57,099 43,617
Book value (per share) 13.24 12.79
Total shares outstanding 3,019,869 3,019,869
 
 
 
 

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