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, 2011. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be November 9, 2011 with a payable date of November 25, 2011.

Net income available to common stockholders for the three months ended September 30, 2011 amounted to $660,000, or $.21 per diluted share, compared to $547,000, or $.18 per diluted share for the same quarter in 2010, an increase of $113,000 or 20.7%.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “The closing of the acquisition of eight branches from Whitney National Bank, seven on the Mississippi gulf coast and one in Louisiana was a historic moment in the growth of our company. This acquisition significantly improves our market share and more than doubles our customer base in south Mississippi. This acquisition also established a new market for our bank in neighboring Louisiana. I am very proud of the performance of our staff. Their hard work, extra effort, and team attitude made the conversion process very successful.”

The following are key highlights for the nine months ended September 30, 2011:
  • Completed acquisition of eight (8) branches from Whitney National Bank and Hancock Bank of Louisiana on September 16, 2011
  • Acquired branches consisted of $46.1 million in loans, $7.5 million in personal and real property and $179.2 million in deposits
  • Loans, net of unearned increased $56.8 million or 17.1% to $389.4 million for the nine months ended September 30, 2011
  • Deposits increased $205.5 million or 51.8% to $601.9 million for the nine months ended September 30, 2011
  • Annualized return on average assets increased to .44% during the quarter from .43% at June 30, 2011
  • Annualized return on average equity increased to 4.45% during the quarter from 4.01% at June 30, 2011

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended September 30, 2011, was $4.7 million, a $506,000 increase compared to the third quarter of 2010. This improvement was a result of higher loan volume as well as continued decreases in overall funding costs.

Non-interest income increased for the third quarter of 2011 to $1,088,000 as compared to $1,054,000 for the third quarter of 2010. An increase in fee income and a smaller impairment loss on our securities portfolio attributed to this increase.

Non-Interest Expense

Non-interest expense increased for the third quarter of 2011 to $4,479,000 as compared to $4,025,000 for the third quarter of 2010. This reflects an increase of 11.3% in non-interest expense mainly related to costs associated with the acquisition of the eight Whitney branches.

Total Assets, Net Loans and Deposits

Total assets increased $168.7 million or 31.2% between June 30, 2011, and September 30, 2011. Deposits increased $168.2 million or 38.8% over the same period. Total loans, net of unearned interest, increased $42.8 million or 12.3% between June 30, 2011, and September 30, 2011.

At September 30, 2011, The First Bancshares, Inc. reported total loans of $389.4 million, total assets of $709.9 million, total deposits of $601.9 million and stockholders’ equity of $59.6 million. Return on average assets was .44% and return on average equity was 4.45% for the quarter.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. The First has operations in Hattiesburg, Laurel, Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins, Gulfport, Biloxi, Long Beach and Diamondhead, Mississippi as well as Bogalusa, Louisiana. 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 combined 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 per share, book value and total share volume)
 
  For the three months  

For the nine months
ended September 30, ended September 30,
2011   2010

2011

 

2010
 
Interest income $ 5,999 $ 5,849 $ 17,673 $ 17,677
Interest expense 1,267 1,623 4,179 5,582
Net interest income 4,732 4,226 13,494 12,095
Provision for loan losses 230 372 883 754

Net interest income after provision for loan losses
4,502 3,854 12,611 11,341
Non-interest income 1,088 1,054 3,027 2,881
Non-interest expense 4,479 4,025 13,296 11,618
Income before income taxes 1,111 883 2,342 2,604
Income taxes 365 261 425 797
Net income 746 622 1,917 1,807
Preferred Dividends 86 61 257 186
Preferred Stock Accretion - 14 - 42

Net income applicable to Common Stock
660 547 1,660 1,579
 

Earnings per share applicable to common stockholders
Basic $ .22 $ .18 $ .54 $ .52
Diluted .21 .18 .54 .52
Dividends per share .0375 .05 .1125 .15
 
 
 
 
 
Sept. 30, December 31, Sept. 30,
2011 2010 2010
 
Total assets 709,920 503,045 504,749
Cash and due from banks 133,803 24,894 28,650
Federal funds sold 485 9,083 11,557
Investment securities 133,462 104,537 94,557
Loans, net of unearned interest 389,386 332,573 336,077

Allowance for loan losses as % of net loans
1.10 % 1.39 % 1.36 %

Loans past due 90 days and still accruing
391 1,071 159
Non-accrual loans 4,139 4,212 4,443
Non-accrual securities 1,950 1,950 1,950
Other real estate owned 4,565 3,995 4,552
Total nonperforming assets 11,045 11,228 11,104
Deposits-interest bearing 495,152 348,167 349,980
Deposits non-interest bearing 106,790 48,312 47,686
Total deposits 601,942 396,479 397,666
Borrowed funds 27,051 30,107 30,625
Subordinated debentures 10,310 10,310 10,310
Stockholders’ equity 59,570 57,099 57,160
Book value (per share) $ 13.84 $ 13.18 $ 13.26
Total shares outstanding 3,066,072 3,032,222 3,019,869
 
 
 

Copyright Business Wire 2010

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