The First Bancshares, Inc. Reports 2nd Quarter 2012 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 ended June 30, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be August 13, 2012 with a payable date of August 27, 2012.

Net income available to common stockholders for the three months ended June 30, 2012 amounted to $931,000, or $.30 per diluted share, compared to $585,000, or $.19 per diluted share for the same quarter in 2011, an increase of $346,000 or 59.1%.

Net income available to common stockholders for the six months ended June 30, 2012 amounted to $1,796,000, or $.58 per diluted share, compared to $1,000,000, or $.33 per diluted share for the same period in 2011, an increase of $796,000 or 79.6%.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are extremely happy with the performance of the company during the first half of 2012. We continue to grow our business and increase our profitability. Our team members have done an excellent job of integrating the new branches and taking advantage of the opportunities provided by our increased market share.”

The following are key highlights for the six months ended June 30, 2012:
  • Assets grew 2.8% to $700.6 million
  • Deposits increased 2.6% to $588.0 million
  • Annualized return on average assets increased to .52% during the six month period from .44% for the calendar year 2011
  • Annualized return on average equity increased to 5.81% during the six month period from 5.16% for the calendar year 2011

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended June 30, 2012, was $5.5 million, a $1.0 million increase compared to the second quarter of 2011. This improvement was a result of increased loan volume as well as lower funding costs.

Non-interest income increased for the second quarter of 2012 to $1,510,000 as compared to $1,024,000 for the second quarter of 2011. An increase in fee income associated with higher loan and deposit volumes attributed to this increase as well as fee income generated from our mortgage division.

Non-Interest Expense

Non-interest expense increased for the second quarter of 2012 to $5,414,000 as compared to $4,293,000 for the second quarter of 2011. This reflects an increase of 26.1% in non-interest expense primarily related to an increase in operating costs associated with the Whitney branches acquired in the fourth quarter of 2011.

Total Assets, Net Loans and Deposits

Total assets decreased between March 31, 2012, and June 30, 2012 by $21.5 million, or 3.0%. Deposits saw a decrease of $23.3 million or 3.8% over the same period. Total loans, net of unearned interest, increased $2.8 million or 0.7% between March 31, 2012, and June 30, 2012.

At June 30, 2012, The First Bancshares, Inc. reported total loans of $385.6 million, total assets of $700.6 million, total deposits of $588.0 million and stockholders’ equity of $63.3 million. Return on average assets was .52% and return on average equity was 5.96% 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 six months

ended June 30,

ended June 30,
2012   2011 2012   2011
 
Interest income $ 6,609 $ 5,941 $ 13,275 $ 11,674
Interest expense 1,101 1,430 2,282 2,912
Net interest income 5,508 4,511 10,993 8,762
Provision for loan losses 221 305 373 653

Net interest income after provision for loan losses
5,287 4,206 10,620 8,109
Non-interest income 1,510 1,024 2,985 1,939
Non-interest expense 5,414 4,293 10,936 8,817
Income before income taxes 1,383 937 2,669 1,231
Income taxes 346 267 661 60
Net income 1,037 670 2,008 1,171

Preferred Stock Accretion & Dividends
106 85 212 171

Net income applicable to Common Stock
931 585 1,796 1,000

Earnings per share applicable to common stockholders
Basic $ .30 $ .19 $ .58 $ .33
Diluted .30 .19 .58 .33
Dividends per share .0375 .0375 .075 .075
 
June 30, December 31, June 30,
2012 2011 2011
 
Total assets 700,616 681,413 541,180
Cash and due from banks 22,366 22,940 29,238
Federal funds sold 764 241 125
Investment securities 238,187 218,531 131,231
Loans, net of unearned interest 385,551 387,929 346,629

Allowance for loan losses as % of net loans
1.16 % 1.16 % 1.20 %

Loans past due 90 days and still accruing
1,205 496 1,237
Non-accrual loans 2,303 5,125 2,903
Non-accrual securities 1,950 1,950 1,950
Other real estate owned 6,744 4,353 4,854
Total nonperforming assets 12,202 11,924 10,944
Deposits-interest bearing 483,547 466,265 383,709
Deposits non-interest bearing 104,482 107,129 50,072
Total deposits 588,029 573,394 433,781
Borrowed funds 28,291 27,032 30,070
Subordinated debentures 10,310 10,310 10,310
Stockholders’ equity 63,300 60,425 59,044
Book value (per share) $ 14.73 $ 14.00 $ 13.67
Total shares outstanding 3,135,361 3,092,566 3,066,072

Copyright Business Wire 2010

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