FBMS
$28.61
First Bancshs [Ms]
$1.25
4.57%
Earnings Details
3rd Quarter September 2020
Monday, October 26, 2020 6:30:00 PM
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Summary

First Bancshs [Ms] (FBMS) Recent Earnings

First Bancshs [Ms] (FBMS) reported 3rd Quarter September 2020 earnings of $0.56 per share on revenue of $55.1 million. The consensus earnings estimate was $0.54 per share on revenue of $47.8 million. Revenue grew 24.3% on a year-over-year basis.

First Bancshares Inc, through The First, A National Banking Association provides commercial and retail banking business characterized by personalized service & local decision-making, emphasizing the banking needs of small to medium-sized businesses.

Results
Reported Earnings
$0.56
Earnings Whisper
-
Consensus Estimate
$0.54
Reported Revenue
$55.1 Mil
Revenue Estimate
$47.8 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The First Bancshares, Inc. Reports Results for Third Quarter Ended September 30, 2020; Increases Quarterly Dividend 20%

HATTIESBURG, Miss.--(BUSINESS WIRE)--The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter ended September 30, 2020.

Highlights for the Quarter:

  • Average loans increased $9.1 million, or 0.3% for the sequential quarter comparison.
  • Average deposits increased $143.2 million, or 3.5% for the sequential quarter comparison.
  • Provision for loan losses totaled $6.9 million for the quarter as compared to $7.6 million for the sequential quarter comparison and $1.0 million for the third quarter of 2019.
  • On September 25, 2020, the Company issued $65 million in aggregate principal amount of subordinated debt.
  • Pre-tax, pre-provision operating earnings which excludes acquisition charges, treasury awards, gains from bargain purchase of Southwest Georgia Financial Corporation (“SGB”) and sale of land increased 26.5% to $22.1 million for the quarter ended September 30, 2020 as compared to $17.4 million for the third quarter of 2019.
  • Pre-tax, pre-provision operating earnings which excludes acquisition charges, treasury awards, gains from bargain purchase of SGB and sale of land increased 2.9% to $22.1 million for the quarter ended September 30, 2020 as compared to $21.4 million for the second quarter of 2020.
  • Due to the current economic environment, the allowance for loan losses increased 22% to $34.3 million or 1.09% of total loans at September 30, 2020 as compared to $28.1 million or 0.88% of total loans at June 30, 2020. The Company also has $8.8 million in credit marks associated with acquired loan portfolios.
  • As of October 21, 2020, total COVID related modifications were $78.5 million, representing 2.5% of the loan portfolio and down from a peak of $676 million or 21% of the loan portfolio. For additional details related to our response and potential effects of COVID-19, see the investor presentation filed and available under presentations and press releases included in the investor relations section of the company’s website: www.thefirstbank.com.
  • During the first quarter of 2020, the Company elected to delay the adoption of the Current Expected Credit Losses (“CECL”) afforded through the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

M. Ray “Hoppy” Cole, President and Chief Executive Officer, commented, “We are pleased with the results of the third quarter and our Company continues to show strong performance in revenue growth and increasing profitability. Pre-tax, pre-provision income increased 26% year over year and 2.9% linked quarter. We are proud of this improvement given the challenging market conditions related to margin compression and the uncertainty in economic activity associated with the pandemic.

During the quarter we raised an additional $65MM of subordinated debt which positions our Company to take advantage of any opportunities that may arise post the pandemic, and to resume our previously approved share buyback program.”

Quarterly Earnings

Net income available to common shareholders totaled $11.9 million for the quarter ended September 30, 2020, a decrease of $0.4 million, or 2.9%, compared to $12.3 million for the quarter ended September 30, 2019.

Net income available to common shareholders totaled $11.9 million for the quarter ended September 30, 2020, a decrease of $5.0 million, or 29.6%, compared to $16.9 million for the quarter ended June 30, 2020. The Company recorded a $7.0 million bargain purchase gain on the acquisition of SGB during the quarter ended June 30, 2020.

Pre-tax, pre-provision operating earnings, which exclude acquisition charges, treasury awards, and gains increased 26.5% to $22.1 million for the quarter ended September 30, 2020 as compared to $17.4 million for the third quarter of 2019 and increased 2.9% to $22.1 million for the quarter ended September 30, 2020 as compared to $21.4 million for the second quarter of 2020.

Provision for loan losses totaled $6.9 million for the quarter ended September 30, 2020, an increase of $5.9 million, or 611% as compared to $1.0 million for the third quarter of 2019 and a decrease of $0.7 million, or 9.0% as compared to $7.6 million for the second quarter of 2020. $5.8 million of the $6.9 million provision for loan loss expense for the quarter ended September 30, 2020 was related to the anticipated economic effects of COVID-19.

Earnings Per Share

For the third quarter of 2020, fully diluted earnings per share were $0.55, compared to $0.71 for the third quarter of 2019. The additional provision for loan losses expense of $5.9 million, or $4.5 million net of tax, for the quarter ended September 30, 2020, which is primarily attributable to the COVID-19 pandemic, represents a decrease of $0.21 in fully diluted earnings per share.

For the third quarter of 2020, fully diluted earnings per share were $0.55, compared to $0.79 for the second quarter of 2020. The bargain purchase and sale of land gains for the quarter ended June 30, 2020 accounted for an increase of $0.35 in fully diluted earnings per share.

Fully diluted earnings per share for the quarter ended September 30, 2020 include the issuance of 2,546,967 shares of our common stock during the second quarter of 2020 in association with the acquisition of SGB and the issuance of 1,682,889 shares of our common stock during the fourth quarter of 2019 in association with the acquisition of First Florida Bancorp, Inc. (“FFB”). Fully diluted earnings per share for all quarters of 2020 include the purchase by the Company of 168,188 shares throughout the calendar year of 2019.

Fully diluted earnings per share for the quarter ended September 30, 2019 include the issuance of 2,377,501 shares of our common stock during the first quarter of 2019 in association with the acquisition of FPB Financial Corp (“FPB”).

Balance Sheet

Consolidated assets increased $79.3 million to $5.164 billion at September 30, 2020 from $5.085 billion at June 30, 2020. Assets include $260.2 million in PPP loans.

Total average loans were $3.166 billion for the quarter ended September 30, 2020, as compared to $3.157 billion for the quarter ended June 30, 2020, and $2.343 billion for the quarter ended September 30, 2019, representing an increase of $9.1 million, or 0.3%, for the sequential quarter comparison, and an increase of $822.3 million, or 35.1%, in prior year quarterly comparison. The acquisitions of FFB and SGB accounted for $647.2 million, net of fair value marks, of the total increase in average loans as compared to the third quarter of 2019.

Average loans increased $9.1 million, or 0.3% for the sequential quarter comparison. Excluding the acquired loans and PPP loans, average loans decreased $85.1 million, or 3.6% as compared to the quarter ended September 30, 2019.

Total average deposits were $4.212 billion for the quarter ended September 30, 2020, as compared to $4.069 billion for the quarter ended June 30, 2020, and $2.766 billion for the quarter ended September 30, 2019, representing an increase of $143.2 million, or 3.5%, for the sequential quarter comparison, and an increase of $1.447 billion, or 52.3%, in prior year quarterly comparison. The acquisitions of FFB and SGB accounted for $912.1 million of the total increase in average deposits as compared to the third quarter of 2019.

Average deposits increased $143.2 million, or 3.5% for the sequential quarter comparison. Excluding the acquired deposits, average deposits increased $534.5 million, or 19.3% as compared to the quarter ended September 30, 2019.

The Company implemented Deposit Reclassification at the beginning of 2020. This program reclassifies noninterest bearing deposits and NOW deposit balances to money market accounts. This program reduces our reserve balance required at the Federal Reserve Bank of Atlanta which provides additional funds for liquidity and lending. At quarter end September 30, 2020, $712.8 million in noninterest deposit balances and $677.3 million in NOW deposit accounts were reclassified as money market accounts.

Asset Quality

Nonperforming assets totaled $44.9 million at September 30, 2020, a decrease of $0.8 million compared to $45.7 million at June 30, 2020 and a decrease of $2.4 million compared to $47.3 million at September 30, 2019. Nonaccrual loans decreased $1.9 million as compared to June 30, 2020 and increased $2.1 million as compared to September 30, 2019. Other real estate decreased $0.3 million as compared to June 30, 2020 and decreased $4.8 million as compared to September 30, 2019.

The ratio of the allowance for loan and leases losses (ALLL) to total loans was 1.09% at September 30, 2020, 0.88% at June 30, 2020 and 0.56% at September 30, 2019. The ratio of annualized net charge-offs (recoveries) to total loans was 0.09% for the quarter ended September 30, 2020 compared to 0.04% for the quarter ended June 30, 2020 and 0.004% for the quarter ended September 30, 2019.

Third Quarter 2020 vs. Third Quarter 2019 Earnings Comparison

Net income available to common shareholders for the third quarter of 2020 totaled $11.9 million compared to $12.3 million for the third quarter of 2019, a decrease of $0.4 million or 2.9%. In comparing the quarters, an increased provision for loan losses in the amount of $5.9 million more was expensed during the third quarter of 2020 as compared to the third quarter of 2019.

Net interest income for the third quarter of 2020 was $40.0 million, an increase of $9.5 million when compared to the third quarter of 2019. The increase was due to interest income earned on a higher volume of loans. Fully tax equivalent (“FTE”) net interest income totaled $40.6 million and $30.7 million for the third quarter of 2020 and 2019, respectively. FTE net interest income increased $9.9 million in the prior year quarterly comparison due to increased loan volume. Purchase accounting adjustments accounted for $0.6 million of the difference in net interest income for the third quarter comparisons. Third quarter 2020 FTE net interest margin of 3.58% included 17 basis points related to purchase accounting adjustments compared to 4.05% for the same quarter in 2019, which included 19 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin decreased 45 basis points in prior year quarterly comparison.

Non-interest income increased $1.7 million for the third quarter of 2020 as compared to the third quarter of 2019. Mortgage income increased $1.2 million in prior year quarterly comparison.

Third quarter 2020 non-interest expense was $26.9 million, an increase of $6.1 million, or 29.3% as compared to the third quarter of 2019. Excluding the net decrease in acquisition charges of $0.5 million for the quarterly comparison, non-interest expense increased $6.6 million in the third quarter of 2020, of which $4.1 million was attributable to the operations of FFB and SGB, as compared to third quarter of 2019.

Investment securities totaled $984.9 million, or 19.1% of total assets at September 30, 2020, versus $640.8 million, or 18.4% of total assets at September 30, 2019. The average balance of investment securities increased $335.8 million in prior year quarterly comparison, primarily as a result of the acquisitions. The average tax equivalent yield on investment securities decreased 76 basis points to 2.48% from 3.24% in prior year quarterly comparison. The investment portfolio had a net unrealized gain of $33.2 million at September 30, 2020 as compared to a net unrealized gain of $13.9 million at September 30, 2019.

The FTE average yield on all earning assets decreased 80 basis points in prior year quarterly comparison, from 4.94% for the third quarter of 2019 to 4.14% for the third quarter of 2020. Average interest expense decreased 56 basis points from 1.17% for the third quarter of 2019 to 0.61% for the third quarter of 2020. Cost of all deposits averaged 47 basis points for the third quarter of 2020 compared to 76 basis points for the third quarter of 2019.

Third Quarter 2020 vs Second Quarter 2020 Earnings Comparison

Net income available to common shareholders for the third quarter of 2020 decreased $5.0 million to $11.9 million compared to $16.9 million for the second quarter of 2020. During the second quarter of 2020, the Company recorded a bargain purchase gain in the amount of $7.0 million, net of tax.

Net interest income for the third quarter of 2020 was $40.0 million as compared to $39.2 million for the second quarter of 2020, an increase of $0.8 million. FTE net interest income increased $0.8 million to $40.6 million from $39.8 million in sequential-quarter comparison. Third quarter 2020 FTE net interest margin of 3.58% included 17 basis points related to purchase accounting adjustments compared to 3.63% for the second quarter in 2020, which included 21 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin decreased 1 basis point in sequential quarter comparison.

Investment securities totaled $984.9 million, or 19.1% of total assets at September 30, 2020, versus $953.3 million, or 18.7% of total assets at June 30, 2020. The average balance of investment securities increased $51.2 million in sequential-quarter comparison. The average tax equivalent yield on investment securities decreased 7 basis points to 2.48% from 2.55% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $33.2 million at September 30, 2020 as compared to a net unrealized gain of $32.9 million at June 30, 2020.

The FTE average yield on all earning assets decreased in sequential-quarter comparison from 4.23% to 4.14%. Average interest expense decreased 6 basis points from 0.67% for the second quarter of 2020 to 0.61% for the third quarter of 2020. Cost of all deposits averaged 47 basis points for the third quarter of 2020 compared to 52 basis points for the second quarter of 2020.

Excluding the bargain purchase and sale of land gains, non-interest income increased $0.8 million in sequential-quarter comparison resulting from increased mortgage income in the amount of $0.3 million and increased service charges on deposit accounts in the amount of $0.2 million.

Non-interest expense for the third quarter of 2020 was $26.9 million compared to $28.1 million for the second quarter of 2020. Excluding acquisition charges for each quarter, non-interest expense increased $0.9 million.

Year-to-Date Earnings Comparison

In year-over-year comparison, net income available to common shareholders increased $5.3 million, or 16.6%, from $31.9 million for the nine months ended September 30, 2019 to $37.2 million for the same period ended September 30, 2020. Excluding the bargain purchase and sale of land gains of $7.5 million, net of tax, and the increased provision expense of $14.4 million, net of tax, net income available to common shareholders increased $12.2 million in year-over-year comparison.

Net interest income increased $24.9 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans and securities.

Non-interest income increased $4.2 million in year-over-year comparison excluding the awards and gains mentioned above. Mortgage income increased $2.9 million and interchange fee income increased $0.9 million in the year-over-year comparison.

Non-interest expense was $78.4 million for the nine months ended September 30, 2020 an increase of $14.8 million as compared to the same period ended September 30, 2019. $11.7 million of the increase is related to the operations of FFB and SGB.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.12 per share to be paid on its common stock on November 24, 2020 to shareholders of record as of the close of business on November 10, 2020.

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”). Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes operating net earnings, operating efficiency ratio, pre-tax, pre-provision operating earnings, operating earnings per share, diluted operating earnings per common share, fully tax equivalent net interest income, fully tax equivalent net interest margin, core net interest margin, average tax equivalent yield on investment securities, fully tax equivalent average yield on all earning assets, total tangible common equity, tangible book value per common share and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).

Forward Looking Statements

This news release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations; (3) interest rate risk; (4) changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19; (5) risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (6) changes in management’s plans for the future; (7) credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values, or competition; (8) changes in accounting principles, policies, or guidelines; (9) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic; (10) the impact of the COVID-19 pandemic on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; (11) potential increases in the provision for loan losses resulting from the COVID-19 pandemic; and (12) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. 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.

Statements about the potential effects of the COVID-19 pandemic on the Company’s assets, business, liquidity, financial condition, prospects, and results of operations may constitute forward-looking statements and are subject to the risks that the actual effects may differ, possibly materially, from what is reflected in these forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the depth, dispersion and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, employees, third parties and the Company.

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands except per share data)

EARNINGS DATA

Quarter
Ended
9/30/20

Quarter
Ended
6/30/20

Quarter
Ended
3/31/20

Quarter
Ended
12/31/19

Quarter
Ended
9/30/19

Total Interest Income

$ 46,337

$ 45,799

$ 41,598

$ 40,444

$ 37,241

Total Interest Expense

6,365

6,619

7,533

7,000

6,782

Net Interest Income

39,972

39,180

34,065

33,444

30,459

FTE net interest income*

40,608

39,772

34,526

33,847

30,739

Provision for loan losses

6,921

7,606

7,102

850

974

Non-interest income

8,794

15,680

6,474

7,574

7,103

Non-interest expense

26,935

28,070

23,439

24,960

20,825

Earnings before income taxes

14,910

19,184

9,998

15,208

15,763

Income tax expense

2,993

2,241

1,687

3,353

3,491

Net income available to common shareholders

$ 11,917

$ 16,943

$ 8,311

$ 11,855

$ 12,272

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

Basic earnings per share

$ 0.56

$ 0.79

$ 0.44

$ 0.65

$ 0.72

Diluted earnings per share

0.55

0.79

0.44

0.64

0.71

Diluted earnings per share, operating*

0.56

0.52

0.47

0.72

0.74

Quarterly dividends per share

.10

.10

.10

.08

.08

Book value per common share at end of period

29.82

29.34

29.49

28.91

27.92

Tangible book value per common share at period end*

20.93

20.40

19.52

18.87

19.39

Market price at end of period

20.97

22.50

19.07

35.52

32.30

Shares outstanding at period end

21,408,017

21,395,258

18,851,955

18,802,266

17,123,625

Weighted average shares outstanding:

 

 

 

 

 

Basic

21,405,309

21,341,913

18,818,115

18,241,244

17,131,080

Diluted

21,544,040

21,437,180

18,942,129

18,398,609

17,267,953

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

Total assets

$5,085,340

$4,913,620

$3,990,493

$3,767,587

$3,439,202

Loans and leases

3,165,653

3,156,524

2,602,340

2,512,524

2,343,392

Total deposits

4,212,410

4,069,239

3,186,943

2,963,603

2,765,816

Total common equity

632,527

607,127

547,309

518,070

470,024

Total tangible common equity*

441,635

423,966

358,889

346,742

324,619

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED RATIOS

 

 

 

 

 

Annualized return on avg assets (ROA)

0.94%

1.38%

0.83%

1.26%

1.43%

Annualized return on avg assets, operating*

0.95%

0.91%

0.89%

1.40%

1.49%

Annualized pre-tax, pre-provision, operating*

1.74%

1.75%

1.79%

1.87%

2.03%

Annualized return on avg common equity, operating*

7.65%

7.40%

6.50%

10.16%

10.91%

Annualized return on avg tangible common equity, oper*

10.95%

10.60%

9.91%

15.18%

15.80%

Average loans to average deposits

75.15%

77.57%

81.66%

84.78%

84.73%

FTE Net Interest Margin*

3.58%

3.63%

3.93%

4.06%

4.05%

Efficiency Ratio

54.52%

50.62%

57.17%

60.26%

55.03%

Efficiency Ratio, operating*

54.04%

53.91%

55.36%

55.67%

53.17%

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 
 

CREDIT QUALITY

 

 

 

 

 

Allowance for loan losses (ALLL) as a % of total loans

1.09%

0.88%

0.80%

0.53%

0.56%

Nonperforming assets to tangible equity + ALLL

9.31%

9.84%

12.12%

13.13%

13.71%

Nonperforming assets to total loans + OREO

1.42%

1.44%

1.81%

1.86%

2.00%

Annualized QTD net charge-offs (recoveries) to total loans

0.09%

0.04%

0.03%

(0.002%)

0.0041%

 

 

 

 

 

 

 
FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands)

BALANCE SHEET

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Assets

 

 

 

 

 

Cash and cash equivalents

$ 603,736

$ 539,125

$ 286,759

$ 168,864

$ 159,990

Securities available-for-sale

957,458

927,205

762,977

765,087

612,002

Securities held-to-maturity

-

-

-

-

6,328

Other investments

27,461

26,059

25,911

26,690

22.517

Total investment securities

984,919

953,264

788,888

791,777

640,847

Loans held for sale

22,482

18,632

13,288

10,810

11,104

Total loans

3,155,932

3,171,535

2,602,288

2,600,358

2,349,986

Allowance for loan losses

(34,256)

(28,064)

(20,804)

(13,908)

(13,043)

Loans, net

3,121,676

3,143,471

2,581,484

2,586,450

2,336,943

Premises and equipment

124,875

125,053

108,013

104,980

96,726

Other Real Estate Owned

5,202

5,471

6,974

7,299

9,974

Goodwill and other intangibles

190,380

191,431

187,927

188,865

146,091

Other assets

110,889

108,458

88,468

82,818

80,256

Total assets

$5,164,159

$5,084,905

$4,061,801

$3,941,863

$3,481,931

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Non-interest bearing deposits^

$ 482,236

$ 486,039

$ 340,606

$ 723,208

$ 642,054

Interest-bearing deposits

3,746,978

3,730,851

2,937,188

2,353,325

2,119,181

Total deposits

4,229,214

4,216,890

3,277,794

3,076,533

2,761,345

Borrowings

115,827

116,005

116,180

214,319

136,250

Subordinated debentures

144,709

80,756

80,717

80,678

80,639

Other liabilities

36,040

43,459

31,184

26,675

25,609

Total liabilities

4,525,790

4,457,110

3,505,875

3,398,205

3,003,843

Total shareholders’ equity

638,369

627,795

555,926

543,658

478,088

Total liabilities and shareholders’ equity

$5,164,159

$5,084,905

$4,061,801

$3,941,863

$3,481,931

^Reclassified $712,806 to interest-bearing deposits
 
 
FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Three Months Ended

9/30/20

6/30/20

3/31/20

12/31/19

9/30/19

Interest Income:

 

 

 

 

 

Loans, including fees

$ 39,344

$ 39,184

$ 34,290

$ 33,556

$ 31,279

Investment securities

5,309

5,187

5,304

5,298

4,752

Accretion of purchase accounting adjustments

1,655

1,409

1,715

1,553

1,201

Other interest income

29

19

289

37

9

Total interest income

46,337

45,799

41,598

40,444

37,241

Interest Expense:

 

 

 

 

 

Deposits

5,110

5,967

6,034

5,489

5,156

Borrowings

265

224

917

771

451

Subordinated debentures

1,188

1,176

1,203

1,213

1,270

Accretion of purchase accounting adjustments

(198)

(748)

(621)

(473)

(95)

Total interest expense

6,365

6,619

7,533

7,000

6,782

Net interest income

39,972

39,180

34,065

33,444

30,459

Provision for loan losses

6,921

7,606

7,102

850

974

Net interest income after provision for loan losses

33,051

31,574

26,963

32,594

29,485

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

1,780

1,597

1,914

2,110

1,979

Mortgage Income

2,961

2,646

1,567

1,720

1,800

Interchange Fee Income

2,491

2,395

1,986

2,075

2,252

Gain (loss) on securities, net

32

73

174

(9)

57

Financial Assistance Award/Bank Enterprise Award

-

-

-

714

-

Bargain Purchase Gain and Gain on Sale of Land

-

7,643

-

-

-

Other charges and fees

1,530

1,326

833

964

1,015

Total non-interest income

8,794

15,680

6,474

7,574

7,103

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

15,494

15,866

13,228

13,092

11,612

Occupancy expense

3,826

3,200

2,918

3,190

2,632

FDIC/OCC premiums

447

237

147

147

111

Marketing

24

25

213

248

62

Amortization of core deposit intangibles

1,052

1,052

938

907

796

Other professional services

990

984

874

951

1,140

Acquisition charges

238

2,295

740

2,300

705

Other non-interest expense

4,864

4,411

4,381

4,125

3,767

Total Non-interest expense

26,935

28,070

23,439

24,960

20,825

Earnings before income taxes

14,910

19,184

9,998

15,208

15,763

Income tax expense

2,993

2,241

1,687

3,353

3,491

Net income available to common shareholders

$ 11,917

$ 16,943

$ 8,311

$ 11,855

$ 12,272

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 0.55

$ 0.79

$ 0.44

$ 0.64

$ 0.71

Diluted earnings per common share, operating*

$ 0.56

$ 0.52

$ 0.47

$ 0.72

$ 0.74

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 

 
FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

Year to Date

EARNINGS STATEMENT

 

2020

 

2019

 

Interest Income:

 

 

 

 

 

Loans, including fees

 

$ 112,818

 

$ 89,760

 

Investment securities

 

15,800

 

14,108

 

Accretion of purchase accounting adjustments

 

4,779

 

3,988

 

Other interest income

 

337

 

229

 

Total interest income

 

133,734

 

108,085

 

Interest Expense:

 

 

 

 

 

Deposits

 

17,111

 

14,808

 

Borrowings

 

1,406

 

1,285

 

Subordinated debentures

 

3,567

 

3,691

 

Amortization of purchase accounting adjustments

 

(1,567)

 

(61)

 

Total interest expense

 

20,517

 

19,723

 

Net interest income

 

113,217

 

88,362

 

Provision for loan losses

 

21,628

 

2,888

 

Net interest income after provision for loan losses

 

91,589

 

85,474

 

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

 

5,291

 

5,728

 

Mortgage Income

 

7,174

 

4,268

 

Interchange Fee Income

 

6,872

 

5,949

 

Gain (loss) on securities, net

 

279

 

131

 

Financial Assistance Award/Bank Enterprise Award

 

-

 

233

 

Bargain Purchase Gain and Gain on Sale of Land

 

7,643

 

-

 

Other charges and fees

 

3,689

 

3,064

 

Total non-interest income

 

30,948

 

19,373

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

 

44,588

 

33,924

 

Occupancy expense

 

9,943

 

7,606

 

FDIC/OCC premiums

 

831

 

485

 

Marketing

 

262

 

397

 

Amortization of core deposit intangibles

 

3,041

 

2,308

 

Other professional services

 

2,848

 

3,040

 

Acquisition charges

 

3,273

 

3,975

 

Other non-interest expense

 

13,658

 

11,874

 

Total Non-interest expense

 

78,444

 

63,609

 

Earnings before income taxes

 

44,093

 

41,238

 

Income tax expense

 

6,922

 

9,348

 

Net income available to common shareholders

 

$ 37,171

 

$ 31,890

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$ 1.80

 

$ 1.90

 

Diluted earnings per common share, operating*

 

$ 1.56

 

$ 2.07

 

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 

 

 

 

 

 

 
FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands)

COMPOSITION OF LOANS

Sept 30,
2020

Percent
of Total

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Percent
of Total

Commercial, financial and agricultural

$ 576,812

18.1%

$ 629,497

$ 327,979

$ 332,600

$ 338,584

14.3%

Real estate – construction

330,070

10.4%

337,337

334,707

359,195

284,103

12.0%

Real estate – commercial

1,191,514

37.5%

1,163,897

1,048,854

1,028,012

943,218

39.9%

Real estate – residential

999,381

31.4%

978,372

828,378

814,282

724,860

30.7%

Lease Financing Receivable

2,478

0.1%

2,811

3,526

3,095

3,239

0.1%

Obligations of States & subdivisions

13,345

0.4%

17,010

18,218

20,716

16,545

0.7%

Consumer

42,332

1.3%

42,611

40,626

42,458

39,437

1.7%

Loans held for sale

22,482

0.8%

18,632

13,288

10,810

11,104

0.6%

Total loans

$3,178,414

100%

$3,190,167

$2,615,576

$2,611,168

$2,361,090

100%

 

 

 

 

 

 

 

 

COMPOSITION OF DEPOSITS

Sept 30,
2020

Percent
of Total

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Percent
of Total

Noninterest bearing^

$ 482,236

11.4%

$486,039

$340,606

$723,208

$642,054

23.3%

NOW and other^

658,453

15.6%

601,195

478,526

941,598

926,704

33.5%

Money Market/Savings^

2,456,504

58.1%

2,451,991

1,826,973

750,010

651,539

23.6%

Time Deposits of less than $250,000

473,265

11.2%

499,406

462,808

479,386

401,549

14.5%

Time Deposits of $250,000 or more

158,756

3.7%

178,259

168,881

182,331

139,489

5.1%

Total Deposits

$4,229,214

100%

$4,216,890

$3,277,794

$3,076,533

$2,761,345

100%

 

 

 

 

 

 

 

 

Deposits Without Reclassification^

Sept 30,
2020

Percent
of Total

June 30,
2020

 

 

 

 

Noninterest bearing

$1,195,042

28.3%

$1,189,766

 

 

 

 

Now and other

1,335,798

31.6%

1,347,324

 

 

 

 

Money Market/Savings

1,066,353

25.2%

1,002,135

 

 

 

 

Time Deposits of less than $250,000

473,265

11.2%

499,406

 

 

 

 

Time Deposits of $250,000 or more

158,756

3.7%

178,259

 

 

 

 

Total Deposits

$4,229,214

100%

$4,216,890

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

Sept 30,
2020

 

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

 

Nonaccrual loans

$ 37,300

 

$ 39,201

$ 37,751

$ 38,393

$ 35,175

 

Loans past due 90 days and over

2,396

 

1,009

2,393

2,715

2,116

 

Total nonperforming loans

39,696

 

40,210

40,144

41,108

37,291

 

Other real estate owned

5,202

 

5,471

6,974

7,299

9,974

 

Nonaccrual securities

-

 

-

-

-

52

 

Total nonperforming assets

$ 44,898

 

$45,681

$47,118

$48,407

$ 47,317

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

0.87%

 

0.90%

1.16%

1.23%

1.36%

 

Nonperforming assets to total loans + OREO

1.42%

 

1.44%

1.81%

1.86%

2.00%

 

ALLL to nonperforming loans

86.30%

 

69.79%

51.82%

33.83%

34.98%

 

ALLL to total loans

1.09%

 

0.88%

0.80%

0.53%

0.56%

 

 

 

 

 

 

 

 

 

Qtr-to-date net charge-offs (recoveries)

$ 729

 

$ 346

$ 205

$ (15)

$ 23

 

Annualized QTD net chg-offs (recs) to loans

0.09%

 

0.04%

0.03%

(0.002%)

0.004%

 

 
FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
 

Yield

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

Analysis

September 30, 2020

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

 

Tax

 

 

 

Tax

 

 

 

Tax

 

 

 

Tax

 

 

 

Tax

 

 

Avg

Equivalent

Yield/

 

Avg

Equivalent

Yield/

 

Avg

Equivalent

Yield/

 

Avg

Equivalent

Yield/

 

Avg

Equivalent

Yield/

 

Balance

interest

Rate

 

Balance

interest

Rate

 

Balance

interest

Rate

 

Balance

interest

Rate

 

Balance

interest

Rate

 
Taxable securities

$ 616,168

$ 3,432

2.23%

$ 605,626

$ 3,439

2.27%

$ 560,613

$ 3,944

2.81%

$ 556,004

$ 4,108

2.96%

$ 494,184

$ 3,926

3.18%

Tax-exempt
securities

341,550

2,513

2.94%

300,922

2,340

3.11%

224,212

1,821

3.25%

188,709

1,593

3.38%

127,750

1,108

3.47%

Total investment
securities

957,718

5,945

2.48%

906,548

5,779

2.55%

784,825

5,765

2.94%

744,713

5,701

3.06%

621,934

5,034

3.24%

in other banks

413,786

29

0.03%

321,559

19

0.02%

129,978

289

0.89%

80,612

37

0.18%

71,165

7

0.04%

Loans

3,165,653

40,999

5.18%

3,156,524

40,593

5.14%

2,602,340

36,005

5.53%

2,512,524

35,109

5.59%

2,343,392

32,480

5.54%

Total Interest
earning assets

4,537,157

46,973

4.14%

4,384,631

46,391

4.23%

3,517,143

42,059

4.78%

3,337,849

40,847

4.90%

3,036,491

37,521

4.94%

Other assets

548,183

528,989

473,350

429,738

402,711

Total assets

$ 5,085,340

$ 4,913,620

$ 3,990,493

$ 3,767,587

$ 3,439,202

 
Interest-bearing
liabilities:
Deposits

$ 3,960,054

$ 4,912

0.50%

$ 3,746,535

$ 5,219

0.56%

$ 3,042,529

$ 5,413

0.71%

$ 2,263,299

$ 5,016

0.89%

$ 2,140,419

$ 5,061

0.95%

Borrowed Funds

115,935

265

0.91%

116,270

224

0.77%

145,267

917

2.53%

174,475

771

1.77%

95,241

451

1.89%

Subordinated
debentures

81,470

1,188

5.83%

80,736

1,176

5.83%

80,697

1,203

5.96%

80,658

1,213

6.02%

80,619

1,270

6.30%

Total interest
bearing liabilities

4,157,459

6,365

0.61%

3,943,541

6,619

0.67%

3,268,493

7,533

0.92%

2,518,432

7,000

1.11%

2,316,279

6,782

1.17%

Other liabilities

295,354

362,952

174,691

731,085

652,899

Shareholders' equity

632,527

607,127

547,309

518,070

470,024

Total liabilities and
shareholders'
equity

$ 5,085,340

$ 4,913,620

$ 3,990,493

$ 3,767,587

$ 3,439,202

 
Net interest
income (FTE)*

$ 40,608

3.53%

$ 39,772

3.56%

$ 34,526

3.86%

$ 33,847

3.78%

$ 30,739

3.77%

 
Net interest margin (FTE)*

3.58%

3.63%

3.93%

4.06%

4.05%

 
Core net interest
margin*

3.41%

3.42%

3.65%

3.80%

3.86%

 
*See reconciliation for Non-GAAP financial measures
FIRST BANCSHARES, INC and SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures (unaudited)

(in thousands except per share data)

 

 

Three Months Ended

Per Common Share Data

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Book value per common share

 

$ 29.82

$ 29.34

$ 29.49

$ 28.91

$ 27.92

Effect of intangible assets per share

 

8.89

8.94

9.97

10.04

8.53

Tangible book value per common share

 

$ 20.93

$ 20.40

$ 19.52

$ 18.87

$ 19.39

 

 

 

 

 

 

 

Diluted earnings per share

 

$ 0.55

$ 0.79

$ 0.44

$ 0.64

$ 0.71

Effect of acquisition charges

 

0.01

0.11

0.04

0.14

0.04

Tax on acquisition charges

 

-

(0.03)

(0.01)

(0.03)

(0.01)

Effect of bargain purchase gain and gain on sale of land

 

-

(0.36)

-

-

-

Tax on gain on sale of land

 

-

0.01

-

-

-

Effect of Treasury awards

 

-

-

-

(0.04)

-

Tax on Treasury awards

 

-

-

-

0.01

-

Diluted earnings per share, operating

 

$ 0.56

$ 0.52

$ 0.47

$ 0.72

$ 0.74

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

2020

 

2019

 

Diluted earnings per share

 

 

$ 1.80

 

$ 1.90

 

Effect of acquisition charges

 

 

0.16

 

0.24

 

Tax on acquisition charges

 

 

(0.03)

 

(0.06)

 

Effect of bargain purchase gain and gain on sale of land

 

 

(0.38)

 

-

 

Tax on gain on sale of land

 

 

.01

 

-

 

Effect of Treasury awards

 

 

-

 

(0.01)

 

Tax on Treasury awards

 

 

-

 

-

 

Diluted earnings per share, operating

 

 

$ 1.56

 

$ 2.07

 

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

2020

 

2019

 

Net income available to common shareholders

 

 

$ 37,171

 

$ 31,890

 

Acquisition charges

 

 

3,273

 

3,975

 

Tax on acquisition charges

 

 

(743)

 

(887)

 

Bargain purchase gain and gain on sale of land

 

 

(7,643)

 

-

 

Tax on gain on sale of land

 

 

157

 

-

 

Treasury awards

 

 

-

 

(233)

 

Tax on Treasury awards

 

 

-

 

59

 

Net earnings available to common shareholders, operating

 

 

$ 32,215

 

$ 34,804

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Average Balance Sheet Data

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Total average assets

A

$5,085,340

$4,913,620

$3,990,493

$3,767,587

$3,439,202

Total average earning assets

B

4,537,157

$4,384,631

$3,517,143

$3,337,849

$3,036,492

 

 

 

 

 

 

Common Equity

C

$ 632,527

$ 607,127

$ 547,309

$ 518,070

$ 470,024

Less intangible assets

 

190,892

183,161

188,420

171,328

145,405

Total Tangible common equity

D

$ 441,635

$ 423,966

$ 358,889

$ 346,742

$ 324,619

 

 

 

 

 

 

 

 

Three Months Ended

Net Interest Income Fully Tax Equivalent

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Net interest income

E

$ 39,972

$ 39,180

$ 34,065

$ 33,444

$ 30,459

Tax-exempt investment income

 

(1,877)

(1,748)

(1,360)

(1,190)

(828)

Taxable investment income

 

2,513

2,340

1,821

1,593

1,108

Net Interest Income Fully Tax Equivalent

F

$ 40,608

$ 39,772

$ 34,526

$ 33,847

$ 30,739

 

 

 

 

 

 

 

Annualized Net Interest Margin

E/B

3.52%

3.57%

3.87%

4.01%

4.01%

Annualized Net Interest Margin, Fully Tax Equivalent

F/B

3.58%

3.63%

3.93%

4.06%

4.05%

 

 

 

 

 

 

 

Total Interest Income, Fully Tax Equivalent

 

 

 

 

 

 

Total Interest Income

 

$ 46,337

$ 45,799

$ 41,598

$ 40,444

$ 37,241

Tax-exempt investment income

 

(1,877)

(1,748)

(1,360)

(1,190)

(828)

Taxable investment income

 

2,513

2,340

1,821

1,593

1,108

Total Interest Income, Fully Tax Equivalent

G

$ 46,973

$ 46,391

$ 42,059

$ 40,847

$ 37,521

 

 

 

 

 

 

 

Yield on Average Earning Assets, Fully Tax Equivalent

G/B

4.14%

4.23%

4.78%

4.90%

4.94%

 

 

 

 

 

 

 

Interest Income Investment Securities, Fully Tax Equivalent

 

 

 

 

 

 

Interest Income Investment Securities

 

$ 5,309

$ 5,187

$ 5,304

$ 5,298

$ 4,752

Tax-exempt investment income

 

(1,877)

(1,748)

(1,360)

(1,190)

(828)

Taxable investment Income

 

2,513

2,340

1,821

1,593

1,108

Interest Income Investment Securities, Fully Tax Equivalent

H

$ 5,945

$ 5,779

$ 5,765

$ 5,701

$ 5,034

 

 

 

 

 

 

 

Average Investment Securities

I

$ 957,718

$ 906,548

$ 784,825

$ 744,713

$ 621,934

 

 

 

 

 

 

 

Yield on Investment Securities, Fully Tax Equivalent

H/I

2.48%

2.55%

2.94%

3.06%

3.24%

 

 

 

 

 

 

 

 

 

Three Months Ended

Core Net Interest Margin

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Net interest income (FTE)

 

$ 40,608

$ 39,772

$ 34,526

$ 33,847

$ 30,739

Less purchase accounting adjustments

 

1,853

2,157

2,336

2,026

1,296

Net interest income, net of purchase accounting adj

J

$ 38,755

$ 37,615

$ 32,190

$ 31,821

$ 29,443

 

 

 

 

 

 

 

Total average earning assets

 

$4,537,157

$4,384,631

$3,517,143

$3,337,849

$3,036,492

Add average balance of loan valuation discount

 

11,501

10,651

12,237

12,252

13.679

Avg earning assets, excluding loan valuation discount

K

$4,548,658

$4,395,282

$3,529,380

$3,350,101

$3,050,171

 

 

 

 

 

 

 

Core net interest margin

J/K

3.41%

3.42%

3.65%

3.80%

3.86%

 

 

 

 

 

 

 

 

 

Three Months Ended

Efficiency Ratio

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Operating Expense

 

 

 

 

 

 

Total non-interest expense

 

$ 26,935

$ 28,070

$ 23,439

$ 24,960

$ 20,825

Pre-tax non-operating expenses

 

(238)

(2,295)

(740)

(2,300)

(705)

Adjusted Operating Expense

L

$ 26,697

$ 25,775

$ 22,699

$ 22,660

$ 20,120

 

 

 

 

 

 

 

Operating Revenue

 

 

 

 

 

 

Net interest income, FTE

 

$ 40,608

$ 39,772

$ 34,526

$ 33,847

$ 30,739

Total non-interest income

 

8,794

15,680

6,474

7,574

7,103

Pre-tax non-operating items

 

-

(7,643)

-

(714)

-

Adjusted Operating Revenue

M

$ 49,402

$ 47,809

$ 41,000

$ 40,707

$ 37,842

 

 

 

 

 

 

 

Efficiency Ratio, operating

L/M

54.04%

53.91%

55.36%

55.67%

53.17%

 

 

 

 

 

 

 

 

 

Three Months Ended

Return Ratios

 

Sept 30,
2020

June 30,
2020

Mar 31,
2020

Dec 31,
2019

Sept 30,
2019

Net income available to common shareholders

N

$ 11,917

$ 16,943

$ 8,311

$ 11,855

$ 12,272

Acquisition charges

 

238

2,295

740

2,300

705

Tax on acquisition charges

 

(61)

(518)

(164)

(461)

(152)

Bargain purchase gain and gain on sale of land

 

-

(7,643)

-

-

-

Tax on gain on sale of land

 

-

157

-

-

-

Treasury awards

 

-

-

-

(714)

-

Tax on Treasury awards

 

-

-

-

181

-

Net earnings available to common shareholders, operating

O

$ 12,094

$ 11,234

$ 8,887

$ 13,161

$ 12,825

 

 

 

 

 

 

 

Pre-Tax Pre-Provision Operating Earnings

 

 

 

 

 

 

Earnings before income taxes

P

$ 14,910

$ 19,184

$ 9,998

$ 15,208

$ 15,763

Acquisition charges

 

238

2,295

740

2,300

705

Provision for loan losses

 

6,921

7,606

7,102

850

974

Treasury Awards and Gains

 

-

(7,643)

-

(714)

-

Pre-Tax, Pre-Provision Operating Earnings

Q

$ 22,069

$ 21,442

$ 17,840

$ 17,644

$ 17,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on avg assets

N/A

0.94%

1.38%

0.83%

1.26%

1.43%

Annualized return on avg assets, oper

O/A

0.95%

0.91%

0.89%

1.40%

1.49%

Annualized pre-tax, pre-provision, oper

Q/A

1.74%

1.75%

1.79%

1.87%

2.03%

Annualized return on avg common equity, oper

O/C

7.65%

7.40%

6.50%

10.16%

10.91%

Annualized return on avg tangible common equity, operating

O/D

10.95%

10.60%

9.91%

15.18%

15.80%

 

 

 

 

 

 

 

Mortgage Department

 

 

 

 

 

 

Net Interest Income after provision for loan losses

 

$ 142

$ 127

$ 119

$ 59

$ 200

Loan fee income

 

2,961

2,646

1,567

1,720

1,800

Salaries and employee benefits

 

(1,444)

(1,246)

(1,077)

(975)

(986)

Other non-interest expense

 

(110)

(99)

(152)

(164)

(134)

Earnings before income taxes

 

$ 1,549

$ 1,428

$ 457

$ 640

$ 880

  

 

M. Ray “Hoppy” Cole
Chief Executive Officer
Dee Dee Lowery
Chief Financial Officer
(601) 268-8998

Source: The First Bancshares, Inc.