The First Bancshares, Inc. Reports 3rd Quarter 2012 Earnings and Declaration of Dividend

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The First Bancshares, Inc. Reports 3rd Quarter 2012 Earnings and Declaration of Dividend

HATTIESBURG, Miss.--(BUSINESS WIRE)-- The First Bancshares, Inc. (NAS: FBMS) , holding company for The First, A National Banking Association, (www.thefirstbank.com) today reported earnings for the quarter ended September 30, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be November 8, 2012 with a payable date of November 26, 2012.

Net income available to common stockholders for the three months ended September 30, 2012 amounted to $766,000, or $.24 per diluted share, compared to $660,000, or $.21 per diluted share for the same quarter in 2011, an increase of $106,000 or 16.1%.


Net income available to common stockholders for the nine months ended September 30, 2012 amounted to $2,561,000, or $.82 per diluted share, compared to $1,660,000, or $.54 per diluted share for the same period in 2011, an increase of $901,000 or 54.3%.

M. Ray "Hoppy" Cole, President & Chief Executive Officer, commented, "Although the economy remains challenging, our company continues to perform well. We have been successful in growing the company both in terms of size and profitability. Total assets increased 6.5% to $725.7 million during the first 9 months of 2012 and earnings per share is up 52% year over year. We appreciate the hard work and commitment of our team members and the support of our customers and shareholders."

The following are key highlights for the nine months ended September 30, 2012:

  • Assets grew 6.5% to $725.7 million
  • Loans increased 1.3% to $393.0 million
  • Deposits increased 8.5% to $621.9 million
  • Annualized return on average assets increased to .49% during the nine month period from .44% for the calendar year 2011
  • Annualized return on average equity increased to 5.43% during the nine month period from 5.16% for the calendar year 2011

Net Interest Income and Non-Interest Income

Net interest income for the quarter ended September 30, 2012, was $5.4 million, a $0.7 million increase compared to the third quarter of 2011. This improvement was a result of increased loan volume and increased securities as well as lower funding costs.

Non-interest income increased 39.5% for the third quarter of 2012 to $1,518,000 as compared to $1,088,000 for the third 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 third quarter of 2012 to $5,437,000 as compared to $4,479,000 for the third quarter of 2011. This reflects an increase of 21.4% 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 increased between June 30, 2012, and September 30, 2012 by $25.1 million, or 3.6%. Deposits increased $33.9 million or 5.8% over the same period. Total loans, net of unearned interest, increased $5.0 million or 1.3% between June 30, 2012, and September 30, 2012.

At September 30, 2012, The First Bancshares, Inc. reported total loans of $393.0 million, total assets of $725.7 million, total deposits of $621.9 million and stockholders' equity of $65.4 million. Return on average assets was .43% and return on average equity was 4.76% 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

ended Sept 30,

For the nine months

ended Sept 30,

2012  20112012  2011
 
Interest income$6,459$5,999$19,734$17,673
Interest expense1,0281,2673,3104,179
Net interest income5,4314,73216,42413,494
Provision for loan losses371230744883

Net interest income after provision for loan losses

5,0604,50215,68012,611
Non-interest income1,5181,0884,5033,027
Non-interest expense5,4374,47916,37313,296
Income before income taxes1,1411,1113,8102,342
Income taxes269365930425
Net income8727462,8801,917

Preferred Stock Accretion & Dividends

10686319257

Net income applicable to Common Stock

7666602,5611,660

Earnings per share applicable to common stockholders

Basic$.24$.22$.82$.54
Diluted.24.21.82.54
Dividends per share.0375.0375.1125.1125
 
Sept 30,December 31,

 

Sept 30,

2012

2011

 

2011

 
Total assets725,668681,413

 

709,920

Cash and due from banks35,72222,940

 

133,803

Federal funds sold990241

 

485

Investment securities242,099218,531

 

133,462

Loans, net of unearned interest392,960387,929

 

389,386

Allowance for loan losses as % of net loans

1.12%1.16%

 

 

1.10%

Loans past due 90 days and still accruing

870496

 

391

Non-accrual loans2,8085,125

 

4,139

Non-accrual securities1,9501,950

 

1,950

Other real estate owned8,0084,353

 

4,565

Total nonperforming assets13,63611,924

 

11,045

Deposits-interest bearing511,882466,265

 

495,152

Deposits non-interest bearing110,051107,129

 

106,790

Total deposits621,933573,394

 

601,942

Borrowed funds16,78127,032

 

27,051

Subordinated debentures10,31010,310

 

10,310

Stockholders' equity65,37260,425

 

59,570

Book value (per share)$15.39$14.00

 

 

$

13.84

Total shares outstanding3,135,3613,092,566

 

3,066,072



The First Bancshares, Inc.
M. Ray "Hoppy" Cole, CEO, 601-268-8998
or
DeeDee Lowery, CFO, 601-268-8998

KEYWORDS:   United States  North America  Mississippi

INDUSTRY KEYWORDS:

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