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First Bancshares, Inc. Announces Operating Results for Quarter Ended March 31, 2024

MOUNTAIN GROVE, Mo., April 12, 2024 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended March 31, 2024.

For the quarter ended March 31, 2024, the Company reported net income of $1,653,000 or $0.68 per share-diluted, compared to $1,787,000, or $0.73 per share-diluted for the comparable period in 2023. Year over year changes from the quarter ended March 31, 2023, include a $442,000 increase in net interest income after provisions for credit losses, along with a $56,000 decrease in income tax expense, offset by a $273,000 increase in standard non-interest expenses, a $23,000 decrease in non-interest income, and a $336,000 adjustment due to an extraordinary income item in January 2023. This resulted in a $134,000 decrease in net income for the quarter ended March 31, 2024, compared to the quarter ended March 31, 2023. The Bank has successfully offset the persistent increases in non-interest expenses through its ability to fund operations with core deposits and reprice earning assets at a relatively swift pace.

Consolidated total assets decreased 0.38% to $539.52 million as of March 31, 2024, compared to $541.56 million on December 31, 2023. Since year end 2023, liquid assets increased 16.82% to $95.55 million, net loans decreased 1.28% to $412.69 million, total deposits increased 1.28% to $478.04 million, and GAAP capital increased 3.03% to $55.22 million. The changes in total assets and liquid assets occurred despite the payoff of the Bank’s $11,000,000 Bank Term Funding Program advance without any compensating borrowings from the Bank’s contingency funding plan.

The Bank meets all regulatory requirements for “well-capitalized” status.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800

First Bancshares, Inc. and Subsidiaries
Financial Highlights
(In thousands, except per share amounts)
 Quarter Ended
 March 31,
  2024   2023 
Operating Data:       
Total interest income$8,141  $6,029 
Total interest expense 2,798   1,115 
Net interest income 5,343   4,914 
Provision for credit losses 202   215 
Net interest income after provision for credit losses 5,141   4,699 
Gain (loss) on sale of investments -   - 
Non-interest income 377   400 
Non-interest expense 3,323   2,714 
Income before taxes 2,195   2,385 
Income tax expense 542   598 
Net income$1,653  $1,787 
Earnings per share$0.68  $0.73 
  At   At 
 March 31, December 31,
Financial Condition Data: 2024   2023 
Cash and cash equivalents (excludes CDs)$82,987  $79,032 
Investment securities (includes CDs) 12,959   13,104 
Loans receivable, net 412,692   418,044 
Goodwill and intangibles 1,622   1,658 
Total assets 539,520   541,561 
Deposits 478,037   471,992 
Repurchase agreements 1,357   836 
Borrowings -   11,000 
Stockholders' equity 55,216   53,592 
Book value per share$22.74  $22.07 

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