HATTIESBURG, Miss.--(BUSINESS WIRE)--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) | |||||||||||||||
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($ amounts in thousands except earnings per share, book value and total share volume) |
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| For the three months |
For the nine months |
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| ended September 30, | ended September 30, | ||||||||||||||
| 2011 | 2010 |
2011 |
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2010 |
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| 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 | |||||||||||
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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 | |||||||||||
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Net income applicable to Common Stock |
660 | 547 | 1,660 | 1,579 | |||||||||||
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Earnings per share applicable to common stockholders |
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| 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 | ||||||||||||
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Allowance for loan losses as % of net loans |
1.10 | % | 1.39 | % | 1.36 | % | |||||||||
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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 | ||||||||||||