The First Bancshares, Inc. (MS) : The First Bancshares, Inc. Reports Increased 4th Quarter Earnings and Declaration of Dividend
01/30/2012 | 12:10pm
The First Bancshares, Inc. (NASDAQ:FBMS), holding company for The First,
A National Banking Association, (www.thefirstbank.com)
today reported earnings for the quarter and the year ended December 31,
2011. The First Bancshares, Inc. also announced a quarterly dividend of
$0.0375 per common share. The record date will be February 13, 2012 with
a payable date of February 28, 2012.
Net income available to common shareholders for the three months ended
December 31, 2011 amounted to $869,000, or $.28 per diluted share,
compared to $654,000 or $.22 per diluted share for the same quarter in
2010, an increase of $215,000 or 32.9%.
Net income available to common shareholders for the year ended December
31, 2011, amounted to $2,529,000, a 13.3% increase from the $2,233,000
reported for the year ended December 31, 2010.
M. Ray "Hoppy" Cole, President & Chief Executive Officer, commented, "We
are very proud of all we achieved in 2011. Our Company significantly
improved earnings while taking a major step in growing our market share
and franchise in south Mississippi and Louisiana. Our directors and
staff continue to focus on sound, safe profitable growth resulting in
increased value for our shareholders."
The following are key highlights for the last twelve months ended
December 31, 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
Total assets increased to $681.4 million ranking The First the 12th
largest bank headquartered in Ms
Loans, net of unearned increased $55.4 million or 16.6% to $387.9
million for the year ended December 31, 2011
Deposits increased $176.9 million or 44.6% to $573.4 million for the
year ended December 31, 2011
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended December 31, 2011 increased to
$5.6 million compared to $4.2 million for the same quarter in 2010. Net
interest income for the twelve months ended December 31, 2011 increased
to $19.1 million compared to $16.3 million for the twelve months ended
December 31, 2010. These increases were a result of increased loan
volume, and lower funding costs.
Non-interest income increased for the twelve months ended December 31,
2011 as compared to the same period in 2010 by $703,000. An increase in
fee income associated with higher loan and deposit volumes along with a
decrease of $468,000 in impairment losses related to our trust preferred
securities attributed to this increase.
Non-Interest Expense Increased
Non-interest expense increased $3,028,000 to $18,870,000 during the year
2011 as compared to the year ended December 31, 2010. This reflects an
increase of 19.1% in non-interest expense mainly related to nonrecurring
events including compromises of contingent claims, and costs associated
with the acquisition of the eight Whitney branches.
Total Assets, Net Loans and Deposits Increased
Total assets were up $178.4 million or 35.5% between December 31, 2010
and December 31, 2011. Total deposits increased $176.9 million or 44.6%
over the same period. Total loans net of unearned discount and allowance
for loan losses increased $55.4 million or 16.6% between December 31,
2010 and December 31, 2011.
At December 31, 2011, The First Bancshares, Inc. reported total net
loans of $387.9 million, total assets of $681.4 million, total deposits
of $573.4 million and stockholders' equity of $60.4 million. Return on
average assets was .43% and return on average equity was 4.30%.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi,
is the parent company of The First, A National Banking Association.
Founded in 1996, The First has operations in Hattiesburg, Laurel,
Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins, Gulfport, Biloxi,
Long Beach and Diamondhead, Mississippi as well as Bogalusa, Louisiana.
The Company's stock is traded on NASDAQ Global Market under the symbol
FBMS. Information is available on the Company's website: www.thefirstbank.com.
Forward Looking Statement
This news release contains statements regarding the projected
performance of The First Bancshares, Inc. and its subsidiary. These
statements constitute forward-looking information within the meaning of
the Private Securities Litigation Reform Act. Actual results may differ
materially from the projections provided in this release since such
projections involve significant known and unknown risks and
uncertainties. Factors that might cause such differences include, but
are not limited to: competitive pressures among financial institutions
increasing significantly; economic conditions, either nationally or
locally, in areas in which the Company conducts operations being less
favorable than expected; and legislation or regulatory changes which
adversely affect the ability of the Company to conduct business
combinations or new operations. The Company disclaims any obligation to
update such factors or to publicly announce the results of any revisions
to any of the forward-looking statements included herein to reflect
future events or developments. Further information on The First
Bancshares, Inc. is available in its filings with the Securities and
Exchange Commission, available at the SEC's website, http://www.sec.gov.
THE FIRST BANCSHARES, INC.
FINANCIALHIGHLIGHTS
(Unaudited)
($ amounts in thousands, except earnings, book value and total
share volume)
For three months
For twelve months
ended December 31,
ended December 31,
2011
2010
2011
2010
Interest income
$
6,802
$
5,776
$
24,475
$
23,453
Interest expense
1,217
1,537
5,396
7,119
Net interest income
5,585
4,239
19,079
16,334
Provision for loan losses
585
229
1,468
983
Net interest income after provision for loan losses
5,000
4,010
17,611
15,351
Non-interest income
1,571
1,014
4,598
3,895
Non-interest expense
5,574
4,224
18,870
15,842
Income before income taxes
996
800
3,338
3,404
Income taxes
(42
)
58
467
855
Net income
954
742
2,871
2,549
Preferred Dividends
85
88
342
274
Preferred Stock Accretion
-
-
-
42
Net income applicable to Common Stock
869
654
2,529
2,233
Earnings per share applicable to common shareholders-Basic
$
.28
$
.22
$
.83
$
.74
Earnings per share applicable to common shareholders-Diluted
$
.28
$
.22
$
.82
$
.74
Dividends per share
$
.0375
$
-
$
.15
$
.15
Dec 31, 2011
Dec 31, 2010
Total assets
$
681,413
$
503,045
Cash and due from banks
22,940
24,894
Federal funds sold
241
9,083
Investment securities
218,531
104,537
Loans, net of unearned interest
387,929
332,573
Allowance for loan losses as % of net loans
1.17
%
1.39
%
Loans past due 90 days and still accruing
496
1,071
Non-accrual loans
5,125
4,212
Non-accrual securities
1,950
1,950
Other real estate owned
4,353
3,995
Deposits-interest bearing
466,265
348,167
Deposits-non interest bearing
107,129
48,312
Total deposits
573,394
396,479
Borrowed funds
27,032
30,107
Subordinated debentures
10,310
10,310
Stockholders' equity
60,425
57,099
Book value (per share)
14.12
13.24
Total shares outstanding
3,066,072
3,019,869
The First Bancshares, Inc. M. Ray ?Hoppy? Cole, CEO or DeeDee
Lowery, CFO 601-268-8998
