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 June 30, 2010. The First Bancshares, Inc. also announced a quarterly dividend of $.025 per common share. The record date will be August 13, 2010 with a payable date of August 27, 2010.
Net income available to common stockholders for the three months ended June 30, 2010 amounted to $572,000, or $.19 per diluted share, compared to $104,000, or $.03 per diluted share for the same quarter in 2009, an increase of $468,000 or 450.0%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Our bank continues to show improving performance in a very difficult economic environment. A significant increase in our net income during the second quarter is the result of strategic business development resulting in loan and deposit growth during the first six months of 2010, continued emphasis on expense control, and a managed effort to increase our net interest margin. Although the general economic climate is still challenging, our bank is well positioned to take advantage of the opportunities that are available for continued growth.”
The following are key highlights for the quarter ended June 30, 2010:
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended June 30, 2010, was $4.1 million, a $557,000 increase compared to the second quarter of 2009. This increase was a result of increased loan volume as well as an overall improvement in the bank’s net interest margin.
Non-interest income decreased slightly for the second quarter of 2010 to $986,000 as compared to $1,056,000 for the second quarter of 2009. A decrease in fee income generated from our mortgage division attributed to this slight decrease.
Non-Interest Expense
Non-interest expense remained flat at $3.90 million as compared to the second quarter of 2009. This reflects an ongoing effort to monitor our expenses while maintaining our excellent level of customer service.
Total Assets, Net Loans and Deposits
Total assets were down $14.3 million, or 2.8%, between March 31, 2010, and June 30, 2010. Deposits saw a decrease of $13.9 million or 3.3% over the same period. Total loans, net of unearned interest, increased slightly between March 31, 2010, and June 30, 2010.
At June 30, 2010, The First Bancshares, Inc. reported total loans of $331.5 million, total assets of $497.0 million, total deposits of $405.2 million and stockholders’ equity of $44.4 million. Return on average assets was .42% and return on average equity was 4.67% for the quarter.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. The First has operations in Hattiesburg, Laurel, Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins and Gulfport, Mississippi. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website, www.thefirstbank.com.
Forward Looking Statement
This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information on The First Bancshares, Inc. is available in its filings with the Securities and Exchange Commission, available at the SEC’s website, http://www.sec.gov.
($ amounts in thousands except earnings per share, book value and total share volume)
For the three months
$
5,944
6,156
Net interest income after provision for loan losses
Net income applicable to Common Stock
Earnings per share applicable to common stockholders
.19
.03
Allowance for loan losses as % of net loans
Loans past due 90 days and still accruing
Source: The First Bancshares, Inc.
The First Bancshares, Inc.M. Ray “Hoppy” Cole, CEOorDeeDee Lowery, CFO601-268-8998