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 March 31, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $0.0375 per common share. The record date will be May 10, 2012 with a payable date of May 24, 2012.
Net income available to common shareholders for the three months ended March 31, 2012 amounted to $865,000, or $.28 per diluted share, compared to $415,000 or $.14 per diluted share for the same quarter in 2011, an increase of $450,000 or 108.4%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Our franchise continues to grow and we are thrilled with our first quarter performance. We are beginning to see the impact of the Whitney branch acquisition on our operating results as evidenced by a substantial increase in earnings during the first quarter of 2012 compared to the same quarter in 2011. We believe that increased market share and improved scale will greatly enhance the value created for our shareholders.”
The following are key highlights for the three months ended March 31, 2012:
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended March 31, 2012 increased to $5.5 million compared to $4.3 million for the same quarter in 2011. This increase was a result of increased loan volume, and lower funding costs. Net interest margin for the quarter ended March 31, 2012 was 3.54% as compared to 3.84% for the calendar year 2011.
Non-interest income increased for the three months ended March 31, 2012 as compared to the same period in 2011 by $560,000, or 61.2%. 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 Increased
Non-interest expense increased $998,000 to $5,522,000 during the three months ended March 31, 2012 as compared to the three months ended March 31, 2011. This reflects an increase of 22.1% 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 and Deposits Increased, Net Loans Decreased
Total assets were up $40.7 million or 6.0% between December 31, 2011 and March 31, 2012. Total deposits increased $37.9 million or 6.6% over the same period. Total loans net of unearned discount decreased $5.2 million or 1.3% between December 31, 2011 and March 31, 2012.
At March 31, 2012, The First Bancshares, Inc. reported total net loans of $382.7 million, total assets of $722.1 million, total deposits of $611.3 million and stockholders’ equity of $61.6 million. Return on average assets was .50% and return on average equity was 5.67%.
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.M. Ray “Hoppy” Cole, CEOorDeeDee Lowery, CFO601-268-8998
Source: The First Bancshares, Inc.