The First Bancshares, Inc. Reports First Quarter 2015 Results and Declares Quarterly Dividends

Company Release - 4/23/2015 3:23 PM ET

HATTIESBURG, Miss.--(BUSINESS WIRE)-- The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) today reported quarterly net earnings available to common shareholders of $1.9 million for the first quarter of 2015, compared to net earnings available to common shareholders of $1.3 million reported for the first quarter of 2014 and $1.9 million in net earnings available to common shareholders for the fourth quarter of 2014. Diluted earnings for the first quarter of 2015 were $0.36 per common share, compared to $0.25 per common share reported for the first quarter of 2014 and $0.36 per common share reported for the fourth quarter of 2014. First quarter 2015 net earnings included $84,000 of an after-tax gain on the sale of our branch location at 11281 Highway 49 Gulfport, MS. Excluding this non-operating income, operating earnings per share for the first quarter of 2015 were $0.34.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We continue to see improved operating results across our entire footprint. Consistent growth combined with stringent expense control is producing increasing profitability, improved operating efficiency and enhanced returns to our shareholders.”

Balance Sheet

Consolidated assets increased $52.4 million or 4.8% to reach $1.1 billion for the quarter ended March 31, 2015. Total loans amounted to $716 million at March 31, 2015 and $705 million at December 31, 2014. Total loans increased $11.8 million or 1.7% for the first quarter 2015. The majority of the loan growth during the first quarter was in the commercial and real estate construction portfolios.

Total deposits increased $91.9 million or 10.3% to total $984.6 million for the quarter ended March 31, 2015. The seasonality of our public fund portfolio contributed to this increase.

Asset Quality

Nonperforming assets totaled $11.4 million at March 31, 2015, a decrease of $0.2 million compared to $11.6 million at December 31, 2014. The ALLL/total loans ratio was 0.83% at March 31, 2015 and 0.87% at December 31, 2014. Including valuation accounting adjustments on acquired loans, the total valuation plus ALLL was 1.13% of loans at March 31, 2015. The ratio of annualized net charge-offs to total loans was 0.18% for the quarter ended March 31, 2015 compared to 0.08% for the quarter ended December 31, 2014.

First Quarter 2015 vs. First Quarter 2014 Earnings Comparison

First quarter 2015 net earnings available to common shareholders totaled $1.9 million compared to $1.3 million for the first quarter of 2014. Revenues from consolidated operations increased $1.4 million in quarterly comparison. Net interest income increased $1.1 million in quarterly comparison as interest income earned on a higher volume of loans attributed to this overall increase. Noninterest income increased $0.2 million in quarterly comparison from $1.7 million for the first quarter of 2014 to $1.9 million for the first quarter of 2015. Slight increases in service charges and interchange fee income along with other noninterest income accounted for this increase.

First quarter 2015 noninterest expenses increased $0.6 million or 8.2% as compared to first quarter 2014. Increases in salaries and employee benefits along with increases in occupancy expenses contributed $0.6 million. A majority of this increase can be attributed to the expansion into Baton Rouge at the end of the first quarter 2014 and the acquisition of Bay Bank at the beginning of the third quarter of 2014.

Fully taxable-equivalent (“FTE”) net interest income totaled $9.1 million and $8.1 million for the first quarter of 2015 and 2014, respectively. The FTE net interest income increased $1.0 million in prior year quarterly comparison primarily due to an increase in interest earned on loans. The purchase accounting adjustments reflected a decrease of $0.1 million in net interest income for the first quarter comparisons. First quarter 2015 net interest margin of 3.60% includes 3 bps related to purchase accounting adjustments.

Investment securities totaled $261.9 million, or 22.8% of total assets at March 31, 2015, versus $251.0 million, or 25.4% of total assets at March 31, 2014. The average volume of investment securities increased $10.8 million in prior year quarterly comparison. The average tax equivalent yield on investment securities decreased 1 basis point, from 2.64% to 2.63%. The investment portfolio had a net unrealized gain of $3.9 million at March 31, 2015.

The average yield on all earnings assets decreased 10 basis points in prior year quarterly comparison, from 4.02% for the first quarter of 2014 to 3.92% for the first quarter of 2015.

First Quarter 2015 vs Fourth Quarter 2014 Earnings Comparison

In sequential-quarter comparison, net earnings available to common shareholders remained consistent at $1.9 million with fewer days of accrual in the first quarter.

Noninterest expenses decreased $0.2 million in sequential-quarter comparison mainly consisting of a decrease in other professional services.

FTE net interest income remained stable at $9.1 million in sequential-quarter comparison. The increase in loan income was partially offset by a decrease in accretion related to purchase accounting adjustments.

The average yield on all earnings assets decreased 17 basis points in sequential-quarter comparison, from 4.09% for the fourth quarter of 2014 to 3.92% for the first quarter of 2015. Due to the seasonality of our public fund deposits, we experienced an increase of $91.9 million in deposits during the first quarter of 2015 that impacts our margin negatively on a short term basis.

Other Events

On April 10, 2015, The First closed its branch in Gulfport, MS located at 11281 Highway 49. This branch was originally acquired in 2011 in the acquisition from the Whitney/Hancock merger and is approximately 1 mile from our branch at 15513 O’Neal Rd in Gulfport. We consolidated these branches to offer improved service to our clients and recognize improved operating efficiencies for the Company.

Dividends

The Board of Directors of The First Bancshares, Inc. announced a cash dividend was declared in the amount of $0.0375 per share to be paid on its common stock on May 22, 2015 to shareholders of record as of the close of business on May 7, 2015.

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 south Mississippi, Louisiana and south Alabama. 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 Statements

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.


FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands expect per share data)
EARNINGS DATA	Quarter Ended 3/31/15			Quarter Ended 12/31/14			Quarter Ended 9/30/14			Quarter Ended 6/30/14			Quarter Ended 3/31/14
Total Interest Income	$	9,683		$	9,662		$	9,688		$	8,574		$	8,447
Total Interest Expense		804			791			833			726			623
Net Interest Income		8,879			8,871			8,855			7,848			7,824
FTE net interest income		9,137			9,137			9,128			8,104			8,096
Provision for loan losses		150			152			631			277			358
Non-interest income		1,850			2,055			2,021			2,055			1,672
Non-interest expense		7,818			8,051			8,071			7,384			7,227
Earnings before income taxes		2,761			2,723			2,174			2,242			1,911
Income tax expense		732			682			641			629			484
Net earnings		2,029			2,041			1,533			1,613			1,427
Dividends and accretion on preferred stock		85			86			85			86			106
Net earnings available to common shareholders	$	1,944		$	1,955		$	1,448		$	1,527		$	1,321

PER COMMON SHARE DATA
Basic earnings per share	$	0.36		$	0.37		$	0.27		$	0.30		$	0.26
Diluted earnings per share		0.36			0.36			0.27			0.29			0.25
Diluted earnings per share, operating*		0.34			0.34			0.30			0.28			0.25
Quarterly dividends per share		.0375			.0375			.0375			.0375			.0375
Book value per common share at end of period		15.12			14.80			14.38			14.02			13.60
Tangible book value at period end*		12.40			12.04			11.58			11.49			11.05
Market price at end of period		16.26			14.51			14.45			14.20			14.49
Shares outstanding at period end		5,400,909			5,342,670			5,338,370			5,180,287			5,175,774
Weighted average shares outstanding:
Basic		5,358,576			5,314,743			5,311,876			5,152,784			5,140,500
Diluted		5,415,100			5,357,644			5,349,686			5,180,019			5,189,929

AVERAGE BALANCE SHEET DATA
Total assets	$	1,127,349		$	1,073,287		$	1,065,080		$	1,015,679		$	965,518
Loans and leases		705,752			678,252			655,582			598,293			587,180
Total deposits		932,401			891,168			918,477			890,209			804,122
Total common equity		79,722			73,335			72,916			70,357			67,915
Total tangible common equity*		64,967			58,758			59,180			57,201			54,664
Total equity		96,845			90,458			90,039			87,480			85,028

SELECTED RATIOS
Annualized return on avg assets		.72	%		.76	%		.58	%		.64	%		.59	%
Annualized return on avg assets, operating*		.66	%		.68	%		.60	%		.57	%		.54	%
Annualized return on avg common equity, operating*		9.33	%		9.88	%		8.81	%		8.18	%		7.70	%
Annualized return on avg tangible common equity, oper*		11.45	%		12.34	%		10.86	%		10.06	%		9.56	%
Average loans to average deposits		75.69	%		76.11	%		71.38	%		67.21	%		73.02	%
Taxable-equivalent net interest margin		3.60	%		3.76	%		3.79	%		3.53	%		3.73	%
Efficiency Ratio		71.16	%		71.94	%		72.39	%		72.68	%		73.99	%



CREDIT QUALITY
Allowance for loan losses (ALLL) as a % of total loans		.83	%		.87	%		.91	%		.99	%		.98	%
Nonperforming assets to tangible equity + ALLL		12.70	%		13.29	%		13.29	%		16.13	%		12.34	%
Nonperforming assets to total loans + ORE		1.58	%		1.64	%		1.69	%		2.18	%		1.66	%
Annualized QTD net charge-offs to total loans		.18	%		.08	%		.33	%		.06	%		.19	%

*See reconciliation of Non-GAAP financial measures


FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands)
BALANCE SHEET	Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Assets
Cash and cash equivalents	$	94,474		$	44,618		$	50,447		$	55,443		$	81,978
Securities available-for-sale		246,842			254,744			262,651			263,653			236,460
Securities held-to-maturity		7,829			8,193			8,411			8,421			8,429
Other investments		7,235			7,234			5,592			4,025			6,148
Total investment securities		261,906			270,171			276,654			276,099			251,037
Loans held for sale		1,657			2,103			3,769			3,220			2,586
Total loans		716,359			704,531			667,533			606,812			590,947
Allowance for loan losses		(5,928	)		(6,095	)		(6,084	)		(5,999	)		(5,811	)
Loans, net		710,431			698,436			661,449			600,813			585,136
Premises and equipment		33,769			34,810			35,079			31,339			31,416
Other Real Estate		4,598			4,654			4,986			4,875			5,221
Goodwill and other intangibles		14,691			14,791			14,363			13,108			13,203
Other assets		24,622			24,182			25,515			24,392			17,990
Total assets	$	1,146,148		$	1,093,768		$	1,072,262		$	1,009,289		$	988,567

Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	203,766		$	201,362		$	195,957		$	183,226		$	179,334
Interest-bearing deposits		780,877			691,413			711,558			700,646			684,247
Total deposits		984,643			892,775			907,515			883,872			863,581
Borrowings		49,446			89,450			49,456			13,500			15,000
Subordinated debentures		10,310			10,310			10,310			10,310			10,310
Other liabilities		2,708			5,017			11,117			11,830			12,180
Total liabilities		1,047,382			997,552			978,398			919,512			901,071
Total shareholders’ equity		98,766			96,216			93,864			89,777			87,496
Total liabilities and shareholders’ equity	$	1,146,148		$	1,093,768		$	1,072,262		$	1,009,289		$	988,567


FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
EARNINGS STATEMENT	3/31/15			12/31/14			9/30/14			6/30/14			3/31/14
Interest Income:
Loans, including fees	$	8,147		$	8,071		$	7,923		$	7,094		$	7,006
Investment securities		1,512			1,534			1,623			1,453			1,432
Accretion of purchase accounting adjustments		1			51			136			(3	)		(2	)
Other interest income		23			6			6			30			11
Total interest income		9,683			9,662			9,688			8,574			8,447

Interest Expense:
Deposits		679			678			720			698			637
Borrowings		127			114			99			97			112
Subordinated debentures		45			46			45			45			45
Accretion of purchase accounting adjustments		(47	)		(47	)		(31	)		(114	)		(171	)
Total interest expense		804			791			833			726			623

Net interest income		8,879			8,871			8,855			7,848			7,824
Provision for loan losses		150			152			631			277			358
Net interest income after provision for loan losses		8,729			8,719			8,224			7,571			7,466

Non-interest Income:
Service charges on deposit accounts		568			608			616			594			561
Mortgage Income		334			445			522			407			349
Interchange Fee Income		499			561			563			507			472
Gain (loss) on securities, net		-			(4	)		(13	)		254			-
Gain on sale of premises and equipment		110			-			-			-			111
BEA award, net		-			223			-			-			-
Other charges and fees		339			222			333			293			179
Total non-interest income		1,850			2,055			2,021			2,055			1,672

Non-interest expense:
Salaries and employee benefits		4,626			4,551			4,554			4,260			4,097
Occupancy expense		1,109			1,156			1,209			1,093			1,068
FDIC premiums		241			271			222			222			223
Marketing		62			160			94			87			53
Amortization of core deposit intangibles		100			100			98			94			94
Other professional services		258			412			429			456			389
Other non-interest expense		1,422			1,401			1,465			1,172			1,303
Total Non-interest expense		7,818			8,051			8,071			7,384			7,227
Earnings before income taxes		2,761			2,723			2,174			2,242			1,911
Income tax expense		732			682			641			629			484
Net earnings		2,029			2,041			1,533			1,613			1,427
Dividends and accretion on preferred stock		85			86			85			86			106
Net earnings available to common shareholders	$	1,944		$	1,955		$	1,448		$	1,527		$	1,321

Earnings per common share, diluted	$	0.36		$	0.36		$	0.27		$	0.29		$	0.25
Operating earnings per common share, diluted*	$	0.34		$	0.34		$	0.30		$	0.28		$	0.25

*See reconciliation of Non-GAAP financial measures


FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands)
COMPOSITION OF LOANS	Mar 31, 2015			Percent of Total		Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014			Percent of Total
Commercial, financial and agricultural	$	110,806		15.5	%	$	106,109		$	100,263		$	81,958		$	84,898		14.3	%
Real estate – construction		93,168		13.0	%		84,935			83,908			74,105			73,523		12.4	%
Real estate – commercial		242,969		33.8	%		238,602			217,684			204,101			198,984		33.5	%
Real estate – residential		254,844		35.5	%		256,406			248,125			230,310			218,901		36.9	%
Consumer		14,572		2.0	%		18,479			17,553			16,337			14,641		2.5	%
Loans held for sale		1,657		.2	%		2,103			3,769			3,220			2,586		0.4	%
Total loans	$	718,016		100	%	$	706,634		$	671,302		$	610,031		$	593,533		100	%

COMPOSITION OF DEPOSITS	Mar 31, 2015			Percent of Total		Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014			Percent of Total
Noninterest bearing	$	203,766		20.7	%	$	201,362		$	195,957		$	183,226		$	179,334		20.8	%
NOW and other		404,605		41.1	%		301,721			317,569			326,683			308,231		35.7	%
Money Market/Savings		183,048		18.6	%		183,633			183,068			171,842			169,043		19.5	%
Time Deposits of less than $100,000		80,606		8.2	%		85,365			86,897			80,144			82,780		9.6	%
Time Deposits of $100,000 or more		112,618		11.4	%		120,694			124,024			121,975			124,509		14.4	%
Total Deposits	$	984,643		100	%	$	892,775		$	907,515		$	883,872		$	863,581		100	%

ASSET QUALITY DATA	Mar 31, 2015					Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Nonaccrual loans	$	5,995				$	6,056		$	6,032		$	6,063		$	2,267
Loans past due 90 days and over		426					669			102			447			443
Total nonperforming loans		6,421					6,725			6,134			6,510			2,710
Other real estate		4,598					4,654			4,986			4,875			5,221
Nonaccrual securities		408					250			250			1,950			1,950
Total nonperforming assets	$	11,427				$	11,629		$	11,370		$	13,335		$	9,881

Nonperforming assets to total assets		1.00	%				1.06	%		1.06	%		1.32	%		1.00	%
Nonperforming assets to total loans + ORE		1.58	%				1.64	%		1.69	%		2.18	%		1.66	%
ALLL to nonperforming loans		94.66	%				90.63	%		99.18	%		92.15	%		214.43	%
ALLL to total loans		.83	%				.87	%		.91	%		.99	%		.98	%

Quarter-to-date net charge-offs	$	316				$	141		$	546		$	89		$	275
Annualized QTD net charge-offs to loans		.18	%				.08	%		.33	%		.06	%		.19	%


FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)

Yield	Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended						Three Months Ended
Analysis	March 31, 2015						December 31, 2014						September 30, 2014						June 30, 2014						March 31, 2014
			Tax						Tax						Tax						Tax						Tax
	Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/		Avg		Equivalent		Yield/
	Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate		Balance		interest		Rate

Taxable securities	$	184,401	$	992	2.15	%	$	189,691	$	998	2.10	%	$	201,194	$	1,072	2.13	%	$	183,976	$	937	2.04	%	$	166,900	$	894	2.14	%
Tax-exempt securities		81,717		759	3.72	%		84,413		783	3.71	%		86,498		802	3.71	%		84,813		753	3.55	%		88,359		791	3.58	%
Total investment securities		266,118		1,751	2.63	%		274,104		1,781	2.60	%		287,692		1,874	2.61	%		268,789		1,690	2.51	%		255,259		1,685	2.64	%
Fed funds sold		16,248		23	0.57	%		408		6	5.88	%		2,037		6	1.18	%		3,603		30	3.33	%		8,118		11	0.54	%
Int bearing deposits in		27,430		19	0.28	%		18,270		19	0.42	%		16,854		22	0.52	%		47,210		19	0.16	%		17,122		19	0.44	%
Loans		705,752		8,148	4.62	%		678,252		8,122	4.79	%		655,582		8,059	4.92	%		598,293		7,091	4.74	%		587,180		7,004	4.77	%
Total Interest earning assets		1,015,548		9,941	3.92	%		971,034		9,928	4.09	%		962,165		9,961	4.14	%		917,895		8,830	3.85	%		867,679		8,719	4.02	%
Other assets		111,801						102,253						102,915						97,784						97,839
Total assets	$	1,127,349					$	1,073,287					$	1,065,080					$	1,015,679					$	965,518

Interest-bearing liabiltities:
Deposits	$	736,199	$	632	0.34	%	$	693,657	$	630	0.36	%	$	723,911	$	688	0.38	%	$	711,936	$	584	0.33	%	$	638,155	$	466	0.29	%
Repo		5,000		48	3.84	%		5,000		49	3.92	%		5,000		49	3.92	%		5,000		48	3.84	%		5,000		48	3.84	%
Fed funds purchased		108		-	0.00	%		1,645		4	0.97	%		326		1	1.23	%		256		1	1.56	%		1,189		2	0.67	%
FHLB		78,892		78	0.40	%		63,040		62	0.39	%		28,038		50	0.71	%		9,802		48	1.96	%		46,244		62	0.54	%
Subordinated debentures		10,310		45	1.75	%		10,310		46	1.78	%		10,310		45	1.75	%		10,310		45	1.75	%		10,310		45	1.75	%
Total interest bearing liabilities		830,509		804	0.39	%		773,652		791	0.41	%		767,585		833	0.43	%		737,304		726	0.39	%		700,898		623	0.36	%
Other liabilities		199,995						209,177						207,456						190,895						179,592
Shareholders' equity		96,845						90,458						90,039						87,480						85,028
Total liabilities and shareholders' equity	$	1,127,349					$	1,073,287					$	1,065,080					$	1,015,679					$	965,518

Net interest income (TE)			$	9,137	3.53	%			$	9,137	3.68	%			$	9,128	3.71	%			$	8,104	3.45	%			$	8,096	3.66	%

Net interest margin					3.60	%					3.76	%					3.79	%					3.53	%					3.73	%

Core net interest margin*					3.57	%					3.72	%					3.72	%					3.48	%					3.65	%


FIRST BANCSHARES, INC and SUBSIDIARIES Reconcilement of Non-GAAP Financial Measures (unaudited) (in thousands except per share data)
		Three Months Ended
Per Common Share Data		Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Book value per common share		$	15.12		$	14.80		$	14.38		$	14.02		$	13.60
Effect of intangible assets per share			2.72			2.76			2.80			2.53			2.55
Tangible book value per common share		$	12.40		$	12.04		$	11.58		$	11.49		$	11.05

Diluted earnings per share		$	0.36		$	0.36		$	0.27		$	0.29		$	0.25
Effect of gain on sale of other securities, after-tax			-			-			-			(0.03	)		-
Effect of gain on sale of bank premises, after-tax			(0.02	)		-			-			-			(0.02	)
Effect of BAE, after-tax			-			(0.02	)		-			-			-
Effect of acquisition charges, after-tax			-			-			0.03			0.02			0.02
Diluted earnings per share, operating		$	0.34		$	0.34		$	0.30		$	0.28		$	0.25



		Three Months Ended
Average Balance Sheet Data		Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Total average assets	A	$	1,127,349		$	1,073,287		$	1,065,080		$	1,015,679		$	965,518

Total equity		$	96,845		$	90,458		$	90,039		$	87,480		$	85,028
Less preferred equity			17,123			17,123			17,123			17,123			17,113
Total common equity	B		79,722			73,335			72,916			70,357			67,915
Less intangible assets			14,755			14,577			13,736			13,156			13,251
Tangible common equity	C	$	64,967		$	58,758		$	59,180		$	57,201		$	54,664



		Three Months Ended
Core Net Interest Margin		Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Net interest income (TE)		$	9,137		$	9,137		$	9,128		$	8,104		$	8,096
Less purchase accounting adjustments			48			98			167			111			169
Net interest income, net of purchase accounting adj	D	$	9,089		$	9,039		$	8,961		$	7,993		$	7,927

Total average earning assets		$	1,015,548		$	971,034		$	962,165		$	917,895		$	867,679
Add average balance of loan valuation discount			1,730			1,780			852			201			198
Avg earning assets, excluding loan valuation discount	E	$	1,017,278		$	972,814		$	963,017		$	918,096		$	867,877

Core net interest margin	D/E		3.57	%		3.72	%		3.72	%		3.48	%		3.65	%



		Three Months Ended
Return Ratios		Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			June 30, 2014			Mar 31, 2014
Net earnings	F	$	2,029		$	2,041		$	1,533		$	1,613		$	1,427
Dividends and accretion on preferred stock			85			86			85			86			106
Net earnings available to common shareholders			1,944			1,955			1,448			1,527			1,321
Gain on sale of other securities, after-tax			-			-			-			(183	)		-
Gain on sale of premises and equipment, after-tax			(84	)		-			-			-			(82	)
BAE, after-tax			-			(165	)		-			-			-
Acquisition charges, after-tax			-			22			158			94			68
Net earnings available to common shareholders, oper	G	$	1,860		$	1,812		$	1,606		$	1,438		$	1,307

Annualized return on avg assets	F/A		.72	%		.76	%		.58	%		.64	%		.59	%
Annualized return on avg assets, oper	G/A		.66	%		.68	%		.60	%		.57	%		.54	%
Annualized return on avg common equity, oper	G/B		9.33	%		9.88	%		8.81	%		8.18	%		7.70	%
Annualized return on avg tangible common equity, oper	G/C		11.45	%		12.34	%		10.86	%		10.06	%		9.56	%

Certain financial information included in the earnings release and the associated Condensed Consolidated Financial Information (unaudited) is determined by methods other than in accordance with GAAP.

We use non-GAAP measures because we believe they are useful for evaluating our financial condition with a meaningful measure for assessing our financial condition as well as comparison to financial results for prior periods. These results should not be viewed as a substitute for results determined in accordance with GAAP, and are necessarily comparable to non-GAAP performance measures that other companies may use.

The First Bancshares, Inc.
M. Ray “Hoppy” Cole
Chief Executive Officer
or
Dee Dee Lowery
Chief Financial Officer
601-268-8998

Source: The First Bancshares, Inc.

Press Release

The First Bancshares, Inc. Reports First Quarter 2015 Results and Declares Quarterly Dividends