Welcome to our dedicated page for First Bancshares news (Ticker: FBMS), a resource for investors and traders seeking the latest updates and insights on First Bancshares stock.
The First Bancshares, Inc. reports recurring developments as the bank holding company for The First Bank, a regional banking franchise founded in 1996 with operations in Mississippi, Louisiana, Alabama, Florida and Georgia. News about FBMS centers on quarterly operating results, loan activity, net interest margin, credit-loss provisions and other measures tied to commercial banking performance.
Company updates also cover governance matters, shareholder voting items, material agreements, capital-structure disclosures, investor conference participation and public-company status changes, including the completed transfer of FBMS common stock trading to the New York Stock Exchange.
Renasant (NYSE: RNST) and The First Bancshares (NYSE: FBMS) have received all necessary regulatory approvals for their proposed merger, following shareholder approvals obtained on October 22, 2024. The merger is expected to close on April 1, 2025, subject to customary closing conditions.
The strategic combination will create a significant financial services institution with $26 billion in assets and over 250 locations across the Southeast. The merged entity will offer factoring and asset-based lending services nationwide. Both CEOs, Mitch Waycaster of Renasant and Hoppy Cole of The First, expressed confidence in the transformative partnership's potential to create new opportunities through their shared values and commitment to customer service.
The First Bancshares (FBMS) reported Q4 2024 financial results with net income of $18.3 million, down 1.5% from Q3 2024's $18.6 million. The company recorded a $1.1 million provision for credit losses. Total loans increased by $88.6 million (6.7% annualized) compared to Q3, while deposits grew by $44.1 million to $6.605 billion.
Key metrics include a net interest margin increase to 3.37%, improved core net interest margin to 3.33%, and reduced cost of deposits at 178 basis points. Nonperforming assets rose to $29.9 million (0.37% of total assets). The company maintains an allowance for credit losses ratio of 1.04%.
Notably, FBMS entered into a definitive merger agreement with Renasant in July 2024, where shareholders will receive 1.00 share of Renasant common stock for each FBMS share. The merger is expected to close in first half of 2025, pending regulatory approvals.
The First Bancshares (FBMS) reported Q3 2024 financial results with net income of $18.6 million, down 5.7% from Q2 2024's $19.7 million. Operating earnings (non-GAAP) increased 2.7% to $20.5 million. Total loans grew by $67.7 million (5.2% annualized), while deposits decreased by $65.4 million. Net interest margin improved to 3.33%, up 7 basis points from Q2. The company announced a merger agreement with Renasant , expected to close in H1 2025, where FBMS shareholders will receive 1.00 share of Renasant stock for each FBMS share. The Board declared a cash dividend of $0.25 per share.
The First Bancshares, Inc. (NYSE: FBMS), holding company for The First Bank, has announced that its shareholders have approved the previously announced merger with Renasant . This approval marks a significant step forward in the merger process, which was initially agreed upon through an Agreement and Plan of Merger dated July 29, 2024.
While shareholder approval has been secured, the completion of the transaction still hinges on several factors. The merger remains subject to customary closing conditions, including the critical step of obtaining required regulatory approvals. This announcement indicates progress in the merger process, but final consummation of the deal is still pending these additional steps.
The First Bancshares, Inc. (NYSE: FBMS) reported financial results for Q2 2024. Net income available to common shareholders was $19.7 million, down 4.5% from Q1 2024. Pre-tax pre-provision operating earnings increased 2.9% to $27.4 million. Total loans grew by $110.9 million, an 8.6% annualized increase. Net interest margin improved by 6 basis points to 3.26%. Credit quality remained solid with nonperforming assets at 0.26% of total assets. The company recorded a $1.7 million provision for credit losses. Diluted EPS was $0.62, compared to $0.65 in Q1 2024. FBMS voluntarily transferred its stock listing from Nasdaq to NYSE, trading under the symbol 'FBMS'. The Board declared a cash dividend of $0.25 per share, payable on August 23, 2024.
The First Bancshares, Inc. (NYSE: FBMS), holding company for The First Bank, has announced its plans for the 2024 second quarter earnings release. The company will disclose its Q2 2024 results after the NYSE closing on Wednesday, July 24, 2024. Following this, FBMS will host an executive management conference call on Thursday, July 25, 2024, at 11:00 AM Eastern Time (10:00 AM Central Time). Interested parties can access the webcast through a provided link, and an archived version will be available on the company's website after the call.
The First Bancshares, parent company of The First Bank, announced its transfer from the Nasdaq to the New York Stock Exchange (NYSE). The common stock is set to begin trading under the ticker symbol 'FBMS' on May 30, 2024. Trading on Nasdaq will continue until May 29, 2024. CEO M. Ray 'Hoppy' Cole Jr. highlighted the company's growth from $294 million to nearly $8 billion in assets since its Nasdaq listing in 2006. The bank has expanded from 7 to over 116 locations across five states. John Tuttle, vice chair of the NYSE Group, welcomed The First Bancshares as the sixteenth bank to join since 2021.
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