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.
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The First Bancshares, Inc. (FBMS) reported a steady net income of $16.3 million for Q1 2023, unchanged from Q4 2022. However, operating net earnings surged 57.8%, reaching $27.1 million, bolstered by recent acquisitions of Heritage Southeast Bancorporation and Beach Bank. Total loans grew by 1.0% excluding acquired loans, totaling $4.970 billion, while total deposits increased by 21.4% to $6.668 billion. The net interest margin improved to 3.63% from 3.31% in the previous quarter. The company declared a cash dividend of $0.22 per share, a 5% increase, payable on May 24, 2023. Despite rising provisions for credit losses at $11.0 million, FBMS remains optimistic about growth in new markets and strong operating returns from its recent expansions.