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.