First Bancshares, Inc. Announces Operating Results for Quarter and Year Ended December 31, 2024
Rhea-AI Summary
First Bancshares (OTCQX: FBSI) has reported strong financial results for Q4 and full-year 2024. The company achieved quarterly after-tax net income of $1,719,000 ($0.71 per share-diluted) and annual after-tax net income of $6,578,000 ($2.71 per share-diluted).
Key financial metrics show solid performance: consolidated assets stood at $537.89 million, net loans increased to $423.66 million, and total deposits rose to $472.60 million. The company demonstrated strong capital growth with tier 1 capital increasing 11.09% to $58.40 million and total capital up 10.25% to $64.09 million.
The bank outperformed its peer group with impressive metrics including a 1.34% after-tax return on average assets, 12.56% after-tax return on average equity, 4.35% net interest margin, and 56.07% efficiency ratio. With strong liquidity (14.65%) and leverage (10.97%) ratios, the bank is well-positioned for 2025 growth.
Positive
- Q4 2024 net income of $1,719,000 ($0.71 per share)
- Full-year 2024 net income of $6,578,000 ($2.71 per share)
- 11.09% increase in tier 1 capital to $58.40 million
- 10.25% increase in total capital to $64.09 million
- Strong performance metrics: 1.34% ROA, 12.56% ROE, 4.35% net interest margin
- Efficient operations with 56.07% efficiency ratio
- Well-capitalized status maintained with strong liquidity position
Negative
- Slight decrease in total assets from $541.56M to $537.89M year-over-year
MOUNTAIN GROVE, Mo., Jan. 17, 2025 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter and year ended December 31, 2024.
For the quarter ended December 31, 2024, the Company reported after-tax net income of
Consolidated total assets remained relatively level at
During fiscal year 2024, the Bank continued a trend of outperforming its peer group in nearly every relevant performance measure. After-tax return on average assets was
The Bank meets all regulatory requirements for “well-capitalized” status.
About the Company
First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.
Cautionary Note Regarding Forward-Looking Statements
The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.
The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800
| First Bancshares, Inc. and Subsidiaries | ||||||||||||||
| Financial Highlights | ||||||||||||||
| (unaudited) | ||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Operating Data: | ||||||||||||||
| Total interest income | $ | 8,161 | $ | 7,713 | $ | 32,535 | $ | 28,324 | ||||||
| Total interest expense | 2,398 | 2,497 | 10,633 | 7,437 | ||||||||||
| Net interest income | 5,763 | 5,216 | 21,902 | 20,887 | ||||||||||
| Provision for credit losses | 241 | 223 | 784 | 795 | ||||||||||
| Net interest income after provision for credit losses | 5,522 | 4,993 | 21,118 | 20,092 | ||||||||||
| Gain (loss) on sale of investments | - | - | - | - | ||||||||||
| Non-interest income | 403 | 559 | 1,609 | 1,807 | ||||||||||
| Non-interest expense | 3,711 | 3,470 | 14,061 | 12,992 | ||||||||||
| Income before taxes | 2,214 | 2,082 | 8,666 | 8,907 | ||||||||||
| Income tax expense | 495 | 520 | 2,088 | 2,187 | ||||||||||
| Net income | $ | 1,719 | $ | 1,562 | $ | 6,578 | $ | 6,720 | ||||||
| Earnings per share | $ | 0.71 | $ | 0.65 | $ | 2.71 | $ | 2.77 | ||||||
| At | At | |||||||||||||
| December 31, | December 31, | |||||||||||||
| Financial Condition Data: | 2024 | 2023 | ||||||||||||
| Cash and cash equivalents | $ | 68,570 | $ | 79,032 | ||||||||||
| (excludes CDs) | ||||||||||||||
| Investment securities | 13,066 | 13,101 | ||||||||||||
| (includes CDs) | ||||||||||||||
| Loans receivable, net | 423,657 | 418,044 | ||||||||||||
| Goodwill and intangibles | 1,515 | 1,658 | ||||||||||||
| Total assets | 537,885 | 541,561 | ||||||||||||
| Deposits | 472,596 | 471,992 | ||||||||||||
| Repurchase agreements | 1,084 | 836 | ||||||||||||
| Borrowings | - | 11,000 | ||||||||||||
| Stockholders' equity | 59,562 | 53,592 | ||||||||||||
| Book value per share | $ | 24.53 | $ | 22.07 | ||||||||||
FAQ
What was First Bancshares (FBSI) earnings per share for full-year 2024?
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What were First Bancshares' (FBSI) total deposits at the end of 2024?
