The First Bancshares, Inc. (“FBMS” or “the Company”) (NYSE:
FBMS), holding company for The First Bank (“the Bank”),
(www.thefirstbank.com) reported today financial results for the
quarter ended December 31, 2024.
Highlights for the quarter:
- Net income available to common shareholders totaled $18.3
million for the quarter ended December 31, 2024, representing a
decrease of 1.5% when compared to $18.6 million for the quarter
ended September 30, 2024. The Company recorded $1.1 million
provision for credit losses for the quarter ended December 31, 2024
and $1.0 million provision for credit losses for the quarter ended
September 30, 2024.
- Excluding one-time items detailed in the tables located in the
appendix of this release, net earnings available to common
shareholders, operating (non-GAAP) decreased $0.2 million, or 1.1%
to $20.3 million for the quarter ended December 31, 2024 as
compared to $20.5 million for the quarter ended September 30,
2024.
- For the quarter ended December 31, 2024, total loans increased
$88.6 million, or 6.7%, on an annualized basis, as compared to the
quarter ended September 30, 2024.
- Annualized net interest margin increased 4 basis points to
3.37% for the quarter ended December 31, 2024 from 3.33% for the
quarter ended September 30, 2024.
- Core net interest margin (non-GAAP) increased 7 basis points
during the quarter ended December 31, 2024 from 3.26% to
3.33%.
- Cost of deposits averaged 178 basis points for the fourth
quarter of 2024 compared to 183 basis points for the third quarter
2024.
- Past due loans to total loans were $21.8 million or 0.40% for
the quarter ending December 31, 2024, compared to $22.8 million, or
0.43% for the quarter ending September 30, 2024, and $20.8 million,
or 0.40% for the quarter ending June 30, 2024.
- Annualized quarter-to-date net charge-offs and recoveries to
total loans were $0.6 million, or 0.04% for the quarter ended
December 31, 2024, compared to $0.4 million, or 0.03% for the
quarter ended September 30, 2024, and compared to $0.8 million, or
0.06% for the quarter ended December 31, 2023.
- Nonperforming assets of $29.9 million to total assets was 0.37%
for the quarter ended December 31, 2024, compared to $25.1 million,
or 0.31% for the quarter ended September 30, 2024, and $20.2
million, or 0.25% for the quarter ended December 31, 2023.
- On July 29, 2024, the Company entered into a definitive merger
agreement (the "Merger Agreement") with Renasant Corporation
("Renasant"), the holding company for Renasant Bank, whereby the
Company will merge with and into Renasant, with Renasant continuing
as the surviving corporation, and immediately thereafter, the Bank
will merge with and into Renasant Bank (collectively, the
"Merger"). Subject to the terms and conditions of the Merger
Agreement, the companies will combine in an all-stock transaction
in which all shareholders of the Company will receive 1.00 share of
Renasant common stock for each share of Company common stock. The
Merger has been approved by each company's board of directors and
shareholders and is expected to close in the first half of 2025.
Completion of the Merger is subject to customary closing
conditions, including the receipt of required regulatory
approvals.
Highlights for the year:
- In the year-over-year comparison, net income available to
common shareholders increased $1.7 million, or 2.3%, from $75.5
million for the year ended December 31, 2023 to $77.2 million for
the same period ended December 31, 2024.
- Total loans increased $237.2 million for the year ended
December 31, 2024, representing net growth of 4.6%, as compared to
the same period ended December 31, 2023.
- Past due loans of $21.8 million to total loans was 0.40% for
the year ended December 31, 2024, compared to $11.7 million, or
0.23% for the same period ended December 31, 2023.
- Total deposits increased $142.0 million, or 2.2%, from $6.463
billion for the year ended December 31, 2023 to $6.605 billion for
the same period ended December 31, 2024.
M. Ray “Hoppy” Cole, Jr., President, and Chief Executive
Officer, commented, “We are pleased with our fourth quarter
performance, which was characterized by strong loan growth, core
net interest margin expansion and in line operating results. This
performance is the result of the hard work and commitment of our
associates in building a high performing southeastern bank
franchise.
Two thousand twenty-four was a pivotal year in the history of
our company with the announcement of the Merger. We are excited
about this strategic partnership and the opportunities it presents
for us to continue to build value for all our stakeholders.”
Quarterly Earnings
Net income available to common shareholders totaled $18.3
million for the quarter ended December 31, 2024, a decrease of $0.3
million, or 1.5%, when compared to $18.6 million for the quarter
ended September 30, 2024.
Excluding one-time items detailed in the tables included with
this press release, net earnings available to common shareholders,
operating (non-GAAP) decreased $0.2 million, or 1.1%, to $20.3
million for quarter ended December 31, 2024 as compared to $20.5
million for the quarter ended September 30, 2024.
The Company recorded a provision for credit losses of $1.1
million for the quarter ended December 31, 2024 and $1.0 million
for the quarter ended September 30, 2024.
Earnings Per Share
For the fourth quarter of 2024, diluted earnings per share were
$0.58 compared to $0.59 for the third quarter of 2024 and $0.35 for
the fourth quarter of 2023.
Diluted earnings per share, operating (non-GAAP) were $0.64 for
the fourth quarter of 2024 compared to $0.65 for the third quarter
of 2024 and $0.59 for the fourth quarter of 2023.
Balance Sheet
Consolidated assets increased $38.3 million to $8.005 billion at
December 31, 2024 from $7.966 billion at September 30, 2024. Loans
increased $88.6 million, and cash increased $6.3 million for the
quarterly comparison.
Total loans were $5.407 billion for the quarter ended December
31, 2024, as compared to $5.319 billion for the quarter ended
September 30, 2024, and $5.170 billion for the quarter ended
December 31, 2023, representing an increase of $88.6 million, or
1.7%, for the sequential quarter comparison, and $237.2 million, or
4.6%, for the prior year quarterly comparison.
Total deposits were $6.605 billion for the quarter ended
December 31, 2024, as compared to $6.561 billion for the quarter
ended September 30, 2024, and $6.463 billion for the quarter ended
December 31, 2023, representing an increase of $44.1 million, or
0.7%, for the sequential quarter comparison, and an increase of
$142.0 million, or 2.2%, for the prior year quarterly
comparison.
Book value per share decreased to $31.95 at December 31, 2024
from $32.11 at September 30, 2024.
Tangible book value per share (non-GAAP) decreased $0.09 to
$21.41 at December 31, 2024 from $21.50 at September 30, 2024. The
balance in accumulated other comprehensive loss increased $17.5
million to $109.6 million at December 31, 2024 from $92.1 million
at September 30, 2024.
Asset Quality
Nonperforming assets totaled $29.9 million at December 31, 2024,
an increase of $4.8 million compared to $25.1 million at September
30, 2024 and an increase of $9.7 million compared to $20.2 million
at December 31, 2023.
Nonaccrual loans totaled $20.3 million, an increase of $4.1
million as compared to September 30, 2024 and an increase of $9.6
million as compared to December 31, 2023.
The ratio of the allowance for credit losses (ACL) to total
loans was 1.04% at December 31, 2024, 1.05% at September 30, 2024
and 1.05% at December 31, 2023. The ratio of annualized net
charge-offs (recoveries) to total loans was 0.04% for the quarter
ended December 31, 2024 compared to 0.03% for the quarter ended
September 30, 2024 and 0.06% for the quarter ended December 31,
2023.
Fourth Quarter 2024 vs Third Quarter 2024 Earnings
Comparison
Net income available to common shareholders for the fourth
quarter of 2024 decreased $0.3 million to $18.3 million compared to
$18.6 million for the third quarter of 2024.
Excluding one-time items detailed in the tables included with
this press release, net earnings available to common shareholders,
operating (non-GAAP) decreased $0.2 million, or 1.1%, to $20.3
million for quarter ended December 31, 2024 as compared to $20.5
million for the quarter ended September 30, 2024.
Net interest income for the fourth quarter of 2024 was $60.1
million as compared to $59.0 million for the third quarter of 2024,
an increase of $1.1 million. The increase was largely due to the
decrease in interest expense of $1.1 million.
Fourth quarter 2024 net interest margin of 3.37% included 9
basis points related to purchase accounting adjustments compared to
3.33% for the third quarter in 2024, which included 11 basis points
related to purchase accounting adjustments.
Core net interest margin (non-GAAP) increased 7 basis points to
3.33% for the fourth quarter of 2024 from 3.26% for the third
quarter of 2024.
Investment securities totaled $1.646 billion, or 20.6% of total
assets at December 31, 2024, compared to $1.715 billion, or 21.5%
of total assets at September 30, 2024. The average balance of
investment securities decreased $21.4 million in sequential-quarter
comparison. The average tax equivalent yield on investment
securities (non-GAAP) decreased 4 basis points to 2.52% from 2.56%
in sequential-quarter comparison. The investment portfolio had a
net unrealized loss of $115.7 million at December 31, 2024 as
compared to a net unrealized loss of $91.6 million at September 30,
2024.
The average yield on all earning assets (non-GAAP) decreased in
sequential-quarter comparison from 5.27% to 5.25%. Interest expense
on average interest bearing liabilities decreased 7 basis points
from 2.72% for the third quarter of 2024 to 2.65% for the fourth
quarter of 2024.
Cost of all deposits averaged 178 basis points for the fourth
quarter of 2024 compared to 183 basis points for the third quarter
of 2024. This decrease was a result of lower interest rates and
decreased competition for deposits.
Non-interest income decreased $0.7 million from $12.2 million in
the third quarter of 2024 to $11.5 million in the fourth quarter of
2024, primarily attributable to lower service charges, fees and a
loss on investments totaling $1.1 million, partially offset by an
award from U.S. Treasury of $0.3 million.
Non-interest expense for the fourth quarter of 2024 was $48.4
million compared to $46.4 million for the third quarter of 2024, an
increase of $2.0 million. The increase is primarily attributable to
an increase in salaries and employee benefits of $2.3 million and
an increase in other expenses of $1.5 million, partially offset by
a decrease in acquisition expense of $1.8 million. Included in the
increase in salary expense is $1.9 million in accelerated vesting
on restricted stock grants related to the merger.
Fourth Quarter 2024 vs. Fourth Quarter 2023 Earnings
Comparison
Net income available to common shareholders for the fourth
quarter of 2024 totaled $18.3 million compared to $11.0 million for
the fourth quarter of 2023, an increase of $7.3 million or 65.6%.
This increase was partially attributable to $6.4 million increase
in loan interest and fees and the pre-tax loss of $9.7 million on
the sale of $123.0 million in available-for-sale securities in
2023, partially offset by an increase in salary expense of $3.8
million, a decrease in the accretion of purchase accounting
adjustments of $1.6 million and other one-time items detailed in
the tables included with this press release.
Excluding one-time items detailed in the tables included with
this press release, net earnings available to common shareholders,
operating (non-GAAP) increased $1.5 million, or 8.25%, to $20.3
million for the quarter ended December 31, 2024, as compared to
$18.7 million for the quarter ended December 31, 2023.
Net interest income for the fourth quarter of 2024 was $60.1
million, an increase of $2.5 million or 4.3% when compared to the
fourth quarter of 2023. FTE net interest income (non-GAAP) totaled
$61.1 million and $58.7 million for the fourth quarter of 2024 and
2023, respectively. The increase was largely due to increased loan
income, partially offset by a decrease in investment income and
increase in the costs of deposits.
Fourth quarter of 2024 net interest margin was 3.37%, which
included 9 basis points related to purchase accounting adjustments
compared to 3.28% for the same quarter in 2023, which included 19
basis points related to purchase accounting adjustments. Excluding
the purchase accounting adjustments, the core net interest margin
(non-GAAP) increased 19 basis points in prior year quarterly
comparison primarily due to a decrease in rates on interest bearing
liabilities.
Non-interest income increased $9.2 million for the fourth
quarter of 2024 as compared to the fourth quarter of 2023. This
increase was attributed to the loss on sale of available for sale
investment securities of $9.7 million in 2023.
Fourth quarter 2024 non-interest expense was $48.4 million, an
increase of $3.9 million, or 8.9% as compared to the fourth quarter
of 2023. This increase was primarily attributable to an increase of
$3.8 million in salary expense with $1.9 million in accelerated
vesting on restricted stock grants related to the Merger.
Investment securities totaled $1.646 billion, or 20.6% of total
assets at December 31, 2024, compared to $1.735 billion, or 21.7%
of total assets at December 31, 2023. For the fourth quarter of
2024 compared to the fourth quarter of 2023, the average balance of
investment securities decreased $129.0 million. The average tax
equivalent yield on investment securities (non-GAAP) increased 15
basis points to 2.52% from 2.37% in the prior year quarterly
comparison. The investment portfolio had a net unrealized loss of
$115.7 million at December 31, 2024 as compared to a net unrealized
loss of $121.9 million at December 31, 2023.
The average yield on all earning assets increased 21 basis
points in prior year quarterly comparison, from 5.04% for the
fourth quarter of 2023 to 5.25% for the fourth quarter of 2024.
Interest expense on average interest bearing liabilities increased
18 basis points from 2.47% for the fourth quarter of 2023 to 2.65%
for the fourth quarter of 2024.
Cost of all deposits averaged 178 basis points for the fourth
quarter of 2024 compared to 154 basis points for the fourth quarter
of 2023.
Year-to-Date Earnings Comparison
In the year-over-year comparison, net income available to common
shareholders increased $1.7 million, or 2.3%, from $75.5 million
for the year ended December 31, 2023, to $77.2 million for the same
period ended December 31, 2024.
Excluding one-time items detailed in the tables included with
this press release, net earnings available to common shareholders,
operating (non-GAAP) decreased $15.4 million, or 15.9%, to $81.4
million for the year ended December 31, 2024 as compared to $96.7
million for the same period ended December 31, 2023.
Net interest income was $234.3 million for the twelve months
ended December 31, 2024, a decrease of $15.1 million as compared to
the same period ended December 31, 2023, primarily due to an
increase in interest expense on deposits partially offset by an
increase in loan interest income.
Non-interest income was $49.8 million for the year ended
December 31, 2024, an increase of $3.1 million as compared to the
same period ended December 31, 2023. This increase was attributed
to the loss on sale of available for sale investment securities of
$9.7 million in 2023, partially offset by the U.S. Treasury award
of $6.2 million received in 2023.
Non-interest expense was $182.3 million for the year ended
December 31, 2024, a decrease of $2.5 million as compared to the
same period ended December 31, 2023. The decrease was partially
attributable to $12.2 million decrease in acquisition and other
expenses partially offset by an increase of $8.7 million in salary
expense.
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a
cash dividend of $0.25 per share, to be paid on its common stock on
February 26, 2025 to shareholders of record as of the close of
business on February 10, 2025.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg,
Mississippi, is the parent company of The First Bank (“The First”).
Founded in 1996, The First has operations in Mississippi,
Louisiana, Alabama, Florida, and Georgia. The Company’s stock is
traded on the NASDAQ Global Market under the symbol FBMS.
Information is available on the Company’s website:
www.thefirstbank.com.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally
accepted accounting principles (“GAAP”) in the United States and
prevailing practices in the banking industry. However, certain
non-GAAP measures are used by management to supplement the
evaluation of our performance. This press release includes pre-tax,
pre-provision operating earnings, FTE net interest income, FTE net
interest margin, core net interest margin, FTE average yield on
investment securities, FTE average yield on all earning assets,
total tangible common equity, tangible book value per common share,
net earnings available to common shareholders, operating, diluted
earnings per share, operating, efficiency ratio, operating and
certain ratios derived from these non-GAAP financial measures. The
Company believes that the non-GAAP financial measures included in
this press release allow management and investors to understand and
compare results in a more consistent manner for the periods
presented in this press release. Fully-tax equivalent, or "FTE",
financial metrics are measures used by management to evaluate the
corresponding GAAP financial metrics in a manner that takes into
account the tax benefits associated with income sources that are
exempt from state or federal taxes. Core net interest margin is
used by management to measure the net return on earnings assets,
which includes investment securities, loans, and leases but
excludes certain income and expense items that the Company's
management considers to be non-core/adjusted in nature. Similarly,
"operating" financial metrics, including operating efficiency ratio
and operating earnings per share, are used by management to
evaluate operating results exclusive of items that are not
indicative of ongoing operations and impact period-to-period
comparisons. Management uses "tangible" financial metrics,
including tangible common equity and tangible book value, to
measure the value of the Company's assets net of intangible assets,
such as goodwill. Non-GAAP financial measures should be considered
supplemental and not a substitute for the Company’s results
reported in accordance with GAAP for the periods presented, and
other bank holding companies may define or calculate these measures
differently. These non-GAAP financial measures should not be
considered in isolation and do not purport to be an alternative to
net income, earnings per share, net interest income, book value,
net interest margin, common equity, net earnings available to
common shareholders, diluted earnings per share, efficiency ratio,
average yield on investment securities, average yield on all
earning assets, or other GAAP financial measures as a measure of
operating performance. A reconciliation of these non-GAAP financial
measures to the most comparable GAAP measure is provided in this
press release following the Condensed Consolidated Financial
Information (unaudited).
Forward Looking Statements
This news release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute “forward looking statements” within the meaning of, and
subject to the protections of, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended.
All statements other than statements of historical fact are
forward-looking statements. Such statements can generally be
identified by such words as “believes,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,”
“intends,” “targets,” “estimates,” “projects,” “plans,”
“potential,” “positioned” and other similar words and expressions
of the future or otherwise regarding the outlook for the Company’s
future business and financial performance and/or the performance of
the banking industry and economy in general. Prospective investors
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve known and unknown risk
and uncertainties which may cause the actual results, performance
or achievements of the Company to be materially different from the
future results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements are
based on the information known to, and current beliefs and
expectations of, the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those contemplated by such forward-looking
statements. Factors that might cause such differences include, but
are not limited to: (1) competitive pressures among financial
institutions increasing significantly; (2) prevailing, or changes
in, economic or political conditions, either nationally or locally,
particularly in areas in which the Company conducts operations,
including the effects of declines in the real estate market, high
unemployment rates, inflationary pressure, elevated interest rates
and slowdowns in economic growth, as well as the financial stress
on borrowers as a result of the foregoing; (3) interest rate risk,
including the effects of changes in interest rates; (4)
developments in our mortgage banking business, including loan
modifications, general demand, and the effects of judicial or
regulatory requirements or guidance; (5) changes in applicable
laws, rules, or regulations; (6) risks related to the Company’s
recently completed acquisitions, and risks related to the Merger,
including the fluctuations of the market value of the consideration
to be paid to the Company's shareholders in the Merger, the risks
related to combining our businesses, expenses related to the Merger
and integration of the combined entity, the risks that the Merger
may not occur, and the risk of litigation related to the Merger;
(7) changes in management’s plans for the future; (8) credit risk
associated with our lending activities; (9) changes in loan demand,
real estate values, or competition; (10) changes in accounting
principles, policies, or guidelines; (11) adverse results from
current or future litigation, regulatory examinations or other
legal and/or regulatory actions, including as a result of the
Company's participation in and execution of government programs
related to the COVID-19 pandemic and related variants; (12) higher
inflation and its impacts; (13) significant turbulence or
disruption in the capital or financial markets and the effect of a
fall in stock market prices on our investment securities; (14)
potential impacts of the adverse developments in the banking
industry highlighted by high-profile bank failures, including
impacts on customer confidence, deposit outflows, liquidity and the
regulatory response thereto; (15) the effects of war or other
conflicts including the impacts relating to or resulting from
Russia's military action in Ukraine or the conflict in Israel and
surrounding areas, and (16) other general competitive, economic,
political, and market factors, including those affecting our
business, operations, pricing, products, or services.
These and other factors that could cause results to differ
materially from those described in the forward-looking statements,
as well as a discussion of the risks and uncertainties that may
affect our business, can be found in our Annual Report on Form 10-K
and in other filings we make with the SEC, which are available on
the SEC’s website, http://www.sec.gov. Undue reliance should not be
placed on forward-looking statements. 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.
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Condensed Consolidated Financial
Information (unaudited)
(Dollars in thousands except per share
data)
EARNINGS DATA
Quarter
Ended
12/31/24
Quarter
Ended
9/30/24
Quarter
Ended
6/30/24
Quarter
Ended
3/31/24
Quarter
Ended
12/31/23
Total Interest Income
$
93,584
$
93,561
$
91,027
$
91,663
$
88,720
Total Interest Expense
33,464
34,547
33,233
34,322
31,055
Net Interest Income
60,120
59,014
57,794
57,341
57,665
Net Interest Income excluding PPP Fee
Income
60,120
59,010
57,793
57,340
57,664
FTE net interest income*
61,074
60,004
58,797
58,339
58,651
Provision for credit losses
1,140
1,000
1,650
—
1,250
Non-interest income
11,522
12,242
13,319
12,679
2,346
Non-interest expense
48,368
46,394
44,089
43,425
44,433
Earnings before income taxes
22,134
23,862
25,374
26,595
14,328
Income tax expense
3,836
5,291
5,677
5,967
3,281
Net income available to common
shareholders
$
18,298
$
18,571
$
19,697
$
20,628
$
11,047
PER COMMON SHARE DATA
Basic earnings per share
$
0.58
$
0.59
$
0.62
$
0.66
$
0.35
Diluted earnings per share
0.58
0.59
0.62
0.65
0.35
Diluted earnings per share, operating*
0.64
0.65
0.63
0.65
0.59
Quarterly dividends per share
0.25
0.25
0.25
0.25
0.24
Book value per common share at end of
period
31.95
32.11
30.83
30.45
30.22
Tangible book value per common share at
period end*
21.41
21.50
20.15
19.70
19.35
Market price at end of period
35.00
32.13
25.98
25.95
29.33
Shares outstanding at period end
31,470,782
31,511,260
31,525,232
31,528,748
31,399,803
Weighted average shares outstanding:
Basic
31,501,398
31,516,823
31,527,592
31,475,254
31,401,612
Diluted
31,658,617
31,713,385
31,679,827
31,630,745
31,587,506
AVERAGE BALANCE SHEET DATA
Total assets
$
7,958,881
$
7,944,553
$
7,939,783
$
8,005,574
$
7,917,303
Loans and leases
5,350,549
5,288,321
5,202,006
5,158,071
5,145,228
Total deposits
6,512,395
6,560,761
6,625,500
6,599,287
6,440,774
Total common equity
1,014,793
975,359
963,445
952,708
901,530
Total tangible common equity*
681,706
639,891
625,586
612,470
558,889
SELECTED RATIOS
Annualized return on avg assets (ROA)
0.92
%
0.94
%
0.99
%
1.03
%
0.56
%
Annualized return on avg assets,
operating*
1.02
%
1.03
%
1.01
%
1.03
%
0.95
%
Annualized pre-tax, pre-provision,
operating*
1.30
%
1.38
%
1.38
%
1.33
%
1.31
%
Annualized return on avg common equity,
operating*
8.00
%
8.41
%
8.29
%
8.66
%
8.32
%
Annualized return on avg tangible common
equity, operating*
11.90
%
12.82
%
12.76
%
13.48
%
13.41
%
Average loans to average deposits
82.16
%
80.61
%
78.51
%
78.16
%
79.89
%
FTE Net Interest Margin*
3.43
%
3.38
%
3.32
%
3.26
%
3.33
%
Efficiency Ratio
66.63
%
64.22
%
61.14
%
61.15
%
72.84
%
Efficiency Ratio, operating*
62.84
%
60.63
%
60.65
%
61.14
%
62.00
%
*See reconciliation of Non-GAAP financial
measures
CREDIT QUALITY
Allowance for credit losses (ACL) as a %
of total loans
1.04
%
1.05
%
1.05
%
1.05
%
1.05
%
Nonperforming assets to tangible equity +
ACL
4.09
%
3.42
%
3.05
%
2.72
%
3.05
%
Nonperforming assets to total loans +
OREO
0.55
%
0.47
%
0.40
%
0.36
%
0.39
%
Annualized QTD net charge-offs
(recoveries) to total loans
0.045
%
0.033
%
0.036
%
0.006
%
0.061
%
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Condensed Consolidated Financial
Information (unaudited)
(in thousands)
BALANCE SHEET
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
Assets
Cash and cash equivalents
$
220,411
$
214,135
$
207,606
$
339,964
$
355,147
Securities available for sale
1,003,303
1,060,014
1,118,861
1,085,517
1,039,322
Securities held to maturity
582,939
602,328
607,502
622,574
654,539
Equity securities
15,684
8,383
5,601
3,051
3,043
Other investments
44,168
44,003
39,293
34,094
37,754
Total investment securities
1,646,094
1,714,728
1,771,257
1,745,236
1,734,658
Loans held for sale
3,687
2,987
5,892
4,241
2,914
Total loans
5,407,231
5,318,590
5,250,893
5,139,952
5,170,042
Allowance for credit losses
(56,205
)
(55,700
)
(55,133
)
(53,959
)
(54,032
)
Loans, net
5,351,026
5,262,890
5,195,760
5,085,993
5,116,010
Premises and equipment
176,900
177,652
179,289
181,194
182,162
Other Real Estate Owned
7,874
7,314
6,356
6,743
8,320
Goodwill and other intangibles
331,798
334,178
336,561
338,946
341,332
Other assets
266,988
252,571
263,079
261,442
258,802
Total assets
$
8,004,778
$
7,966,455
$
7,965,800
$
7,963,759
$
7,999,345
Liabilities and Shareholders’
Equity
Non-interest bearing deposits
$
1,796,685
$
1,796,746
$
1,870,305
$
1,836,952
$
1,849,013
Interest-bearing deposits
4,808,171
4,763,966
4,755,812
4,873,403
4,613,859
Total deposits
6,604,856
6,560,712
6,626,117
6,710,355
6,462,872
Borrowings
210,000
207,500
182,400
110,000
390,000
Subordinated debentures
123,731
123,645
123,558
123,472
123,386
Other liabilities
60,760
62,915
61,840
60,020
74,053
Total liabilities
6,999,347
6,954,772
6,993,915
7,003,847
7,050,311
Total shareholders’ equity
1,005,431
1,011,683
971,885
959,912
949,034
Total liabilities and shareholders’
equity
$
8,004,778
$
7,966,455
$
7,965,800
$
7,963,759
$
7,999,345
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Condensed Consolidated Financial
Information (unaudited)
(in thousands except per share
data)
EARNINGS STATEMENT
Three Months Ended
12/31/2024
9/30/2024
6/30/2024
3/31/2024
12/31/2023
Interest Income:
Loans, including fees
$
80,790
$
80,123
$
76,269
$
76,172
$
74,357
Investment securities
10,656
10,989
11,833
11,248
10,803
Accretion of purchase accounting
adjustments
1,609
2,008
2,067
2,627
3,235
Other interest income
529
441
858
1,616
325
Total interest income
93,584
93,561
91,027
91,663
88,720
Interest Expense:
Deposits
28,850
29,763
29,247
29,182
24,489
Borrowings
2,695
2,607
1,956
3,022
4,500
Subordinated debentures
1,774
1,961
1,814
1,887
1,807
Accretion of purchase accounting
adjustments
145
216
216
231
259
Total interest expense
33,464
34,547
33,233
34,322
31,055
Net interest income
60,120
59,014
57,794
57,341
57,665
Provision for credit losses
1,140
1,000
1,650
—
1,250
Net interest income after provision for
credit losses
58,980
58,014
56,144
57,341
56,415
Non-interest Income:
Service charges on deposit accounts
3,495
3,709
3,334
3,367
3,447
Mortgage Income
751
927
972
704
582
Interchange Fee Income
4,366
4,460
4,893
4,195
4,593
Gain (Loss) on securities, net
(300
)
225
14
(48
)
(9,670
)
Treasury Awards
280
—
—
—
—
Loss on sale of premises and equipment
(2
)
(344
)
163
—
(524
)
Other charges and fees
2,932
3,265
3,943
4,461
3,918
Total non-interest income
11,522
12,242
13,319
12,679
2,346
Non-interest Expense:
Salaries and employee benefits
27,469
25,131
25,045
24,508
23,717
Occupancy expense
5,992
5,659
5,490
5,714
5,688
FDIC/OCC premiums
1,014
973
1,020
1,008
1,263
Marketing
198
49
59
139
71
Amortization of core deposit
intangibles
2,380
2,384
2,385
2,385
2,385
Other professional services
890
1,457
2,028
1,833
2,309
Acquisition and charter conversion
charges
788
2,592
352
8
593
Other non-interest expense
9,637
8,149
7,710
7,830
8,407
Total non-interest expense
48,368
46,394
44,089
43,425
44,433
Earnings before income taxes
22,134
23,862
25,374
26,595
14,328
Income tax expense
3,836
5,291
5,677
5,967
3,281
Net income available to common
shareholders
$
18,298
$
18,571
$
19,697
$
20,628
$
11,047
Diluted earnings per common share
$
0.58
$
0.59
$
0.62
$
0.65
$
0.35
Diluted earnings per common share,
operating*
$
0.64
$
0.65
$
0.63
$
0.65
$
0.59
*See reconciliation of Non-GAAP financial
measures
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Condensed Consolidated Financial
Information (unaudited)
(in thousands except per share
data)
EARNINGS STATEMENT
Year to Date
2024
2023
Interest Income:
Loans, including fees
$
313,349
$
276,817
PPP loan fee income
5
210
Investment securities
44,726
43,939
Accretion of purchase accounting
adjustments
8,311
17,514
Other interest income
3,444
2,453
Total interest income
369,835
340,933
Interest Expense:
Deposits
117,042
70,599
Borrowings
10,280
12,279
Subordinated debentures
7,436
7,970
Amortization of purchase accounting
adjustments
808
760
Total interest expense
135,566
91,608
Net interest income
234,269
249,325
Provision for credit losses
3,790
14,500
Net interest income after provision for
credit losses
230,479
234,825
Non-interest Income:
Service charges on deposit accounts
13,905
14,175
Mortgage Income
3,354
2,866
Interchange Fee Income
17,914
18,914
(Loss) gain on securities, net
(109
)
(9,716
)
Treasury Awards
280
6,197
(Loss) gain on sale of premises and
equipment
(183
)
—
Other charges and fees
14,601
14,269
Total non-interest income
49,762
46,705
Non-interest expense:
Salaries and employee benefits
102,153
93,412
Occupancy expense
22,855
21,368
FDIC/OCC premiums
4,015
3,849
Marketing
445
833
Amortization of core deposit
intangibles
9,534
9,563
Other professional services
6,208
6,446
Acquisition & charter conversion
charges
3,740
9,075
Other non-interest expense
33,326
40,180
Total Non-interest expense
182,276
184,726
Earnings before income taxes
97,965
96,804
Income tax expense
20,771
21,347
Net income available to common
shareholders
77,194
75,457
Diluted earnings per common share
$
2.44
$
2.39
Diluted earnings per common share,
operating*
$
2.57
$
3.06
*See reconciliation of Non-GAAP financial
measures
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Condensed Consolidated Financial
Information (unaudited)
(Dollars in thousands)
COMPOSITION OF LOANS
December 31,
2024
Percent
of Total
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
Percent
of Total
Commercial, financial and agricultural
$
709,996
13.1
%
$
716,391
$
710,808
$
737,511
$
765,422
14.8
%
Real estate – construction
592,304
10.9
%
625,521
639,931
633,804
629,660
12.2
%
Real estate – commercial
2,554,154
47.2
%
2,472,332
2,435,853
2,356,552
2,377,864
45.8
%
Real estate – residential
1,481,090
27.4
%
1,431,342
1,387,102
1,330,589
1,311,395
25.4
%
Lease Financing Receivable
2,231
—
%
1,915
1,749
1,794
1,292
—
%
Obligations of States &
subdivisions
25,373
0.5
%
25,905
27,286
28,541
29,316
0.6
%
Consumer
42,083
0.8
%
45,184
48,164
51,161
55,094
1.1
%
Loans held for sale
3,687
0.1
%
2,987
5,892
4,241
2,914
0.1
%
Total loans
$
5,410,918
100
%
$
5,321,577
$
5,256,785
$
5,144,193
$
5,172,957
100.0
%
COMPOSITION OF DEPOSITS
December 31,
2024
Percent
of Total
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
Percent
of Total
Non-interest bearing
$
1,796,685
27.2
%
$
1,796,746
$
1,870,305
$
1,836,952
$
1,849,013
28.6
%
NOW and other
1,963,776
29.7
%
2,002,693
2,075,566
2,135,343
1,914,792
29.6
%
Money Market/Savings
1,542,787
23.4
%
1,566,648
1,573,194
1,656,688
1,623,311
25.1
%
Time Deposits of less than $250,000
1,016,207
15.4
%
921,056
825,460
816,153
813,877
12.6
%
Time Deposits of $250,000 or more
285,401
4.3
%
273,569
281,591
265,219
261,879
4.1
%
Total Deposits
$
6,604,856
100
%
$
6,560,712
$
6,626,116
$
6,710,355
$
6,462,872
100.0
%
ASSET QUALITY DATA
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
Nonaccrual loans
$
20,338
$
16,284
$
13,553
$
10,961
$
10,691
Loans past due 90 days and over
1,641
1,455
1,174
687
1,163
Total nonperforming loans
21,979
17,739
14,727
11,648
11,854
Other real estate owned
7,874
7,314
6,356
6,743
8,320
Total nonperforming assets
$
29,853
$
25,053
$
21,083
$
18,391
$
20,174
Nonperforming assets to total assets
0.37
%
0.31
%
0.26
%
0.23
%
0.25
%
Nonperforming assets to total loans +
OREO
0.55
%
0.47
%
0.40
%
0.36
%
0.39
%
ACL to nonperforming loans
255.72
%
314.00
%
374.37
%
463.25
%
455.81
%
ACL to total loans
1.04
%
1.05
%
1.05
%
1.05
%
1.05
%
Qtr-to-date net charge-offs
(recoveries)
$
603
$
433
$
476
$
73
$
783
Annualized QTD net chg-offs (recs) to
loans
0.045
%
0.033
%
0.036
%
0.006
%
0.061
%
THE 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
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
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
$
1,246,303
$
7,765
2.49
%
$
1,269,082
$
8,064
2.54
%
$
1,328,780
$
8,868
2.67
%
$
1,342,644
$
8,303
2.47
%
$
1,375,695
$
7,892
2.29
%
Tax-exempt securities
446,768
3,845
3.44
%
445,376
3,915
3.52
%
458,752
3,968
3.46
%
468,432
3,944
3.37
%
446,348
3,897
3.49
%
Total investment securities
1,693,071
11,610
2.74
%
1,714,458
11,979
2.79
%
1,787,532
12,836
2.87
%
1,811,076
12,247
2.70
%
1,822,043
11,789
2.59
%
Int bearing dep in other banks
85,240
528
2.48
%
92,122
441
1.92
%
99,290
858
3.46
%
189,785
1,616
3.41
%
70,193
325
1.85
%
Loans
5,350,549
82,400
6.16
%
5,288,321
82,131
6.21
%
5,202,006
78,336
6.02
%
5,158,071
78,798
6.11
%
5,145,228
77,592
6.03
%
Total interest earning assets
7,128,860
94,538
5.30
%
7,094,901
94,551
5.33
%
7,088,828
92,030
5.19
%
7,158,932
92,661
5.18
%
7,037,464
89,706
5.10
%
Other assets
830,021
849,652
850,955
846,642
879,839
Total assets
$
7,958,881
$
7,944,553
$
7,939,783
$
8,005,574
$
7,917,303
Interest-bearing liabilities:
Deposits
$
4,696,337
$
28,994
2.47
%
$
4,740,726
$
29,979
2.53
%
$
4,795,120
$
29,463
2.46
%
$
4,803,277
$
29,412
2.45
%
$
4,533,386
$
24,748
2.18
%
Borrowed Funds
237,435
2,695
4.54
%
214,192
2,607
4.87
%
157,045
1,956
4.98
%
254,505
3,023
4.75
%
361,445
4,500
4.98
%
Subordinated debentures
123,682
1,774
5.74
%
123,596
1,961
6.35
%
123,510
1,814
5.87
%
123,424
1,887
6.12
%
126,925
1,807
5.69
%
Total interest bearing
liabilities
5,057,454
33,464
2.65
%
5,078,514
34,547
2.72
%
5,075,675
33,233
2.62
%
5,181,206
34,322
2.65
%
5,021,756
31,055
2.47
%
Other liabilities
1,886,634
1,890,680
1,900,663
1,871,660
1,994,017
Shareholders' equity
1,014,793
975,359
963,445
952,708
901,530
Total liabilities and
shareholders' equity
$
7,958,881
$
7,944,553
$
7,939,783
$
8,005,574
$
7,917,303
Net interest
income (FTE)*
$
61,074
2.66
%
$
60,004
2.61
%
$
58,797
2.57
%
$
58,339
2.53
%
$
58,651
2.63
%
Net interest margin (FTE)*
3.43
%
3.38
%
3.32
%
3.26
%
3.33
%
Core net interest margin*
3.33
%
3.26
%
3.19
%
3.10
%
3.14
%
*See reconciliation for Non-GAAP financial
measures
THE FIRST BANCSHARES, INC and
SUBSIDIARIES
Reconciliation of Non-GAAP Financial
Measures (unaudited)
(in thousands except per share
data)
Three Months Ended
Per Common Share Data
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Book value per common share
$
31.95
$
32.11
$
30.83
$
30.45
$
30.22
Effect of intangible assets per share
10.54
10.61
10.68
10.75
10.87
Tangible book value per common share
$
21.41
$
21.50
$
20.15
$
19.70
$
19.35
Diluted earnings per share
$
0.58
$
0.59
$
0.62
$
0.65
$
0.35
Effect of acquisition and charter
conversion charges
0.02
0.08
0.01
—
0.02
Tax on acquisition and charter conversion
charges
(0.01
)
(0.02
)
—
—
(0.01
)
Effect of Treasury awards
0.01
—
—
—
—
Tax on Treasury awards
—
—
—
—
—
Effect on
contributions/consulting/advertising related to Treasury awards
(0.01
)
—
—
—
—
Tax on
contributions/consulting/advertising related to Treasury awards
—
—
—
—
—
Loss on securities repositioning
—
—
—
—
0.31
Tax loss on securities repositioning
—
—
—
—
(0.08
)
Restricted stock grant early vesting
0.06
—
—
—
—
Tax on restricted stock grant early
vesting
(0.01
)
—
—
—
—
Diluted earnings per share, operating
$
0.64
$
0.65
$
0.63
$
0.65
$
0.59
Year to Date
2024
2023
Diluted earnings per share
$
2.44
$
2.39
Effect of acquisition and charter
conversion charges
0.12
0.28
Tax on acquisition and charter conversion
charges
(0.03
)
(0.07
)
Effect of Treasury awards
0.01
(0.20
)
Tax on Treasury awards
—
0.05
Effect on
contributions/consulting/advertising related to Treasury awards
(0.01
)
0.17
Tax on
contributions/consulting/advertising related to Treasury awards
—
(0.04
)
Initial provision for acquired loans
—
0.34
Tax on initial provision for acquired
loans
—
(0.09
)
Loss on securities repositioning
—
0.31
Tax loss on securities repositioning
—
(0.08
)
Restricted stock grant early vesting
0.06
—
Tax on restricted stock grant early
vesting
(0.01
)
—
Diluted earnings per share, operating
$
2.57
$
3.06
Year to Date
2024
2023
Net income available to common
shareholders
$
77,194
$
75,457
Acquisition and charter conversion
charges
3,740
9,075
Tax on acquisition and charter conversion
charges
(942
)
(2,296
)
Treasury awards
(280
)
(6,197
)
Tax on Treasury awards
69
1,568
Contributions/consulting/advertising
related to Treasury awards
255
5,190
Tax on
contributions/consulting/advertising related to Treasury awards
(63
)
(1,313
)
Initial provision for acquired loans
—
10,727
Tax on initial provision for acquired
loans
—
(2,714
)
Loss on securities repositioning
—
9,708
Tax loss on securities repositioning
—
(2,457
)
Restricted stock grant early vesting
1,882
—
Tax on restricted stock grant early
vesting
(467
)
—
Net earnings available to common
shareholders, operating
$
81,388
$
96,748
Three Months Ended
Average Balance Sheet Data
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Total average assets
A
$
7,958,881
$
7,944,553
$
7,939,783
$
8,005,574
$
7,917,303
Total average earning assets
B
7,128,860
7,094,901
7,088,828
7,158,932
7,037,464
Common Equity
C
$
1,014,793
$
975,359
$
963,445
$
952,708
$
901,530
Less intangible assets
333,087
335,468
337,859
340,238
342,641
Total Tangible common equity
D
$
681,706
$
639,891
$
625,586
$
612,470
$
558,889
Three Months Ended
Net Interest Income Fully Tax
Equivalent
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Net interest income
E
$
60,120
$
59,014
$
57,794
$
57,341
$
57,665
Tax-exempt investment income
(2,891
)
(2,925
)
(2,965
)
(2,946
)
(2,911
)
Taxable investment income
3,845
3,915
3,968
3,944
3,897
Net Interest Income Fully Tax
Equivalent
F
$
61,074
$
60,004
$
58,797
$
58,339
$
58,651
Annualized Net Interest Margin
E/B
3.37
%
3.33
%
3.26
%
3.20
%
3.28
%
Annualized Net Interest Margin, Fully Tax
Equivalent
F/B
3.43
%
3.38
%
3.32
%
3.26
%
3.33
%
Total Interest Income, Fully Tax
Equivalent
Total Interest Income
R
$
93,584
$
93,561
$
91,027
$
91,663
$
88,720
Tax-exempt investment income
(2,891
)
(2,925
)
(2,965
)
(2,946
)
(2,911
)
Taxable investment income
3,845
3,915
3,968
3,944
3,897
Total Interest Income, Fully Tax
Equivalent
G
$
94,538
$
94,551
$
92,030
$
92,661
$
89,706
Yield on Average Earning Assets
R/B
5.25
%
5.27
%
5.14
%
5.12
%
5.04
%
Yield on Average Earning Assets, Fully Tax
Equivalent
G/B
5.30
%
5.33
%
5.19
%
5.18
%
5.10
%
Interest Income Investment Securities,
Fully Tax Equivalent
Interest Income Investment Securities
S
$
10,656
$
10,989
$
11,833
$
11,248
$
10,803
Tax-exempt investment income
(2,891
)
(2,925
)
(2,965
)
(2,946
)
(2,911
)
Taxable investment Income
3,845
3,915
3,968
3,944
3,897
Interest Income Investment Securities,
Fully Tax Equivalent
H
$
11,610
$
11,979
$
12,836
$
12,246
$
11,789
Average Investment Securities
I
$
1,693,071
$
1,714,458
$
1,787,532
$
1,811,076
$
1,822,043
Yield on Investment Securities
S/I
2.52
%
2.56
%
2.65
%
2.48
%
2.37
%
Yield on Investment Securities, Fully Tax
Equivalent
H/I
2.74
%
2.79
%
2.87
%
2.70
%
2.59
%
Three Months Ended
Core Net Interest Margin
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Net interest income (FTE)
$
61,074
$
60,004
$
58,797
$
58,339
$
58,651
Less purchase accounting adjustments
1,609
2,008
2,067
2,627
3,235
Net interest income, net of purchase
accounting adj
J
$
59,465
$
57,996
$
56,730
$
55,712
$
55,416
Total average earning assets
$
7,128,860
$
7,094,901
$
7,088,828
$
7,158,932
$
7,037,464
Add average balance of loan valuation
discount
18,566
20,306
22,341
24,675
27,573
Avg earning assets, excluding loan
valuation discount
K
$
7,147,426
$
7,115,207
$
7,111,169
$
7,183,607
$
7,065,037
Core net interest margin
J/K
3.33
%
3.26
%
3.19
%
3.10
%
3.14
%
Three Months Ended
Efficiency Ratio
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Operating Expense
Total non-interest expense
$
48,368
$
46,394
$
44,089
$
43,425
$
44,433
Pre-tax non-operating expenses
(2,925
)
(2,592
)
(352
)
(8
)
(594
)
Adjusted Operating Expense
L
$
45,443
$
43,802
$
43,737
$
43,417
$
43,839
Operating Revenue
Net interest income, FTE
$
61,074
$
60,004
$
58,797
$
58,339
$
58,651
Total non-interest income
11,522
12,242
13,319
12,679
2,346
Pre-tax non-operating items
(280
)
—
—
—
9,708
Adjusted Operating Revenue
M
$
72,316
$
72,246
$
72,116
$
71,018
$
70,705
Efficiency Ratio, operating
L/M
62.84
%
60.63
%
60.65
%
61.14
%
62.00
%
Three Months Ended
Return Ratios
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Net income available to common
shareholders
N
$
18,298
$
18,571
$
19,697
$
20,628
$
11,047
Acquisition and charter conversion
charges
788
2,592
352
8
593
Tax on acquisition and charter conversion
charges
(195
)
(656
)
(89
)
(2
)
(150
)
Treasury awards
(280
)
—
—
—
—
Tax on Treasury awards
69
—
—
—
—
Contributions/consulting/advertising
related to Treasury awards
255
—
—
—
—
Tax on
contributions/consulting/advertising related to Treasury awards
(63
)
—
—
—
—
Loss on securities repositioning
—
—
—
—
9,708
Tax loss on securities repositioning
—
—
—
—
(2,457
)
Restricted stock grant early vesting
1,882
—
—
—
—
Tax on restricted stock grant early
vesting
(467
)
—
—
—
—
Net earnings available to common
shareholders, operating
O
$
20,287
$
20,507
$
19,960
$
20,634
$
18,741
Three Months Ended
Pre-Tax Pre-Provision Operating
Earnings
Dec 31, 2024
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Earnings before income taxes
P
$
22,134
$
23,862
$
25,374
$
26,595
$
14,328
Acquisition and charter conversion
charges
788
2,592
352
8
593
Provision for credit losses
1,140
1,000
1,650
—
1,250
Treasury awards
(280
)
—
—
—
—
Contributions/consulting/advertising
related to Treasury awards
255
—
—
—
—
Loss on securities repositioning
—
—
—
—
9,708
Restricted stock grant early vesting
1,882
—
—
—
—
Pre-Tax, Pre-Provision Operating
Earnings
Q
$
25,919
$
27,454
$
27,376
$
26,603
$
25,879
Annualized return on avg assets
N/A
0.92
%
0.94
%
0.99
%
1.03
%
0.56
%
Annualized return on avg assets, oper
O/A
1.02
%
1.03
%
1.01
%
1.03
%
0.95
%
Annualized pre-tax, pre-provision,
oper
Q/A
1.30
%
1.38
%
1.38
%
1.33
%
1.31
%
Annualized return on avg common equity,
oper
O/C
8.00
%
8.41
%
8.29
%
8.66
%
8.32
%
Annualized return on avg tangible common
equity, operating
O/D
11.90
%
12.82
%
12.76
%
13.48
%
13.41
%
Three Months Ended
Capital Ratios
Dec 31, 2024*
Sept 30, 2024
June 30, 2024
Mar 31, 2024
Dec 31, 2023
Common equity tier 1 (CET1) ratio
14.5
%
12.5
%
12.4
%
12.2
%
12.1
%
Leverage (Tier 1) ratio
11.6
%
10.3
%
10.0
%
9.7
%
9.7
%
Total risk based capital ratio
15.4
%
15.4
%
15.3
%
15.2
%
15.0
%
Tangible common equity ratio
8.8
%
8.9
%
8.3
%
8.1
%
7.9
%
*estimated
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250128688591/en/
M. Ray “Hoppy” Cole Chief Executive Officer Dee Dee Lowery Chief
Financial Officer (601) 268-8998
First Bancshares (NYSE:FBMS)
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First Bancshares (NYSE:FBMS)
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