There were 22 press releases posted in the last 24 hours and 166,034 in the last 365 days.

First Bancshares, Inc. Announces Third Quarter 2019 Results

/EIN News/ -- MOUNTAIN GROVE, Miss., Oct. 11, 2019 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCPink - FstBksh: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2019.

For the quarter ended September 30, 2019, the Company had net income of $997,000, or $0.39 per share-diluted, compared to $831,000, or $0.32 per share diluted, for the comparable period in 2018. The $166,000 increase in net income for the quarter ended September 30, 2019 compared to the quarter ended September 30, 2018 was attributable to a $177,000 increase in net interest income after provisions for loan losses due to a $60,000 increase in provision expenses which was offset by a $76,000 decrease in non-interest expense, a $3,000 increase in non-interest income, and a $90,000 increase in tax expense.

Year to date 2019, the Company has net income $2.77 million, or $1.09 per share diluted, compared to $2.21 million, or $0.86 per share diluted, for the nine months ended 2018. Total provisions came to $945,000, resulting in net interest income after provisions of $9.19 million, compared to $366,000 in provisions and $8.89 million in net interest income after provision over the same period in 2018.

As of September 30, 2019, non-performing assets including loans 30 days past due and loans in nonaccrual status totaled $1.64 million or 0.45% of total assets and the allowance for loan and lease losses was 1.15% of total loans, resting at $3.11 million.

Consolidated total assets at September 30, 2019 were $359.95 million, compared to $345.32 million at December 31, 2018. During the nine months of the year, net loans increased 2.65% to $267.31 million, total deposits increased 4.85% to $311.97 million, and total capital increased to $36.85 million, or 10.24% of total assets, compared to $33.82 million, or 9.79% of total assets, at December 31, 2018.

The Bank continues to meet all regulatory requirements for “well-capitalized” status and reports Tier 1 Leverage Ratio of 9.28%, Common Equity Tier 1 Capital Ratio of 11.93%, Tier 1 Capital Ratio of 11.93%, Total Risk Based Capital Ratio of 13.92%, and a Capital Conservation Buffer of 5.92%. Regulatory requirements for these ratios respectively are 5.00%, 6.50%, 8.00%, 10.00%, and 2.50%.

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, eight full service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Sparta, Crane and Springfield, and a full service office in Bartley, Nebraska.

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
(In thousands, except per share amounts)
               
               
  Quarter Ended   Nine Months Ended
  September 30,   September 30,
  2019   2018   2019   2018
Operating Data:              
               
Total interest income $   4,264   $   3,802   $   12,627   $   11,057  
Total interest expense     885       661       2,495       1,797  
Net interest income     3,379       3,141       10,132       9,260  
Provision for loan losses     160       100       945       366  
Net interest income after provision for loan losses     3,219       3,041       9,187       8,894  
Gain (loss) on sale of investments     -       -       -       (1 )
Non-interest income     304       301       957       935  
Non-interest expense     2,190       2,290       6,468        6,895  
Income before taxes     1,333       1,052       3,676       2,933  
Income tax expense     336       246       904       725  
Net income $   997   $   806   $   2,772   $   2,208  
               
Earnings per share $    0.39   $   0.32   $   1.09   $   0.86  
               
   At    At        
   September 30,    December 31,        
Financial Condition Data: 2019   2018        
               
Cash and cash equivalents (excludes CDs) $   20,195   $   15,719        
Investment securities (includes CDs)     49,261       47,760        
Loans receivable, net     267,313       260,411        
Goodwill and intangibles     2,265       2,372        
Total assets     359,954       345,324        
Deposits     311,966       297,531        
Repurchase agreements     5,539       5,566        
FHLB advances     500       4,000        
Stockholders' equity     36,849       33,817        
Book value per share $   14.52   $   13.29        
                   


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.