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First Bancshares, Inc. Announces Third Quarter Results for 2023

MOUNTAIN GROVE, Mo., Oct. 13, 2023 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2023.

For the quarter ended September 30, 2023, the Company reported net income of $1,635,000 or $0.68 per share-diluted, compared to $1,667,000, or $0.68 per share-diluted for the comparable period in 2022. Year to date the Company reported net income of $5,157,000 or $2.12 per share compared to $4,088,000 or $1.67 per share the same period 2022. The Company’s continued improvement in earnings-per-share has been assisted through strategic share repurchases. Year to date changes from the nine months ended September 30, 2022, include a $2,959,000 increase in net interest income after provisions for loan losses, along with a $32,000 increase in non-interest income, offset by a $1,360,000 increase in non-interest expense, and a $561,000 increase in income tax expense. This resulted in a $1,069,000 increase in net income for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. The Bank has been able to absorb the increases in non-interest expenses through the maintenance of its net interest margin, aided by the funding of operations through core deposits.

Consolidated total assets increased 8.85% to $513.31 million as of September 30, 2023, compared to $471.58 million on December 31, 2022. Since year end 2022, liquid assets increased 89.81% to $64.20 million, net loans increased slightly to $408.12 million, total deposits increased 5.65% to $444.44 million, and GAAP capital increased 7.39% to $51.10 million. The capital changes are primarily driven by the Company’s organic earnings.

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 Nine Months Ended 
   September 30, September 30, 
    2023  2022   2023  2022  
Operating Data:         
           
Total interest income $7,441 $5,066  $20,611 $13,771  
Total interest expense  2,155  442   4,940  956  
 Net interest income  5,286  4,624   15,671  12,815  
Provision for loan losses  141  225   572  675  
 Net interest income after provision for loan losses  5,145  4,399   15,099  12,140  
Gain (loss) on sale of investments  -  (18)  -  (21) 
Non-interest income  437  478   1,251  1,240  
Non-interest expense  3,506  2,928   9,525  8,165  
Income before taxes  2,076  1,931   6,824  5,194  
Income tax expense  440  264   1,667  1,106  
 Net income $1,635 $1,667  $5,157 $4,088  
           
 Earnings per share $0.68 $0.68  $2.12 $1.67  
           
   At At     
   September 30, December 31,     
Financial Condition Data:  2023  2022      
           
Cash and cash equivalents $60,693 $21,781      
 (excludes CDs)       
Investment securities  13,201  13,831      
 (includes CDs)       
Loans receivable, net  408,120  405,188      
Goodwill and intangibles  1,693  1,800      
Total assets  513,310  471,575      
Deposits  444,438  420,666      
Repurchase agreements  774  864      
Borrowings  11,699  -      
Stockholders' equity  51,102  47,586      
Book value per share $21.28 $19.51      

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