The First Bancshares Inc.

01/28/2025 | Press release | Distributed by Public on 01/28/2025 17:10

The First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2024

HATTIESBURG, Miss.--(BUSINESS WIRE)-- 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

M. Ray "Hoppy" Cole
Chief Executive Officer
Dee Dee Lowery
Chief Financial Officer
(601) 268-8998

Source: The First Bancshares, Inc.