First Bancshares, Inc. Announces Operating Results for Quarter and Year Ended December 31, 2024

/EIN News/ -- MOUNTAIN GROVE, Mo., Jan. 17, 2025 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter and year ended December 31, 2024.

For the quarter ended December 31, 2024, the Company reported after-tax net income of $1,719,000 or $0.71 per share-diluted. Year to date the Company reported after-tax net income of $6,578,000 or $2.71 per share-diluted.

Consolidated total assets remained relatively level at $537.89 million as of December 31, 2024, compared to $541.56 million on December 31, 2023. Since December 31, 2023, net loans increased to $423.66 million, total deposits increased to $472.60 million, tier 1 capital increased 11.09% to $58.40 million, and total capital increased 10.25% to $64.09 million.

During fiscal year 2024, the Bank continued a trend of outperforming its peer group in nearly every relevant performance measure. After-tax return on average assets was 1.34%, after-tax return on average equity was 12.56%, net interest margin averaged 4.35%, and the Bank’s efficiency ratio was 56.07%. Further, end-of-year liquidity and leverage ratios of 14.65% and 10.97%, respectively, position the Bank well for strategic growth in 2025.

The Bank meets all regulatory requirements for “well-capitalized” status.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800

First Bancshares, Inc. and Subsidiaries
Financial Highlights
(unaudited)
(In thousands, except per share amounts)
			Quarter Ended						Year Ended
			December 31,						December 31,
				2024			2023			2024			2023
Operating Data:
Total interest income			$	8,161		$	7,713		$	32,535		$	28,324
Total interest expense				2,398			2,497			10,633			7,437
	Net interest income			5,763			5,216			21,902			20,887
Provision for credit losses				241			223			784			795
	Net interest income after provision for credit losses			5,522			4,993			21,118			20,092
Gain (loss) on sale of investments				-			-			-			-
Non-interest income				403			559			1,609			1,807
Non-interest expense				3,711			3,470			14,061			12,992
Income before taxes				2,214			2,082			8,666			8,907
Income tax expense				495			520			2,088			2,187
	Net income		$	1,719		$	1,562		$	6,578		$	6,720
	Earnings per share		$	0.71		$	0.65		$	2.71		$	2.77
			At			At
			December 31,			December 31,
Financial Condition Data:				2024			2023
Cash and cash equivalents			$	68,570		$	79,032
	(excludes CDs)
Investment securities				13,066			13,101
	(includes CDs)
Loans receivable, net				423,657			418,044
Goodwill and intangibles				1,515			1,658
Total assets				537,885			541,561
Deposits				472,596			471,992
Repurchase agreements				1,084			836
Borrowings				-			11,000
Stockholders' equity				59,562			53,592
Book value per share			$	24.53		$	22.07