First Bancshares, Inc. Announces Third Quarter 2022 Results | New

MOUNTAIN GROVE, Mo., Oct. 07, 2022 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company of Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2022.

For the quarter ended September 30, 2022, the Company reported net earnings of $1,667,000 or $0.68 per diluted share, compared to $1,335,000 or $0.52 per diluted share for the comparable period in 2021 Year-to-date, the Company reported net earnings of $4,088,000 or $1.67 per share compared to $3,715,000 or $1.43 per share for the same period in 2021. year-to-date compared to the nine-month period ended September 30, 2021 include an increase of $1,031,000 in net interest income after provisions for loan losses, as well as an increase of $135,000 non-interest income, offset by an increase in non-interest expense of $762,000, a decrease in income tax expense of $118,000 and a modest loss of $21,000 on investments in 2022, compared to a gain of $128,000 during the same period in 2021. This resulted in an increase increase of $373,000 in net income for the year ended September 30, 2022, compared to the year ended September 30, 2021. The increase in non-interest expenses is attributable to the increase in personnel costs and capital expenditures due The addition of new branches in Hartville, MO and Akron, CO, as well as standard increases to compete with employee demand in the marketplace.

Consolidated total assets as of September 30, 2022 were $473.75 million, compared to $445.10 million as of December 31, 2021. Year-to-date 2021, net loans increased by 15.49% to reaching $393.54 million, total deposits increased by 6.08% to reach $420.64 million and total capital remained at $46.26 million, or 9.76% of l total assets, compared to $44.16 million, or 9.92% of total assets, as of December 31, 2021. Changes in capital are mainly attributable to the payment by the Company of a cash dividend to shareholders and unrealized losses in the securities portfolio which fell from $283,000 on December 31, 2021 to $1,431,000 on September 30, 2022, as market volatility reached an all-time high following record inflation and unrest in the stranger.

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

About the company

First Bancshares, Inc. is the holding company of Stockmens Bank, an FDIC-insured, state-licensed commercial bank in Colorado that operates from its headquarters 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.

Caution 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 their reports to shareholders and in other Company communications, 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 about the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on a variety of factors, some of which are beyond the Company’s control. These statements address the following topics: future operating results; customer growth and retention; demand for loans and other products; earnings growth and expectations; new products and services; credit quality and reserve adequacy; the results of reviews conducted by our banking 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 these forward-looking statements: the strength of the U.S. economy generally and the strength of the local economies in which company conducts operations; the effects of and changes in trade, monetary and tax policies and laws, including the Federal Reserve Board’s interest rate policies; inflation, interest rates, market and currency fluctuations; the timely development and acceptance of new Company products and services and the overall perceived value of such products and services by users; the impact of changes in financial services laws and regulations; technological changes; acquisitions; changes in consumer spending and saving habits; and the Company’s success in managing and recovering assets from defaulting borrowers and managing the risks of the foregoing.

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

First Bancshares, Inc. and its subsidiaries
Financial Highlights
(In thousands, except per share amounts)
Quarter ended Nine month period ended
September 30, September 30,
2022 2021 2022 2021
Operating data:
Total interest income $ 5,066 $ 4,791 $ 13,771 $ 13 111
Total interest expense 442 271 956 885
Net interest income 4,624 4,520 12,815 12,226
Allowance for loan losses 225 535 675 1,117
Net interest income after provision for loan losses 4,399 3,985 12,140 11 109
Gain (loss) on sale of investments (18 ) (21 ) 128
Non-interest income 478 394 1,240 1,105
Non-interest charges 2,928 2,538 8,165 7,403
Income before taxes 1,931 1,841 5,194 4,939
income tax expense 264 506 1,106 1,224
Net revenue $ 1,667 $ 1,335 $ 4,088 $ 3,715
Earnings per share $ 0.68 $ 0.52 $ 1.67 $ 1.43
To To
September 30, The 31st of December,
Data on the financial situation: 2022 2021
Cash and cash equivalents
(excluding CDs) $ 35,980 $ 60,604
Investment security
(includes CDs) 13,753 15,729
Loans receivable, net 393,540 340,767
Goodwill and intangibles 1,836 1,943
Total assets 473,751 445,095
Deposits 420 641 396,527
Buy-back agreements 2013 490
Loans 1,500 1,500
Equity 46,258 44,161
Book value per share $ 18.96 $ 18.08

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

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