Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | FIRST BANCSHARES, INC |
Entity Central Index Key | 0000947559 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay vs. Performance Value of Initial Fixed $100 Company Year Summary Compensation SCT Total for Compensation FBMS TSR Peer Group Net Measure (a) (b) (c) (d) (e) (f) (g) (h) (i) 2022 3,079,429 $ 2,508,196 1,226,198 $ 994,977 100.35 115.38 62,919,000 88,203,000 2021 1,677,507 $ 1,957,287 770,988 $ 901,304 118.37 137.82 64,167,000 80,257,000 2020 1,586,035 $ 1,380,158 538,543 $ 454,636 93.25 96.44 54,505,000 82,109,000 Year 4 (required in 2024) Year 5 (required in 2025) 1) The principal executive officer (the”PEO”) for each of 2022, 2021, and 2020 is Mr. Cole. We only have one non-PEO named executive Officer (the “non-PEO NEO”) for each applicable year, Ms. Lowery. 2) Reconciliation of adjustments made to Summary Compensation Table total compensation to calculate CAP for the PEO and CAP for the non-PEO NEO: CEO Non-PEO NEO 2022 2021 2020 2022 2021 2020 SCT 3,079,429 1,677,507 1,586,035 1,226,198 770,988 538,543 Stock awards reported in SCT (1,487,425 ) (240,435 ) (284,750 ) (510,705 ) (122,067 ) (108,728 ) Change in pension value reported in SCT (605,789 ) (551,602 ) (500,755 ) (269,882 ) (246,613 ) (45,844 ) “Service Cost” attributable to current years’ service 492,214 492,214 492,214 251,079 251,079 35,745 Year-end fair value of unvested restricted stock awards granted in current year 1,292,724 251,030 316,242 400,125 127,446 106,351 Dividends paid on unvested shares and stock options (SOs) 24,725 13,191 8,461 7,946 4,029 3,840 Year over year change in fair value of outstanding and unvested restricted stock (287,682 ) 315,382 (237,290 ) (109,784 ) 116,442 (75,271 ) CAP 2,508,196 1,957,287 1,380,158 994,977 901,304 454,636 3) The peer group that we used for purposes of this disclosure is the NASDAQ OMX Bank Index, the same index used for our performance graph disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. 4) Calculated as pre-tax, pre-provision income adjusted for one-time, non-operating items. | ||
Company Selected Measure Name | Pre-Tax Pre- Provision Income | ||
Named Executive Officers, Footnote [Text Block] | 1) The principal executive officer (the”PEO”) for each of 2022, 2021, and 2020 is Mr. Cole. We only have one non-PEO named executive Officer (the “non-PEO NEO”) for each applicable year, Ms. Lowery. | ||
Peer Group Issuers, Footnote [Text Block] | 3) The peer group that we used for purposes of this disclosure is the NASDAQ OMX Bank Index, the same index used for our performance graph disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022. | ||
PEO Total Compensation Amount | $ 3,079,429 | $ 1,677,507 | $ 1,586,035 |
PEO Actually Paid Compensation Amount | $ 2,508,196 | 1,957,287 | 1,380,158 |
Adjustment To PEO Compensation, Footnote [Text Block] | 2) Reconciliation of adjustments made to Summary Compensation Table total compensation to calculate CAP for the PEO and CAP for the non-PEO NEO: CEO Non-PEO NEO 2022 2021 2020 2022 2021 2020 SCT 3,079,429 1,677,507 1,586,035 1,226,198 770,988 538,543 Stock awards reported in SCT (1,487,425 ) (240,435 ) (284,750 ) (510,705 ) (122,067 ) (108,728 ) Change in pension value reported in SCT (605,789 ) (551,602 ) (500,755 ) (269,882 ) (246,613 ) (45,844 ) “Service Cost” attributable to current years’ service 492,214 492,214 492,214 251,079 251,079 35,745 Year-end fair value of unvested restricted stock awards granted in current year 1,292,724 251,030 316,242 400,125 127,446 106,351 Dividends paid on unvested shares and stock options (SOs) 24,725 13,191 8,461 7,946 4,029 3,840 Year over year change in fair value of outstanding and unvested restricted stock (287,682 ) 315,382 (237,290 ) (109,784 ) 116,442 (75,271 ) CAP 2,508,196 1,957,287 1,380,158 994,977 901,304 454,636 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,226,198 | 770,988 | 538,543 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 994,977 | 901,304 | 454,636 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | 2) Reconciliation of adjustments made to Summary Compensation Table total compensation to calculate CAP for the PEO and CAP for the non-PEO NEO: CEO Non-PEO NEO 2022 2021 2020 2022 2021 2020 SCT 3,079,429 1,677,507 1,586,035 1,226,198 770,988 538,543 Stock awards reported in SCT (1,487,425 ) (240,435 ) (284,750 ) (510,705 ) (122,067 ) (108,728 ) Change in pension value reported in SCT (605,789 ) (551,602 ) (500,755 ) (269,882 ) (246,613 ) (45,844 ) “Service Cost” attributable to current years’ service 492,214 492,214 492,214 251,079 251,079 35,745 Year-end fair value of unvested restricted stock awards granted in current year 1,292,724 251,030 316,242 400,125 127,446 106,351 Dividends paid on unvested shares and stock options (SOs) 24,725 13,191 8,461 7,946 4,029 3,840 Year over year change in fair value of outstanding and unvested restricted stock (287,682 ) 315,382 (237,290 ) (109,784 ) 116,442 (75,271 ) CAP 2,508,196 1,957,287 1,380,158 994,977 901,304 454,636 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CEO and Non-PEO NEO compensation actually paid as compared to company TSR: | ||
Total Shareholder Return Vs Peer Group [Text Block] | Company TSR to peer group TSR: | ||
Tabular List [Table Text Block] | Required Tabular disclosure of Most Important Measures to Determine 2022 CAP Other Company Selected Performance Measures Pre-Tax Income Loan Growth Deposit Growth Total Asset Growth Credit Quality | ||
Total Shareholder Return Amount | $ 100.35 | 118.37 | 93.25 |
Peer Group Total Shareholder Return Amount | 115.38 | 137.82 | 96.44 |
Net Income (Loss) | $ 62,919,000 | $ 64,167,000 | $ 54,505,000 |
Company Selected Measure Amount | 88,203,000 | 80,257,000 | 82,109,000 |
PEO Name | Mr. Cole | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Non-GAAP Measure Description [Text Block] | 4) Calculated as pre-tax, pre-provision income adjusted for one-time, non-operating items. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Compensation Actually Paid vs. Other Measure [Text Block] | CEO and Non-PEO NEO compensation actually paid to company pre-tax income,: | ||
Measure Name | Pre-Tax Income Loan Growth | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Deposit Growth | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Asset Growth | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Credit Quality | ||
Mr. Cole [Member] | Stock awards reported in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (1,487,425) | $ (240,435) | $ (284,750) |
Mr. Cole [Member] | Change in pension value reported in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (605,789) | (551,602) | (500,755) |
Mr. Cole [Member] | Service Cost Attributable to Current Years’ Service [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 492,214 | 492,214 | 492,214 |
Mr. Cole [Member] | Year-end fair value of unvested restricted stock awards granted in current year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,292,724 | 251,030 | 316,242 |
Mr. Cole [Member] | Dividends paid on unvested shares and stock options (SOs) | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 24,725 | 13,191 | 8,461 |
Mr. Cole [Member] | Year over year change in fair value of outstanding and unvested restricted stock | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (287,682) | 315,382 | (237,290) |
Non-PEO NEO [Member] | Stock awards reported in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (510,705) | (122,067) | (108,728) |
Non-PEO NEO [Member] | Change in pension value reported in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (269,882) | (246,613) | (45,844) |
Non-PEO NEO [Member] | Service Cost Attributable to Current Years’ Service [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 251,079 | 251,079 | 35,745 |
Non-PEO NEO [Member] | Year-end fair value of unvested restricted stock awards granted in current year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 400,125 | 127,446 | 106,351 |
Non-PEO NEO [Member] | Dividends paid on unvested shares and stock options (SOs) | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 7,946 | 4,029 | 3,840 |
Non-PEO NEO [Member] | Year over year change in fair value of outstanding and unvested restricted stock | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (109,784) | $ 116,442 | $ (75,271) |