Exhibit 99.1
The First Bancshares, Inc. Reports 3rd Quarter 2012 Earnings and Declaration of Dividend
HATTIESBURG, Miss.--(BUSINESS WIRE)--October 23, 2012--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) today reported earnings for the quarter ended September 30, 2012. The First Bancshares, Inc. also announced a quarterly dividend of $.0375 per common share. The record date will be November 8, 2012 with a payable date of November 26, 2012.
Net income available to common stockholders for the three months ended September 30, 2012 amounted to $766,000, or $.24 per diluted share, compared to $660,000, or $.21 per diluted share for the same quarter in 2011, an increase of $106,000 or 16.1%.
Net income available to common stockholders for the nine months ended September 30, 2012 amounted to $2,561,000, or $.82 per diluted share, compared to $1,660,000, or $.54 per diluted share for the same period in 2011, an increase of $901,000 or 54.3%.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “Although the economy remains challenging, our company continues to perform well. We have been successful in growing the company both in terms of size and profitability. Total assets increased 6.5% to $725.7 million during the first 9 months of 2012 and earnings per share is up 52% year over year. We appreciate the hard work and commitment of our team members and the support of our customers and shareholders.”
The following are key highlights for the nine months ended September 30, 2012:
- Assets grew 6.5% to $725.7 million
- Loans increased 1.3% to $393.0 million
- Deposits increased 8.5% to $621.9 million
- Annualized return on average assets increased to .49% during the nine month period from .44% for the calendar year 2011
- Annualized return on average equity increased to 5.43% during the nine month period from 5.16% for the calendar year 2011
Net Interest Income and Non-Interest Income
Net interest income for the quarter ended September 30, 2012, was $5.4 million, a $0.7 million increase compared to the third quarter of 2011. This improvement was a result of increased loan volume and increased securities as well as lower funding costs.
Non-interest income increased 39.5% for the third quarter of 2012 to $1,518,000 as compared to $1,088,000 for the third quarter of 2011. An increase in fee income associated with higher loan and deposit volumes attributed to this increase as well as fee income generated from our mortgage division.
Non-Interest Expense
Non-interest expense increased for the third quarter of 2012 to $5,437,000 as compared to $4,479,000 for the third quarter of 2011. This reflects an increase of 21.4% in non-interest expense primarily related to an increase in operating costs associated with the Whitney branches acquired in the fourth quarter of 2011.
Total Assets, Net Loans and Deposits
Total assets increased between June 30, 2012, and September 30, 2012 by $25.1 million, or 3.6%. Deposits increased $33.9 million or 5.8% over the same period. Total loans, net of unearned interest, increased $5.0 million or 1.3% between June 30, 2012, and September 30, 2012.
At September 30, 2012, The First Bancshares, Inc. reported total loans of $393.0 million, total assets of $725.7 million, total deposits of $621.9 million and stockholders’ equity of $65.4 million. Return on average assets was .43% and return on average equity was 4.76% for the quarter.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. The First has operations in Hattiesburg, Laurel, Purvis, Picayune, Pascagoula, Bay St. Louis, Wiggins, Gulfport, Biloxi, Long Beach and Diamondhead, Mississippi as well as Bogalusa, Louisiana. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.
Forward Looking Statement
This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. 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. Further information on The First Bancshares, Inc. is available in its filings with the Securities and Exchange Commission, available at the SEC’s website, http://www.sec.gov.
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THE FIRST BANCSHARES, INC. FINANCIAL HIGHLIGHTS (Unaudited) |
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($ amounts in thousands except earnings per share, book value and total share volume) |
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| | For the three months ended Sept 30, | | | For the nine months ended Sept 30, |
| | | 2012 | | | | 2011 | | | | | 2012 | | | | | 2011 |
| | |
| Interest income | | $ | 6,459 | | | $ | 5,999 | | | | $ | 19,734 | | | | $ | 17,673 |
| Interest expense | | | 1,028 | | | | 1,267 | | | | | 3,310 | | | | | 4,179 |
| Net interest income | | | 5,431 | | | | 4,732 | | | | | 16,424 | | | | | 13,494 |
| Provision for loan losses | | | 371 | | | | 230 | | | | | 744 | | | | | 883 |
Net interest income after provision for loan losses | | | 5,060 | | | | 4,502 | | | | | 15,680 | | | | | 12,611 |
| Non-interest income | | | 1,518 | | | | 1,088 | | | | | 4,503 | | | | | 3,027 |
| Non-interest expense | | | 5,437 | | | | 4,479 | | | | | 16,373 | | | | | 13,296 |
| Income before income taxes | | | 1,141 | | | | 1,111 | | | | | 3,810 | | | | | 2,342 |
| Income taxes | | | 269 | | | | 365 | | | | | 930 | | | | | 425 |
| Net income | | | 872 | | | | 746 | | | | | 2,880 | | | | | 1,917 |
Preferred Stock Accretion & Dividends | | | 106 | | | | 86 | | | | | 319 | | | | | 257 |
Net income applicable to Common Stock | | | 766 | | | | 660 | | | | | 2,561 | | | | | 1,660 |
Earnings per share applicable to common stockholders | | | | | | | | | | | |
| Basic | | $ | .24 | | | $ | .22 | | | | $ | .82 | | | | $ | .54 |
| Diluted | | | .24 | | | | .21 | | | | | .82 | | | | | .54 |
| Dividends per share | | | .0375 | | | | .0375 | | | | | .1125 | | | | | .1125 |
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| | Sept 30, | | | December 31, | | | | | | Sept 30, |
| | | 2012 | | | | 2011 | | | | | | | | | 2011 |
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| Total assets | | | 725,668 | | | | 681,413 | | | | | | | | | 709,920 |
| Cash and due from banks | | | 35,722 | | | | 22,940 | | | | | | | | | 133,803 |
| Federal funds sold | | | 990 | | | | 241 | | | | | | | | | 485 |
| Investment securities | | | 242,099 | | | | 218,531 | | | | | | | | | 133,462 |
| Loans, net of unearned interest | | | 392,960 | | | | 387,929 | | | | | | | | | 389,386 |
Allowance for loan losses as % of net loans | | | 1.12% | | | | 1.16 | % | | | | | | | | 1.10% |
Loans past due 90 days and still accruing | | | 870 | | | | 496 | | | | | | | | | 391 |
| Non-accrual loans | | | 2,808 | | | | 5,125 | | | | | | | | | 4,139 |
| Non-accrual securities | | | 1,950 | | | | 1,950 | | | | | | | | | 1,950 |
| Other real estate owned | | | 8,008 | | | | 4,353 | | | | | | | | | 4,565 |
| Total nonperforming assets | | | 13,636 | | | | 11,924 | | | | | | | | | 11,045 |
| Deposits-interest bearing | | | 511,882 | | | | 466,265 | | | | | | | | | 495,152 |
| Deposits non-interest bearing | | | 110,051 | | | | 107,129 | | | | | | | | | 106,790 |
| Total deposits | | | 621,933 | | | | 573,394 | | | | | | | | | 601,942 |
| Borrowed funds | | | 16,781 | | | | 27,032 | | | | | | | | | 27,051 |
| Subordinated debentures | | | 10,310 | | | | 10,310 | | | | | | | | | 10,310 |
| Stockholders’ equity | | | 65,372 | | | | 60,425 | | | | | | | | | 59,570 |
| Book value (per share) | | $ | 15.39 | | | $ | 14.00 | | | | | | | | $ | 13.84 |
| Total shares outstanding | | | 3,135,361 | | | | 3,092,566 | | | | | | | | | 3,066,072 |
CONTACT:
The First Bancshares, Inc.
M. Ray “Hoppy” Cole, CEO, 601-268-8998
or
DeeDee Lowery, CFO, 601-268-8998
