Exhibit 99.1
The First Bancshares, Inc. Reports a 45% Increase in Operating Net Earnings and Declares Quarterly Dividends
HATTIESBURG, Miss.--(BUSINESS WIRE)--April 21, 2017--The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today a 45% increase ($1.1 million) in operating net earnings (net income available to common shareholders adjusted for merger related costs) for the first quarter of 2017 compared to the first quarter of 2016. Operating net earnings available to common shareholders totaled $3.4 million for first quarter 2017 as compared to $2.3 million for first quarter 2016. Operating net earnings available to common shareholders excludes tax effected merger related expenses of $2.3 million in the first quarter of 2017. A one-time gain of $0.2 million occurred in the first quarter of 2016.
Fully diluted earnings per share for the first quarter of 2017 were $0.12 as compared to $0.46 for the first quarter of 2016. Fully diluted earnings per share for the first quarter of 2017 includes one-time merger related costs of $0.25 and also includes the issuance of 3,563,380 in new common shares during the fourth quarter of 2016 related to the capital raise in October 2016.
Highlights for the Quarter:
- The acquisitions of Iberville Bank and Gulf Coast Community Bank closed as planned on January 1, 2017.
- Acquisitions added loans of $239.6 million and deposits of $355.7 million (loan and deposit figures are net of credit and rate marks).
- Excluding acquisitions, loans increased $33.3 million during the first quarter of 2017.
- Excluding acquisitions, deposits increased $173.6 million during the first quarter of 2017.
- Operating net earnings were $3.4 million for the first quarter of 2017 as compared to $2.4 million for the fourth quarter of 2016 and as compared to $2.3 million for the first quarter of 2016.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are very pleased with first quarter results especially given the complexities of closing two mergers at once. We welcome our new clients and team members associated with Gulf Coast Community Bank and Iberville Bank. We are thrilled to have them on board.”
Balance Sheet
Total assets increased $505.8 million or 39.6% to $1,783.2 billion for the quarter ended March 31, 2017 of which approximately $390 million of asset growth was associated with the closing of the two acquisitions.
Total loans were $1,140.0 billion at March 31, 2017 as compared to $867.1 million at December 31, 2016 and as compared to $797.8 million at March 31, 2016 representing increases of $272.9 million, or 31.5% for the quarter ended March 31, 2017 and $342.2 million, or 42.9% as compared to first quarter 2016. The acquisitions accounted for $239.6 million of the total increase in loans during the quarter. Organic loan growth was $33.3 million or 3.8% for the quarter.
Total deposits increased $529.3 million or 50.9% for the quarter ended March 31, 2017, of which $355.7 million was a result of the acquisition. The balance of the increase was $173.6 million of which $151.2 million is due to season fluctuations in public deposit accounts.
Asset Quality
Nonperforming assets totaled $13.3 million at March 31, 2017, an increase of $3.4 million compared to $9.9 million at December 31, 2016 and an increase of $2.0 million compared to March 31, 2016. The majority of the increase is the result of acquired assets with associated fair value marks. The ALLL/total loans ratio was 0.69% at March 31, 2017 and 0.87% at December 31, 2016. Including valuation accounting adjustments on acquired loans, the total valuation plus ALLL was 1.24% of loans at March 31, 2017. The ratio of annualized net charge-offs (recoveries) to total loans was (0.10)% for the quarter ended March 31, 2017 compared to 0.03% for the quarter ended December 31, 2016. As noted in our first quarter 2015 10-Q, the Company had been notified that a recovery of $941,000 was more likely than not expected during 2015. We received the first installment during the second quarter of 2015 which totaled $481,000 and the second installment during the third quarter of 2015 which totaled $241,000. The remaining balance of $219,000 was received during the fourth quarter of 2016.
Energy Loans
At March 31, 2017 the company had direct energy related loans of $19.7 million, representing 1.7% of the total loan portfolio. A majority of the outstanding are secured by marine assets that operate in the Gulf of Mexico, which are under term contracts to major operators tied primarily to oil and gas production.
First Quarter 2017 vs. First Quarter 2016 Earnings Comparison
First quarter 2017 net earnings available to common shareholders (including merger related costs) totaled $1.1 million compared to $2.5 million for the first quarter of 2016.
Revenues from consolidated operations increased $6.1 million in quarterly comparison. Net interest income increased $4.5 million in quarterly comparison as interest income earned on a higher volume of loans attributed to this overall increase. Noninterest income increased $0.9 million in quarterly comparison for the first quarter of 2017 as compared to the first quarter of 2016 with increases spread over service charges, mortgage income and interchange fee income.
First quarter 2017 noninterest expense increased $7.7 million, or 91.7% as compared to first quarter 2016. The largest increases in noninterest expense were related to salaries and benefits of $2.8 million of which $2.2 million is associated with increased number of employees associated with the acquisitions and other professional services and other noninterest expenses included $3.6 million in before-tax merger costs.
Fully taxable-equivalent (“FTE”) net interest income totaled $14.5 million and $9.9 million for the first quarter of 2017 and 2016, respectively. The FTE net interest income increased $4.6 million in prior year quarterly comparison primarily due to an increase in interest earned on loans. Purchase accounting adjustments accounted for $74,000 of the difference in net interest income for the first quarter comparisons. First quarter 2017 net interest margin of 3.85% includes 3 bps related to purchase accounting adjustments.
Investment securities totaled $366.5 million, or 20.6% of total assets at March 31, 2017, versus $269.5 million, or 21.7% of total assets at March 31, 2016. The average volume of investment securities increased $65.9 million in prior year quarterly comparison primarily the result of the acquisitions. The average tax equivalent yield on investment securities increased 30 bps to 2.93%. The investment portfolio had a net unrealized gain of $0.6 million at March 31, 2017 as compared to a net unrealized gain of $3.7 million at March 31, 2016.
The average yield on all earnings assets increased 25 basis points in prior year quarterly comparison, from 4.02% for the first quarter of 2016 to 4.27% for the first quarter of 2017. This increase was offset partially by an increase in average interest expense of 10 basis points from 0.41% for the first quarter of 2016 to 0.51% for the first quarter of 2017.
First Quarter 2017 vs Fourth Quarter 2016 Earnings Comparison
In sequential-quarter comparison, net earnings available to common shareholders decreased $1.0 million to $1.1 million which included after-tax one-time acquisition charges of $2.3 million.
FTE net interest income increased $3.6 million to $14.5 million from $10.9 million in sequential-quarter comparison. The increase was due primarily to increased loan volume. Interest income from purchase accounting adjustments decreased $0.3 million in quarterly comparison.
The average yield on all earnings assets increased 10 basis points in sequential-quarter comparison, from 4.17% for the fourth quarter of 2016 to 4.27% for the first quarter of 2017.
Noninterest income increased $0.7 million in sequential-quarter comparison consisting of increases in service charges and interchange fee income and a decrease in mortgage income of $0.3 million.
Noninterest expense increased $5.9 million in sequential-quarter comparison which includes an increase in salaries and benefits of $2.1 million. The majority of this increase was associated with the acquisitions. Merger related costs were $3.6 million and included in other professional services and other noninterest expenses.
Other Events
The Company will make a presentation at the 21st Annual Burkenroad Reports Investment Conference at The Sheraton New Orleans Hotel in New Orleans, Louisiana, Friday, April 28, 2017 at 9:30 a.m. central time. This will be an interactive session between management and those attending the conference. The presentation will be available at the company’s internet site (www.thefirstbank.com) under the Investor Relations tab.
Dividends
The Board of Directors of The First Bancshares, Inc. announced a cash dividend was declared in the amount of $0.0375 per share to be paid on its common stock on May 24, 2017 to shareholders of record as of the close of business on May 3, 2017.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in Mississippi, Louisiana, Alabama and Florida. 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 Statements
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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| FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
| EARNINGS DATA | | | | Quarter Ended 3/31/17 | | | Quarter Ended 12/31/16 | | | Quarter Ended 9/30/16 | | | Quarter Ended 6/30/16 | | | Quarter Ended 3/31/16 |
| Total Interest Income | | | | $ | 15,753 | | | | $ | 11,868 | | | | $ | 11,269 | | | | $ | 10,871 | | | | $ | 10,597 | |
| Total Interest Expense | | | | | 1,585 | | | | | 1,176 | | | | | 1,202 | | | | | 1,016 | | | | | 922 | |
| Net Interest Income | | | | | 14,168 | | | | | 10,692 | | | | | 10,067 | | | | | 9,855 | | | | | 9,675 | |
| FTE net interest income | | | | | 14,470 | | | | | 10,935 | | | | | 10,306 | | | | | 10,099 | | | | | 9,912 | |
| Provision for loan losses | | | | | 46 | | | | | 88 | | | | | 143 | | | | | 204 | | | | | 190 | |
| Non-interest income | | | | | 3,391 | | | | | 2,705 | | | | | 3,099 | | | | | 2,961 | | | | | 2,483 | |
| Non-interest expense | | | | | 16,095 | | | | | 10,132 | | | | | 9,416 | | | | | 8,921 | | | | | 8,395 | |
| Earnings before income taxes | | | | | 1,418 | | | | | 3,177 | | | | | 3,607 | | | | | 3,691 | | | | | 3,573 | |
| Income tax expense | | | | | 296 | | | | | 870 | | | | | 1,049 | | | | | 1,042 | | | | | 969 | |
| Net earnings | | | | | 1,122 | | | | | 2,307 | | | | | 2,558 | | | | | 2,649 | | | | | 2,604 | |
| Dividends and accretion on preferred stock | | | | | - | | | | | 195 | | | | | 86 | | | | | 86 | | | | | 85 | |
| Net earnings available to common shareholders | | | | $ | 1,122 | | | | $ | 2,112 | | | | $ | 2,472 | | | | $ | 2,563 | | | | $ | 2,519 | |
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| PER COMMON SHARE DATA | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | | $ | 0.12 | | | | $ | 0.39 | | | | $ | 0.46 | | | | $ | 0.47 | | | | $ | 0.47 | |
| Basic earnings per share, operating* | | | | | 0.37 | | | | | 0.44 | | | | | 0.48 | | | | | 0.47 | | | | | 0.43 | |
| Diluted earnings per share | | | | | 0.12 | | | | | 0.26 | | | | | 0.45 | | | | | 0.47 | | | | | 0.46 | |
| Diluted earnings per share, operating* | | | | | 0.37 | | | | | 0.30 | | | | | 0.48 | | | | | 0.47 | | | | | 0.43 | |
| Quarterly dividends per share | | | | | .0375 | | | | | .0375 | | | | | .0375 | | | | | .0375 | | | | | .0375 | |
| Book value per common share at end of period | | | | | 17.39 | | | | | 17.19 | | | | | 17.60 | | | | | 17.15 | | | | | 16.58 | |
| Tangible common book value at period end | | | | | 14.57 | | | | | 15.46 | | | | | 14.73 | | | | | 14.26 | | | | | 13.67 | |
| Market price at end of period | | | | | 28.50 | | | | | 27.50 | | | | | 19.10 | | | | | 17.27 | | | | | 15.63 | |
| Shares outstanding at period end | | | | | 9,144,412 | | | | | 8,991,397 | | | | | 5,428,017 | | | | | 5,432,014 | | | | | 5,432,014 | |
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | | | 9,123,271 | | | | | 5,463,651 | | | | | 5,425,567 | | | | | 5,432,014 | | | | | 5,415,339 | |
| Diluted | | | | | 9,182,711 | | | | | 8,500,305 | | | | | 5,475,785 | | | | | 5,490,592 | | | | | 5,478,703 | |
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| AVERAGE BALANCE SHEET DATA | | | | | | | | | | | | | | | | |
| Total assets | | | | $ | 1,713,438 | | | | $ | 1,275,538 | | | | $ | 1,233,034 | | | | $ | 1,210,707 | | | | $ | 1,196,328 | |
| Loans and leases | | | | | 1,117,135 | | | | | 856,798 | | | | | 836,931 | | | | | 809,806 | | | | | 779,418 | |
| Total deposits | | | | | 1,460,787 | | | | | 1,037,877 | | | | | 1,044,428 | | | | | 1,036,914 | | | | | 964,681 | |
| Total common equity | | | | | 157,184 | | | | | 94,750 | | | | | 94,007 | | | | | 88,643 | | | | | 87,155 | |
| Total tangible common equity* | | | | | 134,809 | | | | | 79,112 | | | | | 78,347 | | | | | 72,885 | | | | | 71,297 | |
| Total equity | | | | | 157,184 | | | | | 159,786 | | | | | 111,130 | | | | | 105,766 | | | | | 104,278 | |
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| SELECTED RATIOS | | | | | | | | | | | | | | | | |
| Annualized return on avg assets | | | | | .26 | % | | | | .72 | % | | | | .83 | % | | | | .88 | % | | | | .87 | % |
| Annualized return on avg assets, operating* | | | | | .79 | % | | | | .75 | % | | | | .85 | % | | | | .85 | % | | | | .78 | % |
| Annualized return on avg common equity, operating* | | | | | 8.61 | % | | | | 10.11 | % | | | | 11.14 | % | | | | 11.57 | % | | | | 10.69 | % |
| Annualized return on avg tangible common equity, oper* | | | | | 10.04 | % | | | | 12.10 | % | | | | 13.37 | % | | | | 14.07 | % | | | | 13.07 | % |
| Average loans to average deposits | | | | | 76.47 | % | | | | 82.55 | % | | | | 80.13 | % | | | | 78.10 | % | | | | 80.80 | % |
| Taxable-equivalent net interest margin | | | | | 3.85 | % | | | | 3.77 | % | | | | 3.70 | % | | | | 3.68 | % | | | | 3.68 | % |
| Efficiency Ratio | | | | | 90.11 | % | | | | 74.28 | % | | | | 70.24 | % | | | | 68.31 | % | | | | 67.73 | % |
| Efficiency Ratio, operating* | | | | | 69.97 | % | | | | 71.40 | % | | | | 68.70 | % | | | | 68.31 | % | | | | 69.18 | % |
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| CREDIT QUALITY | | | | | | | | | | | | | | | | |
| Allowance for loan losses (ALLL) as a % of total loans | | | | | .69 | % | | | | .87 | % | | | | .88 | % | | | | .88 | % | | | | .88 | % |
| Nonperforming assets to tangible equity + ALLL | | | | | 9.42 | % | | | | 6.74 | % | | | | 10.81 | % | | | | 10.93 | % | | | | 11.43 | % |
| Nonperforming assets to total loans + ORE | | | | | 1.16 | % | | | | 1.14 | % | | | | 1.31 | % | | | | 1.34 | % | | | | 1.40 | % |
| Annualized QTD net charge-offs (recoveries) to total loans | | | | | (0.10 | )% | | | | 0.03 | % | | | | (0.04 | %) | | | | (0.03 | %) | | | | (0.02 | %) |
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*See reconciliation of Non-GAAP financial measures |
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| FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands) |
| BALANCE SHEET | | | | Mar 31, 2017 | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 |
| Assets | | | | | | | | | | | | | | | | |
| Cash and cash equivalents | | | | $ | 148,511 | | | | $ | 62,119 | | | | $ | 70,114 | | | | $ | 54,777 | | | | $ | 95,965 | |
| Securities available-for-sale | | | | | 352,851 | | | | | 243,206 | | | | | 236,168 | | | | | 242,855 | | | | | 253,126 | |
| Securities held-to-maturity | | | | | 6,000 | | | | | 6,000 | | | | | 6,000 | | | | | 6,025 | | | | | 6,851 | |
| Other investments | | | | | 7,647 | | | | | 6,593 | | | | | 9,516 | | | | | 9,578 | | | | | 9,570 | |
| Total investment securities | | | | | 366,498 | | | | | 255,799 | | | | | 251,684 | | | | | 258,458 | | | | | 269,547 | |
| Loans held for sale | | | | | 5,473 | | | | | 5,880 | | | | | 9,437 | | | | | 8,937 | | | | | 6,095 | |
| Total loans | | | | | 1,139,987 | | | | | 867,054 | | | | | 854,366 | | | | | 824,083 | | | | | 797,764 | |
| Allowance for loan losses | | | | | (7,813 | ) | | | | (7,510 | ) | | | | (7,481 | ) | | | | (7,259 | ) | | | | (6,982 | ) |
| Loans, net | | | | | 1,132,174 | | | | | 859,544 | | | | | 846,885 | | | | | 816,824 | | | | | 790,782 | |
| Premises and equipment | | | | | 45,438 | | | | | 34,624 | | | | | 33,427 | | | | | 33,502 | | | | | 33,353 | |
| Other Real Estate | | | | | 7,579 | | | | | 6,008 | | | | | 4,670 | | | | | 4,716 | | | | | 4,363 | |
| Goodwill and other intangibles | | | | | 25,762 | | | | | 15,507 | | | | | 15,596 | | | | | 15,696 | | | | | 15,796 | |
| Other assets | | | | | 51,769 | | | | | 37,886 | | | | | 34,825 | | | | | 31,990 | | | | | 26,050 | |
| Total assets | | | | $ | 1,783,204 | | | | $ | 1,277,367 | | | | $ | 1,266,638 | | | | $ | 1,224,900 | | | | $ | 1,241,951 | |
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| Liabilities and Shareholders’ Equity | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | | | $ | 323,442 | | | | $ | 202,478 | | | | $ | 196,786 | | | | $ | 194,950 | | | | $ | 194,433 | |
| Interest-bearing deposits | | | | | 1,245,055 | | | | | 836,713 | | | | | 875,003 | | | | | 837,413 | | | | | 846,672 | |
| Total deposits | | | | | 1,568,497 | | | | | 1,039,191 | | | | | 1,071,789 | | | | | 1,032,363 | | | | | 1,041,105 | |
| Borrowings | | | | | 39,411 | | | | | 69,000 | | | | | 68,000 | | | | | 68,000 | | | | | 78,976 | |
| Subordinated debentures | | | | | 10,310 | | | | | 10,310 | | | | | 10,310 | | | | | 10,310 | | | | | 10,310 | |
| Other liabilities | | | | | 5,981 | | | | | 4,339 | | | | | 3,881 | | | | | 3,929 | | | | | 4,363 | |
| Total liabilities | | | | | 1,624,199 | | | | | 1,122,840 | | | | | 1,153,980 | | | | | 1,114,602 | | | | | 1,134,754 | |
| Total shareholders’ equity | | | | | 159,005 | | | | | 154,527 | | | | | 112,658 | | | | | 110,298 | | | | | 107,197 | |
| Total liabilities and shareholders’ equity | | | | $ | 1,783,204 | | | | $ | 1,277,367 | | | | $ | 1,266,638 | | | | $ | 1,224,900 | | | | $ | 1,241,951 | |
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
| EARNINGS STATEMENT | | | | Three Months Ended |
| | | | 3/31/17 | | | 12/31/16 | | | 9/30/16 | | | 6/30/16 | | | 3/31/16 |
| Interest Income: | | | | | | | | | | | | | | | | |
| Loans, including fees | | | | $ | 13,444 | | | | $ | 9,922 | | | | $ | 9,706 | | | $ | 9,293 | | | $ | 9,013 |
| Investment securities | | | | | 2,129 | | | | | 1,472 | | | | | 1,446 | | | | 1,531 | | | | 1,532 |
| Accretion of purchase accounting adjustments | | | | | 56 | | | | | 429 | | | | | 92 | | | | 20 | | | | 22 |
| Other interest income | | | | | 124 | | | | | 45 | | | | | 25 | | | | 27 | | | | 30 |
| Total interest income | | | | | 15,753 | | | | | 11,868 | | | | | 11,269 | | | | 10,871 | | | | 10,597 |
| Interest Expense: | | | | | | | | | | | | | | | | |
| Deposits | | | | | 1,198 | | | | | 968 | | | | | 962 | | | | 813 | | | | 701 |
| Borrowings | | | | | 376 | | | | | 148 | | | | | 160 | | | | 149 | | | | 193 |
| Subordinated debentures | | | | | 51 | | | | | 60 | | | | | 80 | | | | 54 | | | | 28 |
| Accretion of purchase accounting adjustments | | | | | (40 | ) | | | | - | | | | | - | | | | - | | | | - |
| Total interest expense | | | | | 1,585 | | | | | 1,176 | | | | | 1,202 | | | | 1,016 | | | | 922 |
| Net interest income | | | | | 14,168 | | | | | 10,692 | | | | | 10,067 | | | | 9,855 | | | | 9,675 |
| Provision for loan losses | | | | | 46 | | | | | 88 | | | | | 143 | | | | 204 | | | | 190 |
| Net interest income after provision for loan losses | | | | | 14,122 | | | | | 10,604 | | | | | 9,924 | | | | 9,651 | | | | 9,485 |
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| Non-interest Income: | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | | | 868 | | | | | 605 | | | | | 606 | | | | 604 | | | | 637 |
| Mortgage Income | | | | | 916 | | | | | 1,204 | | | | | 1,399 | | | | 1,184 | | | | 645 |
| Interchange Fee Income | | | | | 903 | | | | | 683 | | | | | 666 | | | | 681 | | | | 644 |
| Gain (loss) on securities, net | | | | | (8 | ) | | | | (3 | ) | | | | - | | | | 129 | | | | - |
| Gain on sale of premises and equipment | | | | | - | | | | | - | | | | | - | | | | - | | | | - |
| BEA award, net | | | | | - | | | | | - | | | | | - | | | | - | | | | - |
| Other charges and fees | | | | | 712 | | | | | 216 | | | | | 428 | | | | 363 | | | | 557 |
| Total non-interest income | | | | | 3,391 | | | | | 2,705 | | | | | 3,099 | | | | 2,961 | | | | 2,483 |
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| Non-interest expense: | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | | | 7,981 | | | | | 5,943 | | | | | 5,645 | | | | 5,400 | | | | 5,149 |
| Occupancy expense | | | | | 1,370 | | | | | 1,222 | | | | | 1,209 | | | | 1,110 | | | | 1,073 |
| FDIC premiums | | | | | 201 | | | | | 265 | | | | | 254 | | | | 257 | | | | 244 |
| Marketing | | | | | 69 | | | | | 122 | | | | | 76 | | | | 132 | | | | 72 |
| Amortization of core deposit intangibles | | | | | 149 | | | | | 88 | | | | | 100 | | | | 100 | | | | 94 |
| Other professional services | | | | | 3,010 | | | | | 793 | | | | | 461 | | | | 321 | | | | 231 |
| Other non-interest expense | | | | | 3,315 | | | | | 1,699 | | | | | 1,671 | | | | 1,601 | | | | 1,532 |
| Total Non-interest expense | | | | | 16,095 | | | | | 10,132 | | | | | 9,416 | | | | 8,921 | | | | 8,395 |
| Earnings before income taxes | | | | | 1,418 | | | | | 3,177 | | | | | 3,607 | | | | 3,691 | | | | 3,573 |
| Income tax expense | | | | | 296 | | | | | 870 | | | | | 1,049 | | | | 1,042 | | | | 969 |
| Net earnings | | | | | 1,122 | | | | | 2,307 | | | | | 2,558 | | | | 2,649 | | | | 2,604 |
| Dividends and accretion on preferred stock | | | | | - | | | | | 195 | | | | | 86 | | | | 86 | | | | 85 |
| Net earnings available to common shareholders | | | | $ | 1,122 | | | | $ | 2,112 | | | | $ | 2,472 | | | $ | 2,563 | | | $ | 2,519 |
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| Basic earnings per common share | | | | $ | 0.12 | | | | $ | 0.39 | | | | $ | 0.46 | | | $ | 0.47 | | | $ | 0.47 |
| Basic earnings per common share, operating* | | | | $ | 0.37 | | | | $ | 0.44 | | | | $ | 0.48 | | | $ | 0.47 | | | $ | 0.43 |
| Diluted earnings per common share | | | | $ | 0.12 | | | | $ | 0.26 | | | | $ | 0.45 | | | $ | 0.47 | | | $ | 0.46 |
| Diluted earnings per common share, operating* | | | | $ | 0.37 | | | | $ | 0.30 | | | | $ | 0.48 | | | $ | 0.47 | | | $ | 0.43 |
| |
*See reconciliation of Non-GAAP financial measures |
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| FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands) |
| COMPOSITION OF LOANS | | | | Mar 31, 2017 | | | Percent of Total | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 | | | Percent of Total |
| Commercial, financial and agricultural | | | | $ | 156,786 | | | | 13.7 | % | | | $ | 129,423 | | | | $ | 121,963 | | | | $ | 118,924 | | | | $ | 126,381 | | | | 15.7 | % |
| Real estate – construction | | | | | 163,249 | | | | 14.3 | % | | | | 109,394 | | | | | 104,644 | | | | | 101,439 | | | | | 100,386 | | | | 12.5 | % |
| Real estate – commercial | | | | | 426,151 | | | | 37.2 | % | | | | 314,359 | | | | | 307,963 | | | | | 296,676 | | | | | 270,085 | | | | 33.6 | % |
| Real estate – residential | | | | | 360,964 | | | | 31.5 | % | | | | 289,640 | | | | | 296,587 | | | | | 282,420 | | | | | 276,272 | | | | 34.4 | % |
| Lease Financing Receivable | | | | | 2,196 | | | | 0.2 | % | | | | 2,204 | | | | | 2,211 | | | | | 2,642 | | | | | 2,645 | | | | 0.3 | % |
| Obligations of States & subdivisions | | | | | 5,383 | | | | 0.5 | % | | | | 6,698 | | | | | 6,861 | | | | | 6,965 | | | | | 7,034 | | | | 0.9 | % |
| Consumer | | | | | 25,258 | | | | 2.2 | % | | | | 15,336 | | | | | 14,137 | | | | | 15,017 | | | | | 14,961 | | | | 1.9 | % |
| Loans held for sale | | | | | 5,473 | | | | 0.4 | % | | | | 5,880 | | | | | 9,437 | | | | | 8,937 | | | | | 6,095 | | | | 0.7 | % |
| Total loans | | | | $ | 1,145,460 | | | | 100 | % | | | $ | 872,934 | | | | $ | 863,803 | | | | $ | 833,020 | | | | $ | 803,859 | | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| COMPOSITION OF DEPOSITS | | | | Mar 31, 2017 | | | Percent of Total | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 | | | Percent of Total |
| Noninterest bearing | | | | $ | 323,442 | | | | 20.6 | % | | | $ | 202,478 | | | | $ | 196,786 | | | | $ | 194,950 | | | | $ | 194,433 | | | | 18.7 | % |
| NOW and other | | | | | 661,300 | | | | 42.2 | % | | | | 430,903 | | | | | 465,404 | | | | | 466,118 | | | | | 493,319 | | | | 47.4 | % |
| Money Market/Savings | | | | | 304,292 | | | | 19.4 | % | | | | 182,793 | | | | | 187,228 | | | | | 174,740 | | | | | 169,733 | | | | 16.3 | % |
| Time Deposits of less than $250,000 | | | | | 212,352 | | | | 13.5 | % | | | | 162,797 | | | | | 163,739 | | | | | 148,049 | | | | | 139,917 | | | | 13.4 | % |
| Time Deposits of $250,000 or more | | | | | 67,111 | | | | 4.3 | % | | | | 60,220 | | | | | 58,632 | | | | | 48,506 | | | | | 43,703 | | | | 4.2 | % |
| Total Deposits | | | | $ | 1,568,497 | | | | 100 | % | | | $ | 1,039,191 | | | | $ | 1,071,789 | | | | $ | 1,032,363 | | | | $ | 1,041,105 | | | | 100 | % |
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| ASSET QUALITY DATA | | | | Mar 31, 2017 | | | | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 | | | |
| Nonaccrual loans | | | | $ | 4,955 | | | | | | | $ | 3,265 | | | | $ | 5,798 | | | | $ | 5,742 | | | | $ | 5,851 | | | | |
| Loans past due 90 days and over | | | | | 345 | | | | | | | | 198 | | | | | 420 | | | | | 267 | | | | | 628 | | | | |
| Total nonperforming loans | | | | | 5,300 | | | | | | | | 3,463 | | | | | 6,218 | | | | | 6,009 | | | | | 6,479 | | | | |
| Other real estate | | | | | 7,579 | | | | | | | | 6,008 | | | | | 4,670 | | | | | 4,716 | | | | | 4,363 | | | | |
| Nonaccrual securities | | | | | 408 | | | | | | | | 408 | | | | | 408 | | | | | 408 | | | | | 408 | | | | |
| Total nonperforming assets | | | | $ | 13,287 | | | | | | | $ | 9,879 | | | | $ | 11,296 | | | | $ | 11,133 | | | | $ | 11,250 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nonperforming assets to total assets | | | | | .75 | % | | | | | | | .77 | % | | | | .89 | % | | | | .91 | % | | | | .91 | % | | | |
| Nonperforming assets to total loans + ORE | | | | | 1.16 | % | | | | | | | 1.14 | % | | | | 1.31 | % | | | | 1.34 | % | | | | 1.40 | % | | | |
| ALLL to nonperforming loans | | | | | 147.42 | % | | | | | | | 216.86 | % | | | | 120.31 | % | | | | 120.80 | % | | | | 107.80 | % | | | |
| ALLL to total loans | | | | | .69 | % | | | | | | | .87 | % | | | | .88 | % | | | | .88 | % | | | | .88 | % | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarter-to-date net charge-offs (recoveries) | | | | $ | (284 | ) | | | | | | $ | 58 | | | | $ | (79 | ) | | | $ | (72 | ) | | | $ | (48 | ) | | | |
| Annualized QTD net chg/offs (recs) to loans | | | | | (0.10 | )% | | | | | | | 0.03 | % | | | | (0.04 | %) | | | | (0.03 | %) | | | | (0.02 | %) | | | |
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| FIRST BANCSHARES, INC and SUBSIDIARIES |
| Condensed Consolidated Financial Information (unaudited) |
| (in thousands) |
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| Yield | | | | Three Months Ended | | Three Months Ended | | | Three Months Ended | | | Three Months Ended | | | Three Months Ended |
| Analysis | | | | March 31, 2017 | | | December 31, 2016 | | | September 30, 2016 | | | June 30, 2016 | | | March 31, 2016 |
| | | | | | | 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 | | | | $ | 244,997 | | | $ | 1,534 | | | 2.50 | % | | | $ | 183,032 | | | $ | 997 | | | 2.18 | % | | | $ | 177,154 | | | $ | 965 | | | 2.18 | % | | | $ | 186,615 | | | $ | 1,034 | | | 2.22 | % | | | $ | 189,249 | | | $ | 1,056 | | | 2.23 | % |
Tax-exempt securities | | | | | 86,991 | | | | 895 | | | 4.12 | % | | | | 77,909 | | | | 715 | | | 3.67 | % | | | | 77,073 | | | | 704 | | | 3.65 | % | | | | 78,290 | | | | 721 | | | 3.68 | % | | | | 76,795 | | | | 693 | | | 3.61 | % |
Total investment securities | | | | | 331,988 | | | | 2,429 | | | 2.93 | % | | | | 260,941 | | | | 1,712 | | | 2.62 | % | | | | 254,227 | | | | 1,669 | | | 2.63 | % | | | | 264,905 | | | | 1,755 | | | 2.65 | % | | | | 266,044 | | | | 1,749 | | | 2.63 | % |
| Fed funds sold | | | | | 50,700 | | | | 124 | | | 0.98 | % | | | | 41,545 | | | | 45 | | | 0.43 | % | | | | 10,356 | | | | 25 | | | 0.97 | % | | | | 9,902 | | | | 27 | | | 1.09 | % | | | | 12,395 | | | | 30 | | | 0.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Int bearing deposits in other banks | | | | | 5,000 | | | | 2 | | | 0.16 | % | | | | 2,107 | | | | 3 | | | 0.57 | % | | | | 11,961 | | | | 16 | | | 0.54 | % | | | | 12,522 | | | | 20 | | | 0.64 | % | | | | 20,909 | | | | 20 | | | 0.38 | % |
| Loans | | | | | 1,117,110 | | | | 13,500 | | | 4.83 | % | | | | 856,798 | | | | 10,351 | | | 4.83 | % | | | | 836,931 | | | | 9,798 | | | 4.68 | % | | | | 809,806 | | | | 9,313 | | | 4.60 | % | | | | 779,418 | | | | 9,035 | | | 4.64 | % |
Total Interest earning assets | | | | | 1,504,798 | | | | 16,055 | | | 4.27 | % | | | | 1,161,391 | | | | 12,111 | | | 4.17 | % | | | | 1,113,475 | | | | 11,508 | | | 4.13 | % | | | | 1,097,135 | | | | 11,115 | | | 4.05 | % | | | | 1,078,766 | | | | 10,834 | | | 4.02 | % |
| Other assets | | | | | 208,640 | | | | | | | | | | 114,147 | | | | | | | | | | 119,559 | | | | | | | | | | 113,572 | | | | | | | | | | 117,562 | | | | | | |
| Total assets | | | | $ | 1,713,438 | | | | | | | | | $ | 1,275,538 | | | | | | | | | $ | 1,233,034 | | | | | | | | | $ | 1,210,707 | | | | | | | | | $ | 1,196,328 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | | $ | 1,149,287 | | | $ | 1,158 | | | 0.40 | % | | | $ | 844,101 | | | $ | 968 | | | 0.46 | % | | | $ | 850,442 | | | $ | 962 | | | 0.45 | % | | | $ | 843,771 | | | $ | 813 | | | 0.39 | % | | | $ | 777,692 | | | $ | 701 | | | 0.36 | % |
| Repo | | | | | 5,000 | | | | 48 | | | 3.84 | % | | | | 5,000 | | | | 48 | | | 3.84 | % | | | | 5,000 | | | | 49 | | | 3.92 | % | | | | 5,000 | | | | 48 | | | 3.84 | % | | | | 5,000 | | | | 48 | | | 3.84 | % |
| Fed funds purchased | | | | | 975 | | | | 2 | | | 0.82 | % | | | | 191 | | | | 1 | | | 2.09 | % | | | | 1,926 | | | | 5 | | | 1.04 | % | | | | 2,894 | | | | 8 | | | 1.11 | % | | | | 782 | | | | 2 | | | 1.02 | % |
| FHLB & FTN | | | | | 79,581 | | | | 326 | | | 1.64 | % | | | | 56,272 | | | | 98 | | | 0.70 | % | | | | 55,337 | | | | 106 | | | 0.77 | % | | | | 42,962 | | | | 93 | | | 0.87 | % | | | | 106,352 | | | | 143 | | | 0.54 | % |
| Subordinated | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| debentures | | | | | 10,310 | | | | 51 | | | 1.98 | % | | | | 10,310 | | | | 61 | | | 2.37 | % | | | | 10,310 | | | | 80 | | | 3.10 | % | | | | 10,310 | | | | 54 | | | 2.10 | % | | | | 10,310 | | | | 28 | | | 1.09 | % |
Total interest bearing liabilities | | | | | 1,245,153 | | | | 1,585 | | | 0.51 | % | | | | 915,874 | | | | 1,176 | | | 0.51 | % | | | | 923,015 | | | | 1,202 | | | 0.52 | % | | | | 904,937 | | | | 1,016 | | | 0.45 | % | | | | 900,136 | | | | 922 | | | 0.41 | % |
| Other liabilities | | | | | 311,101 | | | | | | | | | | 199,878 | | | | | | | | | | 198,889 | | | | | | | | | | 200,004 | | | | | | | | | | 191,914 | | | | | | |
| Shareholders' equity | | | | | 157,184 | | | | | | | | | | 159,786 | | | | | | | | | | 111,130 | | | | | | | | | | 105,766 | | | | | | | | | | 104,278 | | | | | | |
Total liabilities and shareholders' equity | | | | $ | 1,713,438 | | | | | | | | | $ | 1,275,538 | | | | | | | | | $ | 1,233,034 | | | | | | | | | $ | 1,210,707 | | | | | | | | | $ | 1,196,328 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| income (TE) | | | | | | | $ | 14,470 | | | 3.76 | % | | | | | | $ | 10,935 | | | 3.66 | % | | | | | | $ | 10,306 | | | 3.61 | % | | | | | | $ | 10,099 | | | 3.60 | % | | | | | | $ | 9,912 | | | 3.61 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest margin | | | | | | | 3.85 | % | | | | | | | | | 3.77 | % | | | | | | | | | 3.70 | % | | | | | | | | | 3.68 | % | | | | | | | | | 3.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core net interest margin* | | | | | | | | | | 3.82 | % | | | | | | | | | 3.61 | % | | | | | | | | | 3.66 | % | | | | | | | | | 3.67 | % | | | | | | | | | 3.66 | % |
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| FIRST BANCSHARES, INC and SUBSIDIARIES Reconcilement of Non-GAAP Financial Measures (unaudited) (in thousands except per share data) |
| | | | | | | Three Months Ended |
Per Common Share Data | | | | | | Mar 31, 2017 | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 |
| Book value per common share | | | | | | $ | 17.39 | | | | $ | 17.19 | | | | $ | 17.60 | | | | $ | 17.15 | | | | $ | 16.58 | |
| Effect of intangible assets per share | | | | | | | 2.82 | | | | | 1.73 | | | | | 2.87 | | | | | 2.98 | | | | | 2.91 | |
| Tangible book value per common share | | | | | | $ | 14.57 | | | | $ | 15.46 | | | | $ | 14.73 | | | | $ | 14.26 | | | | $ | 13.67 | |
| | | | | | | | | | | | | | | | | | | |
| Diluted earnings per share | | | | | | $ | 0.12 | | | | $ | 0.26 | | | | $ | 0.45 | | | | $ | 0.47 | | | | $ | 0.46 | |
| Effect of gain on debit card conversion, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | (0.03 | ) |
| Effect of gain on sale of bank premises, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | - | |
| Effect of BAE, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | - | |
| Effect of acquisition charges, after-tax | | | | | | | 0.25 | | | | | 0.04 | | | | | 0.03 | | | | | - | | | | | - | |
| Diluted earnings per share, operating | | | | | | $ | 0.37 | | | | $ | 0.30 | | | | $ | 0.48 | | | | $ | 0.47 | | | | $ | 0.43 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | Three Months Ended |
| Average Balance Sheet Data | | | | | | Mar 31, 2017 | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 |
Total average assets | | | A | | | $ | 1,713,438 | | | | $ | 1,275,538 | | | | $ | 1,233,034 | | | | $ | 1,210,707 | | | | $ | 1,196,328 | |
| | | | | | | | | | | | | | | | | | | |
| Total equity | | | | | | $ | 157,184 | | | | $ | 159,786 | | | | $ | 111,130 | | | | $ | 105,766 | | | | $ | 104,278 | |
| Less preferred equity | | | | | | | - | | | | | 65,036 | | | | | 17,123 | | | | | 17,123 | | | | | 17,123 | |
Total common equity | | | B | | | | 157,184 | | | | | 94,750 | | | | | 94,007 | | | | | 88,643 | | | | | 87,155 | |
Less intangible assets | | | | | | | 22,375 | | | | | 15,638 | | | | | 15,660 | | | | | 15,758 | | | | | 15,858 | |
Tangible common equity | | | C | | | $ | 134,809 | | | | $ | 79,112 | | | | $ | 78,347 | | | | $ | 72,885 | | | | $ | 71,297 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | Three Months Ended |
| Core Net Interest Margin | | | | | | Mar 31, 2017 | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 |
| Net interest income (TE) | | | | | | $ | 14,470 | | | | $ | 10,935 | | | | $ | 10,306 | | | | $ | 10,099 | | | | $ | 9,912 | |
| Less purchase accounting adjustments | | | | | | | 96 | | | | | 429 | | | | | 92 | | | | | 20 | | | | | 22 | |
Net interest income, net of purchase accounting adj | | | D | | | $ | 14,374 | | | | $ | 10,506 | | | | $ | 10,214 | | | | $ | 10,079 | | | | $ | 9,890 | |
| | | | | | | | | | | | | | | | | | | |
| Total average earning assets | | | | | | $ | 1,504,798 | | | | $ | 1,161,391 | | | | $ | 1,113,475 | | | | $ | 1,097,135 | | | | $ | 1,078,766 | |
| Add average balance of loan valuation discount | | | | | | | 2,159 | | | | | 1,358 | | | | | 1,484 | | | | | 1,504 | | | | | 1,526 | |
Avg earning assets, excluding loan valuation discount | | | E | | | $ | 1,506,957 | | | | $ | 1,162,749 | | | | $ | 1,114,959 | | | | $ | 1,098,639 | | | | $ | 1,080,292 | |
| | | | | | | | | | | | | | | | | | | |
Core net interest margin | | | D/E | | | | 3.82 | % | | | | 3.61 | % | | | | 3.66 | % | | | | 3.67 | % | | | | 3.66 | % |
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| | | | | | | Three Months Ended |
| Return Ratios | | | | | | Mar 31, 2017 | | | Dec 31, 2016 | | | Sept 30, 2016 | | | June 30, 2016 | | | Mar 31, 2016 |
Net earnings | | | F | | | $ | 1,122 | | | | $ | 2,307 | | | | $ | 2,558 | | | | $ | 2,649 | | | | $ | 2,604 | |
| Dividends and accretion on preferred stock | | | | | | | - | | | | | 195 | | | | | 86 | | | | | 86 | | | | | 85 | |
| Net earnings available to common shareholders | | | | | | | 1,122 | | | | | 2,112 | | | | | 2,472 | | | | | 2,563 | | | | | 2,519 | |
| Gain on debit card conversion, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | (189 | ) |
| Gain on sale of premises and equipment, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | - | |
| BAE, after-tax | | | | | | | - | | | | | - | | | | | - | | | | | - | | | | | - | |
| Acquisition charges, after-tax | | | | | | | 2,261 | | | | | 282 | | | | | 146 | | | | | - | | | | | - | |
Net earnings available to common shareholders, oper | | | G | | | $ | 3,383 | | | | $ | 2,394 | | | | $ | 2,618 | | | | $ | 2,563 | | | | $ | 2,330 | |
| | | | | | | | | | | | | | | | | | | |
Annualized return on avg assets | | | F/A | | | | .26 | % | | | | .72 | % | | | | .83 | % | | | | .88 | % | | | | .87 | % |
Annualized return on avg assets, oper | | | G/A | | | | .79 | % | | | | .75 | % | | | | .85 | % | | | | .85 | % | | | | .78 | % |
Annualized return on avg common equity, oper | | | G/B | | | | 8.61 | % | | | | 10.11 | % | | | | 11.14 | % | | | | 11.57 | % | | | | 10.69 | % |
Annualized return on avg tangible common equity, oper | | | G/C | | | | 10.04 | % | | | | 12.10 | % | | | | 13.37 | % | | | | 14.07 | % | | | | 13.07 | % |
| | | | | | | | | | | | | | | | | | | |
| Mortgage Department | | | | | | | | | | | | | | | | | | |
| Net Interest Income after provision for loan losses | | | | | | $ | 253 | | | | $ | 48 | | | | $ | 24 | | | | $ | 59 | | | | $ | 125 | |
| Loan fee income | | | | | | | 916 | | | | | 1,204 | | | | | 1,399 | | | | | 1,184 | | | | | 645 | |
| Other non-interest income | | | | | | | - | | | | | 1 | | | | | 1 | | | | | 3 | | | | | 2- | |
| Salaries and employee benefits | | | | | | | 806 | | | | | 783 | | | | | 805 | | | | | 724 | | | | | 563 | |
| Other non-interest expense | | | | | | | 114 | | | | | 144 | | | | | 124 | | | | | 110 | | | | | 90 | |
| Earnings before income taxes | | | | | | $ | 249 | | | | $ | 326 | | | | $ | 495 | | | | $ | 412 | | | | $ | 119 | |
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Certain financial information included in the earnings release and the associated Condensed Consolidated Financial Information (unaudited) is determined by methods other than in accordance with GAAP.
We use non-GAAP measures because we believe they are useful for evaluating our financial condition with a meaningful measure for assessing our financial condition as well as comparison to financial results for prior periods. These results should not be viewed as a substitute for results determined in accordance with GAAP, and are necessarily comparable to non-GAAP performance measures that other companies may use.
CONTACT:
The First Bancshares, Inc.
M. Ray “Hoppy” Cole, 601-268-8998
Chief Executive Officer
or
Dee Dee Lowery, 601-268-8998
Chief Financial Officer
