HATTIESBURG, Miss.--(BUSINESS WIRE)--July 22, 2019--The First Bancshares, Inc. (NASDAQ:FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders of $12.0 million for the quarter ended June 30, 2019, an increase of $6.7 million or 128.5%, compared to $5.2 million for the quarter ended June 30, 2018, and an increase of $4.3 million, or 56.9%, compared to $7.6 million for the first quarter of 2019. Operating net earnings increased 61.8%, or $4.6 million, for the quarter ended June 30, 2019, totaling $12.1 million for the second quarter of 2019 as compared to $7.5 million for the second quarter of 2018, and increased $2.1 million, or 21.4%, as compared to $9.9 million for the first quarter of 2019. Operating net earnings for the second quarter of 2019 excludes merger-related costs of $0.1 million, net of tax. Operating net earnings for the second quarter of 2018 excludes merger-related costs of $2.9 million, net of tax, and income in the form of financial assistance grant from the U. S. Department of $0.7 million, net of tax. Operating net earnings for the first quarter of 2019 exclude merger-related costs of $2.5 million, net of tax and income in the form of an award from the U. S. Department of Treasury of $0.2 million, net of tax.
For the second quarter of 2019, fully diluted earnings per share were $0.69, compared to $0.40 for the second quarter of 2018 and $0.48 for the first quarter of 2019. Excluding the impact of the merger-related costs and income described above, fully diluted operating earnings per share for the second quarter of 2019 were $0.70 as compared to $0.57 for the second quarter of 2018, and $0.63 for the first quarter of 2019. Fully diluted earnings per share for the second quarter of 2019 include the purchase of 143,566 shares related to the Company’s recently announced $20 million share repurchase program. Fully diluted earnings per share for first quarter of 2019 include the issuance of 2,377,501 shares of our common stock in connection with the acquisition of FPB Financial Corp (“FPB”). Fully diluted earnings per share for second quarter of 2018 include the issuance of 726,461 shares of our common stock in connection with the acquisition of Sunshine Financial, Inc. (“Sunshine”).
M. Ray “Hoppy” Cole, President and Chief Executive Officer, commented, “We are very pleased with our second quarter results. Our team has been focused on integrating our multiple acquisitions over the last year. The overall improved performance and the substantial increase in profitability reflects our team’s hard work and the successful integration of the recent acquisitions. We are excited about the prospects for continued growth that our multi state regional footprint provides in addition to the scale and synergies generated by increased size and geographic diversification.”
Balance Sheet
Consolidated assets decreased $60.4 million to $3.473 billion at June 30, 2019 from $3.533 billion at March 31, 2019 primarily related to decreased deposits due to the seasonality of the public fund portfolio.
Total loans were $2.352 billion at June 30, 2019, as compared to $2.335 billion at March 31, 2019, and $1.710 billion at June 30, 2018, representing increases of $16.7 million or 0.7%, and $641.7 million or 37.5%, respectively. The acquisitions of FMB Banking Corporation (“FMB”) and FPB accounted for $541.3 million, net of fair value marks, of the total increase in loans as compared to the second quarter of 2018.
Total deposits were $2.831 billion at June 30, 2019, as compared to $2.914 billion at March 31, 2019, and $2.097 billion at June 30, 2018, representing a decrease of $83.1 million or 2.9% for the sequential quarter comparison, and an increase of $734.0 million or 35.0%, as compared to June 30, 2018. The acquisitions of FMB and FPB accounted for $734.2 million of the total increase in deposits as compared to June 30, 2018. The decrease in deposits of $83.1 million during the second quarter of 2019 was largely due to decreases in public fund deposits of $49.9 million, which is attributable to the seasonality of public funds.
Asset Quality
Nonperforming assets totaled $38.0 million at June 30, 2019, a decrease of $1.2 million compared to $39.2 million at March 31, 2019 and an increase of $20.1 million compared to June 30, 2018. The majority of the increase in the year-over-year comparison was related to acquired loans. The ratio of the allowance for loan and leases losses (ALLL) to total loans was 0.51% at June 30, 2019, 0.48% at March 31, 2019 and 0.56% at June 30, 2018. The ratio of annualized net charge-offs (recoveries) to total loans was (0.01%) for the quarter ended June 30, 2019 compared to (0.008%) for the quarter ended March 31, 2019 and 0.003% for the quarter ended June 30, 2018.
Second Quarter 2019 vs. Second Quarter 2018 Earnings Comparison
Net income available to common shareholders for the second quarter of 2019 totaled $12.0 million compared to $5.2 million for the second quarter of 2018, an increase of $6.7 million or 128.5%.
Operating net earnings for the second quarter of 2019 totaled $12.1 million compared to $7.5 million for the second quarter of 2018, an increase of $4.6 million or 61.8%. The calculation of operating net earnings excludes the merger-related costs for each quarter and the income for the second quarter of 2018 as discussed above.
Net interest income for the second quarter of 2019 was $30.8 million, an increase of $9.2 million when compared to the second quarter of 2018. The increase was due to interest income earned on a higher volume of loans as well as increased interest rates. Fully tax equivalent (“FTE”) net interest income totaled $31.0 million and $21.8 million for the second quarter of 2019 and 2018, respectively. FTE net interest income increased $9.2 million in the prior year quarterly comparison due to increased loan volume as well as increased interest rates. Purchase accounting adjustments accounted for $1.1 million of the difference in net interest income for the second quarter comparisons. Second quarter 2019 FTE net interest margin of 4.07% included 23 basis points related to purchase accounting adjustments compared to 3.92% for the same quarter in 2018, which included 10 basis points related to purchase accounting adjustments.
Non-interest income increased $1.1 million for the second quarter of 2019 as compared to the second quarter of 2018 due to increased service charges and interchange fee income of $1.1 million primarily based on the increased deposit base due to the acquisitions. Non-interest income for the second quarter of 2018 included the Financial Assistance Award of $0.90 million from the U.S. Department of the Treasury as a result of our designation as a Community Development Financial Institution.
Second quarter 2019 non-interest expense was $20.9 million, an increase of $1.2 million, or 6.2% as compared to the second quarter of 2018. Excluding the decrease in acquisition charges of $3.7 million for the second quarter of 2019, non-interest expense increased $5.0 million in the second quarter of 2019, of which $3.8 million was attributable to the operations of FMB and FPB, as compared to second quarter of 2018.
Investment securities totaled $622.8 million, or 17.9% of total assets at June 30, 2019, versus $453.3 million, or 18.3% of total assets at June 30, 2018. The average balance of investment securities increased $175.6 million in prior year quarterly comparison, primarily as a result of the acquisitions. The average tax equivalent yield on investment securities increased 32 basis points to 3.40% from 3.08% in prior year quarterly comparison. The investment portfolio had a net unrealized gain of $12.6 million at June 30, 2019 as compared to a net unrealized loss of $6.0 million at June 30, 2018.
The FTE average yield on all earning assets increased 42 basis points in prior year quarterly comparison, from 4.54% for the second quarter of 2018 to 4.96% for the second quarter of 2019. Average interest expense increased 37 basis points from 0.79% for the second quarter of 2018 to 1.16% for the second quarter of 2019 due primarily to increased interest-bearing deposit accounts and rising interest rates. Cost of all deposits averaged 77 basis points for the second quarter of 2019 compared to 48 basis points for the second quarter of 2018.
Second Quarter 2019 vs First Quarter 2019 Earnings Comparison
Net income available to common shareholders for the second quarter of 2019 increased $4.3 million, or 56.9% to $12.0 million compared to $7.6 million for the first quarter of 2019. For the second quarter of 2019, fully diluted earnings per share were $0.69, compared to $0.48 for the first quarter of 2019.
Operating net earnings for the second quarter of 2019 compared to the first quarter of 2019 increased $2.1 million or 21.4% from $9.9 million to $12.1 million. Operating net earnings exclude the merger-related costs for the second quarter of 2019 as discussed above. Operating net earnings for the first quarter of 2019 exclude merger-related costs and income discussed above. Excluding the impact of the merger-related costs and other items described above, fully diluted operating earnings per share for the second quarter of 2019 were $0.70 as compared to $0.63 for the first quarter of 2019.
Net interest income for the second quarter of 2019 was $30.8 million as compared to $27.1 million for the first quarter of 2019, an increase of $3.6 million. FTE net interest income increased $3.7 million to $31.0 million from $27.4 million in sequential-quarter comparison. The increase was due to increased loan volume as well as increased interest rates on both sides of the balance sheet. Interest income from purchase accounting adjustments increased $0.5 million in sequential quarter comparison. Second quarter 2019 FTE net interest margin of 4.07% included 23 basis points related to purchase accounting adjustments compared to 3.89% for the first quarter in 2019, which included 18 basis points related to purchase accounting adjustments.
Investment securities totaled $622.8 million, or 17.9% of total assets at June 30, 2019, versus $620.5 million, or 17.6% of total assets at March 31, 2019. The average balance of investment securities increased $68.9 million in sequential-quarter comparison, primarily as a result of the acquisition of FPB. The average tax equivalent yield on investment securities increased 8 basis points to 3.40% from 3.32% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $12.6 million at June 30, 2019 as compared to a net unrealized gain of $5.5 million at March 31, 2019.
The FTE average yield on all earning assets increased in sequential-quarter comparison from 4.76% to 4.96%. Average interest expense increased 4 basis points from 1.12% for the first quarter of 2019 to 1.16% for the second quarter of 2019 due primarily to increased interest-bearing deposit accounts. Cost of all deposits averaged 77 basis points for the second quarter of 2019 compared to 74 basis points for the first quarter of 2019. Public funds decreased $49.9 million at June 30, 2019 as compared to March 31, 2019.
Non-interest income excluding the award from the U. S. Department of the Treasury increased $1.4 million in sequential-quarter comparison resulting from increased mortgage income and interchange fee income. Non-interest income for the first quarter of 2019 included the Bank Enterprise Award received from the U. S. Department of the Treasury for $0.23 million.
Non-interest expense for the second quarter of 2019 was $20.9 million compared to $21.9 million for the first quarter of 2019. Excluding acquisition charges for each quarter, non-interest expense increased $2.1 million in sequential-quarter comparison, of which $1.4 million is attributable to the operations of FPB acquired in the first quarter.
Year-to-Date Earnings Comparison
In year-over-year comparison, net income available to common shareholders increased $10.4 million, or 113.2%, from $9.2 million for the six months ended June 30, 2018 to $19.6 million for the same period ended June 30, 2019. Operating net earnings increased $8.5 million or 62.9% from $13.5 million for the six months ended June 30, 2018 to $22.0 million for the same period June 30, 2019. Operating net earnings excludes merger-related costs of $2.5 million, net of tax, and treasury income of $0.2 million, net of tax, for the year-to-date period ended June 30, 2019, and merger-related costs of $4.3 million, net of tax, and treasury income of $0.7 million, net of tax, for the year-to-date period ended June 30, 2018.
Net interest income increased $20.0 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans as well as increased rates on both sides of the balance sheet.
Non-interest income was $12.3 million at June 30, 2019, an increase of $3.2 million in year-over-year comparison consisting of increases in service charges on deposit accounts, interchange fee income, mortgage income, as well as other charges and fees.
Non-interest expense was $42.8 million at June 30, 2019, an increase of $8.5 million in year-over-year comparison of which $8.1 million is related to the acquisition and operations of both Farmers & Merchants Bank and Florida Parishes Bank.
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a cash dividend of $0.08 per share to be paid on its common stock on August 23, 2019 to shareholders of record as of the close of business on August 9, 2019.
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, Florida and Georgia. The Company’s stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes operating net earnings, operating earnings per share, fully tax equivalent net interest income, total tangible common equity, tangible book value per common share and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).
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; interest rate risk; legislation or regulatory changes which adversely affect the ability of the consolidated Company to conduct business combinations or new operations; and risks that the anticipated benefits from the transactions with Southwest, Sunshine, FMB and FPB are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events. These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, which are available on the SEC’s website, http://www.sec.gov. 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.
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
EARNINGS DATA | Quarter Ended
6/30/19 | Quarter
Ended 3/31/19 | Quarter
Ended
12/31/18 | Quarter
Ended
9/30/18 | Quarter
Ended
6/30/18 |
Total Interest Income | $ 37,571 | $ 33,273 | $ 30,555 | $ 25,628 | $ 25,037 |
Total Interest Expense | 6,799 | 6,142 | 5,285 | 3,959 | 3,468 |
Net Interest Income | 30,772 | 27,131 | 25,270 | 21,669 | 21,569 |
FTE net interest income* | 31,040 | 27,388 | 25,524 | 21,925 | 21,826 |
Provision for loan losses | 791 | 1,123 | 574 | 412 | 857 |
Non-interest income | 6,716 | 5,554 | 6,396 | 5,074 | 5,632 |
Non-interest expense | 20,891 | 21,893 | 22,249 | 19,786 | 19,680 |
Earnings before income taxes | 15,806 | 9,669 | 8,843 | 6,545 | 6,664 |
Income tax expense | 3,823 | 2,034 | 1,982 | 1,383 | 1,419 |
Net income available to common shareholders | $ 11,983 | $ 7,635 | $ 6,861 | $ 5,162 | $ 5,245 |
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PER COMMON SHARE DATA | | | | | |
Basic earnings per share | $ 0.70 | $ 0.49 | $ 0.48 | $ 0.39 | $ 0.40 |
Diluted earnings per share | 0.69 | 0.48 | 0.48 | 0.39 | 0.40 |
Diluted earnings per share, operating* | 0.70 | 0.63 | 0.64 | 0.61 | 0.57 |
Quarterly dividends per share | .08 | .07 | .05 | .05 | .05 |
Book value per common share at end of period | 27.22 | 26.30 | 24.49 | 22.09 | 21.88 |
Tangible book value per common share at period end* | 18.72 | 17.79 | 16.88 | 17.10 | 16.82 |
Market price at end of period | 30.34 | 30.90 | 30.91 | 39.05 | 36.80 |
Shares outstanding at period end | 17,129,915 | 17,272,731 | 14,830,598 | 13,074,516 | 13,065,953 |
Weighted average shares outstanding: | | | | | |
Basic | 17,182,049 | 15,646,476 | 14,247,555 | 13,072,455 | 13,065,953 |
Diluted | 17,311,626 | 15,770,622 | 14,371,562 | 13,192,207 | 13,167,969 |
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AVERAGE BALANCE SHEET DATA | | | | | |
Total assets | $3,460,394 | $3,181,761 | $2,812,212 | $2,470,607 | $2,443,176 |
Loans and leases | 2,337,583 | 2,167,495 | 1,959,179 | 1,720,884 | 1,696,737 |
Total deposits | 2,862,653 | 2,599,842 | 2,296,966 | 2,069,910 | 2,115,661 |
Total common equity | 454,965 | 390,217 | 328,250 | 284,839 | 274,535 |
Total tangible common equity* | 308,303 | 262,553 | 222,402 | 219,077 | 217,092 |
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SELECTED RATIOS | | | | | |
Annualized return on avg assets | 1.39% | 0.96% | 0.98% | 0.84% | 0.86% |
Annualized return on avg assets, operating* | 1.39% | 1.25% | 1.30% | 1.30% | 1.22% |
Annualized return on avg common equity, operating* | 10.60% | 10.18% | 11.14% | 11.26% | 10.85% |
Annualized return on avg tangible common equity, oper* | 15.64% | 15.13% | 16.44% | 14.64% | 13.72% |
Average loans to average deposits | 81.66% | 83.37% | 85.29% | 83.14% | 80.20% |
FTE Net Interest Margin* | 4.07% | 3.89% | 4.08% | 3.97% | 3.92% |
Efficiency Ratio | 55.33% | 66.46% | 69.69% | 73.28% | 71.67% |
Efficiency Ratio, operating* | 55.09% | 57.21% | 59.06% | 58.76% | 59.69% |
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CREDIT QUALITY | | | | | |
Allowance for loan losses (ALLL) as a % of total loans | 0.51% | 0.48% | 0.49% | 0.56% | 0.56% |
Nonperforming assets to tangible equity + ALLL | 11.42% | 12.32% | 13.17% | 10.05% | 7.88% |
Nonperforming assets to total loans + OREO | 1.61% | 1.67% | 1.66% | 1.33% | 1.04% |
Annualized QTD net charge-offs (recoveries) to total loans | (0.01%) | (0.008%) | 0.02% | 0.03% | 0.003% |
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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 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30, 2018 |
Assets | | | | | |
Cash and cash equivalents | $ | 165,984 | $ | 248,576 | $ | 159,107 | $ | 122,371 | $ | 120,425 |
Securities available-for-sale | | 598,607 | | 598,796 | | 492,701 | | 424,940 | | 437,011 |
Securities held-to-maturity | | 6,396 | | 6,397 | | 6,000 | | 6,000 | | 6,000 |
Other investments | | 17,819 | | 15,298 | | 16,227 | | 13,104 | | 10.320 |
Total investment securities | | 622,822 | | 620,491 | | 514,928 | | 444,044 | | 453,331 |
Loans held for sale | | 8,597 | | 6,238 | | 4,838 | | 4,269 | | 5,914 |
Total loans | | 2,351,998 | | 2,335,348 | | 2,060,422 | | 1,748,483 | | 1,710,271 |
Allowance for loan losses | | (12,091) | | (11,235) | | (10,065) | | (9,765) | | (9,512) |
Loans, net | | 2,339,907 | | 2,324,113 | | 2,050,357 | | 1,738,718 | | 1,700,759 |
Premises and equipment | | 97,115 | | 94,624 | | 74,783 | | 62,342 | | 62,289 |
Other Real Estate Owned | | 11,205 | | 11,588 | | 10,869 | | 8,453 | | 7,890 |
Goodwill and other intangibles | | 145,649 | | 147,150 | | 112,916 | | 65,238 | | 66,105 |
Other assets | | 81,305 | | 80,199 | | 76,188 | | 66,355 | | 64,976 |
Total assets | $ | 3,472,584 | $ | 3,532,979 | $ | 3,003,986 | $ | 2,511,790 | $ | 2,481,689 |
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Liabilities and Shareholders’ Equity | | | | | |
Non-interest bearing deposits | $ | 645,838 | $ | 655,900 | $ | 570,148 | $ | 430,430 | $ | 459,402 |
Interest-bearing deposits | | 2,185,362 | | 2,258,418 | | 1,887,311 | | 1,616,016 | | 1,637,833 |
Total deposits | | 2,831,200 | | 2,914,318 | | 2,457,459 | | 2,046,446 | | 2,097,235 |
Borrowings | | 71,250 | | 61,750 | | 85,500 | | 85,508 | | 10,516 |
Subordinated debentures | | 80,600 | | 80,561 | | 80,521 | | 75,117 | | 75,192 |
Other liabilities | | 23,253 | | 22,003 | | 17,252 | | 15,921 | | 12,920 |
Total liabilities | | 3,006,303 | | 3,078,632 | | 2,640,732 | | 2,222,992 | | 2,195,863 |
Total shareholders’ equity | | 466,281 | | 454,347 | | 363,254 | | 288,798 | | 285,826 |
Total liabilities and shareholders’ equity | $ | 3,472,584 | $ | 3,532,979 | $ | 3,003,986 | $ | 2,511,790 | $ | 2,481,689 |
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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 |
6/30/19 | 3/31/19 | 12/31/18 | 9/30/18 | 6/30/18 |
Interest Income: | | | | | |
Loans, including fees | $ | 30,912 | $ | 27,569 | $ | 25,184 | $ | 21,824 | $ | 21,155 |
Investment securities | | 5,017 | | 4,339 | | 3,785 | | 3,126 | | 3,181 |
Accretion of purchase accounting adjustments | | 1,552 | | 1,235 | | 1,532 | | 583 | | 559 |
Other interest income | | 90 | | 130 | | 54 | | 95 | | 142 |
Total interest income | | 37,571 | | 33,273 | | 30,555 | | 25,628 | | 25,037 |
Interest Expense: | | | | | |
Deposits | | 5,377 | | 4,275 | | 3,506 | | 2,740 | | 2,498 |
Borrowings | | 288 | | 546 | | 482 | | 52 | | 147 |
Subordinated debentures | | 1,188 | | 1,233 | | 1,179 | | 1,125 | | 774 |
Accretion of purchase accounting adjustments | | (54) | | 88 | | 118 | | 42 | | 49 |
Total interest expense | | 6,799 | | 6,142 | | 5,285 | | 3,959 | | 3,468 |
Net interest income | | 30,772 | | 27,131 | | 25,270 | | 21,669 | | 21,569 |
Provision for loan losses | | 791 | | 1,123 | | 574 | | 412 | | 857 |
Net interest income after provision for loan losses | | 29,981 | | 26,008 | | 24,696 | | 21,257 | | 20,712 |
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Non-interest Income: | | | | | |
Service charges on deposit accounts | | 1,918 | | 1,831 | | 1,887 | | 1,538 | | 1,341 |
Mortgage Income | | 1,559 | | 909 | | 969 | | 1,066 | | 1,213 |
Interchange Fee Income | | 2,045 | | 1,652 | | 1,527 | | 1,180 | | 1,500 |
Gain (loss) on securities, net | | 36 | | 38 | | 334 | | - | | (5) |
Financial Assistance Award/Bank Enterprise Award | | - | | 233 | | 950 | | 233 | | 917 |
Other charges and fees | | 1,158 | | 891 | | 729 | | 1,057 | | 666 |
Total non-interest income | | 6,716 | | 5,554 | | 6,396 | | 5,074 | | 5,632 |
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Non-interest expense (benefit): | | | | | |
Salaries and employee benefits | | 11,615 | | 10,697 | | 10,336 | | 9,266 | | 9,502 |
Occupancy expense | | 2,532 | | 2,442 | | 2,281 | | 2,163 | | 2,034 |
FDIC premiums | | 426 | | (52) | | 369 | | 278 | | 368 |
Marketing | | 160 | | 175 | | 173 | | 60 | | 70 |
Amortization of core deposit intangibles | | 796 | | 716 | | 750 | | 349 | | 356 |
Other professional services | | 980 | | 920 | | 452 | | 847 | | 438 |
Acquisition charges | | 91 | | 3,179 | | 4,155 | | 4,059 | | 3,838 |
Other non-interest expense | | 4,291 | | 3,816 | | 3,733 | | 2,764 | | 3,074 |
Total Non-interest expense | | 20,891 | | 21,893 | | 22,249 | | 19,786 | | 19,680 |
Earnings before income taxes | | 15,806 | | 9,669 | | 8,843 | | 6,545 | | 6,664 |
Income tax expense | | 3,823 | | 2,034 | | 1,982 | | 1,383 | | 1,419 |
Net income available to common shareholders | $ | 11,983 | $ | 7,635 | $ | 6,861 | $ | 5,162 | $ | 5,245 |
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Diluted earnings per common share | $ | 0.69 | $ | 0.48 | $ | 0.48 | $ | 0.39 | $ | 0.40 |
Diluted earnings per common share, operating* | $ | 0.70 | $ | 0.63 | $ | 0.64 | $ | 0.61 | $ | 0.57 |
*See reconciliation of Non-GAAP financial measures | | | | | |
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FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) |
EARNINGS STATEMENT | Year to Date |
| 2019 | | 2018 | |
Interest Income: | | | | | |
Loans, including fees | | $ 58,482 | | $ 37,081 | |
Investment securities | | 9,356 | | 5,923 | |
Accretion of purchase accounting adjustments | | 2,787 | | 618 | |
Other interest income |
| 220 |
| 173 | |
Total interest income | | 70,845 | | 43,795 | |
Interest Expense: | | | | | |
Deposits | | 9,652 | | 4,338 | |
Borrowings | | 834 | | 529 | |
Subordinated debentures | | 2,421 | | 930 | |
Amortization of purchase accounting adjustments |
| 34 |
| 49 | |
Total interest expense |
| 12,941 |
| 5,846 | |
Net interest income | | 57,904 | | 37,949 | |
Provision for loan losses |
| 1,913 |
| 1,134 | |
Net interest income after provision for loan losses | | 55,991 | | 36,815 | |
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Non-interest Income: | | | | | |
Service charges on deposit accounts | | 3,750 | | 2,368 | |
Mortgage Income | | 2,469 | | 2,013 | |
Interchange Fee Income | | 3,697 | | 2,540 | |
Gain (loss) on securities, net | | 74 | | (5) | |
Financial Assistance Award/Bank Enterprise Award | | 233 | | 917 | |
Other charges and fees | | 2,047 | | 1,258 | |
Total non-interest income | | 12,270 | | 9,091 | |
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Non-interest expense: | | | | | |
Salaries and employee benefits | | 22,312 | | 17,291 | |
Occupancy expense | | 4,974 | | 3,680 | |
FDIC premiums | | 374 | | 735 | |
Marketing | | 335 | | 150 | |
Amortization of core deposit intangibles | | 1,513 | | 557 | |
Other professional services | | 1,900 | | 627 | |
Acquisition charges | | 3,270 | | 5,596 | |
Other non-interest expense |
| 8,108 |
| 5,641 | |
Total Non-interest expense |
| 42,786 |
| 34,277 | |
Earnings before income taxes | | 25,475 | | 11,629 | |
Income tax expense |
| 5,857 | | 2,427 | |
Net income available to common shareholders |
| $ 19,618 |
| $ 9,202 |
|
| | | |
| |
| | | |
| |
Diluted earnings per common share |
| $ 1.19 |
| $ 0.74 |
|
Diluted earnings per common share, operating* |
| $ 1.33 |
| $ 1.03 |
|
*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 | June 30,
2019 | Percent
of Total | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 | Percent
of Total |
Commercial, financial and agricultural | $ | 342,535 | 14.5% | $ | 340,333 | $ | 301,182 | $ | 246,401 | $ | 228,643 | 13.3% |
Real estate – construction | | 352,826 | 14.9% | | 348,788 | | 298,718 | | 251,240 | | 229,164 | 13.4% |
Real estate – commercial | | 881,831 | 37.4% | | 857,918 | | 776,880 | | 654,040 | | 658,096 | 38.3% |
Real estate – residential | | 713,350 | 30.2% | | 722,611 | | 617,804 | | 529,515 | | 546,120 | 31.8% |
Lease Financing Receivable | | 3,616 | 0.2% | | 3,060 | | 2,891 | | 2,659 | | 2,476 | 0.1% |
Obligations of States & subdivisions | | 17,192 | 0.7% | | 13,734 | | 16,941 | | 16,374 | | 10,627 | 0.6% |
Consumer | | 40,648 | 1.7% | | 48,904 | | 46,006 | | 48,254 | | 35,145 | 2.2% |
Loans held for sale | | 8,597 | 0.4% | | 6,238 | | 4,838 | | 4,269 | | 5,914 | 0.3% |
Total loans | $ | 2,360,595 | 100% | $ | 2,341,586 | $ | 2,065,260 | $ | 1,752,752 | $ | 1,716,185 | 100% |
| | | | | | | |
| | | | | | | |
COMPOSITION OF DEPOSITS | June 30,
2019 | Percent
of Total | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 | Percent
of Total |
Noninterest bearing | $ | 645,838 | 22.8% | $ | 655,900 | $ | 570,148 | $ | 430,430 | $ | 459,402 | 21.9% |
NOW and other | | 999,881 | 35.3% | | 1,062,112 | | 835,434 | | 705,851 | | 731,617 | 34.9% |
Money Market/Savings | | 645,611 | 22.8% | | 647,783 | | 566,276 | | 503,772 | | 519,516 | 24.7% |
Time Deposits of less than $250,000 | | 408,164 | 14.4% | | 414,281 | | 384,030 | | 321,619 | | 308,086 | 14.7% |
Time Deposits of $250,000 or more | | 131,706 | 4.7% | | 134,242 | | 101,571 | | 84,774 | | 78,614 | 3.8% |
Total Deposits | $ | 2,831,200 | 100% | $ | 2,914,318 | $ | 2,457,459 | $ | 2,046,446 | $ | 2,097,235 | 100% |
| | | | | | | |
| | | | | | | |
ASSET QUALITY DATA | June 30,
2019 | | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 | |
Nonaccrual loans | $ | 25,608 | | $ | 26,502 | $ | 21,895 | $ | 13,572 | $ | 8,440 | |
Loans past due 90 days and over | | 989 | | | 943 | | 1,325 | | 805 | | 940 | |
Total nonperforming loans | | 26,597 | | | 27,445 | | 23,220 | | 14,377 | | 9,380 | |
Other real estate owned | | 11,205 | | | 11,588 | | 10,869 | | 8,453 | | 7,890 | |
Nonaccrual securities | | 208 | | | 208 | | 208 | | 616 | | 616 | |
Total nonperforming assets | $ | 38,010 | | $ | 39,241 | $ | 34,297 | $ | 23,446 | $ | 17,886 | |
| | | | | | | |
Nonperforming assets to total assets | | 1.09% | | | 1.11% | | 1.14% | | 0.93% | | 0.72% | |
Nonperforming assets to total loans + OREO | | 1.61% | | | 1.67% | | 1.66% | | 1.33% | | 1.04% | |
ALLL to nonperforming loans | | 45.46% | | | 40.94% | | 43.35% | | 67.92% | | 101.41% | |
ALLL to total loans | | 0.51% | | | 0.48% | | 0.49% | | 0.56% | | 0.56% | |
| | | | | | | |
Quarter-to-date net charge-offs (recs) | $ | (65) | | $ | (47) | $ | 93 | $ | 151 | $ | 12 | |
Annualized QTD net chg-offs (recs) to loans | | (0.01%) | | | (0.008%) | | 0.02% | | 0.03% | | 0.003% | |
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| FIRST BANCSHARES, INC and SUBSIDIARIES |
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| Condensed Consolidated Financial Information (unaudited) |
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| (in thousands) |
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| Yield | Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| Three Months Ended |
| Analysis | June 30, 2019 |
| March 31, 2019 |
| December 31, 2018 |
| September 30, 2018 |
| June 30, 2018 |
|
| 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 |
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| |
| Taxable securities | $ 497,988 | $ 4,227 | 3.40% |
| $ 435,576 | $ 3,581 | 3.29% |
| $ 369,820 | $ 2,808 | 3.04% |
| $ 331,601 | $ 2,369 | 2.86% |
| $ 328,898 | $ 2,423 | 2.95% |
| Tax-exempt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| securities | 124,367 | 1,058 | 3.40% |
| 117,831 | 1,015 | 3.45% |
| 114,055 | 1,003 | 3.52% |
| 116,235 | 1,013 | 3.49% |
| 117,875 | 1,015 | 3.44% |
| Total investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| securities | 622,355 | 5,285 | 3.40% |
| 553,407 | 4,596 | 3.32% |
| 483,875 | 3,811 | 3.15% |
| 447,836 | 3,382 | 3.02% |
| 446,773 | 3,438 | 3.08% |
| FFS & Int bearing dep | - |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| in other banks | 89,936 | 90 | 0.40% |
| 94,778 | 130 | 0.55% |
| 57,655 | 282 | 1.96% |
| 42,174 | 95 | 0.90% |
| 85,321 | 142 | 0.67% |
| Loans | 2,337,583 | 32,464 | 5.56% |
| 2,167,495 | 28,804 | 5.32% |
| 1,959,179 | 26,716 | 5.45% |
| 1,720,884 | 22,407 | 5.21% |
| 1,696,737 | 21,714 | 5.12% |
| Total Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| earning assets | 3,049,874 | 37,839 | 4.96% |
| 2,815,680 | 33,530 | 4.76% |
| 2,500,709 | 30,809 | 4.93% |
| 2,210,894 | 25,884 | 4.68% |
| 2,228,831 | 25,294 | 4.54% |
| Other assets | 410,520 |
|
|
| 366,081 |
|
|
| 311,503 |
|
|
| 259,713 |
|
|
| 214,345 |
|
|
| Total assets | $ 3,460,394 |
|
|
| $ 3,181,761 |
|
|
| $ 2,812,212 |
|
|
| $ 2,470,607 |
|
|
| $ 2,443,176 |
|
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| |
| Interest-bearing |
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|
|
|
|
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|
|
|
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| liabilities: |
|
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|
| Deposits | $ 2,231,462 | $ 5,323 | 0.95% |
| $ 2,024,718 | $ 4,363 | 0.86% |
| $ 1,776,780 | $ 3,615 | 0.81% |
| $ 1,629,195 | $ 2,782 | 0.68% |
| $ 1,676,110 | $ 2,547 | 0.61% |
| Repo | - | - | 0.00% |
| - | - | 0.00% |
| - | - | 0.00% |
| - | - | 0.00% |
| - | - | 0.00% |
| Fed funds purchased | 5,450 | 30 | 2.20% |
| 150 | 5 | 13.33% |
| 1,455 | 18 | 4.95% |
| 1,893 | 27 | 5.71% |
| 1,382 | 9 | 2.60% |
| FHLB | 32,310 | 258 | 3.19% |
| 86,119 | 541 | 2.51% |
| 92,352 | 465 | 2.01% |
| 22,469 | 25 | 0.45% |
| 22,959 | 138 | 2.40% |
| Subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| debentures | 80,579 | 1,188 | 5.90% |
| 80,540 | 1,233 | 6.12% |
| 75,391 | 1,187 | 6.30% |
| 75,124 | 1,125 | 5.99% |
| 54,036 | 774 | 5.73% |
| Total interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| bearing liabilities | 2,349,801 | 6,799 | 1.16% |
| 2,191,527 | 6,142 | 1.12% |
| 1,945,978 | 5,285 | 1.09% |
| 1,728,681 | 3,959 | 0.92% |
| 1,754,487 | 3,468 | 0.79% |
| Other liabilities | 655,628 |
|
|
| 600,017 |
|
|
| 537,984 |
|
|
| 457,087 |
|
|
| 414,154 |
|
|
| Shareholders' equity | 454,965 |
|
|
| 390,217 |
|
|
| 328,250 |
|
|
| 284,839 |
|
|
| 274,535 |
|
|
| Total liabilities and |
|
|
|
|
|
|
|
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|
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|
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|
|
|
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| shareholders' |
|
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|
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|
|
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|
|
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|
|
| equity | $ 3,460,394 |
|
|
| $ 3,181,761 |
|
|
| $ 2,812,212 |
|
|
| $ 2,470,607 |
|
|
| $ 2,443,176 |
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
|
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|
| |
| Net interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| income (FTE)* |
| $ 31,040 | 3.81% |
|
| $ 27,388 | 3.64% |
|
| $ 25,524 | 3.84% |
|
| $ 21,925 | 3.77% |
|
| $ 21,826 | 3.75% |
|
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|
|
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| |
| Net interest margin (FTE)* |
| 4.07% |
|
|
| 3.89% |
|
|
| 4.08% |
|
|
| 3.97% |
|
|
| 3.92% |
|
|
|
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|
|
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|
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| |
| Core net interest |
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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| margin* |
|
| 3.84% |
|
|
| 3.71% |
|
|
| 3.84% |
|
|
| 3.86% |
|
|
| 3.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| *See reconciliation for Non-GAAP financial measures |
|
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|
FIRST BANCSHARES, INC and SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (unaudited) (in thousands except per share data) |
Three Months Ended |
Per Common Share Data | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Book value per common share | $ | 27.22 | $ | 26.30 | $ | 24.49 | $ | 22.09 | $ | 21.88 |
Effect of intangible assets per share | | 8.50 | | 8.51 | | 7.61 | | 4.99 | | 5.06 |
Tangible book value per common share | $ | 18.72 | $ | 17.79 | $ | 16.88 | $ | 17.10 | $ | 16.82 |
| | | | | |
Diluted earnings per share | $ | 0.69 | $ | 0.48 | $ | 0.48 | $ | 0.39 | $ | 0.40 |
Effect of acquisition charges | | 0.01 | | 0.21 | | 0.29 | | 0.31 | | 0.29 |
Tax on acquisition charges | | - | | (0.05) | | (0.07) | | (0.08) | | (0.07) |
Effect of gain on sale of securities | | - | | - | | (0.02) | | - | | - |
Tax on gain on sale | | - | | - | | .01 | | - | | - |
Effect of Treasury awards | | - | | (0.01) | | (0.07) | | (0.02) | | (0.07) |
Tax on Treasury awards | | - | | - | | 0.02 | | 0.01 | | 0.02 |
Diluted earnings per share, operating | $ | 0.70 | $ | 0.63 | $ | 0.64 | $ | 0.61 | $ | 0.57 |
| | | | | |
| | | | | |
| Year to Date |
| 2019 | | 2018 | |
Diluted earnings per share | | $ | 1.19 | | $ | 0.74 | |
Effect of acquisition charges | | | 0.19 | | | 0.45 | |
Tax on acquisition charges | | | (0.04) | | | (0.10) | |
Effect of gain on sale of securities | | | - | | | - | |
Tax on gain on sale | | | - | | | - | |
Effect of Treasury awards | | | (0.01) | | | (0.08) | |
Tax on Treasury awards | | | - | | | 0.02 | |
Diluted earnings per share, operating | | $ | 1.33 | | $ | 1.03 | |
| | | | | |
| | | | | |
| Year to Date |
| 2019 | | 2018 | |
Net income available to common shareholders | | $ | 19,618 | | $ | 9,202 | |
Acquisition charges | | | 3,270 | | | 5,596 | |
Tax on acquisition charges | | | (735) | | | (1,303) | |
Gain on sale of securities | | | - | | | - | |
Tax on gain on sale | | | - | | | - | |
Treasury awards | | | (233) | | | (917) | |
Tax on Treasury awards | | | 59 | | | 232 | |
Net earnings available to common shareholders, operating | | $ | 21,979 | | $ | 12,810 | |
| |
| Three Months Ended |
Average Balance Sheet Data | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Total average assets A | $ | 3,460,394 | $ | 3,181,761 | $ | 2,812,212 | $ | 2,470,607 | $ | 2,443,176 |
Total average earning assets B | | 3,049,874 | $ | 2,815,680 | $ | 2,500,709 | $ | 2,210,894 | $ | 2,228,831 |
| | ` | | | |
Common Equity C | $ | 454,965 | $ | 390,217 | $ | 328,250 | $ | 284,839 | $ | 274,535 |
Less intangible assets | | 146,662 | | 127,664 | | 105,848 | | 65,762 | | 57,443 |
Tangible common equity D | $ | 308,303 | $ | 262,553 | $ | 222,402 | $ | 219,077 | $ | 217,092 |
| |
| Three Months Ended |
Net Interest Income Fully Tax Equivalent | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Net interest income E | $ | 30,772 | $ | 27,131 | $ | 25,270 | $ | 21,669 | $ | 21,569 |
Tax-exempt investment income | | (790) | | (758) | | (749) | | (757) | | (758) |
Taxable investment income | | 1,058 | | 1,015 | | 1,003 | | 1,013 | | 1,015 |
Net Interest Income Fully Tax Equivalent F | $ | 31,040 | $ | 27,388 | $ | 25,524 | $ | 21,925 | $ | 21,826 |
| | | | | |
Annualized Net Interest Margin E/B | | 4.04% | | 3.85% | | 4.04% | | 3.92% | | 3.87% |
Annualized Net Interest Margin, Fully Tax Equivalent F/B | | 4.07% | | 3.89% | | 4.08% | | 3.97% | | 3.92% |
| | | | | |
| Three Months Ended |
Core Net Interest Margin | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Net interest income (FTE) | $ | 31,040 | $ | 27,388 | $ | 25,524 | $ | 21,925 | $ | 21,826 |
Less purchase accounting adjustments | | 1,607 | | 1,147 | | 1,414 | | 541 | | 510 |
Net interest income, net of purchase accounting adj G | $ | 29,433 | $ | 26,241 | $ | 24,110 | $ | 21,384 | $ | 21,316 |
| | | | | |
Total average earning assets | $ | 3,049,874 | $ | 2,815,680 | $ | 2,500,709 | $ | 2,210,894 | $ | 2,228,831 |
Add average balance of loan valuation discount | | 15,265 | | 13,869 | | 12,803 | | 6,836 | | 6,046 |
Avg earning assets, excluding loan valuation discount H | $ | 3,065,139 | $ | 2,829,549 | $ | 2,513,511 | $ | 2,217,730 | $ | 2,234,877 |
| | | | | |
Core net interest margin G/H | | 3.84% | | 3.71% | | 3.84% | | 3.86% | | 3.82% |
| | | | | |
| Three Months Ended |
Efficiency Ratio | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Operating Expense | | | | | |
Total non-interest expense | $ | 20,891 | $ | 21,893 | $ | 22,245 | $ | 19,786 | $ | 19,680 |
Pre-tax non-operating expenses | | (91) | | (3,179) | | (4,155) | | (4,059) | | (3,838) |
Adjusted Operating Expense I | $ | 20,800 | $ | 18,714 | $ | 18,090 | $ | 15,727 | $ | 15,842 |
| | | | | |
Operating Revenue | | | | | |
Net interest income, FTE | $ | 31,040 | $ | 27,388 | $ | 25,524 | $ | 21,925 | $ | 21,826 |
Total non-interest income | | 6,716 | | 5,554 | | 6,396 | | 5,074 | | 5,632 |
Pre-tax non-operating items | | - | | (233) | | (1,292) | | (233) | | (917) |
Adjusted Operating Revenue J | $ | 37,756 | $ | 32,709 | $ | 30,628 | $ | 26,766 | $ | 26,541 |
| | | | | |
Efficiency Ratio, operating I/J | | 55.09% | | 57.21% | | 59.06% | | 58.76% | | 59.69% |
| | | | | |
| Three Months Ended |
Return Ratios | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Sept 30,
2018 | June 30,
2018 |
Net income available to common shareholders K | $ | 11,983 | $ | 7,635 | $ | 6,861 | $ | 5,162 | $ | 5,245 |
Acquisition charges | | 91 | | 3,179 | | 4,155 | | 4,059 | | 3,838 |
Tax on acquisition charges | | (23) | | (712) | | (910) | | (1,027) | | (948) |
Gain on sale | | - | | - | | (342) | | - | | - |
Tax on gain on sale | | - | | - | | 86 | | - | | - |
Treasury awards | | - | | (233) | | (950) | | (233) | | (917) |
Tax on Treasury awards | | - | | 59 | | 242 | | 59 | | 232 |
Net earnings available to common shareholders, oper L | $ | 12,051 | $ | 9,928 | $ | 9,142 | $ | 8,020 | $ | 7,450 |
| | | | | |
Annualized return on avg assets K/A | | 1.39% | | 0.96% | | 0.98% | | 0.84% | | 0.86% |
Annualized return on avg assets, oper L/A | | 1.39% | | 1.25% | | 1.30% | | 1.30% | | 1.22% |
Annualized return on avg common equity, oper L/C | | 10.60% | | 10.18% | | 11.14% | | 11.26% | | 10.85% |
Annualized return on avg tangible common equity, oper L/D | | 15.64% | | 15.13% | | 16.44% | | 14.64% | | 13.72% |
| | | | | |
Mortgage Department | | | | | |
Net Interest Income after provision for loan losses | $ | 194 | $ | 176 | $ | 267 | $ | 154 | $ | 214 |
Loan fee income | | 1,559 | | 909 | | 969 | | 1,066 | | 1,213 |
Salaries and employee benefits | | 941 | | 823 | | 774 | | 855 | | 903 |
Other non-interest expense | | 140 | | 154 | | 124 | | 136 | | 127 |
Earnings before income taxes | $ | 672 | $ | 108 | $ | 338 | $ | 229 | $ | 397 |
