HATTIESBURG, Miss.--(BUSINESS WIRE)--January 21, 2020--The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter and fiscal year ended December 31, 2019 and an increase in the quarterly dividend.
Quarterly Earnings
Net income available to common shareholders totaled $11.9 million for the quarter ended December 31, 2019, an increase of $5.0 million, or 72.8%, compared to $6.9 million for the quarter ended December 31, 2018, and a decrease of $0.4 million, compared to the third quarter of 2019.
Operating net earnings increased 44.0%, or $4.0 million, for the quarter ended December 31, 2019, totaling $13.2 million as compared to $9.1 million for the fourth quarter of 2018, and increased $0.3 million, or 2.6%, as compared to $12.8 million for the third quarter of 2019. Operating net earnings for the fourth quarter of 2019 excludes merger-related costs of $1.8 million, net of tax and income in the form of financial assistance grant from the U. S. Department of Treasury of $0.5 million, net of tax. Operating net earnings for the fourth quarter of 2018 excludes merger-related costs of $3.2 million, net of tax, income in the form of financial assistance grant from the U. S. Department of Treasury of $0.7 million, net of tax, and income from the sale of securities of $0.3 million, net of tax. Operating net earnings for the third quarter of 2019 excludes merger-related costs of $0.6 million, net of tax.
Yearly Earnings
Net income available to common shareholders totaled $43.7 million for the fiscal year ended December 31, 2019, an increase of $22.5 million, or 106.1%, compared to $21.2 million for the fiscal year ended December 31, 2018.
Operating net earnings increased 59.9%, or $18.0 million for the fiscal year ended December 31, 2019, totaling $48.0 million as compared to $30.0 million for the fiscal year ended December 31, 2018. Operating net earnings for fiscal year 2019 excludes merger-related costs of $4.9 million, net of tax, and income in the form of financial assistance grant from the U. S. Department of Treasury of $0.7 million, net of tax. Operating net earnings for fiscal year 2018 excludes merger-related costs of $10.6 million, net of tax, income in the form of financial assistance grant from the U. S. Department of Treasury of $1.6 million, net of tax, and income from the sale of securities of $0.3 million, net of tax.
Earnings Per Share
For the fourth quarter of 2019, fully diluted earnings per share were $0.64, compared to $0.48 for the fourth quarter of 2018 and $0.71 for the third quarter of 2019.
Excluding the impact of the merger-related costs and income described above, fully diluted operating earnings per share for the fourth quarter of 2019 were $0.72 as compared to $0.64 for the fourth quarter of 2018, and $0.74 for the third quarter of 2019.
For the full year 2019, fully diluted earnings per share were $2.55, compared to $1.62 for the full year 2018, an increase of 57.4%.
Excluding the impact of the merger-related costs and other income items described above, fully diluted operating earnings per share for the year ended December 31, 2019 were $2.79 as compared to $2.29 for 2018, an increase of 21.8%.
Fully diluted earnings per share for 2019 include the issuance of 2,377,501 shares of our common stock during the first quarter of 2019 in association with the acquisition of FPB Financial Corp (“FPB”) and the issuance of 1,682,889 shares of our common stock during the fourth quarter of 2019 in association with the acquisition of First Florida Bancorp, Inc. (“FFB”). Fully diluted earnings per share for 2019 include the purchase by the Company of 143,566 shares of our common stock during the second quarter of 2019, 13,873 shares of our common stock during the third quarter of 2019 and 10,749 shares of our common stock during the fourth quarter of 2019 related to the Company’s share repurchase program.
Fully diluted earnings per share for 2018 include the issuance of 1,134,010 shares issued in connection with the acquisition of Southwest Bancshares, Inc. (“Southwest”) during the first quarter of 2018, 726,461 shares issued in connection with the acquisition of Sunshine Financial, Inc. (“Sunshine”) during the second quarter of 2018 and 1,763,036 shares issued in connection with the acquisition of FMB Banking Corporation (“FMB”) during the fourth quarter of 2018.
Highlights for the Quarter:
- On November 1, 2019, the Company closed its acquisition of First Florida Bancorp, Inc. (“FFB”), parent company of First Florida Bank, headquartered in Destin, FL. which added 7 locations servicing the areas of Destin, Fort Walton, Crestview and Panama City, Florida, and completed systems integration during the quarter.
- On December 18, 2019, the Company announced the signing of an Agreement and Plan of Merger with Southwest Georgia Financial Corporation (“SGB”), parent company of Southwest Georgia Bank, headquartered in Moultrie, GA. Upon completion, the acquisition will add 8 full service offices servicing the areas of Moultrie, Valdosta, Albany and Tifton, Georgia. The closing of the transaction is expected to occur in the second quarter of 2020 and is subject to customary closing conditions, including regulatory approvals and approval by the shareholders of SGB.
- Operating net earnings increased 59.9% to $48.0 million for the fiscal year ended December 31, 2019 as compared to fiscal year ended December 31, 2018.
- Operating net earnings increased 44.0% to $13.2 million for the quarter ended December 31, 2019 as compared to the fourth quarter of 2018.
M. Ray “Hoppy” Cole, President and Chief Executive Officer, commented, “Our team continues to execute on our strategic vision of creating a regional community bank that provides outstanding service to our clients and superior returns to our shareholders. The results of 2019 reflect that continued execution with 31.2% growth in total assets and a 21.8% increase in fully diluted operating earnings per share year over year. We are excited about the growth and profitability of our Company and look forward to the opportunities for continued growth that lie ahead.”
Balance Sheet
Consolidated assets increased $459.9 million to $3.942 billion at December 31, 2019 from $3.482 billion at September 30, 2019. The acquisition of FFB accounted for $401.6 million of the increase.
Total average loans were $2.513 billion for the quarter ended December 31, 2019, as compared to $2.343 billion for the quarter ended September 30, 2019, and $1.959 billion for the quarter ended December 31, 2018, representing an increase of $169.1 million, or 7.2%, for the sequential quarter comparison, and an increase of $553.3 million, or 28.2%, in prior year quarterly comparison. The acquisitions of FPB and FFB, accounted for $388.7 million, net of fair value marks, of the total increase in average loans as compared to the fourth quarter of 2018. Excluding the acquired loans, average loans increased $4.9 million for the sequential quarter comparison. Excluding the acquired loans, average loans increased $164.7 million, or 8.4% as compared to the quarter ended December 31, 2018.
Total average deposits were $2.963 billion for the quarter ended December 31, 2019, as compared to $2.766 billion for the quarter ended September 30, 2019, and $2.297 billion for the quarter ended December 31, 2018, representing an increase of $197.8 million, or 7.2%, for the sequential quarter comparison, and an increase of $666.6 million, or 29.0%, in prior year quarterly comparison. The acquisitions of FPB and FFB, accounted for $534.4 million of the total increase in average deposits as compared to the fourth quarter of 2018. Excluding the acquired deposits, average deposits decreased $40.8 million for the sequential quarter comparison. Excluding the acquired deposits, average deposits increased $132.2 million, or 5.8% as compared to the quarter ended December 31, 2018.
Asset Quality
Nonperforming assets totaled $48.4 million at December 31, 2019, an increase of $1.1 million compared to $47.3 million at September 30, 2019 and an increase of $11.0 million compared to $37.4 million at December 31, 2018. Nonaccrual loans and loans past due 90 days and over still accruing increased $14.8 million while other real estate decreased $3.6 million when comparing year end December 31, 2019 to year end December 31, 2018. Nonaccrual loans and loans past due 90 days and over still accruing increased $3.8 million while other real estate decreased $2.7 million for the linked quarter. The ratio of the allowance for loan and leases losses (ALLL) to total loans was 0.53% at December 31, 2019, 0.56% at September 30, 2019 and 0.49% at December 31, 2018. The ratio of annualized net charge-offs (recoveries) to total loans was (0.002%) for the quarter ended December 31, 2019 compared to 0.004% for the quarter ended September 30, 2019 and 0.02% for the quarter ended December 31, 2018.
Fourth Quarter 2019 vs. Fourth Quarter 2018 Earnings Comparison
Net income available to common shareholders for the fourth quarter of 2019 totaled $11.9 million compared to $6.9 million for the fourth quarter of 2018, an increase of $5.0 million or 72.8%.
Operating net earnings for the fourth quarter of 2019 totaled $13.2 million compared to $9.1 million for the fourth quarter of 2018, an increase of $4.0 million or 44.0%. The calculation of operating net earnings excludes the merger-related costs and the income for each quarter as discussed above.
Net interest income for the fourth quarter of 2019 was $33.4 million, an increase of $8.2 million when compared to the fourth quarter of 2018. The increase was due to interest income earned on a higher volume of loans. Fully tax equivalent (“FTE”) net interest income totaled $33.8 million and $25.5 million for the fourth quarter of 2019 and 2018, respectively. FTE net interest income increased $8.3 million in the prior year quarterly comparison due to increased loan volume. Purchase accounting adjustments accounted for $0.6 million of the difference in net interest income for the fourth quarter comparisons. Fourth quarter 2019 FTE net interest margin of 4.06% included 26 basis points related to purchase accounting adjustments compared to 4.08% for the same quarter in 2018, which included 24 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin decreased 4 basis points in prior year quarterly comparison.
Non-interest income increased $1.2 million for the fourth quarter of 2019 as compared to the fourth quarter of 2018 due to increased service charges and interchange fee income of $0.8 million, which increase is primarily attributable to the increase in our deposit base due to the acquisitions. Mortgage income increased $0.8 million in prior year quarterly comparison.
Fourth quarter 2019 non-interest expense was $25.0 million, an increase of $2.7 million, or 12.2% as compared to the fourth quarter of 2018. Excluding the decrease in acquisition charges of $1.9 million for the fourth quarter of 2019, non-interest expense increased $4.6 million in the fourth quarter of 2019, of which $3.1 million was attributable to the operations of FPB and FFB, as compared to fourth quarter of 2018.
Investment securities totaled $791.8 million, or 20.1% of total assets at December 31, 2019, versus $514.9 million, or 17.1% of total assets at December 31, 2018. The average balance of investment securities increased $260.8 million in prior year quarterly comparison, primarily as a result of the acquisitions. The average tax equivalent yield on investment securities decreased 9 basis points to 3.06% from 3.15% in prior year quarterly comparison. The investment portfolio had a net unrealized gain of $13.5 million at December 31, 2019 as compared to a net unrealized loss of $2.5 million at December 31, 2018.
The FTE average yield on all earning assets decreased 3 basis points in prior year quarterly comparison, from 4.93% for the fourth quarter of 2018 to 4.90% for the fourth quarter of 2019. Average interest expense increased 2 basis points from 1.09% for the fourth quarter of 2018 to 1.11% for the fourth quarter of 2019. Cost of all deposits averaged 73 basis points for the fourth quarter of 2019 compared to 68 basis points for the fourth quarter of 2018.
Fourth Quarter 2019 vs Third Quarter 2019 Earnings Comparison
Net income available to common shareholders for the fourth quarter of 2019 decreased $0.4 million to $11.9 million compared to $12.3 million for the third quarter of 2019. For the fourth quarter of 2019, fully diluted earnings per share were $0.64, compared to $0.71 for the third quarter of 2019.
Operating net earnings for the fourth quarter of 2019 compared to the third quarter of 2019 increased $0.4 million or 2.6% from $12.8 million to $13.2 million. Operating net earnings excludes the merger-related costs and the income discussed above. Fully diluted operating earnings per share for the fourth quarter of 2019 were $0.72 as compared to $0.74 for the third quarter of 2019.
Net interest income for the fourth quarter of 2019 was $33.4 million as compared to $30.5 million for the third quarter of 2019, an increase of $3.0 million. FTE net interest income increased $3.1 million to $33.8 million from $30.7 million in sequential-quarter comparison. Fourth quarter 2019 FTE net interest margin of 4.06% included 26 basis points related to purchase accounting adjustments compared to 4.05% for the third quarter in 2019, which included 19 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin decreased 6 basis points in sequential quarter comparison.
Investment securities totaled $791.8 million, or 20.1% of total assets at December 31, 2019, versus $640.8 million, or 18.4% of total assets at September 30, 2019. The average balance of investment securities increased $122.8 million in sequential-quarter comparison, primarily as a result of the acquisition of FFB. The average tax equivalent yield on investment securities decreased 18 basis points to 3.06% from 3.24% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $13.5 million at December 31, 2019 as compared to a net unrealized gain of $13.9 million at September 30, 2019.
The FTE average yield on all earning assets decreased in sequential-quarter comparison from 4.94% to 4.90%. Average interest expense decreased 6 basis points from 1.17% for the third quarter of 2019 to 1.11% for the fourth quarter of 2019. Cost of all deposits averaged 73 basis points for the fourth quarter of 2019 compared to 76 basis points for the third quarter of 2019.
Non-interest income increased $0.5 million in sequential-quarter comparison resulting from increased service charges on deposit accounts as well as income in the form of financial assistance grant from the U. S. Department of Treasury in the amount of $0.7 million offset partially by decreases in interchange fee income and other charges and fees.
Non-interest expense for the fourth quarter of 2019 was $25.0 million compared to $20.8 million for the third quarter of 2019. Excluding acquisition charges for each quarter, non-interest expense increased $2.5 million in sequential-quarter comparison, of which $1.3 million is attributable to the operations associated with FFB which was acquired in the fourth quarter.
Year-to-Date Earnings Comparison
In year-over-year comparison, net income available to common shareholders increased $22.5 million, or 106.1%, from $21.2 million for the twelve months ended December 31, 2018 to $43.7 million for the same period ended December 31, 2019. Operating net earnings increased $18.0 million or 59.9% from $30.0 million for the twelve months ended December 31, 2018 to $48.0 million for the same period ended December 31, 2019. Operating net earnings excludes merger-related costs of $4.9 million, net of tax, and financial assistance grants of $0.7 million, net of tax, for the year ended December 31, 2019, and merger-related costs of $10.6 million, net of tax, financial assistance grants of $1.6 million, net of tax, and gain on sale of securities of $0.3 million, net of tax, for the year ended December 31, 2018.
Net interest income increased $36.9 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans and securities.
Non-interest income was $26.9 million at December 31, 2019, an increase of $6.4 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 $88.6 million at December 31, 2019, an increase of $12.3 million in year-over-year comparison, of which $4.3 million is related to the operations of Southwest, Sunshine, FMB, FPB and FFB. The remaining increase of $8.0 million in expenses are related to increases in salaries and employee benefits of $3.7 million and increases in other expenses of $4.3 million.
Declaration of Cash Dividend
The Company announced that its Board of Directors declared a cash dividend of $0.10 per share to be paid on its common stock on February 21, 2020 to shareholders of record as of the close of business on February 7, 2020.
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 related to the proposed acquisition of SGB and the acquisitions of Southwest, Sunshine, FMB, FPB and FFB, including the risk that the proposed acquisition of SGB does not close when expected or at all because conditions to closing are not satisfied on a timely basis or at all, the terms of the proposed transactions with SGB need to be modified to satisfy such conditions, and that the anticipated benefits from the transactions with Southwest, Sunshine, FMB, FPB, FFB and SGB 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
12/31/19 | Quarter
Ended
9/30/19 | Quarter
Ended
6/30/19 | Quarter
Ended
3/31/19 | Quarter
Ended
12/31/18 |
Total Interest Income | $ 40,444 | $ 37,241 | $ 37,571 | $ 33,273 | $ 30,555 |
Total Interest Expense | 7,000 | 6,782 | 6,799 | 6,142 | 5,285 |
Net Interest Income | 33,444 | 30,459 | 30,772 | 27,131 | 25,270 |
FTE net interest income* | 33,847 | 30,739 | 31,040 | 27,388 | 25,524 |
Provision for loan losses | 850 | 974 | 791 | 1,123 | 574 |
Non-interest income | 7,574 | 7,103 | 6,716 | 5,554 | 6,396 |
Non-interest expense | 24,960 | 20,825 | 20,891 | 21,893 | 22,249 |
Earnings before income taxes | 15,208 | 15,763 | 15,806 | 9,669 | 8,843 |
Income tax expense | 3,353 | 3,491 | 3,823 | 2,034 | 1,982 |
Net income available to common shareholders | $ 11,855 | $ 12,272 | $ 11,983 | $ 7,635 | $ 6,861 |
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PER COMMON SHARE DATA | | | | | |
Basic earnings per share | $ 0.65 | $ 0.72 | $ 0.70 | $ 0.49 | $ 0.48 |
Diluted earnings per share | 0.64 | 0.71 | 0.69 | 0.48 | 0.48 |
Diluted earnings per share, operating* | 0.72 | 0.74 | 0.70 | 0.63 | 0.64 |
Quarterly dividends per share | .08 | .08 | .08 | .07 | .05 |
Book value per common share at end of period | 28.91 | 27.92 | 27.22 | 26.30 | 24.49 |
Tangible book value per common share at period end* | 18.87 | 19.39 | 18.72 | 17.79 | 16.88 |
Market price at end of period | 35.52 | 32.30 | 30.34 | 30.90 | 30.91 |
Shares outstanding at period end | 18,802,266 | 17,123,625 | 17,129,915 | 17,272,731 | 14,830,598 |
Weighted average shares outstanding: | | | | | |
Basic | 18,241,244 | 17,131,080 | 17,182,049 | 15,646,476 | 14,247,555 |
Diluted | 18,398,609 | 17,267,953 | 17,311,626 | 15,770,622 | 14,371,562 |
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AVERAGE BALANCE SHEET DATA | | | | | |
Total assets | $3,767,587 | $3,439,202 | $3,460,394 | $3,181,761 | $2,812,212 |
Loans and leases | 2,512,524 | 2,343,392 | 2,337,583 | 2,167,495 | 1,959,179 |
Total deposits | 2,963,603 | 2,765,816 | 2,862,653 | 2,599,842 | 2,296,966 |
Total common equity | 518,070 | 470,024 | 454,965 | 390,217 | 328,250 |
Total tangible common equity* | 346,742 | 324,619 | 308,303 | 262,553 | 222,402 |
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SELECTED RATIOS | | | | | |
Annualized return on avg assets | 1.26% | 1.43% | 1.39% | 0.96% | 0.98% |
Annualized return on avg assets, operating* | 1.40% | 1.49% | 1.39% | 1.25% | 1.30% |
Annualized return on avg common equity, operating* | 10.16% | 10.91% | 10.60% | 10.18% | 11.14% |
Annualized return on avg tangible common equity, oper* | 15.18% | 15.80% | 15.64% | 15.13% | 16.44% |
Average loans to average deposits | 84.78% | 84.73% | 81.66% | 83.37% | 85.29% |
FTE Net Interest Margin* | 4.06% | 4.05% | 4.07% | 3.89% | 4.08% |
Efficiency Ratio | 60.26% | 55.03% | 55.33% | 66.46% | 69.69% |
Efficiency Ratio, operating* | 55.67% | 53.17% | 55.09% | 57.21% | 59.06% |
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CREDIT QUALITY | | | | | |
Allowance for loan losses (ALLL) as a % of total loans | 0.53% | 0.56% | 0.51% | 0.48% | 0.49% |
Nonperforming assets to tangible equity + ALLL | 13.13% | 13.71% | 11.42% | 12.32% | 14.37% |
Nonperforming assets to total loans + OREO | 1.86% | 2.00% | 1.61% | 1.67% | 1.81% |
Annualized QTD net charge-offs (recoveries) to total loans | (0.002%) | 0.004% | (0.01%) | (0.008%) | 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 | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Assets | | | | | |
Cash and cash equivalents | $ 168,864 | $ 159,990 | $ 165,984 | $ 248,576 | $ 159,107 |
Securities available-for-sale | 765,087 | 612,002 | 598,607 | 598,796 | 492,701 |
Securities held-to-maturity | - | 6,328 | 6,396 | 6,397 | 6,000 |
Other investments | 26,690 | 22,517 | 17,819 | 15,298 | 16.227 |
Total investment securities | 791,777 | 640,847 | 622,822 | 620,491 | 514,928 |
Loans held for sale | 10,810 | 11,104 | 8,597 | 6,238 | 4,838 |
Total loans | 2,600,358 | 2,349,986 | 2,351,998 | 2,335,348 | 2,060,422 |
Allowance for loan losses | (13,908) | (13,043) | (12,091) | (11,235) | (10,065) |
Loans, net | 2,586,450 | 2,336,943 | 2,339,907 | 2,324,113 | 2,050,357 |
Premises and equipment | 104,980 | 96,726 | 97,115 | 94,624 | 74,783 |
Other Real Estate Owned | 7,299 | 9,974 | 11,205 | 11,588 | 10,869 |
Goodwill and other intangibles | 188,865 | 146,091 | 145,649 | 147,150 | 112,916 |
Other assets | 82,818 | 80,256 | 81,305 | 80,199 | 76,188 |
Total assets | $3,941,863 | $3,481,931 | $3,472,584 | $3,532,979 | $3,003,986 |
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Liabilities and Shareholders’ Equity | | | | | |
Non-interest bearing deposits | $ 723,208 | $ 642,054 | $ 645,838 | $ 655,900 | $ 570,148 |
Interest-bearing deposits | 2,353,325 | 2,119,181 | 2,185,362 | 2,258,418 | 1,887,311 |
Total deposits | 3,076,533 | 2,761,345 | 2,831,200 | 2,914,318 | 2,457,459 |
Borrowings | 214,319 | 136,250 | 71,250 | 61,750 | 85,500 |
Subordinated debentures | 80,678 | 80,639 | 80,600 | 80,561 | 80,521 |
Other liabilities | 26,675 | 25,609 | 23,253 | 22,003 | 17,252 |
Total liabilities | 3,398,205 | 3,003,843 | 3,006,303 | 3,078,632 | 2,640,732 |
Total shareholders’ equity | 543,658 | 478,088 | 466,281 | 454,347 | 363,254 |
Total liabilities and shareholders’ equity | $3,941,863 | $3,481,931 | $3,472,584 | $3,532,979 | $3,003,986 |
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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 |
12/31/19 | 9/30/19 | 6/30/19 | 3/31/19 | 12/31/18 |
Interest Income: | | | | | |
Loans, including fees | $ 33,556 | $ 31,279 | $ 30,912 | $ 27,569 | $ 25,184 |
Investment securities | 5,298 | 4,752 | 5,017 | 4,339 | 3,785 |
Accretion of purchase accounting adjustments | 1,553 | 1,201 | 1,552 | 1,235 | 1,532 |
Other interest income | 37 | 9 | 90 | 130 | 54 |
Total interest income | 40,444 | 37,241 | 37,571 | 33,273 | 30,555 |
Interest Expense: | | | | | |
Deposits | 5,489 | 5,156 | 5,377 | 4,275 | 3,506 |
Borrowings | 771 | 451 | 288 | 546 | 482 |
Subordinated debentures | 1,213 | 1,270 | 1,188 | 1,233 | 1,179 |
Accretion of purchase accounting adjustments | (473) | (95) | (54) | 88 | 118 |
Total interest expense | 7,000 | 6,782 | 6,799 | 6,142 | 5,285 |
Net interest income | 33,444 | 30,459 | 30,772 | 27,131 | 25,270 |
Provision for loan losses | 850 | 974 | 791 | 1,123 | 574 |
Net interest income after provision for loan losses | 32,594 | 29,485 | 29,981 | 26,008 | 24,696 |
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Non-interest Income: | | | | | |
Service charges on deposit accounts | 2,110 | 1,979 | 1,918 | 1,831 | 1,887 |
Mortgage Income | 1,720 | 1,800 | 1,559 | 909 | 969 |
Interchange Fee Income | 2,075 | 2,252 | 2,045 | 1,652 | 1,527 |
Gain (loss) on securities, net | (9) | 57 | 36 | 38 | 334 |
Financial Assistance Award/Bank Enterprise Award | 714 | - | - | 233 | 950 |
Other charges and fees | 964 | 1,015 | 1,158 | 891 | 729 |
Total non-interest income | 7,574 | 7,103 | 6,716 | 5,554 | 6,396 |
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Non-interest expense (benefit): | | | | | |
Salaries and employee benefits | 13,092 | 11,612 | 11,615 | 10,697 | 10,336 |
Occupancy expense | 3,190 | 2,632 | 2,532 | 2,442 | 2,281 |
FDIC/OCC premiums | 147 | 111 | 426 | (52) | 369 |
Marketing | 248 | 62 | 160 | 175 | 173 |
Amortization of core deposit intangibles | 907 | 796 | 796 | 716 | 750 |
Other professional services | 951 | 1,140 | 980 | 920 | 452 |
Acquisition charges | 2,300 | 705 | 91 | 3,179 | 4,155 |
Other non-interest expense | 4,125 | 3,767 | 4,291 | 3,816 | 3,733 |
Total Non-interest expense | 24,960 | 20,825 | 20,891 | 21,893 | 22,249 |
Earnings before income taxes | 15,208 | 15,763 | 15,806 | 9,669 | 8,843 |
Income tax expense | 3,353 | 3,491 | 3,823 | 2,034 | 1,982 |
Net income available to common shareholders | $ 11,855 | $ 12,272 | $ 11,983 | $ 7,635 | $ 6,861 |
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Diluted earnings per common share | $ 0.64 | $ 0.71 | $ 0.69 | $ 0.48 | $ 0.48 |
Diluted earnings per common share, operating* | $ 0.72 | $ 0.74 | $ 0.70 | $ 0.63 | $ 0.64 |
*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 | | $ 123,316 | | $ 84,089 | |
Investment securities | | 19,406 | | 12,753 | |
Accretion of purchase accounting adjustments | | 5,541 | | 2,733 | |
Other interest income | | 266 | | 403 | |
Total interest income | | 148,529 | | 99,978 | |
Interest Expense: | | | | | |
Deposits | | 20,297 | | 10,584 | |
Borrowings | | 2,056 | | 1,142 | |
Subordinated debentures | | 4,904 | | 3,156 | |
Amortization of purchase accounting adjustments | | (534) | | 209 | |
Total interest expense | | 26,723 | | 15,091 | |
Net interest income | | 121,806 | | 84,887 | |
Provision for loan losses | | 3,738 | | 2,120 | |
Net interest income after provision for loan losses | | 118,068 | | 82,767 | |
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Non-interest Income: | | | | | |
Service charges on deposit accounts | | 7,838 | | 5,793 | |
Mortgage Income | | 5,988 | | 4,048 | |
Interchange Fee Income | | 8,024 | | 5,247 | |
Gain (loss) on securities, net | | 122 | | 329 | |
Financial Assistance Award/Bank Enterprise Award | | 947 | | 2,100 | |
Other charges and fees | | 4,028 | | 3,044 | |
Total non-interest income | | 26,947 | | 20,561 | |
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Non-interest expense: | | | | | |
Salaries and employee benefits | | 47,016 | | 36,893 | |
Occupancy expense | | 10,796 | | 8,125 | |
FDIC/OCC premiums | | 632 | | 1,382 | |
Marketing | | 645 | | 382 | |
Amortization of core deposit intangibles | | 3,215 | | 1,657 | |
Other professional services | | 3,956 | | 1,926 | |
Acquisition charges | | 6,275 | | 13,810 | |
Other non-interest expense | | 16,034 | | 12,136 | |
Total Non-interest expense | | 88,569 | | 76,311 | |
Earnings before income taxes | | 56,446 | | 27,017 | |
Income tax expense | | 12,701 | | 5,792 | |
Net income available to common shareholders | | $ 43,745 | | $ 21,225 | |
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Diluted earnings per common share | | $ 2.55 | | $ 1.62 | |
Diluted earnings per common share, operating* | | $ 2.79 | | $ 2.29 | |
*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 | Dec 31,
2019 | Percent
of Total | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Percent
of Total |
Commercial, financial and agricultural | $ 332,600 | 12.7% | $ 338,584 | $ 342,535 | $ 340,333 | $ 301,182 | 14.6% |
Real estate – construction | 359,195 | 13.8% | 284,103 | 352,826 | 348,788 | 298,718 | 14.5% |
Real estate – commercial | 1,028,012 | 39.4% | 943,218 | 881,831 | 857,918 | 776,880 | 37.6% |
Real estate – residential | 814,282 | 31.2% | 724,860 | 713,350 | 722,611 | 617,804 | 29.9% |
Lease Financing Receivable | 3,095 | 0.1% | 3,239 | 3,616 | 3,060 | 2,891 | 0.1% |
Obligations of States & subdivisions | 20,716 | 0.8% | 16,545 | 17,192 | 13,734 | 16,941 | 0.8% |
Consumer | 42,458 | 1.6% | 39,437 | 40,648 | 48,904 | 46,006 | 2.2% |
Loans held for sale | 10,810 | 0.4% | 11,104 | 8,597 | 6,238 | 4,838 | 0.3% |
Total loans | $2,611,168 | 100% | $2,361,090 | $2,360,595 | $2,341,586 | $2,065,260 | 100% |
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COMPOSITION OF DEPOSITS | Dec 31,
2019 | Percent
of Total | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | Percent
of Total |
Noninterest bearing | $723,208 | 23.5% | $642,054 | $645,838 | $655,900 | $570,148 | 23.2% |
NOW and other | 941,598 | 30.6% | 926,704 | 999,881 | 1,062,112 | 835,434 | 34.0% |
Money Market/Savings | 750,010 | 24.4% | 651,539 | 645,611 | 647,783 | 566,276 | 23.0% |
Time Deposits of less than $250,000 | 479,386 | 15.6% | 401,549 | 408,164 | 414,281 | 384,030 | 15.6% |
Time Deposits of $250,000 or more | 182,331 | 5.9% | 139,489 | 131,706 | 134,242 | 101,571 | 4.2% |
Total Deposits | $3,076,533 | 100% | $2,761,345 | $2,831,200 | $2,914,318 | $2,457,459 | 100% |
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ASSET QUALITY DATA | Dec 31,
2019 | | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 | |
Nonaccrual loans | $ 38,393 | | $ 35,175 | $ 25,608 | $ 26,502 | $ 25,073 | |
Loans past due 90 days and over | 2,715 | | 2,116 | 989 | 943 | 1,265 | |
Total nonperforming loans | 41,108 | | 37,291 | 26,597 | 27,445 | 26,338 | |
Other real estate owned | 7,299 | | 9,974 | 11,205 | 11,588 | 10,869 | |
Nonaccrual securities | - | | 52 | 208 | 208 | 208 | |
Total nonperforming assets | $ 48,407 | | $47,317 | $38,010 | $39,241 | $ 37,415 | |
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Nonperforming assets to total assets | 1.23% | | 1.36% | 1.09% | 1.11% | 1.25% | |
Nonperforming assets to total loans + OREO | 1.86% | | 2.00% | 1.61% | 1.67% | 1.81% | |
ALLL to nonperforming loans | 33.83% | | 34.98% | 45.46% | 40.94% | 38.21% | |
ALLL to total loans | 0.53% | | 0.56% | 0.51% | 0.48% | 0.49% | |
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Quarter-to-date net charge-offs (recs) | $ (15) | | $ 23 | $ (65) | $ (47) | $ 93 | |
Annualized QTD net chg-offs (recs) to loans | (0.002%) | | 0.004% | (0.01%) | (0.008%) | 0.02% | |
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| FIRST BANCSHARES, INC and SUBSIDIARIES | |
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| Yield | Three Months Ended | | Three Months Ended | | Three Months Ended | | Three Months Ended | | Three Months Ended |
| Analysis | December 31, 2019 | | September 30, 2019 | | June 30, 2019 | | March 31, 2019 | | December 31, 2018 |
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| Balance | | interest | | Rate | | Balance | | interest | | Rate | | Balance | | interest | | Rate | | Balance | | interest | | Rate | | Balance | | interest | | Rate |
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| Taxable securities | $ 556,004 | | $ 4,108 | | 2.96% | | $ 494,184 | | $ 3,926 | | 3.18% | | $ 497,988 | | $ 4,227 | | 3.40% | | $ 435,576 | | $ 3,581 | | 3.29% | | $ 369,820 | | $ 2,808 | | 3.04% |
| Tax-exempt securities | 188,709 | | 1,593 | | 3.38% | | 127,750 | | 1,108 | | 3.47% | | 124,367 | | 1,058 | | 3.40% | | 117,831 | | 1,015 | | 3.45% | | 114,055 | | 1,003 | | 3.52% |
| Total investment securities | 744,713 | | 5,701 | | 3.06% | | 621,934 | | 5,034 | | 3.24% | | 622,355 | | 5,285 | | 3.40% | | 553,407 | | 4,596 | | 3.32% | | 483,875 | | 3,811 | | 3.15% |
| FFS & Int bearing dep in other banks | 80,612 | | 37 | | 0.18% | | 71,165 | | 7 | | 0.04% | | 89,936 | | 90 | | 0.40% | | 94,778 | | 130 | | 0.55% | | 57,655 | | 282 | | 1.96% |
| Loans | 2,512,524 | | 35,109 | | 5.59% | | 2,343,392 | | 32,480 | | 5.54% | | 2,337,583 | | 32,464 | | 5.56% | | 2,167,495 | | 28,804 | | 5.32% | | 1,959,179 | | 26,716 | | 5.45% |
| Total Interest earning assets | 3,337,849 | | 40,847 | | 4.90% | | 3,036,491 | | 37,521 | | 4.94% | | 3,049,874 | | 37,839 | | 4.96% | | 2,815,680 | | 33,530 | | 4.76% | | 2,500,709 | | 30,809 | | 4.93% |
| Other assets | 429,738 | | | | | | 402,711 | | | | | | 410,520 | | | | | | 366,081 | | | | | | 311,503 | | | | |
| Total assets | $ 3,767,587 | | | | | | $ 3,439,202 | | | | | | $ 3,460,394 | | | | | | $ 3,181,761 | | | | | | $ 2,812,212 | | | | |
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| Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits | $ 2,263,299 | | $ 5,016 | | 0.89% | | $ 2,140,419 | | $ 5,061 | | 0.95% | | $ 2,231,462 | | $ 5,323 | | 0.95% | | $ 2,024,718 | | $ 4,363 | | 0.86% | | $ 1,776,780 | | $ 3,615 | | 0.81% |
| Repo | - | | - | | 0.00% | | - | | - | | 0.00% | | - | | - | | 0.00% | | - | | - | | 0.00% | | - | | - | | 0.00% |
| Fed funds purchased | 5,334 | | 30 | | 2.25% | | 6,708 | | 11 | | 0.66% | | 5,450 | | 30 | | 2.20% | | 150 | | 5 | | 13.33% | | 1,455 | | 18 | | 4.95% |
| FHLB & FTN | 169,141 | | 741 | | 1.75% | | 88,533 | | 440 | | 1.99% | | 32,310 | | 258 | | 3.19% | | 86,119 | | 541 | | 2.51% | | 92,352 | | 465 | | 2.01% |
| Subordinated debentures | 80,658 | | 1,213 | | 6.02% | | 80,619 | | 1,270 | | 6.30% | | 80,579 | | 1,188 | | 5.90% | | 80,540 | | 1,233 | | 6.12% | | 75,391 | | 1,187 | | 6.30% |
| Total interest bearing liabilities | 2,518,432 | | 7,000 | | 1.11% | | 2,316,279 | | 6,782 | | 1.17% | | 2,349,801 | | 6,799 | | 1.16% | | 2,191,527 | | 6,142 | | 1.12% | | 1,945,978 | | 5,285 | | 1.09% |
| Other liabilities | 731,085 | | | | | | 652,899 | | | | | | 655,628 | | | | | | 600,017 | | | | | | 537,984 | | | | |
| Shareholders' equity | 518,070 | | | | | | 470,024 | | | | | | 454,965 | | | | | | 390,217 | | | | | | 328,250 | | | | |
| Total liabilities and shareholders' equity | $ 3,767,587 | | | | | | $ 3,439,202 | | | | | | $ 3,460,394 | | | | | | $ 3,181,761 | | | | | | $ 2,812,212 | | | | |
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| Net interest income (FTE)* | | | $ 33,847 | | 3.78% | | | | $ 30,739 | | 3.77% | | | | $ 31,040 | | 3.81% | | | | $ 27,388 | | 3.64% | | | | $ 25,524 | | 3.84% |
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| Net interest margin (FTE)* | | | | 4.06% | | | | | | 4.05% | | | | | | 4.07% | | | | | | 3.89% | | | | | | 4.08% |
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| Core net interest margin* | | | | | 3.80% | | | | | | 3.86% | | | | | | 3.84% | | | | | | 3.71% | | | | | | 3.84% |
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| *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 | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Book value per common share | | $ 28.91 | $ 27.92 | $ 27.22 | $ 26.30 | $ 24.49 |
Effect of intangible assets per share | | 10.04 | 8.53 | 8.50 | 8.51 | 7.61 |
Tangible book value per common share | | $ 18.87 | $ 19.39 | $ 18.72 | $ 17.79 | $ 16.88 |
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Diluted earnings per share | | $ 0.64 | $ 0.71 | $ 0.69 | $ 0.48 | $ 0.48 |
Effect of acquisition charges | | 0.14 | 0.04 | 0.01 | 0.21 | 0.29 |
Tax on acquisition charges | | (0.03) | (0.01) | - | (0.05) | (0.07) |
Effect of gain on sale of securities | | - | - | - | - | (0.02) |
Tax on gain on sale | | - | - | - | - | .01 |
Effect of Treasury awards | | (0.04) | - | - | (0.01) | (0.07) |
Tax on Treasury awards | | 0.01 | - | - | - | 0.02 |
Diluted earnings per share, operating | | $ 0.72 | $ 0.74 | $ 0.70 | $ 0.63 | $ 0.64 |
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| 2019 | | 2018 | |
Diluted earnings per share | | $ 2.55 | | $ 1.62 | |
Effect of acquisition charges | | | 0.37 | | 1.05 | |
Tax on acquisition charges | | | (0.08) | | (0.24) | |
Effect of gain on sale of securities | | | - | | (0.03) | |
Tax on gain on sale | | | - | | 0.01 | |
Effect of Treasury awards | | | (0.06) | | (0.16) | |
Tax on Treasury awards | | | 0.01 | | 0.04 | |
Diluted earnings per share, operating | | | $ 2.79 | | $ 2.29 | |
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| 2019 | | 2018 | |
Net income available to common shareholders | | $ 43,745 | | $ 21,225 | |
Acquisition charges | | | 6,275 | | 13,810 | |
Tax on acquisition charges | | | (1,348) | | (3,221) | |
Gain on sale of securities | | | - | | (342) | |
Tax on gain on sale | | | - | | 86 | |
Treasury awards | | | (947) | | (2,100) | |
Tax on Treasury awards | | | 240 | | 532 | |
Net earnings available to common shareholders, operating | | | $ 47,965 | | $ 29,990 | |
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Average Balance Sheet Data | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Total average assets | A | $3,767,587 | $3,439,202 | $3,460,394 | $3,181,761 | $2,812,212 |
Total average earning assets | B | 3,337,849 | $3,036,492 | $3,049,874 | $2,815,680 | $2,500,709 |
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Common Equity | C | $ 518,070 | $ 470,024 | $ 454,965 | $ 390,217 | $ 328,250 |
Less intangible assets | | 171,328 | 145,405 | 146,662 | 127,664 | 105,848 |
Tangible common equity | D | $ 346,742 | $ 324,619 | $ 308,303 | $ 262,553 | $ 222,402 |
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Net Interest Income Fully Tax Equivalent | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Net interest income | E | $ 33,444 | $ 30,459 | $ 30,772 | $ 27,131 | $ 25,270 |
Tax-exempt investment income | | (1,190) | (828) | (790) | (758) | (749) |
Taxable investment income | | 1,593 | 1,108 | 1,058 | 1,015 | 1,003 |
Net Interest Income Fully Tax Equivalent | F | $ 33,847 | $ 30,739 | $ 31,040 | $ 27,388 | $ 25,524 |
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Annualized Net Interest Margin | E/B | 4.01% | 4.01% | 4.04% | 3.85% | 4.04% |
Annualized Net Interest Margin, Fully Tax Equivalent | F/B | 4.06% | 4.05% | 4.07% | 3.89% | 4.08% |
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Core Net Interest Margin | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Net interest income (FTE) | | $ 33,847 | $ 30,739 | $ 31,040 | $ 27,388 | $ 25,524 |
Less purchase accounting adjustments | | 2,026 | 1,296 | 1,607 | 1,147 | 1,414 |
Net interest income, net of purchase accounting adj | G | $ 31,821 | $ 29,443 | $ 29,433 | $ 26,241 | $ 24,110 |
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Total average earning assets | | $3,337,849 | $3,036,492 | $3,049,874 | $2,815,680 | $2,500,709 |
Add average balance of loan valuation discount | | 12,252 | 13,679 | 15,265 | 13,869 | 12.803 |
Avg earning assets, excluding loan valuation discount | H | $3,350,101 | $3,050,171 | $3,065,139 | $2,829,549 | $2,513,511 |
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Core net interest margin | G/H | 3.80% | 3.86% | 3.84% | 3.71% | 3.84% |
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Efficiency Ratio | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Operating Expense | | | | | | |
Total non-interest expense | | $ 24,960 | $ 20,825 | $ 20,891 | $ 21,893 | $ 22,245 |
Pre-tax non-operating expenses | | (2,300) | (705) | (91) | (3,179) | (4,155) |
Adjusted Operating Expense | I | $ 22,660 | $ 20,120 | $ 20,800 | $ 18,714 | $ 18,090 |
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Operating Revenue | | | | | | |
Net interest income, FTE | | $ 33,847 | $ 30,739 | $ 31,040 | $ 27,388 | $ 25,524 |
Total non-interest income | | 7,574 | 7,103 | 6,716 | 5,554 | 6,396 |
Pre-tax non-operating items | | (714) | - | - | (233) | (1,292) |
Adjusted Operating Revenue | J | $ 40,707 | $ 37,842 | $ 37,756 | $ 32,709 | $ 30,628 |
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Efficiency Ratio, operating | I/J | 55.67% | 53.17% | 55.09% | 57.21% | 59.06% |
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Return Ratios | | Dec 31,
2019 | Sept 30,
2019 | June 30,
2019 | Mar 31,
2019 | Dec 31,
2018 |
Net income available to common shareholders | K | $ 11,855 | $ 12,272 | $ 11,983 | $ 7,635 | $ 6,861 |
Acquisition charges | | 2,300 | 705 | 91 | 3,179 | 4,155 |
Tax on acquisition charges | | (461) | (152) | (23) | (712) | (910) |
Gain on sale | | - | - | - | - | (342) |
Tax on gain on sale | | - | - | - | - | 86 |
Treasury awards | | (714) | - | - | (233) | (950) |
Tax on Treasury awards | | 181 | - | - | 59 | 242 |
Net earnings available to common shareholders, oper | L | $ 13,161 | $ 12,825 | $ 12,051 | $ 9,928 | $ 9,142 |
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Annualized return on avg assets | K/A | 1.26% | 1.43% | 1.39% | 0.96% | 0.98% |
Annualized return on avg assets, oper | L/A | 1.40% | 1.49% | 1.39% | 1.25% | 1.30% |
Annualized return on avg common equity, oper | L/C | 10.16% | 10.91% | 10.60% | 10.18% | 11.14% |
Annualized return on avg tangible common equity, oper | L/D | 15.18% | 15.80% | 15.64% | 15.13% | 16.44% |
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Mortgage Department | | | | | | |
Net Interest Income after provision for loan losses | | $ 59 | $ 200 | $ 194 | $ 176 | $ 267 |
Loan fee income | | 1,720 | 1,800 | 1,559 | 909 | 969 |
Salaries and employee benefits | | 975 | 986 | 941 | 823 | 774 |
Other non-interest expense | | 164 | 134 | 140 | 154 | 124 |
Earnings before income taxes | | $ 640 | $ 880 | $ 672 | $ 108 | $ 338 |
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