The First Bancshares, Inc. 8K Results of Operations and Financial Condition | FBMS 26 Jul 23

Exhibit 99.2

July 2023 NASDAQ: FBMS

2 Safe Harbor & Forward Looking Statements ABOUT THE FIRST BANCSHARES, INC. The First Bancshares, Inc. (“FBMS” or the “Company”), headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank. Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Contact: Chandra Kidd, Corporate Secretary. 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 presentation includes the following non-GAAP financial measures: Diluted Earnings Per Share, Operating; Net Income, Operating; Return on Average Assets (ROAA), Operating; Return on Average Tangible Common Equity (ROATCE), Operating; Efficiency Ratio, Operating; Net Interest Margin, Fully Tax Equivalent (FTE); Core Net Interest Margin, Fully Tax Equivalent (FTE); Pre-Tax Pre Provision Income, Operating; Non-Interest Income, Operating; Adjusted Operating Revenue; Adjusted Operating Expense; Tangible Common Equity; Tangible Book Value per Share; and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this presentation 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 their most comparable GAAP measures. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in the appendix to this presentation. FORWARD LOOKING STATEMENTS This communication contains statements that constitute “forward looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential,” “positioned” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) prevailing, or changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations, including the effects of declines in the real estate market, high unemployment rates, inflationary pressure, elevated interest rates and slowdowns in economic growth, as well as the financial stress on borrowers as a result of the foregoing; (3) interest rate risk, including the effects of rising interest rates; (4) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (5) changes in applicable laws, rules, or regulations; (6) risks related to the Company’s recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions 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; (7) changes in management’s plans for the future; (8) credit risk associated with our lending activities; (9) changes in loan demand, real estate values, or competition; (10) changes in accounting principles, policies, or guidelines; (11) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Company’s participation in and execution of government programs related to the COVID-19 pandemic and related variants; (12) higher inflation and its impacts; (13) significant turbulence or disruption in the capital or financial markets and the effect of a fall in stock market prices on our investment securities; (14) potential impacts of the recent adverse developments in the banking industry highlighted by high-profile bank failures, including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto; (15) the effects of war or other conflicts including the impacts relating to or resulting from Russia’s military action in Ukraine; (16) a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, or uncertainties surrounding the debt ceiling and the federal budget; and (17) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For any forward-looking statements made in this communication, any exhibits hereto or any related documents, the Company claims protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

0.91% Cost of Deposits 14.5% Total Capital Ratio 5th Largest Bank Headquartered in MS $7.9bn Total Assets $22,845 Average Deposit Size (3) 3 Our Company Company Overview 77% Loans / Deposits 11.5% CET1 Ratio Data as of or for the three months ended 6/30/23 Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.32% in Q2 ’23 divided by the change in average fed funds rate of 500 bps over the same period Excludes public funds and ICS accounts 1.81% PTPP ROAA, Operating (1) 0.07% NCOs / Total Loans, Annualized 1.05% ACL / Total Loans AL FL GA LA MS Pensacola Jacksonville Tallahassee Tampa New Orleans Baton Rouge Jackson Birmingham Columbus Orlando Huntsville Montgomery Atlanta Destin St. Marys Valdosta Waycross Gulfport Mobile Hattiesburg Starkville Savannah Brunswick Albany Cape Coral Pensacola Jacksonville Tallahassee New Orleans Baton Rouge Jackson Birmingham Columbus Orlando Huntsville Montgomery Atlanta Destin St. Marys Valdosta Waycross Gulfport Mobile Hattiesburg Starkville Savannah Brunswick Albany Cape Coral Macon FBMS Branch (111) FBMS LPO (5) Scale Capital Credit 22% IB Deposit Beta Through the Rate Hike Cycle (2) 32% DDA Deposits Deposits Liquidity Profitability Tampa

Q2 2023 Highlights Key Highlights Data as of or for the three months ended 6/30/23 Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Excludes public funds and ICS accounts Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.32% in Q2 ’23 divided by the change in average fed funds rate of 500 bps over the same period 4 Financial Results Diluted Earnings Per Share Diluted Earnings Per Share, Operating (1) Net Income ($000) Net Income, Operating ($000) (1) Reported ROAA ROAA, Operating (1) Reported ROATCE (1) ROATCE, Operating (1) Efficiency Ratio Efficiency Ratio, Operating (1) Net Interest Margin Net Interest Margin, FTE (1) Core Net Interest Margin, FTE (1) Deposits 32% of deposits are demand, an increase from 31% in Q1 standalone $0 of brokered deposits as of 6/30/23 Average deposit size of $23 thousand (2) Uninsured deposits equal to 16.9% of total deposits Cumulative IB deposit beta since Q4 ’21 of 22% (3) Loans Average loan size of ~$202 thousand Q2 ’23 new loan production of $362.4 million with a blended yield of 7.52% C&D loan concentration as a percentage of bank total capital: 74% CRE loan concentration as a percentage of bank total capital: 208% Capital TCE/TA: 7.4% Leverage: 9.1% CET1: 11.5% Total Risk-Based Capital: 14.5% Credit NPAs / Total Assets of 0.28% this quarter versus 0.28% in Q1 ‘23 NCOs / Total Loans of 0.07% this quarter versus 0.01% in Q1 ‘23 Allowance for Credit Losses ACL / Loans remains stable at 1.05%, compared to 1.06% last quarter Net Interest Margin Expansion in Net Interest Margin, FTE (1) of 13 bps to 3.82%, driven by incremental purchase accounting accretion Modest decline in Core Net Interest Margin, FTE (1) of 4 bps to 3.43% $0.75 $0.85 $23,779 $26,843 1.21% 1.36% 17.1% 19.4% 59.0% 53.9% 3.76% 3.82% 3.43% Q2 2023

Improving Geographic Diversification of our Balance Sheet 5 2015 Deposits by State June 30, 2023 Deposits by State 2009 and 2015 data as of 6/30 2015 Loans by State June 30, 2023 Loans by State 2009 Loans by State 2009 Deposits by State

6 Financial results

EPS Net Income ($mm) 7 Pre-tax Pre Provision Income ($mm), Operating (1) PTPP ROAA, Oper. (1) Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Historical Performance Over Time Twelve Years of Record Earnings $0.82 $1.16 $0.96 $1.19 $1.55 $1.57 $1.11 $1.62 $2.55 $2.52 1.62% 1.74% 1.75% 1.61% 1.42% 1.49% $3.03 1.33% 1.24% 1.36% 1.63% $3.10 1.38% Operating Income $5.4 1.78% 1.81%

Net Interest Income Over Time 3.74% 3.99% 3.59% 3.44% 3.70% 3.72% 3.71% Net Interest Income ($mm) NIM, FTE (1) 3.34% 3.83% 3.94% 3.63% 3.58% 3.51% 4.02% Annual data for the twelve months ended 12/31 of each respective year; quarterly data for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” 3.13% 3.14% 3.25% 8 3.64% 3.14% 2.78% 3.09% 3.50% 3.19% 3.37% 3.69% 3.82%

Historical Cost and Yield Analysis 9 Data as of or for the three months ended each respective quarter Quarterly Yields & Costs (%)

10 NIM Impact for the Quarter Drivers of Change Q1 ‘23 to Q2 ‘23 Data as of 6/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Net Interest Margin, FTE (1) Core Net Interest Margin, FTE (1)

Historical Profitability Trends 11 Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” Reported ROAA (%) ROAA, Operating (%) (1) Reported ROATCE (%) (1) ROATCE, Operating (%) (1) PTPP ROAA, Oper. (1) 1.36% 1.63% 1.38% 1.78% 1.81%

12 Historical Profitability Trends Non-interest Income, Oper. / Adj. Operating Revenue (%) (1) Non-interest Income Q2 ‘23 (%) Efficiency Ratio, Operating (%) (1) Adjusted Operating Expense / Average Assets (%) (1) Data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation”

13 Deposit AND Loan information

14 Deposit Composition Growth Historical Deposit Composition Cost of Total Deposits Over Time (%) Dollars in millions unless otherwise noted Annual data as of or for the twelve months ended each respective year; Quarterly data as of or for the three months ended each respective quarter (1) Excludes public funds and ICS accounts (2) Cumulative deposit beta is defined as the change in cost of interest bearing deposits from Q4 ’21 of 0.20% to 1.32% in Q2 ’23 divided by the change in average fed funds rate of 500 bps over the same period Q2 ’23 Deposit Composition Deposit Portfolio Summary Monthly Quarterly Deposits: $6.5B Uninsured Deposits (1): 16.9% Average Deposit Size (1): ~$23,000 Total Deposit Accounts (1): ~221,000 Commercial Accounts: ~36,000 Personal Accounts: ~185,000 Cumulative IB Deposit Beta Since Q4 ’21 (2): 22%

15 Granular Loan Portfolio Dollars in millions Data as of 6/30/23 Size of our top 75 Relationships Largest individual loan is $40.5 million total committed exposure Total participations purchased are less than 3% of outstanding balances

16 Balanced Loan Portfolio Data as of 6/30/23 (1) Excludes owner-occupied CRE Loan Portfolio Mix CRE (1) Exposure by Type Granular loan portfolio, average loan size excluding PPP is ~$202 thousand Top 25 loans represent ~8% of total portfolio De Minimis consumer credit card loans ($1.4 million or 0.03% of total loans) Limited energy exposure ($25.8 million or 0.5% of total loans) De Minimis Shared National Credits (“SNCs”) of $17.5 million C&D Exposure by Type

17 Office Exposure Data as of 6/30/23; Dollars in millions Professional Office by Geography Office Portfolio Maturity Office Exposure Highlights Average professional office loan size Non-Owner Occupied: $758 thousand 17.8% of the total office portfolio matures through 2025 Professional office space comprises 4.3% of total loans Substandard office loans / total office loans: 4.7%

18 Loan Concentrations Over Time C&D Loan Concentration Over Time CRE Loan Concentration Over Time Yearly data as of 12/31 each respective year; Q1 ‘23 data for the three months ended 3/31/23; Q2 ‘23 data for the three months ended 6/30/23 Note: 100% and 300% are the interagency guidance figures for C&D Concentration and CRE Concentration of a banking institution’s total risk-based capital, respectively

19 Asset Quality Over Time NPAs / Loans + OREO (%) NCOs / Average Loans (%) ACL / NPLs (%) ACL / Loans (%) Yearly data as of or for the twelve months ended each respective year; Q1 ‘23 data for the three months ended 3/31/23; Q2 ‘23 data for the three months ended 6/30/23

20 History of Prudent Credit Culture 15-Year NCOs / Avg. Loans vs. Banking Industry (%) Source: FDIC Yearly data as of or for the twelve months ended each respective year Note: FDIC data as of 12/31/22 0.07% FBMS NCOs / Avg. Loans for the three months ended 6/30/23

21 Capital & Liquidity

22 Capital Position TCE / TA (%) (1) Leverage Ratio (%) Total Risk Based Capital Ratio (%) CET1 Ratio (%) Data as of 12/31 of each year, respectively; Q1 ‘23 data for the three months ended 3/31/23; Q2 ’23 data as of or for the three months ended 6/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation”

23 Capital Position Including Unrealized Losses Data as of or for the three months ended 6/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” (2) Assumes AOCI adjustments related to market valuations on securities and related hedges are included for regulatory capital calculations (3) Assumes AOCI adjustments related to market valuations on securities and related hedges as well as the fair value adjustment on HTM securities are included for regulatory capital calculations Reflected above is the hypothetical impact on capital if the mark on Accumulated Other Comprehensive Income (AOCI) Losses (2) and AOCI + Held-to-Maturity (HTM) (3) were included in the regulatory capital calculations Neither scenario is currently included, nor required to be included in the Company’s regulatory capital ratios Regulatory Capital & Adjusted Capital as of 6/30/23

24 Capital Appreciation & Returns to Shareholders Tangible Book Value per Share (1) ($) Dividends Declared per Share ($) Shares Repurchased (%) (3) Data as of 12/31 of each year, respectively; Q2 ’23 data as of or for the three months ended 6/30/23 (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation” (2) Based upon dividends paid in Q1 ’23 and Q2 ’23 and annualized thereafter (3) Represents shares repurchased in period stated divided by common shares outstanding at prior period end Dollars Returned to Shareholders ($M) Dividend Growth CAGR Since 2018: 39% TBVPS Excluding AOCI (2)

25 Liquidity Position Data as of 12/31 of each year, respectively; Q2 ’23 data as of or for the three months ended 6/30/23 (1) Letters of Credit Gross Loans / Deposits (%) Funding Sources Liquidity Highlights As of June 30, the Company’s liquidity ratio was 16.7%, as compared to the internal liquidity policy guidelines of 10% minimum Other liquidity ratios reviewed include the following along with policy guidelines: (1)

26 Securities Portfolio Composition Dollars in millions Data as of or for the three months ended 6/30/23 Available-For-Sale Portfolio Summary Held-To-Maturity $2,020M Book Value 2.09% Book Yield ($157.6M) Unrealized Loss 5.8 Year Average Life 4.7 Year Effective Duration 67%/33% (AFS/HTM) Principal Cash Flow Schedule $233 Million Maturing by Q2 ‘24 No Collateralized Loan Obligation (CLO) securities within the Investment Portfolio

27 Appendix

Historical Financials 28 Dollars in thousands, except for per share data Annual data as of or for the twelve months ended each respective year; quarterly data as of or for the three months ended each respective quarter (1) Non-GAAP measure, refer to appendix for “Non-GAAP Reconciliation”

29 Non-GAAP Reconciliation

30 Non-GAAP Reconciliation (cont.)

31 Non-GAAP Reconciliation (cont.)

32 Non-GAAP Reconciliation (cont.)

33 Non-GAAP Reconciliation (cont.)

34 Non-GAAP Reconciliation (cont.)

The First Bancshares, Inc. (FBMS) 8-KResults of Operations and Financial Condition