First Bancshares, Inc. Announces Third Quarter 2022 Results

MOUNTAIN GROVE, Mo., Oct. 07, 2022 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended September 30, 2022.

For the quarter ended September 30, 2022, the Company reported net income, of $1,667,000 or $0.68 per share-diluted, compared to $1,335,000, or $0.52 per share-diluted for the comparable period in 2021. Year to date the Company reported net income of $4,088,000 or $1.67 per share compared to $3,715,000 or $1.43 per share the same period 2021. Year to date changes from the nine months ended September 30, 2021 include a $1,031,000 increase in net interest income after provisions for loan losses, along with a $135,000 increase in non-interest income, offset by a $762,000 increase in non-interest expense, a $118,000 decrease in income tax expense and a modest $21,000 loss on investments in 2022 compared to an $128,000 gain during the same period in 2021. This resulted in a $373,000 increase in net income for the year ended September 30, 2022, compared to the year ended September 30, 2021. The increase in non-interest expenses is due to increased personnel and fixed asset expenses due to the addition of new branches in Hartville, MO and Akron, CO, as well as standard increases to compete with employee demand in the marketplace.

Consolidated total assets on September 30, 2022 were $473.75 million, compared to $445.10 million at December 31, 2021. Since year end 2021, Net loans increased 15.49% to $393.54 million, total deposits increased 6.08% to $420.64 million, and total capital rested at $46.26 million, or 9.76% of total assets compared to $44.16 million, or 9.92% of total assets, on December 31, 2021. The capital changes are primarily driven by the Company’s payment of a cash dividend to shareholders and unrealized losses in the securities portfolio which increased from $283,000 on December 31, 2021 to $1,431,000 on September 30, 2022 as market volatility has been at an all-time high following record inflation and foreign unrest.

The Bank meets all regulatory requirements for “well-capitalized” status.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services’ laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.


First Bancshares, Inc. and Subsidiaries

Financial Highlights

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

 

2022

 

 

 

2021

 

 

2022

 

 

 

2021

Operating Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

 

$

5,066

 

 

$

4,791

 

$

13,771

 

 

$

13,111

Total interest expense

 

 

442

 

 

 

271

 

 

956

 

 

 

885

 

Net interest income

 

 

4,624

 

 

 

4,520

 

 

12,815

 

 

 

12,226

Provision for loan losses

 

 

225

 

 

 

535

 

 

675

 

 

 

1,117

 

Net interest income after provision for loan losses

 

 

4,399

 

 

 

3,985

 

 

12,140

 

 

 

11,109

Gain (loss) on sale of investments

 

 

(18

)

 

 

-

 

 

(21

)

 

 

128

Non-interest income

 

 

478

 

 

 

394

 

 

1,240

 

 

 

1,105

Non-interest expense

 

 

2,928

 

 

 

2,538

 

 

8,165

 

 

 

7,403

Income before taxes

 

 

1,931

 

 

 

1,841

 

 

5,194

 

 

 

4,939

Income tax expense

 

 

264

 

 

 

506

 

 

1,106

 

 

 

1,224

 

Net income

 

$

1,667

 

 

$

1,335

 

$

4,088

 

 

$

3,715

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

$

0.68

 

 

$

0.52

 

$

1.67

 

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

 

 

At

 

At

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

 

Financial Condition Data:

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

(excludes CDs)

 

$

35,980

 

 

$

60,604

 

 

 

 

Investment securities

 

 

 

 

 

 

 

 

 

 

 

 

(includes CDs)

 

 

13,753

 

 

 

15,729

 

 

 

 

Loans receivable, net

 

 

393,540

 

 

 

340,767

 

 

 

 

Goodwill and intangibles

 

 

1,836

 

 

 

1,943

 

 

 

 

Total assets

 

 

473,751

 

 

 

445,095

 

 

 

 

Deposits

 

 

420,641

 

 

 

396,527

 

 

 

 

Repurchase agreements

 

 

2,013

 

 

 

490

 

 

 

 

Borrowings

 

 

1,500

 

 

 

1,500

 

 

 

 

Stockholders' equity

 

 

46,258

 

 

 

44,161

 

 

 

 

Book value per share

 

$

18.96

 

 

$

18.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTACT: Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800