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First Bancshares EPS up 30 percent

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Staff writer | Tuesday May 28, 2013 5:37AM ET
The First BancsharesThe First Bancshares reported earnings for the quarter ended March 31, 2013. Net income amounted to $1,2 billion, or $.35 per diluted share - an increase of 29.4%.


The First Bancshares announced a quarterly dividend of $0.0375 per common share. The record date will be May 10, 2013 with a payable date of May 24, 2013.

Net interest income for the quarter ended March 31, 2013 increased to $5.9 million compared to $5.5 million for the same quarter in 2012. This increase was a result of increased loan volume, and lower funding costs. Net interest margin for the quarter ended March 31, 2013 was 3.53% as compared to 3.42% for the calendar year 2012.

Non-interest income increased for the three months ended March 31, 2013 as compared to the same period in 2012 by $455,000, or 30.8%. The majority of the increase, $415,000, was from an award granted to our Company by the Community Development Financial Institutions Fund due to our increased level of community development products and services throughout the markets we serve.

Non-interest expense increased $457,000 to $5,979,000 during the three months ended March 31, 2013 as compared to the three months ended March 31, 2012. This reflects an increase of 8.3% in non-interest expense primarily related to costs associated with the acquisition of First National Bank of Baldwin County in the amount of $341,000 as well as an increase in salaries and employee benefits associated with the start of our private banking division.

Total assets were up $67.5 million or 9.4% between December 31, 2012 and March 31, 2013. Total deposits increased $66.7 million or 11.2% over the same period. Total loans net of unearned discount increased $11.7 million or 2.8% between December 31, 2012 and March 31, 2013.

At March 31, 2013, The First Bancshares, Inc. reported total net loans of $425.4 million, total assets of $788.9 million, total deposits of $663.3 million and stockholders' equity of $87.1 million. Return on average assets was .60% and return on average equity was 6.45%.

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