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First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2021; Increases Quarterly Dividend 6%

The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First Bank, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter ended December 31, 2021.

Highlights:

  • On December 3, 2021, the Company closed its acquisition of seven branches from Cadence Bank (“Cadence”) which included $40.5 million in loans and $410.2 million in deposits. The Company recorded a bargain purchase gain of $1.3 million related to this acquisition.
  • Average loans, excluding Paycheck Protection Program (”PPP”) loans and acquired Cadence loans, increased $17.9 million, or 0.63%, as compared to the quarter ended September 30, 2021, or 2.5% on an annualized basis.
  • Net income available to common shareholders totaled $15.8 million for the quarter ended December 31, 2021, representing a decrease of $0.3 million, or 2.1%, compared to $16.1 million for the quarter ended September 30, 2021. During the quarter, various one-time items contributed to the decrease.
  • Net interest income, excluding accretion income and PPP fee income increased $0.2 million, or 0.45%, when comparing quarter end December 31, 2021 to quarter end September 30, 2021.
  • In year-over-year comparison, net income available to common shareholders increased $11.7 million, or 22.2%, from $52.5 million for the year ended December 31, 2020 to $64.2 million for the year ended December 31, 2021.
  • In year-over-year comparison, net interest income, excluding accretion income and PPP fee income increased $2.7 million, or 1.8%.
  • Provision for credit losses totaled a negative $1.1 million for the quarter as compared to $0 for the sequential quarter comparison and $3.5 million for the fourth quarter of 2020.
  • On December 14, 2021 the U.S. Department of Treasury informed the Company of their eligibility to receive $175 million of non-dilutive Tier 1 perpetual preferred capital under the Emergency Capital Investment Program.
  • Subsequent to quarter end, the Company converted from a national banking association to a Mississippi state-charted bank and a member bank of the Federal Reserve System.
  • For information related to the effects of COVID-19, see the investor presentation filed and available under presentations and press releases included in the investor relations section of the Company’s website: www.thefirstbank.com.
  • During the first quarter of 2021, the Company adopted the Current Expected Credit Losses (“CECL”) methodology for estimating credit losses, effective January 1, 2021.

M. Ray “Hoppy” Cole, President and Chief Executive Officer, commented, “2021 was a very special year for our Company in which we celebrated our 25th anniversary and achieved a number of significant milestones. We produced another record year of performance with net income available to common shareholders increasing 22.2% to $64.2 million.

In December, we closed on our branch acquisition from Cadence which provided approximately $400 million in deposits and 7 branches in the Starkville, Mississippi area. The closing of this transaction along with organic growth pushed our total assets to over $6 billion making us the 5th largest bank headquartered in Mississippi.

In addition to record financial performance, we also completed several strategic initiatives to help support continued growth of our franchise in terms of software platforms, processes and procedures and converting our charter from a national bank to a State Chartered, Federal Reserve member bank. We were notified in the 4th quarter by the U.S. Treasury that our Company was eligible to receive $175 million under the ECIP program to further our mission as a CDFI.

2021 was a great year for our Company and we feel well positioned to continue our strategic plan of building a high performing community bank across the South.”

Quarterly Earnings

Net income available to common shareholders totaled $15.8 million for the quarter ended December 31, 2021, a decrease of $0.3 million, or 2.1%, compared to $16.1 million for the quarter ended September 30, 2021. The Company recognized $0.1 million less in PPP loan fee income during the fourth quarter 2021 as compared to the third quarter 2021 and recorded $0.3 million less in accretion of purchase accounting adjustments.

Pre-tax, Pre-provision Operating Earnings

Pre-tax, pre-provision Operating earnings decreased $1.7 million for the quarter ended December 31, 2021 as compared to the quarter ended September 30, 2021. One-time charges in salaries and employee benefits related to restricted stock expense, incentive accruals and sold vacation accounted for $1.1 million and charges related to professional services accounted for $0.3 million.

Net income available to common shareholders totaled $15.8 million for the quarter ended December 31, 2021, an increase of $0.5 million, or 3.0%, compared to $15.3 million for the quarter ended December 31, 2020.

The Company recorded a negative provision for credit losses of $1.1 million for the quarter ended December 31, 2021 and $0 for the quarter ended September 30, 2021, a decrease of $4.6 million, or $3.5 million net of tax, as compared to the fourth quarter of 2020.

Earnings Per Share

For the fourth quarter of 2021, fully diluted earnings per share were $0.75 compared to $0.76 for the third quarter of 2021 and $0.72 for the fourth quarter of 2020.

Diluted earnings per share operating (non-GAAP) increased $0.11 from $0.65 for fourth quarter of 2020 to $0.76 for fourth quarter of 2021 due to the increase in operating net earnings available to shareholders (non-GAAP) of $2.2 million for the same period.

Fully diluted earnings per share include the purchase by the Company of 165,623 shares during the first quarter of 2021 and 289,302 shares during the fourth quarter of 2020.

Balance Sheet

Consolidated assets increased $565.5 million to $6.077 billion at December 31, 2021 from $5.512 billion at September 30, 2021. The Cadence branch acquisition contributed $400 million to the increase.

PPP loans at December 31, 2021 were $41.1 million, a decrease of $46.0 million from September 30, 2021, due to loan forgiveness under the PPP program.

Total average loans were $2.957 billion for the quarter ended December 31, 2021, as compared to $2.984 billion for the quarter ended September 30, 2021, and $3.154 billion for the quarter ended December 31, 2020, representing a decrease of $27.1 million, or 0.9%, for the sequential quarter comparison, and a decrease of $196.9 million, or 6.2%, for the prior year quarterly comparison. PPP loans averaged $55.8 million for the quarter ended December 31, 2021, $112.3 million for the quarter ended September 30, 2021, and $250.5 million for the quarter ended December 31, 2020. The acquired Cadence branch loan portfolio averaged $11.5 million for the quarter ended December 31, 2021.

Excluding the PPP and acquired Cadence loans, average loans increased $17.9 million, or 0.63% as compared to the quarter ended September 30, 2021.

Total average deposits were $4.815 billion for the quarter ended December 31, 2021, as compared to $4.666 billion for the quarter ended September 30, 2021, and $4.195 billion for the quarter ended December 31, 2020, representing an increase of $149.0 million, or 3.2%, for the sequential quarter comparison, and an increase of $619.5 million, or 14.8%, for the prior year quarterly comparison. The acquired Cadence branch deposit portfolio averaged $114.2 million for the quarter ended December 31, 2021.

Average deposits increased $149.0 million, or 3.2% as compared to the quarter ended September 30, 2021 of which $114.2 million was attributable to the acquired Cadence deposit portfolio.

The Company implemented Deposit Reclassification at the beginning of 2020. This program reclassifies noninterest bearing deposits and NOW deposit balances to money market accounts. This program reduces our reserve balance required at the Federal Reserve Bank of Atlanta which provides additional funds for liquidity and lending. At December 31, 2021, $794.3 million in noninterest deposit balances and $1.032 billion in NOW deposit accounts were reclassified as money market accounts.

Asset Quality

Nonperforming assets totaled $30.6 million at December 31, 2021, an increase of $2.6 million compared to $28.0 million at September 30, 2021 and a decrease of $11.6 million compared to $42.3 million at December 31, 2020. Nonaccrual loans increased $3.0 million as compared to September 30, 2021 and decreased $5.8 million as compared to December 31, 2020.

The ratio of the allowance for credit losses (ACL) to total loans was 1.04% at December 31, 2021 and 1.09% at September 30, 2021. The ratio of allowance for loan losses to total loans under the incurred loss model was 1.15% at December 31, 2020. The ratio of annualized net charge-offs (recoveries) to total loans was 0.03% for the quarter ended December 31, 2021 compared to 0.005% for the quarter ended September 30, 2021 and 0.25% for the quarter ended December 31, 2020.

Effective January 1, 2021, the Company adopted the CECL methodology for estimating credit losses. This adoption resulted in a net $0.4 million increase to the ACL and an unfunded commitment reserve of $0.7 million.

Fourth Quarter 2021 vs. Fourth Quarter 2020 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2021 totaled $15.8 million compared to $15.3 million for the fourth quarter of 2020, an increase of $0.5 million or 3.0%. Provision for credit losses totaled a negative $1.1 million for the quarter ended December 31, 2021, a decrease of $4.6 million, or $3.5 million net of tax, as compared to $3.5 million for the fourth quarter of 2020.

Net interest income for the fourth quarter of 2021 was $39.8 million, an increase of $0.3 million or 0.7% when compared to the fourth quarter of 2020. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $40.4 million and $40.1 million for the fourth quarter of 2021 and 2020, respectively. Purchase accounting adjustments decreased $0.8 million for the fourth quarter comparisons. Fourth quarter of 2021 FTE net interest margin (non-GAAP) was 3.14% which included 7 basis points related to purchase accounting adjustments compared to 3.51% for the same quarter in 2020, which included 16 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 28 basis points in prior year quarterly comparison.

Non-interest income decreased $1.3 million for the fourth quarter of 2021 as compared to the fourth quarter of 2020. This decrease is attributed to a decrease in mortgage income of $1.7 million.

Fourth quarter 2021 non-interest expense was $30.8 million, an increase of $2.9 million, or 10.4% as compared to the fourth quarter of 2020. Charges related to the acquisition of the Cadence branches and charter conversion accounted for $1.6 million. Charges related to the ongoing operations of the Cadence branches totaled $0.2 million for the fourth quarter of 2021.

Investment securities totaled $1.774 billion, or 29.2% of total assets at December 31, 2021, compared to $1.050 billion, or 20.4% of total assets at December 31, 2020. For the fourth quarter of 2021 compared to the fourth quarter of 2020, the average balance of investment securities increased $543.6 million. The average tax equivalent yield on investment securities (non-GAAP) decreased 48 basis points to 1.97% from 2.45% in the prior year quarterly comparison. The investment portfolio had a net unrealized gain of $10.7 million at December 31, 2021 as compared to a net unrealized gain of $34.6 million at December 31, 2020.

The FTE average yield on all earning assets (non-GAAP) decreased 58 basis points in prior year quarterly comparison, from 4.04% for the fourth quarter of 2020 to 3.46% for the fourth quarter of 2021. Interest expense on average interest bearing liabilities decreased 23 basis points from 0.58% for the fourth quarter of 2020 to 0.35% for the fourth quarter of 2021. Cost of all deposits averaged 19 basis points for the fourth quarter of 2021 compared to 39 basis points for the fourth quarter of 2020.

Fourth Quarter 2021 vs Third Quarter 2021 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2021 decreased $0.3 million to $15.8 million compared to $16.1 million for the third quarter of 2021.

Net interest income for the fourth quarter of 2021 was $39.8 million as compared to $40.0 million for the third quarter of 2021, a decrease of $0.3 million which is attributed to a decrease in accretion of purchase accounting adjustments. FTE net interest income (non-GAAP) decreased $0.3 million to $40.4 million from $40.7 million in sequential-quarter comparison. Fourth quarter 2021 FTE net interest margin (non-GAAP) of 3.14% included 7 basis points related to purchase accounting adjustments compared to 3.25% for the third quarter in 2021, which included 10 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 8 basis points in sequential quarter comparison primarily due to the excess liquidity associated with the Cadence branch acquisition late in the 4th quarter of 2021.

Investment securities totaled $1.774 billion, or 29.2% of total assets at December 31, 2021, compared to $1.485 billion, or 27.0% of total assets at September 30, 2021. The average balance of investment securities increased $200.4 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) decreased 25 basis points to 1.97% from 2.22% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $10.7 million at December 31, 2021 as compared to a net unrealized gain of $18.2 million at September 30, 2021.

The FTE average yield on all earning assets (non-GAAP) decreased in sequential-quarter comparison from 3.60% to 3.46%. Interest expense on average interest bearing liabilities decreased 4 basis points from 0.39% for the third quarter of 2021 to 0.35% for the fourth quarter of 2021. Cost of all deposits averaged 19 basis points for the fourth quarter of 2021 compared to 22 basis points for the third quarter of 2021.

Non-interest income remained flat in sequential-quarter comparison.

Non-interest expense for the fourth quarter of 2021 was $30.8 million compared to $29.1 million for the third quarter of 2021, an increase of $1.7 million, largely attributed to the $1.6 million in acquisition charges and charter conversion expenses.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders increased $11.7 million, or 22.2%, from $52.5 million for the year ended December 31, 2020 to $64.2 million for the year ended December 31, 2021. The change in provision expense in the year over year comparison accounted for $19.6 million, net of tax of the change.

The Company recorded bargain purchase and sale of land gains of $8.3 million, net of tax, along with a provision expense of $18.8 million, net of tax, during the year end December 31, 2020.

The Company recorded bargain purchase gain and loss on sale of land of $0.7 million, net of tax, along with a negative provision expense of $0.8 million, net of tax, during the year end December 31, 2021.

Net interest income increased $4.4 million in the year-over-year comparison, primarily due to interest income earned on a higher volume of securities and a reduction in interest expense due to changes in rates.

Non-interest income increased $2.3 million in the year-over-year comparison excluding the gains and grants detailed in the following tables. Interchange fee income increased $2.1 million in the year-over-year comparison.

Non-interest expense was $114.6 million for the year ended December 31, 2021 an increase of $8.2 million as compared to the same period ended December 31, 2020. An increase of $4.6 million in salaries and employee benefits and an increase of $1.7 million in occupancy expense contributed to the increase.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.17, a 6% increase over previous quarter, per share to be paid on its common stock on February 25, 2022 to shareholders of record as of the close of business on February 10, 2022.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank (“The First”). 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 efficiency ratio, pre-tax, pre-provision operating earnings, diluted operating earnings per common share, operating net earnings available to shareholders, fully tax equivalent net interest income, fully tax equivalent net interest margin, core net interest margin, average tax equivalent yield on investment securities, fully tax equivalent average yield on all earning assets, 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 and certain of our other filings with the Securities and Exchange Commission contain 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) changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations; (3) interest rate risk; (4) changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19 and related variants; (5) 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; (6) changes in management’s plans for the future; (7) credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values, or competition; (8) changes in accounting principles, policies, or guidelines; (9) 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; (10) the impact of the COVID-19 pandemic and related variants on the Company’s assets, business, cash flows, financial condition, liquidity, prospects and results of operations; (11) potential increases in the provision for loan losses resulting from the COVID-19 pandemic and related variants; and (12) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. 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 (“SEC”), which are available on the SEC’s website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. 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.

Statements about the potential effects of the COVID-19 pandemic and related variants on the Company’s assets, business, liquidity, financial condition, prospects, and results of operations may constitute forward-looking statements and are subject to the risks that the actual effects may differ, possibly materially, from what is reflected in these forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the depth, dispersion and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, employees, third parties and the Company.

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands except per share data)

EARNINGS DATA

Quarter

Ended

12/31/21

Quarter

Ended

9/30/21

Quarter

Ended

6/30/21

Quarter

Ended

3/31/21

Quarter

Ended

12/31/20

Total Interest Income

$ 43,885

$ 44,435

$ 43,238

$ 45,187

$ 45,613

Total Interest Expense

4,128

4,407

5,188

5,958

6,147

Net Interest Income

39,757

40,028

38,050

39,229

39,466

FTE net interest income*

40,425

40,673

38,696

39,884

40,119

Provision for credit losses**

(1,104)

-

-

-

3,523

Non-interest income

9,593

9,586

8,822

9,472

10,928

Non-interest expense

30,789

29,053

27,452

27,264

27,897

Earnings before income taxes

19,665

20,561

19,420

21,437

18,974

Income tax expense

3,874

4,429

3,820

4,793

3,639

Net income available to common shareholders

$ 15,791

$ 16,132

$ 15,600

$ 16,644

$ 15,335

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

Basic earnings per share

$ 0.75

$ 0.77

$ 0.74

$ 0.79

$ 0.72

Diluted earnings per share

0.75

0.76

0.74

0.79

0.72

Diluted earnings per share, operating*

0.76

0.76

0.74

0.79

0.65

Quarterly dividends per share

.16

.15

.14

.13

.12

Book value per common share at end of period

32.17

31.81

31.40

30.64

30.54

Tangible book value per common share at period end*

23.31

23.03

22.57

21.76

21.65

Market price at end of period

38.62

38.78

37.43

36.61

30.88

Shares outstanding at period end

21,019,037

21,019,897

21,020,723

21,018,744

21,115,009

Weighted average shares outstanding:

 

 

 

 

 

Basic

21,020,768

21,020,128

21,018,772

21,009,088

21,308,838

Diluted

21,175,323

21,211,716

21,207,660

21,200,558

21,421,367

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

Total assets

$5,664,336

$5,504,107

$5,458,531

$5,337,264

$5,136,136

Loans and leases

2,956,657

2,983,771

3,042,785

3,097,145

3,153,543

Total deposits

4,814,945

4,665,914

4,629,176

4,410,288

4,195,492

Total common equity

672,121

664,594

647,850

644,923

640,828

Total tangible common equity*

500,639

479,540

461,743

457,775

451,011

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED RATIOS

 

 

 

 

 

Annualized return on avg assets (ROA)

1.12%

1.17%

1.14%

1.25%

1.19%

Annualized return on avg assets, operating*

1.13%

1.17%

1.14%

1.25%

1.08%

Annualized pre-tax, pre-provision, operating*

1.33%

1.49%

1.42%

1.61%

1.62%

Annualized return on avg common equity, operating*

9.53%

9.70%

9.63%

10.32%

8.63%

Annualized return on avg tangible common equity, oper*

12.80%

13.44%

13.51%

14.54%

12.27%

Average loans to average deposits

61.41%

63.95%

65.73%

70.23%

75.17%

FTE Net Interest Margin*

3.14%

3.25%

3.14%

3.34%

3.51%

Efficiency Ratio

61.56%

57.81%

57.77%

55.24%

54.65%

Efficiency Ratio, operating*

59.91%

56.62%

57.77%

55.24%

56.54%

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

Allowance for credit losses (ACL) as a % of total loans**

1.04%

1.09%

1.07%

1.07%

1.15%

Nonperforming assets to tangible equity + ACL

5.88%

5.43%

7.30%

7.52%

8.57%

Nonperforming assets to total loans + OREO

1.03%

0.95%

1.22%

1.20%

1.35%

Annualized QTD net charge-offs (recoveries) to total loans

0.03%

0.005%

0.03%

0.47%

0.25%

**Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021 calculation was based upon incurred loss methodology

 

 

 

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands)

BALANCE SHEET

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Assets

 

 

 

 

 

Cash and cash equivalents

$ 919,713

$ 657,296

$ 762,486

$ 813,257

$ 562,554

Securities available-for-sale

1,751,832

1,463,255

1,280,761

1,135,189

1,022,182

Other investments

22,226

22,225

22,225

22,137

27,475

Total investment securities

1,774,058

1,485,480

1,302,986

1,157,326

1,049,657

Loans held for sale

7,678

8,540

6,000

15,119

21,432

Total loans

2,959,553

2,960,919

3,036,732

3,055,093

3,123,678

Allowance for credit losses

(30,742)

(32,418)

(32,457)

(32,663)

(35,820)

Loans, net

2,928,811

2,928,501

3,004,275

3,022,430

3,087,858

Premises and equipment

132,448

123,594

120,667

121,934

123,450

Other Real Estate Owned

2,565

2,580

3,529

5,769

5,802

Goodwill and other intangibles

186,171

184,545

185,597

186,648

187,700

Other assets

125,970

121,348

124,193

120,315

114,307

Total assets

$6,077,414

$5,511,884

$5,509,733

$5,442,798

$5,152,760

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Non-interest bearing deposits^

$ 756,118

$ 596,126

$ 682,014

$ 632,485

$ 571,079

Interest-bearing deposits

4,470,666

4,076,415

3,991,898

3,987,812

3,644,201

Total deposits

5,226,784

4,672,541

4,673,912

4,620,297

4,215,280

Borrowings

-

-

-

4,466

114,647

Subordinated debentures

144,726

144,650

144,611

144,572

144,592

Other liabilities

29,732

26,010

31,158

29,514

33,426

Total liabilities

5,401,242

4,843,201

4,849,681

4,798,849

4,507,945

Total shareholders’ equity

676,172

668,683

660,052

643,949

644,815

Total liabilities and shareholders’ equity

$6,077,414

$5,511,884

$5,509,733

$5,442,798

$5,152,760

^Reclassified $794,263 to interest-bearing deposits for Dec 31, 2021

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Three Months Ended

12/31/21

9/30/21

6/30/21

3/31/21

12/31/20

Interest Income:

 

 

 

 

 

Loans, including fees

$ 36,035

$ 36,374

$ 36,283

$ 38,587

$ 38,472

Investment securities

7,032

6,938

5,925

5,526

5,606

Accretion of purchase accounting adjustments

800

1,106

992

1,026

1,494

Other interest income

18

17

38

48

41

Total interest income

43,885

44,435

43,238

45,187

45,613

Interest Expense:

 

 

 

 

 

Deposits

2,371

2,649

3,375

3,910

4,262

Borrowings

-

-

52

288

260

Subordinated debentures

1,818

1,819

1,821

1,821

1,823

Accretion of purchase accounting adjustments

(61)

(61)

(60)

(61)

(198)

Total interest expense

4,128

4,407

5,188

5,958

6,147

Net interest income

39,757

40,028

38,050

39,229

39,466

Provision for credit losses

(1,104)

-

-

-

3,523

Net interest income after provision for credit losses

40,861

40,028

38,050

39,229

35,943

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

1,901

1,846

1,756

1,761

1,925

Mortgage Income

1,556

1,732

2,372

3,162

3,270

Interchange Fee Income

3,029

2,744

3,145

2,644

2,562

Gain on securities, net

36

11

77

20

3

Financial Assistance Award/Bank Enterprise Award/RRP Grant

-

1,826

-

-

968

Bargain Purchase Gain and (Loss) on Sale of Land

1,300

(397)

-

-

812

Other charges and fees

1,771

1,824

1,472

1,885

1,388

Total non-interest income

9,593

9,586

8,822

9,472

10,928

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

17,519

16,246

16,036

16,054

16,642

Occupancy expense

3,948

3,922

3,813

3,879

3,890

FDIC/OCC premiums

550

532

499

494

520

Marketing

113

78

39

160

71

Amortization of core deposit intangibles

982

1,052

1,052

1,052

1,052

Other professional services

1,282

934

1,049

934

764

Acquisition and charter conversion charges

1,602

5

-

-

41

Other non-interest expense

4,793

6,284

4,964

4,691

4,917

Total Non-interest expense

30,789

29,053

27,452

27,264

27,897

Earnings before income taxes

19,665

20,561

19,420

21,437

18,974

Income tax expense

3,874

4,429

3,820

4,793

3,639

Net income available to common shareholders

$ 15,791

$ 16,132

$ 15,600

$ 16,644

$ 15,335

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 0.75

$ 0.76

$ 0.74

$ 0.79

$ 0.72

Diluted earnings per common share, operating*

$ 0.76

$ 0.76

$ 0.74

$ 0.79

$ 0.65

*See reconciliation of Non-GAAP financial measures

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Year to Date

 

2021

 

2020

 

Interest Income:

 

 

 

 

 

Loans, including fees

 

$ 147,279

 

$ 151,290

 

Investment securities

 

25,420

 

21,406

 

Accretion of purchase accounting adjustments

 

3,924

 

6,273

 

Other interest income

122

379

Total interest income

 

176,745

 

179,348

 

Interest Expense:

 

 

 

 

 

Deposits

 

12,304

 

21,373

 

Borrowings

 

340

 

1,666

 

Subordinated debentures

 

7,279

 

5,390

 

Amortization of purchase accounting adjustments

(242)

(1,765)

Total interest expense

19,681

26,664

Net interest income

 

157,064

 

152,684

 

Provision for credit losses

(1,104)

25,151

Net interest income after provision for credit losses

 

158,168

 

127,533

 

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

 

7,264

 

7,216

 

Mortgage Income

 

8,823

 

10,446

 

Interchange Fee Income

 

11,562

 

9,433

 

Gain (loss) on securities, net

 

143

 

281

 

Financial Assistance Award/Bank Enterprise Award/RRP Grant

 

1,826

 

968

 

Bargain Purchase Gain and Gain/(loss) on Sale of Land

903

 

8,455

Other charges and fees

6,952

5,077

Total non-interest income

 

37,473

 

41,876

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

 

65,856

 

61,230

 

Occupancy expense

 

15,562

 

13,833

 

FDIC/OCC premiums

 

2,074

 

1,351

 

Marketing

 

391

 

333

 

Amortization of core deposit intangibles

 

4,137

 

4,093

 

Other professional services

 

4,198

 

3,613

 

Acquisition & charter conversion charges

 

1,607

 

3,315

 

Other non-interest expense

20,734

18,573

Total Non-interest expense

114,559

106,341

Earnings before income taxes

 

81,082

 

63,068

 

Income tax expense

16,915

10,563

Net income available to common shareholders

$ 64,167

$ 52,505

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 3.03

$ 2.52

Diluted earnings per common share, operating*

$ 3.04

$ 2.21

*See reconciliation of Non-GAAP financial measures

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands)

COMPOSITION OF LOANS

Dec 31,

2021

Percent

of Total

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Percent

of Total

Commercial, financial and agricultural

$ 375,379

12.6%

$ 426,342

$ 485,134

$ 532,122

$ 561,342

17.8%

Real estate – construction

364,075

12.3%

361,732

341,864

304,457

301,283

9.6%

Real estate – commercial

1,242,529

41.8%

1,206,267

1,215,103

1,217,505

1,214,602

38.6%

Real estate – residential

916,179

30.9%

910,618

935,827

944,032

987,313

31.4%

Lease Financing Receivable

2,556

0.1%

2,889

3,291

3,382

2,733

0.1%

Obligations of States & subdivisions

16,765

0.6%

15,790

16,489

14,996

15,369

0.5%

Consumer

42,070

1.4%

37,281

39,024

38,599

41,036

1.3%

Loans held for sale

7,678

0.3%

8,540

6,000

15,119

21,432

0.7%

Total loans

$2,967,231

100%

$2,969,459

$3,042,732

$3,070,212

$3,145,110

100%

 

 

 

 

 

 

 

 

COMPOSITION OF DEPOSITS

Dec 31,

2021

Percent

of Total

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Percent

of Total

Non-interest bearing^

$ 756,118

14.5%

$596,126

$682,014

$ 632,485

$ 571,079

13.5%

NOW and other^

739,153

14.1%

670,888

704,034

702,766

664,626

15.8%

Money Market/Savings^

3,146,904

60.2%

2,896,140

2,758,957

2,734,873

2,398,525

56.9%

Time Deposits of less than $250,000

445,879

8.5%

390,289

404,437

419,556

439,101

10.4%

Time Deposits of $250,000 or more

138,730

2.7%

119,098

124,470

130,617

141,948

3.4%

Total Deposits

$5,226,784

100%

$4,672,541

$4,673,912

$4,620,297

$4,215,280

100%

 

 

 

 

 

 

 

 

Deposits Without Reclassification^

Dec 31,

2021

Percent

of Total

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Percent

of Total

Non-interest bearing

$1,550,381

29.6%

$1,424,208

$1,393,724

$1,328,239

$1,185,980

28.1%

NOW and other

1,771,510

33.9%

1,524,935

1,541,915

1,562,119

1,347,778

32.0%

Money Market/Savings

1,320,284

25.3%

1,214,011

1,209,366

1,179,749

1,100,473

26.1%

Time Deposits of less than $250,000

445,879

8.5%

390,289

404,437

419,556

439,101

10.4%

Time Deposits of $250,000 or more

138,730

2.7%

119,098

124,470

130,617

141,948

3.4%

Total Deposits

$5,226,784

100%

$4,672,541

$4,673,912

$4,620,297

$4,215,280

100%

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

Dec 31,

2021

 

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

 

Nonaccrual loans

$ 28,013

 

$ 25,012

$ 27,625

$ 29,981

$ 33,774

 

Loans past due 90 days and over

45

 

456

5,834

1,079

2,692

 

Total nonperforming loans

28,058

 

25,468

33,459

31,060

36,466

 

Other real estate owned

2,565

 

2,580

3,529

5,769

5,802

 

Total nonperforming assets

$ 30,623

 

$28,048

$36,988

$36,829

$ 42,268

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

0.50%

 

0.51%

0.67%

0.68%

0.82%

 

Nonperforming assets to total loans + OREO

1.03%

 

0.95%

1.22%

1.20%

1.35%

 

ACL to nonperforming loans

109.57%

 

127.29%

97.01%

105.16%

98.23%

 

ACL to total loans

1.04%

 

1.09%

1.07%

1.07%

1.15%

 

 

 

 

 

 

 

 

 

Qtr-to-date net charge-offs (recoveries)

$ 220

 

$ 39

$ 207

$ 3,553

$ 1,959

 

Annualized QTD net chg-offs (recs) to loans

0.03%

 

0.005%

0.03%

0.47%

0.25%

 

^Reclassified $794,263 to interest-bearing deposits for Dec 31, 2021

FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
 

Yield

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

Three Months Ended

Analysis

December 31, 2021

September 30, 2021

June 30, 2021

March 31, 2021

December 31, 2020

 

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

 
Taxable securities

$ 1,166,432

$ 5,059

1.73%

$ 986,325

$ 5,033

2.04%

$ 853,180

$ 4,017

1.88%

$ 699,585

$ 3,591

2.05%

$ 659,243

$ 3,678

2.23%

Tax-exempt securities

397,906

2,641

2.65%

377,610

2,550

2.70%

367,074

2,554

2.78%

367,322

2,590

2.82%

361,529

2,581

2.86%

Total investment
securities

1,564,338

7,700

1.97%

1,363,935

7,583

2.22%

1,220,254

6,571

2.15%

1,066,907

6,181

2.32%

1,020,772

6,259

2.45%

in other banks

634,541

18

0.01%

657,387

17

0.01%

661,069

38

0.02%

614,283

48

0.03%

404,069

41

0.04%

Loans

2,956,657

36,835

4.98%

2,983,771

37,480

5.02%

3,042,785

37,275

4.90%

3,097,145

39,613

5.12%

3,153,543

39,966

5.07%

Total Interest earning assets

5,155,536

44,553

3.46%

5,005,093

45,080

3.60%

4,924,108

43,884

3.56%

4,778,335

45,842

3.84%

4,578,384

46,266

4.04%

Other assets

508,800

506,134

534,423

558,929

557,752

Total assets

$ 5,664,336

$ 5,511,227

$ 5,458,531

$ 5,337,264

$ 5,136,136

 
Interest-bearing liabilities:
Deposits

$ 4,537,958

$ 2,310

0.20%

$ 4,422,690

$ 2,588

0.23%

$ 4,374,372

$ 3,315

0.30%

$ 4,172,326

$ 3,849

0.37%

$ 3,971,379

$ 4,064

0.41%

Borrowed Funds

-

-

0.00%

206

-

0.00%

3,355

52

6.20%

100,143

288

1.15%

115,430

260

0.90%

Subordinated debentures

144,684

1,818

5.03%

144,630

1,819

5.03%

144,591

1,821

5.04%

144,590

1,821

5.04%

144,676

1,823

5.04%

Total interest bearing liabilities

4,682,642

4,128

0.35%

4,567,526

4,407

0.39%

4,522,318

5,188

0.46%

4,417,059

5,958

0.54%

4,213,485

6,147

0.58%

Other liabilities

309,573

279,107

288,363

275,282

263,823

Shareholders' equity

672,121

664,594

647,850

644,923

640,828

Total liabilities and shareholders' equity

$ 5,664,336

$ 5,511,227

$ 5,458,531

$ 5,337,264

$ 5,136,136

 
Net interest income (FTE)*

$ 40,425

3.10%

$ 40,673

3.22%

$ 38,696

3.11%

$ 39,884

3.30%

$ 40,119

3.46%

 
Net interest margin (FTE)*

3.14%

3.25%

3.14%

3.34%

3.51%

 
Core net interest margin*

3.07%

3.15%

3.05%

3.25%

3.35%

 
*See reconciliation for Non-GAAP financial measures

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,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Book value per common share

$ 32.17

$ 31.81

$ 31.40

$ 30.64

$ 30.54

Effect of intangible assets per share

8.86

8.78

8.83

8.88

8.89

Tangible book value per common share

$ 23.31

$ 23.03

$ 22.57

$ 21.76

$ 21.65

 

 

 

 

 

 

Diluted earnings per share

$ 0.75

$ 0.76

$ 0.74

$ 0.79

$ 0.72

Effect of acquisition and charter conversion charges

0.07

-

-

-

0.01

Tax on acquisition and charter conversion charges

(0.02)

-

-

-

-

Effect of bargain purchase gain and loss on sale of fixed assets

(0.06)

0.02

-

-

(0.04)

Tax on loss on sale of fixed assets

0.02

-

-

-

-

Effect of Treasury awards

-

(0.09)

-

-

(0.05)

Tax on Treasury awards

-

.02

-

-

0.01

Effect on Contributions related to Treasury awards

-

.07

-

-

-

Tax on Contributions related to Treasury awards

-

(0.02)

-

-

-

Diluted earnings per share, operating

$ 0.76

$ 0.76

$ 0.74

$ 0.79

$ 0.65

 

 

 

 

 

 

 

 

 

Year to Date

 

2021

2020

 

Diluted earnings per share

 

$ 3.03

 

$ 2.52

 

Effect of acquisition and charter conversion charges

 

0.08

 

0.16

 

Tax on acquisition and charter conversion charges

 

(0.02)

 

(0.03)

 

Effect of bargain purchase gain and loss on sale of fixed assets

 

(0.04)

 

(0.42)

 

Tax on loss on sale of fixed assets

 

0.01

 

0.01

 

Effect of Treasury awards

 

(0.09)

 

(0.04)

 

Tax on Treasury awards

 

0.02

 

0.01

 

Effect on Contributions related to Treasury awards

 

0.07

 

-

 

Tax on Contributions related to Treasury awards

 

(0.02)

 

-

 

Diluted earnings per share, operating

 

$ 3.04

 

$ 2.21

 

 

 

 

 

 

 

 

 

 

Year to Date

 

2021

2020

Net income available to common shareholders

 

$ 64,167

 

$ 52,505

 

Acquisition and charter conversion charges

 

1,607

 

3,314

 

Tax on acquisition and charter conversion charges

 

(406)

 

(753)

 

Bargain purchase gain and loss on sale of fixed assets

 

(903)

 

(8,455)

 

Tax on loss on sale of fixed assets

 

229

 

157

 

Treasury awards

 

(1,826)

 

(968)

 

Tax on Treasury awards

 

462

 

245

 

Contributions related to Treasury awards

 

1,400

 

-

 

Tax on Contributions related to Treasury awards

 

(354)

-

 

Net earnings available to common shareholders, operating

 

$ 64,376

$ 46,045

 

 

 

 

 

 

 

 

 

Three Months Ended

Average Balance Sheet Data

 

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Total average assets

A

$5,664,336

$5,504,107

$5,458,531

$5,337,264

$5,136,136

Total average earning assets

B

5,155,536

$5,005,093

$4,924,108

$4,778,335

$4,578,384

 

 

 

 

 

 

 

Common Equity

C

$ 672,121

$ 664,594

$ 647,850

$ 644,923

$ 640,828

Less intangible assets

 

171,482

185,054

186,107

187,148

189,817

Total Tangible common equity

D

$ 500,639

$ 479,540

$ 461,743

$ 457,775

$ 451,011

 

 

 

 

 

Three Months Ended

Net Interest Income Fully Tax Equivalent

 

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Net interest income

E

$ 39,757

$ 40,028

$ 38,050

$ 39,229

$ 39,466

Tax-exempt investment income

 

(1,973)

(1,905)

(1,908)

(1,935)

(1,928)

Taxable investment income

 

2,641

2,550

2,554

2,590

2,581

Net Interest Income Fully Tax Equivalent

F

$ 40,425

$ 40,673

$ 38,696

$ 39,884

$ 40,119

 

 

 

 

 

 

 

Annualized Net Interest Margin

E/B

3.08%

3.20%

3.09%

3.28%

3.45%

Annualized Net Interest Margin, Fully Tax Equivalent

F/B

3.14%

3.25%

3.14%

3.34%

3.51%

 

 

 

 

 

 

 

Total Interest Income, Fully Tax Equivalent

 

 

 

 

 

 

Total Interest Income

 

$ 43,885

$ 44,435

$ 43,238

$ 45,187

$ 45,613

Tax-exempt investment income

 

(1,973)

(1,905)

(1,908)

(1,935)

(1,928)

Taxable investment income

 

2,641

2,550

2,554

2,590

2,581

Total Interest Income, Fully Tax Equivalent

G

$ 44,553

$ 45,080

$ 43,884

$ 45,842

$ 46,266

 

 

 

 

 

 

 

Yield on Average Earning Assets, Fully Tax Equivalent

G/B

3.46%

3.60%

3.56%

3.84%

4.04%

 

 

 

 

 

 

 

Interest Income Investment Securities, Fully Tax Equivalent

 

 

 

 

 

 

Interest Income Investment Securities

 

$ 7,032

$ 6,938

$ 5,925

$ 5,526

$ 5,606

Tax-exempt investment income

 

(1,973)

(1,905)

(1,908)

(1,935)

(1,928)

Taxable investment Income

 

2,641

2,550

2,554

2,590

2,581

Interest Income Investment Securities, Fully Tax Equivalent

H

$ 7,700

$ 7,583

$ 6,571

$ 6,181

$ 6,259

 

 

 

 

 

 

Average Investment Securities

I

$ 1,564,338

$ 1,364,431

$1,220,254

$ 1,066,907

$ 1,020,772

 

 

 

 

 

 

Yield on Investment Securities, Fully Tax Equivalent

H/I

1.97%

2.22%

2.15%

2.32%

2.45%

 

 

 

 

 

 

 

 

Three Months Ended

Core Net Interest Margin

 

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Net interest income (FTE)

 

$ 40,425

$ 40,673

$ 38,696

$ 39,884

$ 40,119

Less purchase accounting adjustments

 

861

1,167

1,052

1,026

1,692

Net interest income, net of purchase accounting adj

J

$ 39,564

$ 39,506

$ 37,644

$ 38,858

$ 38,427

 

 

 

 

 

 

 

Total average earning assets

 

$5,155,536

$5,005,093

$4,924,108

$4,778,335

$4,578,384

Add average balance of loan valuation discount

 

4,353

5,252

6,373

8,480

9,808

Avg earning assets, excluding loan valuation discount

K

$5,159,889

$5,010,345

$4,930,481

$4,786,815

$4,588,192

 

 

 

 

 

 

 

Core net interest margin

J/K

3.07%

3.15%

3.05%

3.25%

3.35%

 

 

Three Months Ended

Efficiency Ratio

 

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Operating Expense

 

 

 

 

 

 

Total non-interest expense

 

$ 30,789

$ 29,053

$ 27,452

$ 27,264

$ 27,897

Pre-tax non-operating expenses

 

(1,602)

(1,405)

-

-

(41)

Adjusted Operating Expense

L

$ 29,187

$ 27,648

$ 27,452

$ 27,264

$ 27,856

 

 

 

 

 

 

 

Operating Revenue

 

 

 

 

 

 

Net interest income, FTE

 

$ 40,425

$ 40,673

$ 38,696

$ 39,884

$ 40,119

Total non-interest income

 

9,593

9,586

8,822

9,472

10,928

Pre-tax non-operating items

 

(1,300)

(1,429)

-

-

(1,780

Adjusted Operating Revenue

M

$ 48,718

$ 48,830

$ 47,518

$ 49,356

$ 49,267

 

 

 

 

 

 

 

Efficiency Ratio, operating

L/M

59.91%

56.62%

57.77.%

55.24%

56.54%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Return Ratios

 

Dec 31,

2021

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Net income available to common shareholders

N

$ 15,791

$ 16,132

$ 15,600

$ 16,644

$ 15,335

Acquisition and charter conversion charges

 

1,602

5

-

-

41

Tax on acquisition and charter conversion charges

 

(405)

(1)

-

-

(10)

Bargain purchase gain and loss on sale of fixed assets

 

(1,300)

397

-

-

(812)

Tax on loss on sale of fixed assets

 

329

(100)

-

-

-

Treasury awards

 

-

(1,826)

-

-

(968)

Tax on Treasury awards

 

-

462

-

-

245

Charitable contributions related to Treasury awards

 

-

1,400

-

-

-

Tax on charitable contributions related to Treasury awards

 

-

(354)

-

-

-

Net earnings available to common shareholders, operating

O

$ 16,017

$ 16,115

$ 15,600

$ 16,644

$ 13,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax Pre-Provision Operating Earnings

 

 

 

 

 

 

Earnings before income taxes

P

$ 19,665

$ 20,561

$ 19,420

$ 21,437

$ 18,974

Acquisition and charter conversion charges

 

1,602

5

-

-

41

Provision for loan losses

 

(1,104)

-

-

-

3,523

Bargain purchase gain and loss on sale of fixed assets

 

(1,300)

397

-

-

-

Treasury Awards and Gains

 

-

(1,826)

-

-

(1,780)

Charitable contributions related to Treasury awards

 

-

1,400

-

-

-

Pre-Tax, Pre-Provision Operating Earnings

Q

$ 18,863

$ 20,537

$ 19,420

$ 21,437

$ 20,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on avg assets

N/A

1.12%

1.17%

1.14%

1.25%

1.19%

Annualized return on avg assets, oper

O/A

1.13%

1.17%

1.14%

1.25%

1.08%

Annualized pre-tax, pre-provision, oper

Q/A

1.33%

1.49%

1.42%

1.61%

1.62%

Annualized return on avg common equity, oper

O/C

9.53%

9.70%

9.63%

10.32%

8.63%

Annualized return on avg tangible common equity, operating

O/D

12.80%

13.44%

13.51%

14.54%

12.27%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Department

 

 

 

 

 

 

Net Interest Income after provision for credit losses

 

$ 97

$ 92

$ 113

$ 140

$ 133

Loan fee income

 

1,556

1,732

2,372

3,162

3,270

Salaries and employee benefits

 

(1,171)

(995)

(1,165)

(1,512)

(1,329)

Other non-interest expense

 

(125)

(131)

(131)

(126)

(105)

Earnings before income taxes

 

$ 357

$ 698

$ 1,189

$ 1,664

$ 1,969

 

Contacts

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

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