Mississippi | 000-22507 | 64-0862173 | ||||||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
6480 U.S. Highway 98 West, Hattiesburg, Mississippi |
39402 | ||||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (601) 268-8998 |
N/A | ||
(Former name or former address, if changed since last report.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock |
FBMS |
NYSE |
Exhibit No. | Description | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
The First Bancshares, Inc. | |||||
Date: July 24, 2024 |
|||||
/s/ Donna T. (Dee Dee) Lowery |
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Name: Donna T. (Dee Dee) Lowery | |||||
Title: EVP and CFO |
THE FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(Dollars in thousands except per share data)
| |||||||||||||||||||||||||||||
EARNINGS DATA | Quarter Ended 6/30/24 |
Quarter Ended 3/31/24 |
Quarter Ended 12/31/23 |
Quarter Ended 9/30/23 |
Quarter Ended 6/30/23 |
||||||||||||||||||||||||
Total Interest Income | $ | 91,027 | $ | 91,663 | $ | 88,720 | $ | 85,681 | $ | 86,194 | |||||||||||||||||||
Total Interest Expense | 33,233 | 34,322 | 31,055 | 24,977 | 20,164 | ||||||||||||||||||||||||
Net Interest Income | 57,794 | 57,341 | 57,665 | 60,704 | 66,030 | ||||||||||||||||||||||||
Net Interest Income excluding PPP Fee Income | 57,793 | 57,340 | 57,664 | 60,703 | 66,029 | ||||||||||||||||||||||||
FTE net interest income* | 58,797 | 58,339 | 58,651 | 61,696 | 67,028 | ||||||||||||||||||||||||
Provision for credit losses | 1,650 | — | 1,250 | 1,000 | 1,250 | ||||||||||||||||||||||||
Non-interest income | 13,319 | 12,679 | 2,346 | 19,324 | 12,423 | ||||||||||||||||||||||||
Non-interest expense | 44,089 | 43,425 | 44,433 | 47,724 | 46,899 | ||||||||||||||||||||||||
Earnings before income taxes | 25,374 | 26,595 | 14,328 | 31,304 | 30,304 | ||||||||||||||||||||||||
Income tax expense | 5,677 | 5,967 | 3,281 | 6,944 | 6,525 | ||||||||||||||||||||||||
Net income available to common shareholders | $ | 19,697 | $ | 20,628 | $ | 11,047 | $ | 24,360 | $ | 23,779 | |||||||||||||||||||
PER COMMON SHARE DATA | |||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.62 | $ | 0.66 | $ | 0.35 | $ | 0.78 | $ | 0.76 | |||||||||||||||||||
Diluted earnings per share | 0.62 | 0.65 | 0.35 | 0.77 | 0.75 | ||||||||||||||||||||||||
Diluted earnings per share, operating* | 0.63 | 0.65 | 0.59 | 0.76 | 0.85 | ||||||||||||||||||||||||
Quarterly dividends per share | 0.25 | 0.25 | 0.24 | 0.23 | 0.22 | ||||||||||||||||||||||||
Book value per common share at end of period | 30.83 | 30.45 | 30.22 | 28.57 | 28.64 | ||||||||||||||||||||||||
Tangible book value per common share at period end* | 20.15 | 19.70 | 19.35 | 17.62 | 17.62 | ||||||||||||||||||||||||
Market price at end of period | 25.98 | 25.95 | 29.33 | 26.97 | 25.84 | ||||||||||||||||||||||||
Shares outstanding at period end | 31,525,232 | 31,528,748 | 31,399,803 | 31,404,231 | 31,406,220 | ||||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||
Basic | 31,527,592 | 31,475,254 | 31,401,612 | 31,405,439 | 31,378,364 | ||||||||||||||||||||||||
Diluted | 31,679,827 | 31,630,745 | 31,587,506 | 31,609,564 | 31,591,665 | ||||||||||||||||||||||||
AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||
Total assets | $ | 7,939,783 | $ | 8,005,574 | $ | 7,917,303 | $ | 7,873,345 | $ | 7,882,130 | |||||||||||||||||||
Loans and leases | 5,202,006 | 5,158,071 | 5,145,228 | 5,038,928 | 4,982,368 | ||||||||||||||||||||||||
Total deposits | 6,625,500 | 6,599,287 | 6,440,774 | 6,466,141 | 6,501,372 | ||||||||||||||||||||||||
Total common equity | 963,445 | 952,708 | 901,530 | 905,070 | 901,499 | ||||||||||||||||||||||||
Total tangible common equity* | 625,586 | 612,470 | 558,889 | 560,071 | 554,792 | ||||||||||||||||||||||||
SELECTED RATIOS | |||||||||||||||||||||||||||||
Annualized return on avg assets (ROA) | 0.99 | % | 1.03 | % | 0.56 | % | 1.24 | % | 1.21 | % | |||||||||||||||||||
Annualized return on avg assets, operating* | 1.01 | % | 1.03 | % | 0.95 | % | 1.22 | % | 1.36 | % | |||||||||||||||||||
Annualized pre-tax, pre-provision, operating* | 1.38 | % | 1.33 | % | 1.31 | % | 1.62 | % | 1.81 | % | |||||||||||||||||||
Annualized return on avg common equity, operating* | 8.29 | % | 8.66 | % | 8.32 | % | 10.63 | % | 11.91 | % | |||||||||||||||||||
Annualized return on avg tangible common equity, operating* | 12.76 | % | 13.48 | % | 13.41 | % | 17.17 | % | 19.35 | % | |||||||||||||||||||
Average loans to average deposits | 78.51 | % | 78.16 | % | 79.89 | % | 77.93 | % | 76.64 | % | |||||||||||||||||||
FTE Net Interest Margin* | 3.32 | % | 3.26 | % | 3.33 | % | 3.52 | % | 3.82 | % | |||||||||||||||||||
Efficiency Ratio | 61.14 | % | 61.15 | % | 72.84 | % | 58.90 | % | 59.02 | % | |||||||||||||||||||
Efficiency Ratio, operating* | 60.65 | % | 61.14 | % | 62.00 | % | 56.06 | % | 53.87 | % | |||||||||||||||||||
*See reconciliation of non-GAAP financial measures | |||||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||||
Allowance for credit losses (ACL) as a % of total loans | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | |||||||||||||||||||
Nonperforming assets to tangible equity + ACL | 3.05 | % | 2.72 | % | 3.05 | % | 3.69 | % | 3.57 | % | |||||||||||||||||||
Nonperforming assets to total loans + OREO | 0.40 | % | 0.36 | % | 0.39 | % | 0.44 | % | 0.43 | % | |||||||||||||||||||
Annualized QTD net charge-offs (recoveries) to total loans | 0.036 | % | 0.006 | % | 0.061 | % | 0.004 | % | 0.070 | % | |||||||||||||||||||
THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands) | |||||||||||||||||||||||||||||
BALANCE SHEET | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 207,606 | $ | 339,964 | $ | 355,147 | $ | 197,632 | $ | 194,050 | |||||||||||||||||||
Securities available for sale | 1,124,462 | 1,088,568 | 1,042,365 | 1,141,971 | 1,199,103 | ||||||||||||||||||||||||
Securities held to maturity | 607,502 | 622,574 | 654,539 | 658,524 | 663,473 | ||||||||||||||||||||||||
Other investments | 39,293 | 34,094 | 37,754 | 35,872 | 35,725 | ||||||||||||||||||||||||
Total investment securities | 1,771,257 | 1,745,236 | 1,734,658 | 1,836,367 | 1,898,301 | ||||||||||||||||||||||||
Loans held for sale | 5,892 | 4,241 | 2,914 | 5,960 | 6,602 | ||||||||||||||||||||||||
Total loans | 5,250,893 | 5,139,952 | 5,170,042 | 5,089,800 | 5,010,925 | ||||||||||||||||||||||||
Allowance for credit losses | (55,133) | (53,959) | (54,032) | (53,565) | (52,614) | ||||||||||||||||||||||||
Loans, net | 5,195,760 | 5,085,993 | 5,116,010 | 5,036,235 | 4,958,311 | ||||||||||||||||||||||||
Premises and equipment | 179,289 | 181,194 | 182,162 | 183,740 | 186,381 | ||||||||||||||||||||||||
Other Real Estate Owned | 6,356 | 6,743 | 8,320 | 4,920 | 5,588 | ||||||||||||||||||||||||
Goodwill and other intangibles | 336,561 | 338,946 | 341,332 | 343,869 | 346,104 | ||||||||||||||||||||||||
Other assets | 263,079 | 261,442 | 258,802 | 275,562 | 266,771 | ||||||||||||||||||||||||
Total assets | $ | 7,965,800 | $ | 7,963,759 | $ | 7,999,345 | $ | 7,884,285 | $ | 7,862,108 | |||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||
Non-interest bearing deposits | $ | 1,870,305 | $ | 1,836,952 | $ | 1,849,013 | $ | 1,967,661 | $ | 2,086,666 | |||||||||||||||||||
Interest-bearing deposits | 4,755,812 | 4,873,403 | 4,613,859 | 4,512,364 | 4,405,601 | ||||||||||||||||||||||||
Total deposits | 6,626,117 | 6,710,355 | 6,462,872 | 6,480,025 | 6,492,267 | ||||||||||||||||||||||||
Borrowings | 182,400 | 110,000 | 390,000 | 302,000 | 280,000 | ||||||||||||||||||||||||
Subordinated debentures | 123,558 | 123,472 | 123,386 | 128,300 | 128,214 | ||||||||||||||||||||||||
Other liabilities | 61,840 | 60,020 | 74,053 | 76,739 | 62,181 | ||||||||||||||||||||||||
Total liabilities | 6,993,915 | 7,003,847 | 7,050,311 | 6,987,064 | 6,962,662 | ||||||||||||||||||||||||
Total shareholders’ equity | 971,885 | 959,912 | 949,034 | 897,221 | 899,446 | ||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,965,800 | $ | 7,963,759 | $ | 7,999,345 | $ | 7,884,285 | $ | 7,862,108 | |||||||||||||||||||
THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) | |||||||||||||||||||||||||||||
EARNINGS STATEMENT | Three Months Ended | ||||||||||||||||||||||||||||
6/30/2024 | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | |||||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||||||||
Loans, including fees | $ | 76,269 | $ | 76,172 | $ | 74,357 | $ | 70,349 | $ | 68,057 | |||||||||||||||||||
Investment securities | 11,833 | 11,248 | 10,803 | 10,614 | 10,815 | ||||||||||||||||||||||||
Accretion of purchase accounting adjustments | 2,067 | 2,627 | 3,235 | 4,277 | 6,533 | ||||||||||||||||||||||||
Other interest income | 858 | 1,616 | 325 | 441 | 789 | ||||||||||||||||||||||||
Total interest income | 91,027 | 91,663 | 88,720 | 85,681 | 86,194 | ||||||||||||||||||||||||
Interest Expense: | |||||||||||||||||||||||||||||
Deposits | 29,247 | 29,182 | 24,489 | 19,314 | 14,613 | ||||||||||||||||||||||||
Borrowings | 1,956 | 3,022 | 4,500 | 3,556 | 3,264 | ||||||||||||||||||||||||
Subordinated debentures | 1,814 | 1,887 | 1,807 | 1,849 | 2,138 | ||||||||||||||||||||||||
Accretion of purchase accounting adjustments | 216 | 231 | 259 | 258 | 149 | ||||||||||||||||||||||||
Total interest expense | 33,233 | 34,322 | 31,055 | 24,977 | 20,164 | ||||||||||||||||||||||||
Net interest income | 57,794 | 57,341 | 57,665 | 60,704 | 66,030 | ||||||||||||||||||||||||
Provision for credit losses | 1,650 | — | 1,250 | 1,000 | 1,250 | ||||||||||||||||||||||||
Net interest income after provision for credit losses | 56,144 | 57,341 | 56,415 | 59,704 | 64,780 | ||||||||||||||||||||||||
Non-interest Income: | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,334 | 3,367 | 3,447 | 3,646 | 3,425 | ||||||||||||||||||||||||
Mortgage Income | 972 | 704 | 582 | 878 | 773 | ||||||||||||||||||||||||
Interchange Fee Income | 4,893 | 4,195 | 4,593 | 5,280 | 4,543 | ||||||||||||||||||||||||
Gain (Loss) on securities, net | 14 | (48) | (9,670) | 2 | (48) | ||||||||||||||||||||||||
Treasury Awards | — | — | — | 6,197 | — | ||||||||||||||||||||||||
Loss on sale of premises and equipment | 163 | — | (524) | (104) | — | ||||||||||||||||||||||||
Other charges and fees | 3,943 | 4,461 | 3,918 | 3,425 | 3,730 | ||||||||||||||||||||||||
Total non-interest income | 13,319 | 12,679 | 2,346 | 19,324 | 12,423 | ||||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||||||||
Salaries and employee benefits | 25,045 | 24,508 | 23,717 | 22,807 | 23,315 | ||||||||||||||||||||||||
Occupancy expense | 5,490 | 5,714 | 5,688 | 5,343 | 5,041 | ||||||||||||||||||||||||
FDIC/OCC premiums | 1,020 | 1,008 | 1,263 | 1,158 | 758 | ||||||||||||||||||||||||
Marketing | 59 | 139 | 71 | 559 | 45 | ||||||||||||||||||||||||
Amortization of core deposit intangibles | 2,385 | 2,385 | 2,385 | 2,385 | 2,391 | ||||||||||||||||||||||||
Other professional services | 2,028 | 1,833 | 2,309 | 1,499 | 1,570 | ||||||||||||||||||||||||
Acquisition and charter conversion charges | 352 | 8 | 593 | 588 | 4,101 | ||||||||||||||||||||||||
Other non-interest expense | 7,710 | 7,830 | 8,407 | 13,385 | 9,678 | ||||||||||||||||||||||||
Total non-interest expense | 44,089 | 43,425 | 44,433 | 47,724 | 46,899 | ||||||||||||||||||||||||
Earnings before income taxes | 25,374 | 26,595 | 14,328 | 31,304 | 30,304 | ||||||||||||||||||||||||
Income tax expense | 5,677 | 5,967 | 3,281 | 6,944 | 6,525 | ||||||||||||||||||||||||
Net income available to common shareholders | $ | 19,697 | $ | 20,628 | $ | 11,047 | $ | 24,360 | $ | 23,779 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.62 | $ | 0.65 | $ | 0.35 | $ | 0.77 | $ | 0.75 | |||||||||||||||||||
Diluted earnings per common share, operating* | $ | 0.63 | $ | 0.65 | $ | 0.59 | $ | 0.76 | $ | 0.85 | |||||||||||||||||||
*See reconciliation of non-GAAP financial measures |
THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (in thousands except per share data) | |||||||||||
EARNINGS STATEMENT | Year to Date | ||||||||||
2024 | 2023 | ||||||||||
Interest Income: | |||||||||||
Loans, including fees | $ | 152,440 | $ | 132,113 | |||||||
PPP loan fee income | 1 | 209 | |||||||||
Investment securities | 23,081 | 22,522 | |||||||||
Accretion of purchase accounting adjustments | 4,694 | 10,002 | |||||||||
Other interest income | 2,474 | 1,686 | |||||||||
Total interest income | 182,690 | 166,532 | |||||||||
Interest Expense: | |||||||||||
Deposits | 58,429 | 26,796 | |||||||||
Borrowings | 4,978 | 4,223 | |||||||||
Subordinated debentures | 3,701 | 4,314 | |||||||||
Amortization of purchase accounting adjustments | 447 | 243 | |||||||||
Total interest expense | 67,555 | 35,576 | |||||||||
Net interest income | 115,135 | 130,956 | |||||||||
Provision for credit losses | 1,650 | 12,250 | |||||||||
Net interest income after provision for credit losses | 113,485 | 118,706 | |||||||||
Non-interest Income: | |||||||||||
Service charges on deposit accounts | 6,701 | 7,082 | |||||||||
Mortgage Income | 1,676 | 1,406 | |||||||||
Interchange Fee Income | 9,088 | 9,041 | |||||||||
Gain (loss) on securities, net | (34) | (48) | |||||||||
Bargain Purchase Gain and gain on sale of premises and equipment | 163 | — | |||||||||
Other charges and fees | 8,404 | 7,554 | |||||||||
Total non-interest income | 25,998 | 25,035 | |||||||||
Non-interest expense: | |||||||||||
Salaries and employee benefits | 49,553 | 46,888 | |||||||||
Occupancy expense | 11,204 | 10,337 | |||||||||
FDIC/OCC premiums | 2,028 | 1,428 | |||||||||
Marketing | 198 | 203 | |||||||||
Amortization of core deposit intangibles | 4,770 | 4,793 | |||||||||
Other professional services | 3,861 | 2,638 | |||||||||
Acquisition & charter conversion charges | 360 | 7,894 | |||||||||
Other non-interest expense | 15,540 | 18,388 | |||||||||
Total non-interest expense | 87,514 | 92,569 | |||||||||
Earnings before income taxes | 51,969 | 51,172 | |||||||||
Income tax expense | 11,644 | 11,122 | |||||||||
Net income available to common shareholders | 40,325 | 40,050 | |||||||||
Diluted earnings per common share | $ | 1.27 | $ | 1.27 | |||||||
Diluted earnings per common share, operating* | $ | 1.28 | $ | 1.71 | |||||||
*See reconciliation of non-GAAP financial measures | |||||||||||
THE FIRST BANCSHARES, INC and SUBSIDIARIES Condensed Consolidated Financial Information (unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
COMPOSITION OF LOANS | June 30, 2024 |
Percent of Total |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
Percent of Total |
|||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 710,808 | 13.5 | % | $ | 737,511 | $ | 765,422 | $ | 753,120 | $ | 753,415 | 15.0 | % | ||||||||||||||||||||||||||||||
Real estate – construction | 639,931 | 12.2 | % | 633,804 | 629,660 | 633,682 | 634,120 | 12.6 | % | |||||||||||||||||||||||||||||||||||
Real estate – commercial | 2,435,853 | 46.4 | % | 2,356,552 | 2,377,864 | 2,317,666 | 2,251,710 | 44.9 | % | |||||||||||||||||||||||||||||||||||
Real estate – residential | 1,387,102 | 26.4 | % | 1,330,589 | 1,311,395 | 1,298,980 | 1,286,343 | 25.6 | % | |||||||||||||||||||||||||||||||||||
Lease Financing Receivable | 1,749 | — | % | 1,794 | 1,292 | 1,548 | 1,187 | — | % | |||||||||||||||||||||||||||||||||||
Obligations of States & subdivisions | 27,286 | 0.5 | % | 28,541 | 29,316 | 29,650 | 31,137 | 0.6 | % | |||||||||||||||||||||||||||||||||||
Consumer | 48,164 | 0.9 | % | 51,161 | 55,094 | 55,154 | 53,013 | 1.1 | % | |||||||||||||||||||||||||||||||||||
Loans held for sale | 5,892 | 0.1 | % | 4,241 | 2,914 | 5,960 | 6,602 | 0.1 | % | |||||||||||||||||||||||||||||||||||
Total loans | $ | 5,256,785 | 100 | % | $ | 5,144,193 | $ | 5,172,957 | $ | 5,095,760 | $ | 5,017,527 | 100.0 | % | ||||||||||||||||||||||||||||||
COMPOSITION OF DEPOSITS | June 30, 2024 |
Percent of Total |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
Percent of Total |
|||||||||||||||||||||||||||||||||||||
Non-interest bearing | $ | 1,870,305 | 28.2 | % | $ | 1,836,952 | $ | 1,849,013 | $ | 1,967,661 | $ | 2,086,666 | 32.1 | % | ||||||||||||||||||||||||||||||
NOW and other | 2,075,566 | 31.4 | % | 2,135,343 | 1,914,792 | 1,962,383 | 2,014,420 | 31.0 | % | |||||||||||||||||||||||||||||||||||
Money Market/Savings | 1,573,194 | 23.7 | % | 1,656,688 | 1,623,311 | 1,532,822 | 1,565,212 | 24.1 | % | |||||||||||||||||||||||||||||||||||
Time Deposits of less than $250,000 | 825,460 | 12.5 | % | 816,153 | 813,877 | 766,553 | 627,782 | 9.7 | % | |||||||||||||||||||||||||||||||||||
Time Deposits of $250,000 or more | 281,591 | 4.2 | % | 265,219 | 261,879 | 250,606 | 198,187 | 3.1 | % | |||||||||||||||||||||||||||||||||||
Total Deposits | $ | 6,626,116 | 100 | % | $ | 6,710,355 | $ | 6,462,872 | $ | 6,480,025 | $ | 6,492,267 | 100.0 | % | ||||||||||||||||||||||||||||||
ASSET QUALITY DATA | June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
|||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 13,553 | $ | 10,961 | $ | 10,691 | $ | 17,423 | $ | 16,037 | ||||||||||||||||||||||||||||||||||
Loans past due 90 days and over | 1,174 | 687 | 1,163 | 53 | — | |||||||||||||||||||||||||||||||||||||||
Total nonperforming loans | 14,727 | 11,648 | 11,854 | 17,476 | 16,037 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned | 6,356 | 6,743 | 8,320 | 4,920 | 5,588 | |||||||||||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 21,083 | $ | 18,391 | $ | 20,174 | $ | 22,396 | $ | 21,625 | ||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.26 | % | 0.23 | % | 0.25 | % | 0.28 | % | 0.28 | % | ||||||||||||||||||||||||||||||||||
Nonperforming assets to total loans + OREO | 0.40 | % | 0.36 | % | 0.39 | % | 0.44 | % | 0.43 | % | ||||||||||||||||||||||||||||||||||
ACL to nonperforming loans | 374.37 | % | 463.25 | % | 455.81 | % | 306.51 | % | 328.08 | % | ||||||||||||||||||||||||||||||||||
ACL to total loans | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||
Qtr-to-date net charge-offs (recoveries) | $ | 476 | $ | 73 | $ | 783 | $ | 49 | $ | 837 | ||||||||||||||||||||||||||||||||||
Annualized QTD net chg-offs (recs) to loans | 0.036 | % | 0.006 | % | 0.061 | % | 0.004 | % | 0.070 | % | ||||||||||||||||||||||||||||||||||
THE 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 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,328,780 | $ | 8,868 | 2.67 | % | $ | 1,342,644 | $ | 8,303 | 2.47 | % | $ | 1,375,695 | $ | 7,892 | 2.29 | % | $ | 1,419,343 | $ | 7,685 | 2.17 | % | $ | 1,473,166 | $ | 7,867 | 2.14 | % | |||||||||||||||||||||||||||||
Tax-exempt securities | 458,752 | 3,968 | 3.46 | % | 468,432 | 3,944 | 3.37 | % | 446,348 | 3,897 | 3.49 | % | 463,329 | 3,921 | 3.39 | % | 470,742 | 3,946 | 3.35 | % | |||||||||||||||||||||||||||||||||||||||
Total investment securities | 1,787,532 | 12,836 | 2.87 | % | 1,811,076 | 12,247 | 2.70 | % | 1,822,043 | 11,789 | 2.59 | % | 1,882,672 | 11,606 | 2.47 | % | 1,943,908 | 11,813 | 2.43 | % | |||||||||||||||||||||||||||||||||||||||
Int bearing dep in other banks | 99,290 | 858 | 3.46 | % | 189,785 | 1,616 | 3.41 | % | 70,193 | 325 | 1.85 | % | 79,448 | 441 | 2.22 | % | 93,464 | 789 | 3.38 | % | |||||||||||||||||||||||||||||||||||||||
Loans | 5,202,006 | 78,336 | 6.02 | % | 5,158,071 | 78,798 | 6.11 | % | 5,145,228 | 77,592 | 6.03 | % | 5,038,928 | 74,626 | 5.92 | % | 4,982,368 | 74,590 | 5.99 | % | |||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 7,088,828 | 92,030 | 5.19 | % | 7,158,932 | 92,661 | 5.18 | % | 7,037,464 | 89,706 | 5.10 | % | 7,001,048 | 86,673 | 4.95 | % | 7,019,740 | 87,192 | 4.97 | % | |||||||||||||||||||||||||||||||||||||||
Other assets | 850,955 | 846,642 | 879,839 | 872,297 | 862,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,939,783 | $ | 8,005,574 | $ | 7,917,303 | $ | 7,873,345 | $ | 7,882,130 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | 4,795,120 | $ | 29,463 | 2.46 | % | $ | 4,803,277 | $ | 29,412 | 2.45 | % | $ | 4,533,386 | $ | 24,748 | 2.18 | % | $ | 4,459,869 | $ | 19,572 | 1.76 | % | $ | 4,465,800 | $ | 14,762 | 1.32 | % | |||||||||||||||||||||||||||||
Borrowed Funds | 157,045 | 1,956 | 4.98 | % | 254,505 | 3,023 | 4.75 | % | 361,445 | 4,500 | 4.98 | % | 296,963 | 3,556 | 4.79 | % | 277,531 | 3,264 | 4.70 | % | |||||||||||||||||||||||||||||||||||||||
Subordinated debentures | 123,510 | 1,814 | 5.87 | % | 123,424 | 1,887 | 6.12 | % | 126,925 | 1,807 | 5.69 | % | 128,251 | 1,849 | 5.77 | % | 145,418 | 2,138 | 5.88 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
liabilities | 5,075,675 | 33,233 | 2.62 | % | 5,181,206 | 34,322 | 2.65 | % | 5,021,756 | 31,055 | 2.47 | % | 4,885,083 | 24,977 | 2.05 | % | 4,888,749 | 20,164 | 1.65 | % | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,900,663 | 1,871,660 | 1,994,017 | 2,083,192 | 2,091,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 963,445 | 952,708 | 901,530 | 905,070 | 901,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders' equity | $ | 7,939,783 | $ | 8,005,574 | $ | 7,917,303 | $ | 7,873,345 | $ | 7,882,130 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income (FTE)* | $ | 58,797 | 2.57 | % | $ | 58,339 | 2.53 | % | $ | 58,651 | 2.63 | % | $ | 61,696 | 2.91 | % | $ | 67,028 | 3.32 | % | |||||||||||||||||||||||||||||||||||||||
Net interest margin (FTE)* | 3.32 | % | 3.26 | % | 3.33 | % | 3.52 | % | 3.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Core net interest margin* | 3.19 | % | 3.10 | % | 3.14 | % | 3.27 | % | 3.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
*See reconciliation for non-GAAP financial measures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
THE 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
|
June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||
Book value per common share | $ | 30.83 | $ | 30.45 | $ | 30.22 | $ | 28.57 | $ | 28.64 | |||||||||||||||||||
Effect of intangible assets per share | 10.68 | 10.75 | 10.87 | 10.95 | 11.02 | ||||||||||||||||||||||||
Tangible book value per common share | $ | 20.15 | $ | 19.70 | $ | 19.35 | $ | 17.62 | $ | 17.62 | |||||||||||||||||||
Diluted earnings per share | $ | 0.62 | $ | 0.65 | $ | 0.35 | $ | 0.77 | $ | 0.75 | |||||||||||||||||||
Effect of acquisition and charter conversion charges | 0.01 | — | 0.02 | 0.02 | 0.13 | ||||||||||||||||||||||||
Tax on acquisition and charter conversion charges | — | — | (0.01) | (0.01) | (0.03) | ||||||||||||||||||||||||
Effect of Treasury awards | — | — | — | (0.20) | — | ||||||||||||||||||||||||
Tax on Treasury awards | — | — | — | 0.05 | — | ||||||||||||||||||||||||
Effect on contributions/consulting/advertising related to Treasury awards | — | — | — | 0.17 | — | ||||||||||||||||||||||||
Tax on contributions/consulting/advertising related to Treasury awards | — | — | — | (0.04) | — | ||||||||||||||||||||||||
Loss on securities repositioning | — | — | 0.31 | — | — | ||||||||||||||||||||||||
Tax loss on securities repositioning | — | — | (0.08) | — | — | ||||||||||||||||||||||||
Diluted earnings per share, operating | $ | 0.63 | $ | 0.65 | $ | 0.59 | $ | 0.76 | $ | 0.85 | |||||||||||||||||||
Year to Date | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
Diluted earnings per share | $ | 1.27 | $ | 1.27 | |||||||||||||||||||||||||
Effect of acquisition and charter conversion charges | 0.01 | 0.25 | |||||||||||||||||||||||||||
Tax on acquisition and charter conversion charges | — | (0.06) | |||||||||||||||||||||||||||
Initial provision for acquired loans | — | 0.34 | |||||||||||||||||||||||||||
Tax on initial provision for acquired loans | — | (0.09) | |||||||||||||||||||||||||||
Diluted earnings per share, operating | $ | 1.28 | $ | 1.71 | |||||||||||||||||||||||||
Year to Date | |||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 40,325 | $ | 40,050 | |||||||||||||||||||||||||
Acquisition and charter conversion charges | 360 | 7,894 | |||||||||||||||||||||||||||
Tax on acquisition and charter conversion charges | (91) | (1,997) | |||||||||||||||||||||||||||
Initial provision for acquired loans | — | 10,727 | |||||||||||||||||||||||||||
Tax on initial provision for acquired loans | — | (2,714) | |||||||||||||||||||||||||||
Net earnings available to common shareholders, operating | $ | 40,594 | $ | 53,960 | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Average Balance Sheet Data | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Total average assets | A | $ | 7,939,783 | $ | 8,005,574 | $ | 7,917,303 | $ | 7,873,345 | $ | 7,882,130 | |||||||||
Total average earning assets | B | $ | 7,088,828 | $ | 7,158,932 | $ | 7,037,464 | $ | 7,001,048 | $ | 7,019,740 | |||||||||
Common Equity | C | $ | 963,445 | $ | 952,708 | $ | 901,530 | $ | 905,070 | $ | 901,499 | |||||||||
Less intangible assets | 337,859 | 340,238 | 342,641 | 344,999 | 346,707 | |||||||||||||||
Total Tangible common equity | D | $ | 625,586 | $ | 612,470 | $ | 558,889 | $ | 560,071 | $ | 554,792 | |||||||||
Three Months Ended | ||||||||||||||||||||
Net Interest Income Fully Tax Equivalent | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Net interest income | E | $ | 57,794 | $ | 57,341 | $ | 57,665 | $ | 60,704 | $ | 66,030 | |||||||||
Tax-exempt investment income | (2,965) | (2,946) | (2,911) | (2,929) | (2,948) | |||||||||||||||
Taxable investment income | 3,968 | 3,944 | 3,897 | 3,921 | 3,946 | |||||||||||||||
Net Interest Income Fully Tax Equivalent | F | $ | 58,797 | $ | 58,339 | $ | 58,651 | $ | 61,696 | $ | 67,028 | |||||||||
Annualized Net Interest Margin | E/B | 3.26 | % | 3.20 | % | 3.28 | % | 3.47 | % | 3.76 | % | |||||||||
Annualized Net Interest Margin, Fully Tax Equivalent | F/B | 3.32 | % | 3.26 | % | 3.33 | % | 3.52 | % | 3.82 | % | |||||||||
Total Interest Income, Fully Tax Equivalent | ||||||||||||||||||||
Total Interest Income | R | $ | 91,027 | $ | 91,663 | $ | 88,720 | $ | 85,681 | $ | 86,194 | |||||||||
Tax-exempt investment income | (2,965) | (2,946) | (2,911) | (2,929) | (2,948) | |||||||||||||||
Taxable investment income | 3,968 | 3,944 | 3,897 | 3,921 | 3,946 | |||||||||||||||
Total Interest Income, Fully Tax Equivalent | G | $ | 92,030 | $ | 92,661 | $ | 89,706 | $ | 86,673 | $ | 87,192 | |||||||||
Yield on Average Earning Assets | R/B | 5.14 | % | 5.12 | % | 5.04 | % | 4.90 | % | 4.91 | % | |||||||||
Yield on Average Earning Assets, Fully Tax Equivalent | G/B | 5.19 | % | 5.18 | % | 5.10 | % | 4.95 | % | 4.97 | % | |||||||||
Interest Income Investment Securities, Fully Tax Equivalent | ||||||||||||||||||||
Interest Income Investment Securities | S | $ | 11,833 | $ | 11,248 | $ | 10,803 | $ | 10,614 | $ | 10,815 | |||||||||
Tax-exempt investment income | (2,965) | (2,946) | (2,911) | (2,929) | (2,948) | |||||||||||||||
Taxable investment Income | 3,968 | 3,944 | 3,897 | 3,921 | 3,946 | |||||||||||||||
Interest Income Investment Securities, Fully Tax Equivalent | H | $ | 12,836 | $ | 12,246 | $ | 11,789 | $ | 11,606 | $ | 11,813 | |||||||||
Average Investment Securities | I | $ | 1,787,532 | $ | 1,811,076 | $ | 1,822,043 | $ | 1,882,672 | $ | 1,943,908 | |||||||||
Yield on Investment Securities | S/I | 2.65 | % | 2.48 | % | 2.37 | % | 2.26 | % | 2.23 | % | |||||||||
Yield on Investment Securities, Fully Tax Equivalent | H/I | 2.87 | % | 2.70 | % | 2.59 | % | 2.47 | % | 2.43 | % | |||||||||
Three Months Ended | ||||||||||||||||||||
Core Net Interest Margin | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Net interest income (FTE) | $ | 58,797 | $ | 58,339 | $ | 58,651 | $ | 61,696 | $ | 67,028 | ||||||||||
Less purchase accounting adjustments | 2,067 | 2,627 | 3,235 | 4,276 | 6,533 | |||||||||||||||
Net interest income, net of purchase accounting adj | J | $ | 56,730 | $ | 55,712 | $ | 55,416 | $ | 57,420 | $ | 60,495 | |||||||||
Total average earning assets | $ | 7,088,828 | $ | 7,158,932 | $ | 7,037,464 | $ | 7,001,048 | $ | 7,019,740 | ||||||||||
Add average balance of loan valuation discount | 22,341 | 24,675 | 27,573 | 31,269 | 38,306 | |||||||||||||||
Avg earning assets, excluding loan valuation discount | K | $ | 7,111,169 | $ | 7,183,607 | $ | 7,065,037 | $ | 7,032,317 | $ | 7,058,046 | |||||||||
Core net interest margin | J/K | 3.19 | % | 3.10 | % | 3.14 | % | 3.27 | % | 3.43 | % | |||||||||
Three Months Ended | ||||||||||||||||||||
Efficiency Ratio | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Operating Expense | ||||||||||||||||||||
Total non-interest expense | $ | 44,089 | $ | 43,425 | $ | 44,433 | $ | 47,724 | $ | 46,899 | ||||||||||
Pre-tax non-operating expenses | (352) | (8) | (594) | (5,777) | (4,101) | |||||||||||||||
Adjusted Operating Expense | L | $ | 43,737 | $ | 43,417 | $ | 43,839 | $ | 41,947 | $ | 42,798 | |||||||||
Operating Revenue | ||||||||||||||||||||
Net interest income, FTE | $ | 58,797 | $ | 58,339 | $ | 58,651 | $ | 61,696 | $ | 67,028 | ||||||||||
Total non-interest income | 13,319 | 12,679 | 2,346 | 19,324 | 12,423 | |||||||||||||||
Pre-tax non-operating items | — | — | 9,708 | (6,197) | — | |||||||||||||||
Adjusted Operating Revenue | M | $ | 72,116 | $ | 71,018 | $ | 70,705 | $ | 74,823 | $ | 79,451 | |||||||||
Efficiency Ratio, operating | L/M | 60.65 | % | 61.14 | % | 62.00 | % | 56.06 | % | 53.87 | % | |||||||||
Three Months Ended | ||||||||||||||||||||
Return Ratios | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Net income available to common shareholders | N | $ | 19,697 | $ | 20,628 | $ | 11,047 | $ | 24,360 | $ | 23,779 | |||||||||
Acquisition and charter conversion charges | 352 | 8 | 593 | 588 | 4,101 | |||||||||||||||
Tax on acquisition and charter conversion charges | (89) | (2) | (150) | (149) | (1,037) | |||||||||||||||
Treasury awards | — | — | — | (6,197) | — | |||||||||||||||
Tax on Treasury awards | — | — | — | 1,568 | — | |||||||||||||||
Contributions/consulting/advertising related to Treasury awards | — | — | — | 5,190 | — | |||||||||||||||
Tax on contributions/consulting/advertising related to Treasury awards | — | — | — | (1,313) | — | |||||||||||||||
Loss on securities repositioning | — | — | 9,708 | — | — | |||||||||||||||
Tax loss on securities repositioning | — | — | (2,457) | — | — | |||||||||||||||
Net earnings available to common shareholders, operating | O | $ | 19,960 | $ | 20,634 | $ | 18,741 | $ | 24,047 | $ | 26,843 | |||||||||
Three Months Ended | ||||||||||||||||||||
Pre-Tax Pre-Provision Operating Earnings | June 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Earnings before income taxes | P | $ | 25,374 | $ | 26,595 | $ | 14,328 | $ | 31,304 | $ | 30,304 | |||||||||
Acquisition and charter conversion charges | 352 | 8 | 593 | 588 | 4,101 | |||||||||||||||
Provision for credit losses | 1,650 | — | 1,250 | 1,000 | 1,250 | |||||||||||||||
Treasury awards | — | — | — | (6,197) | — | |||||||||||||||
Contributions/consulting/advertising related to Treasury awards | — | — | — | 5,190 | — | |||||||||||||||
Loss on securities repositioning | — | — | 9,708 | — | — | |||||||||||||||
Pre-Tax, Pre-Provision Operating Earnings | Q | $ | 27,376 | $ | 26,603 | $ | 25,879 | $ | 31,885 | $ | 35,655 | |||||||||
Annualized return on avg assets | N/A | 0.99 | % | 1.03 | % | 0.56 | % | 1.24 | % | 1.21 | % | |||||||||
Annualized return on avg assets, oper | O/A | 1.01 | % | 1.03 | % | 0.95 | % | 1.22 | % | 1.36 | % | |||||||||
Annualized pre-tax, pre-provision, oper | Q/A | 1.38 | % | 1.33 | % | 1.31 | % | 1.62 | % | 1.81 | % | |||||||||
Annualized return on avg common equity, oper | O/C | 8.29 | % | 8.66 | % | 8.32 | % | 10.63 | % | 11.91 | % | |||||||||
Annualized return on avg tangible common equity, operating | O/D | 12.76 | % | 13.48 | % | 13.41 | % | 17.17 | % | 19.35 | % | |||||||||
Three Months Ended | ||||||||||||||||||||
Capital Ratios | June 30, 2024* | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | June 30, 2023 | |||||||||||||||
Common equity tier 1 (CET1) ratio | 12.4 | % | 12.2 | % | 12.1 | % | 12.0 | % | 11.5 | % | ||||||||||
Leverage (Tier 1) ratio | 10.0 | % | 9.7 | % | 9.7 | % | 9.6 | % | 9.1 | % | ||||||||||
Total risk based capital ratio | 15.3 | % | 15.2 | % | 15.0 | % | 15.1 | % | 14.5 | % | ||||||||||
Tangible common equity ratio | 8.3 | % | 8.1 | % | 7.9 | % | 7.3 | % | 7.4 | % | ||||||||||
*estimated |