UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 2, 2007
FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Missouri 000-22842 43-1654695
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File number) Identification No.)
142 East First Street, Mountain Grove, Missouri 65711
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including are code: (417) 926-5151
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NA
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] 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))
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition
On February 2, 2007, First Bancshares, Inc. issued a news release announcing
earnings for the quarter ended December 31, 2006. A copy of the press release
is attached as Exhibit 99.1 to this report and is incorporated herein, by
reference.
Section 9 - Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
c) Exhibits.
99.1 Press Release of First Bancshares, Inc., dated February 2,
2007.
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 2, 2007 First Bancshares, Inc.
/s/ Ronald J. Walters
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Senior Vice President and Chief Financial
Officer
(Principal Financial and Accounting
Officer)
2
Exhibit Index
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Exhibit
Number Description of Exhibit
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99.1 Press Release of First Bancshares, Inc. dated February 2, 2007
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FIRST BANCSHARES, INC. ANNOUNCES SECOND QUARTER FISCAL 2007 RESULTS
Mountain Grove, Missouri (February 2, 2007) First Bancshares, Inc. (NASDAQ -
FstBksh : FBSI), the holding company for First Home Savings Bank ("Bank"),
today announced earnings for the second quarter of its fiscal year ending June
30, 2007.
For the quarter ended December 31, 2006, the Company had net income of $1,000,
or less than one cent per share basic, compared to net income of $160,000,
or $0.10 per share basic for the comparable period in 2005. Net income for
the six-month period ended December 31, 2006 was $73,000, or $0.05 per share
basic, compared to $118,000, or $0.08 per share basic for the six month
period ended December 31, 2005. The reduction in net income for both the
quarter and six-month periods ended December 31, 2006 when compared to the
prior year is attributable to a reduction in net interest income, and
increases in compensation and benefits expense, occupancy expense and
professional fees. These items were partially offset by an increase in
non-operating income and a slight decrease in other operating expenses.
Total consolidated assets at December 31, 2006 were $237.0 million, compared
to $228.4 million at June 30, 2006, representing an increase of $8.6 million,
or 3.7%. Stockholders' equity at December 31, 2006 was $26.5 million, or
11.2% of assets, compared with $26.3 million, or 11.5% of assets, at June 30,
2006. Book value per common share increased to $17.07 at December 31, 2006
from $16.93 at June 30, 2006. The increase in equity was primarily
attributable to the change in accumulated other comprehensive income to a
positive $16,000 from a negative $208,000. The change in accumulated other
comprehensive income relates to the change in the market value of
available-for-sale securities.
Net loans increased $14.8 million, or 10.4%, to $156.8 million at December 31,
2006 from $142.0 million at June 30, 2006. Deposits increased $5.4 million,
or 3.0%, to $184.6 million at December 31, 2006 from $179.1 million at June
30, 2006.
The Company currently has a stock repurchase plan in place. The plan,
authorizing the repurchase of up to 164,336 shares, has been in effect since
May 28, 2004. Through December 31, 2006, 94,518 shares had been repurchased
under that plan at a cost of $1,950,000 at an average cost of $20.63 per
share. There were no purchases during the quarter ended December 31, 2006.
First Bancshares, Inc. is the holding company for First Home Savings Bank, a
FDIC-insured savings bank chartered by the State of Missouri that conducts
business from its home office in Mountain Grove, Missouri and ten full service
offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Theodosia,
Crane, Galena, Kissee Mills and Rockaway Beach, Missouri.
The Company and its wholly-owned subsidiaries, First Home Savings Bank and
SCMG, Inc. may from time to time make written or oral "forward-looking
statements," including statements contained in its filings with the Securities
and Exchange Commission, in its reports to stockholders, 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; 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. Additional discussion of
factors affecting the Company's business and prospects is contained in the
Company's periodic filing with the SEC. 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.
Contact: Daniel P. Katzfey, President and Chief Executive Officer
(417) 926-5151
First Bancshares, Inc. and Subsidiaries
Financial Highlights
(In thousands, except per share amounts)
Quarter Six Months
Ended December 31, Ended December 31,
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2006 2005 2006 2005
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Operating Data:
Total interest income $ 3,417 $ 3,220 $ 6,644 $ 6,491
Total interest expense 1,807 1,508 3,434 2,838
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Net interest income 1,610 1,712 3,210 3,653
Provision for loan losses 130 44 240 837
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Net interest income after provision
for loan losses 1,480 1,668 2,970 2,816
Non-interest income 636 598 1,228 1,109
Non-interest expense 2,126 2,015 4,105 3,853
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Income (loss) before income tax (10) 251 93 72
Income tax expense (benefit) (11) 91 20 (46)
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Net income $ 1 $ 160 $ 73 $ 118
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Net income per share-basic $ 0.00 $ 0.10 $ 0.05 $ 0.08
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Net income per share-diluted $ 0.00 $ 0.10 $ 0.05 $ 0.08
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At At
December 31, June 30,
Financial Condition Data: 2006 2006
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Total assets $ 236,957 $ 228,395
Loans receivable, net 156,765 141,987
Non-performing assets 1,272 1,341
Cash and cash equivalents,
including interest-bearing
deposits 18,871 23,474
Investment securities 42,270 43,921
Customer deposits 184,558 179,141
Borrowed funds 25,276 22,000
Stockholders' equity 26,494 26,291
Book value per share 17.07 16.93