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First Bancshares, Inc. Reports Results for Third Quarter Ended September 30, 2021; Increases Quarterly Dividend 7%

The First Bancshares, Inc. (“FBMS” or “the Company”) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter ended September 30, 2021.

Highlights for the Quarter:

  • Average loans, excluding Paycheck Protection Program (”PPP”) loans, increased $9.0 million, 0.3% as compared to the quarter ended June 30, 2021, or 1.2% on an annualized basis.
  • Net income available to common shareholders totaled $16.1 million for the quarter ended September 30, 2021, representing an increase of $0.5 million, or 3.4%, compared to $15.6 million for the quarter ended June 30, 2021.
  • Total interest income increased $1.2 million, or 2.8% from $43.2 million for quarter end June 30, 2021 to $44.4 million for quarter end September 30, 2021 and total cost of deposits decreased 23% from 0.30% at quarter end June 30, 2021 to 0.23% at quarter end September 30, 2021. These changes resulted in an increase of 11 bps to our net interest margin.
  • In year-over-year comparison, net income available to common shareholders increased $11.2 million, or 30.1%, from $37.2 million for the nine months ended September 30, 2020 to $48.4 million for the same period ended September 30, 2021.
  • Total nonperforming assets decreased $8.9 million representing a 24% decrease as compared to June 30, 2021 and decreased $16.9 million representing a 38% decrease as compared to third quarter 2020.
  • Provision for credit losses totaled $0 for the quarter as compared to $0 for the sequential quarter comparison and $6.9 million for the third quarter of 2020.
  • As of September 30, 2021, total COVID-related modifications were $27.8 million, representing 0.9% of the loan portfolio and down from a peak of $676 million or 21% of the loan portfolio in 2020. For additional details 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 quarter, the Company received a $1.8 million grant from the U. S. Treasury Rapid Response Program (“RRP”).
  • During the quarter, the Company made $1.4 million in charitable contributions to the University of Mississippi’s Children’s Hospital, to 3 Historically Black Colleges and Universities, Florida A&M, Southern University and Jackson State University and set aside monies for down payment and closing cost assistance for low to moderate income mortgage applicants. These investments further our mission as a Community Development Financial Institution to support underserved communities throughout our trade area.
  • 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, “Our markets continue to show improvement in activity across our footprint as we recover from the effects of the pandemic. We were pleased to see improvements in profitability and credit quality across the organization. Loan demand appears to be increasing as economic activity picks up particularly in the construction portion of our loan portfolio as total commitments increased 18% quarter over quarter. We achieved an 11 basis point increase in our net interest margin during the quarter and lowered our deposit costs to 0.23%. We are encouraged that these are signs of increasing growth opportunities as we focus on continuing to expand our southeastern presence.”

Quarterly Earnings

Net income available to common shareholders totaled $16.1 million for the quarter ended September 30, 2021, an increase of $0.5 million, or 3.4%, compared to $15.6 million for the quarter ended June 30, 2021. The Company recognized $0.4 million more in PPP loan fee income during the third quarter 2021 as compared to the second quarter 2021.

Net income available to common shareholders totaled $16.1 million for the quarter ended September 30, 2021, an increase of $4.2 million, or 35.4%, compared to $11.9 million for the quarter ended September 30, 2020.

Provision for credit losses totaled $0 for the quarter ended September 30, 2021 and quarter ended June 30, 2021, a decrease of $6.9 million, or $5.3 million net of tax, as compared to the third quarter of 2020.

Earnings Per Share

For the third quarter of 2021, fully diluted earnings per share were $0.76 compared to $0.74 for the second quarter of 2021 and $0.56 for the third quarter of 2020. The increase in sequential quarter comparison is due to an increase in net income available to common shareholders of $0.5 million.

Diluted earnings per share operating (non-GAAP) increased $0.20 from $0.56 for third quarter of 2020 to $0.76 for third quarter of 2021 due to the increase in operating net earnings available to shareholders (non-GAAP) of $4.0 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 $2.2 million to $5.512 billion at September 30, 2021 from $5.510 billion at June 30, 2021.

PPP loans at September 30, 2021 were $87.1 million, down $70.7 million from June 30, 2021, due to loan forgiveness under the PPP program.

Total average loans were $2.984 billion for the quarter ended September 30, 2021, as compared to $3.043 billion for the quarter ended June 30, 2021, and $3.166 billion for the quarter ended September 30, 2020, representing a decrease of $59.0 million, or 1.9%, for the sequential quarter comparison, and a decrease of $181.9 million, or 5.7%, for the prior year quarterly comparison. PPP loans averaged $112.3 million for the quarter ended September 30, 2021, $180.3 million for the quarter ended June 30, 2021, and $260.1 million for the quarter ended September 30, 2020.

Excluding the PPP loans, average loans increased $9.0 million, or 0.3% as compared to the quarter ended June 30, 2021.

Total average deposits were $4.666 billion for the quarter ended September 30, 2021, as compared to $4.629 billion for the quarter ended June 30, 2021, and $4.212 billion for the quarter ended September 30, 2020, representing an increase of $36.7 million, or 0.8%, for the sequential quarter comparison, and an increase of $453.5 million, or 10.8%, for the prior year quarterly comparison.

Average deposits increased $453.5 million, or 10.8% as compared to the quarter ended September 30, 2020 of which $230.1 million was attributable to increases in the non-interest bearing accounts.

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 September 30, 2021, $828.1 million in noninterest deposit balances and $854.0 million in NOW deposit accounts were reclassified as money market accounts.

Asset Quality

Nonperforming assets totaled $28.0 million at September 30, 2021, a decrease of $9.0 million compared to $37.0 million at June 30, 2021 and a decrease of $16.9 million compared to $44.9 million at September 30, 2020. Nonaccrual loans decreased $2.6 million as compared to June 30, 2021 and decreased $12.3 million as compared to September 30, 2020.

The ratio of the allowance for credit losses (ACL) to total loans was 1.09% at September 30, 2021 and 1.07% at June 30, 2021. The ratio of allowance for loan losses to total loans under the incurred loss model was 0.87% at September 30, 2020. The ratio of annualized net charge-offs (recoveries) to total loans was 0.005% for the quarter ended September 30, 2021 compared to 0.03% for the quarter ended June 30, 2021 and 0.09% for the quarter ended September 30, 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.

Third Quarter 2021 vs. Third Quarter 2020 Earnings Comparison

Net income available to common shareholders for the third quarter of 2021 totaled $16.1 million compared to $11.9 million for the third quarter of 2020, an increase of $4.2 million or 35.4%. Provision for credit losses totaled $0 for the quarter ended September 30, 2021, a decrease of $6.9 million, or $5.3 million net of tax, as compared to the third quarter of 2020.

Net interest income for the third quarter of 2021 was $40.0 million, a slight increase when compared to the third quarter of 2020. Fully tax equivalent (“FTE”) net interest income (non-GAAP) totaled $40.7 million and $40.6 million for the third quarter of 2021 and 2020, respectively. Purchase accounting adjustments decreased $0.7 million for the third quarter comparisons. Third quarter of 2021 FTE net interest margin (non-GAAP) was 3.25% which included 10 basis points related to purchase accounting adjustments compared to 3.58% for the same quarter in 2020, which included 17 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 26 basis points in prior year quarterly comparison.

Non-interest income increased $0.8 million for the third quarter of 2021 as compared to the third quarter of 2020. This increase is attributed to the $1.8 million RRP grant from the U.S. Treasury and was offset by the decrease in mortgage income of $1.2 million.

Third quarter 2021 non-interest expense was $29.1 million, an increase of $2.1 million, or 7.9% as compared to the third quarter of 2020. Charitable contributions of $1.4 million during the third quarter of 2021 contributed to the increase. These contributions related to the RRP grant and supported projects in underserved communities.

Investment securities totaled $1.485 billion, or 27.0% of total assets at September 30, 2021, compared to $984.9 million, or 19.1% of total assets at September 30, 2020. The average balance of investment securities increased $406.7 million in the prior year quarterly comparison. The average tax equivalent yield on investment securities (non-GAAP) decreased 26 basis points to 2.22% from 2.48% in the prior year quarterly comparison. The investment portfolio had a net unrealized gain of $18.2 million at September 30, 2021 as compared to a net unrealized gain of $33.2 million at September 30, 2020.

The FTE average yield on all earning assets (non-GAAP) decreased 54 basis points in prior year quarterly comparison, from 4.14% for the third quarter of 2020 to 3.60% for the third quarter of 2021. Interest expense on average interest bearing liabilities decreased 22 basis points from 0.61% for the third quarter of 2020 to 0.39% for the third quarter of 2021. Cost of all deposits averaged 22 basis points for the third quarter of 2021 compared to 47 basis points for the third second quarter of 2020.

Third Quarter 2021 vs Second Quarter 2021 Earnings Comparison

Net income available to common shareholders for the third quarter of 2021 increased $0.5 million to $16.1 million compared to $15.6 million for the second quarter of 2021.

Net interest income for the third quarter of 2021 was $40.0 million as compared to $38.1 million for the second quarter of 2021, an increase of $2.0 million which is attributed to an increase in income earned on investment securities of $1.0 million and a decrease in interest expense of $0.8 million. FTE net interest income (non-GAAP) increased $2.0 million to $40.7 million from $38.7 million in sequential-quarter comparison. Third quarter 2021 FTE net interest margin (non-GAAP) of 3.25% included 10 basis points related to purchase accounting adjustments compared to 3.14% for the second quarter in 2021, which included 9 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) increased 10 basis point in sequential quarter comparison.

Investment securities totaled $1.485 billion, or 27.0% of total assets at September 30, 2021, compared to $1.303 billion, or 23.6% of total assets at June 30, 2021. The average balance of investment securities increased $144.2 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) increased 7 basis points to 2.22% from 2.15% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $18.2 million at September 30, 2021 as compared to a net unrealized gain of $25.6 million at June 30, 2021.

The FTE average yield on all earning assets (non-GAAP) increased in sequential-quarter comparison from 3.56% to 3.60%. Interest expense on average interest bearing liabilities decreased 7 basis points from 0.46% for the second quarter of 2021 to 0.39% for the third quarter of 2021. Cost of all deposits averaged 22 basis points for the third quarter of 2021 compared to 28 basis points for the second quarter of 2021.

Non-interest income increased $0.8 million in sequential-quarter comparison resulting from the $1.8 million RRP grant from the U.S. Treasury and was offset by a decrease in mortgage income of $0.6 million.

Non-interest expense for the third quarter of 2021 was $29.1 million compared to $27.5 million for the second quarter of 2021, an increase of $1.6 million, which is attributed to the $1.4 million charitable contributions related to the RRP grant and $0.2 million in expense related to the early vesting of restricted stock held by our Directors.

Year-to-Date Earnings Comparison

In the year-over-year comparison, net income available to common shareholders increased $11.2 million, or 30.1%, from $37.2 million for the nine months ended September 30, 2020 to $48.4 million for the same period ended September 30, 2021. Excluding the bargain purchase and sale of land gains of $7.5 million, net of tax, and the decreased provision expense of $16.7 million, net of tax, recorded during the nine months ended September 2020, net income available to common shareholders increased $2.0 million in the year-over-year comparison.

Net interest income increased $4.1 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 $4.6 million in the year-over-year comparison excluding the gains mentioned above. Interchange fee income increased $1.7 million and the RRP grant of $1.8 million accounted for the increase in the year-over-year comparison.

Non-interest expense was $83.8 million for the nine months ended September 30, 2021 an increase of $5.3 million as compared to the same period ended September 30, 2020. An increase of $3.7 million in salaries and employee benefits, an increase of $1.7 million in occupancy expense and the $1.4 million in charitable contributions contributed to the increase.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.16 per share to be paid on its common stock on November 26, 2021 to shareholders of record as of the close of business on November 10, 2021.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association (“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 shareholder, 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; (5) risks related to the Company’s pending and recently completed acquisitions, including that the anticipated benefits from the pending and 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; (10) the impact of the COVID-19 pandemic 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 (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, 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 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

9/30/21

 

Quarter

Ended

6/30/21

 

Quarter

Ended

3/31/21

 

Quarter

Ended

12/31/20

 

Quarter

Ended

9/30/20

Total Interest Income

$44,435

$43,238

$45,187

$45,613

$46,337

Total Interest Expense

4,407

5,188

5,958

6,147

6,365

Net Interest Income

40,028

38,050

39,229

39,466

39,972

FTE net interest income*

40,673

38,696

39,884

40,119

40,608

Provision for credit losses**

-

-

-

3,523

6,921

Non-interest income

9,586

8,822

9,472

10,928

8,794

Non-interest expense

29,053

27,452

27,264

27,897

26,935

Earnings before income taxes

20,561

19,420

21,437

18,974

14,910

Income tax expense

4,429

3,820

4,793

3,639

2,993

Net income available to common shareholders

$ 16,132

$15,600

$16,644

$15,335

$11,917

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

Basic earnings per share

$0.77

$0.74

$0.79

$0.72

$0.56

Diluted earnings per share

0.76

0.74

0.79

0.72

0.55

Diluted earnings per share, operating*

0.76

0.74

0.79

0.65

0.56

Quarterly dividends per share

.15

.14

.13

.12

.10

Book value per common share at end of period

31.81

31.40

30.64

30.54

29.82

Tangible book value per common share at period end*

23.03

22.57

21.76

21.65

20.93

Market price at end of period

38.78

37.43

36.61

30.88

20.97

Shares outstanding at period end

21,019,897

21,020,723

21,018,744

21,115,009

21,408,017

Weighted average shares outstanding:

 

 

 

 

 

Basic

21,020,128

21,018,772

21,009,088

21,308,838

21,405,309

Diluted

21,211,716

21,207,660

21,200,558

21,421,367

21,544,040

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

Total assets

$5,504,107

$5,458,531

$5,337,264

$5,136,136

$5,085,340

Loans and leases

2,983,771

3,042,785

3,097,145

3,153,543

3,165,653

Total deposits

4,665,914

4,629,176

4,410,288

4,195,492

4,212,410

Total common equity

664,594

647,850

644,923

640,828

632,527

Total tangible common equity*

479,540

461,743

457,775

451,011

441,635

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED RATIOS

 

 

 

 

 

Annualized return on avg assets (ROA)

1.17%

1.14%

1.25%

1.19%

0.94%

Annualized return on avg assets, operating*

1.17%

1.14%

1.25%

1.08%

0.95%

Annualized pre-tax, pre-provision, operating*

1.49%

1.42%

1.61%

1.62%

1.74%

Annualized return on avg common equity, operating*

9.70%

9.63%

10.32%

8.63%

7.65%

Annualized return on avg tangible common equity, oper*

13.44%

13.51%

14.54%

12.27%

10.95%

Average loans to average deposits

63.95%

65.73%

70.23%

75.17%

75.15%

FTE Net Interest Margin*

3.25%

3.14%

3.34%

3.51%

3.58%

Efficiency Ratio

57.81%

57.77%

55.24%

54.65%

54.52%

Efficiency Ratio, operating*

56.62%

57.77%

55.24%

56.54%

54.04.%

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

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

1.09%

1.07%

1.07%

1.15%

1.09%

Nonperforming assets to tangible equity + ACL

5.43%

7.30%

7.52%

8.57%

9.31%

Nonperforming assets to total loans + OREO

0.95%

1.22%

1.20%

1.35%

1.42%

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

0.005%

0.03%

0.47%

0.25%

0.09%

**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

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Assets

 

 

 

 

 

Cash and cash equivalents

$ 657,296

$ 762,486

$ 813,257

$ 562,554

$ 603,736

Securities available-for-sale

1,463,255

1,280,761

1,135,189

1,022,182

957,458

Other investments

22,225

22,225

22,137

27,475

27,461

Total investment securities

1,485,480

1,302,986

1,157,326

1,049,657

984,919

Loans held for sale

8,540

6,000

15,119

21,432

22,482

Total loans

2,960,919

3,036,732

3,055,093

3,123,678

3,155,932

Allowance for credit losses

(32,418)

(32,457)

(32,663)

(35,820)

(34,256)

Loans, net

2,937,041

3,004,275

3,022,430

3,087,858

3,121,676

Premises and equipment

123,594

120,667

121,934

123,450

124,875

Other Real Estate Owned

2,580

3,529

5,769

5,802

5,202

Goodwill and other intangibles

184,545

185,597

186,648

187,700

190,380

Other assets

121,348

124,193

120,315

114,307

110,889

Total assets

$5,511,884

$5,509,733

$5,442,798

$5,152,760

$5,164,159

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Non-interest bearing deposits^

$ 596,126

$ 682,014

$ 632,485

$ 571,079

$ 482,236

Interest-bearing deposits

4,076,415

3,991,898

3,987,812

3,644,201

3,746,978

Total deposits

4,672,541

4,673,912

4,620,297

4,215,280

4,229,214

Borrowings

-

-

4,466

114,647

115,827

Subordinated debentures

144,650

144,611

144,572

144,592

144,709

Other liabilities

26,010

31,158

29,514

33,426

36,040

Total liabilities

4,843,201

4,849,681

4,798,849

4,507,945

4,525,790

Total shareholders’ equity

668,683

660,052

643,949

644,815

638,369

Total liabilities and shareholders’ equity

$5,511,884

$5,509,733

$5,442,798

$5,152,760

$5,164,159

^Reclassified $828,082 to interest-bearing deposits for Sept 30, 2021
FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Three Months Ended

9/30/21

6/30/21

3/31/21

12/31/20

9/30/20

Interest Income:

 

 

 

 

 

Loans, including fees

$ 36,374

$ 36,283

$ 38,587

$ 38,472

$ 39,344

Investment securities

6,938

5,925

5,526

5,606

5,309

Accretion of purchase accounting adjustments

1,106

992

1,026

1,494

1,655

Other interest income

17

38

48

41

29

Total interest income

44,435

43,238

45,187

45,613

46,337

Interest Expense:

 

 

 

 

 

Deposits

2,649

3,375

3,910

4,262

5,110

Borrowings

-

52

288

260

265

Subordinated debentures

1,819

1,821

1,821

1,823

1,188

Accretion of purchase accounting adjustments

(61)

(60)

(61)

(198)

(198)

Total interest expense

4,407

5,188

5,958

6,147

6,365

Net interest income

40,028

38,050

39,229

39,466

39,972

Provision for credit losses

-

-

-

3,523

6,921

Net interest income after provision for credit losses

40,028

38,050

39,229

35,943

33,051

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

1,846

1,756

1,761

1,925

1,780

Mortgage Income

1,732

2,372

3,162

3,270

2,961

Interchange Fee Income

2,744

3,145

2,644

2,562

2,491

Gain (loss) on securities, net

11

77

20

3

322

Financial Assistance Award/Bank Enterprise Award/RRP Grant

1,826

-

-

968

-

Bargain Purchase Gain and (Loss) on Sale of Land

(397)

-

-

812

-

Other charges and fees

1,824

1,472

1,885

1,388

1,530

Total non-interest income

9,586

8,822

9,472

10,928

8,794

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

16,246

16,036

16,054

16,642

15,494

Occupancy expense

3,922

3,813

3,879

3,890

3,826

FDIC/OCC premiums

532

499

494

520

447

Marketing

78

39

160

71

24

Amortization of core deposit intangibles

1,052

1,052

1,052

1,052

1,052

Other professional services

934

1,049

934

764

990

Acquisition charges

5

-

-

41

238

Other non-interest expense

6,284

4,964

4,691

4,917

4,864

Total Non-interest expense

29,053

27,452

27,264

27,897

26,935

Earnings before income taxes

20,561

19,420

21,437

18,974

14,910

Income tax expense

4,429

3,820

4,793

3,639

2,993

Net income available to common shareholders

$ 16,132

$ 15,600

$ 16,644

$ 15,335

$ 11,917

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 0.76

$ 0.74

$ 0.79

$ 0.72

$ 0.55

Diluted earnings per common share, operating*

$ 0.76

$ 0.74

$ 0.79

$ 0.65

$ 0.56

*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

 

$ 111,245

 

$ 112,818

 

Investment securities

 

18,389

 

15,800

 

Accretion of purchase accounting adjustments

 

3,123

 

4,779

 

Other interest income

 

103

 

337

 

Total interest income

 

132,860

 

133,734

 

Interest Expense:

 

 

 

 

 

Deposits

 

9,934

 

17,111

 

Borrowings

 

340

 

1,406

 

Subordinated debentures

 

5,461

 

3,567

 

Amortization of purchase accounting adjustments

 

(182)

 

(1,567)

 

Total interest expense

 

15,553

 

20,517

 

Net interest income

 

117,307

 

113,217

 

Provision for credit losses

 

-

 

21,628

 

Net interest income after provision for credit losses

 

117,307

 

91,589

 

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

 

5,363

 

5,291

 

Mortgage Income

 

7,266

 

7,174

 

Interchange Fee Income

 

8,533

 

6,872

 

Gain (loss) on securities, net

 

107

 

279

 

RRP Grant

 

1,826

 

-

 

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

 

(397)

 

7,643

 

Other charges and fees

 

5,183

 

3,689

 

Total non-interest income

 

27,881

 

30,948

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

 

48,337

 

44,588

 

Occupancy expense

 

11,614

 

9,943

 

FDIC/OCC premiums

 

1,524

 

831

 

Marketing

 

277

 

262

 

Amortization of core deposit intangibles

 

3,155

 

3,041

 

Other professional services

 

2,917

 

2,848

 

Acquisition charges

 

5

 

3,273

 

Other non-interest expense

 

15,941

 

13,658

 

Total Non-interest expense

 

83,770

 

78,444

 

Earnings before income taxes

 

61,418

 

44,093

 

Income tax expense

 

13,042

 

6,922

 

Net income available to common shareholders

 

$ 48,376

 

$ 37,171

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$ 2.28

 

$ 1.80

 

Diluted earnings per common share, operating*

 

$ 2.28

 

$ 1.56

 

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 

 

 

 

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands)

COMPOSITION OF LOANS

Sept 30,

2021

Percent

of Total

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Percent

of Total

Commercial, financial and agricultural

$ 426,342

14.3%

$ 485,134

$ 532,122

$ 561,342

$ 576,812

18.1%

Real estate – construction

361,732

12.2%

341,864

304,457

301,283

330,070

10.4%

Real estate – commercial

1,206,267

40.6%

1,215,103

1,217,505

1,214,602

1,191,514

37.6%

Real estate – residential

910,618

30.7%

935,827

944,032

987,313

999,381

31.4%

Lease Financing Receivable

2,889

0.1%

3,291

3,382

2,733

2,478

0.1%

Obligations of States & subdivisions

15,790

0.5%

16,489

14,996

15,369

13,345

0.4%

Consumer

37,281

1.3%

39,024

38,599

41,036

42,332

1.3%

Loans held for sale

8,540

0.3%

6,000

15,119

21,432

22,482

0.7%

Total loans

$2,969,459

100%

$3,042,732

$3,070,212

$3,145,110

$3,178,414

100%

 

 

 

 

 

 

 

 

COMPOSITION OF DEPOSITS

Sept 30,

2021

Percent

of Total

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Percent

of Total

Non-interest bearing^

$ 596,126

12.8%

$682,014

$632,485

$571,079

$482,236

11.4%

NOW and other^

670,888

14.4%

704,034

702,766

664,626

658,453

15.6%

Money Market/Savings^

2,896,140

61.9%

2,758,957

2,734,873

2,398,526

2,456,504

58.1%

Time Deposits of less than $250,000

390,289

8.4%

404,437

419,556

439,101

473,265

11.2%

Time Deposits of $250,000 or more

119,098

2.5%

124,470

130,617

141,948

158,756

3.7%

Total Deposits

$4,672,541

100%

$4,673,912

$4,620,297

$4,215,280

$4,229,214

100%

 

 

 

 

 

 

 

 

Deposits Without Reclassification^

Sept 30,

2021

Percent

of Total

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Percent

of Total

Non-interest bearing

$1,424,208

30.5%

$1,393,724

$1,328,239

$1,185,980

$1,195,042

28.3%

Now and other

1,524,935

32.6%

1,541,915

1,562,119

1,347,778

1,335,798

31.6%

Money Market/Savings

1,214,011

26.0%

1,209,366

1,179,749

1,100,473

1,066,353

25.2%

Time Deposits of less than $250,000

390,289

8.4%

404,437

419,556

439,101

473,265

11.2%

Time Deposits of $250,000 or more

119,098

2.5%

124,470

130,617

141,948

158,756

3.7%

Total Deposits

$4,672,541

100%

$4,673,912

$4,620,297

$4,215,280

$4,229,214

100%

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

Sept 30,

2021

 

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

 

Nonaccrual loans

$ 25,012

 

$ 27,625

$ 29,981

$ 33,774

$ 37,300

 

Loans past due 90 days and over

456

 

5,834

1,079

2,692

2,396

 

Total nonperforming loans

25,468

 

33,459

31,060

36,466

39,696

 

Other real estate owned

2,580

 

3,529

5,769

5,802

5,202

 

Total nonperforming assets

$ 28,048

 

$36,988

$36,829

$42,268

$ 44,898

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

0.51%

 

0.67%

0.68%

0.82%

0.87%

 

Nonperforming assets to total loans + OREO

0.95%

 

1.22%

1.20%

1.35%

1.42%

 

ACL to nonperforming loans

127.29%

 

97.01%

105.16%

98.23%

86.30%

 

ACL to total loans

1.09%

 

1.07%

1.07%

1.15%

1.09%

 

 

 

 

 

 

 

 

 

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

$ 39

 

$ 207

$ 3,553

$ 1,959

$ 729

 

Annualized QTD net chg-offs (recs) to loans

0.005%

 

0.03%

0.47%

0.25%

0.09%

 

^Reclassified $828,082 to interest-bearing deposits for Sept 30, 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

September 30, 2021

 

June 30, 2021

 

March 31, 2021

 

December 31, 2020

 

September 30, 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

$ 986,821

$ 5,033

2.04%

$ 853,180

$ 4,017

1.88%

$ 699,585

$ 3,591

2.05%

$ 659,243

$ 3,678

2.23%

$ 616,168

$ 3,432

2.23%

Tax-exempt securities

377,610

2,550

2.70%

367,074

2,554

2.78%

367,322

2,590

2.82%

361,529

2,581

2.86%

341,550

2,513

2.94%

Total investment
securities

1,364,431

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%

957,718

5,945

2.48%

in other banks

656,891

17

0.01%

661,069

38

0.02%

614,283

48

0.03%

404,069

41

0.04%

413,786

29

0.03%

Loans

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%

3,165,653

40,999

5.18%

Total Interest earning assets

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%

4,537,157

46,973

4.14%

Other assets

506,134

534,423

558,929

557,752

548,183

Total assets

$ 5,511,227

$ 5,458,531

$ 5,337,264

$ 5,136,136

$ 5,085,340

 
Interest-bearing liabilities:
Deposits

$ 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%

$ 3,960,054

$ 4,912

0.50%

Borrowed Funds

206

-

0.00%

3,355

52

6.20%

100,143

288

1.15%

115,430

260

0.90%

115,935

265

0.91%

Subordinated debentures

144,630

1,819

5.03%

144,591

1,821

5.04%

144,590

1,821

5.04%

144,676

1,823

5.04%

81,470

1,188

5.83%

Total interest bearing liabilities

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%

4,157,459

6,365

0.61%

Other liabilities

279,107

288,363

275,282

263,823

295,354

Shareholders' equity

664,594

647,850

644,923

640,828

632,527

Total liabilities and shareholders' equity

$ 5,511,227

$ 5,458,531

$ 5,337,264

$ 5,136,136

$ 5,085,340

 
Net interest income (FTE)*

$ 40,673

3.22%

$ 38,696

3.11%

$ 39,884

3.30%

$ 40,119

3.46%

$ 40,608

3.53%

 
Net interest margin (FTE)*

3.25%

3.14%

3.34%

3.51%

3.58%

 
Core net interest margin*

3.15%

3.05%

3.25%

3.35%

3.41%

 
*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

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Book value per common share

$ 31.81

$ 31.40

$ 30.64

$ 30.54

$ 29.82

Effect of intangible assets per share

8.78

8.83

8.88

8.89

8.89

Tangible book value per common share

$ 23.03

$ 22.57

$ 21.76

$ 21.65

$ 20.93

 

 

 

 

 

 

Diluted earnings per share

$ 0.76

$ 0.74

$ 0.79

$ 0.72

$ 0.55

Effect of acquisition charges

-

-

-

0.01

0.01

Tax on acquisition charges

-

-

-

-

-

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

.02

-

-

(0.04)

-

Tax on gain/loss on sale of land/fixed assets

-

-

-

-

-

Effect of Treasury awards

(.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

(.02)

-

-

-

-

Diluted earnings per share, operating

$ 0.76

$ 0.74

$ 0.79

$ 0.65

$ 0.56

 

 

 

 

 

 

 

 

 

Year to Date

 

 

 

2021

 

2020

 

Diluted earnings per share

 

$ 2.28

 

$ 1.80

 

Effect of acquisition charges

 

-

 

0.16

 

Tax on acquisition charges

 

-

 

(0.03)

 

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

 

.02

 

(0.38)

 

Tax on gain/loss on sale of land/fixed assets

 

-

 

0.01

 

Effect of Treasury awards

 

(.09)

 

-

 

Tax on Treasury awards

 

.02

 

-

 

Effect on Contributions related to Treasury awards

 

.07

 

-

 

Tax on Contributions related to Treasury awards

 

(.02)

 

-

 

Diluted earnings per share, operating

 

$ 2.28

 

$ 1.56

 

 

 

 

 

 

 

 

 

Year to Date

 

2021

 

2020

 

Net income available to common shareholders

 

$ 48,376

 

$ 37,171

 

Acquisition charges

 

5

 

3,273

 

Tax on acquisition charges

 

(1)

 

(743)

 

Bargain purchase gain and gain/loss on sale of land/fixed assets

 

397

 

(7,643)

 

Tax on gain/loss on sale of land/fixed assets

 

(100)

 

157

 

Treasury awards

 

(1,826)

 

-

 

Tax on Treasury awards

 

462

 

-

 

Contributions related to Treasury awards

 

1,400

 

-

 

Tax on Contributions related to Treasury awards

 

(354)

 

-

 

Net earnings available to common shareholders, operating

 

$ 48,359

 

$ 32,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Average Balance Sheet Data

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Total average assets

A

$5,504,107

$5,458,531

$5,337,264

$5,136,136

$5,085,340

Total average earning assets

B

5,005,093

$4,924,108

$4,778,335

$4,578,384

$4,537,157

 

 

 

 

 

 

Common Equity

C

$ 664,594

$ 647,850

$ 644,923

$ 640,828

$ 632,527

Less intangible assets

185,054

186,107

187,148

189,817

190,892

Total Tangible common equity

D

$ 479,540

$ 461,743

$ 457,775

$ 451,011

$ 441,635

 

 

 

Three Months Ended

Net Interest Income Fully Tax Equivalent

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Net interest income

E

$ 40,028

$ 38,050

$ 39,229

$ 39,466

$ 39,972

Tax-exempt investment income

(1,905)

(1,908)

(1,935)

(1,928)

(1,877)

Taxable investment income

2,550

2,554

2,590

2,581

2,513

Net Interest Income Fully Tax Equivalent

F

$ 40,673

$ 38,696

$ 39,884

$ 40,119

$ 40,608

 

 

 

 

 

 

Annualized Net Interest Margin

E/B

3.20%

3.09%

3.28%

3.45%

3.52%

Annualized Net Interest Margin, Fully Tax Equivalent

F/B

3.25%

3.14%

3.34%

3.51%

3.58%

 

 

 

 

 

 

Total Interest Income, Fully Tax Equivalent

 

 

 

 

 

Total Interest Income

$ 44,435

$ 43,238

$ 45,187

$ 45,613

$ 46,337

Tax-exempt investment income

(1,905)

(1,908)

(1,935)

(1,928)

(1,877)

Taxable investment income

2,550

2,554

2,590

2,581

2,513

Total Interest Income, Fully Tax Equivalent

G

$ 45,080

$ 43,884

$ 45,842

$ 46,266

$ 46,973

 

 

 

 

 

 

Yield on Average Earning Assets, Fully Tax Equivalent

G/B

3.60%

3.56%

3.84%

4.04%

4.14%

 

 

 

 

 

 

Interest Income Investment Securities, Fully Tax Equivalent

 

 

 

 

 

Interest Income Investment Securities

$ 6,938

$ 5,925

$ 5,526

$ 5,606

$ 5,309

Tax-exempt investment income

(1,905)

(1,908)

(1,935)

(1,928)

(1,877)

Taxable investment Income

2,550

2,554

2,590

2,581

2,513

Interest Income Investment Securities, Fully Tax Equivalent

H

$ 7,583

$ 6,571

$ 6,181

$ 6,259

$ 5,945

 

 

 

 

 

 

Average Investment Securities

I

$ 1,364,431

$ 1,220,254

$1,066,907

$ 1,020,772

$ 957,718

 

 

 

 

 

 

Yield on Investment Securities, Fully Tax Equivalent

H/I

2.22%

2.15%

2.32%

2.45%

2.48%

 

 

 

 

 

 

 

Three Months Ended

Core Net Interest Margin

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Net interest income (FTE)

$ 40,673

$ 38,696

$ 39,884

$ 40,119

$ 40,608

Less purchase accounting adjustments

1,167

1,052

1,026

1,692

1,853

Net interest income, net of purchase accounting adj

J

$ 39,506

$ 37,644

$ 38,858

$ 38,427

$ 38,755

 

 

 

 

 

 

Total average earning assets

$5,005,093

$4,924,108

$4,778,335

$4,578,384

$4,537,157

Add average balance of loan valuation discount

5,252

6,373

8,480

9,808

11,501

Avg earning assets, excluding loan valuation discount

K

$5,010,345

$4,930,481

$4,786,815

$4,588,192

$4,548,658

 

 

 

 

 

 

Core net interest margin

J/K

3.15%

3.05%

3.25%

3.35%

3.41%

 

 

 

 

 

 

 

Three Months Ended

Efficiency Ratio

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Operating Expense

 

 

 

 

 

Total non-interest expense

$ 29,053

$ 27,452

$ 27,264

$ 27,897

$ 26,935

Pre-tax non-operating expenses

(1,405)

-

-

(41)

(238)

Adjusted Operating Expense

L

$ 27,648

$ 27,452

$ 27,264

$ 27,856

$ 26,697

 

 

 

 

 

 

Operating Revenue

 

 

 

 

 

Net interest income, FTE

$ 40,673

$ 38,696

$ 39,884

$ 40,119

$ 40,608

Total non-interest income

9,586

8,822

9,472

10,928

8,794

Pre-tax non-operating items

(1,429)

-

-

(1,780)

-

Adjusted Operating Revenue

M

$ 48,830

$ 47,518

$ 49,356

$ 49,267

$ 49,402

 

 

 

 

 

 

Efficiency Ratio, operating

L/M

56.62%

57.77%

55.24%

56.54%

54.04%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Return Ratios

Sept 30,

2021

June 30,

2021

Mar 31,

2021

Dec 31,

2020

Sept 30,

2020

Net income available to common shareholders

N

$ 16,132

$ 15,600

$ 16,644

$ 15,335

$ 11,917

Acquisition charges

5

-

-

41

238

Tax on acquisition charges

(1)

-

-

(10)

(61)

Bargain purchase gain and loss on sale of fixed assets

397

-

-

(812)

-

Tax on loss on sale of fixed assets

(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

$ 16,115

$ 15,600

$ 16,644

$ 13,831

$ 12,094

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax Pre-Provision Operating Earnings

 

 

 

 

 

Earnings before income taxes

P

$ 20,561

$ 19,420

$ 21,437

$ 18,974

$ 14,910

Acquisition charges

5

-

-

41

238

Provision for loan losses

-

-

-

3,523

6,921

Loss on sale of fixed assets

397

 

 

 

 

Treasury Awards and Gains

(1,826)

-

-

(1,780)

-

Charitable contributions related to Treasury awards

1,400

-

-

-

-

Pre-Tax, Pre-Provision Operating Earnings

Q

$ 20,537

$ 19,420

$ 21,437

$ 20,758

$ 22,069

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on avg assets

N/A

1.17%

1.14%

1.25%

1.19%

0.94%

Annualized return on avg assets, oper

O/A

1.17%

1.14%

1.25%

1.08%

0.95%

Annualized pre-tax, pre-provision, oper

Q/A

1.49%

1.42%

1.61%

1.62%

1.74%

Annualized return on avg common equity, oper

O/C

9.70%

9.63%

10.32%

8.63%

7.65%

Annualized return on avg tangible common equity, operating

O/D

13.44%

13.51%

14.54%

12.27%

10.95%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Department

 

 

 

 

 

Net Interest Income after provision for credit losses

$ 92

$ 113

$ 140

$ 133

$ 142

Loan fee income

1,732

2,372

3,162

3,270

2,961

Salaries and employee benefits

(995)

(1,165)

(1,512)

(1,329)

(1,444)

Other non-interest expense

(131)

(131)

(126)

(105)

(110)

Earnings before income taxes

$ 698

$ 1,189

$ 1,664

$ 1,969

$ 1,549

 

Contacts

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

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