2015-10-12 | NDAQ:FBMS | Press Release | First Bancshares Inc (Mississippi)

The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) today reported quarterly net earnings available to common shareholders of $2.1 million for the third quarter of 2015, compared to net earnings available to common shareholders of $1.4 million reported for the third quarter of 2014, representing a 48% increase year over year. The Company also reported an increase of $42,000, or 2% in net earnings available to common shareholders for sequential quarters in 2015. Diluted earnings for the third quarter of 2015 were $0.39 per common share, compared to $0.27 per common share reported for the third quarter of 2014 and $0.39 per common share reported for the second quarter of 2015. Third quarter 2014 net earnings included $158,000 of after-tax acquisition expenses associated with the purchase of Bay Bank. Excluding these non-operating expenses, operating earnings per share for the third quarter of 2014 were $0.30.

M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We are pleased to report another strong quarter of solid loan growth, improved operating efficiency and increased profitability. We remain focused on growing our market share throughout the gulf south region and are excited about the growth prospects across our expanded footprint.”

Balance Sheet

Consolidated assets increased $20.2 million or 1.8% to $1.1 billion for the quarter ended September 30, 2015. Total loans amounted to $747 million at September 30, 2015 and $731 million at June 30, 2015. Total loans increased $15.6 million or 2.1% for the third quarter 2015. The majority of the loan growth during the third quarter was in the C & I, residential and commercial real estate portfolios. Total loans increased $76.3 million or 11.4% from September 30, 2014.

Total deposits increased $1.7 million or 0.2% to total $963.8 million for the quarter ended September 30, 2015 and increased $56.3 million or 6.2% from September 30, 2014.

Asset Quality

Nonperforming assets totaled $12.5 million at September 30, 2015, an increase of $1.3 million compared to $11.1 million at June 30, 2015. The ALLL/total loans ratio was 0.90% at September 30, 2015 and 0.88% at June 30, 2015. Including valuation accounting adjustments on acquired loans, the total valuation plus ALLL was 1.16% of loans at September 30, 2015. The ratio of annualized net charge-offs (recoveries) to total loans was (0.03%) for the quarter ended September 30, 2015 compared to (0.27%) for the quarter ended June 30, 2015. As noted in our first quarter 10-Q, the Company had been notified that a recovery of $941,000 was more likely than not expected during 2015. We received the first installment during the second quarter of 2015 which totaled $481,000 and the second installment during the third quarter of 2015 which totaled $241,000.

Third Quarter 2015 vs. Third Quarter 2014 Earnings Comparison

Third quarter 2015 net earnings available to common shareholders totaled $2.1 million compared to $1.4 million for the third quarter of 2014. Revenues from consolidated operations increased $353,000 in quarterly comparison. Net interest income increased $432,000 in quarterly comparison as interest income earned on a higher volume of loans attributed to this overall increase. Noninterest income remained constant in quarterly comparison at $2.0 million for the third quarter of 2015 as compared to the third quarter of 2014.

Third quarter 2015 noninterest expenses decreased $94,000, or 1.2% as compared to third quarter 2014 which included acquisition charges of $241,000. Exclusive of the acquisition charges, the third quarter 2015 noninterest expenses increased $147,000 or 1.9% as compared to the same quarter in 2014.

Fully taxable-equivalent (“FTE”) net interest income totaled $9.5 million and $9.1 million for the third quarter of 2015 and 2014, respectively. The FTE net interest income increased $384,000 in prior year quarterly comparison primarily due to an increase in interest earned on loans. The purchase accounting adjustments had a difference of $47,000 on net interest income for the third quarter comparisons. Third quarter 2015 net interest margin of 3.79% includes 6 bps related to purchase accounting adjustments.

Investment securities totaled $253.1 million, or 22.2% of total assets at September 30, 2015, versus $276.7 million, or 25.8% of total assets at September 30, 2014. The average volume of investment securities decreased $23.5 million in prior year quarterly comparison. The average tax equivalent yield on investment securities increased 4 basis points, from 2.61% to 2.65%. The investment portfolio had a net unrealized gain of $2.3 million at September 30, 2015 as compared to $0.7 million at June 30, 2015.

The average yield on all earnings assets decreased 4 basis points in prior year quarterly comparison, from 4.14% for the third quarter of 2014 to 4.10% for the third quarter of 2015 and this decrease was offset by a decrease in average interest expense of 4 basis points from 0.43% for the third quarter of 2014 to 0.39% for the third quarter of 2015.

Third Quarter 2015 vs Second Quarter 2015 Earnings Comparison

In sequential-quarter comparison, net earnings available to common shareholders increased $42,000 to $2.1 million which included a provision expense of $250,000 as compared to $2.1 million for the second quarter of 2015 which had no provision expense included.

Noninterest income increased $128,000 in sequential-quarter comparison mainly consisting of increases in service charges on deposit accounts.

Noninterest expenses decreased $115,000 in sequential-quarter comparison mainly consisting of decreases in marketing.

FTE net interest income increased $58,000 to $9.5 million from $9.4 million in sequential-quarter comparison. The $95,000 increase in loan income was not impacted by accretion related to purchase accounting adjustments.

The average yield on all earnings assets increased 7 basis points in sequential-quarter comparison, from 4.03% for the second quarter of 2015 to 4.10% for the third quarter of 2015. Increased loan growth of approximately $3.4 million along with increases in fees contributed to the overall increase in the earning asset yield.

Dividends

The Board of Directors of The First Bancshares, Inc. announced a cash dividend was declared in the amount of $0.0375 per share to be paid on its common stock on November 24, 2015 to shareholders of record as of the close of business on November 6, 2015.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association. Founded in 1996, the First has operations in south Mississippi, Louisiana and south Alabama. The Company’s stock is traded on NASDAQ Global Market under the symbol FBMS. Information is available on the Company’s website: www.thefirstbank.com.

Forward Looking Statements

This news release contains statements regarding the projected performance of The First Bancshares, Inc. and its subsidiary. These statements constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act. Actual results may differ materially from the projections provided in this release since such projections involve significant known and unknown risks and uncertainties. Factors that might cause such differences include, but are not limited to: competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally, in areas in which the Company conducts operations being less favorable than expected; and legislation or regulatory changes which adversely affect the ability of the combined Company to conduct business combinations or new operations. 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. Further information on The First Bancshares, Inc. is available in its filings with the Securities and Exchange Commission, available at the SEC’s website, http://www.sec.gov.


FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
	Quarter			Quarter			Quarter			Quarter			Quarter
EARNINGS DATA	Ended			Ended			Ended			Ended			Ended
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Total Interest Income	$	10,080		$	10,022		$	9,683		$	9,662		$	9,688
Total Interest Expense		793			806			804			791			833
Net Interest Income		9,287			9,216			8,879			8,871			8,855
FTE net interest income		9,512			9,454			9,137			9,137			9,128
Provision for loan losses		250			-			150			152			631
Non-interest income		1,982			1,854			1,850			2,055			2,021
Non-interest expense		7,977			8,092			7,818			8,051			8,071
Earnings before income taxes		3,042			2,978			2,761			2,723			2,174
Income tax expense		815			793			732			682			641
Net earnings		2,227			2,185			2,029			2,041			1,533
Dividends and accretion on preferred stock		86			86			85			86			85
Net earnings available to common shareholders	$	2,141		$	2,099		$	1,944		$	1,955		$	1,448

PER COMMON SHARE DATA
Basic earnings per share	$	0.40		$	0.39		$	0.36		$	0.37		$	0.27
Diluted earnings per share		0.39			0.39			0.36			0.36			0.27
Diluted earnings per share, operating*		0.39			0.39			0.34			0.34			0.30
Quarterly dividends per share		.0375			.0375			.0375			.0375			.0375
Book value per common share at end of period		15.72			15.13			15.19			14.88			14.45
Tangible book value at period end		13.02			12.41			12.46			12.10			11.74
Market price at end of period		17.47			16.65			16.26			14.51			14.45
Shares outstanding at period end		5,376,665			5,374,415			5,374,415			5,316,176			5,311,876
Weighted average shares outstanding:
Basic		5,374,790			5,366,495			5,358,576			5,314,743			5,311,876
Diluted		5,441,980			5,424,242			5,415,100			5,357,644			5,349,686

AVERAGE BALANCE SHEET DATA
Total assets	$	1,109,944		$	1,119,648		$	1,127,349		$	1,073,287		$	1,065,080
Loans and leases		731,818			728,416			705,752			678,252			655,582
Total deposits		953,229			973,776			932,401			891,168			918,477
Total common equity		82,045			79,986			79,722			73,335			72,916
Total tangible common equity*		67,492			65,334			64,967			58,758			59,180
Total equity		99,168			97,109			96,845			90,458			90,039

SELECTED RATIOS
Annualized return on avg assets		.80	%		.78	%		.72	%		.76	%		.58	%
Annualized return on avg assets, operating*		.78	%		.75	%		.66	%		.68	%		.60	%
Annualized return on avg common equity, operating*		10.44	%		10.50	%		9.33	%		9.88	%		8.81	%
Annualized return on avg tangible common equity, oper*		12.69	%		12.85	%		11.45	%		12.34	%		10.86	%
Average loans to average deposits		76.77	%		74.80	%		75.69	%		76.11	%		71.38	%
Taxable-equivalent net interest margin		3.79	%		3.71	%		3.60	%		3.76	%		3.79	%
Efficiency Ratio		69.40	%		71.56	%		71.16	%		71.94	%		72.39	%

CREDIT QUALITY
Allowance for loan losses (ALLL) as a % of total loans		.90	%		.88	%		.83	%		.87	%		.91	%
Nonperforming assets to tangible equity + ALLL		13.28	%		12.33	%		12.70	%		13.29	%		13.29	%
Nonperforming assets to total loans + ORE		1.66	%		1.51	%		1.58	%		1.64	%		1.69	%
Annualized QTD net charge-offs (recoveries) to total loans		(0.03	%)		(0.27	%)		.18	%		.08	%		.33	%
*See reconciliation of Non-GAAP financial measures


FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
BALANCE SHEET	Sept 30, 2015			June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Assets
Cash and cash equivalents	$	65,233		$	62,021		$	94,474		$	44,618		$	50,447
Securities available-for-sale		239,631			236,476			246,842			254,744			262,651
Securities held-to-maturity		7,233			7,651			7,829			8,193			8,411
Other investments		6,249			5,787			7,235			7,234			5,592
Total investment securities		253,113			249,914			261,906			270,171			276,654
Loans held for sale		1,058			1,864			1,657			2,103			3,769
Total loans		746,588			731,037			716,359			704,531			667,533
Allowance for loan losses		(6,734	)		(6,419	)		(5,928	)		(6,095	)		(6,084	)
Loans, net		739,854			724,618			710,431			698,436			661,449
Premises and equipment		33,610			33,571			33,769			34,810			35,079
Other Real Estate		4,104			4,116			4,598			4,654			4,986
Goodwill and other intangibles		14,490			14,591			14,691			14,791			14,363
Other assets		26,387			26,953			24,622			24,182			25,515
Total assets	$	1,137,849		$	1,117,648		$	1,146,148		$	1,093,768		$	1,072,262

Liabilities and Shareholders’ Equity
Non-interest bearing deposits	$	187,542		$	193,810		$	203,766		$	201,362		$	195,957
Interest-bearing deposits		776,298			768,289			780,877			691,413			711,558
Total deposits		963,840			962,099			984,643			892,775			907,515
Borrowings		58,986			43,991			49,446			89,450			49,456
Subordinated debentures		10,310			10,310			10,310			10,310			10,310
Other liabilities		3,091			2,814			2,708			5,017			11,117
Total liabilities		1,036,227			1,019,214			1,047,382			997,552			978,398
Total shareholders’ equity		101,622			98,434			98,766			96,216			93,864
Total liabilities and shareholders’ equity	$	1,137,849		$	1,117,648		$	1,146,148		$	1,093,768		$	1,072,262


FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands except per share data)
EARNINGS STATEMENT	Three Months Ended
EARNINGS STATEMENT	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Interest Income:
Loans, including fees	$	8,556		$	8,461		$	8,147		$	8,071		$	7,923
Investment securities		1,438			1,474			1,512			1,534			1,623
Accretion of purchase accounting adjustments		73			71			1			51			136
Other interest income		13			16			23			6			6
Total interest income		10,080			10,022			9,683			9,662			9,688

Interest Expense:
Deposits		693			704			679			678			720
Borrowings		100			102			127			114			99
Subordinated debentures		47			46			45			46			45
Accretion of purchase accounting adjustments		(47	)		(46	)		(47	)		(47	)		(31	)
Total interest expense		793			806			804			791			833

Net interest income		9,287			9,216			8,879			8,871			8,855
Provision for loan losses		250			-			150			152			631
Net interest income after provision for loan losses		9,037			9,216			8,729			8,719			8,224

Non-interest Income:
Service charges on deposit accounts		737			591			568			608			616
Mortgage Income		341			357			334			445			522
Interchange Fee Income		611			612			571			561			566
Gain (loss) on securities, net		-			-			-			(4	)		(13	)
Gain on sale of premises and equipment		-			-			110			-			-
BEA award, net		-			-			-			223			-
Other charges and fees		293			294			267			222			330
Total non-interest income		1,982			1,854			1,850			2,055			2,021

Non-interest expense:
Salaries and employee benefits		4,628			4,613			4,626			4,551			4,554
Occupancy expense		1,136			1,137			1,109			1,156			1,209
FDIC premiums		241			241			241			271			222
Marketing		64			161			62			160			94
Amortization of core deposit intangibles		100			100			100			100			98
Other professional services		318			379			258			412			429
Other non-interest expense		1,490			1,461			1,422			1,401			1,465
Total Non-interest expense		7,977			8,092			7,818			8,051			8,071
Earnings before income taxes		3,042			2,978			2,761			2,723			2,174
Income tax expense		815			793			732			682			641
Net earnings		2,227			2,185			2,029			2,041			1,533
Dividends and accretion on preferred stock		86			86			85			86			85
Net earnings available to common shareholders	$	2,141		$	2,099		$	1,944		$	1,955		$	1,448

Earnings per common share, diluted	$	0.39		$	0.39		$	0.36		$	0.36		$	0.27
Operating earnings per common share, diluted*	$	0.39		$	0.39		$	0.34		$	0.34		$	0.30
*See reconciliation of Non-GAAP financial measures


FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
COMPOSITION OF LOANS	Sept 30, 2015			Percent of Total		June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			Percent of Total
Commercial, financial and agricultural	$	123,872		16.6	%	$	116,352		$	110,806		$	106,109		$	100,263		14.9	%
Real estate – construction		85,769		11.5	%		93,152			93,168			84,935			83,908		12.5	%
Real estate – commercial		251,631		33.7	%		245,537			242,969			238,602			217,684		32.4	%
Real estate – residential		265,763		35.5	%		259,610			254,844			256,406			248,125		37.0	%
Lease Financing Receivable		2,303		.3	%		-			-			-			-		-
Consumer		17,250		2.3	%		16,386			14,572			18,479			17,553		2.6	%
Loans held for sale		1,058		.1	%		1,864			1,657			2,103			3,769		0.6	%
Total loans	$	747,646		100	%	$	732,901		$	718,016		$	706,634		$	671.302		100	%

COMPOSITION OF DEPOSITS	Sept 30, 2015			Percent of Total		June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014			Percent of Total
Noninterest bearing	$	187,542		19.5	%	$	193,810		$	203,766		$	201,362		$	195,957		21.6	%
NOW and other		411,893		42.6	%		393,596			404,605			301,721			317,569		35.0	%
Money Market/Savings		181,861		18.9	%		185,033			183,048			183,633			183,068		20.2	%
Time Deposits of less than $100,000		75,022		7.8	%		77,815			80,606			85,365			86,897		9.6	%
Time Deposits of $100,000 or more		107,522		11.2	%		111,845			112,618			120,694			124,024		13.6	%
Total Deposits	$	963,840		100	%	$	962,099		$	984,643		$	892,775		$	907,515		100	%

ASSET QUALITY DATA	Sept 30, 2015					June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Nonaccrual loans	$	7,949				$	6,513		$	5,995		$	6,056		$	6,032
Loans past due 90 days and over		6					92			426			669			102
Total nonperforming loans		7,955					6,605			6,421			6,725			6,134
Other real estate		4,104					4,116			4,598			4,654			4,986
Nonaccrual securities		408					408			408			250			250
Total nonperforming assets	$	12,467				$	11,129		$	11,427		$	11,629		$	11,370

Nonperforming assets to total assets		1.10	%				1.00	%		1.00	%		1.06	%		1.06	%
Nonperforming assets to total loans + ORE		1.66	%				1.51	%		1.58	%		1.64	%		1.69	%
ALLL to nonperforming loans		84.65	%				97.18	%		92.32	%		90.63	%		99.18	%
ALLL to total loans		.90	%				.88	%		.83	%		.87	%		.91	%

Quarter-to-date net charge-offs (recoveries)	$	(65	)			$	(490	)	$	316		$	141		$	546
Annualized QTD net chg/offs (recs) to loans		(0.03	%)				(0.27	%)		.18	%		.08	%		.33	%


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, 2015						June 30, 2015						March 31, 2015						December 30, 2014						September 30, 2014
			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	$	172,478	$	976	2.26	%	$	179,580	$	991	2.21	%	$	184,401	$	992	2.15	%	$	189,691	$	998	2.10	%	$	201,194	$	1,072	2.13	%
Tax-exempt securities		74,807		662	3.54	%		79,568		702	3.53	%		81,717		759	3.72	%		84,413		783	3.71	%		86,498		802	3.71	%
Total investment securities		247,285		1,638	2.65	%		259,148		1,693	2.61	%		266,118		1,751	2.63	%		274,104		1,781	2.60	%		287,692		1,874	2.61	%
Fed funds sold		5,502		13	0.95	%		6,702		16	0.95	%		16,248		23	0.57	%		408		6	5.88	%		2,037		6	1.18	%
Int bearing deposits in other banks		20,613		25	0.49	%		24,089		19	0.32	%		27,430		19	0.28	%		18,270		19	0.42	%		16,854		22	0.52	%
Loans		731,818		8,629	4.72	%		728,416		8,532	4.69	%		705,752		8,148	4.62	%		678,252		8,122	4.79	%		655,582		8,059	4.92	%
Total Interest earning assets		1,005,218		10,305	4.10	%		1,018,355		10,260	4.03	%		1,015,548		9,941	3.92	%		971,034		9,928	4.09	%		962,165		9,961	4.14	%
Other assets		104,726						101,293						111,801						102,253						102,915
Total assets	$	1,109,944					$	1,119,648					$	1,127,349					$	1,073,287					$	1,065,080

Interest-bearing liabilities:
Deposits	$	759,939	$	646	0.34	%	$	772,837	$	658	0.34	%	$	736,199	$	632	0.34	%	$	693,657	$	630	0.36	%	$	723,911	$	688	0.38	%
Repo		5,000		48	3.84	%		5,000		48	3.84	%		5,000		48	3.84	%		5,000		49	3.92	%		5,000		49	3.92	%
Fed funds purchased		661		2	1.21	%		1,180		3	1.02	%		108		-	0.00	%		1,645		4	0.97	%		326		1	1.23	%
FHLB		37,716		50	0.53	%		27,117		51	0.75	%		78,892		78	0.40	%		63,040		62	0.39	%		28,038		50	0.71	%
Subordinated debentures		10,310		47	1.82	%		10,310		46	1.78	%		10,310		45	1.75	%		10,310		46	1.78	%		10,310		45	1.75	%
Total interest bearing liabilities		813,626		793	0.39	%		816,444		806	0.39	%		830,509		804	0.39	%		773,652		791	0.41	%		767,585		833	0.43	%
Other liabilities		197,150						206,095						199,995						209,177						207,456
Shareholders' equity		99,168						97,109						96,845						90,458						90,039
Total liabilities and shareholders' equity	$	1,109,944					$	1,119,648					$	1,127,349					$	1,073,287					$	1,065,080

Net interest income (TE)			$	9,512	3.71	%			$	9,454	3.64	%			$	9,137	3.53	%			$	9,137	3.68	%			$	9,128	3.71	%

Net interest margin					3.79	%					3.71	%					3.60	%					3.76	%					3.79	%

Core net interest margin*					3.73	%					3.66	%					3.57	%					3.72	%					3.72	%


FIRST BANCSHARES, INC and SUBSIDIARIES
Reconcilement of Non-GAAP Financial Measures (unaudited)
(in thousands except per share data)
	Three Months Ended
Per Common Share Data	Sept 30, 2015			June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Book value per common share	$	15.72		$	15.13		$	15.19		$	14.88		$	14.45
Effect of intangible assets per share		2.70			2.72			2.73			2.78			2.71
Tangible book value per common share	$	13.02		$	12.41		$	12.46		$	12.10		$	11.74

Diluted earnings per share	$	0.39		$	0.39		$	0.36		$	0.36		$	0.27
Effect of gain on sale of other securities, after-tax		-			-			-			-			-
Effect of gain on sale of bank premises, after-tax		-			-			(0.02	)		-			-
Effect of BAE, after-tax		-			-			-			(0.02	)		-
Effect of acquisition charges, after-tax		-			-			-			-			0.03
Diluted earnings per share, operating	$	0.39		$	0.39		$	0.34		$	0.34		$	0.30



	Three Months Ended
Average Balance Sheet Data	Sept 30, 2015			June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Total average assets A	$	1,109,944		$	1,119,648		$	1,127,349		$	1,073,287		$	1,065,080

Total equity	$	99,168		$	97,109		$	96,845		$	90,458		$	90,039
Less preferred equity		17,123			17,123			17,123			17,123			17,123
Total common equity B		82,045			79,986			79,722			73,335			72,916
Less intangible assets		14,553			14,652			14,755			14,577			13,736
Tangible common equity C	$	67,492		$	65,334		$	64,967		$	58,758		$	59,180



	Three Months Ended
Core Net Interest Margin	Sept 30, 2015			June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Net interest income (TE)	$	9,512		$	9,454		$	9,137		$	9,137		$	9,128
Less purchase accounting adjustments		120			117			48			98			167
Net interest income, net of purchase accounting adj D	$	9,392		$	9,337		$	9,089		$	9,039		$	8,961

Total average earning assets	$	1,005,218		$	1,018,355		$	1,015,548		$	971,034		$	962,165
Add average balance of loan valuation discount		1,657			1,727			1,730			1,780			852
Avg earning assets, excluding loan valuation discount E	$	1,006,875		$	1,020,082		$	1,017,278		$	972,814		$	963,017

Core net interest margin D/E		3.73	%		3.66	%		3.57	%		3.72	%		3.72	%



	Three Months Ended
Return Ratios	Sept 30, 2015			June 30, 2015			Mar 31, 2015			Dec 31, 2014			Sept 30, 2014
Net earnings F	$	2,227		$	2,185		$	2,029		$	2,041		$	1,533
Dividends and accretion on preferred stock		86			86			85			86			85
Net earnings available to common shareholders		2,141			2,099			1,944			1,955			1,448
Gain on sale of other securities, after-tax		-			-			-			-			-
Gain on sale of premises and equipment, after-tax		-			-			(84	)		-			-
BAE, after-tax		-			-			-			(165	)		-
Acquisition charges, after-tax		-			-			-			22			158
Net earnings available to common shareholders, oper G	$	2,141		$	2,099		$	1,860		$	1,812		$	1,606

Annualized return on avg assets F/A		.80	%		.78	%		.72	%		.76	%		.58	%
Annualized return on avg assets, oper G/A		.78	%		.75	%		.66	%		.68	%		.60	%
Annualized return on avg common equity, oper G/B		10.44	%		10.50	%		9.33	%		9.88	%		8.81	%
Annualized return on avg tangible common equity, oper G/C		12.69	%		12.85	%		11.45	%		12.34	%		10.86	%

Certain financial information included in the earnings release and the associated Condensed Consolidated Financial Information (unaudited) is determined by methods other than in accordance with GAAP.

We use non-GAAP measures because we believe they are useful for evaluating our financial condition with a meaningful measure for assessing our financial condition as well as comparison to financial results for prior periods. These results should not be viewed as a substitute for results determined in accordance with GAAP, and are necessarily comparable to non-GAAP performance measures that other companies may use.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151012006158/en/

The First Bancshares, Inc.
M. Ray “Hoppy” Cole, 601-268-8998
Chief Executive Officer
or
Dee Dee Lowery, 601-268-8998
Chief Financial Officer

Business Wire

October 12, 2015 - 6:42 PM EDT

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The First Bancshares, Inc. Reports a 48% Increase in Third Quarter 2015 Results and Declares Quarterly Dividends

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The First Bancshares, Inc. Reports a 48% Increase in Third Quarter 2015 Results and Declares Quarterly Dividends

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