The First Bancshares, Inc. (NASDAQ: FBMS), holding company for The
First, A National Banking Association, (www.thefirstbank.com)
today reported net earnings available to common shareholders of $8.5
million or $1.55 in fully diluted earnings per share for the year ended
December 31, 2015, up from $1.19 in fully diluted earnings per share for
the year ended December 31, 2014. This represents an increase of $2.2
million in earnings available to common shareholders, a 35.3% increase
over fiscal year 2014 results. Net income available to common
shareholders for the quarter ended December 31, 2015 was $2.3 million as
compared to $2.0 million for the same period in 2014, a 16.3% increase.
Net income available to common shareholders increased $132,000, a 6.2%
increase during the fourth quarter of 2015 as compared to the third
quarter of 2015. Diluted earnings for the fourth quarter of 2015 were
$0.42 per common share, compared to $0.36 per common share reported for
the fourth quarter of 2014 and $0.39 per common share reported for the
third quarter of 2015.
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented,
“2015 was an outstanding year for our Company. Net income available to
common shareholders increased 35.3% during 2015, in a year without any
major acquisitions. This significantly improved profitability is the
result of our team’s focus on client service, on growing existing as
well as establishing new relationships while maintaining a disciplined
approach to asset quality and expense control. We are pleased with our
progress and remain nimble and opportunistic in seeking opportunities to
grow our business in the Gulf South region.”
Balance Sheet
Consolidated assets increased $7.2 million or 0.6% to $1.1 billion for
the quarter ended December 31, 2015. Total loans were $773 million at
December 31, 2015 as compared to $747 million at September 30, 2015
representing a 3.5% increase. Increased loan volume was spread across
commercial and residential categories with commercial construction
experiencing the largest growth. Fundings for commercial construction
loans increased $13.4 million or 15.6% quarter over quarter.
Total deposits decreased $47.1 million or 4.9% to $916.7 million for the
quarter ended December 31, 2015. This decrease reflects seasonal
fluctuations in our public deposit portfolio. Total deposits adjusted
for seasonal public fund changes increased $4.4 million or .61% for
quarter ended December 31, 2015.
Asset Quality
Nonperforming assets totaled $10.9 million at December 31, 2015, a
decrease of $1.6 million compared to $12.5 million at September 30,
2015. The ALLL/total loans ratio was 0.87% at December 31, 2015 and
0.90% at September 30, 2015. Including valuation accounting adjustments
on acquired loans, the total valuation plus ALLL was 1.11% of loans at
December 31, 2015. The ratio of annualized net charge-offs (recoveries)
to total loans was (0.002%) for the quarter ended December 31, 2015
compared to (0.03%) for the quarter ended September 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. The remaining balance of $219,000 is expected to
be received in 2016.
Energy Loans
At December 31, 2015 the company had direct energy related loans of
$20.9 million, representing 2.7% of the total loan portfolio. $20.3
million or 97% of the outstanding are secured by marine assets that
operate in the Gulf of Mexico, which are under term contracts to major
operators tied primarily to oil and gas production not exploration.
All direct energy related loans are performing and are not adversely
classified based on both internal and external reviews completed during
the fourth quarter of 2015.
Fourth Quarter 2015 vs. Fourth Quarter 2014 Earnings Comparison
Fourth quarter 2015 net earnings available to common shareholders
totaled $2.3 million compared to $2.0 million for the fourth quarter of
2014. Revenues from consolidated operations increased $603,000 in
quarterly comparison. Net interest income increased $742,000 in
quarterly comparison as interest income earned on a higher volume of
loans attributed to this overall increase. Noninterest income decreased
$152,000 in quarterly comparison for the fourth quarter of 2015 as
compared to the fourth quarter of 2014 consisting mainly of decreased
mortgage income.
Fourth quarter 2015 noninterest expenses increased $224,000, or 2.8% as
compared to fourth quarter 2014 which included acquisition charges of
$29,000. Exclusive of the acquisition charges, the fourth quarter 2015
noninterest expenses increased $253,000 or 3.1% as compared to the same
quarter in 2014 mainly consisting of increases in expenses associated
with other real estate, computer/data processing and rewards checking
accounts. The increase in expenses associated with computer/data
processing is a reclassification from previously being included in
occupancy expense. The expense associated with rewards checking accounts
have been more than offset from increased service charges on these
accounts.
Fully taxable-equivalent (“FTE”) net interest income totaled $9.8
million and $9.1 million for the fourth quarter of 2015 and 2014,
respectively. The FTE net interest income increased $709,000 in prior
year quarterly comparison primarily due to an increase in interest
earned on loans. The purchase accounting adjustments had a difference of
$8,000 on net interest income for the fourth quarter comparisons. Fourth
quarter 2015 net interest margin of 3.81% includes 4 bps related to
purchase accounting adjustments.
Investment securities totaled $255.0 million, or 22.3% of total assets
at December 31, 2015, versus $270.2 million, or 24.7% of total assets at
December 31, 2014. The average volume of investment securities decreased
$20.6 million in prior year quarterly comparison. The average tax
equivalent yield on investment securities increased 7 basis points, from
2.60% to 2.67%. The investment portfolio had a net unrealized gain of
$1.6 million at December 31, 2015 as compared to $2.3 million at
September 30, 2015.
The average yield on all earnings assets increased 4 basis points in
prior year quarterly comparison, from 4.09% for the fourth quarter of
2014 to 4.13% for the fourth quarter of 2015 and this increase was
enhanced by a decrease in average interest expense of 2 basis points
from 0.41% for the fourth quarter of 2014 to 0.39% for the fourth
quarter of 2015.
Fourth Quarter 2015 vs Third Quarter 2015 Earnings Comparison
In sequential-quarter comparison, net earnings available to common
shareholders increased $132,000 to $2.3 million.
Noninterest income decreased $79,000 in sequential-quarter comparison
mainly consisting of decreases in service charges on deposit accounts
and mortgage income.
Noninterest expenses increased $298,000 in sequential-quarter comparison
mainly consisting of increases in marketing, salaries and employee
benefits as well as other non-interest expense. Salaries and employee
benefits included year end related payments as well as payroll for The
Mortgage Connection.
FTE net interest income increased $334,000 to $9.8 million from $9.5
million in sequential-quarter comparison. The $318,000 increase in loan
income was not impacted by accretion related to purchase accounting
adjustments.
The average yield on all earnings assets increased 3 basis points in
sequential-quarter comparison, from 4.10% for the third quarter of 2015
to 4.13% for the fourth quarter of 2015. Increased average loan growth
of $25.2 million contributed to the overall increase in the earning
asset yield.
Year-Over-Year Earnings Comparison
For the year ended December 31, 2015 total loans increased $67.9
million, a growth rate of 9.6%. Portfolio mix remained relatively
consistent year over year with broad based growth across portfolio
segments. Total deposits for the year ended December 31, 2015 increased
$23.9 million, a growth rate of 2.7%.
In year-over-year comparison, net earnings available to common
shareholders increased $2.2 million, from $6.3 million at December 31,
2014 to $8.5 million at December 31, 2015, an increase of 35.3%.
Excluding non-operating income, increases in non-interest income
consisted of a $341,000 increase in interchange fee income and an
increase in service charges on deposit accounts of $191,000 which was
partially offset by a decrease of $446,000 in mortgage banking fees.
Excluding the non-operating expenses in 2014, the increase in
non-interest expense primarily included increases of $1,075,000 in
salaries and employee benefits with approximately $500,000 associated
with the acquisition of Bay Bank and The Mortgage Connection.
In year-over-year comparison, FTE net interest income increased
$3,484,000. Interest income on loans increased $3,944,000 which does not
include purchase accounting adjustments on acquired loans.
Interest expense increased $234,000 in year-over-year comparison
primarily due to increased interest-bearing liabilities.
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 February 25, 2016 to shareholders of record as of
the close of business on February 9, 2016.
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
|
|
|
12/31/15
|
|
9/30/15
|
|
6/30/15
|
|
3/31/15
|
|
12/31/14
|
Total Interest Income
|
|
$
|
10,417
|
|
|
$
|
10,080
|
|
|
$
|
10,022
|
|
|
$
|
9,683
|
|
|
$
|
9,662
|
|
Total Interest Expense
|
|
|
804
|
|
|
|
793
|
|
|
|
806
|
|
|
|
804
|
|
|
|
791
|
|
Net Interest Income
|
|
|
9,613
|
|
|
|
9,287
|
|
|
|
9,216
|
|
|
|
8,879
|
|
|
|
8,871
|
|
FTE net interest income
|
|
|
9,846
|
|
|
|
9,512
|
|
|
|
9,454
|
|
|
|
9,137
|
|
|
|
9,137
|
|
Provision for loan losses
|
|
|
10
|
|
|
|
250
|
|
|
|
-
|
|
|
|
150
|
|
|
|
152
|
|
Non-interest income
|
|
|
1,903
|
|
|
|
1,982
|
|
|
|
1,854
|
|
|
|
1,850
|
|
|
|
2,055
|
|
Non-interest expense
|
|
|
8,275
|
|
|
|
7,977
|
|
|
|
8,092
|
|
|
|
7,818
|
|
|
|
8,051
|
|
Earnings before income taxes
|
|
|
3,231
|
|
|
|
3,042
|
|
|
|
2,978
|
|
|
|
2,761
|
|
|
|
2,723
|
|
Income tax expense
|
|
|
873
|
|
|
|
815
|
|
|
|
793
|
|
|
|
732
|
|
|
|
682
|
|
Net earnings
|
|
|
2,358
|
|
|
|
2,227
|
|
|
|
2,185
|
|
|
|
2,029
|
|
|
|
2,041
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
|
|
86
|
|
Net earnings available to common shareholders
|
|
$
|
2,273
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,944
|
|
|
$
|
1,955
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.42
|
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
|
$
|
0.37
|
|
Diluted earnings per share
|
|
|
0.42
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.36
|
|
|
|
0.36
|
|
Diluted earnings per share, operating*
|
|
|
0.40
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.34
|
|
|
|
0.34
|
|
Quarterly dividends per share
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
Book value per common share at end of period
|
|
|
16.05
|
|
|
|
15.72
|
|
|
|
15.13
|
|
|
|
15.19
|
|
|
|
14.88
|
|
Tangible common book value at period end
|
|
|
13.10
|
|
|
|
13.02
|
|
|
|
12.41
|
|
|
|
12.46
|
|
|
|
12.10
|
|
Market price at end of period
|
|
|
18.34
|
|
|
|
17.47
|
|
|
|
16.65
|
|
|
|
16.26
|
|
|
|
14.51
|
|
Shares outstanding at period end
|
|
|
5,376,665
|
|
|
|
5,376,665
|
|
|
|
5,374,415
|
|
|
|
5,374,415
|
|
|
|
5,316,176
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,376,665
|
|
|
|
5,374,790
|
|
|
|
5,366,495
|
|
|
|
5,358,576
|
|
|
|
5,314,743
|
|
Diluted
|
|
|
5,449,851
|
|
|
|
5,441,980
|
|
|
|
5,424,242
|
|
|
|
5,415,100
|
|
|
|
5,357,644
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,131,924
|
|
|
$
|
1,109,944
|
|
|
$
|
1,119,648
|
|
|
$
|
1,127,349
|
|
|
$
|
1,073,287
|
|
Loans and leases
|
|
|
757,036
|
|
|
|
731,818
|
|
|
|
728,416
|
|
|
|
705,752
|
|
|
|
678,252
|
|
Total deposits
|
|
|
946,849
|
|
|
|
953,229
|
|
|
|
973,776
|
|
|
|
932,401
|
|
|
|
891,168
|
|
Total common equity
|
|
|
84,122
|
|
|
|
82,045
|
|
|
|
79,986
|
|
|
|
79,722
|
|
|
|
73,335
|
|
Total tangible common equity*
|
|
|
69,514
|
|
|
|
67,492
|
|
|
|
65,334
|
|
|
|
64,967
|
|
|
|
58,758
|
|
Total equity
|
|
|
101,245
|
|
|
|
99,168
|
|
|
|
97,109
|
|
|
|
96,845
|
|
|
|
90,458
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
|
Annualized return on avg assets
|
|
|
.83
|
%
|
|
|
.80
|
%
|
|
|
.78
|
%
|
|
|
.72
|
%
|
|
|
.76
|
%
|
Annualized return on avg assets, operating*
|
|
|
.76
|
%
|
|
|
.78
|
%
|
|
|
.75
|
%
|
|
|
.66
|
%
|
|
|
.68
|
%
|
Annualized return on avg common equity, operating*
|
|
|
10.27
|
%
|
|
|
10.44
|
%
|
|
|
10.50
|
%
|
|
|
9.33
|
%
|
|
|
9.88
|
%
|
Annualized return on avg tangible common equity, oper*
|
|
|
12.43
|
%
|
|
|
12.69
|
%
|
|
|
12.85
|
%
|
|
|
11.45
|
%
|
|
|
12.34
|
%
|
Average loans to average deposits
|
|
|
79.95
|
%
|
|
|
76.77
|
%
|
|
|
74.80
|
%
|
|
|
75.69
|
%
|
|
|
76.11
|
%
|
Taxable-equivalent net interest margin
|
|
|
3.81
|
%
|
|
|
3.79
|
%
|
|
|
3.71
|
%
|
|
|
3.60
|
%
|
|
|
3.76
|
%
|
Efficiency Ratio
|
|
|
70.43
|
%
|
|
|
69.40
|
%
|
|
|
71.56
|
%
|
|
|
71.16
|
%
|
|
|
71.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses (ALLL) as a % of total loans
|
|
|
.87
|
%
|
|
|
.90
|
%
|
|
|
.88
|
%
|
|
|
.83
|
%
|
|
|
.87
|
%
|
Nonperforming assets to tangible equity + ALLL
|
|
|
11.55
|
%
|
|
|
13.28
|
%
|
|
|
12.33
|
%
|
|
|
12.70
|
%
|
|
|
13.29
|
%
|
Nonperforming assets to total loans + ORE
|
|
|
1.40
|
%
|
|
|
1.66
|
%
|
|
|
1.51
|
%
|
|
|
1.58
|
%
|
|
|
1.64
|
%
|
Annualized QTD net charge-offs (recoveries) to total loans
|
|
|
(0.002
|
%)
|
|
|
(0.03
|
%)
|
|
|
(0.27
|
%)
|
|
|
.18
|
%
|
|
|
.08
|
%
|
*See reconciliation of Non-GAAP financial measures
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands)
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
BALANCE SHEET
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
41,259
|
|
|
$
|
65,233
|
|
|
$
|
62,021
|
|
|
$
|
94,474
|
|
|
$
|
44,618
|
|
Securities available-for-sale
|
|
|
239,732
|
|
|
|
239,631
|
|
|
|
236,476
|
|
|
|
246,842
|
|
|
|
254,744
|
|
Securities held-to-maturity
|
|
|
7,092
|
|
|
|
7,233
|
|
|
|
7,651
|
|
|
|
7,829
|
|
|
|
8,193
|
|
Other investments
|
|
|
8,135
|
|
|
|
6,249
|
|
|
|
5,787
|
|
|
|
7,235
|
|
|
|
7,234
|
|
Total investment securities
|
|
|
254,959
|
|
|
|
253,113
|
|
|
|
249,914
|
|
|
|
261,906
|
|
|
|
270,171
|
|
Loans held for sale
|
|
|
3,974
|
|
|
|
1,058
|
|
|
|
1,864
|
|
|
|
1,657
|
|
|
|
2,103
|
|
Total loans
|
|
|
772,515
|
|
|
|
746,588
|
|
|
|
731,037
|
|
|
|
716,359
|
|
|
|
704,531
|
|
Allowance for loan losses
|
|
|
(6,747
|
)
|
|
|
(6,734
|
)
|
|
|
(6,419
|
)
|
|
|
(5,928
|
)
|
|
|
(6,095
|
)
|
Loans, net
|
|
|
765,768
|
|
|
|
739,854
|
|
|
|
724,618
|
|
|
|
710,431
|
|
|
|
698,436
|
|
Premises and equipment
|
|
|
33,623
|
|
|
|
33,610
|
|
|
|
33,571
|
|
|
|
33,769
|
|
|
|
34,810
|
|
Other Real Estate
|
|
|
3,083
|
|
|
|
4,104
|
|
|
|
4,116
|
|
|
|
4,598
|
|
|
|
4,654
|
|
Goodwill and other intangibles
|
|
|
15,891
|
|
|
|
14,490
|
|
|
|
14,691
|
|
|
|
14,691
|
|
|
|
14,791
|
|
Other assets
|
|
|
26,574
|
|
|
|
26,387
|
|
|
|
26,953
|
|
|
|
24,622
|
|
|
|
24,182
|
|
Total assets
|
|
$
|
1,145,131
|
|
|
$
|
1,137,849
|
|
|
$
|
1,117,648
|
|
|
$
|
1,146,148
|
|
|
$
|
1,093,768
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
$
|
189,445
|
|
|
$
|
187,542
|
|
|
$
|
193,810
|
|
|
$
|
203,766
|
|
|
$
|
201,362
|
|
Interest-bearing deposits
|
|
|
727,250
|
|
|
|
776,298
|
|
|
|
768,289
|
|
|
|
780,877
|
|
|
|
691,413
|
|
Total deposits
|
|
|
916,695
|
|
|
|
963,840
|
|
|
|
962,099
|
|
|
|
984,643
|
|
|
|
892,775
|
|
Borrowings
|
|
|
110,321
|
|
|
|
58,986
|
|
|
|
43,991
|
|
|
|
49,446
|
|
|
|
89,450
|
|
Subordinated debentures
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
Other liabilities
|
|
|
4,369
|
|
|
|
3,091
|
|
|
|
2,814
|
|
|
|
2,708
|
|
|
|
5,017
|
|
Total liabilities
|
|
|
1,041,695
|
|
|
|
1,036,227
|
|
|
|
1,019,214
|
|
|
|
1,047,382
|
|
|
|
997,552
|
|
Total shareholders’ equity
|
|
|
103,436
|
|
|
|
101,622
|
|
|
|
98,434
|
|
|
|
98,766
|
|
|
|
96,216
|
|
Total liabilities and shareholders’ equity
|
|
$
|
1,145,131
|
|
|
$
|
1,137,849
|
|
|
$
|
1,117,648
|
|
|
$
|
1,146,148
|
|
|
$
|
1,093,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands except per share data)
|
EARNINGS STATEMENT
|
|
Three Months Ended
|
|
12/31/15
|
|
9/30/15
|
|
6/30/15
|
|
3/31/15
|
|
12/31/14
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
$
|
8,874
|
|
|
$
|
8,556
|
|
|
$
|
8,461
|
|
|
$
|
8,147
|
|
|
$
|
8,071
|
|
Investment securities
|
|
|
1,472
|
|
|
|
1,438
|
|
|
|
1,474
|
|
|
|
1,512
|
|
|
|
1,534
|
|
Accretion of purchase accounting adjustments
|
|
|
59
|
|
|
|
73
|
|
|
|
71
|
|
|
|
1
|
|
|
|
51
|
|
Other interest income
|
|
|
12
|
|
|
|
13
|
|
|
|
16
|
|
|
|
23
|
|
|
|
6
|
|
Total interest income
|
|
|
10,417
|
|
|
|
10,080
|
|
|
|
10,022
|
|
|
|
9,683
|
|
|
|
9,662
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
657
|
|
|
|
693
|
|
|
|
704
|
|
|
|
679
|
|
|
|
678
|
|
Borrowings
|
|
|
131
|
|
|
|
100
|
|
|
|
102
|
|
|
|
127
|
|
|
|
114
|
|
Subordinated debentures
|
|
|
47
|
|
|
|
47
|
|
|
|
46
|
|
|
|
45
|
|
|
|
46
|
|
Accretion of purchase accounting adjustments
|
|
|
(31
|
)
|
|
|
(47
|
)
|
|
|
(46
|
)
|
|
|
(47
|
)
|
|
|
(47
|
)
|
Total interest expense
|
|
|
804
|
|
|
|
793
|
|
|
|
806
|
|
|
|
804
|
|
|
|
791
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
9,613
|
|
|
|
9,287
|
|
|
|
9,216
|
|
|
|
8,879
|
|
|
|
8,871
|
|
Provision for loan losses
|
|
|
10
|
|
|
|
250
|
|
|
|
-
|
|
|
|
150
|
|
|
|
152
|
|
Net interest income after provision for loan losses
|
|
|
9,603
|
|
|
|
9,037
|
|
|
|
9,216
|
|
|
|
8,729
|
|
|
|
8,719
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income:
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
674
|
|
|
|
737
|
|
|
|
591
|
|
|
|
568
|
|
|
|
608
|
|
Mortgage Income
|
|
|
245
|
|
|
|
341
|
|
|
|
357
|
|
|
|
334
|
|
|
|
445
|
|
Interchange Fee Income
|
|
|
650
|
|
|
|
611
|
|
|
|
612
|
|
|
|
571
|
|
|
|
561
|
|
Gain (loss) on securities, net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4
|
)
|
Gain on sale of premises and equipment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
110
|
|
|
|
-
|
|
BEA award, net
|
|
|
152
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
223
|
|
Other charges and fees
|
|
|
182
|
|
|
|
293
|
|
|
|
294
|
|
|
|
267
|
|
|
|
222
|
|
Total non-interest income
|
|
|
1,903
|
|
|
|
1,982
|
|
|
|
1,854
|
|
|
|
1,850
|
|
|
|
2,055
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
4,670
|
|
|
|
4,628
|
|
|
|
4,613
|
|
|
|
4,626
|
|
|
|
4,551
|
|
Occupancy expense
|
|
|
1,107
|
|
|
|
1,136
|
|
|
|
1,137
|
|
|
|
1,109
|
|
|
|
1,156
|
|
FDIC premiums
|
|
|
243
|
|
|
|
241
|
|
|
|
241
|
|
|
|
241
|
|
|
|
271
|
|
Marketing
|
|
|
150
|
|
|
|
64
|
|
|
|
161
|
|
|
|
62
|
|
|
|
160
|
|
Amortization of core deposit intangibles
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
Other professional services
|
|
|
377
|
|
|
|
318
|
|
|
|
379
|
|
|
|
258
|
|
|
|
412
|
|
Other non-interest expense
|
|
|
1,628
|
|
|
|
1,490
|
|
|
|
1,461
|
|
|
|
1,422
|
|
|
|
1,401
|
|
Total Non-interest expense
|
|
|
8,275
|
|
|
|
7,977
|
|
|
|
8,092
|
|
|
|
7,818
|
|
|
|
8,051
|
|
Earnings before income taxes
|
|
|
3,231
|
|
|
|
3,042
|
|
|
|
2,978
|
|
|
|
2,761
|
|
|
|
2,723
|
|
Income tax expense
|
|
|
873
|
|
|
|
815
|
|
|
|
793
|
|
|
|
732
|
|
|
|
682
|
|
Net earnings
|
|
|
2,358
|
|
|
|
2,227
|
|
|
|
2,185
|
|
|
|
2,029
|
|
|
|
2,041
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
|
|
86
|
|
Net earnings available to common shareholders
|
|
$
|
2,273
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,944
|
|
|
$
|
1,955
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, diluted
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
Operating earnings per common share, diluted*
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
*See reconciliation of Non-GAAP financial measures
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands)
|
|
|
Dec 31,
|
|
Percent
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Percent
|
COMPOSITION OF LOANS
|
|
2015
|
|
of Total
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
of Total
|
Commercial, financial and agricultural
|
|
$
|
129,197
|
|
|
16.6
|
%
|
|
$
|
123,872
|
|
|
$
|
116,352
|
|
|
$
|
110,806
|
|
|
$
|
106,109
|
|
|
15.0
|
%
|
Real estate – construction
|
|
|
99,161
|
|
|
12.8
|
%
|
|
|
85,769
|
|
|
|
93,152
|
|
|
|
93,168
|
|
|
|
84,935
|
|
|
12.0
|
%
|
Real estate – commercial
|
|
|
253,309
|
|
|
32.6
|
%
|
|
|
251,631
|
|
|
|
245,537
|
|
|
|
242,969
|
|
|
|
238,602
|
|
|
33.8
|
%
|
Real estate – residential
|
|
|
272,180
|
|
|
35.1
|
%
|
|
|
265,763
|
|
|
|
259,610
|
|
|
|
254,844
|
|
|
|
256,406
|
|
|
36.3
|
%
|
Lease Financing Receivable
|
|
|
2,650
|
|
|
.3
|
%
|
|
|
2,303
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
16,018
|
|
|
2.1
|
%
|
|
|
17,250
|
|
|
|
16,386
|
|
|
|
14,572
|
|
|
|
18,479
|
|
|
2.6
|
%
|
Loans held for sale
|
|
|
3,974
|
|
|
.5
|
%
|
|
|
1,058
|
|
|
|
1,864
|
|
|
|
1,657
|
|
|
|
2,103
|
|
|
0.3
|
%
|
Total loans
|
|
$
|
776,489
|
|
|
100
|
%
|
|
$
|
747,646
|
|
|
$
|
732,901
|
|
|
$
|
718,016
|
|
|
$
|
706,634
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
Percent
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
Percent
|
COMPOSITION OF DEPOSITS
|
|
2015
|
|
of Total
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
of Total
|
Noninterest bearing
|
|
$
|
189,445
|
|
|
20.7
|
%
|
|
$
|
187,542
|
|
|
$
|
193,810
|
|
|
$
|
203,766
|
|
|
$
|
201,362
|
|
|
22.6
|
%
|
NOW and other
|
|
|
373,687
|
|
|
40.8
|
%
|
|
|
411,893
|
|
|
|
393,596
|
|
|
|
404,605
|
|
|
|
301,721
|
|
|
33.8
|
%
|
Money Market/Savings
|
|
|
174,090
|
|
|
19.0
|
%
|
|
|
181,861
|
|
|
|
185,033
|
|
|
|
183,048
|
|
|
|
183,633
|
|
|
20.6
|
%
|
Time Deposits of less than $100,000
|
|
|
73,865
|
|
|
8.0
|
%
|
|
|
75,022
|
|
|
|
77,815
|
|
|
|
80,606
|
|
|
|
85,365
|
|
|
9.6
|
%
|
Time Deposits of $100,000 or more
|
|
|
105,608
|
|
|
11.5
|
%
|
|
|
107,522
|
|
|
|
111,845
|
|
|
|
112,618
|
|
|
|
120,694
|
|
|
13.4
|
%
|
Total Deposits
|
|
$
|
916,695
|
|
|
100
|
%
|
|
$
|
963,840
|
|
|
$
|
962,099
|
|
|
$
|
984,643
|
|
|
$
|
892,775
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31,
|
|
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
|
|
ASSET QUALITY DATA
|
|
2015
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
|
Nonaccrual loans
|
|
$
|
7,368
|
|
|
|
|
$
|
7,949
|
|
|
$
|
6,513
|
|
|
$
|
5,995
|
|
|
$
|
6,056
|
|
|
|
Loans past due 90 days and over
|
|
|
29
|
|
|
|
|
|
6
|
|
|
|
92
|
|
|
|
426
|
|
|
|
669
|
|
|
|
Total nonperforming loans
|
|
|
7,397
|
|
|
|
|
|
7,955
|
|
|
|
6,605
|
|
|
|
6,421
|
|
|
|
6,725
|
|
|
|
Other real estate
|
|
|
3,083
|
|
|
|
|
|
4,104
|
|
|
|
4,116
|
|
|
|
4,598
|
|
|
|
4,654
|
|
|
|
Nonaccrual securities
|
|
|
408
|
|
|
|
|
|
408
|
|
|
|
408
|
|
|
|
408
|
|
|
|
250
|
|
|
|
Total nonperforming assets
|
|
$
|
10,888
|
|
|
|
|
$
|
12,467
|
|
|
$
|
11,129
|
|
|
$
|
11,427
|
|
|
$
|
11,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets
|
|
|
.95
|
%
|
|
|
|
|
1.10
|
%
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
|
1.06
|
%
|
|
|
Nonperforming assets to total loans + ORE
|
|
|
1.40
|
%
|
|
|
|
|
1.66
|
%
|
|
|
1.51
|
%
|
|
|
1.58
|
%
|
|
|
1.64
|
%
|
|
|
ALLL to nonperforming loans
|
|
|
91.21
|
%
|
|
|
|
|
84.65
|
%
|
|
|
97.18
|
%
|
|
|
92.32
|
%
|
|
|
90.63
|
%
|
|
|
ALLL to total loans
|
|
|
.87
|
%
|
|
|
|
|
.90
|
%
|
|
|
.88
|
%
|
|
|
.83
|
%
|
|
|
.87
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date net charge-offs (recoveries)
|
|
$
|
(3
|
)
|
|
|
|
$
|
(65
|
)
|
|
$
|
(490
|
)
|
|
$
|
316
|
|
|
$
|
141
|
|
|
|
Annualized QTD net chg/offs (recs) to loans
|
|
|
(0.002
|
%)
|
|
|
|
|
(0.03
|
%)
|
|
|
(0.27
|
%)
|
|
|
.18
|
%
|
|
|
.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
Analysis
|
|
December 31, 2015
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
December 31, 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
|
|
$
|
177,964
|
|
$
|
1,006
|
|
2.26
|
%
|
|
$
|
172,478
|
|
$
|
976
|
|
2.26
|
%
|
|
$
|
179,580
|
|
$
|
991
|
|
2.21
|
%
|
|
$
|
184,401
|
|
$
|
992
|
|
2.15
|
%
|
|
$
|
189,691
|
|
$
|
998
|
|
2.10
|
%
|
Tax-exempt securities
|
|
|
75,570
|
|
|
685
|
|
3.63
|
%
|
|
|
74,807
|
|
|
662
|
|
3.54
|
%
|
|
|
79,568
|
|
|
702
|
|
3.53
|
%
|
|
|
81,717
|
|
|
759
|
|
3.72
|
%
|
|
|
84,413
|
|
|
783
|
|
3.71
|
%
|
Total investment securities
|
|
|
253,534
|
|
|
1,691
|
|
2.67
|
%
|
|
|
247,285
|
|
|
1,638
|
|
2.65
|
%
|
|
|
259,148
|
|
|
1,693
|
|
2.61
|
%
|
|
|
266,118
|
|
|
1,751
|
|
2.63
|
%
|
|
|
274,106
|
|
|
1,781
|
|
2.60
|
%
|
Fed funds sold
|
|
|
405
|
|
|
1
|
|
0.99
|
%
|
|
|
5,502
|
|
|
13
|
|
0.95
|
%
|
|
|
6,702
|
|
|
16
|
|
0.95
|
%
|
|
|
16,248
|
|
|
23
|
|
0.57
|
%
|
|
|
408
|
|
|
6
|
|
5.88
|
%
|
Int bearing deposits in other banks
|
|
|
21,601
|
|
|
25
|
|
0.46
|
%
|
|
|
20,613
|
|
|
25
|
|
0.49
|
%
|
|
|
24,089
|
|
|
19
|
|
0.32
|
%
|
|
|
27,430
|
|
|
19
|
|
0.28
|
%
|
|
|
18,270
|
|
|
19
|
|
0.42
|
%
|
Loans
|
|
|
757,036
|
|
|
8,933
|
|
4.72
|
%
|
|
|
731,818
|
|
|
8,629
|
|
4.72
|
%
|
|
|
728,416
|
|
|
8,532
|
|
4.69
|
%
|
|
|
705,752
|
|
|
8,148
|
|
4.62
|
%
|
|
|
678,252
|
|
|
8,122
|
|
4.79
|
%
|
Total Interest earning assets
|
|
|
1,032,576
|
|
|
10,650
|
|
4.13
|
%
|
|
|
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
|
%
|
Other assets
|
|
|
99,348
|
|
|
|
|
|
|
104,726
|
|
|
|
|
|
|
101,293
|
|
|
|
|
|
|
111,801
|
|
|
|
|
|
|
102,253
|
|
|
|
|
Total assets
|
|
$
|
1,131,924
|
|
|
|
|
|
$
|
1,109,944
|
|
|
|
|
|
$
|
1,119,648
|
|
|
|
|
|
$
|
1,127,349
|
|
|
|
|
|
$
|
1,073,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
752,098
|
|
$
|
626
|
|
0.33
|
%
|
|
$
|
759,939
|
|
$
|
646
|
|
0.34
|
%
|
|
$
|
772,837
|
|
$
|
658
|
|
0.34
|
%
|
|
$
|
736,199
|
|
$
|
632
|
|
0.34
|
%
|
|
$
|
693,657
|
|
$
|
630
|
|
0.36
|
%
|
Repo
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
49
|
|
3.92
|
%
|
Fed funds purchased
|
|
|
1,984
|
|
|
6
|
|
1.21
|
%
|
|
|
661
|
|
|
2
|
|
1.21
|
%
|
|
|
1,180
|
|
|
3
|
|
1.02
|
%
|
|
|
108
|
|
|
-
|
|
0.00
|
%
|
|
|
1,645
|
|
|
4
|
|
0.97
|
%
|
FHLB
|
|
|
60,961
|
|
|
77
|
|
0.51
|
%
|
|
|
37,716
|
|
|
50
|
|
0.53
|
%
|
|
|
27,117
|
|
|
51
|
|
0.75
|
%
|
|
|
78,892
|
|
|
78
|
|
0.40
|
%
|
|
|
63,040
|
|
|
62
|
|
0.39
|
%
|
Subordinated debentures
|
|
|
10,310
|
|
|
47
|
|
1.82
|
%
|
|
|
10,310
|
|
|
47
|
|
1.82
|
%
|
|
|
10,310
|
|
|
46
|
|
1.78
|
%
|
|
|
10,310
|
|
|
45
|
|
1.75
|
%
|
|
|
10,310
|
|
|
46
|
|
1.78
|
%
|
Total interest bearing liabilities
|
|
|
830,353
|
|
|
804
|
|
0.39
|
%
|
|
|
813,626
|
|
|
793
|
|
0.39
|
%
|
|
|
816,444
|
|
|
806
|
|
0.39
|
%
|
|
|
830,509
|
|
|
804
|
|
0.39
|
%
|
|
|
773,652
|
|
|
791
|
|
0.41
|
%
|
Other liabilities
|
|
|
200,326
|
|
|
|
|
|
|
197,150
|
|
|
|
|
|
|
206,095
|
|
|
|
|
|
|
199,995
|
|
|
|
|
|
|
209,177
|
|
|
|
|
Shareholders' equity
|
|
|
101,245
|
|
|
|
|
|
|
99,168
|
|
|
|
|
|
|
97,109
|
|
|
|
|
|
|
96,845
|
|
|
|
|
|
|
90,458
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,131,924
|
|
|
|
|
|
$
|
1,109,944
|
|
|
|
|
|
$
|
1,119,648
|
|
|
|
|
|
$
|
1,127,349
|
|
|
|
|
|
$
|
1,073,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (TE)
|
|
|
|
$
|
9,846
|
|
3.74
|
%
|
|
|
|
$
|
9,512
|
|
3.71
|
%
|
|
|
|
$
|
9,454
|
|
3.64
|
%
|
|
|
|
$
|
9,137
|
|
3.53
|
%
|
|
|
|
$
|
9,137
|
|
3.68
|
%
|
Net interest margin
|
|
|
|
|
|
3.81
|
%
|
|
|
|
|
|
3.79
|
%
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
3.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin*
|
|
|
|
|
|
3.77
|
%
|
|
|
|
|
|
3.73
|
%
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
3.57
|
%
|
|
|
|
|
|
3.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Reconcilement of Non-GAAP Financial Measures (unaudited)
|
(in thousands except per share data)
|
|
|
Three Months Ended
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
Per Common Share Data
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
Book value per common share
|
|
$
|
16.05
|
|
|
$
|
15.72
|
|
|
$
|
15.13
|
|
|
$
|
15.19
|
|
|
$
|
14.88
|
|
Effect of intangible assets per share
|
|
|
2.95
|
|
|
|
2.70
|
|
|
|
2.72
|
|
|
|
2.73
|
|
|
|
2.78
|
|
Tangible book value per common share
|
|
$
|
13.10
|
|
|
$
|
13.02
|
|
|
$
|
12.41
|
|
|
$
|
12.46
|
|
|
$
|
12.10
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
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
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.02
|
)
|
Effect of acquisition charges, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Diluted earnings per share, operating
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
Average Balance Sheet Data
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
Total average assets A
|
|
$
|
1,131,924
|
|
|
$
|
1,109,944
|
|
|
$
|
1,119,648
|
|
|
$
|
1,127,349
|
|
|
$
|
1,073,287
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
101,245
|
|
|
$
|
99,168
|
|
|
$
|
97,109
|
|
|
$
|
96,845
|
|
|
$
|
90,458
|
|
Less preferred equity
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
Total common equity B
|
|
|
84,122
|
|
|
|
82,045
|
|
|
|
79,986
|
|
|
|
79,722
|
|
|
|
73,335
|
|
Less intangible assets
|
|
|
14,608
|
|
|
|
14,553
|
|
|
|
14,652
|
|
|
|
14,755
|
|
|
|
14,577
|
|
Tangible common equity C
|
|
$
|
69,514
|
|
|
$
|
67,492
|
|
|
$
|
65,334
|
|
|
$
|
64,967
|
|
|
$
|
58,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
Core Net Interest Margin
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
Net interest income (TE)
|
|
$
|
9,846
|
|
|
$
|
9,512
|
|
|
$
|
9,454
|
|
|
$
|
9,137
|
|
|
$
|
9,137
|
|
Less purchase accounting adjustments
|
|
|
90
|
|
|
|
120
|
|
|
|
117
|
|
|
|
48
|
|
|
|
98
|
|
Net interest income, net of purchase accounting adj D
|
|
$
|
9,756
|
|
|
$
|
9,392
|
|
|
$
|
9,337
|
|
|
$
|
9,089
|
|
|
$
|
9,039
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average earning assets
|
|
$
|
1,032,576
|
|
|
$
|
1,005,218
|
|
|
$
|
1,018,355
|
|
|
$
|
1,015,548
|
|
|
$
|
971,034
|
|
Add average balance of loan valuation discount
|
|
|
1,583
|
|
|
|
1,657
|
|
|
|
1,727
|
|
|
|
1,730
|
|
|
|
1,780
|
|
Avg earning assets, excluding loan valuation discount E
|
|
$
|
1,034,159
|
|
|
$
|
1,006,875
|
|
|
$
|
1,020,082
|
|
|
$
|
1,017,278
|
|
|
$
|
972,814
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin D/E
|
|
|
3.77
|
%
|
|
|
3.73
|
%
|
|
|
3.66
|
%
|
|
|
3.57
|
%
|
|
|
3.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Dec 31,
|
Return Ratios
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
Net earnings F
|
|
$
|
2,358
|
|
|
$
|
2,227
|
|
|
$
|
2,185
|
|
|
$
|
2,029
|
|
|
$
|
2,041
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
|
|
86
|
|
Net earnings available to common shareholders
|
|
|
2,273
|
|
|
|
2,141
|
|
|
|
2,099
|
|
|
|
1,944
|
|
|
|
1,955
|
|
Gain on sale of other securities, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on sale of premises and equipment, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(84
|
)
|
|
|
-
|
|
BAE, after-tax
|
|
|
(112
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(165
|
)
|
Acquisition charges, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22
|
|
Net earnings available to common shareholders, oper G
|
|
$
|
2,161
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,860
|
|
|
$
|
1,812
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on avg assets F/A
|
|
|
.83
|
%
|
|
|
.80
|
%
|
|
|
.78
|
%
|
|
|
.72
|
%
|
|
|
.76
|
%
|
Annualized return on avg assets, oper G/A
|
|
|
.76
|
%
|
|
|
.78
|
%
|
|
|
.75
|
%
|
|
|
.66
|
%
|
|
|
.68
|
%
|
Annualized return on avg common equity, oper G/B
|
|
|
10.27
|
%
|
|
|
10.44
|
%
|
|
|
10.50
|
%
|
|
|
9.33
|
%
|
|
|
9.88
|
%
|
Annualized return on avg tangible common equity, oper G/C
|
|
|
12.43
|
%
|
|
|
12.69
|
%
|
|
|
12.85
|
%
|
|
|
11.45
|
%
|
|
|
12.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/20160128006622/en/
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