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 $2.5
million for the first quarter of 2016, compared to net earnings
available to common shareholders of $1.9 million reported for the first
quarter of 2015 and $2.3 million in net earnings available to common
shareholders for the fourth quarter of 2015. Diluted earnings for the
first quarter of 2016 were $0.46 per common share, compared to $0.34 per
common share reported for the first quarter of 2015 and $0.42 per common
share reported for the fourth quarter of 2015. First quarter 2016 net
earnings included $189,000 of an after tax gain on the conversion of our
debit card provider. Excluding this non-operating income, operating
earnings per share for the first quarter of 2016 were $0.43. Both first
quarter 2015 and fourth quarter 2015 included non-operating items as
well, both representing $0.02 per share in adjustments.
Significant Events during Quarter:
-
Integrated The Mortgage Connection, LLC (“TMC”) which produced
mortgage revenues of $444,000 during 1st Quarter 2016
-
Hired new commercial team in Mobile consisting of market president and
two experienced business bankers
-
Signed contract for a new full service branch in Bay Minette, AL
M. Ray “Hoppy” Cole, President & Chief Executive Officer, commented, “We
are excited about the strong start for 2016, posting a 29.6% increase in
net income as compared to the same period in 2015. We continue to focus
on broad based growth across all of our markets which is positively
impacting our operating results and returns.
“The first quarter was the first full operating period for TMC, our
recent acquisition in Jackson, MS. The results were well ahead of
forecast in terms of both revenue and profitability.
“We also added an experienced commercial banking team in Mobile led by
Todd Henderson, Market President and composed of business bankers Sam
Jeffcoat and Marques Ivy. This group has approximately 50 years of in
market experience and will grow our presence in the Mobile market.”
Balance Sheet
Consolidated assets increased $96.8 million or 8.5% to $1.2 billion for
the quarter ended March 31, 2016. Total loans were $797.8 million at
March 31, 2016 as compared to $772.5 million at December 31, 2015
representing an increase of 3.3%. Increased loan volume was spread
across the real estate categories with commercial real estate
experiencing the largest growth. Fundings for commercial real estate
loans increased $16.8 million or 6.6% quarter over quarter divided
equally between owner occupied and income producing non-owner occupied
properties.
Total deposits increased $124.4 million or 13.6% to $1,041.1 million for
the quarter ended March 31, 2016. This increase reflects seasonal
fluctuations in our public deposit portfolio. Total deposits adjusted
for seasonal public fund changes increased $7.1 million or 1.0% for
quarter ended March 31, 2016.
Asset Quality
Nonperforming assets totaled $11.3 million at March 31, 2016, an
increase of $0.4 million compared to $10.9 million at December 31, 2015.
The ALLL/total loans ratio was 0.88% at March 31, 2016 and 0.87% at
December 31, 2015. Including valuation accounting adjustments on
acquired loans, the total valuation plus ALLL was 1.10% of loans at
March 31, 2016. The ratio of annualized net charge-offs (recoveries) to
total loans was (0.02%) for the quarter ended March 31, 2016 compared to
(0.002%) for the quarter ended December 31, 2015. As noted in our first
quarter 2015 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 March 31, 2016 the company had direct energy related loans of $22.3
million, representing 2.8% of the total loan portfolio. A majority 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.
First Quarter 2016 vs. First Quarter 2015 Earnings Comparison
First quarter 2016 net earnings available to common shareholders totaled
$2.5 million compared to $1.9 million for the first quarter of 2015.
Revenues from consolidated operations increased $1,547,000 in quarterly
comparison. Net interest income increased $796,000 in quarterly
comparison as interest income earned on a higher volume of loans
attributed to this overall increase. Noninterest income increased
$633,000 in quarterly comparison for the first quarter of 2016 as
compared to the first quarter of 2015 consisting mainly of increased
mortgage income and gain on conversion of our debit card provider.
First quarter 2016 noninterest expenses increased $577,000, or 7.4% as
compared to first quarter 2015. The largest increase in noninterest
expenses was related to salaries and benefits of $523,000 of which
$319,000 can be attributed to acquisition of The Mortgage Connection,
LLC in December 2015.
Fully taxable-equivalent (“FTE”) net interest income totaled $9.9
million and $9.1 million for the first quarter of 2016 and 2015,
respectively. The FTE net interest income increased $775,000 in prior
year quarterly comparison primarily due to an increase in interest
earned on loans. Purchase accounting adjustments had a difference of
$21,000 on net interest income for the first quarter comparisons. First
quarter 2016 net interest margin of 3.68% includes 2 bps related to
purchase accounting adjustments.
Investment securities totaled $269.5 million, or 21.7% of total assets
at March 31, 2016, versus $261.9 million, or 22.9% of total assets at
March 31, 2015. The average volume of investment securities decreased
$0.1 million in prior year quarterly comparison. The average tax
equivalent yield on investment securities remained the same at 2.63%.
The investment portfolio had a net unrealized gain of $3.7 million at
March 31, 2016 as compared to $3.9 million at March 31, 2015.
The average yield on all earnings assets increased 10 basis points in
prior year quarterly comparison, from 3.92% for the first quarter of
2015 to 4.02% for the first quarter of 2016. This increase was slightly
offset by an increase in average interest expense of 2 basis points from
0.39% for the first quarter of 2015 to 0.41% for the first quarter of
2016.
First Quarter 2016 vs Fourth Quarter 2015 Earnings Comparison
In sequential-quarter comparison, net earnings available to common
shareholders increased $246,000 to $2.5 million.
Noninterest income increased $580,000 in sequential-quarter comparison
mainly consisting of increases in mortgage income and a gain on the
conversion of our debit card provider.
Noninterest expenses increased $120,000 in sequential-quarter comparison
consisting of increases in salaries and benefits relating to the
acquisition of The Mortgage Connection, LLC in December 2015 with
decreases in other professional services, marketing and occupancy.
FTE net interest income increased $66,000 to $9.9 million from $9.8
million in sequential-quarter comparison. The $180,000 increase in loan
interest income was slightly impacted negatively by accretion related to
purchase accounting adjustments.
The average yield on all earnings assets decreased 11 basis points in
sequential-quarter comparison, from 4.13% for the fourth quarter of 2015
to 4.02% for the first quarter of 2016.
Other Events
The Company will make a presentation at the 20th Annual
Burkenroad Reports Investment Conference at the Ritz-Carlton New Orleans
Hotel in New Orleans, Louisiana, Friday, April 22, 2016 at 9:30 a.m.
central time. This will be an interactive session between management and
those attending the conference. The presentation will be available at
the company’s internet site (www.thefirstbank.com)
under the Investor Relations tab.
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 May 23, 2016 to shareholders of record as of the
close of business on May 6, 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
|
|
|
3/31/16
|
|
12/31/15
|
|
9/30/15
|
|
6/30/15
|
|
3/31/15
|
Total Interest Income
|
|
$
|
10,597
|
|
|
$
|
10,417
|
|
|
$
|
10,080
|
|
|
$
|
10,022
|
|
|
$
|
9,683
|
|
Total Interest Expense
|
|
|
922
|
|
|
|
804
|
|
|
|
793
|
|
|
|
806
|
|
|
|
804
|
|
Net Interest Income
|
|
|
9,675
|
|
|
|
9,613
|
|
|
|
9,287
|
|
|
|
9,216
|
|
|
|
8,879
|
|
FTE net interest income
|
|
|
9,912
|
|
|
|
9,846
|
|
|
|
9,512
|
|
|
|
9,454
|
|
|
|
9,137
|
|
Provision for loan losses
|
|
|
190
|
|
|
|
10
|
|
|
|
250
|
|
|
|
-
|
|
|
|
150
|
|
Non-interest income
|
|
|
2,483
|
|
|
|
1,903
|
|
|
|
1,982
|
|
|
|
1,854
|
|
|
|
1,850
|
|
Non-interest expense
|
|
|
8,395
|
|
|
|
8,275
|
|
|
|
7,977
|
|
|
|
8,092
|
|
|
|
7,818
|
|
Earnings before income taxes
|
|
|
3,573
|
|
|
|
3,231
|
|
|
|
3,042
|
|
|
|
2,978
|
|
|
|
2,761
|
|
Income tax expense
|
|
|
969
|
|
|
|
873
|
|
|
|
815
|
|
|
|
793
|
|
|
|
732
|
|
Net earnings
|
|
|
2,604
|
|
|
|
2,358
|
|
|
|
2,227
|
|
|
|
2,185
|
|
|
|
2,029
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
Net earnings available to common shareholders
|
|
$
|
2,519
|
|
|
$
|
2,273
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,944
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.47
|
|
|
$
|
0.42
|
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Diluted earnings per share
|
|
|
0.46
|
|
|
|
0.42
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.36
|
|
Diluted earnings per share, operating*
|
|
|
0.43
|
|
|
|
0.40
|
|
|
|
0.39
|
|
|
|
0.39
|
|
|
|
0.34
|
|
Quarterly dividends per share
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
|
|
.0375
|
|
Book value per common share at end of period
|
|
|
16.58
|
|
|
|
16.05
|
|
|
|
15.72
|
|
|
|
15.13
|
|
|
|
15.19
|
|
Tangible common book value at period end
|
|
|
13.67
|
|
|
|
13.10
|
|
|
|
13.02
|
|
|
|
12.41
|
|
|
|
12.46
|
|
Market price at end of period
|
|
|
15.63
|
|
|
|
18.34
|
|
|
|
17.47
|
|
|
|
16.65
|
|
|
|
16.26
|
|
Shares outstanding at period end
|
|
|
5,432,014
|
|
|
|
5,376,665
|
|
|
|
5,376,665
|
|
|
|
5,374,415
|
|
|
|
5,374,415
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,415,339
|
|
|
|
5,376,665
|
|
|
|
5,374,790
|
|
|
|
5,366,495
|
|
|
|
5,358,576
|
|
Diluted
|
|
|
5,478,703
|
|
|
|
5,449,851
|
|
|
|
5,441,980
|
|
|
|
5,424,242
|
|
|
|
5,415,100
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,196,328
|
|
|
$
|
1,131,924
|
|
|
$
|
1,109,944
|
|
|
$
|
1,119,648
|
|
|
$
|
1,127,349
|
|
Loans and leases
|
|
|
779,418
|
|
|
|
757,036
|
|
|
|
731,818
|
|
|
|
728,416
|
|
|
|
705,752
|
|
Total deposits
|
|
|
964,681
|
|
|
|
946,849
|
|
|
|
953,229
|
|
|
|
973,776
|
|
|
|
932,401
|
|
Total common equity
|
|
|
87,155
|
|
|
|
84,122
|
|
|
|
82,045
|
|
|
|
79,986
|
|
|
|
79,722
|
|
Total tangible common equity*
|
|
|
71,297
|
|
|
|
69,514
|
|
|
|
67,492
|
|
|
|
65,334
|
|
|
|
64,967
|
|
Total equity
|
|
|
104,278
|
|
|
|
101,245
|
|
|
|
99,168
|
|
|
|
97,109
|
|
|
|
96,845
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
|
Annualized return on avg assets
|
|
|
.87
|
%
|
|
|
.83
|
%
|
|
|
.80
|
%
|
|
|
.78
|
%
|
|
|
.72
|
%
|
Annualized return on avg assets, operating*
|
|
|
.78
|
%
|
|
|
.76
|
%
|
|
|
.78
|
%
|
|
|
.75
|
%
|
|
|
.66
|
%
|
Annualized return on avg common equity, operating*
|
|
|
10.69
|
%
|
|
|
10.27
|
%
|
|
|
10.44
|
%
|
|
|
10.50
|
%
|
|
|
9.33
|
%
|
Annualized return on avg tangible common equity, oper*
|
|
|
13.07
|
%
|
|
|
12.43
|
%
|
|
|
12.69
|
%
|
|
|
12.85
|
%
|
|
|
11.45
|
%
|
Average loans to average deposits
|
|
|
80.80
|
%
|
|
|
79.95
|
%
|
|
|
76.77
|
%
|
|
|
74.80
|
%
|
|
|
75.69
|
%
|
Taxable-equivalent net interest margin
|
|
|
3.68
|
%
|
|
|
3.81
|
%
|
|
|
3.79
|
%
|
|
|
3.71
|
%
|
|
|
3.60
|
%
|
Efficiency Ratio
|
|
|
67.73
|
%
|
|
|
70.43
|
%
|
|
|
69.40
|
%
|
|
|
71.56
|
%
|
|
|
71.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses (ALLL) as a % of total loans
|
|
|
.88
|
%
|
|
|
.87
|
%
|
|
|
.90
|
%
|
|
|
.88
|
%
|
|
|
.83
|
%
|
Nonperforming assets to tangible equity + ALLL
|
|
|
11.43
|
%
|
|
|
11.55
|
%
|
|
|
13.28
|
%
|
|
|
12.33
|
%
|
|
|
12.70
|
%
|
Nonperforming assets to total loans + ORE
|
|
|
1.40
|
%
|
|
|
1.40
|
%
|
|
|
1.66
|
%
|
|
|
1.51
|
%
|
|
|
1.58
|
%
|
Annualized QTD net charge-offs (recoveries) to total loans
|
|
|
(0.02
|
%)
|
|
|
(0.002
|
%)
|
|
|
(0.03
|
%)
|
|
|
(0.27
|
%)
|
|
|
.18
|
%
|
*See reconciliation of Non-GAAP financial measures
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands)
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
BALANCE SHEET
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
95,965
|
|
|
$
|
41,259
|
|
|
$
|
65,233
|
|
|
$
|
62,021
|
|
|
$
|
94,474
|
|
Securities available-for-sale
|
|
|
253,126
|
|
|
|
239,732
|
|
|
|
239,631
|
|
|
|
236,476
|
|
|
|
246,842
|
|
Securities held-to-maturity
|
|
|
6,851
|
|
|
|
7,092
|
|
|
|
7,233
|
|
|
|
7,651
|
|
|
|
7,829
|
|
Other investments
|
|
|
9,570
|
|
|
|
8,135
|
|
|
|
6,249
|
|
|
|
5,787
|
|
|
|
7,235
|
|
Total investment securities
|
|
|
269,547
|
|
|
|
254,959
|
|
|
|
253,113
|
|
|
|
249,914
|
|
|
|
261,906
|
|
Loans held for sale
|
|
|
6,095
|
|
|
|
3,974
|
|
|
|
1,058
|
|
|
|
1,864
|
|
|
|
1,657
|
|
Total loans
|
|
|
797,764
|
|
|
|
772,515
|
|
|
|
746,588
|
|
|
|
731,037
|
|
|
|
716,359
|
|
Allowance for loan losses
|
|
|
(6,982
|
)
|
|
|
(6,747
|
)
|
|
|
(6,734
|
)
|
|
|
(6,419
|
)
|
|
|
(5,928
|
)
|
Loans, net
|
|
|
790,782
|
|
|
|
765,768
|
|
|
|
739,854
|
|
|
|
724,618
|
|
|
|
710,431
|
|
Premises and equipment
|
|
|
33,353
|
|
|
|
33,623
|
|
|
|
33,610
|
|
|
|
33,571
|
|
|
|
33,769
|
|
Other Real Estate
|
|
|
4,363
|
|
|
|
3,083
|
|
|
|
4,104
|
|
|
|
4,116
|
|
|
|
4,598
|
|
Goodwill and other intangibles
|
|
|
15,796
|
|
|
|
15,891
|
|
|
|
14,490
|
|
|
|
14,691
|
|
|
|
14,691
|
|
Other assets
|
|
|
26,050
|
|
|
|
26,574
|
|
|
|
26,387
|
|
|
|
26,953
|
|
|
|
24,622
|
|
Total assets
|
|
$
|
1,241,951
|
|
|
$
|
1,145,131
|
|
|
$
|
1,137,849
|
|
|
$
|
1,117,648
|
|
|
$
|
1,146,148
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
$
|
194,433
|
|
|
$
|
189,445
|
|
|
$
|
187,542
|
|
|
$
|
193,810
|
|
|
$
|
203,766
|
|
Interest-bearing deposits
|
|
|
846,672
|
|
|
|
727,250
|
|
|
|
776,298
|
|
|
|
768,289
|
|
|
|
780,877
|
|
Total deposits
|
|
|
1,041,105
|
|
|
|
916,695
|
|
|
|
963,840
|
|
|
|
962,099
|
|
|
|
984,643
|
|
Borrowings
|
|
|
78,976
|
|
|
|
110,321
|
|
|
|
58,986
|
|
|
|
43,991
|
|
|
|
49,446
|
|
Subordinated debentures
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
|
|
10,310
|
|
Other liabilities
|
|
|
4,363
|
|
|
|
4,369
|
|
|
|
3,091
|
|
|
|
2,814
|
|
|
|
2,708
|
|
Total liabilities
|
|
|
1,134,754
|
|
|
|
1,041,695
|
|
|
|
1,036,227
|
|
|
|
1,019,214
|
|
|
|
1,047,382
|
|
Total shareholders’ equity
|
|
|
107,197
|
|
|
|
103,436
|
|
|
|
101,622
|
|
|
|
98,434
|
|
|
|
98,766
|
|
Total liabilities and shareholders’ equity
|
|
$
|
1,241,951
|
|
|
$
|
1,145,131
|
|
|
$
|
1,137,849
|
|
|
$
|
1,117,648
|
|
|
$
|
1,146,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands except per share data)
|
EARNINGS STATEMENT
|
|
Three Months Ended
|
|
3/31/16
|
|
12/31/15
|
|
9/30/15
|
|
6/30/15
|
|
3/31/15
|
Interest Income:
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
$
|
9,013
|
|
$
|
8,874
|
|
|
$
|
8,556
|
|
|
$
|
8,461
|
|
|
$
|
8,147
|
|
Investment securities
|
|
|
1,532
|
|
|
1,472
|
|
|
|
1,438
|
|
|
|
1,474
|
|
|
|
1,512
|
|
Accretion of purchase accounting adjustments
|
|
|
22
|
|
|
59
|
|
|
|
73
|
|
|
|
71
|
|
|
|
1
|
|
Other interest income
|
|
|
30
|
|
|
12
|
|
|
|
13
|
|
|
|
16
|
|
|
|
23
|
|
Total interest income
|
|
|
10,597
|
|
|
10,417
|
|
|
|
10,080
|
|
|
|
10,022
|
|
|
|
9,683
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
701
|
|
|
657
|
|
|
|
693
|
|
|
|
704
|
|
|
|
679
|
|
Borrowings
|
|
|
173
|
|
|
131
|
|
|
|
100
|
|
|
|
102
|
|
|
|
127
|
|
Subordinated debentures
|
|
|
48
|
|
|
47
|
|
|
|
47
|
|
|
|
46
|
|
|
|
45
|
|
Accretion of purchase accounting adjustments
|
|
|
-
|
|
|
(31
|
)
|
|
|
(47
|
)
|
|
|
(46
|
)
|
|
|
(47
|
)
|
Total interest expense
|
|
|
922
|
|
|
804
|
|
|
|
793
|
|
|
|
806
|
|
|
|
804
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
9,675
|
|
|
9,613
|
|
|
|
9,287
|
|
|
|
9,216
|
|
|
|
8,879
|
|
Provision for loan losses
|
|
|
190
|
|
|
10
|
|
|
|
250
|
|
|
|
-
|
|
|
|
150
|
|
Net interest income after provision for loan losses
|
|
|
9,485
|
|
|
9,603
|
|
|
|
9,037
|
|
|
|
9,216
|
|
|
|
8,729
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest Income:
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts
|
|
|
637
|
|
|
674
|
|
|
|
737
|
|
|
|
591
|
|
|
|
568
|
|
Mortgage Income
|
|
|
645
|
|
|
245
|
|
|
|
341
|
|
|
|
357
|
|
|
|
334
|
|
Interchange Fee Income
|
|
|
644
|
|
|
650
|
|
|
|
611
|
|
|
|
612
|
|
|
|
571
|
|
Gain (loss) on securities, net
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on sale of premises and equipment
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
110
|
|
BEA award, net
|
|
|
-
|
|
|
152
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other charges and fees
|
|
|
557
|
|
|
182
|
|
|
|
293
|
|
|
|
294
|
|
|
|
267
|
|
Total non-interest income
|
|
|
2,483
|
|
|
1,903
|
|
|
|
1,982
|
|
|
|
1,854
|
|
|
|
1,850
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
5,149
|
|
|
4,670
|
|
|
|
4,628
|
|
|
|
4,613
|
|
|
|
4,626
|
|
Occupancy expense
|
|
|
1,073
|
|
|
1,107
|
|
|
|
1,136
|
|
|
|
1,137
|
|
|
|
1,109
|
|
FDIC premiums
|
|
|
244
|
|
|
243
|
|
|
|
241
|
|
|
|
241
|
|
|
|
241
|
|
Marketing
|
|
|
72
|
|
|
150
|
|
|
|
64
|
|
|
|
161
|
|
|
|
62
|
|
Amortization of core deposit intangibles
|
|
|
94
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
|
|
100
|
|
Other professional services
|
|
|
231
|
|
|
377
|
|
|
|
318
|
|
|
|
379
|
|
|
|
258
|
|
Other non-interest expense
|
|
|
1,532
|
|
|
1,628
|
|
|
|
1,490
|
|
|
|
1,461
|
|
|
|
1,422
|
|
Total Non-interest expense
|
|
|
8,395
|
|
|
8,275
|
|
|
|
7,977
|
|
|
|
8,092
|
|
|
|
7,818
|
|
Earnings before income taxes
|
|
|
3,573
|
|
|
3,231
|
|
|
|
3,042
|
|
|
|
2,978
|
|
|
|
2,761
|
|
Income tax expense
|
|
|
969
|
|
|
873
|
|
|
|
815
|
|
|
|
793
|
|
|
|
732
|
|
Net earnings
|
|
|
2,604
|
|
|
2,358
|
|
|
|
2,227
|
|
|
|
2,185
|
|
|
|
2,029
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
Net earnings available to common shareholders
|
|
$
|
2,519
|
|
$
|
2,273
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,944
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share, diluted
|
|
$
|
0.46
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Operating earnings per common share, diluted*
|
|
$
|
0.43
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.34
|
|
*See reconciliation of Non-GAAP financial measures
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Condensed Consolidated Financial Information (unaudited)
|
(in thousands)
|
|
|
Mar 31,
|
|
Percent
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Percent
|
COMPOSITION OF LOANS
|
|
2016
|
|
of Total
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
of Total
|
Commercial, financial and agricultural
|
|
$
|
126,381
|
|
|
15.7
|
%
|
|
$
|
129,197
|
|
|
$
|
123,872
|
|
|
$
|
116,352
|
|
|
$
|
110,806
|
|
|
15.5
|
%
|
Real estate – construction
|
|
|
100,386
|
|
|
12.5
|
%
|
|
|
99,161
|
|
|
|
85,769
|
|
|
|
93,152
|
|
|
|
93,168
|
|
|
13.0
|
%
|
Real estate – commercial
|
|
|
270,085
|
|
|
33.6
|
%
|
|
|
253,309
|
|
|
|
251,631
|
|
|
|
245,537
|
|
|
|
242,969
|
|
|
33.8
|
%
|
Real estate – residential
|
|
|
276,272
|
|
|
34.3
|
%
|
|
|
272,180
|
|
|
|
265,763
|
|
|
|
259,610
|
|
|
|
254,844
|
|
|
35.5
|
%
|
Lease Financing Receivable
|
|
|
2,645
|
|
|
.3
|
%
|
|
|
2,650
|
|
|
|
2,303
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
Obligations of States & subdivisions
|
|
|
7,034
|
|
|
.9
|
%
|
|
|
969
|
|
|
|
969
|
|
|
|
700
|
|
|
|
-
|
|
|
-
|
|
Consumer
|
|
|
14,961
|
|
|
1.9
|
%
|
|
|
15,049
|
|
|
|
16,281
|
|
|
|
15,686
|
|
|
|
14,572
|
|
|
2.0
|
%
|
Loans held for sale
|
|
|
6,095
|
|
|
.8
|
%
|
|
|
3,974
|
|
|
|
1,058
|
|
|
|
1,864
|
|
|
|
1,657
|
|
|
0.2
|
%
|
Total loans
|
|
$
|
803,859
|
|
|
100
|
%
|
|
$
|
776,489
|
|
|
$
|
747,646
|
|
|
$
|
732,901
|
|
|
$
|
718,016
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
Percent
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
Percent
|
COMPOSITION OF DEPOSITS
|
|
2016
|
|
of Total
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
of Total
|
Noninterest bearing
|
|
$
|
194,433
|
|
|
18.7
|
%
|
|
$
|
189,445
|
|
|
$
|
187,542
|
|
|
$
|
193,810
|
|
|
$
|
203,766
|
|
|
20.7
|
%
|
NOW and other
|
|
|
493,319
|
|
|
47.4
|
%
|
|
|
373,687
|
|
|
|
411,893
|
|
|
|
393,596
|
|
|
|
404,605
|
|
|
41.1
|
%
|
Money Market/Savings
|
|
|
169,733
|
|
|
16.3
|
%
|
|
|
174,090
|
|
|
|
181,861
|
|
|
|
185,033
|
|
|
|
183,048
|
|
|
18.6
|
%
|
Time Deposits of less than $100,000
|
|
|
72,295
|
|
|
6.9
|
%
|
|
|
73,865
|
|
|
|
75,022
|
|
|
|
77,815
|
|
|
|
80,606
|
|
|
8.2
|
%
|
Time Deposits of $100,000 or more
|
|
|
111,325
|
|
|
10.7
|
%
|
|
|
105,608
|
|
|
|
107,522
|
|
|
|
111,845
|
|
|
|
112,618
|
|
|
11.4
|
%
|
Total Deposits
|
|
$
|
1,041,105
|
|
|
100
|
%
|
|
$
|
916,695
|
|
|
$
|
963,840
|
|
|
$
|
962,099
|
|
|
$
|
984,643
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar 31,
|
|
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
|
|
ASSET QUALITY DATA
|
|
2016
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
Nonaccrual loans
|
|
$
|
5,851
|
|
|
|
|
$
|
7,368
|
|
|
$
|
7,949
|
|
|
$
|
6,513
|
|
|
$
|
5,995
|
|
|
|
Loans past due 90 days and over
|
|
|
628
|
|
|
|
|
|
29
|
|
|
|
6
|
|
|
|
92
|
|
|
|
426
|
|
|
|
Total nonperforming loans
|
|
|
6,479
|
|
|
|
|
|
7,397
|
|
|
|
7,955
|
|
|
|
6,605
|
|
|
|
6,421
|
|
|
|
Other real estate
|
|
|
4,363
|
|
|
|
|
|
3,083
|
|
|
|
4,104
|
|
|
|
4,116
|
|
|
|
4,598
|
|
|
|
Nonaccrual securities
|
|
|
408
|
|
|
|
|
|
408
|
|
|
|
408
|
|
|
|
408
|
|
|
|
408
|
|
|
|
Total nonperforming assets
|
|
$
|
11,250
|
|
|
|
|
$
|
10,888
|
|
|
$
|
12,467
|
|
|
$
|
11,129
|
|
|
$
|
11,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets
|
|
|
.91
|
%
|
|
|
|
|
.95
|
%
|
|
|
1.10
|
%
|
|
|
1.00
|
%
|
|
|
1.00
|
%
|
|
|
Nonperforming assets to total loans + ORE
|
|
|
1.40
|
%
|
|
|
|
|
1.40
|
%
|
|
|
1.66
|
%
|
|
|
1.51
|
%
|
|
|
1.58
|
%
|
|
|
ALLL to nonperforming loans
|
|
|
107.8
|
%
|
|
|
|
|
91.21
|
%
|
|
|
84.65
|
%
|
|
|
97.18
|
%
|
|
|
92.32
|
%
|
|
|
ALLL to total loans
|
|
|
.88
|
%
|
|
|
|
|
.87
|
%
|
|
|
.90
|
%
|
|
|
.88
|
%
|
|
|
.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to-date net charge-offs (recoveries)
|
|
$
|
(48
|
)
|
|
|
|
$
|
(3
|
)
|
|
$
|
(65
|
)
|
|
$
|
(490
|
)
|
|
$
|
316
|
|
|
|
Annualized QTD net chg/offs (recs) to loans
|
|
|
(0.02
|
%)
|
|
|
|
|
(0.002
|
%)
|
|
|
(0.03
|
%)
|
|
|
(0.27
|
%)
|
|
|
.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
March 31, 2016
|
|
December 31, 2015
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
|
|
|
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
|
|
$
|
189,249
|
|
$
|
1,056
|
|
2.23
|
%
|
|
$
|
177,964
|
|
$
|
1,006
|
|
2.26
|
%
|
|
$
|
172,478
|
|
$
|
976
|
|
2.26
|
%
|
|
$
|
179,580
|
|
$
|
991
|
|
2.21
|
%
|
|
$
|
184,401
|
|
$
|
992
|
|
2.15
|
%
|
Tax-exempt securities
|
|
|
76,795
|
|
|
693
|
|
3.61
|
%
|
|
|
75,570
|
|
|
685
|
|
3.63
|
%
|
|
|
74,807
|
|
|
662
|
|
3.54
|
%
|
|
|
79,568
|
|
|
702
|
|
3.53
|
%
|
|
|
81,717
|
|
|
759
|
|
3.72
|
%
|
Total investment securities
|
|
|
266,044
|
|
|
1,749
|
|
2.63
|
%
|
|
|
253,534
|
|
|
1,691
|
|
2.67
|
%
|
|
|
247,285
|
|
|
1,638
|
|
2.65
|
%
|
|
|
259,148
|
|
|
1,693
|
|
2.61
|
%
|
|
|
266,118
|
|
|
1,751
|
|
2.63
|
%
|
Fed funds sold
|
|
|
12,395
|
|
|
30
|
|
0.97
|
%
|
|
|
405
|
|
|
1
|
|
0.99
|
%
|
|
|
5,502
|
|
|
13
|
|
0.95
|
%
|
|
|
6,702
|
|
|
16
|
|
0.95
|
%
|
|
|
16,248
|
|
|
23
|
|
0.57
|
%
|
Int bearing deposits in other banks
|
|
|
20,909
|
|
|
20
|
|
0.38
|
%
|
|
|
21,601
|
|
|
25
|
|
0.46
|
%
|
|
|
20,613
|
|
|
25
|
|
0.49
|
%
|
|
|
24,089
|
|
|
19
|
|
0.32
|
%
|
|
|
27,430
|
|
|
19
|
|
0.28
|
%
|
Loans
|
|
|
779,418
|
|
|
9,035
|
|
4.64
|
%
|
|
|
757,036
|
|
|
8,933
|
|
4.72
|
%
|
|
|
731,818
|
|
|
8,629
|
|
4.72
|
%
|
|
|
728,416
|
|
|
8,532
|
|
4.69
|
%
|
|
|
705,752
|
|
|
8,148
|
|
4.62
|
%
|
Total Interest earning assets
|
|
|
1,078,766
|
|
|
10,834
|
|
4.02
|
%
|
|
|
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
|
%
|
Other assets
|
|
|
117,562
|
|
|
|
|
|
|
99,348
|
|
|
|
|
|
|
104,726
|
|
|
|
|
|
|
101,293
|
|
|
|
|
|
|
111,801
|
|
|
|
|
Total assets
|
|
$
|
1,196,328
|
|
|
|
|
|
$
|
1,131,924
|
|
|
|
|
|
$
|
1,109,944
|
|
|
|
|
|
$
|
1,119,648
|
|
|
|
|
|
$
|
1,127,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
777,692
|
|
$
|
701
|
|
0.36
|
%
|
|
$
|
752,098
|
|
$
|
626
|
|
0.33
|
%
|
|
$
|
759,939
|
|
$
|
646
|
|
0.34
|
%
|
|
$
|
772,837
|
|
$
|
658
|
|
0.34
|
%
|
|
$
|
736,199
|
|
$
|
632
|
|
0.34
|
%
|
Repo
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
|
|
5,000
|
|
|
48
|
|
3.84
|
%
|
Fed funds purchased
|
|
|
782
|
|
|
2
|
|
1.02
|
%
|
|
|
1,984
|
|
|
6
|
|
1.21
|
%
|
|
|
661
|
|
|
2
|
|
1.21
|
%
|
|
|
1,180
|
|
|
3
|
|
1.02
|
%
|
|
|
108
|
|
|
-
|
|
0.00
|
%
|
FHLB
|
|
|
106,352
|
|
|
143
|
|
0.54
|
%
|
|
|
60,961
|
|
|
77
|
|
0.51
|
%
|
|
|
37,716
|
|
|
50
|
|
0.53
|
%
|
|
|
27,117
|
|
|
51
|
|
0.75
|
%
|
|
|
78,892
|
|
|
78
|
|
0.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated debentures
|
|
|
10,310
|
|
|
28
|
|
1.09
|
%
|
|
|
10,310
|
|
|
47
|
|
1.82
|
%
|
|
|
10,310
|
|
|
47
|
|
1.82
|
%
|
|
|
10,310
|
|
|
46
|
|
1.78
|
%
|
|
|
10,310
|
|
|
45
|
|
1.75
|
%
|
Total interest bearing liabilities
|
|
|
900,136
|
|
|
922
|
|
0.41
|
%
|
|
|
830,353
|
|
|
804
|
|
0.39
|
%
|
|
|
813,626
|
|
|
793
|
|
0.39
|
%
|
|
|
816,444
|
|
|
806
|
|
0.39
|
%
|
|
|
830,509
|
|
|
804
|
|
0.39
|
%
|
Other liabilities
|
|
|
191,914
|
|
|
|
|
|
|
200,326
|
|
|
|
|
|
|
197,150
|
|
|
|
|
|
|
206,095
|
|
|
|
|
|
|
199,995
|
|
|
|
|
Shareholders' equity
|
|
|
104,278
|
|
|
|
|
|
|
101,245
|
|
|
|
|
|
|
99,168
|
|
|
|
|
|
|
97,109
|
|
|
|
|
|
|
96,845
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,196,328
|
|
|
|
|
|
$
|
1,131,924
|
|
|
|
|
|
$
|
1,109,944
|
|
|
|
|
|
$
|
1,119,648
|
|
|
|
|
|
$
|
1,127,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (TE)
|
|
|
|
$
|
9,912
|
|
3.61
|
%
|
|
|
|
$
|
9,846
|
|
3.74
|
%
|
|
|
|
$
|
9,512
|
|
3.71
|
%
|
|
|
|
$
|
9,454
|
|
3.64
|
%
|
|
|
|
$
|
9,137
|
|
3.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
3.68
|
%
|
|
|
|
|
|
3.81
|
%
|
|
|
|
|
|
3.79
|
%
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin*
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
3.77
|
%
|
|
|
|
|
|
3.73
|
%
|
|
|
|
|
|
3.66
|
%
|
|
|
|
|
|
3.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST BANCSHARES, INC and SUBSIDIARIES
|
Reconcilement of Non-GAAP Financial Measures (unaudited)
|
(in thousands except per share data)
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
Per Common Share Data
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Book value per common share
|
|
$
|
16.58
|
|
|
$
|
16.05
|
|
|
$
|
15.72
|
|
|
$
|
15.13
|
|
|
$
|
15.19
|
|
Effect of intangible assets per share
|
|
|
2.91
|
|
|
|
2.95
|
|
|
|
2.70
|
|
|
|
2.72
|
|
|
|
2.73
|
|
Tangible book value per common share
|
|
$
|
13.67
|
|
|
$
|
13.10
|
|
|
$
|
13.02
|
|
|
$
|
12.41
|
|
|
$
|
12.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.46
|
|
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
Effect of gain on debit card conversion, after-tax
|
|
|
(0.03
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
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
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Diluted earnings per share, operating
|
|
$
|
0.43
|
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
Average Balance Sheet Data
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Total average assets A
|
|
$
|
1,196,328
|
|
|
$
|
1,131,924
|
|
|
$
|
1,109,944
|
|
|
$
|
1,119,648
|
|
|
$
|
1,127,349
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
$
|
104,278
|
|
|
$
|
101,245
|
|
|
$
|
99,168
|
|
|
$
|
97,109
|
|
|
$
|
96,845
|
|
Less preferred equity
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
|
|
17,123
|
|
Total common equity B
|
|
|
87,155
|
|
|
|
84,122
|
|
|
|
82,045
|
|
|
|
79,986
|
|
|
|
79,722
|
|
Less intangible assets
|
|
|
15,858
|
|
|
|
14,608
|
|
|
|
14,553
|
|
|
|
14,652
|
|
|
|
14,755
|
|
Tangible common equity C
|
|
$
|
71,297
|
|
|
$
|
69,514
|
|
|
$
|
67,492
|
|
|
$
|
65,334
|
|
|
$
|
64,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
Core Net Interest Margin
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Net interest income (TE)
|
|
$
|
9,912
|
|
|
$
|
9,846
|
|
|
$
|
9,512
|
|
|
$
|
9,454
|
|
|
$
|
9,137
|
|
Less purchase accounting adjustments
|
|
|
22
|
|
|
|
90
|
|
|
|
120
|
|
|
|
117
|
|
|
|
48
|
|
Net interest income, net of purchase accounting adj D
|
|
$
|
9,890
|
|
|
$
|
9,756
|
|
|
$
|
9,392
|
|
|
$
|
9,337
|
|
|
$
|
9,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average earning assets
|
|
$
|
1,078,766
|
|
|
$
|
1,032,576
|
|
|
$
|
1,005,218
|
|
|
$
|
1,018,355
|
|
|
$
|
1,015,548
|
|
Add average balance of loan valuation discount
|
|
|
1,526
|
|
|
|
1,583
|
|
|
|
1,657
|
|
|
|
1,727
|
|
|
|
1,730
|
|
Avg earning assets, excluding loan valuation discount E
|
|
$
|
1,080,292
|
|
|
$
|
1,034,159
|
|
|
$
|
1,006,875
|
|
|
$
|
1,020,082
|
|
|
$
|
1,017,278
|
|
|
|
|
|
|
|
|
|
|
|
|
Core net interest margin D/E
|
|
|
3.66
|
%
|
|
|
3.77
|
%
|
|
|
3.73
|
%
|
|
|
3.66
|
%
|
|
|
3.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar 31,
|
|
Dec 31,
|
|
Sept 30,
|
|
June 30,
|
|
Mar 31,
|
Return Ratios
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Net earnings F
|
|
$
|
2,604
|
|
|
$
|
2,358
|
|
|
$
|
2,227
|
|
|
$
|
2,185
|
|
|
$
|
2,029
|
|
Dividends and accretion on preferred stock
|
|
|
85
|
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
85
|
|
Net earnings available to common shareholders
|
|
|
2,519
|
|
|
|
2,273
|
|
|
|
2,141
|
|
|
|
2,099
|
|
|
|
1,944
|
|
Gain on debit card conversion, after-tax
|
|
|
(189
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on sale of premises and equipment, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(84
|
)
|
BAE, after-tax
|
|
|
-
|
|
|
|
(112
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Acquisition charges, after-tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net earnings available to common shareholders, oper G
|
|
$
|
2,330
|
|
|
$
|
2,161
|
|
|
$
|
2,141
|
|
|
$
|
2,099
|
|
|
$
|
1,860
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on avg assets F/A
|
|
|
.87
|
%
|
|
|
.83
|
%
|
|
|
.80
|
%
|
|
|
.78
|
%
|
|
|
.72
|
%
|
Annualized return on avg assets, oper G/A
|
|
|
.78
|
%
|
|
|
.76
|
%
|
|
|
.78
|
%
|
|
|
.75
|
%
|
|
|
.66
|
%
|
Annualized return on avg common equity, oper G/B
|
|
|
10.69
|
%
|
|
|
10.27
|
%
|
|
|
10.44
|
%
|
|
|
10.50
|
%
|
|
|
9.33
|
%
|
Annualized return on avg tangible common equity, oper G/C
|
|
|
13.07
|
%
|
|
|
12.43
|
%
|
|
|
12.69
|
%
|
|
|
12.85
|
%
|
|
|
11.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/20160421006828/en/
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