First Bancshares, Inc. Announces Strong Operating Results

MOUNTAIN GROVE, Mo., Jan. 21, 2022 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCPink – FstBksh:FBSI) (“Company”), the holding company of Stockmens Bank (“Bank”), today announced today its financial results for the quarter and year ended December 31, 2021.

For the quarter ended December 31, 2021, the Company recorded net earnings of $1.38 million or $0.54 per share diluted, compared to net earnings of $1.02 million or $0.38 per share. diluted share for the respective period in 2020. The increase of $361,000 in net income revenue for the quarter ended December 31, 2021, compared to the quarter ended December 31, 2020, is attributable to an increase of $729,000 in net interest income, an increase of $202,000 in non-interest income, an increase of $343,000 in non-interest expense and an increase of $227,000 in tax expense.

As of December 31, 2021, loans over 30 days past due totaled $601,000 or 0.17% of the gross loan portfolio of $346.26 million. The allowance for loan and lease losses was 1.59% of total gross loans at $5.49 million at year end.

For the year ended December 31, 2021, Stockmens Bank (sole wholly owned subsidiary) ended the year with net income of $5.29 million, the highest in the history of the combined company. After additional holding company expenses and accrued liabilities, the Company recorded net income of $5.09 million, or $1.96 per share – diluted, compared to net income of $3.94 million, or $1.49 per share – diluted for the year ended December 31, 2020. The $1.15 The increase in net earnings for the year ended December 31, 2021, compared to the year ended December 31, 2020, is attributable to an increase of $2.47 million in net interest income, an increase of $486,000 in provision expense, an increase of $457,000 in interest income, an increase of $65,000 $ gains on sale of investments, an increase of $939,000 in non-interest expense and an increase of $419,000 in income tax expense.

Consolidated total assets as of December 31, 2021 were $445.09 million compared to $406.27 million as of December 31, 2020. In 2021: Net loans increased by 16.90% to $340.77 million. dollars, total deposits increased by 11.24% to $396.53 million and total capital increased by 3.24% to $44.15 million, or 9.92% of assets total, compared to $42.77 million, or 10.53% of total assets, as of December 31, 2020.

The Bank meets all regulatory requirements for “well capitalized” status and has elected to subscribe to the community bank leverage ratio framework.

About the company

First Bancshares, Inc. is the holding company of Stockmens Bank, an FDIC-insured, state-licensed commercial bank in Colorado that operates from its headquarters in Colorado Springs, Colorado, and eight full-service Missouri offices. in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Hartville, Crane, and Springfield, and a full-service office in Bartley, Nebraska.

Caution Regarding Forward-Looking Statements

The Company and its wholly-owned subsidiary, Stockmens Bank, may from time to time make written or oral “forward-looking statements” in their reports to shareholders and in other Company communications, which are made in good faith by the Company. pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements about the Company’s beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on a variety of factors, some of which are beyond the Company’s control. These statements address the following topics: future operating results; customer growth and retention; demand for loans and other products; earnings growth and expectations; new products and services; credit quality and reserve adequacy; the results of reviews conducted by our banking regulators, technology and our employees. The following factors, among others, could cause the Company’s financial performance to differ materially from the expectations, estimates and intentions expressed in these forward-looking statements: the strength of the U.S. economy generally and the strength of the local economies in which company conducts operations; the effects of and changes in trade, monetary and tax policies and laws, including the Federal Reserve Board’s interest rate policies; inflation, interest rates, market and currency fluctuations; the timely development and acceptance of new Company products and services and the overall perceived value of such products and services by users; the impact of changes in financial services laws and regulations; technological changes; acquisitions; changes in consumer spending and saving habits; and the Company’s success in managing and recovering assets from defaulting borrowers and managing the risks of the foregoing.

The above list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intention or obligation, to update any forward-looking statement, whether written or oral, which may be made from time to time by or on behalf of the Company.

First Bancshares, Inc. and its subsidiaries
Financial Highlights
(In thousands, except per share amounts)
Quarter ended Year ended
The 31st of December, The 31st of December,
2021 2020 2021 2020
Operating data:
Total interest income $ 4,456 $ 3,940 $ 17,567 $ 16,288
Total interest expense 252 465 1,137 2,330
Net interest income 4,204 3,475 16,430 13,958
Allowance for loan losses 225 225 1,342 856
Net interest income after provision for loan losses 3,979 3,250 15,088 13 102
Gain (loss) on sale of investments 127 62
Non-interest income 492 290 1,598 1,141
Non-interest charges 2,700 2,357 10 103 9,164
Income before taxes 1,771 1,183 6,710 5,141
income tax expense 393 166 1,617 1,197
Net revenue $ 1,378 $ 1,017 $ 5,093 $ 3,944
Earnings per share $ 0.54 $ 0.38 $ 1.96 $ 1.49
AT AT
The 31st of December, The 31st of December,
Data on the financial situation: 2021 2020
Cash and cash equivalents $ 60,604 $ 61,834
(excluding CDs)
Investment security 15,729 25,678
(includes CDs)
Loans receivable, net 340,767 291 497
Goodwill and intangibles 1,943 2,086
Total assets 445,095 406 265
Deposits 396,527 356 474
Buy-back agreements 490 1,625
Loans 1,500 3,000
Equity 44,161 42,765
Book value per share $ 18.08 $ 4:35 p.m.

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