GlobeNewswire Inc | Apr 13, 2021 04:05PM EDT

April 13, 2021

MOUNTAIN GROVE, Mo., April 13, 2021 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCPink - FstBksh: FBSI) (Company), the holding company for Stockmens Bank (Bank), today announced its financial results for the quarter ended March 31, 2021.

For the quarter ended March 31, 2021, the Company reported net income, of $1,234,000 or $0.47 per share-diluted, compared to $837,000, or $0.32 per share-diluted for the comparable period in 2020. The $397,000 increase in net income for the quarter ended March 31, 2021 compared to the quarter ended March 31, 2020 was attributable to a $317,000 increase in net interest income after provisions for loan losses, offset by a $16,000 increase in non-interest expense, a $120,000 gain on sales of investments, along with a modest $19,000 increase in non-interest income, and a $43,000 increase in income tax expense.

Consolidated total assets at March 31, 2021 were $418.26 million, compared to $406.27 million at December 31, 2020. Since year end 2020, Net loans increased 7.03% to $311.98 million, total deposits increased 3.97% to $370.61 million, and total capital rested at $42.76 million, or 10.22% of total assets compared to $42.77 million, or 10.53% of total assets, at December 31, 2020.

Management continues to expect strain in the interest rate environment and significantly enhanced market volatility to create future pressure on the Banks net interest margin and interest earnings capacity. As such, Management has taken proactive steps to redeploy liquidity reserves at maximum yield without accepting additional risk and employing interest rate risk strategies to protect future margins. Management continues to be conservative with non-interest expenses and produced another quarter of positive earnings in light of implementing plans to protect future performance.

The Bank meets all regulatory requirements for well-capitalized status and has elected to opt-in to the Community Bank Leverage Ratio framework.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Sparta, Crane and Springfield, and a full service office in Bartley, Nebraska.

Cautionary Note 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 its reports to shareholders, and in other communications by the Company, 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 with respect to the Companys beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Companys control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Companys financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

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

Contact: Robert M. Alexander, Chairman and CEO - (719) 955-2800

First Bancshares, Inc. and SubsidiariesFinancial Highlights(In thousands, except per share amounts) Quarter Ended March 31, 2021 2020 Operating Data: Total interest income $ 3,994 $ 4,078 Total interest expense 324 769 Net interest income 3,670 3,309 Provision for loan losses 225 181 Net interest income after provision for loan 3,445 3,128 lossesGain (loss) on sale of investments 120 - Non-interest income 338 319 Non-interest expense 2,320 2,304 Income before taxes 1,583 1,143 Income tax expense (benefit) 349 306 Net income (loss) $ 1,234 $ 837 Earnings (loss) per share - diluted $ 0.47 $ 0.32 At At March 31, December 31,Financial Condition Data: 2021 2020 Cash and cash equivalents (excludes CDs) $ 39,827 $ 61,834 Investment securities (includes CDs) 37,685 25,678 Loans receivable, net 311,982 291,497 Goodwill and intangibles 2,051 2,086 Total assets 418,255 406,265 Deposits 370,611 356,474 Repurchase agreements 1,898 1,625 FHLB advances - 3,000 Stockholders' equity 42,755 42,765 Book value per share $ 16.39 $ 16.35