The First Bancshares, Inc. Reports Results for Fourth Quarter ended December 31, 2022; Increases Quarterl
The First Bancshares, Inc. ("FBMS" or "the Company") FBMS, holding company for The First Bank, (www.thefirstbank.com) reported today financial results for the quarter ended December 31, 2022.
- Effective January 1, 2023, the Company closed its acquisition of Heritage Southeast Bancorporation, Inc., parent company of Heritage Southeast Bank ("Heritage Bank") based in Jonesboro, Georgia. Heritage Bank will increase the Company's presence in Southern Georgia as well as provide entry into the fast growing markets of Atlanta and Savannah, Georgia and Jacksonville, Florida. Heritage Bank will add approximately $1.6 billion of assets and twenty four locations. Systems conversion is scheduled for the end of the first quarter of 2023.
- During the quarter, the Company completed the systems conversion related to the acquisition of Beach Bancorp, Inc., parent of Beach Bank (together with Beach Bancorp, Inc., "Beach Bank")
- Net income available to common shareholders totaled $16.3 million for the quarter ended December 31, 2022, representing an increase of $2.3 million, or 16.0%, compared to $14.0 million for the quarter ended September 30, 2022.
- In the year-over-year comparison, net income available to common shareholders decreased $1.2 million, or 1.9%, from $64.2 million for the year ended December 31, 2021 to $62.9 million for the same period ended December 31, 2022. Over that same period, Paycheck Protection Program ("PPP") loan fees decreased $9.8 million.
- Excluding one-time items detailed in the tables included with this press release, net earnings available to common shareholders, operating (non-GAAP) increased $3.9 million, or 6.1%, to $68.3 million for the year ended December 31, 2022 as compared to $64.4 million for the same period ended December 31, 2021.
- Total loans, excluding PPP loans, increased 1.5% for the quarter representing net growth of $55.5 million, or 6.0% on an annualized basis, as compared to the quarter ended September 30, 2022.
- Net Interest Margin FTE increased 23 bps to 3.37% for the quarter ended December 31, 2022 from 3.14% for the quarter ended December 31, 2021.
- Total nonperforming assets decreased $12.9 million to $17.7 million at December 31, 2022 from $30.6 million at December 31, 2021.
M. Ray "Hoppy" Cole, President and Chief Executive Officer, commented, "2022 was another exceptional year in the history of our Company. We continued to execute on our strategic vision of building a high performing southeastern community bank through a combination of acquisitive and organic growth.
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