First Bancshares, Inc. Announces Strong Operating Results for the Quarter and Year Ended December 31, 2021

Saturday, 22. January 2022 01:54

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

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

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

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

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

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, Hartville, 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 Company’s 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 Company’s 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 Company’s 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 Subsidiaries
Financial Highlights
(In thousands, except per share amounts)
          
          
   Quarter Ended Year Ended
   December 31, December 31,
   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
Provision 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 expense  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 income $1,378 $1,017 $5,093 $3,944
          
 Earnings per share $0.54 $0.38 $1.96 $1.49
          
   At At    
   December 31, December 31,    
Financial Condition Data: 2021 2020    
          
Cash and cash equivalents $

60,604

 $

61,834

    
 (excludes CDs)      
Investment securities  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    
Repurchase agreements  490  1,625    
Borrowings  1,500  3,000    
Stockholders’ equity  44,161  42,765    
Book value per share $18.08 $16.35    


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