The First Bancshares, Inc. Reports Results for Third Quarter Ended September 30, 2024

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HATTIESBURG, Miss., October 23, 2024--(BUSINESS WIRE)--The First Bancshares, Inc. ("FBMS" or "the Company") (NYSE: FBMS), holding company for The First Bank, (www.thefirstbank.com) reported today financial results for the quarter ended September 30, 2024.

Highlights for the Quarter:

  • Net income available to common shareholders totaled $18.6 million for the quarter ended September 30, 2024, representing a decrease of 5.7% when compared to $19.7 million for the quarter ended June 30, 2024. The Company recorded $1.0 million provision for credit losses for the quarter ended September 30, 2024 and $1.7 million provision for credit losses for the quarter ended June 30, 2024.

  • Excluding one-time items detailed in the tables located in the appendix of this release, net earnings available to common shareholders, operating (non-GAAP) increased $0.5 million, or 2.7% to $20.5 million for the quarter ended September 30, 2024 as compared to $20.0 million for the quarter ended June 30, 2024.

  • Total loans increased $67.7 million during the quarter ended September 30, 2024, which represented an annualized increase of 5.2%, as compared to the quarter ending June 30, 2024.

  • Annualized net interest margin increased 7 basis points to 3.33% for the quarter ended September 30, 2024 from 3.26% for the quarter ended June 30, 2024.

  • Core net interest margin (non-GAAP) increased 7 basis points during the quarter ended September 30, 2024 from 3.19% to 3.26%.

  • Cost of deposits averaged 183 basis points and 178 basis points for the third and second quarter of 2024, respectively.

  • Past due loans to total loans were $22.8 million or 0.43% for the quarter ending September 30, 2024, compared to $20.8 million, or 0.40% for the quarter ending June 30, 2024, and $15.7 million, or 0.31% for the quarter ending September 30, 2023.

  • Annualized quarter-to-date net charge-offs to total loans were $0.4 million, or 0.03% for the quarter ending September 30, 2024, compared to $0.5 million, or 0.04% for the quarter ending June 30, 2024 and $49 thousand, or 0.004% for the quarter ending September 30, 2023.

  • Nonperforming assets to total assets were $25.1 million, or 0.31% for the quarter ending September 30, 2024, compared to $21.1 million, or 0.26% for the quarter ending June 30, 2024, and $22.4 million, 0.28% for the quarter ending September 30, 2023.

  • On July 29, 2024, the Company entered into a definitive merger agreement (the "Merger Agreement") with Renasant Corporation ("Renasant"), the holding company for Renasant Bank, whereby the Company will merge with and into Renasant, with Renasant continuing as the surviving corporation, and immediately thereafter, the Bank will merge with and into Renasant Bank (collectively, the "Merger"). Subject to the terms and conditions of the Merger Agreement, the companies will combine in an all-stock transaction in which all shareholders of the Company will receive 1.00 share of Renasant common stock for each share of Company common stock. The Merger has been approved by each company's board of directors and shareholders and is expected to close in the first half of 2025. Completion of the Merger is subject to customary closing conditions, including the receipt of required regulatory approvals.

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