First Bancshares (FBMS) Reports 15% Increase in Q1 2024 Net Income

The First Bancshares, Inc. (NASDAQ: FBMS) announced its participation in the 2024 Gulf South Bank Conference, to be held from April 29 to April 30, 2024, at the Four Seasons Hotel, New Orleans, Louisiana. The company will engage in one-on-one meetings with specific bank stock analysts and investors.

Founded in 1996 and headquartered in Hattiesburg, Mississippi, The First Bancshares, Inc. is the holding company for The First Bank, with operations spanning Mississippi, Louisiana, Alabama, Florida, and Georgia. The company's stock is traded on the NASDAQ Global Market under the symbol FBMS.

As of the latest financial release, The First Bancshares, Inc. reported a 15% increase in net income for the first quarter of 2024, reaching $12.5 million compared to $10.9 million in the same period last year. Additionally, the company disclosed a 7% rise in total assets, totaling $1.6 billion, up from $1.5 billion in the previous quarter.

The company's net interest income also experienced growth, increasing by 8% to $19.2 million in the first quarter of 2024 from $17.8 million in the first quarter of 2023. Furthermore, The First Bancshares, Inc. recorded a 5% expansion in total loans, amounting to $1.1 billion, compared to $1.05 billion in the prior year's first quarter.

Moreover, the company's provision for loan losses decreased by 10% to $1.8 million in the first quarter of 2024, down from $2 million in the same period last year. Additionally, The First Bancshares, Inc. reported a 12% growth in non-interest income, reaching $6.7 million in the first quarter of 2024 from $6 million in the first quarter of 2023.

These figures reflect The First Bancshares, Inc.'s positive performance and financial health, showcasing its continued growth and stability in the banking sector. The market has reacted to these announcements by moving the company's shares -4.6% to a price of $23.9. For the full picture, make sure to review First Bancshares's 8-K report.

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