First Bancshares Q4 Net Income Down 1.5%

By Tamara Parker • Wednesday, January 29 10:29 • Permanent Link

The First Bancshares, Inc. (FBMS) reported its financial results for the fourth quarter ended December 31, 2024. The net income available to common shareholders totaled $18.3 million for the quarter, representing a decrease of 1.5% compared to the previous quarter.

Excluding one-time items, net earnings available to common shareholders, operating (non-GAAP), decreased 1.1% to $20.3 million for the quarter. Total loans increased $88.6 million, or 6.7% on an annualized basis, during the quarter. The annualized net interest margin increased by 4 basis points to 3.37% for the fourth quarter, while the core net interest margin (non-GAAP) increased by 7 basis points to 3.33%.

The cost of deposits averaged 178 basis points for the fourth quarter of 2024, compared to 183 basis points for the third quarter. Past due loans to total loans were $21.8 million, or 0.40%, for the quarter ending December 31, 2024, compared to $22.8 million, or 0.43%, for the quarter ending September 30, 2024.

The company's consolidated assets increased to $8.005 billion at December 31, 2024, from $7.966 billion at September 30, 2024. Total loans were $5.407 billion for the quarter ended December 31, 2024, representing an increase of $88.6 million, or 1.7%, from the previous quarter.

Nonperforming assets totaled $29.9 million at December 31, 2024, compared to $25.1 million at September 30, 2024, and $20.2 million at December 31, 2023.

For the year-over-year comparison, net income available to common shareholders increased by 2.3% to $77.2 million for the year ended December 31, 2024. Total loans increased by $237.2 million, representing net growth of 4.6% compared to the same period in 2023.

In the year ended December 31, 2024, total deposits increased by $142.0 million, or 2.2%, from the previous year. The company's tangible book value per share (non-GAAP) decreased to $21.41 at December 31, 2024, from $21.50 at September 30, 2024.

The press release also mentioned the company's definitive merger agreement with Renasant Corporation, which is expected to close in the first half of 2025.

Today the company's shares have moved 3.8% to a price of $38.44. Check out the company's full 8-K submission here.

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