First Bancshares, Inc. (OTCQB:FBSI), the holding company for First
Home Bank ("Bank"), today announced its financial results for the
quarter ended March 31, 2015.
For the quarter ended March 31, 2015, the Company had net income
of $96,000, or $0.06 per share – diluted, compared to net income of
$180,000, or $0.11 per share – diluted for the quarter ended March
31, 2014. The $84,000 decrease in net income for the quarter ended
March 31, 2015 compared to the quarter ended March 31, 2014 is
attributable to an increase in the provision for loan losses of
$60,000, a decrease in gains on sale of investments of $43,000, a
decrease in non-interest income of $77,000 and an increase of
$40,000 in non-interest expense. This was partially offset by an
increase of $136,000 in net interest income.
During the quarter ended March 31, 2015, net interest income
increased by $136,000, or 10.9%, to $1.39 million from $1.25
million during the quarter ended March 31, 2014. This increase was
the result of an increase in interest income of $139,000, or 9.2%
and was partially offset by an increase of $3,000, or 1.2%, in
interest expense. The increase in interest income is due to the
growth in the Company's loan portfolio. The increase in interest
expense was primarily the result of an increase in the Company's
deposit portfolio.
Provision for loan losses for the quarter ended March 31, 2015
were $60,000 compared to no provision for loan losses for the
quarter ended March 31, 2014. Provision for loan losses during
the March 31, 2015 quarter is attributable to the growth in the
Company's loan portfolio. The allowance for loan losses at
March 31, 2015 was $1.70 million, or 1.4% of total loans, compared
to $1.58 million, or 1.5% of total loans at March 31,
2014. Classified loans at March 31, 2015 were $1.44 million
compared to $2.20 million at March 31, 2014.
For the quarter ended March 31, 2015, the Company had a loss on
sale of investments of $14,000, compared to a gain on sale of
investments of $29,000 during the quarter ended March 31,
2014. During the quarter ended March 31, 2015, market
conditions presented management an opportunity to sell securities
in order to reduce the Company's interest rate risk profile while
also allowing management to use the proceeds from these sales to
fund loans that have increased the Company's interest income.
Non-interest income decreased by $77,000, or 26.6% to $213,000
for the quarter ended March 31, 2015 from $290,000 for the quarter
ended March 31, 2014. The decrease was the result of no gains
or losses on other real estate owned ("OREO") during the quarter
ended March 31, 2015, compared to a gain of $63,000 on OREO during
the quarter ended March 31, 2014, and a decrease in service charges
on deposit accounts of $8,600. Other non-interest income items
for the quarter ended March 31, 2015 decreased by $5,400.
Non-interest expense increased by $40,000, or 2.9%, to $1.43
million for the quarter ended March 31, 2015 from $1.39 million for
the quarter ended March 31, 2014. The increase reflects an
increase of $45,000 in salaries and employee benefits and an
increase of $14,000 in professional fees consisting of legal,
accounting and consulting service related expenses. Other
non-interest expense items for the quarter ended March 31, 2015
decreased by $19,000.
Total consolidated assets at March 31, 2015 were $199.00
million, compared to $196.36 million at December 31, 2014,
representing an increase of $2.64 million, or
1.3%. Stockholders' equity at March 31, 2015 was $16.27
million, or 8.2% of assets, compared with $15.27 million, or 7.8%
of assets at December 31, 2014. Book value per common share
increased to $10.50 at March 31, 2015 from $9.85 at December 31,
2014. The $1.01 million, or 6.6% increase in stockholders'
equity was attributable to a decrease in the unrealized loss on
available-for-sale securities, net of income taxes of $910,000 and
by net income for the quarter ended March 31, 2014 of $96,000
Net loans receivable increased $5.77 million, or 5.8%, to
$121.77 million at March 31, 2015 from $116.00 million at December
31, 2014. While loan growth has been the key focus for the
Company, we have continued to concentrate on maintaining high asset
quality as we have increased our loans. Nonperforming loans at
March 31, 2015 were $897,000, or 0.7% of net loans, compared to
$1.25 million in nonperforming loans, or 1.08% of net loans at
December 31, 2014. Deposits increased $2.09 million, or 1.2%
to $170.83 million at March 31, 2015 from $168.75 million at
December 31, 2014. FHLB advances decreased $500,000, or 4.4%,
to $11.00 million at March 31, 2015 from $11.5 million at December
31, 2014.
First Bancshares, Inc. is the holding company for First Home
Bank, a FDIC-insured commercial bank chartered by the State of
Missouri that conducts business from its home office in Mountain
Grove, Missouri, and seven full service offices in Marshfield, Ava,
Gainesville, Sparta, Springfield, Crane, and Kissee Mills,
Missouri.
The Company and its wholly-owned subsidiary, First Home 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.
First Bancshares, Inc.
and Subsidiaries |
Financial
Highlights |
(In thousands, except per share
amounts) |
|
|
|
|
Quarter Ended |
|
March
31, |
|
2015 |
2014 |
Operating Data: |
|
|
|
|
|
Total interest income |
$ 1,653 |
$ 1,514 |
Total interest expense |
263 |
260 |
Net interest income |
1,390 |
1,254 |
Provision for loan losses |
60 |
-- |
Net interest income after
provision for loan losses |
1,330 |
1,254 |
Gain (loss) on sale of investments |
(14) |
29 |
Non-interest income |
213 |
290 |
Non-interest expense |
1,433 |
1,393 |
Income before taxes |
96 |
180 |
Income tax expense |
-- |
-- |
Net income |
$ 96 |
$ 180 |
|
|
|
Earnings per share
(diluted) |
$ 0.06 |
$ 0.11 |
|
|
|
|
At |
At |
|
March 31, |
December 31, |
Financial Condition
Data: |
2015 |
2014 |
|
|
|
Cash and cash equivalents (excludes CDs) |
$ 5,502 |
$ 4,240 |
Investment securities (includes
CDs) |
60,138 |
65,767 |
Loans receivable, net |
121,772 |
116,003 |
Total assets |
198,999 |
196,355 |
Deposits |
170,833 |
168,746 |
Repurchase agreements |
251 |
229 |
FHLB advances |
11,000 |
11,500 |
Stockholders' equity |
16,273 |
15,267 |
Book value per share |
$ 10.50 |
$ 9.85 |
|
|
|
CONTACT: R. Bradley Weaver, President and CEO - (417) 926-5151
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