First Bancshares Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Announces Write-Down on Other Real Estate Owned for the Second Quarter Ended December 31, 2013
January 24, 2014 at 08:23 pm
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First Bancshares Inc. reported earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported total interest income of $1,541,000 compared to $1,512,000 a year ago. Net interest income was $1,279,000 compared to $1,199,000 a year ago. This increase was the result of an increase in interest income of $29,000, or 1.9%, and a decrease of $51,000, or 16.3% in interest expense. The increase in interest income is attributable to growth in the company's loan portfolio. Income before taxes was $100,000 compared to loss before taxes of $398,000 a year ago. Net income was $100,000 or $0.07 per diluted share compared to net loss of $398,000 or $0.26 per diluted share a year ago. The $498,000 increase in net income compared to the quarter ended December 31, 2012 is attributable to an increase of $80,000 in net interest income, an increase of $50,000 in gain on sale of investments and a decrease of $390,000 in non-interest expense. This was partially offset by a decrease of $22,000 in non-interest income.
For the six months, the company reported total interest income of $3,073,000 compared to $3,092,000 a year ago. Net interest income was $2,520,000 compared to $2,450,000 a year ago. This was the result of a decrease in interest expense of $89,000, or 13.9%. This was partially offset by a decrease in interest income of $19,000, or 0.6%. The decrease in both interest expense and interest income is attributable to a decrease in market interest rates between the two periods. Income before taxes was $272,000 compared to loss before taxes of $349,000 a year ago. Net income was $272,000 or $0.18 per diluted share compared to net loss of $349,000 or $0.23 per diluted share a year ago. The $621,000 increase in net income compared to the six months ended December 31, 2012 is attributable to an increase in net interest income of $70,000, an increase in non-interest income of $225,000 and a decrease in non-interest expense of $540,000. This was partially offset by a decrease of $214,000 in gain on sale of investments. Book value per share as at December 31, 2013 was $8.47 compared to $9.19 as at June 30, 2013.
The company announced $24,000 write-down on other real estate owned ('OREO') for the second quarter ended December 31, 2013.
First Bancshares, Inc. is a holding company for Stockmens Bank (the Bank). The Bank provides its customers with a range of community banking services. The Bank is engaged in the business of attracting deposits from, and making loans to, the general public, including individuals and businesses. It originates real estate loans, including one-to-four family residential mortgage loans, multi-family residential loans, commercial real estate loans, agricultural real estate loans and home equity loans and non-real estate loans, including commercial business, agricultural business and consumer loans. It also invests in mortgage-back securities, United States Government and agency securities and other assets. It conducts its business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee, Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.
First Bancshares Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Announces Write-Down on Other Real Estate Owned for the Second Quarter Ended December 31, 2013
FIRST BANCSHARES, INC. 
