The First Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 12:54 am
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The First Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income was $11,868,000 against $10,417,000 a year ago. Net interest income was $10,692,000 against $9,613,000 a year ago. Net interest income increased $1.1 million in quarterly comparison as interest income earned on a higher volume of loans attributed to this overall increase. Earnings before income taxes were $3,177,000 against $3,231,000 a year ago. Net earnings available to common shareholders were $2,112,000 against $2,723,000 a year ago. Fully diluted earnings per share were $0.30 compared to $0.40 for the fourth quarter of 2015. Annualized return on avg. assets was 0.72% against 0.83% a year ago. Annualized return on avg. common equity, operating was 10.11% against 10.27% a year ago.
For the full year, the company reported total interest income was $44,605,000 against $40,202,000 a year ago. Net interest income was $40,289,000 against $36,995,000 a year ago. Net interest income increased $3.3 million in year-over-year comparison as interest income earned on a higher volume of loans attributed to this overall increase. Earnings before income taxes were $14,048,000 against $12,012,000 a year ago. Net earnings available to common shareholders were $9,666,000 against $8,457,000 a year ago. Fully diluted earnings per share for were $1.64 as compared to $1.55 for 2015. Book value per common share as at December 31, 2016 was $17.19 against $16.05 a year ago.
For the quarter-to-date, the company reported net charge-offs of $58,000.
The First Bancshares, Inc. is a bank holding company for The First Bank (the First). The Company is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. These services include consumer and commercial loans, deposit accounts and safe deposit services. It offers a full range of deposit services that are available in banks and savings institutions, including checking accounts, NOW accounts, savings accounts, and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit. It offers a full range of commercial and personal loans. Commercial loans include both secured and unsecured loans for working capital, business expansion, purchase of equipment and machinery, and others. Its segments include the Commercial/Retail Bank, the Mortgage Banking Division, and the Holding Company.
The First Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016