First Bancshares, Inc. Announces Operating Results For Quarter and Year Ended December 31, 2023

MOUNTAIN GROVE, Mo., Jan. 19, 2024 (GLOBE NEWSWIRE) — First Bancshares, Inc. (OTCQX: FBSI) (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter and year ended December 31, 2023.

For the quarter ended December 31, 2023, the Company reported net income of $1,562,000 or $0.65 per share-diluted, compared to $1,195,000, or $0.49 per share-diluted for the comparable period in 2022. Year to date the Company reported net income of $6,720,000 or $2.77 per share compared to $5,283,000 or $2.16 per share the same period 2022. The Company’s continued improvement in net income and earnings-per-share is due to record net income at the Bank which totaled $7,307,000 for the year ended December 31, 2023. Year to date changes from the year ended December 31, 2022, include a $3,454,000 increase in net interest income after provisions for loan losses, along with a $93,000 increase in non-interest income, offset by a $1,779,000 increase in non-interest expense, and a $331,000 increase in income tax expense. This resulted in a $1,437,000 increase in net income for the year ended December 31, 2023, compared to the year ended December 31, 2022. The Bank has been able to absorb the increases in non-interest expenses through the maintenance of its net interest margin and bolstering of core deposit balances.

Consolidated total assets increased 14.81% to $541.56 million as of December 31, 2023, compared to $471.72 million on December 31, 2022. Since year end 2022, liquid assets increased 141.80% to $81.79 million, net loans increased 3.17% to $418.04 million, total deposits increased 12.19% to $471.99 million, and GAAP capital increased 12.62% to $53.59 million. The capital changes are primarily driven by the Company’s organic earnings.

The Bank meets all regulatory requirements for “well-capitalized” status.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts 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.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly owned subsidiary, Stockmens 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.

Contact: Robert M. Alexander, Chairman and CEO – (719) 955-2800