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First Bancshares, Inc. Announces Operating Results for Quarter and Year Ended December 31, 2024

MOUNTAIN GROVE, Mo., Jan. 17, 2025 (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, 2024.

For the quarter ended December 31, 2024, the Company reported after-tax net income of $1,719,000 or $0.71 per share-diluted. Year to date the Company reported after-tax net income of $6,578,000 or $2.71 per share-diluted.

Consolidated total assets remained relatively level at $537.89 million as of December 31, 2024, compared to $541.56 million on December 31, 2023. Since December 31, 2023, net loans increased to $423.66 million, total deposits increased to $472.60 million, tier 1 capital increased 11.09% to $58.40 million, and total capital increased 10.25% to $64.09 million.

During fiscal year 2024, the Bank continued a trend of outperforming its peer group in nearly every relevant performance measure. After-tax return on average assets was 1.34%, after-tax return on average equity was 12.56%, net interest margin averaged 4.35%, and the Bank’s efficiency ratio was 56.07%. Further, end-of-year liquidity and leverage ratios of 14.65% and 10.97%, respectively, position the Bank well for strategic growth in 2025.

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

First Bancshares, Inc. and Subsidiaries  
Financial Highlights  
(unaudited)  
(In thousands, except per share amounts)  
                     
                     
      Quarter Ended   Year Ended  
      December 31,   December 31,  
        2024     2023     2024     2023  
Operating Data:                  
                     
Total interest income   $ 8,161   $ 7,713   $ 32,535   $ 28,324  
Total interest expense     2,398     2,497     10,633     7,437  
  Net interest income     5,763     5,216     21,902     20,887  
Provision for credit losses     241     223     784     795  
  Net interest income after provision for credit losses     5,522     4,993     21,118     20,092  
Gain (loss) on sale of investments                  
Non-interest income     403     559     1,609     1,807  
Non-interest expense     3,711     3,470     14,061     12,992  
Income before taxes     2,214     2,082     8,666     8,907  
Income tax expense     495     520     2,088     2,187  
  Net income   $ 1,719   $ 1,562   $ 6,578   $ 6,720  
                     
  Earnings per share   $ 0.71   $ 0.65   $ 2.71   $ 2.77  
                     
      At   At          
      December 31,   December 31,          
Financial Condition Data:     2024     2023          
                     
Cash and cash equivalents   $ 68,570   $ 79,032          
  (excludes CDs)              
Investment securities     13,066     13,101          
  (includes CDs)              
Loans receivable, net     423,657     418,044          
Goodwill and intangibles     1,515     1,658          
Total assets     537,885     541,561          
Deposits     472,596     471,992          
Repurchase agreements     1,084     836          
Borrowings         11,000          
Stockholders’ equity     59,562     53,592          
Book value per share   $ 24.53   $ 22.07          

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