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The First sees quarterly net income soar

HATTIESBURG — The First Bancshares Inc. reported earnings for the quarter ended June 30. The First Bancshares, Inc. also announced a quarterly dividend of $.025 per common share. The record date will be Aug. 13, with a payable date of Aug. 27.

Net income available to common stockholders for the three months amounted to $572,000, or $.19 per diluted share, compared to $104,000, or $.03 per diluted share for the same quarter in 2009, an increase of $468,000, or 450 percent.

M. Ray “Hoppy” Cole, president and CEO, said, “Our bank continues to show improving performance in a very difficult economic environment. A significant increase in our net income during the second quarter is the result of strategic business development resulting in loan and deposit growth during the first six months of 2010, continued emphasis on expense control and a managed effort to increase our net interest margin. Although the general economic climate is still challenging, our bank is well positioned to take advantage of the opportunities that are available for continued growth.”

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