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The First Bancshares reports a decrease in net income

HATTIESBURG — The First Bancshares Inc., holding company for The First, A National Banking Association, has reported earnings for the quarter ended March 31, 2011.

The First Bancshares also announced a quarterly dividend of $0.0375 per common share. The record date will be May 12, 2011 with a payable date of May 26, 2011.

Net income available to common shareholders amounted to $415,000, or $0.14 per diluted share, compared to $460,000 or $0.15 per diluted share for the same quarter in 2010, a decrease of $45,000, or 9.8 percent.

M. Ray “Hoppy” Cole, president and CEO, said, “Our first quarter results show continued improvement in profitability and growth. Total assets, total loans and total deposits increased and our net interest margin improved during the first three months of 2011. Our company’s earnings also improved after adjusting for the one-time expenses incurred during the quarter.”

Source: The First Bancshares Inc.


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