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The First reports improved quarter, nine-month period

HATTIESBURG — The First Bancshares Inc., holding company for The First, A National Banking Association, reports net income available to common stockholders for the three months ended Sept. 30 was $998,000, or $0.19 per diluted share, compared to $766,000, or $0.24 per diluted share, for the same quarter in 2012, an increase of $232,000, or 30.3 percent.

Net income available to common shareholders exclusive of merger-related costs was $1,305,000, or $0.25 per diluted share, a 70.4 percent increase over the same quarter in 2012.

Net income available to common stockholders for the nine months ended Sept. 30 totaled $2,823,000, or $0.69 per diluted share, compared to $2,562,000, or $0.82 per diluted share, for the same period in 2012, an increase of $261,000, or 10.2 percent. Net income available to common shareholders exclusive of one-time items was $3,465,000, or $0.84 per diluted share, a 35.2 percent increase over the same period in 2012.

M. Ray “Hoppy” Cole, president and CEO, said, “We successfully completed the system integration of our recent acquisition during the quarter and are encouraged by the contributions this expansion is making to our overall franchise. We continue to see a gradual improvement in economic conditions throughout the communities we serve. We generated $14.7 million in loan growth quarter over quarter and are excited about the future prospects for growth both in our legacy and newly acquired markets.”

The First also announced a quarterly dividend of $.0375 per common share. The record date will be Nov. 12 with a payable date of Nov. 27.

 

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