Home » NEWS » Banking & Finance » The First reports increase in net income

The First reports increase in net income

HATTIESBURG — The First Bancshares Inc. (NASDAQ: FBMS), holding company for The First, A National Banking Association, has released its earnings report for the fourth quarter and fiscal year ended Dec. 31, 2013.

Net income available to common stockholders for the three months amounted to $1,392,000, or $0.27 per diluted share, compared to $1,062,000, or $0.34 per diluted share, for the same quarter in 2012, an increase of $330,000, or 31.1 percent, in net income available to common stockholders.

Net income available to common stockholders for the year amounted to $4,215,000, or $0.96 per diluted share, compared to $3,624,000, or $1.16 per diluted share, for the same period in 2012, an increase of $591,000, or 16.3 percent, in net income available to common stockholders.

Net income available to common stockholders exclusive of one-time items for the year was $4,878,000, or $1.12 per diluted share, a 35.0 percent increase in net income available to common stockholders over the same period in 2012.

M. Ray “Hoppy” Cole, president and CEO, said, “We were successful in growing our company, increasing our presence in existing markets and opening up new markets for further expansion. Our growth was both organic and acquisitive as we completed the acquisition of The First National Bank of Baldwin County during the year. Total assets increased 30.4 percent in 2013 and net income to common shareholders increased 16.3 percent year over year, which included $1,439,000 of one-time pretax charges associated with the acquisition.”

The First Bancshares also announced a quarterly dividend of $.0375 per common share. The record date will be Feb. 14 with a payable date of March 3.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*