The First sees poorer first quarter

HATTIESBURG — The First Bancshares Inc., holding company for The First, A National Banking Association, reported earnings for the three months ended June 30, 2009, amounted to $104,000, or $0.03 per diluted share, compared to $339,000, or $0.11 per diluted share, for the same quarter in 2008.

David E. Johnson, The First chairman and CEO, said, “In light of the current economic downturn, we are pleased to report positive earnings for the second quarter. We are also pleased at some of the current trends we are seeing in our company.

“Our earnings, though down, are positive, our margins are improving, our non-performing loans remain below peers and our capital remains strong. We further strengthened capital with the addition of Treasury Capital Purchase Program preferred stock in the amount of $5 million back in Feb. 2009.”