The First accounts for merger, net income down nearly 25 percent
by MBJ Staff
Published: July 29,2013
Tags: acquisition, bank, banking, deposit, dividend, earnings, finance, financial institution, First National Bank of Baldwin County, investment, investor, loan, merger, net income, publicly traded company, R. Ray "Hoppy" Cole, shareholder, stock, The First Bancshares Inc.
HATTIESBURG — The First Bancshares Inc. reports net income available to common stockholders for the three months ended June 30 amounted to $706,000, or $.18 per diluted share, compared to $931,000, or $.30 per diluted share for the same quarter in 2012, a decrease of $225,000 or 24.2 percent. Net income available to common shareholders exclusive of merger related costs for the three months ended June 30 was $1,134,000, a 21.8 percent increase over the same quarter in 2012.
Net income available to common stockholders for the six months ended June 30 amounted to $1,825,000, or $.51 per diluted share, compared to $1,796,000, or $.58 per diluted share for the same period in 2012, an increase of $29,000 or 1.6 percent in net income available to common shareholders. Net income available to common shareholders exclusive of merger related costs for the six months ended June 30 was $2,200,000, a 22.5 percent increase over the same period in 2012.
M. Ray “Hoppy” Cole, president and CEO, said, “We achieved substantial growth in loans and deposits during the quarter as a result of the acquisition of First National Bank of Baldwin County (Ala.) and throughout our legacy markets. Profitability also improved showing a 20 percent increase in net income year over year when adjusted for merger related costs. The integration of First National Bank of Baldwin County will be completed during the third quarter resulting in some additional merger related expenses; however, our core business continues to perform well.”
The First also announced a quarterly dividend of $.0375 per common share. The record date will be Aug. 12 with a payable date of Aug. 27, 2013.
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