The First reports increase in net income
by MBJ Staff
Published: February 5,2014
Tags: acquisition, bank, banking, finance, financial institution, M. Ray "Hoppy" Cole, merger, net income, publicly traded company, shareholder, The First Bancshares Inc., The First National Bank of Baldwin County, The First- A National Banking Association
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.
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