Pinnacle West Sets Date for 2020 Fourth-Quarter and Full-Year Financial Results, Webcast/Conference Call

The First Bancshares, Inc. (FBMS or the Company) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter ended December 31, 2020. Highlights for the Quarter: Net income available to common shareholders totaled $15.3 million for the […]

The First Bancshares, Inc. (FBMS or the Company) (NASDAQ: FBMS), holding company for The First, A National Banking Association, (www.thefirstbank.com) reported today net income available to common shareholders for the quarter ended December 31, 2020.

Highlights for the Quarter:

  • Net income available to common shareholders totaled $15.3 million for the quarter ended December 31, 2020, representing an increase of $3.4 million, or 28.7%, compared to $11.9 million for the quarter ended September 30, 2020.
  • Net income available to common shareholders totaled $15.3 million for the quarter ended December 31, 2020, an increase of $3.5 million, or 29.4%, compared to $11.9 million for the quarter ended December 31, 2019.
  • Operating earnings (non-GAAP), which excludes acquisition charges, treasury awards, gain from bargain purchase of Southwest Georgia Financial Corporation (SGB), totaled $13.8 million for the quarter ended December 31, 2020, representing an increase of 14.4% as compared to $12.1 million for the third quarter of 2020. Operating earnings (non-GAAP) for the fourth quarter of 2020 reflect $1.8 million in fees associated with the Paycheck Protection Program (PPP) loans. In sequential quarter comparison, net interest income includes $0.6 million in additional interest expense related to the subordinated debt issued in September 2020. Salaries and employee benefits include $0.7 million related to unused vacation paid out to employees and early vesting of restricted stock grants for the Companys directors.
  • Operating earnings (non-GAAP), which excludes acquisition charges, treasury awards, gain from bargain purchase of SGB, increased 5.1% to $13.8 million for the quarter ended December 31, 2020 as compared to $13.2 million for the fourth quarter of 2019.
  • Provision for loan losses totaled $3.5 million for the quarter as compared to $6.9 million for the sequential quarter comparison and $0.9 million for the fourth quarter of 2019.
  • During the quarter, the Company resumed the share buyback program and purchased 289,302 shares of stock.

Highlights for the Year:

  • In year-over-year comparison, net income available to common shareholders increased $8.8 million, or 20.0%, from $43.7 million for the year ended December 31, 2019 to $52.5 million for the year ended December 31, 2020.
  • Excluding the bargain purchase and sale of land gains of $8.3 million, net of tax, and the increased provision expense of $16.5 million, net of tax, net income available to common shareholders increased $17.0 million in year-over-year comparison.
  • Provision for loan losses totaled $25.2 million for the year ended December 31, 2020 as compared to $3.7 million for the year ended December 31, 2019, an increase of $21.4 million or 572.8%.
  • As of December 31, 2020, total COVID related modifications were $82.0 million, representing 2.6% of the loan portfolio and down from a peak of $676 million or 21% of the loan portfolio. For additional details related to our response and potential effects of COVID-19, see the investor presentation filed and available under presentations and press releases included in the investor relations section of the companys website: www.thefirstbank.com.
  • During the first quarter of 2020, the Company elected to delay the adoption of the Current Expected Credit Losses (CECL) afforded through the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The Company currently anticipates CECL adoption to occur as of January 1, 2021.

M. Ray Hoppy Cole, President and Chief Executive Officer, commented, We are extremely proud of the way our team responded to the uncertainty and challenges in 2020. Their commitment to serving our clients, their ability to improvise and be nimble, showed in the performance of our Company. In a year with a multitude of headwinds that negatively impacted our industry, we continued to grow our asset base, increase our earnings and improve the overall capitalization of the Company. We believe that we are well positioned to take advantage of new growth opportunities as our economy continues to heal from the effects of the pandemic.

Quarterly Earnings

Net income available to common shareholders totaled $15.3 million for the quarter ended December 31, 2020, an increase of $3.4 million, or 28.7%, compared to $11.9 million for the quarter ended September 30, 2020. The Company recorded an additional $0.8 million bargain purchase gain due to a measurement period adjustment related to the tax impact of the CARES Act on the acquisition of SGB as well as income in the form of a financial assistance grant from the U. S. Department of Treasury of $0.7 million, net of tax during the quarter ended December 31, 2020. In sequential quarter comparison, net interest income includes $0.6 million in additional interest expense related to the subordinated debt issued in September 2020. During the fourth quarter of 2020, the Company recorded additional expense related to unused vacation paid out to employees as well as expense related to the early vesting of restricted stock grants to the Companys directors in the amount of $0.7 million.

Net income available to common shareholders totaled $15.3 million for the quarter ended December 31, 2020, an increase of $3.5 million, or 29.4%, compared to $11.9 million for the quarter ended December 31, 2019.

Operating earnings (non-GAAP), which exclude acquisition charges, treasury awards, and gains, increased 5.1% to $13.8 million for the quarter ended December 31, 2020 as compared to $13.2 million for the fourth quarter of 2019 and increased 14.4% to $13.8 million for the quarter ended December 31, 2020 as compared to $12.1 million for the third quarter of 2020.

Provision for loan losses totaled $3.5 million for the quarter ended December 31, 2020, an increase of $2.7 million, or 314.5% as compared to $0.9 million for the fourth quarter of 2019 and a decrease of $3.4 million, or 49.1% as compared to $6.9 million for the third quarter of 2020.

Earnings Per Share

For the fourth quarter of 2020, fully diluted earnings per share were $0.72, compared to $0.64 for the fourth quarter of 2019. The additional provision for loan losses expense of $2.7 million, or $2.1 million net of tax, for the quarter ended December 31, 2020, which is primarily attributable to the COVID-19 pandemic, represents a decrease of $0.09 in fully diluted earnings per share.

For the fourth quarter of 2020, fully diluted earnings per share were $0.72, compared to $0.55 for the third quarter of 2020. The bargain purchase and sale of land gains along with the financial assistance grant recognized during the quarter ended December 31, 2020 accounted for an increase of $0.08 in fully diluted earnings per share.

Fully diluted earnings per share for the quarter ended December 31, 2020 include the purchase by the Company of 289,302 shares during the fourth quarter of 2020, issuance of 2,546,967 shares of our common stock during the second quarter of 2020 in association with the acquisition of SGB and the issuance of 1,682,889 shares of our common stock during the fourth quarter of 2019 in association with the acquisition of First Florida Bancorp, Inc. (FFB). Fully diluted earnings per share for all quarters of 2020 include the purchase by the Company of 168,188 shares throughout the calendar year of 2019.

Fully diluted earnings per share for the quarter ended December 31, 2019 include the issuance of 2,377,501 shares of our common stock during the first quarter of 2019 in association with the acquisition of FPB Financial Corp (FPB) and include the issuance of 1,682,889 shares of our common stock during the fourth quarter of 2019 in association with the acquisition of FFB.

Balance Sheet

Consolidated assets decreased $11.4 million to $5.153 billion at December 31, 2020 from $5.164 billion at September 30, 2020. PPP loans at December 31, 2020 were $239.6 million, down $20.6 million from September 30, 2020.

Total average loans were $3.154 billion for the quarter ended December 31, 2020, as compared to $3.166 billion for the quarter ended September 30, 2020, and $2.513 billion for the quarter ended December 31, 2019, representing a decrease of $12.1 million, or 0.4%, for the sequential quarter comparison, and an increase of $641.0 million, or 25.5%, in prior year quarterly comparison. The acquisitions of FFB and SGB accounted for $468.6 million, net of fair value marks, of the total increase in average loans as compared to the fourth quarter of 2019.

Average loans decreased $12.1 million, or 0.4% for the sequential quarter comparison. Excluding the acquired loans and PPP loans, average loans decreased $79.7 million, or 3.2% as compared to the quarter ended December 31, 2019.

Total average deposits were $4.195 billion for the quarter ended December 31, 2020, as compared to $4.212 billion for the quarter ended September 30, 2020, and $2.964 billion for the quarter ended December 31, 2019, representing a decrease of $16.9 million, or 0.4%, for the sequential quarter comparison, and an increase of $1.232 billion, or 41.6%, in prior year quarterly comparison. The acquisitions of FFB and SGB accounted for $663.6 million of the total increase in average deposits as compared to the fourth quarter of 2019.

Average deposits decreased $16.9 million, or 0.4% for the sequential quarter comparison. Excluding the acquired deposits, average deposits increased $568.3 million, or 19.2% as compared to the quarter ended December 31, 2019.

The Company implemented Deposit Reclassification at the beginning of 2020. This program reclassifies noninterest bearing deposits and NOW deposit balances to money market accounts. This program reduces our reserve balance required at the Federal Reserve Bank of Atlanta which provides additional funds for liquidity and lending. At quarter end December 31, 2020, $614.9 million in noninterest deposit balances and $683.2 million in NOW deposit accounts were reclassified as money market accounts.

Asset Quality

Nonperforming assets totaled $42.3 million at December 31, 2020, a decrease of $2.6 million compared to $44.9 million at September 30, 2020 and a decrease of $6.1 million compared to $48.4 million at December 31, 2019. Nonaccrual loans decreased $3.5 million as compared to September 30, 2020 and decreased $4.6 million as compared to December 31, 2019. Other real estate increased $0.6 million as compared to September 30, 2020 and decreased $1.5 million as compared to December 31, 2019.

The ratio of the allowance for loan and leases losses (ALLL) to total loans was 1.15% at December 31, 2020, 1.09% at September 30, 2020 and 0.53% at December 31, 2019. The ratio of annualized net charge-offs (recoveries) to total loans was 0.25% for the quarter ended December 31, 2020 compared to 0.09% for the quarter ended September 30, 2020 and (0.002%) for the quarter ended December 31, 2019.

Fourth Quarter 2020 vs. Fourth Quarter 2019 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2020 totaled $15.3 million compared to $11.9 million for the fourth quarter of 2019, an increase of $3.5 million or 29.4%. In comparing the quarters, the increase in net income available to common shareholders was partially offset by an increased provision for loan losses in the amount of $3.5 million for the fourth quarter of 2020 as compared to $0.9 million for the fourth quarter of 2019.

Net interest income for the fourth quarter of 2020 was $39.5 million, an increase of $6.0 million when compared to the fourth quarter of 2019. The increase was due to interest income earned on a higher volume of loans. Fully tax equivalent (FTE) net interest income (non-GAAP) totaled $40.1 million and $33.8 million for the fourth quarter of 2020 and 2019, respectively. FTE net interest income (non-GAAP) increased $6.3 million in the prior year quarterly comparison mainly due to increased loan volume. Purchase accounting adjustments decreased $0.3 million for the fourth quarter comparisons. Fourth quarter 2020 FTE net interest margin of 3.51% which included 16 basis points related to purchase accounting adjustments compared to 4.06% for the same quarter in 2019, which included 26 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin decreased 45 basis points in prior year quarterly comparison.

Non-interest income increased $3.4 million for the fourth quarter of 2020 as compared to the fourth quarter of 2019. Mortgage income increased $1.6 million in prior year quarterly comparison. The Company recorded a $0.8 million bargain purchase gain on the acquisition of SGB during the quarter ended December 31, 2020.

Fourth quarter 2020 non-interest expense was $27.9 million, an increase of $2.9 million, or 11.8% as compared to the fourth quarter of 2019. Excluding the net decrease in acquisition charges of $2.3 million for the quarterly comparison, non-interest expense increased $5.2 million in the fourth quarter of 2020, of which $2.4 million was attributable to the operations of FFB and SGB, as compared to fourth quarter of 2019.

Investment securities totaled $1.050 billion, or 20.4% of total assets at December 31, 2020, versus $791.8 million, or 20.1% of total assets at December 31, 2019. The average balance of investment securities increased $276.1 million in prior year quarterly comparison, primarily as a result of the acquisition of SGB. The average tax equivalent yield on investment securities decreased 61 basis points to 2.45% from 3.06% in prior year quarterly comparison. The investment portfolio had a net unrealized gain of $34.6 million at December 31, 2020 as compared to a net unrealized gain of $13.5 million at December 31, 2019.

The FTE average yield on all earning assets (non-GAAP) decreased 86 basis points in prior year quarterly comparison, from 4.90% for the fourth quarter of 2019 to 4.04% for the fourth quarter of 2020. Average interest expense decreased 53 basis points from 1.11% for the fourth quarter of 2019 to 0.58% for the fourth quarter of 2020. Cost of all deposits averaged 39 basis points for the fourth quarter of 2020 compared to 73 basis points for the fourth quarter of 2019.

Fourth Quarter 2020 vs Third Quarter 2020 Earnings Comparison

Net income available to common shareholders for the fourth quarter of 2020 increased $3.4 million to $15.3 million compared to $11.9 million for the third quarter of 2020. During the fourth quarter of 2020, the Company recorded a bargain purchase gain in the amount of $0.8 million, net of tax and received a financial assistance grant from the U. S. Department of Treasury of $0.7 million, net of tax.

Net interest income for the fourth quarter of 2020 was $39.5 million as compared to $40.0 million for the third quarter of 2020, a decrease of $0.5 million. FTE net interest income (non-GAAP) decreased $0.5 million to $40.1 million from $40.6 million in sequential-quarter comparison. Fourth quarter 2020 FTE net interest margin (non-GAAP) of 3.51% included 16 basis points related to purchase accounting adjustments compared to 3.58% for the third quarter in 2020, which included 17 basis points related to purchase accounting adjustments. Excluding the purchase accounting adjustments, the core net interest margin (non-GAAP) decreased 6 basis point in sequential quarter comparison.

Investment securities totaled $1.050 billion, or 20.4% of total assets at December 31, 2020, versus $984.9 million, or 19.1% of total assets at September 30, 2020. The average balance of investment securities increased $63.1 million in sequential-quarter comparison. The average tax equivalent yield on investment securities (non-GAAP) decreased 3 basis points to 2.45% from 2.48% in sequential-quarter comparison. The investment portfolio had a net unrealized gain of $34.6 million at December 31, 2020 as compared to a net unrealized gain of $33.2 million at September 30, 2020.

The FTE average yield on all earning assets decreased in sequential-quarter comparison from 4.14% to 4.04%. Average interest expense decreased 3 basis points from 0.61% for the third quarter of 2020 to 0.58% for the fourth quarter of 2020. Cost of all deposits averaged 39 basis points for the fourth quarter of 2020 compared to 47 basis points for the third quarter of 2020.

Excluding the treasury awards and bargain purchase gain, non-interest income increased $0.4 million in sequential-quarter comparison resulting from increased mortgage income in the amount of $0.3 million.

Non-interest expense for the fourth quarter of 2020 was $27.9 million compared to $26.9 million for the third quarter of 2020. Excluding acquisition charges, non-interest expense increased $1.2 million. During the fourth quarter of 2020, the Company recorded additional expense related to unused vacation paid out to employees as well as expense related to the early vesting of restricted stock grants to the Companys directors in the amount of $0.7 million.

Year-to-Date Earnings Comparison

In year-over-year comparison, net income available to common shareholders increased $8.8 million, or 20.0%, from $43.7 million for the year ended December 31, 2019 to $52.5 million for the year ended December 31, 2020. Excluding the bargain purchase and sale of land gains of $8.3 million, net of tax, and the increased provision expense of $16.5 million, net of tax, net income available to common shareholders increased $17.0 million in year-over-year comparison.

Net interest income increased $30.9 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans and securities.

Non-interest income increased $6.5 million in year-over-year comparison excluding the awards and gains mentioned above. Mortgage income increased $4.5 million and interchange fee income increased $1.4 million in the year-over-year comparison.

Non-interest expense was $106.3 million for the year ended December 31, 2020, an increase of $17.8 million as compared to the same period ended December 31, 2019. $12.3 million of the increase is related to the operations of FFB and SGB.

Declaration of Cash Dividend

The Company announced that its Board of Directors declared a cash dividend of $0.13 per share to be paid on its common stock on February 25, 2021 to shareholders of record as of the close of business on February 10, 2021.

About The First Bancshares, Inc.

The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First, A National Banking Association (The First). Founded in 1996, The First has operations in Mississippi, Louisiana, Alabama, Florida and Georgia. The Companys stock is traded on the NASDAQ Global Market under the symbol FBMS. Information is available on the Companys website: www.thefirstbank.com.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (GAAP) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. This press release includes operating net earnings, operating efficiency ratio, pre-tax, pre-provision operating earnings, operating earnings per share, diluted operating earnings per common share, fully tax equivalent net interest income, fully tax equivalent net interest margin, core net interest margin, average tax equivalent yield on investment securities, fully tax equivalent average yield on all earning assets, total tangible common equity, tangible book value per common share and certain ratios derived from these non-GAAP financial measures. The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented in this press release. Non-GAAP financial measures should be considered supplemental and not a substitute for the Companys results reported in accordance with GAAP for the periods presented, and other bank holding companies may define or calculate these measures differently. These non-GAAP financial measures should not be considered in isolation and do not purport to be an alternative to net income, earnings per share, net interest income, book value or other GAAP financial measures as a measure of operating performance. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measure is provided in this press release following the Condensed Consolidated Financial Information (unaudited).

Forward Looking Statements

This news release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute forward looking statements within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Such statements can generally be identified by such words as believes, anticipates, expects, may, will, assumes, should, predicts, could, would, intends, targets, estimates, projects, plans, potential, positioned and other similar words and expressions of the future or otherwise regarding the outlook for the Companys future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risk and uncertainties which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Companys management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (1) competitive pressures among financial institutions increasing significantly; (2) changes in economic or political conditions, either nationally or locally, particularly in areas in which the Company conducts operations; (3) interest rate risk; (4) changes in applicable laws, rules, or regulations, including changes to statutes, regulations or regulatory policies or practices as a result of, or in response to COVID-19; (5) risks related to the Companys recently completed acquisitions, including that the anticipated benefits from the recently completed acquisitions are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions or other unexpected factors or events; (6) changes in managements plans for the future; (7) credit risk associated with our lending activities; changes in interest rates, loan demand, real estate values, or competition; (8) changes in accounting principles, policies, or guidelines; (9) adverse results from current or future litigation, regulatory examinations or other legal and/or regulatory actions, including as a result of the Companys participation in and execution of government programs related to the COVID-19 pandemic; (10) the impact of the COVID-19 pandemic on the Companys assets, business, cash flows, financial condition, liquidity, prospects and results of operations; (11) potential increases in the provision for loan losses resulting from the COVID-19 pandemic; and (12) other general competitive, economic, political, and market factors, including those affecting our business, operations, pricing, products, or services. These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, which are available on the SECs website, http://www.sec.gov. Undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

Statements about the potential effects of the COVID-19 pandemic on the Companys assets, business, liquidity, financial condition, prospects, and results of operations may constitute forward-looking statements and are subject to the risks that the actual effects may differ, possibly materially, from what is reflected in these forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the depth, dispersion and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on customers, employees, third parties and the Company.

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands except per share data)

EARNINGS DATA

Quarter Ended 12/31/20

Quarter Ended 9/30/20

Quarter Ended 6/30/20

Quarter Ended 3/31/20

Quarter Ended 12/31/19

Total Interest Income

$ 45,613

$ 46,337

$ 45,799

$ 41,598

$ 40,444

Total Interest Expense

6,147

6,365

6,619

7,533

7,000

Net Interest Income

39,466

39,972

39,180

34,065

33,444

FTE net interest income*

40,119

40,608

39,772

34,526

33,847

Provision for loan losses

3,523

6,921

7,606

7,102

850

Non-interest income

10,928

8,794

15,680

6,474

7,574

Non-interest expense

27,897

26,935

28,070

23,439

24,960

Earnings before income taxes

18,974

14,910

19,184

9,998

15,208

Income tax expense

3,639

2,993

2,241

1,687

3,353

Net income available to common shareholders

$ 15,335

$ 11,917

$ 16,943

$ 8,311

$ 11,855

 

 

 

 

 

 

 

 

 

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

Basic earnings per share

$ 0.72

$ 0.56

$ 0.79

$ 0.44

$ 0.65

Diluted earnings per share

0.72

0.55

0.79

0.44

0.64

Diluted earnings per share, operating*

0.65

0.56

0.52

0.47

0.72

Quarterly dividends per share

.12

.10

.10

.10

.08

Book value per common share at end of period

30.54

29.82

29.34

29.49

28.91

Tangible book value per common share at period end*

21.65

20.93

20.40

19.52

18.87

Market price at end of period

30.88

20.97

22.50

19.07

35.52

Shares outstanding at period end

21,115,009

21,408,017

21,395,258

18,851,955

18,802,266

Weighted average shares outstanding:

 

 

 

 

 

Basic

21,308,838

21,405,309

21,341,913

18,818,115

18,241,244

Diluted

21,421,367

21,544,040

21,437,180

18,942,129

18,398,609

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCE SHEET DATA

 

 

 

 

 

Total assets

$5,136,136

$5,085,340

$4,913,620

$3,990,493

$3,767,587

Loans and leases

3,153,543

3,165,653

3,156,524

2,602,340

2,512,524

Total deposits

4,195,492

4,212,410

4,069,239

3,186,943

2,963,603

Total common equity

640,828

632,527

607,127

547,309

518,070

Total tangible common equity*

451,011

441,635

423,966

358,889

346,742

 

 

 

 

 

 

 

 

 

 

 

 

SELECTED RATIOS

 

 

 

 

 

Annualized return on avg assets (ROA)

1.19%

0.94%

1.38%

0.83%

1.26%

Annualized return on avg assets, operating*

1.08%

0.95%

0.91%

0.89%

1.40%

Annualized pre-tax, pre-provision, operating*

1.62%

1.74%

1.75%

1.79%

1.87%

Annualized return on avg common equity, operating*

8.63%

7.65%

7.40%

6.50%

10.16%

Annualized return on avg tangible common equity, oper*

12.27%

10.95%

10.60%

9.91%

15.18%

Average loans to average deposits

75.17%

75.15%

77.57%

81.66%

84.78%

FTE Net Interest Margin*

3.51%

3.58%

3.63%

3.93%

4.06%

Efficiency Ratio

54.65%

54.52%

50.62%

57.17%

60.26%

Efficiency Ratio, operating*

56.54%

54.04%

53.91%

55.36%

55.67%

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 

CREDIT QUALITY

 

 

 

 

 

Allowance for loan losses (ALLL) as a % of total loans

1.15%

1.09%

0.88%

0.80%

0.53%

Nonperforming assets to tangible equity + ALLL

8.57%

9.31%

9.84%

12.12%

13.13%

Nonperforming assets to total loans + OREO

1.35%

1.42%

1.44%

1.81%

1.86%

Annualized QTD net charge-offs (recoveries) to total loans

0.25%

0.09%

0.04%

0.03%

(0.002%)

 

 

 

 

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands)

BALANCE SHEET

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Assets

 

 

 

 

 

Cash and cash equivalents

$ 562,554

$ 603,736

$ 539,125

$ 286,759

$ 168,864

Securities available-for-sale

1,022,182

957,458

927,205

762,977

765,087

Securities held-to-maturity

Other investments

27,475

27,461

26,059

25,911

26.690

Total investment securities

1,049,657

984,919

953,264

788,888

791,777

Loans held for sale

21,432

22,482

18,632

13,288

10,810

Total loans

3,123,678

3,155,932

3,171,535

2,602,288

2,600,358

Allowance for loan losses

(35,820)

(34,256)

(28,064)

(20,804)

(13,908)

Loans, net

3,087,858

3,121,676

3,143,471

2,581,484

2,586,450

Premises and equipment

123,450

124,875

125,053

108,013

104,980

Other Real Estate Owned

5,802

5,202

5,471

6,974

7,299

Goodwill and other intangibles

187,700

190,380

191,431

187,927

188,865

Other assets

114,307

110,889

108,458

88,468

82,818

Total assets

$5,152,760

$5,164,159

$5,084,905

$4,061,801

$3,941,863

 

 

 

 

 

 

Liabilities and Shareholders Equity

 

 

 

 

 

Non-interest bearing deposits^

$ 571,079

$ 482,236

$ 486,039

$ 340,606

$ 723,208

Interest-bearing deposits

3,644,201

3,746,978

3,730,851

2,937,188

2,353,325

Total deposits

4,215,280

4,229,214

4,216,890

3,277,794

3,076,533

Borrowings

114,647

115,827

116,005

116,180

214,319

Subordinated debentures

144,592

144,709

80,756

80,717

80,678

Other liabilities

33,426

36,040

43,459

31,184

26,675

Total liabilities

4,507,945

4,525,790

4,457,110

3,505,875

3,398,205

Total shareholders equity

644,815

638,369

627,795

555,926

543,658

Total liabilities and shareholders equity

$5,152,760

$5,164,159

$5,084,905

$4,061,801

$3,941,863

^Reclassified $614,900 to interest-bearing deposits for Dec 31, 2020

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Three Months Ended

12/31/20

9/30/20

6/30/20

3/31/20

12/31/19

Interest Income:

 

 

 

 

 

Loans, including fees

$ 38,472

$ 39,344

$ 39,184

$ 34,290

$ 33,556

Investment securities

5,606

5,309

5,187

5,304

5,298

Accretion of purchase accounting adjustments

1,494

1,655

1,409

1,715

1,553

Other interest income

41

29

19

289

37

Total interest income

45,613

46,337

45,799

41,598

40,444

Interest Expense:

 

 

 

 

 

Deposits

4,262

5,110

5,967

6,034

5,489

Borrowings

260

265

224

917

771

Subordinated debentures

1,823

1,188

1,176

1,203

1,213

Accretion of purchase accounting adjustments

(198)

(198)

(748)

(621)

(473)

Total interest expense

6,147

6,365

6,619

7,533

7,000

Net interest income

39,466

39,972

39,180

34,065

33,444

Provision for loan losses

3,523

6,921

7,606

7,102

850

Net interest income after provision for loan losses

35,943

33,051

31,574

26,963

32,594

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

1,925

1,780

1,597

1,914

2,110

Mortgage Income

3,270

2,961

2,646

1,567

1,720

Interchange Fee Income

2,562

2,491

2,395

1,986

2,075

Gain (loss) on securities, net

3

32

73

174

(9)

Financial Assistance Award/Bank Enterprise Award

968

714

Bargain Purchase Gain and Gain on Sale of Land

812

7,643

Other charges and fees

1,388

1,530

1,326

833

964

Total non-interest income

10,928

8,794

15,680

6,474

7,574

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

16,642

15,494

15,866

13,228

13,092

Occupancy expense

3,890

3,826

3,200

2,918

3,190

FDIC/OCC premiums

520

447

237

147

147

Marketing

71

24

25

213

248

Amortization of core deposit intangibles

1,052

1,052

1,052

938

907

Other professional services

764

990

984

874

951

Acquisition charges

41

238

2,295

740

2,300

Other non-interest expense

4,917

4,864

4,411

4,381

4,125

Total Non-interest expense

27,897

26,935

28,070

23,439

24,960

Earnings before income taxes

18,974

14,910

19,184

9,998

15,208

Income tax expense

3,639

2,993

2,241

1,687

3,353

Net income available to common shareholders

$ 15,335

$ 11,917

$ 16,943

$ 8,311

$ 11,855

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$ 0.72

$ 0.55

$ 0.79

$ 0.44

$ 0.64

Diluted earnings per common share, operating*

$ 0.65

$ 0.56

$ 0.52

$ 0.47

$ 0.72

*See reconciliation of Non-GAAP financial measures

 

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(in thousands except per share data)

EARNINGS STATEMENT

Year to Date

 

2020

 

2019

 

Interest Income:

 

 

 

 

 

Loans, including fees

 

$ 151,290

 

$ 123,316

 

Investment securities

 

21,406

 

19,406

 

Accretion of purchase accounting adjustments

 

6,273

 

5,541

 

Other interest income

 

379

 

266

 

Total interest income

 

179,348

 

148,529

 

Interest Expense:

 

 

 

 

 

Deposits

 

21,373

 

20,297

 

Borrowings

 

1,666

 

2,056

 

Subordinated debentures

 

5,390

 

4,904

 

Amortization of purchase accounting adjustments

 

(1,765)

 

(534)

 

Total interest expense

 

26,664

 

26,723

 

Net interest income

 

152,684

 

121,806

 

Provision for loan losses

 

25,151

 

3,738

 

Net interest income after provision for loan losses

 

127,533

 

118,068

 

 

 

 

 

 

 

Non-interest Income:

 

 

 

 

 

Service charges on deposit accounts

 

7,216

 

7,838

 

Mortgage Income

 

10,446

 

5,988

 

Interchange Fee Income

 

9,433

 

8,024

 

Gain (loss) on securities, net

 

281

 

122

 

Financial Assistance Award/Bank Enterprise Award

 

968

 

947

 

Bargain Purchase Gain and Gain on Sale of Land

 

8,455

 

 

Other charges and fees

 

5,077

 

4,028

 

Total non-interest income

 

41,876

 

26,947

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

Salaries and employee benefits

 

61,230

 

47,016

 

Occupancy expense

 

13,833

 

10,796

 

FDIC/OCC premiums

 

1,351

 

632

 

Marketing

 

333

 

645

 

Amortization of core deposit intangibles

 

4,093

 

3,215

 

Other professional services

 

3,613

 

3,956

 

Acquisition charges

 

3,315

 

6,275

 

Other non-interest expense

 

18,573

 

16,034

 

Total Non-interest expense

 

106,341

 

88,569

 

Earnings before income taxes

 

63,068

 

56,446

 

Income tax expense

 

10,563

 

12,701

 

Net income available to common shareholders

 

$ 52,505

 

$ 43,745

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$ 2.52

 

$ 2.55

 

Diluted earnings per common share, operating*

 

$ 2.21

 

$ 2.79

 

*See reconciliation of Non-GAAP financial measures

 

 

 

 

 

 

 

 

 

 

FIRST BANCSHARES, INC and SUBSIDIARIES

Condensed Consolidated Financial Information (unaudited)

(Dollars in thousands)

COMPOSITION OF LOANS

Dec 31, 2020

Percent of Total

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Percent of Total

Commercial, financial and agricultural

$ 561,342

17.8%

$ 576,812

$ 629,497

$ 327,979

$ 332,600

12.7%

Real estate “ construction

301,283

9.6%

330,070

337,337

334,707

359,195

13.8%

Real estate “ commercial

1,214,602

38.6%

1,191,514

1,163,897

1,048,854

1,028,012

39.4%

Real estate “ residential

987,313

31.4%

999,381

978,372

828,378

814,282

31.2%

Lease Financing Receivable

2,733

0.1%

2,478

2,811

3,526

3,095

0.1%

Obligations of States & subdivisions

15,369

0.5%

13,345

17,010

18,218

20,716

0.8%

Consumer

41,036

1.3%

42,332

42,611

40,626

42,458

1.6%

Loans held for sale

21,432

0.7%

22,482

18,632

13,288

10,810

0.4%

Total loans

$3,145,110

100%

$3,178,414

$3,190,167

$2,615,576

$2,611,168

100%

 

 

 

 

 

 

 

 

COMPOSITION OF DEPOSITS

Dec 31, 2020

Percent of Total

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Percent of Total

Noninterest bearing^

$ 571,079

13.5%

$482,236

$486,039

$340,606

$723,208

23.5%

NOW and other^

664,626

15.8%

658,453

601,195

478,526

941,598

30.6%

Money Market/Savings^

2,398,526

56.9%

2,456,504

2,451,991

1,826,973

750,010

24.4%

Time Deposits of less than $250,000

439,101

10.4%

473,265

499,406

462,808

479,386

15.6%

Time Deposits of $250,000 or more

141,948

3.4%

158,756

178,259

168,881

182,331

5.9%

Total Deposits

$4,215,280

100%

$4,229,214

$4,216,890

$3,277,794

$3,076,533

100%

 

 

 

 

 

 

 

 

Deposits Without Reclassification^

Dec 31, 2020

Percent of Total

Sept 30, 2020

June 30, 2020

Mar 31, 2020

 

 

Noninterest bearing

$1,185,980

28.1%

$1,195,042

$1,189,766

$ 749,939

 

 

Now and other

1,347,778

32.0%

1,335,798

1,347,324

1,122,027

 

 

Money Market/Savings

1,100,473

26.1%

1,066,353

1,002,135

774,139

 

 

Time Deposits of less than $250,000

439,101

10.4%

473,265

499,406

462,808

 

 

Time Deposits of $250,000 or more

141,948

3.4%

158,756

178,259

168,881

 

 

Total Deposits

$4,215,280

100%

$4,229,214

$4,216,890

$3,277,794

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY DATA

Dec 31, 2020

 

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

 

Nonaccrual loans

$ 33,774

 

$ 37,300

$ 39,201

$ 37,751

$ 38,393

 

Loans past due 90 days and over

2,692

 

2,396

1,009

2,393

2,715

 

Total nonperforming loans

36,466

 

39,696

40,210

40,144

41,108

 

Other real estate owned

5,802

 

5,202

5,471

6,974

7,299

 

Nonaccrual securities

 

 

Total nonperforming assets

$ 42,268

 

$44,898

$45,681

$47,118

$ 48,407

 

 

 

 

 

 

 

 

 

Nonperforming assets to total assets

0.82%

 

0.87%

0.90%

1.16%

1.23%

 

Nonperforming assets to total loans + OREO

1.35%

 

1.42%

1.44%

1.81%

1.86%

 

ALLL to nonperforming loans

98.23%

 

86.30%

69.79%

51.82%

33.83%

 

ALLL to total loans

1.15%

 

1.09%

0.88%

0.80%

0.53%

 

 

 

 

 

 

 

 

 

Qtr-to-date net charge-offs (recoveries)

$ 1,959

 

$ 729

$ 346

$ 205

$ (15)

 

Annualized QTD net chg-offs (recs) to loans

0.25%

 

0.09%

0.04%

0.03%

(0.002%)

 

FIRST BANCSHARES, INC and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited)
(in thousands)
 
Yield Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended
Analysis December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019
Tax Tax Tax Tax Tax
Avg Equivalent Yield/ Avg Equivalent Yield/ Avg Equivalent Yield/ Avg Equivalent Yield/ Avg Equivalent Yield/
Balance interest Rate Balance interest Rate Balance interest Rate Balance interest Rate Balance interest Rate
 
Taxable securities

$ 659,243

$ 3,678

2.23%

$ 616,168

$ 3,432

2.23%

$ 605,626

$ 3,439

2.27%

$ 560,613

$ 3,944

2.81%

$ 556,004

$ 4,108

2.96%

Tax-exempt
securities

361,529

2,581

2.86%

341,550

2,513

2.94%

300,922

2,340

3.11%

224,212

1,821

3.25%

188,709

1,593

3.38%

Total investment
securities

1,020,772

6,259

2.45%

957,718

5,945

2.48%

906,548

5,779

2.55%

784,825

5,765

2.94%

744,713

5,701

3.06%

in other banks

404,069

41

0.04%

413,786

29

0.03%

321,559

19

0.02%

129,978

289

0.89%

80,612

37

0.18%

Loans

3,153,543

39,966

5.07%

3,165,653

40,999

5.18%

3,156,524

40,593

5.14%

2,602,340

36,005

5.53%

2,512,524

35,109

5.59%

Total Interest
earning assets

4,578,384

46,266

4.04%

4,537,157

46,973

4.14%

4,384,631

46,391

4.23%

3,517,143

42,059

4.78%

3,337,849

40,847

4.90%

Other assets

557,752

548,183

528,989

473,350

429,738

Total assets

$ 5,136,136

$ 5,085,340

$ 4,913,620

$ 3,990,493

$ 3,767,587

 
Interest-bearing
liabilities:
Deposits

$ 3,971,379

$ 4,064

0.41%

$ 3,960,054

$ 4,912

0.50%

$ 3,746,535

$ 5,219

0.56%

$ 3,042,529

$ 5,413

0.71%

$ 2,263,299

$ 5,016

0.89%

Borrowed Funds

115,430

260

0.90%

115,935

265

0.91%

116,270

224

0.77%

145,267

917

2.53%

174,475

771

1.77%

Subordinated
debentures

144,676

1,823

5.04%

81,470

1,188

5.83%

80,736

1,176

5.83%

80,697

1,203

5.96%

80,658

1,213

6.02%

Total interest
bearing liabilities

4,231,485

6,147

0.58%

4,157,459

6,365

0.61%

3,943,541

6,619

0.67%

3,268,493

7,533

0.92%

2,518,432

7,000

1.11%

Other liabilities

263,823

295,354

362,952

174,691

731,085

Shareholders’ equity

640,828

632,527

607,127

547,309

518,070

Total liabilities and
shareholders’
equity

$ 5,136,136

$ 5,085,340

$ 4,913,620

$ 3,990,493

$ 3,767,587

 
Net interest
income (FTE)*

$ 40,119

3.46%

$ 40,608

3.53%

$ 39,772

3.56%

$ 34,526

3.86%

$ 33,847

3.78%

 
Net interest margin (FTE)*

3.51%

3.58%

3.63%

3.93%

4.06%

 
Core net interest
margin*

3.35%

3.41%

3.42%

3.65%

3.80%

 
*See reconciliation for Non-GAAP financial measures

FIRST BANCSHARES, INC and SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures (unaudited)

(in thousands except per share data)

 

Three Months Ended

 

Per Common Share Data

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Book value per common share

$ 30.54

$ 29.82

$ 29.34

$ 29.49

$ 28.91

Effect of intangible assets per share

8.89

8.89

8.94

9.97

10.04

Tangible book value per common share

$ 21.65

$ 20.93

$ 20.40

$ 19.52

$ 18.87

 

 

 

 

 

 

Diluted earnings per share

$ 0.72

$ 0.55

$ 0.79

$ 0.44

$ 0.64

Effect of acquisition charges

0.01

0.01

0.11

0.04

0.14

Tax on acquisition charges

(0.03)

(0.01)

(0.03)

Effect of bargain purchase gain and gain on sale of land

(0.04)

(0.36)

Tax on gain on sale of land

0.01

Effect of Treasury awards

(0.05)

(0.04)

Tax on Treasury awards

0.01

0.01

Diluted earnings per share, operating

$ 0.65

$ 0.56

$ 0.52

$ 0.47

$ 0.72

 

 

 

 

 

 

 

 

Year to Date

 

 

2020

 

2019

 

Diluted earnings per share

 

$ 2.52

 

$ 2.55

 

Effect of acquisition charges

 

0.16

 

0.37

 

Tax on acquisition charges

 

(0.03)

 

(0.08)

 

Effect of bargain purchase gain and gain on sale of land

 

(0.42)

 

 

Tax on gain on sale of land

 

.01

 

 

Effect of Treasury awards

 

(0.04)

 

(0.06)

 

Tax on Treasury awards

 

0.01

 

0.01

 

Diluted earnings per share, operating

 

$ 2.21

 

$ 2.79

 

 

 

 

 

 

 

 

 

Year to Date

 

 

2020

 

2019

 

Net income available to common shareholders

 

$ 52,505

 

$ 43,745

 

Acquisition charges

 

3,314

 

6,275

 

Tax on acquisition charges

 

(753)

 

(1,348)

 

Bargain purchase gain and gain on sale of land

 

(8,455)

 

 

Tax on gain on sale of land

 

157

 

 

Treasury awards

 

(968)

 

(947)

 

Tax on Treasury awards

 

245

 

240

 

Net earnings available to common shareholders, operating

 

$ 46,045

 

$ 47,965

 

 

 

 

 

 

 
   

Three Months Ended

Average Balance Sheet Data

   

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Total average assets

 A  

$5,136,136

$5,085,340

$4,913,620

$3,990,493

$3,767,587

Total average earning assets

 B  

4,578,384

$4,537,157

$4,384,631

$3,517,143

$3,337,849

 

   

 

 

 

 

Common Equity

 C  

$ 640,828

$ 632,527

$ 607,127

$ 547,309

$ 518,070

Less intangible assets

   

189,817

190,892

183,161

188,420

171,328

Total Tangible common equity

 D  

$ 451,011

$ 441,635

$ 423,966

$ 358,889

$ 346,742

 

   

 

 

   

 

 

   

Three Months Ended

Net Interest Income Fully Tax Equivalent

   

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Net interest income

 E  

$ 39,466

$ 39,972

$ 39,180

$ 34,065

$ 33,444

Tax-exempt investment income

   

(1,928)

(1,877)

(1,748)

(1,360)

(1,190)

Taxable investment income

   

2,581

2,513

2,340

1,821

1,593

Net Interest Income Fully Tax Equivalent

 F  

$ 40,119

$ 40,608

$ 39,772

$ 34,526

$ 33,847

 

   

 

 

 

 

 

Annualized Net Interest Margin

 E/B  

3.45%

3.52%

3.57%

3.87%

4.01%

Annualized Net Interest Margin, Fully Tax Equivalent

 F/B  

3.51%

3.58%

3.63%

3.93%

4.06%

 

   

 

 

 

 

 

Total Interest Income, Fully Tax Equivalent

   

 

 

 

 

 

Total Interest Income

   

$ 45,613

$ 46,337

$ 45,799

$ 41,598

$ 40,444

Tax-exempt investment income

   

(1,928)

(1,877)

(1,748)

(1,360)

(1,190)

Taxable investment income

   

2,581

2,513

2,340

1,821

1,593

Total Interest Income, Fully Tax Equivalent

 G  

$ 46,266

$ 46,973

$ 46,391

$ 42,059

$ 40,847

 

   

 

 

 

 

 

Yield on Average Earning Assets, Fully Tax Equivalent

 G/B  

4.04%

4.14%

4.23%

4.78%

4.90%

 

   

 

 

 

 

 

Interest Income Investment Securities, Fully Tax Equivalent

   

 

 

 

 

 

Interest Income Investment Securities

   

$ 5,606

$ 5,309

$ 5,187

$ 5,304

$ 5,298

Tax-exempt investment income

   

(1,928)

(1,877)

(1,748)

(1,360)

(1,190)

Taxable investment Income

   

2,581

2,513

2,340

1,821

1,593

Interest Income Investment Securities, Fully Tax Equivalent

 H  

$ 6,259

$ 5,945

$ 5,779

$ 5,765

$ 5,701

 

   

 

 

 

 

 

Average Investment Securities

 I  

$ 1,020,772

$ 957,718

$ 906,548

$ 784,825

$ 744,713

 

   

 

 

 

 

 

Yield on Investment Securities, Fully Tax Equivalent

H/I

 

2.45%

2.48%

2.55%

2.94%

3.06%

 

   

 

 

 

 

 

 

   

Three Months Ended

Core Net Interest Margin

 

 

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Net interest income (FTE)

   

$ 40,119

$ 40,608

$ 39,772

$ 34,526

$ 33,847

Less purchase accounting adjustments

   

1,692

1,853

2,157

2,336

2,026

Net interest income, net of purchase accounting adj

J

 

$ 38,427

$ 38,755

$ 37,615

$ 32,190

$ 31,821

 

   

 

 

 

 

 

Total average earning assets

   

$4,578,384

$4,537,157

$4,384,631

$3,517,143

$3,337,849

Add average balance of loan valuation discount

   

9,808

11,501

10,651

12,237

12.252

Avg earning assets, excluding loan valuation discount

K

 

$4,588,192

$4,548,658

$4,395,282

$3,529,380

$3,350,101

 

   

 

 

 

 

 

Core net interest margin

J/K

 

3.35%

3.41%

3.42%

3.65%

3.80%

 

   

 

 

 

 

 

 

   

Three Months Ended

Efficiency Ratio

   

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Operating Expense

   

 

 

 

 

 

Total non-interest expense

   

$ 27,897

$ 26,935

$ 28,070

$ 23,439

$ 24,960

Pre-tax non-operating expenses

   

(41)

(238)

(2,295)

(740)

(2,300)

Adjusted Operating Expense

 L  

$ 27,856

$ 26,697

$ 25,775

$ 22,699

$ 22,660

 

   

 

 

 

 

 

Operating Revenue

   

 

 

 

 

 

Net interest income, FTE

   

$ 40,119

$ 40,608

$ 39,772

$ 34,526

$ 33,847

Total non-interest income

   

10,928

8,794

15,680

6,474

7,574

Pre-tax non-operating items

   

(1,780)

(7,643)

(714)

Adjusted Operating Revenue

 M  

$ 49,267

$ 49,402

$ 47,809

$ 41,000

$ 40,707

 

   

 

 

 

 

 

Efficiency Ratio, operating

 L/M  

56.54%

54.04%

53.91%

55.36%

55.67%

 

   

 

 

 

 

 

 

   

Three Months Ended

Return Ratios

 

 

Dec 31, 2020

Sept 30, 2020

June 30, 2020

Mar 31, 2020

Dec 31, 2019

Net income available to common shareholders

 N  

$ 15,335

$ 11,917

$ 16,943

$ 8,311

$ 11,855

Acquisition charges

   

41

238

2,295

740

2,300

Tax on acquisition charges

   

(10)

(61)

(518)

(164)

(461)

Bargain purchase gain and gain on sale of land

   

(812)

(7,643)

Tax on gain on sale of land

   

157

Treasury awards

   

(968)

(714)

Tax on Treasury awards

   

245

181

Net earnings available to common shareholders, operating

 O  

$ 13,831

$ 12,094

$ 11,234

$ 8,887

$ 13,161

 

   

 

 

 

 

 

Pre-Tax Pre-Provision Operating Earnings

   

 

 

 

 

 

Earnings before income taxes

 P  

$ 18,974

$ 14,910

$ 19,184

$ 9,998

$ 15,208

Acquisition charges

   

41

238

2,295

740

2,300

Provision for loan losses

   

3,523

6,921

7,606

7,102

850

Treasury Awards and Gains

   

(1,780)

(7,643)

(714)

Pre-Tax, Pre-Provision Operating Earnings

 Q  

$ 20,758

$ 22,069

$ 21,442

$ 17,840

$ 17,644

 

   

 

 

 

 

 

 

   

 

 

 

 

 

Annualized return on avg assets N/A

 N/A

 

1.19%

0.94%

1.38%

0.83%

1.26%

Annualized return on avg assets, oper

 O/A  

1.08%

0.95%

0.91%

0.89%

1.40%

Annualized pre-tax, pre-provision, oper

 Q/A  

1.62%

1.74%

1.75%

1.79%

1.87%

Annualized return on avg common equity, oper

 O/C  

8.63%

7.65%

7.40%

6.50%

10.16%

Annualized return on avg tangible common equity, operating

 O/D  

12.27%

10.95%

10.60%

9.91%

15.18%

 

   

 

 

 

 

 

Mortgage Department

   

 

 

 

 

 

Net Interest Income after provision for loan losses

   

$ 133

$ 142

$ 127

$ 119

$ 59

Loan fee income

   

3,270

2,961

2,646

1,567

1,720

Salaries and employee benefits

   

(1,329)

(1,444)

(1,246)

(1,077)

(975)

Other non-interest expense

   

(105)

(110)

(99)

(152)

(164)

Earnings before income taxes

   

$ 1,969

$ 1,549

$ 1,428

$ 457

$ 640

 

M. Ray “Hoppy” Cole

Chief Executive Officer

Dee Dee Lowery

Chief Financial Officer

(601) 268-8998

Della C. Mae

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