MOUNTAIN GROVE, Mo., April 15, 2022 (GLOBE NEWSWIRE) — First Bancshares, Inc. FBSI (“Company”), the holding company for Stockmens Bank (“Bank”), today announced its financial results for the quarter ended March 31, 2022.
For the quarter ended March 31, 2022, the Company reported net income, of $1,020,000 or $0.39 per share-diluted, compared to $1,234,000, or $0.47 per share-diluted for the comparable period in 2021. Changes from the same respective period in 2021 include a $168,000 increase in net interest income after provisions for loan losses, along with a modest $5,000 increase in non-interest income and a $6,000 decrease in income tax expense, offset by a $273,000 increase in non-interest expense and the Company had a $120,000 gain on sale of investments in 2021 but did not have any realized gains in 2022. This resulted in a $214,000 decrease in net income for the quarter ended March 31, 2022, compared to the quarter ended March 31, 2021. The increase in non-interest expenses is due to increased employee salaries and benefits expenses due to the addition of a new branch in Hartville opened in the middle of 2021, as well as standard increases to compete with employee demand in the marketplace.
Consolidated total assets at March 31, 2022 were $457.94 million, compared to $445.10 million at December 31, 2021. Since year end 2021, Net loans increased 5.31% to $358.87 million, total deposits increased 3.08% to $408.76 million, and total capital rested at $43.89 million, or 9.58% of total assets compared to $44.16 million, or 9.92% of total assets, at December 31, 2021. The capital changes are primarily driven by the Company’s payment of a cash dividend to shareholders and unrealized losses in the securities portfolio as market volatility has been at an all-time high following record inflation and foreign unrest.
The Bank meets all regulatory requirements for “well-capitalized” status and has elected to opt-in to the Community Bank Leverage Ratio framework.
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