First Bancshares, Inc. Announces Operating Results for Quarter Ended March 31, 2025

MOUNTAIN GROVE, Mo., April 11, 2025 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQX: FBSI) ("Company"), the holding company for Stockmens Bank ("Bank"), today announced its unaudited financial results for the quarter ended March 31, 2025.

For the first quarter of 2025, the Company reported after-tax net income of $1,692,000 or $0.71 per share-diluted compared to $1,653,000 or $0.68 per share-diluted for the same period in 2024. Net income for the first quarter of 2025 represents an after-tax return on average assets of 1.26% and an after-tax return on equity of 11.19%. The Company has again effectively overcome stubborn inflationary pressures on non-interest expenses by building net interest margin to 4.50%, reducing cost of funds to 1.80%, and increasing yield on earning assets to 6.34%.

Since March 31, 2024, consolidated total assets decreased $7.1 million to $532.4 million through a $26.4 million outflow of cash and cash equivalents, most of which was deployed into an additional $19.2 million in loans receivable. Total deposits decreased $14.0 million to $464.1 million, and stockholders' equity increased $6.2 million to $61.4 million, boosted by a reduction in the unrealized loss position on the Bank's miniscule available for sale securities portfolio.

During the first quarter of 2025, the Bank continued a trend of funding operations through core deposits, preserving robust earnings ratios, maintaining stellar asset quality, and strengthening of tier 1 capital to over 11% through organic means. During one of the most tumultuous economic periods in recent history, the Company is equipped to take advantage of opportunities as they arise in 2025.

The Bank meets all regulatory requirements for "well-capitalized" status.

About the Company

First Bancshares, Inc. is the holding company for Stockmens Bank, a FDIC-insured commercial bank chartered by the State of Colorado that conducts business from its home office in Colorado Springs, Colorado, and eight full-service Missouri offices in Mountain Grove, Marshfield, Ava, Kissee Mills, Gainesville, Crane, Hartville and Springfield, and full-service offices in Bartley, Nebraska and Akron, Colorado.

Cautionary Note Regarding Forward-Looking Statements

The Company and its wholly owned subsidiary, Stockmens Bank, may from time to time make written or oral "forward-looking statements" in its reports to shareholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company's beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators, technology, and our employees. The following factors, among others, could cause the Company's financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services' laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.

The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Contact: Robert M. Alexander, Chairman and CEO - [phone]

First Bancshares, Inc. and Subsidiaries
Financial Highlights
(unaudited)
(In thousands, except per share amounts)
			Quarter Ended			Quarter Ended			Quarter Ended
			March 31,			December 31,			March 31,
			2025			2024			2024
Operating Data:
Total interest income			$	7,965		$	8,161		$	8,141
Total interest expense			2,310			2,398			2,798
	Net interest income		5,655			5,763			5,343
Provision for credit losses			178			241			202
	Net interest income after provision for credit losses		5,477			5,522			5,141
Gain (loss) on sale of investments			-			-			-
Non-interest income			360			403			377
Non-interest expense			3,584			3,711			3,323
Income before taxes			2,253			2,214			2,195
Income tax expense			561			495			542
	Net income		$	1,692		$	1,719		$	1,653
	Earnings per share		$	0.71		$	0.71		$	0.68
			At			At			At
			March 31,			December 31,			March 31,
Financial Condition Data:			2025			2024			2024
Cash and cash equivalents			$	56,606		$	68,570		$	82,987
	(excludes CDs)
Investment securities			13,338			13,066			12,959
	(includes CDs)
Loans receivable, net			431,933			423,657			412,692
Goodwill and intangibles			1,479			1,515			1,622
Total assets			532,413			537,885			539,520
Deposits			464,064			472,596			478,037
Repurchase agreements			1,300			1,084			1,357
Borrowings			-			-			-
Stockholders' equity			61,402			59,562			55,216
Book value per share			$	25.29		$	24.53		$	22.74